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HIGHMARK FUNDS
EQUITY FUNDS
FIXED INCOME FUNDS
Supplement dated November 13, 2000
to Retail Shares and Fiduciary Shares Prospectuses each dated November 30, 1999.
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT WHICH IS
CONTAINED IN THE PROSPECTUS. PLEASE KEEP THIS SUPPLEMENT AND READ IT TOGETHER
WITH THE PROSPECTUS.
Under the heading "Investment Strategy" on page 14 of the prospectuses with
respect to the Small Cap Value Fund, the first paragraph has been deleted and
replaced with the following:
HighMark Small Cap Value Fund seeks to provide long-term capital
appreciation. To pursue this goal, the Fund invests primarily in the stocks
of SMALL-CAPITALIZATION U.S. and foreign companies that the portfolio
managers believe are undervalued. The Fund may invest up to 25% of its
assets in foreign stocks.
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE.
HMNAV-RET/FID 11/13/00
