HighMark Capital Management Disclosure

Important Information about HighMark Capital Management, Inc.

HighMark Capital Management, Inc. (HighMark), an SEC-registered investment adviser, is a wholly owned subsidiary of MUFG Union Bank, N.A. HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations, public agencies, public and private retirement plans, and personal trusts of all sizes. It may also serve as sub-adviser for mutual funds, common trust funds and collective investment funds. Union Bank, a subsidiary of MUFG Americas Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does not guarantee future results. Individual account management and construction will vary depending on each client's investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate, and MAY lose value, including possible loss of principal.

HighMark Capital Management's Anti-Money Laundering Certification

HighMark Capital Management, Inc. ("HighMark") has established and continues to maintain an Anti-Money Laundering Program reasonably designed to ensure that Highmark is in compliance with all applicable laws, rules and regulations related to anti-money laundering and anti-terrorist financing initiatives.

Please click the following link to view and/or print a certification from HighMark Capital Management’s Anti-Money Laundering Compliance Officer.

HighMark Capital Management AML Certification

HighMark Capital Management’s Form ADV Part 2A

This Form ADV Part 2A ("the Brochure") provides information about the qualifications and business practices of HighMark Capital Management, Inc. If you have any questions about the contents of this brochure, please contact us at 1-800-582-4734. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority.

HighMark Capital Management’s Form ADV Part 2A

Definitions

Alpha - Alpha is a risk- adjusted measure of the so-called active return on an investment. It is the return in excess of the compensation for the risk borne, and thus commonly used to assess active managers’ performances.

Beta - A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), a model that calculates the expected return of an asset based on its beta and expected market returns.

Risk Adjusted Return - A concept that refines an investment's return by measuring how much risk is involved in producing that return, which is generally expressed as a number or rating. Risk-adjusted returns are applied to individual securities and investment funds and portfolios.

Barclays US 1-3 Year Government/Credit Index - The Barclays 1-3 Year U.S. Government/Credit Index was known as the Lehman Brothers Government/Credit Bond Index, which composed of the Treasury Bond and Agency Bond Indices, the 1-3 year U.S. Government Index, and all publicly issued, fixed-rate, non-convertible investment grade corporate debt.

Russell 1000 Growth Index - The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index - The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

Russell 2000 Index - The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

Russell Microcap Index - The Russell Microcap Index is a capitalization weighted index of 2000 small cap and micro cap stocks that captures the smallest 1000 companies in the Russell 2000, plus 1000 smaller U.S.-based listed stocks. The broad index is designed to present an unbiased collection of the smallest tradable securities that still meet exchange listing requirements, so over-the-counter (OTC) stocks and pink sheet securities are excluded. The Index is recalculated annually to prevent growing stocks from distorting index performance, and to include new entrants.

Russell 1000 Index - The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.