Wisconsin Tax-Exempt Fund by ikevantrounk

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									                                                            Wisconsin Tax-Exempt Fund
                                                            (Sub-advised by Ziegler Capital Management, LLC since June 8, 2009)
        RETAIL & FIDUCIARY SHARES
        As of June 30, 2009




        INVESTMENT OBJECTIVE

        The Wisconsin Tax-Exempt Fund seeks to provide investors with a high
        level of current income that is exempt from federal income tax and
        Wisconsin personal income tax through municipal debt securities,
        with a high concentration of Wisconsin issued bonds



A B OUT TH E SUB - A DVISE R
Ziegler Capital Management, LLC (ZCM) serves as
                                                                WHY THE HI GHM A RK WI S CO NS I N TA X-EX EM PT F U ND
investment adviser to the HighMark Equity Income Fund.
ZCM’s investment philosophy is driven by their research,
which shows that persistent investor behavior causes                     A Disciplined Strategy
securities to be priced temporarily too low or too high.
ZCM creates risk-controlled portfolios which seek to                     The Fund follows a buy and hold, total return, bottom-up, credit-driven
outperform a market benchmark by exploiting the
                                                                         strategy focused on investment grade and essential service bonds — with
investment opportunities created by this persistent
investor behavior.                                                       more than 70% of the portfolio invested in Wisconsin paper.

A B OUT TH E PORTF OL IO M A N A G E RS                                  Federal and State Tax Exemption
                                                                         The Fund offers Wisconsin investors the benefit of federal and state tax
                                                                         exemption with quality, tax-free municipal bonds.
                 Richard D. Scargill
                 Vice President, Director of Fixed Income
                 Portfolio Management                                    Reduction of Tax Liability
                 Ziegler Capital Management, LLC.
                 Education: MBA, Marist College;                         The Fund offers investors to further reduce their tax liability with the Fund’s
                 BS, Finance, University of South Florida
                                                                         low Alternative Minimum Tax (AMT) exposure.1

                 Michael S. Sanders, CFA, FRM
                 Vice President and Portfolio Manager                    Risk Management
                 Ziegler Capital Management, LLC.
                 Education: MS, Financial Economics,                     The Fund risk is carefully managed using a rigorous nine-point due diligence
                 Marquette University; BBA, Finance,
                 St. Norbert College                                     screen for the selection of underlying credits. The Fund is well-diversified
                                                                         through a broad spectrum of bonds and is continually monitored through
                 Paula Horn
                 Chief Investment Officer                                additional research tools.
                 for Fixed Income Investments
                 Zeigler Capital Management, LLC.
                 Education: MM, J.L. Kellogg Graduate
                 School of Management at Northwestern
                 University; BA, Tufts University




                                                            1 A portion of income may be subject to the Alternative Minimum Tax (AMT). Capital gains, if any, will be
                                                            subject to capital gains tax. Bond fund values fluctuate in response to the financial condition of individual
                                                            issuers, changes in interest rates, and general market and economic conditions. Investment strategies that
                                                            concentrate in particular market segments tend to increase the total risk of an investment (relative to the
                                                            broader market). This fund is exposed to the following specific risks: State of Wisconsin Risk. Consult the Fund’s
                                                            prospectus for additional information on these and other risks.




      www.highmarkfunds.com                                                                            The smarter approach to investing.                                        2Q | 09
                                                                                         Wisconsin Tax-Exempt Fund
           RETAIL & FIDUCIARY SHARES
           As of June 30, 2009
    F UN D DESCRIPTION                                                                 AV ERA GE A NNUA L TOTA L RETU RNS                          as of June 30, 2009

  IN CE PTION DATES                                                                                                                                                 annualized*      annualized*          annualized*
  Fund Inception . . . . . . . . . . . . . . . . . . . June 13, 1994                   RE TA IL A                           year to date*            1 year*            3 year*          5 year*      since inception*
  Retail A . . . . . . . . . . . . . . . . . . . . . . . . June 13, 1994
                                                                                       Net Asset Value                          5.09%                1.84%             2.75%             2.97%                    4.25%
  Retail B . . . . . . . . . . . . . . . . . . . . . . . January 6, 2003
  Retail C . . . . . . . . . . . . . . . . . . . . . . . January 6, 2003               Maximum Sales Charge                     2.75%               -0.41%             1.97%             2.50%                    4.09%
  Fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . June 8, 2009             RE TA IL B †
  TICKE R                                                                              Net Asset Value                          4.70%                1.10%             1.98%             2.21%                    2.25%
  Retail A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PWTEX          Maximum Sales Charge                    -0.30%               -3.82%             1.03%             1.86%                    2.25%
  Retail B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .WTEBX
                                                                                       RE TA IL C
  Retail C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .WTECX
  Fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .WTEFX           Net Asset Value                           4.71%               1.11%             2.01%             2.22%                    2.25%
  CUSIP                                                                                Maximum Sales Charge                      3.71%               0.13%             2.01%             2.22%                    2.25%
  Retail A . . . . . . . . . . . . . . . . . . . . . . . . . . . .431113786            F IDUCIA RY
  Retail B . . . . . . . . . . . . . . . . . . . . . . . . . . . .431113778            Net Asset Value                                 –                    –                   –             –                       –
  Retail C . . . . . . . . . . . . . . . . . . . . . . . . . . . .431113760
  Fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . .431113794
  F UN D IN F ORM ATION
                                                                                       The performance quoted herein represents past performance. Past performance does not guarantee future results. The
  Number of Holdings . . . . . . . . . . . . . . . . . . . . . . .214                  investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may
  Total Fund Assets . . . . . . . . . . . . . . . . .$149,556,316                      be worth more or less than their original cost, and current performance may be higher or lower than the performance
  N E T A SSE T VA LUE                                                                 quoted. For performance data current to the most recent month end, please call 1.800.433.6884 or visit us at
  Retail A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$9.98        www.highmarkfunds.com.
  Retail B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$9.97        † Retail B Shares are closed to new purchases. The B Shares will remain open to capital gains and dividend repurchases for
  Retail C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$9.97          existing shareholders.
  Fiduciary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N/A
  F UN D E X PE N SES
  Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.50%            A NNUA L RETU RNS
  12b-1: Class A . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%
  12b-1: Class B . . . . . . . . . . . . . . . . . . . . . . . . . .0.75%                                                          2003*            2004*            2005*          2006*          2007*            2008*
                                                                                       RE TA IL A
  12b-1: Class C . . . . . . . . . . . . . . . . . . . . . . . . . .0.75%
  Total Expenses (gross): A Shares . . . . . . . . . . . . 1.26%                       Net Asset Value                            4.63%             3.57%           2.64%           3.90%         2.54%           -3.16%
                                                                                       Maximum Sales Charge                       2.28%             1.26%           0.35%           1.57%         0.24%           -5.35%
  Total Expenses (net)**: A Shares . . . . . . . . . . . .0.90%
  Total Expenses (gross):B Shares . . . . . . . . . . . . 1.76%                        RE TA IL C
  Total Expenses (net)**: B Shares . . . . . . . . . . . .1.60%                        Net Asset Value                                     –        2.74%           1.92%           3.17%         1.80%           -3.87%
  Total Expenses (gross):C Shares . . . . . . . . . . . . 1.51%                        Maximum Sales Charge                                –        1.74%           0.93%           2.17%         0.81%           -4.81%
  Total Expenses (net)**: C Shares . . . . . . . . . . . .1.35%                        F IDUCIA RY
  Total Expenses (gross): Fiduciary . . . . . . . . . . . 1.01%                        Net Asset Value                                     –            –                   –           –               –                 –
  Total Expenses (net)**: Fiduciary . . . . . . . . . . .0.65%
                                                                                       * The Predecessor Fund was re-organized into the HighMark Fund on 6/8/09. The performance presented links the performance
  ** The Fund’s Adviser has contractually agreed to waive fees or
                                                                                         to the Predecessor Fund from inception on 6/13/1994.
     reimburse expenses in order to keep total operating expenses
     (exclusive of portfolio brokerage and transaction costs, taxes
     relating to transacting in foreign securities, if any, extraordinary
     expenses and any expenses indirectly incurred by the Fund                         TO P TEN H O L DI NGS                                                    SEC TO R A L LO C ATI O N
     through investments in underlying funds) for all share classes for
     the period beginning June 8, 2009 and ending on June 7, 2010.                                                          maturity                                                Multi-Family 10.06%
     Please see the prospectus for details on fees and expenses.                                                                                              Sales Tax
                                                                                       security                  coupon        date            %        Revenue 11.83%                      Education 7.66%
  RISK M E A SURES–CL A SS A
  3 YE A R E N DIN G 6/ 3 0/ 09                                                        AIM Tax-Free Investments         —          —       3.42%                                                  U.S. Government
                                                                                                                                                                                                  Guaranteed 6.79%
  R 2†† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98   Guam Power Authority          5.13   10/01/29       3.04%
  Alpha†† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.84        SE WI Pro Baseball Park       5.50   12/15/26       2.74%     Other 16.82%                                 Utility 5.42%
  Beta†† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92      Puerto Rico Sales Tax         6.38    8/01/39       2.07%                                                  General Obligation 4.83%
  Standard Deviation†† . . . . . . . . . . . . . . . . . . . . 5.08%                   Wisconsin Center District     5.25   12/15/23       1.79%                                              Retirement/Healthcare 3.79%
  †† Relative to the Barclays Capital Muni Bond Index.                                 Green Bay Brown Co.           5.00    2/01/19       1.70%                                             Money Fund 3.33%
                                                                                                                                                            Lease Revenue
  R-Squared is a statistical measure that represents the percentage                    Virgin Islands Public Fin.    5.00   10/01/24       1.51%                   29.47%
  of a fund's or security's movements that are explained by
  movements in a benchmark index.                                                      Oak Creek Housing Auth.       5.63    7/20/29       1.48%
  Alpha measures the difference between a fund’s actual returns and its                SE WI Pro Baseball Park       5.50   12/15/19       1.46%
  expected performance, given the level of risk (as measured by beta).                 Milwaukee Redevel. Auth.      3.65    8/01/13       1.43%
  Beta is a measure of the volatility, or systematic risk, of a security or a          Holdings are subject to change.
  portfolio in comparison to the market as a whole.
  Standard Deviation is a statistical measure of the range of a fund’s
  performance. Approximately 67% of the time, the total returns of any                  To determine if the Fund is an appropriate investment for you, carefully consider the Fund’s investment
  given fund are expected to differ from its mean total return by no more
  than plus or minus the standard deviation figure.
                                                                                        objectives, risks, charges and expenses. This and other information can be found in the Fund’s prospectus,
                                                                                        which can be obtained by calling 1.800.433.6884 or by visiting www.highmarkfunds.com. Read the
HighMark Funds:                                                                         prospectus carefully before investing.
• Are NOT bank deposits;                                                                Mutual fund investing involves risks, including possible loss of principal.
• Are NOT obligations of or guaranteed by Union Bank,
   N.A. (UB) or any subsidiary or affiliate;                                            HighMark Capital Management, Inc., a registered adviser, is a wholly owned subsidiary of Union Bank, N.A.
• Are NOT insured or guaranteed by the FDIC or any                                      and serves as investment adviser for HighMark Funds. Union Bank, N.A., a subsidiary of UnionBanCal Corporation,
   other government agency;                                                             provides certain services to the funds and is compensated for these services. HighMark Funds are distributed by
• Involve investment risk, including possible loss of principal.                        HighMark Funds Distributors, Inc., an affiliate of PFPC Distributors, Inc.

        www.highmarkfunds.com                                                                                                                                                                         HMK-FF-070-3300

								
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