Net Assets: $95,103,720.42 Number of Holdings: 201 As of 3/31/2013
Fund Strategy
Investment Objective and Goal: To seek long-term capital appreciation.
Principal Investment Strategy: The Fund will, under normal market conditions, invest its assets
primarily in common stocks of small capitalization value companies that are within a market capitalization range that is similar, although not identical, to the market capitalization range of those companies found in the S&P SmallCap 600/Citigroup Value Index.
Management
Sub-advised by Bailard, Inc. since 4/3/2006
Portfolio Managers: Thomas J. Mudge III, CFA®
Download
Factsheet
Daily Prices As of 5/17/2013
Class
NAV
Change ($)
Change (%)
Fiduciary
$14.20
0.14
0.99
Retail A
$14.23
0.14
0.98
Retail C
$13.85
0.14
1.01
Retail M
$14.20
0.14
0.99
Overall Morningstar Rating out of 286 funds. Small Value Category as of 3/31/13 — Class F‡
Fund Facts
Share Class
Ticker
Cusip
Inception Dates
Gross Expenses
Net Expenses
Fiduciary
HCLFX
431112390
4/4/2006
1.34%
1.23%
Retail A
HCLAX
431112432
4/3/2006
1.61%
1.48%
Retail C
HCLCX
431112424
4/3/2006
2.11%
2.08%
Retail M
HCLMX
431112416
4/3/2006
1.09%
1.08%
Performance Snapshot as of 4/30/2013
Average Annual Total Returns
Share Class
YTD
1 Year
3 Year
5 Year
10 Year
Since Inception
Fiduciary (Net Asset Value)
9.89%
16.27%
12.61%
6.73%
9.98%
7.25%
Retail A (Net Asset Value)
9.78%
15.89%
12.25%
6.37%
9.63%
6.93%
Retail A (Max Sales Charge)
3.71%
9.55%
10.15%
5.18%
9.01%
6.42%
Retail C (Net Asset Value)
9.53%
15.18%
11.59%
5.74%
8.99%
6.30%
Retail C (Max Sales Charge)
8.53%
14.18%
11.59%
5.74%
8.99%
6.30%
Retail M (Net Asset Value)
9.98%
16.38%
12.72%
6.82%
10.09%
7.39%
Retail M (Max Sales Charge)
N/A
N/A
N/A
N/A
N/A
N/A
Historical Returns
2007
2008
2009
2010
2011
2012
Fiduciary **
-4.95%
-32.99%
20.44%
28.38%
0.76%
15.63%
The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate and, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than that shown. Performance data current to the most recent month-end may be obtained on this site and performance reflects fee waivers in effect. The average annualized total returns reflect the deduction of the Fund's maximum sales load.
A 2.00% Redemption fee is applicable to Class A and Fiduciary Shares held 30 days or less. Does not include any wire transfer fees, if applicable.
‡The HighMark Cognitive Value Fund — Class F Shares was rated against the following numbers of Small Value funds over the following time periods: 286 funds in the last three years, 249 funds in the last five years, and 143 funds the last 10 years. This Fund received a Morningstar Rating of 5 stars for the three-year period, and 3 stars for the five and ten-year periods respectively. Past performance is no guarantee of future results. Morningstar Rating is for the Fiduciary share class only; other classes may have different performance characteristics.
For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom10% receive 1 star. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.
** Calendar year performance does not reflect sales charges or expenses
The Predecessor Fund was reorganized into the HighMark Cognitive Value Fund on 4/3/06. The performance presented for Class A, Class C and Class F Shares links to the performance of the Predecessor Class M Shares since inception on 5/30/01.
The top ten holdings are subject to change and do not include money market instruments and/or futures contracts.
Sector Diversification
security
percentage
CASH EQUIVALENTS
4.31 %
FINANCIALS
27.32 %
INDUSTRIALS
17.29 %
CONSUMER DISCRETIONARY
13.88 %
INFORMATION TECHNOLOGY
12.49 %
ENERGY
6.11 %
HEALTH CARE
6.01 %
MATERIALS
6.01 %
UTILITIES
3.78 %
CONSUMER STAPLES
2.40 %
TELECOMMUNICATION SERVICES
0.40 %
Total
100%
RISK/REWARD
Retail Class A
3 Year Ending 3/31/2013
R2††
97.07
Alpha††
1.76
Beta††
0.96
Standard Deviation††
19.34%
†† Relative to the S&P Small Cap 600/Citigroup Value Index.
Risk/Rewards Definitions Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). Alpha is often seen as a measure of the value added or subtracted by a portfolio manager. Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant. Standard deviation is a statistical concept used in investment management to measure risk for the variability of return of a fund’s performance. A higher standard deviation represents greater risk.
Portfolio Holdings Select Period
Holdings are subject to change. There is no assurance as of today's date that the securities listed remain in the fund's respective portfolios.
The portfolio holdings information provided herein excludes any securities held by the funds as collateral for securities on loan by the Funds. Complete holdings information, including securities held as collateral for securities on loan, can be obtained in the Funds' most recent annual, semi-annual or quarterly report as of the date of such report.
Mutual fund investing involves risk, including possible loss of principal. Investors should consider the Funds' investment objectives, risks, charges and expenses carefully before investing. This and other information can be found in the Funds' prospectus, which may be obtained by calling 800.433.6884 or by visiting www.highmarkfunds.com. Please read the prospectus carefully before investing.
HighMark Funds Distributors, LLC, an affiliate of Foreside Funds Distributors LLC, is the principal underwriter of the HighMark Funds. HighMark Capital Management, Inc., a registered investment adviser, is a wholly-owned subsidiary of Union Bank, N.A. and serves as the investment adviser for HighMark Funds. Union Bank, N.A. is wholly owned by UnionBanCal Corporation. UnionBanCal Corporation is wholly owned by The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG, NYSE:MTU), one of the world’s largest financial organizations in market capitalization and deposit taking. NO BANK GUARANTEE, NOT FDIC INSURED, MAY LOSE VALUE. There is no guarantee that the Funds will meet their stated objectives.
