HighMark Funds - Investment Professional Center

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Wisconsin Tax-Exempt Fund
Fund Overview	Net Assets: $168,490,956.56 Number of Holdings: 149 As of 3/31/2013

Fund Strategy

Investment Objective and Goal: To seek to provide investors with a high level of current income that is exempt from federal income tax and Wisconsin personal income tax.

Principal Investment Strategy: Under normal market conditions, the Fund invests at least 80% of its total assets in municipal securities issued by the State of Wisconsin, its municipalities, other political subdivisions and public authorities of Wisconsin and similar obligations of other agencies and entities that pay interest that, in the opinion of bond counsel to the issuer, is exempt from federal income tax and Wisconsin personal income tax and also from federal and applicable Wisconsin alternative minimum taxes.

Management

*Sub-advised by Ziegler Lotsoff Capital Management, LLC since June 8, 2009*
Portfolio Managers: Paula M. Horn, Richard D. Scargill, Michael S. Sanders, CFA�, FRM, Eric Zenner, CFA�

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Factsheet


Daily Prices As of 5/23/2013
Class	NAV	Change ($)	Change (%)
Fiduciary	$10.72	-0.02	-0.19
Retail A	$10.73	-0.01	-0.09
Retail B	$10.72	-0.01	-0.09
Retail C	$10.71	-0.02	-0.19

Fund Facts

Share Class	Ticker	Cusip	Inception Dates	*Gross Expenses*	Net Expenses
Fiduciary	WTEFX	431113794	6/8/2009	1.07%	0.66%
Retail A	PWTEX	431113786	6/13/1994	1.32%	0.91%
Retail B ^**	WTEBX	431113778	1/6/2003	1.82%	1.61%
Retail C	WTECX	431113760	1/6/2003	1.57%	1.36%

Performance Snapshot as of 4/30/2013

Average Annual Total Returns
Share Class	SEC Yield	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception

Fiduciary (Net Asset Value)	2.81%	1.36%	3.31%	4.64%	4.62%	3.86%	4.54%
Retail A (Net Asset Value)	2.50%	1.28%	3.06%	4.40%	4.47%	3.79%	4.50%
Retail A (Max Sales Charge)	2.50%	-1.02%	0.72%	3.61%	3.99%	3.55%	4.37%
Retail B (Net Asset Value)^**	1.86%	1.05%	2.33%	3.69%	3.74%	3.03%	4.08%
Retail B (Max Sales Charge)^**	1.86%	-3.95%	-2.67%	2.76%	3.39%	3.03%	4.08%
Retail C (Net Asset Value)	2.11%	1.13%	2.69%	3.97%	3.95%	3.15%	4.14%
Retail C (Max Sales Charge)	2.11%	0.13%	1.69%	3.97%	3.95%	3.15%	4.14%

Historical Returns	2007	2008	2009	2010	2011	2012
Fiduciary **	N/A	N/A	N/A	1.85%	9.05%	4.04%

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.

^** Calendar year performance does not reflect sales charges or expenses.

** Calendar year performance does not reflect sales charges or expenses

Risk Considerations

The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment and interest rate risk. As interest rates rise the value of bond prices will decline and an investor may lose money. The Fund is non-diversified and concentrates its investments in municipal obligations of issuers in the state of Wisconsin which may be more adversely affected by economic, political or other events affecting municipal issuers. The fund may invest in below investment grade bond (known as junk bonds) which carry greater risks and is more susceptible to default.

Composition as of 3/28/2013

Top 10 Holdings
security	percentage
SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT/WI 5.50 12/15/2026	3.47 %
MADISON COMMUNITY DEVELOPMENT AUTHORITY/WI 5.00 10/1/2034	3.23 %
SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT 5.50 12/15/2014	2.46 %
PUERTO RICO SALES TAX FINANCING CORP 6.38 8/1/2039	2.04 %
GLENDALE COMMUNITY DEVELOPMENT AUTHORITY 2.60 9/1/2021	2.01 %
MONROE REDEVELOPMENT AUTHORITY 5.88 2/15/2039	1.93 %
WISCONSIN CENTER DISTRICT/WI 5.25 12/15/2023	1.89 %
COMMONWEALTH OF PUERTO RICO 5.00 7/1/2014	1.76 %
SOUTHEAST WISCONSIN PROFESSIONAL BASEBALL PARK DISTRICT/WI 5.50 12/15/2019	1.70 %
GLENDALE COMMUNITY DEVELOPMENT AUTHORITY 2.75 9/1/2022	1.70 %
The top ten holdings are subject to change and do not include money market instruments and/or futures contracts.

Sector Diversification
security	percentage
BUILDING REVENUE	22.28 %
SALES TAX REVENUE	14.44 %
ECONOMIC IMPROVEMENT	10.30 %
LIMITED TAX REVENUE	9.85 %
GENERAL OBLIGATION-STATE	8.12 %
HOUSING REVENUE	6.25 %
ELECTRIC REVENUE	5.48 %
PRE-REFUNDED/ETM	4.87 %
EDUCATION REVENUE	4.87 %
TAX INCREMENT REVENUE	3.19 %
CASH EQUIVALENTS	2.73 %
TOLL ROAD REVENUE	2.50 %
REVENUE BONDS	1.64 %
HOSPITAL/HEALTHCARE REVENUE	1.35 %
CONVENTION CENTER REVENUE	1.29 %
WATER REVENUE	0.83 %
Total	100%

RISK/REWARD
Retail Class A
3 Year Ending 3/31/2013
R2^��	94.58
Alpha^��	-0.73
Beta^��	0.68
Standard Deviation^��	3.65%
�� Relative to Barclays Capital Municipal Bond 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.

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