About the Adviser HighMark Capital Management, Inc.

The Firm

HighMark Capital Management, Inc. (HCM), the adviser to HighMark Funds, has 92 years of institutional money management experience with a staff of 65 investment professionals with average investment experience of 21 years. HCM has a long-term disciplined approach to money management and currently manages assets for a wide array of clients including:

• Corporate Employee Benefit Plan Sponsors
• High Net Worth Individuals
• Foundations and/or Endowments, Hospitals and Religious Organizations
• Mutual Funds
• Public Agencies

Disciplined Investment Philosophy

HCM is a value-oriented investment management firm that seeks to produce attractive returns by combining quantitative analysis with qualitative fundamental judgment in the selection of securities and management of clients' portfolios. At HighMark Capital Management, Inc., we identify compelling, neglected or intrinsic investment opportunities. We focus on longer term investment horizons using a rigorous, multi-disciplined approach. We define investment products within categories by emphasizing fundamental analysis and probe deeper since great companies are not always great investments. We search for sustainable advantage, catalysts and indicators of change. We seek investment opportunities where top-down and bottom-up ideas intersect. We remain faithful to clients' investment objectives through the eyes of risk management, and we manage our clients' money as prudently as we do our own.

Range of Investment Options

In addition, HCM offers retail clients access to some of the nation's leading institutional money managers who specialize in international, mid and small cap growth, technology, equity income and Wisonsin tax-exempt strategies.

• Asset Allocation Funds are a series of mutual funds that offer diversification through actively managed asset allocation strategies designed to help manage risk while potentially delivering consistent and attractive returns over time.
• Large Cap Core Equity invests at least 65% of its assets in stocks of U.S. companies with capitalization similar to that of the S&P 500 Stock Index.
• Value invests in value stocks that offer good prospects for price and earnings momentum and seeks attractive long-term return with moderate risk.
• Balanced Management seeks both capital appreciation and income by strategically allocating assets among different asset classes to strike an optimal balance of risk and reward.
• Large Cap Growth seeks long term capital appreciation with a diversified portfolio of 50-70 stocks with measured sector active weights that can potentially reduce volatility in returns over the long-term.
• Small Cap Core Fund seeks long-term capital appreciation by investing primarily in U.S. common stocks of small cap companies.
• Taxable Fixed-Income invests in U.S. government, corporate and mortgage-backed securities that offer high credit quality and attractive current income.
• Tax-Free Fixed-Income strategies invest primarily in municipal bonds and notes that are exempt from federal income tax.
• Money Market strategies seek current income with liquidity and stability of principal.