Bailard and HighMark Join Forces on Mutual Funds

FOSTER CITY AND SAN FRANCISCO,CA, January 30, 2006 - The Board of Trustees of the HighMark Funds and the Board of Directors of the Bailard Opportunity Fund Group have approved an agreement pursuant to which the Bailard International Equity Fund, Cognitive Value Fund and Enhanced Growth Fund (the "Former Funds") will transfer all of their assets and identified liabilities to three newly-established series of HighMark Funds, a Massachusetts business trust (the "Successor Funds"). HighMark Capital Management, Inc. will become investment adviser and administrator to the Successor Funds, and Bailard, Inc. will become sub-adviser to the Successor Funds, with the existing fund management teams at Bailard continuing to manage the portfolios.

"We are excited about this alliance with HighMark Capital Management," said Peter Hill, Chief Investment Officer of Bailard. "In particular, we think the arrangement will be beneficial because it will enable us at Bailard to continue to focus on what we do best -- manage investments and develop innovative investment products -- while availing ourselves of HighMark's fund administration and distribution capabilities."

"The potential addition of the Bailard Opportunity Funds to the HighMark Fund Family is very attractive," said Earle Malm, President and CEO of HighMark Capital Management, Inc. "The Funds provide additional investment options for HighMark shareholders and enhance HighMark's distribution opportunities in the marketplace."

The consummation of each transaction is subject, among other conditions, to the approval of the stockholders of each of the Former Funds. The Board of Directors of the Bailard Opportunity Fund Group has called a special meeting of stockholders, to be held on March 30, 2006, to consider the transfers. If stockholders approve the transactions, it is expected that the transfers will be consummated on March 31, 2006, or shortly thereafter.

About HighMark
San Francisco-based HighMark Capital Management, Inc., (HCM), is the wholly-owned investment management subsidiary of Union Bank of California, with over $19 billion in assets under management for individual and institutional investors worldwide. HCM is also the adviser to the HighMark Funds, with 18 individual funds and over $7 billion in assets. HighMark Funds are distributed by SEI Investments Distribution Co., which is unaffiliated with the adviser, its parent or any affiliates. HighMark Funds can be found on the Web at www.highmarkfunds.com.

About Bailard
Bailard, Inc., founded in 1969, is an independent investment management firm based in Foster City, California. Bailard manages over $1.7 billion for institutional and high net worth investors, offering innovative investment solutions ranging from traditional investments to specialty products. For more information, visit www.bailard.com.

Investors should consider the investment objectives, risks, and charges and expenses of the HighMark Funds and the Bailard Opportunity Fund Group carefully before investing. The prospectuses contain this and other information about the Funds. Investors should read the prospectuses carefully before investing. More information on the Bailard International Equity Fund, the Bailard Cognitive Value Fund and the Bailard Enhanced Growth Fund (including the prospectuses) is available by calling Bailard Fund Services, Inc., a wholly-owned subsidiary of Bailard, Inc., at (800) 882-8383. Further information about HighMark Funds (including the prospectuses) is available by calling HighMark directly at (800) 433-6884.

The information contained herein is subject to completion and to change. HighMark Funds may not sell the securities of the Successor Funds until the registration statements filed with the Securities Exchange Commission relating to the Successor Funds are effective. This press release is not an offer to sell the Successor Funds' securities and is not soliciting an offer to buy the securities.