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CA Intermediate Tax-Free Bond Fund
Fund Overview Net Assets: $268,540,235.68

Number of Holdings: 198
As of 3/31/2013
Fund Strategy

Investment Objective and Goal: To seek high current income that is exempt from federal income tax and California personal income tax.

Principal Investment Strategy: The Fund invests primarily in investment-grade municipal bonds and notes that are tax-exempt in California.

Management

Portfolio Managers: Robert L. Bigelow, Raymond Mow
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Factsheet

Daily Prices As of 6/18/2013
ClassNAVChange ($)Change (%)
Fiduciary$10.38-0.02-0.19
Retail A$10.32-0.02-0.19
Retail C$10.29-0.02-0.19

Fund Facts
Share ClassTickerCusipInception DatesGross ExpensesNet Expenses
Fiduciary HMITX43111464410/15/19931.02%0.54%
Retail A HMCIX43111457810/15/19931.27%0.79%
Retail C HCTCX43111263011/28/20031.52%1.24%

Performance Snapshot as of 5/31/2013

Average Annual Total Returns
Share ClassSEC YieldYTD1 Year3 Year5 Year10 YearSince
Inception
Fiduciary (Net Asset Value)1.95%-0.33%1.85%3.63%4.22%3.40%4.33%
Retail A (Net Asset Value)1.66%-0.34%1.61%3.39%3.99%3.15%4.18%
Retail A (Max Sales Charge) -2.55%-0.66%2.62%3.51%2.91%4.06%
Retail C (Net Asset Value)1.25%-0.62%1.16%2.91%3.50%2.70%3.97%
Retail C (Max Sales Charge) -1.61%0.17%2.91%3.50%2.70%3.97%


Historical Returns20072008200920102011 2012
Fiduciary ** 4.20%3.59%6.48%1.90%7.15%4.34%

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
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 concentrates its investments in municipal obligations of issuers in the state of California and may be more adversely affected by economic, political or other events affecting municipal issuers.

Investors should note that the portfolio managers will invest at least 80% of the Fund's assets in bonds that pay interest exempt from federal income tax and for some, the federal alternative minimum tax (AMT) but under certain conditions income may be subject to AMT tax, federal and California personal income taxes.

Composition as of 3/28/2013
Top 10 Holdings
securitypercentage
CITY OF SAN FRANCISCO CA PUBLIC UTILITIES COMMISSION WATER REVENUE 5.00 11/1/20262.29 %
STATE OF CALIFORNIA 5.25 7/1/20211.85 %
SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY 5.50 5/15/20231.70 %
SAN DIEGO COUNTY WATER AUTHORITY 5.00 5/1/20261.44 %
CALIFORNIA STATE DEPARTMENT OF TRANSPORTATION/CA 5.00 2/1/20141.42 %
CALIFORNIA STATE DEPARTMENT OF WATER RESOURCES 5.00 12/1/20221.39 %
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY 5.00 7/1/20251.37 %
CLAREMONT UNIFIED SCHOOL DISTRICT 5.00 8/1/20281.30 %
CITY & COUNTY OF SAN FRANCISCO CA 5.00 6/15/20261.24 %
NORTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT/CA 5.00 8/1/20231.22 %
The top ten holdings are subject to change and do not include money market instruments and/or futures contracts.
Sector Diversification
securitypercentage
GENERAL OBLIGATION-SCHOOL DISTRICT23.87 %
ELECTRIC REVENUE14.28 %
GENERAL OBLIGATION-COMMUNITY COLLEGE DIS13.80 %
WATER REVENUE7.50 %
EDUCATION REVENUE7.08 %
SEWER REVENUE6.47 %
SALES TAX REVENUE5.17 %
AIRPORT REVENUE4.25 %
GENERAL OBLIGATION-CITY4.14 %
GENERAL OBLIGATION-STATE3.37 %
HARBOR REVENUE1.87 %
GARVY REVENUE1.40 %
REVENUE BONDS1.38 %
CASH EQUIVALENTS1.12 %
PRE-REFUNDED/ETM1.04 %
TOLL ROAD REVENUE1.03 %
UTILITIES0.45 %
BUILDING REVENUE0.44 %
SPECIAL TAX (LIMITED & SALES TAX)0.42 %
WATER0.35 %
LIMITED TAX REVENUE0.32 %
UTILITY-ELECTRIC0.14 %
RESOURCE RECOVERY REVENUE0.09 %
Total100%

RISK/REWARD
Retail Class A

3 Year Ending 3/31/2013
R2††90.88
Alpha††-0.90
Beta††0.82
Standard Deviation††2.81%

†† Relative to the Barclays 7-Year 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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