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Fund Merger and Name Change Announcement
Effective March 26, 2012, the name of HighMark Value Momentum Fund will be changed to “HighMark Value Fund.” Accordingly, effective March 26, 2012, all references in the Prospectus to “Value Momentum Fund” will be changed to “Value Fund.”
On December 6, 2011, the Board of Trustees of HighMark Funds (the “Board of Trustees”) voted, subject to shareholder approval, to reorganize HighMark Large Cap Value Fund into HighMark Value Momentum Fund. In connection with such vote, a Special Meeting of Shareholders of the Large Cap Value Fund was called by the Board of Trustees for the purpose of voting on the reorganization of the Large Cap Value Fund into the Value Momentum Fund, which shareholder meeting took place on March 16, 2012.
As a result of the shareholders’ approval of the reorganization, it is expected that on March 26, 2012, the Large Cap Value Fund will transfer all of its assets to the Value Momentum Fund in exchange for Shares of the Value Momentum Fund and the Value Momentum Fund’s assumption of the Large Cap Value Fund’s liabilities and obligations; and the Large Cap Value Fund will distribute to its shareholders such Shares of the Value Momentum Fund in liquidation of the Large Cap Value Fund. As a consequence of this reorganization, Shares of the Large Cap Value Fund will no longer be available for purchase, nor may Shares of other series of HighMark Funds be exchanged for Shares of the Large Cap Value Fund.
Expenses that you pay each year as a percentage
of the value of your investment |
Class A Shares |
Class B Shares |
Class C Shares |
Class F Shares |
| Management Fees |
0.60% |
0.60% |
0.60% |
0.60% |
| Distribution (12b-1) Fees |
0.25% |
0.75% |
1.00% |
0.00% |
| Other Expenses |
0.53% |
0.53% |
0.28% |
0.53% |
| Total Annual Fund Operating Expenses |
1.38% |
1.88% |
1.88% |
1.13% |
| Fee Waivers and Expense Reimbursement1 |
0.13% |
0.03% |
0.03% |
0.13% |
| Net Expenses1† |
1.25% |
1.85% |
1.85% |
1.00% |
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1 The expense information in the table has been restated to reflect current fees.
† HighMark Capital Management, Inc. (the “Adviser”), the investment adviser of the Fund, has contractually agreed to waive fees and reimburse expenses to the extent total operating expenses of Class A, Class B, Class C and Class F Shares of the Fund (excluding portfolio brokerage and transaction costs, taxes relating to transacting in foreign securities, if any, extraordinary expenses and any expenses indirectly incurred by the Fund through investments in pooled investment vehicles (collectively, the “Excluded Costs”)) exceed 1.25%, 1.85%, 1.85% and 1.00%, respectively, of the average daily net assets of the Fund attributable to Class A, Class B, Class C and Class F Shares, respectively, for the period from March 26, 2012 to November 30, 2013, at which time the Adviser will determine whether or not to renew or revise the agreement. The Adviser may recoup from the Fund any of the fees and expenses it has waived and/or reimbursed until the end of the third fiscal year after the end of the fiscal year in which such waiver and/or reimbursement occurs, subject to certain limitations. The Fund will make such payment with respect to a class of Shares of the Fund only if the operating expenses of such class of Shares (exclusive of the Excluded Costs), without regard to such payment, are at an annual rate (as a percentage of the average daily net assets of the Fund attributable to such class of Shares) of less than 1.22% with respect to Class A Shares, 1.82% with respect to Class B Shares, 1.82% with respect to Class C Shares and 0.97% with respect to Class F Shares . Any such recoupment would reduce the Fund’s future total return.
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