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HIGHMARK FUNDS
Equity Funds
Fixed Income Funds
Supplement dated November 3, 1998 to
Retail Shares Prospectus dated November 30, 1997
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
CAPITALIZED TERMS USED HEREIN HAVE THE SAME MEANING AS IN THE PROSPECTUS
Effective November 3, 1998, the information under "Alternative Sales
Charge Options -- Front-End Sales Charge Waivers" on page 33 of the Prospectus
is hereby amended as follows:
(4) Individuals who have received distributions from employee benefit trust
accounts administered by Union Bank of California who are rolling over such
distributions into an individual retirement account administered by or for
which the Bank serves as trustee or custodian. All subsequent purchases into
the Funds made by such individuals will be subject to the appropriate sales
charge;
