HighMark California Daily Tax Free Income Fund seeks to reorganize

By Toni Weeks

San Luis Obispo, Calif., May 22 - The board of trustees of HighMark Funds has approved the reorganization of the HighMark California Tax-Free Money Market Fund into the California Daily Tax Free Income Fund, Inc., according to an N-14 filing with the Securities and Exchange Commission.

The board said that the reorganization is in the best interests of the HighMark fund's shareholders and will offer strength of fund management, potential for enhanced efficiencies and lower advisory fee rates and expense caps.

The reorganization is contingent on shareholder approval at a meeting on July 11. Shareholders of record as of the close of business on April 26 are qualified to vote at the meeting.

San Francisco-based HighMark Capital Management Inc. is the investment adviser to the HighMark Fund. If the reorganization is approved, the California Daily Tax Free Income Fund will be advised by New York-based Reich & Tang Asset Management, LLC.

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