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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 38
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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INDEPENDENT AUDITORS' REPORT
The Board of Trustees of HighMark Funds:
In planning and performing our audits of the financial statements of
HighMark Funds (the "Funds"), including 100% U.S. Treasury Money
Market Fund, U.S. Government Money Market Fund, Diversified
Money Market Fund, California Tax-Free Money Market Fund,
Intermediate-Term Bond Fund, California Intermediate Tax-Free Bond
Fund, Bond Fund, Convertible Securities Fund, Government Securities
Fund, Balanced Fund, Growth Fund, Value Momentum Fund, Income
Equity Fund, Blue Chip Growth Fund, Emerging Growth Fund and
International Equity Fund for the year ended July 31, 1998 (on which
we have issued our report dated September 14, 1998), we considered
its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance
on the Funds' internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of the Funds' internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that errors or fraud
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the Funds' internal control
and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of July 31,
1998.
The report is intended solely for the information and use of management,
the Board of Trustees of HighMark Funds, and the Securities and
Exchange Commission.
DELOITTE & TOUCHE LLP
September 14, 1998
