What changes are taking place?
The Large Cap Value Fund is merging into the Value Momentum Fund, and the Value Momentum Fund will change its name to the Value Fund.

Why is HighMark Capital merging the Large Cap Value Fund into Value Momentum Fund?
With the shareholder in mind, HighMark Capital has made the strategic, yet difficult, decision to merge smaller funds in our lineup into funds with similar investment mandates. We believe the shareholder will ultimately benefit from the economies associated with funds that have larger assets under management.

What is the reasoning behind changing the name of Value Momentum Fund?
The fund name change is a minor modification, simply for better clarity of the Value Momentum Fund’s investment mandate. By removing “Momentum” from the name, we feel that it eliminates any confusion around this fund’s fundamental approach to investing. The momentum component is an important but secondary aspect of the fund’s management style and is not required to be in the fund’s name. The new name is congruent with the fund’s investment strategy, process and style within the large cap value category and is a name more widely understood in the industry.

Will the Investment Objective or the Portfolio Managers of the Fund Change?
No. There are no changes planned for the surviving fund’s Investment Objective. The Value Fund will continue to be co-managed by Todd Lowenstein and Keith Stribling, both Co-Directors of the Value Equity team.

When will the changes take place?
The fund mergers and name changes are expected to take place on or around Monday, March 26, 2012.

Will there be any costs to the fund shareholders associated with the change?
No. HighMark Capital will pay for the repositioning of securities in the surviving fund.

Will the fund merger be a tax-free transaction for respective shareholders?
HighMark Capital expects the fund merger will be a tax-free event.

What other fund lineup changes can we expect going forward?
We will continue to monitor funds with the shareholder in mind and other mergers and name changes may be considered.