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CA Tax-Free Money Market Fund
Fund Overview Net Assets: $506,379,506.98

Number of Holdings: 61
As of 3/31/2013
Fund Strategy

Investment Objective and Goal: To seek current income exempt from federal and California personal income taxes with liquidity and stability of principal.

Principal Investment Strategy: The Fund invests at least 80% of its total assets in short-term, high quality California municipal securities. “High quality” securities are those that at least two nationally recognized rating agencies have judged financially strong enough to be included in their highest credit-quality category for short-term securities (or, if only one nationally recognized rating agency has rated such debt, then by that agency).

Management

Portfolio Managers: Raymond Mow
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Factsheet

Fund Facts
Share ClassTickerCusipInception DatesGross ExpensesNet Expenses
Fiduciary HMCXX4311148426/10/19910.77%0.55%
Retail A HMAXX4311148596/25/19911.02%0.80%
Retail S HCSXX4311127059/30/19991.07%1.05%

Performance Snapshot as of 4/30/2013

Average Annual Total Returns
Share ClassYTD1 Year3 Year5 Year10 YearSince
Inception
Fiduciary (Net Asset Value)0.01%0.02%0.03%0.35%1.17%1.98%
Retail A (Net Asset Value)0.01%0.02%0.02%0.28%1.01%1.74%
Retail A (Max Sales Charge) N/AN/AN/AN/AN/AN/A
Retail S (Net Asset Value)0.01%0.02%0.02%0.23%0.85%1.74%
Retail S (Max Sales Charge) N/AN/AN/AN/AN/AN/A


Historical Returns20072008200920102011 2012
Fiduciary ** 3.13%2.18%0.27%0.06%0.02%0.01%

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

Risk Considerations
An investment in a Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Composition as of 3/28/2013
Top 10 Holdings
securitypercentage
TUSTIN UNIFIED SCHOOL DISTRICT 0.15 9/1/20505.38 %
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY 0.11 7/1/20365.33 %
STATE OF CALIFORNIA 0.11 5/1/20404.54 %
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY 0.14 7/1/20234.54 %
LOS ANGELES DEPARTMENT OF WATER & POWER 0.10 7/1/20354.21 %
PENNSYLVANIA TURNPIKE COMMISSION 0.30 7/15/20413.83 %
PENNSYLVANIA TURNPIKE COMMISSION 0.28 7/15/20413.79 %
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY 0.09 1/1/20243.75 %
SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION 0.11 4/1/20383.31 %
The top ten holdings are subject to change and do not include money market instruments and/or futures contracts.
Sector Diversification
securitypercentage
REVENUE BONDS82.03 %
GENERAL OBLIGATIONS11.14 %
UTILITY-ELECTRIC4.21 %
EDUCATION REVENUE1.40 %
PARTICIPATION NOTES1.21 %
CASH EQUIVALENTS0.01 %
Total100%


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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