Fund Description

The fund was incepted in November 1999 and is managed by HighMark Capital Management. The fund seeks to provide long-term capital appreciation by investing primarily in a diversified portfolio of equity securities of non-U.S. issuers. Normally, at least 65% of the fund's assets are invested in the stocks of companies from at least five countries (other than the United States) that are included in the Morgan Stanley Capital International Europe, Australasia and Far East Index (the 'EAFE Index'). The fund's portfolio managers intend to focus on companies with a market capitalization of more than $100 million. Under normal circumstances, the fund invests at least 80% of its assets in equity securities. The fund typically invests in securities that are listed on recognized foreign exchanges, but it may also invest up to 15% of its assets in securities traded in over-the-counter markets. In addition, the fund may buy American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) and invest in derivatives, including futures, options, forward foreign currency contracts, options on currencies and swap agreements. The fund declares and pays income dividends periodically and distributes net capital gains, if any, annually.