Exhibit (d)(11) AMENDMENT NO. 1 DATED AS OF DECEMBER 13, 2007 TO SUB-ADVISORY AGREEMENT BETWEEN HIGHMARK CAPITAL MANAGEMENT, INC. AND BAILARD, INC. DATED AS OF APRIL 3, 2006 FOR THE HIGHMARK ENHANCED GROWTH FUND WHEREAS, HIGHMARK CAPITAL MANAGEMENT,...

                                                                 Exhibit (d)(11)

          AMENDMENT NO. 1 DATED AS OF DECEMBER 13, 2007 TO SUB-ADVISORY
 AGREEMENT BETWEEN HIGHMARK CAPITAL MANAGEMENT, INC. AND BAILARD, INC.
                        DATED AS OF APRIL 3, 2006 FOR THE
                          HIGHMARK ENHANCED GROWTH FUND


          WHEREAS, HIGHMARK CAPITAL MANAGEMENT, INC., a California corporation
(the "Adviser"), and BAILARD, INC, a California corporation (the "Sub-Adviser"),
entered into a Sub-Advisory Agreement dated as of April 3, 2006 (the
"Sub-Advisory Agreement") for the HighMark Enhanced Growth Fund; and

          WHEREAS, the Adviser and the Sub-Adviser (collectively, the "Parties")
desire to amend the Sub-Advisory Agreement as provided herein;

          NOW, THEREFORE, the Parties hereby agree as follows:

     1. AMENDMENT TO SECTION 16 OF THE SUB-ADVISORY AGREEMENT. Effective as of
     December 13, 2007, Section 16 is amended to reflect the following changes
     of address:


     "16. NOTICES. Any notices, advise or report to be given pursuant to this
     Agreement shall be delivered or mailed as set forth below:

         TO ADVISER AT:
         HighMark Capital Management, Inc.
         ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
         ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
         Attention: President & CEO

         TO THE SUB-ADVISER AT:
         Bailard, Inc.
         ▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
         ▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
         Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇

         TO THE TRUST, THE TRUSTEES OR THE FUND AT:
         HighMark Funds
         c/o HighMark Capital Management
         ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
          ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
          Attention: Vice President, HighMark Funds Administration"


     2. DEFINED TERMS: CONFIRMATION OF OTHER TERMS OF THE SUB-ADVISORY
AGREEMENT. Any capitalized terms used herein and not defined herein shall have
the meaning assigned to it in the Sub-Advisory Agreement. The Sub-Advisory
Agreement, as amended as provided herein, is hereby confirmed as being in full
force and effect in accordance with its terms.

     3. COUNTERPARTS. This Amendment may be executed in any number of
counterparts, which together shall constitute one instrument.



[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]





IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of
December 28, 2007.


                                           HIGHMARK CAPITAL MANAGEMENT, INC.


                                           By: /s/ ▇▇▇▇▇▇ ▇'▇▇▇▇▇▇▇
                                               --------------------
                                               Name: ▇▇▇▇▇▇ ▇'▇▇▇▇▇▇▇
                                               Title: Vice President


                                           BAILARD, INC.


                                           By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                                               ---------------------
                                               Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                                               Title: Treasurer/Secretary



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