UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05059

HighMark Funds

(Exact name of registrant as specified in charter)

350 California Street, Suite 1600

San Francisco, CA 94104

(Address of principal executive offices) (Zip code)
 

John M. Loder, Esq.

Ropes & Gray LLP

Three Embarcadero Center

San Francisco, CA 94111

 (Name and address of agent for service)

Registrant's telephone number, including area code:  1-800-582-4734                                           

Date of fiscal year end: July 31, 2012

Date of reporting period: October 31, 2012

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedules(s) of Investments is attached herewith.

schedule of investments

October 31, 2012 (unaudited)

balanced fund

Description	Shares		Value		Description	Shares/Par		Value
Common Stock - 60.2%†					Common Stock - (continued)†
Consumer Discretionary - 7.0%					Information Technology - 11.4%
Bed Bath & Beyond *		3,110	$	179,385	Accenture, Cl A ‡		3,265	$	220,094
Dick’s Sporting Goods		5,655		282,750	Analog Devices		8,905		348,275
Dollar Tree *		4,930		196,559	ANSYS *		2,900		205,552
PetSmart		4,640		308,050	Apple		1,375		818,262
Sally Beauty Holdings *		10,345		249,108	Broadcom, Cl A *		6,090		192,048
TJX Companies		6,355		264,559	EMC *		17,800		434,676
Yum! Brands		3,945		276,584	International Business Machines		1,790		348,209
				1,756,995	Qualcomm		5,305		310,740
Consumer Staples - 8.5%									2,877,856
Altria Group		10,710		340,578	Materials - 5.0%
Anheuser-Busch InBev NV, SP ADR		4,235		354,893	Ecolab		8,430		586,728
Coca-Cola		6,820		253,568	Praxair		6,285		667,530
Costco Wholesale		2,255		221,960					1,254,258
Kraft Foods Group *		2,991		136,031	Utilities - 1.1%
Mondelez International, Cl A		8,975		238,196	ITC Holdings		1,905		151,676
Philip Morris International		3,940		348,926	Wisconsin Energy		3,320		127,720
Procter & Gamble		3,385		234,377					279,396
				2,128,529	Total Common Stock
Energy - 6.6%					(Cost $11,304,881)				15,128,515
BG Group PLC, SP ADR		10,390		193,254	Corporate Obligations - 14.4%
Chevron		2,690		296,465	Consumer Discretionary - 1.4%
ExxonMobil		7,130		650,042	Comcast
Occidental Petroleum		4,525		357,294	5.700%, 07/01/19	$	50,000		61,557
Royal Dutch Shell PLC, ADR		2,355		161,270	DIRECTV Holdings / DIRECTV
				1,658,325	Financing
Financials - 7.5%					2.400%, 03/15/17		50,000		51,518
American Tower REIT		5,690		428,400	Gap
Arch Capital Group * ‡		5,120		226,048	5.950%, 04/12/21		45,000		51,140
US Bancorp		16,205		538,168	Staples
Wells Fargo		20,700		697,383	9.750%, 01/15/14		50,000		54,923
				1,889,999	Time Warner Entertainment
Health Care - 5.5%					8.375%, 03/15/23		100,000		142,528
Covidien ‡		3,290		180,785					361,666
Eli Lilly		5,205		253,119	Consumer Staples - 0.9%
Fresenius Medical Care, ADR		2,220		156,244	Clorox
Johnson & Johnson		4,300		304,526	3.050%, 09/15/22		75,000		77,621
Merck		4,715		215,145	Heineken (A)
Pfizer		10,902		271,133	1.400%, 10/01/17		65,000		65,292
				1,380,952	Walgreen
Industrial - 7.6%					3.100%, 09/15/22		75,000		76,367
Danaher		12,260		634,210					219,280
Donaldson		7,225		233,151	Energy - 2.3%
JB Hunt Transport Services		5,265		309,055	Cimarex Energy
Stericycle *		3,010		285,228	5.875%, 05/01/22		35,000		37,363
United Parcel Service, Cl B		2,220		162,615	El Paso Pipeline Partners Operating
WW Grainger		1,380		277,946	5.000%, 10/01/21		60,000		67,935
				1,902,205

See note to schedule of investments.

HighMark®  Funds1

schedule of investments

October 31, 2012 (unaudited)

balanced fund (continued)

Description	Par		Value		Description	Par		Value
Corporate Obligations - (continued)					Corporate Obligations - (continued)
Energy - (continued)					Health Care - (continued)
Energy Transfer Partners					Gilead Sciences
9.700%, 03/15/19	$	100,000	$	134,627	4.400%, 12/01/21	$	25,000	$	28,899
Kinder Morgan Energy Partners					Laboratory Corp of America Holdings
3.950%, 09/01/22		75,000		81,961	4.625%, 11/15/20		50,000		56,038
Magellan Midstream Partners					Wellpoint
6.550%, 07/15/19		50,000		62,459	6.000%, 02/15/14		58,000		61,845
Petrobras International Finance									201,730
3.875%, 01/27/16		75,000		79,675	Industrial - 0.8%
Petrohawk Energy					Continental Airlines Pass Through
7.875%, 06/01/15		61,000		63,592	Trust Ser 2010-1, Cl A
Transocean					4.750%, 01/12/21		71,576		76,765
5.050%, 12/15/16		50,000		55,999	Delta Air Lines, Ser 11-1A
				583,611	5.300%, 04/15/19		30,284		33,160
Financials - 5.0%					General Electric
American International Group					2.700%, 10/09/22		30,000		30,166
4.250%, 09/15/14		100,000		105,853	Republic Services
Bank of America, MTN					3.550%, 06/01/22		30,000		31,784
5.650%, 05/01/18		100,000		116,425	United Technologies
BB&T, MTN					3.100%, 06/01/22		25,000		26,919
2.150%, 03/22/17		50,000		51,952					198,794
Berkshire Hathaway Finance					Information Technology - 0.7%
5.400%, 05/15/18		50,000		60,292	Hewlett-Packard
Boston Properties					4.375%, 09/15/21		75,000		74,123
4.125%, 05/15/21		75,000		82,277	Oracle
Capital One Bank USA					1.200%, 10/15/17		60,000		60,302
8.800%, 07/15/19		30,000		39,930	Xerox
Capital One Financial					2.950%, 03/15/17		50,000		51,519
4.750%, 07/15/21		25,000		28,684					185,944
Citigroup					Materials - 1.2%
4.750%, 05/19/15		75,000		81,284	Ball
Ford Motor Credit					7.375%, 09/01/19		65,000		72,638
5.000%, 05/15/18		100,000		110,304	Dow Chemical
GE Global Insurance					4.250%, 11/15/20		75,000		83,134
7.750%, 06/15/30		90,000		117,071	Georgia-Pacific
General Electric Capital, MTN					8.000%, 01/15/24		75,000		105,297
2.300%, 04/27/17		100,000		103,298	Rio Tinto Finance USA
JPMorgan Chase					6.500%, 07/15/18		25,000		31,355
4.250%, 10/15/20		100,000		110,293					292,424
Lehman Brothers Holdings, MTN (B)					Telecommunication Services - 0.8%
5.625%, 01/24/13		125,000		28,281	Telefonica Emisiones SAU
NASDAQ OMX Group					3.992%, 02/16/16		40,000		40,600
5.250%, 01/16/18		50,000		54,308	Verizon Maryland
Royal Bank of Canada, MTN					8.000%, 10/15/29		75,000		99,640
0.800%, 10/30/15		35,000		35,114	Verizon New England
Wells Fargo					7.875%, 11/15/29		50,000		67,507
5.625%, 12/11/17		100,000		119,716					207,747
				1,245,082
Health Care - 0.8%
Amgen
3.875%, 11/15/21		50,000		54,948

See note to schedule of investments.

2 HighMark®Funds

schedule of investments

October 31, 2012 (unaudited)

balanced fund (continued)

Description	Par		Value		Description	Par		Value
Corporate Obligations - (continued)					U.S. Treasury Obligation - 0.7%
Utilities - 0.5%					U.S. Treasury Note
Exelon Generation					0.500%, 07/31/17	$	175,000	$	173,537
6.200%, 10/01/17	$	50,000	$	59,597	Total U.S. Treasury Obligation
Sempra Energy					(Cost $172,899)				173,537
6.150%, 06/15/18		50,000		61,663	Mortgage-Backed Securities - 3.4%
				121,260	Chase Mortgage Finance,
Total Corporate Obligations					Ser 2004-S1, CI A3
(Cost $3,396,247)				3,617,538	5.500%, 02/25/19		40,055		41,099
U.S. Government Agency Mortgage-Backed Obligations -3.80%					Citicorp Mortgage Securities,
FHLMC Gold					Ser 2003-10, Cl A1
6.000%, 09/01/17		26,650		28,513	4.500%, 11/25/18		40,759		41,869
5.000%, 10/01/20		11,288		12,180	CS First Boston Mortgage Securities,
4.500%, 03/01/18		9,739		10,260	Ser 2005-C1, Cl A4 (C)
4.500%, 05/01/19		13,975		14,973	5.014%, 02/15/38		150,000		162,372
4.500%, 07/01/23		24,294		25,992	DBUBS Mortgage Trust,
FNMA					Ser 2011-LC1A, Cl A1 (A)
8.000%, 05/01/25		9,879		10,263	3.742%, 11/10/46		72,512		78,712
7.000%, 07/01/26		12,074		13,882	Lehman Mortgage Trust,
7.000%, 12/01/27		9,925		11,411	Ser 2007-8, Cl 1A1
6.500%, 05/01/14		5,279		5,482	6.000%, 09/25/37		137,249		124,491
6.500%, 01/01/28		7,161		8,217	Morgan Stanley Capital I,
6.000%, 02/01/17		29,513		31,418	Ser 2003-T11, Cl A4
6.000%, 03/01/28		12,297		13,939	5.150%, 06/13/41		92,985		94,798
5.500%, 12/01/17		30,973		33,450	Sequoia Mortgage Trust,
5.000%, 12/01/17		7,724		8,422	Ser 2012-2, Cl A2 (C)
5.000%, 04/01/18		42,840		46,712	3.500%, 04/25/42		64,114		66,145
5.000%, 11/01/18		4,805		5,240	Ser 2012-1, Cl 2A1 (C)
5.000%, 09/01/25		54,751		59,486	3.474%, 01/25/42		40,294		41,854
5.000%, 03/01/34		78,485		86,220	Wells Fargo Mortgage Backed
4.500%, 02/01/19		38,735		41,838	Securities Trust,
4.500%, 05/01/19		97,254		105,075	Ser 2007-7, Cl A1
4.500%, 06/01/19		13,365		14,440	6.000%, 06/25/37		129,560		124,793
4.000%, 09/01/18		9,514		10,186	Ser 2004-2, Cl A1
4.000%, 01/01/26		60,708		64,867	5.000%, 02/25/19		52,697		53,861
3.500%, 09/01/25		88,397		93,856	Ser 2003-M, Cl A1 (C)
3.500%, 10/01/26		98,400		104,476	4.677%, 12/25/33		15,730		16,277
GNMA					Total Mortgage-Backed Securities
7.000%, 02/15/26		13,343		15,833	(Cost $835,338)				846,271
7.000%, 10/15/27		11,857		14,133	Asset-Backed Securities - 2.4%
7.000%, 03/15/29		13,989		16,729	AEP Texas Central Transition Funding,
6.500%, 05/15/28		10,339		12,156	Ser 2012-1, Cl A1
6.500%, 01/15/29		10,778		12,477	0.880%, 12/01/18		100,000		100,862
6.000%, 04/15/29		30,378		34,838	ARI Fleet Lease Trust,
Total U.S. Government Agency					Ser 2010-A, Cl A (A) (C)
Mortgage-Backed Obligations					0.511%, 01/15/21		100,000		100,028
(Cost $909,733)				966,964	Avis Budget Rental Car Funding
					AESOP, Ser 2011-1A, Cl A (A)
					1.850%, 11/20/14		100,000		101,189

See note to schedule of investments.

HighMark®  Funds 3

schedule of investments

October 31, 2012 (unaudited)

balanced fund (continued)

Description	Par		Value		Description		Shares		Value
Asset-Backed Securities - (continued)					Registered Investment Company - 13.0%
CAL Funding II,					Dreyfus Cash Management			3,266,592	$	3,266,592
Ser 2012-1A, Cl A (A)					Total Registered Investment Company
3.470%, 10/25/27	$	55,000	$	54,983	(Cost $3,266,592)					3,266,592
Hertz Vehicle Financing,					Total Investments - 99.3%
Ser 2011-1A, Cl A1 (A)					(Cost $20,773,131) ††					24,951,086
2.200%, 03/25/16		100,000		102,448	Other Assets & Liabilities, Net - 0.7%					180,835
SLM Student Loan Trust,					Net Assets - 100.0%				$	25,131,921
Ser 2011-A, Cl A1 (A) (C)
1.214%, 10/15/24		74,216		74,496
World Omni Auto Receivables Trust,					* Non-income producing security.
Ser 2011-A, Cl A4					‡  This company is domiciled outside of the United States. The security’s functional currency is the United States dollar. †  Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. ††  At October 31, 2012, the tax basis cost of the Fund’s investments was $20,773,131, and the unrealized appreciation and depreciation were $4,344,685 and $(166,730), respectively. (A)  Securities sold within the terms of a private placement memorandum, exempt from registration under Section 3(a)-4, 4(2) or Rule 144A of the Securities Act of 1933, as amended, and may be sold only to the dealers in that program or other “accredited investors”. The values of these securities as of October 31, 2012 were $577,148 and represented 2.3% of net assets. (B)  The issuer is in default of certain debt covenants. Income is not being accrued. As of October 31, 2012, the value of these securities amounted to $28,281, which represents 0.1% of net assets. (C)  Floating rate security. Rate disclosed is as of October 31, 2012.
1.910%, 04/15/16		75,000		76,559
Total Asset-Backed Securities
(Cost $604,206)				610,565
Taxable Municipal Bonds - 1.4%
California - 1.2%
California State, Public School
Improvements, Taxable, GO
6.200%, 10/01/19		50,000		59,483
Los Angeles, Department of
Water & Power Revenue,
Build America Bonds,
Taxable, RB
6.574%, 07/01/45		50,000		70,050	ADR	- American Depositary Receipt
Metropolitan Water District of					Cl	- Class
Southern California, Build					FHLMC	- Federal Home Loan Mortgage Corporation
America Bonds, Taxable, RB					FNMA	- Federal National Mortgage Association
6.947%, 07/01/40		100,000		125,158	GNMA	- Government National Mortgage Association
University of California					GO	- General Obligation
Revenue, Build America Bonds,					MTN	- Medium Term Note
Taxable, RB (C)					PLC	- Public Liability Company
1.988%, 05/15/50		50,000		50,392	RB	- Revenue Bond
				305,083	REIT	- Real Estate Investment Trust
New Jersey - 0.2%					Ser	- Series
New Jersey State, Turnpike					SP ADR	- Sponsored American Depositary Receipt
Authority Turnpike Revenue,
Build America Bonds,
Taxable, RB
7.102%, 01/01/41		25,000		36,021
Total Taxable Municipal Bonds
(Cost $283,235)				341,104

See note to schedule of investments.

4 HighMark®Funds

schedule of investments

October 31, 2012 (unaudited)

balanced fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair		Level 1		Level 2 Significant		Level 3 Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Common Stock **	$	15,128,515	$	15,128,515	$	—	$	—
Corporate Obligations		3,617,538		—		3,617,538		—
U.S. Government Agency Mortgage-Backed Obligations		966,964		—		966,964		—
U.S. Treasury Obligation		173,537		—		173,537		—
Mortgage-Backed Securities		846,271		—		846,271		—
Asset-Backed Securities		610,565		—		610,565		—
Taxable Municipal Obligations		341,104		—		341,104		—
Registered Investment Company		3,266,592		3,266,592		—		—
Total:	$	24,951,086	$	18,395,107	$	6,555,979	$	—

** See schedule of investments detail for industry breakout.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 5

schedule of investments

October 31, 2012 (unaudited)

cognitive value fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 94.6%†					Common Stock - (continued)†
Consumer Discretionary - 13.7%					Energy - (continued)
Ark Restaurants		11,700	$	197,496	Delek US Holdings		8,200	$	211,150
Ascena Retail Group *		30,600		605,880	EPL Oil & Gas *		19,500		421,980
Ballantyne Strong *		14,500		58,435	Helix Energy Solutions Group *		44,600		771,134
Belo, Cl A		65,000		486,200	McDermott International *		20,800		222,768
Bluegreen *		82,200		487,446	StealthGas * ‡		49,500		336,600
Bob Evans Farms		5,300		201,771	Vaalco Energy *		63,711		520,519
Brown Shoe		14,700		231,966	Western Refining		34,800		865,476
Childrens Place Retail Stores *		4,500		262,935					4,477,957
Cooper Tire & Rubber		19,700		396,561	Financials - 24.8%
Crown Crafts		43,400		255,626	1st Source		23,200		515,272
CSS Industries		8,000		160,800	Allied World Assurance Co
Culp		14,856		187,780	Holdings AG ‡		9,550		766,865
Dillard’s, Cl A		8,400		646,800	Alterra Capital Holdings * ‡		18,000		439,740
G-III Apparel Group *		5,900		218,064	American Assets Trust REIT		25,500		692,835
GameStop, Cl A		14,700		335,601	American National Insurance		4,700		343,382
Gannett		32,500		549,250	Assurant		15,500		586,055
Genesco *		11,600		664,680	Assured Guaranty ‡		61,800		858,402
Harman International Industries		4,800		201,264	Banner		21,400		620,386
Hot Topic		27,700		238,220	Brandywine Realty Trust REIT		13,800		160,080
Jones Group		40,100		473,581	Central Pacific Financial *		25,300		363,561
Kona Grill *		24,600		221,892	Century Bancorp, Cl A		3,200		104,672
LeapFrog Enterprises *		54,900		485,316	Citizens Republic Bancorp *		38,900		705,646
Marriott Vacations Worldwide *		7,400		291,116	City National		3,300		168,630
Movado Group		20,000		633,800	CoBiz Financial		38,200		272,366
Multimedia Games Holding *		9,100		144,690	Commerce Bancshares		8,300		316,064
Rent-A-Center		16,900		563,277	Dupont Fabros Technology REIT		17,500		375,550
RG Barry		12,700		193,548	Extra Space Storage REIT		22,300		769,127
Rick’s Cabaret International *		38,400		315,264	Farmers National Banc		14,000		86,660
Saga Communications, Cl A		2,300		97,566	Fidelity Southern		13,837		135,464
Smith & Wesson Holding *		21,500		206,400	Financial Institutions		26,700		508,368
Stage Stores		24,000		588,000	First Defiance Financial		10,200		180,540
Stein Mart *		25,000		196,500	First Merchants		42,800		629,588
Texas Roadhouse		15,700		255,596	Granite Real Estate (Canada)		13,300		487,844
Thor Industries		12,400		471,572	Great Southern Bancorp		14,000		397,180
Unifi *		12,700		178,181	Hanmi Financial *		25,200		312,732
				11,703,074	Highwoods Properties REIT		9,700		312,825
Consumer Staples - 3.3%					Home Properties REIT		6,700		407,293
Cal-Maine Foods		16,900		728,897	Mack-Cali Realty REIT		8,500		220,915
Darling International *		16,800		277,704	MainSource Financial Group		12,800		160,256
Harris Teeter Supermarkets		7,300		273,385	MicroFinancial		16,800		132,384
Orchids Paper Products		19,900		381,881	Mission West Properties REIT		45,500		376,740
Pantry *		13,800		183,057	Montpelier Re Holdings ‡		31,600		722,692
Universal		10,100		500,556	National Retail Properties REIT		10,100		319,968
USANA Health Sciences *		4,000		172,560	One Liberty Properties REIT		9,100		171,899
Village Super Market, Cl A		7,536		276,345	Pacific Mercantile Bancorp *		12,300		88,191
				2,794,385	Peapack Gladstone Financial		8,900		137,861
Energy - 5.2%					Peoples Bancorp		14,200		302,460
Alon USA Energy		26,700		350,571	Post Properties REIT		14,200		693,102
Bristow Group		5,200		259,584	Primerica		20,900		590,634
CVR Energy *		14,100		518,175	PrivateBancorp		7,700		124,432
					ProAssurance		7,300		652,620

See note to schedule of investments.

6 HighMark®Funds

schedule of investments

October 31, 2012 (unaudited)

cognitive value fund (continued)

Description	Shares		Value		Description	Shares		Value
Common Stock - (continued)†					Common Stock - (continued)†
Financials - (continued)					Industrial - (continued)
Protective Life		13,600	$	371,280	Generac Holdings		28,200	$	958,800
Republic Bancorp, Cl A		27,700		598,874	Huntington Ingalls Industries *		19,000		805,220
Resource America, Cl A		19,400		131,144	Hyster-Yale Materials Handling *		6,700		275,236
Safety Insurance Group		9,600		444,960	Hyster-Yale Materials Handling *		6,700		275,236
Sterling Financial		16,200		344,412	Intersections		36,800		341,872
SVB Financial Group *		7,200		407,448	Kimball International, Cl B		21,900		261,486
Taylor Capital Group *		12,500		233,500	LB Foster, Cl A		6,700		221,167
United Fire Group		25,800		613,266	Lydall *		12,800		165,248
Urstadt Biddle Properties, Cl A REIT		17,100		323,874	MYR Group *		8,500		180,030
Validus Holdings ‡		9,400		336,520	NACCO Industries, Cl A		9,000		455,760
Webster Financial		28,700		631,400	Oshkosh *		9,400		281,812
White River Capital		3,900		86,970	Portfolio Recovery Associates *		2,600		272,090
World Acceptance *		5,600		373,856	RR Donnelley & Sons		18,700		187,374
WSFS Financial		3,000		127,065	Saia *		12,100		273,460
				21,235,850	Sauer-Danfoss		8,100		324,486
Health Care - 6.5%					Sparton *		13,000		175,500
Amedisys *		9,600		105,984	Spirit Aerosystems Holdings, Cl A *		7,800		121,914
Amsurg *		11,500		327,980	Spirit Airlines *		12,700		222,885
Analogic		11,300		832,358	Standex International		9,000		416,160
Cambrex *		21,100		254,888	Steelcase, Cl A		28,500		285,285
Community Health Systems *		7,000		191,940	Supreme Industries, Cl A *		68,800		243,552
Gentiva Health Services *		10,900		102,460	Sypris Solutions		31,100		195,930
Impax Laboratories *		21,900		465,375	TAL International Group		4,200		143,388
National Healthcare		4,600		219,052	Tetra Tech *		9,900		256,806
Orthofix International NV * ‡		10,000		396,600	Trimas *		12,300		308,484
Owens & Minor		7,100		202,137	Trinity Industries		7,700		240,856
PAREXEL International *		5,300		162,657	Triumph Group		8,200		536,444
RTI Biologics *		98,000		397,880	UniFirst		3,100		215,667
Select Medical Holdings *		53,000		561,270					15,543,288
STERIS		17,400		619,614	Information Technology - 12.9%
SurModics *		18,200		327,236	Ancestry.com *		16,700		527,720
United Therapeutics *		3,600		164,412	AOL *		19,100		655,703
Utah Medical Products		6,200		210,924	Diebold		17,100		508,725
				5,542,767	Entegris *		50,000		410,500
Industrial - 18.1%					Entropic Communications *		55,700		267,917
Aircastle		21,400		238,182	Global Cash Access Holdings *		75,700		533,685
Alaska Air Group *		20,000		764,800	IEC Electronics *		55,900		403,598
Amerco		3,500		404,390	Insight Enterprises *		30,200		488,334
AO Smith		2,800		170,156	Itron *		8,200		336,692
Applied Industrial Technologies		4,300		174,537	Key Tronic *		38,400		435,840
Argan		43,000		764,970	Kulicke & Soffa Industries *		38,200		391,932
AZZ		15,400		607,376	Magnachip Semiconductor * ‡		40,600		456,750
Barrett Business Services		32,000		954,560	Mentor Graphics *		52,000		807,040
Brink’s		10,700		281,517	MTS Systems		17,400		877,134
Columbus McKinnon *		11,700		175,149	Net 1 UEPS Technologies * ‡		39,700		351,345
Deluxe		6,100		192,211	Netgear *		7,200		255,672
Encore Capital Group *		14,500		420,500	Netscout Systems *		21,500		531,695
EnerSys *		23,000		793,040	Plexus *		12,200		328,302
Espey Manufacturing & Electronics		15,900		436,614	Power-One *		88,700		357,461
Exelis		47,300		523,138	Silicon Motion Technology ADR * ‡		29,100		398,379
					Tech Data *		9,000		398,790

See note to schedule of investments.

HighMark®  Funds 7

schedule of investments

October 31, 2012 (unaudited)

cognitive value fund (continued)

Description	Shares		Value		Description		Shares		Value
Common Stock - (continued)†					Registered Investment Companies - (continued)
Information Technology - (continued)						Rydex S&P SmallCap 600 Pure
Tessco Technologies		16,100	$	334,880		Value ETF		24,300	$	969,570
Ultratech *		7,800		241,098		Vanguard S&P Small-Cap 600
Wayside Technology Group		15,000		185,700		Value ETF		7,500		498,226
WNS Holdings ADR * ‡		56,000		588,000		Total Registered Investment Companies
				11,072,892		(Cost $3,733,195)				4,277,121
Materials - 6.0%						Total Investments - 99.6%
A. Schulman		8,400		215,544		(Cost $78,042,230) ††				85,312,360
Bemis		13,500		446,175		Other Assets & Liabilities, Net - 0.4%				316,718
Boise		55,700		467,323		Net Assets - 100.0%			$	85,629,078
Cabot		5,400		193,104
Chase		600		11,058
Georgia Gulf		11,100		392,829	*	Non-income producing security.
Haynes International		4,200		212,856	‡	This company is domiciled outside of the United States. The security’s functional currency is the United States dollar.
Huntsman		11,500		172,960
Methanex (Canada)		8,200		246,000	†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
Minerals Technologies		1,600		114,656	††	At October 31, 2012, the tax basis cost of the Fund’s investments was $78,042,230, and the unrealized appreciation and depreciation were $8,734,089 and $(1,463,959), respectively.
Myers Industries		14,500		215,035
Neenah Paper		18,700		484,330	ADR	- American Depositary Receipt
Omnova Solutions *		47,700		373,968	Cl	- Class
Owens-Illinois *		11,800		229,982	ETF	- Exchange Traded Fund
PH Glatfelter		39,000		694,590	REIT	- Real Estate Investment Trust
Quaker Chemical		2,600		137,774	S&P	- Standard & Poor’s
Schweitzer-Mauduit International		9,200		322,276
Worthington Industries		9,300		201,066
				5,131,526
Telecommunication Services - 0.3%
USA Mobility		26,700		295,035
Utilities - 3.8%
El Paso Electric		12,400		421,476
Empire District Electric		19,500		423,345
Great Plains Energy		15,400		345,576
MDU Resources Group		10,000		217,300
PNM Resources		19,100		423,256
Portland General Electric		25,900		709,660
Vectren		23,600		697,852
				3,238,465
Total Common Stock
(Cost $74,309,035)				81,035,239
Registered Investment Companies - 5.0%
Dreyfus Cash Management		1,113,126		1,113,126
iShares Russell 2000 Value Index
Fund ETF		11,700		851,994
iShares S&P SmallCap 600 Value
Index Fund ETF		10,900		844,205

See note to schedule of investments.

8 HighMark®Funds

schedule of investments

October 31, 2012 (unaudited)

cognitive value fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair		Level 1		Level 2 Significant		Level 3 Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Investments in Securities**	$	85,312,360	$	85,312,360	$	—		$	—

**   See schedule of investments detail for industry and security type breakouts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 9

schedule of investments

October 31, 2012 (unaudited)

enhanced growth fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 97.4%†					Common Stock - (continued)†
Consumer Discretionary - 4.0%					Information Technology - (continued)
Amazon.com *		3,660	$	852,121	Altera		14,300	$	435,864
Comcast, Cl A		20,000		750,200	Amdocs		16,100		532,427
Expedia		10,480		619,892	Amphenol, Cl A		8,500		511,105
Garmin ‡		7,050		267,830	Analog Devices		12,150		475,186
Netflix *		1,900		150,271	Apple		14,420		8,581,342
Priceline.com *		1,000		573,770	Applied Materials		45,250		479,650
				3,214,084	ASML Holding ‡		6,047		332,404
Health Care - 7.3%					Autodesk *		19,900		633,616
Affymax *		10,000		227,900	Automatic Data Processing		12,000		693,480
Agilent Technologies		9,760		351,262	Avago Technologies ‡		7,000		231,210
Alexion Pharmaceuticals *		4,000		361,520	Avnet *		8,590		246,103
Alkermes * ‡		5,000		92,650	Baidu, SP ADR *		3,500		373,170
Amarin PLC ADR * ‡		8,000		94,240	BMC Software *		19,300		785,510
Amgen		5,000		432,725	Broadcom, Cl A *		28,000		882,980
Ariad Pharmaceuticals *		6,000		129,300	CA		20,500		461,660
Biogen Idec *		2,200		304,084	Check Point Software Technologies * ‡		17,000		757,010
Celgene *		4,000		293,280	Cisco Systems		85,000		1,456,900
Cubist Pharmaceuticals *		2,500		107,250	Citrix Systems *		11,800		729,358
Endo Health Solutions *		3,000		85,980	Cognizant Technology Solutions, Cl A *		19,170		1,277,680
Gilead Sciences *		6,000		402,960	Computer Sciences		6,000		182,700
Illumina *		3,000		142,530	Corning		13,800		162,150
Impax Laboratories *		7,000		148,750	Cypress Semiconductor *		11,600		114,956
Incyte *		6,000		95,760	Dell		48,000		443,040
InterMune *		15,000		119,250	eBay *		25,000		1,207,250
Life Technologies *		3,000		146,730	Electronic Arts *		10,550		130,292
Medivation *		2,000		102,240	EMC *		52,720		1,287,422
Myriad Genetics *		4,000		104,680	Equinix *		1,200		216,492
NuPathe *		29,000		105,560	F5 Networks *		8,300		684,584
Onyx Pharmaceuticals *		3,000		235,080	Facebook, Cl A *		7,800		164,697
Optimer Pharmaceuticals *		4,500		42,930	Fairchild Semiconductor International *		15,000		176,400
Perrigo		2,200		253,022	First Solar *		11,400		277,134
QIAGEN * ‡		6,000		104,700	Fiserv *		7,800		584,532
Questcor Pharmaceuticals		2,000		50,960	Flextronics International * ‡		40,000		230,800
Rigel Pharmaceuticals *		10,000		89,100	Google, Cl A *		5,200		3,534,804
Sarepta Therapeutics *		2,000		42,620	Hewlett-Packard		21,710		300,684
Shire PLC ADR ‡		4,000		337,560	Hitachi, ADR		9,500		498,370
Trius Therapeutics *		18,000		98,640	IAC/InterActiveCorp		9,125		441,194
United Therapeutics *		3,000		137,010	Informatica *		10,000		271,400
Vertex Pharmaceuticals *		5,000		241,200	Intel		82,000		1,773,250
Warner Chilcott, Cl A * ‡		12,000		138,960	International Business Machines		13,550		2,635,882
ZIOPHARM Oncology *		35,000		164,850	Intersil, Cl A		12,650		89,182
				5,785,283	Intuit		8,650		513,983
Information Technology - 85.8%					Juniper Networks *		19,600		324,772
Accenture, Cl A ‡		22,350		1,506,614	KLA-Tencor		15,000		697,800
ACI Worldwide *		4,400		172,040	Lam Research *		26,650		943,410
Activision Blizzard		37,100		404,019	Lexmark International, Cl A		8,000		170,080
Adobe Systems *		14,000		476,000	Linear Technology		12,350		386,061
Advanced Micro Devices *		50,600		103,730	LinkedIn Cl A *		1,900		203,167
Akamai Technologies *		8,000		303,920	Marvell Technology Group ‡		57,650		454,859
Alliance Data Systems *		4,000		572,200	Maxim Integrated Products		15,000		412,875
					Microchip Technology		13,000		407,550
					Micron Technology *		50,100		271,793

See note to schedule of investments.

10 HighMark®Funds

schedule of investments

October 31, 2012 (unaudited)

enhanced growth fund (concluded)

Description	Shares		Value		Description		Shares		Value
Common Stock - (continued)†					Common Stock - (continued)†
Information Technology - (continued)						Telecommunication Services - 0.3%
MICROS Systems *		4,250	$	192,908		Millicom International Cellular ‡		2,450	$	209,475
Microsoft		124,200		3,544,047						209,475
NetApp *		32,020		861,338		Total Common Stock
Netease.com, ADR *		5,300		286,200		(Cost $49,344,028)				77,072,189
Nuance Communications *		14,500		322,770
NVIDIA *		48,425		579,647	Registered Investment Companies - 2.6%
ON Semiconductor *		60,700		373,305		Dreyfus Cash Management		1,056,817		1,056,817
Oracle		73,300		2,275,965		PowerShares Trust Series I		15,700		1,019,715
Paychex		10,100		327,543		Total Registered Investment Companies
Polycom *		14,000		140,280		(Cost $2,016,716)				2,076,532
Qualcomm		39,600		2,319,570		Total Investments - 100.0%
Red Hat *		15,200		747,384		(Cost $51,360,744) ††				79,148,721
Riverbed Technology *		18,300		338,001		Other Assets & Liabilities, Net - 0.0%				(23,225	)
Salesforce.com *		9,000		1,313,820		Net Assets - 100.0%			$	79,125,496
Samsung Electronics, GDR ‡		2,350		1,417,050
SanDisk *		20,000		835,200
SAP, ADR		2,800		204,120	*	Non-income producing security.
Seagate Technology ‡		35,000		956,200	‡	This security is domiciled outside of the United States. The security’s functional currency is the United States dollar.
Siliconware Precision Industries, ADR		24,309		116,683
Sohu.com *		4,900		186,102	†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
Symantec *		25,000		454,750	††	At October 31, 2012, the tax basis cost of the Fund’s investments was $51,360,744, and the unrealized appreciation and depreciation were $31,770,641 and $(3,982,664), respectively.
SYNNEX *		12,400		401,636
Taiwan Semiconductor Manufacturing,					ADR	- American Depositary Receipt
SP ADR		31,506		500,945	Cl	- Class
TE Connectivity ‡		14,300		460,174	GDR	- Global Depositary Receipt
Teradata *		12,850		877,784	PLC	- Public Liability Company
Teradyne *		20,000		292,400	SP ADR	- Sponsored American Depositary Receipt
Texas Instruments		23,000		646,070
TIBCO Software *		13,500		340,335
Trimble Navigation *		5,600		264,208
VeriSign *		14,000		518,980
VMware, Cl A *		6,700		567,959
Western Digital		16,000		547,680
Xilinx		18,000		589,680
Yahoo! *		27,000		453,870
				67,863,347

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at		Level 1 Quoted		Level 2 Significant Observable		Level 3 Significant Unobservable
	10/31/12		Price		Inputs		Inputs
Investments in Securities**	$	79,148,721	$	79,148,721	$	—	$	—

**   See schedule of investments detail for industry and security type breakouts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 11

schedule of investments

October 31, 2012 (unaudited)

equity income fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 98.8%†					Common Stock - (continued)†
Consumer Discretionary - 4.5%					Industrial - (continued)
Brinker International		7,807	$	240,456	Eaton		5,300	$	250,266
Carnival		4,642		175,839	General Electric		25,270		532,186
Target		4,552		290,190	Lockheed Martin		3,823		358,100
Time Warner		7,123		309,494	Northrop Grumman		3,863		265,349
				1,015,979	Raytheon		5,605		317,019
Consumer Staples - 4.3%					Textainer Group Holdings ‡		6,554		197,931
Altria Group		15,564		494,935	WW Grainger		1,667		335,750
Campbell Soup		5,855		206,506					2,962,540
PepsiCo		3,928		271,975	Information Technology - 5.1%
				973,416	Intel		10,975		237,334
Energy - 13.5%					International Business Machines		1,240		241,217
Chevron		7,898		870,439	Microsoft		13,434		383,339
ConocoPhillips		7,025		406,396	Seagate Technology ‡		10,687		291,969
ExxonMobil		12,182		1,110,633					1,153,859
Spectra Energy		10,849		313,211	Materials - 2.3%
Williams		10,791		377,577	EI Du Pont de Nemours		5,123		228,076
				3,078,256	International Paper		8,055		288,611
Financials - 29.9%									516,687
ACE ‡		5,464		429,744	Telecommunication Services - 6.5%
Allstate		9,147		365,697	AT&T		14,609		505,325
American Express		5,147		288,078	BCE (Canada)		6,690		292,085
Annaly Capital Management REIT		23,688		382,324	Verizon Communications		15,291		682,590
Assurant		6,826		258,091					1,480,000
Bank of Hawaii		6,792		299,935	Utilities - 9.5%
BB&T		13,379		387,322	CMS Energy		14,966		363,973
Chimera Investment REIT		133,632		356,797	DTE Energy		5,461		339,128
Chubb		4,193		322,777	Duke Energy		6,509		427,576
CVB Financial		24,711		267,373	Edison International		9,590		450,155
FirstMerit		19,323		267,817	Southwest Gas		7,237		314,592
Home Properties REIT		4,208		255,804	Xcel Energy		9,347		264,053
JPMorgan Chase		12,560		523,501					2,159,477
Macerich REIT		3,841		218,937	Total Common Stock
Rayonier REIT		6,757		331,161	(Cost $18,396,569)				22,436,395
Sterling Financial		10,921		232,180
Travelers		3,823		271,204	Registered Investment Companies - 1.0%
US Bancorp		20,240		672,170	Dreyfus Cash Management		114,131		114,131
Wells Fargo		19,386		653,114	SPDR S&P 500 ETF Trust		831		117,321
				6,784,026	Total Registered Investment Companies
Health Care - 10.2%					(Cost $217,700)				231,452
Bristol-Myers Squibb		16,928		562,856	Total Investments - 99.8%
Eli Lilly		5,598		272,231	(Cost $18,614,269) ††				22,667,847
Johnson & Johnson		9,590		679,164	Other Assets & Liabilities, Net - 0.2%				46,838
Pfizer		32,083		797,904	Net Assets - 100.0%			$	22,714,685
				2,312,155
Industrial - 13.0%
Boeing		3,710		261,333
Deluxe		14,110		444,606

See note to schedule of investments.

12HighMark®  Funds

schedule of investments

October 31, 2012 (unaudited)

equity income fund (concluded)  

‡	This company is domiciled outside of the United States. The security’s functional currency is the United States dollar.
†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
††	At October 31, 2012, the tax basis cost of the Fund’s investments was $18,614,269 and the unrealized appreciation and depreciation were $4,216,779 and $(163,201), respectively.
ETF	- Exchange Traded Fund
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipts

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at		Level 1 Quoted		Level 2 Significant Observable		Level 3 Significant Unobservable
	10/31/12		Price		Inputs		Inputs
Investment in Securities *	$	22,667,847	$	22,667,847	$	—	$	—

* See schedule of investments detail for industry and security type breakouts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 13

schedule of investments

October 31, 2012 (unaudited)

geneva mid cap growth fund     

Description	Shares		Value		Description		Shares		Value
Common Stock - 97.6%†					Common Stock - (continued)†
Consumer Discretionary - 19.9%						Industrial - (continued)
Chipotle Mexican Grill *		42,089	$	10,712,913		Fastenal		505,478	$	22,594,867
Coach		192,159		10,770,512		Genesee & Wyoming, Cl A *		222,121		16,097,109
Dick’s Sporting Goods		508,185		25,409,250		IDEX		308,887		13,136,964
Gentex		308,358		5,309,925		IHS, Cl A *		245,447		20,713,272
LKQ *		1,435,170		29,980,701		Lincoln Electric Holdings		253,492		10,993,948
O’Reilly Automotive *		275,308		23,588,389		Roper Industries		210,460		22,975,918
Panera Bread, Cl A *		168,803		28,466,938		Stericycle *		267,483		25,346,689
Polaris Industries		223,064		18,848,908						192,891,073
Tractor Supply		277,656		26,721,613		Information Technology - 21.8%
Ulta Salon Cosmetics & Fragrance		103,803		9,572,713		Amphenol, Cl A		369,180		22,198,794
Under Armour, Cl A *		180,164		9,415,371		ANSYS *		300,085		21,270,025
				198,797,233		Citrix Systems *		265,293		16,397,760
Consumer Staples - 5.6%						Cognizant Technology Solutions, Cl A *		341,831		22,783,036
Church & Dwight		460,395		23,369,650		F5 Networks *		108,476		8,947,101
JM Smucker		238,971		20,465,476		FactSet Research Systems		182,122		16,491,147
McCormick		191,968		11,829,068		Fiserv *		242,342		18,161,110
				55,664,194		Intuit		422,345		25,095,740
Energy - 8.1%						MICROS Systems *		425,002		19,290,841
Concho Resources *		184,317		15,873,380		Red Hat *		324,316		15,946,618
FMC Technologies *		404,606		16,548,386		Teradata *		241,145		16,472,615
Oasis Petroleum *		610,101		17,918,666		Trimble Navigation *		305,769		14,426,181
Oil States International *		233,084		17,038,440						217,480,968
Range Resources		199,023		13,008,143		Materials - 1.6%
				80,387,015		Sigma-Aldrich		220,704		15,480,179
Financials - 6.6%						Total Common Stock
Affiliated Managers Group *		117,980		14,924,470		(Cost $841,609,631)				973,546,212
East West Bancorp		563,782		12,002,919
IntercontinentalExchange *		124,227		16,273,737	Registered Investment Company - 2.1%
Signature Bank *		319,418		22,755,338		Dreyfus Cash Management		20,660,466		20,660,466
				65,956,464		Total Registered Investment Company
Health Care - 14.7%						(Cost $20,660,466)				20,660,466
Align Technology *		237,618		6,315,886		Total Investments - 99.7%
Catamaran *		421,280		19,867,565		(Cost $862,270,097) ††				994,206,678
Cerner *		327,636		24,962,587		Other Assets & Liabilities, Net - 0.3%				3,379,392
CR Bard		112,105		10,783,380		Net Assets - 100.0%			$	997,586,070
DENTSPLY International		254,232		9,365,907
Edwards Lifesciences *		136,730		11,872,266
IDEXX Laboratories *		213,217		20,511,475	*	Non-income producing security.
Perrigo		182,621		21,003,241	† ††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. At October 31, 2012, the tax basis cost of the Fund’s investments was $862,270,097, and the unrealized
Varian Medical Systems *		332,636		22,206,779
				146,889,086	Cl	appreciation and depreciation were $145,038,910 and $(13,102,329), respectively. - Class
Industrial - 19.3%
AMETEK		542,968		19,302,513
CH Robinson Worldwide		202,618		12,223,944
Clean Harbors *		227,945		13,300,591
Copart *		562,878		16,205,258

See note to schedule of investments.

14 HighMark®  Funds

schedule of investments

October 31, 2012 (unaudited)

geneva mid cap growth fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at		Level 1 Quoted		Level 2 Significant Observable		Level 3 Significant Unobservable
	10/31/12		Price		Inputs		Inputs
Investment in Securities **	$	994,206,678	$	994,206,678	$	—	$	—

**   See schedule of investments detail for industry and security type breakout.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 15

schedule of investments

October 31, 2012 (unaudited)

geneva small cap growth fund

Description	Shares		Value		Description		Shares		Value
Common Stock - 96.9%†					Common Stock - (continued)†
Consumer Discretionary - 14.5%						Industrial - (continued)
BJ’s Restaurants *		18,896	$	624,513		Marten Transport		37,340	$	690,790
Hibbett Sports *		21,828		1,178,494		Middleby *		9,630		1,203,269
JOS A Bank Clothiers *		17,317		810,262		RBC Bearings *		22,279		1,106,375
LKQ *		38,277		799,607		Team *		20,665		677,399
Monro Muffler Brake		20,041		679,791						10,375,582
Panera Bread, Cl A *		5,899		994,807		Information Technology - 19.8%
Ulta Salon, Cosmetics & Fragrance *		8,398		774,464		Bottomline Technologies *		35,397		828,290
Vitamin Shoppe *		20,665		1,182,865		Concur Technologies *		15,616		1,034,248
				7,044,803		ExlService Holdings *		25,871		766,816
Consumer Staples - 2.8%						Factset Research Systems		7,114		644,173
J & J Snack Foods		11,556		661,812		Interactive Intelligence Group *		29,705		941,946
TreeHouse Foods *		13,274		710,823		Liquidity Services *		19,260		794,090
				1,372,635		Opnet Technologies		17,802		755,339
Energy - 7.3%						Pegasystems		16,570		388,898
Dril-Quip *		14,506		1,004,686		Riverbed Technology *		31,250		577,188
Gulfport Energy *		37,045		1,229,153		Tyler Technologies *		35,223		1,684,012
Rosetta Resources *		14,783		680,609		Ultimate Software Group *		12,163		1,232,842
SM Energy		11,782		635,285						9,647,842
				3,549,733		Materials - 3.3%
Financials - 7.6%						Balchem		25,281		880,537
Affiliated Managers Group *		4,459		564,064		Sensient Technologies		20,613		749,901
Bank of the Ozarks		28,248		924,840						1,630,438
MarketAxess Holdings		29,063		907,928		Total Common Stock
Texas Capital Bancshares *		27,120		1,287,386		(Cost $41,425,749)				47,197,499
				3,684,218
Health Care - 20.3%					Registered Investment Company - 2.6%
Cantel Medical		37,115		965,348		Dreyfus Cash Management		1,267,021		1,267,021
Catamaran (Canada) *		18,254		860,859		Total Registered Investment Company
Haemonetics *		10,931		893,063		(Cost $1,267,021)				1,267,021
HMS Holdings *		26,027		600,963		Total Investments - 99.5%
IDEXX Laboratories *		7,635		734,487		(Cost $42,692,770) ††				48,464,520
IPC The Hospitalist *		15,686		541,010		Other Assets & Liabilities, Net - 0.5%				228,275
Medidata Solutions *		35,483		1,490,996		Net Assets - 100.0%			$	48,692,795
MWI Veterinary Supply *		11,729		1,231,780
Neogen *		15,772		674,884
PAREXEL International *		37,652		1,155,540	*	Non-income producing security.
Techne		11,035		743,318	†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
				9,892,248
Industrial - 21.3%					††	At October 31, 2012, the tax basis cost of the Fund’s investments was $42,692,770, and the unrealized appreciation and depreciation were $6,984,144 and $(1,212,394), respectively.
Acuity Brands		16,918		1,094,590
Allegiant Travel *		15,096		1,098,083	Cl	- Class
Barnes Group		26,617		608,997
Chart Industries *		9,821		695,229
Donaldson		18,774		605,837
Echo Global Logistics *		27,988		470,478
Genesee & Wyoming, Cl A *		12,996		941,820
Healthcare Services Group		49,486		1,182,715

See note to schedule of investments.

16 HighMark®  Funds

schedule of investments

October 31, 2012 (unaudited)

geneva small cap growth fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at		Level 1 Quoted		Level 2 Significant Observable		Level 3 Significant Unobservable
	10/31/12		Price		Inputs		Inputs
Investments in Securities **	$	48,464,520	$	48,464,520	$	—	$	—

**   See schedule of investments detail for industry and security type breakout.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 17

schedule of investments

October 31, 2012 (unaudited)

international opportunities fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 93.8%					Common Stock - (continued)
Australia - 3.2%					Germany - (continued)
Amcor		80,000	$	656,052	Bayer		22,000	$	1,915,933
Beach Energy		562,500		805,790	Bilfinger Berger		12,000		1,174,150
Flight Centre		30,000		828,368	Celesio		30,000		580,737
GrainCorp		100,000		1,273,693	Continental		6,000		601,384
Insurance Australia Group		160,000		762,348	Deutsche Bank		15,000		679,892
Lend Lease Group		80,000		719,995	Deutsche Lufthansa		45,000		687,669
Ramsay Health Care		30,000		739,926	Deutsche Post		60,000		1,189,470
Spark Infrastructure Group		400,000		701,725	E.ON		50,000		1,136,069
				6,487,897	Freenet		60,000		991,938
Belgium - 3.4%					Hannover Rueckversicherung		20,000		1,406,834
Ageas		35,000		890,742	Metro		20,000		576,136
Anheuser-Busch InBev NV		45,000		3,762,638	Muenchener Rueckversicherungs-
Belgacom		25,000		730,701	Gesellschaft		5,000		803,609
Groupe Bruxelles Lambert		10,000		738,283	ProSiebenSat.1 Media		20,000		557,341
Solvay		6,000		721,381	SAP		15,000		1,092,649
				6,843,745	Suedzucker		20,000		774,964
Bermuda - 0.7%					TUI *		140,000		1,312,137
Catlin Group		100,000		760,405					19,372,400
Lancashire Holdings		50,000		696,338	Hong Kong - 6.4%
				1,456,743	BOC Hong Kong Holdings		250,000		769,350
China - 0.4%					Cheung Kong Holdings		80,000		1,181,928
Yangzijiang Shipbuilding Holdings		1,000,000		741,925	CLP Holdings		150,000		1,279,347
Denmark - 2.7%					Giordano International		1,500,000		1,246,444
A P Moller - Maersk, Cl B		150		1,046,678	Hutchison Whampoa		60,000		590,319
Coloplast, Cl B		6,000		1,315,645	Johnson Electric Holdings		1,200,000		771,092
Novo Nordisk, Cl B		10,000		1,611,544	Kerry Properties		150,000		744,189
Pandora		50,000		794,044	New World Development		1,100,000		1,700,376
TDC		100,000		688,924	Sino Land		500,000		895,478
				5,456,835	SJM Holdings		250,000		544,513
France - 6.2%					Sun Hung Kai Properties		90,000		1,253,024
Arkema		12,000		1,094,048	Television Broadcasts		100,000		745,156
AtoS		17,000		1,141,604	Wharf Holdings		125,000		855,640
BNP Paribas		20,000		1,006,066	Wheelock		125,000		546,771
Casino Guichard-Perrachon		12,000		1,048,009					13,123,627
Christian Dior		9,000		1,291,931	Hungary - 1.6%
Eiffage		20,000		687,085	Magyar Telekom Telecommunications		300,000		555,699
Sanofi		20,000		1,758,088	MOL Hungarian Oil and Gas		10,000		868,536
SCOR		25,000		667,190	OTP Bank		50,000		949,033
Total		30,000		1,509,488	Richter Gedeon Nyrt		4,500		839,311
Valeo		20,000		878,785					3,212,579
Vinci		18,000		796,622	India - 1.7%
Vivendi		41,333		845,657	Dr Reddy’s Laboratories, ADR		15,000		488,100
				12,724,573	Hindustan Unilever		60,000		609,648
Germany - 9.5%					Infosys, SP ADR		15,000		651,300
Allianz		10,000		1,239,890	Oil & Natural Gas *		120,000		598,940
BASF		32,000		2,651,598	Power Finance *		170,000		585,733
					Tata Motors, SP ADR		25,000		603,750
									3,537,471

See note to schedule of investments.

18 HighMark®  Funds

schedule of investments

October 31, 2012 (unaudited)

international opportunities fund (continued)

Description	Shares		Value		Description	Shares		Value
Common Stock - (continued)					Common Stock - (continued)
Ireland - 2.2%					Netherlands - (continued)
CRH		60,000	$	1,117,369	Delta Lloyd		40,000	$	665,181
Experian		70,000		1,208,708	Heineken		15,000		924,766
Kerry Group		25,000		1,310,725	Koninklijke Ahold		100,000		1,273,201
Smurfit Kappa Group		70,000		768,483	Koninklijke DSM		15,000		770,201
				4,405,285	Koninklijke Philips Electronics		25,000		625,065
Japan - 10.6%					PostNL *		318,750		1,256,789
Aeon		60,000		654,641	Royal Dutch Shell, Cl B		100,000		3,534,946
Aisin Seiki		20,000		581,736	SBM Offshore *		40,000		522,605
Asahi Kasei		120,000		659,902	Wolters Kluwer		35,000		677,300
Daikyo		200,000		533,634					12,081,083
Daiwa House Industry		70,000		1,060,128	Norway - 2.2%
DCM Holdings		70,000		477,014	DNB		60,000		749,303
DIC		300,000		552,424	Fred Olsen Energy		17,000		797,625
Heiwa		40,000		628,335	Petroleum Geo-Services		30,000		517,250
Idemitsu Kosan		6,500		559,376	STX OSV Holdings		400,000		501,722
Isuzu Motors		150,000		792,935	Telenor		40,000		786,487
IT Holdings		40,000		498,058	TGS Nopec Geophysical		20,000		680,547
Itochu		100,000		1,000,877	Yara International		10,000		471,121
JVC Kenwood		120,000		425,404					4,504,055
KDDI		10,000		776,650	Poland - 2.7%
Marubeni		120,000		777,151	Bank Pekao		15,000		720,248
Medipal Holdings		70,000		890,893	KGHM Polska Miedz		15,000		755,485
Mitsui		45,000		634,160	PGE Grupa Energetyczna		120,000		650,244
Mizuho Financial Group		600,000		939,496	Polski Koncern Naftowy Orlen *		65,000		891,736
Nippon Express		200,000		731,555	Powszechna Kasa
Nippon Telegraph and Telephone		12,000		546,411	Oszczednosci Bank Polski		175,000		1,956,290
Oki Electric Industry *		400,000		400,852	Synthos		300,000		498,019
ORIX		10,000		1,027,183					5,472,022
Press Kogyo		100,000		418,389	Singapore - 3.6%
Resona Holdings		200,000		864,337	ComfortDelGro		450,000		623,463
SANKYU		240,000		835,776	DBS Group Holdings		150,000		1,709,297
SCSK		32,000		544,357	Golden Agri-Resources		1,700,000		871,044
Sumitomo		60,000		817,738	Hutchison Port Holdings Trust		900,000		702,000
Sumitomo Mitsui Financial Group		40,000		1,224,602	Jardine Cycle & Carriage		14,651		591,421
Sumitomo Mitsui Trust Holdings		250,000		757,860	SembCorp Industries		150,000		668,962
Toyota Tsusho		25,000		545,534	StarHub		250,000		754,222
UNY		70,000		498,058	UOL Group		300,000		1,392,031
				21,655,466					7,312,440
Mexico - 2.3%					South Korea - 2.0%
America Movil, Ser L, ADR		40,000		1,011,600	Daelim Industrial		5,000		347,974
Cemex, SP ADR *		70,000		632,800	Hanwha		25,000		714,056
Desarrolladora Homex, ADR *		40,000		530,000	Hyundai Marine & Fire Insurance		20,000		646,433
Grupo Aeroportuario del Pacifico, ADR		12,000		571,440	Kia Motors		10,000		555,657
Grupo Mexico, Ser B		200,000		641,515	Samsung Electronics		1,500		1,801,760
Kimberly-Clark de Mexico, Ser A		500,000		1,212,005					4,065,880
				4,599,360	Sweden - 2.6%
Netherlands - 5.9%					Electrolux, Ser B		50,000		1,279,229
AEGON		200,000		1,116,757
CSM		35,000		714,272

See note to schedule of investments.

HighMark®  Funds 19

schedule of investments

October 31, 2012 (unaudited)

international opportunities fund (continued)

Description	Shares		Value		Description		Shares		Value
Common Stock - (continued)					Common Stock - (continued)
Sweden - (continued)						United Kingdom - (continued)
Getinge, Cl B		20,000	$	615,116		Rolls-Royce Holdings, CL C * ^		7,420,000	$	11,974
Nordea Bank		70,000		635,846		Stagecoach Group		150,000		664,224
Sandvik		100,000		1,387,025		Standard Chartered		35,000		826,609
Skandinaviska Enskilda Banken, Cl A		100,000		829,200		Tate & Lyle		70,000		820,114
Svenska Cellulosa, Cl B		30,000		584,360		Unilever		60,000		2,237,642
				5,330,776		Vodafone Group		300,000		814,546
Switzerland - 4.7%						WH Smith		120,000		1,202,575
Clariant *		40,000		428,219		William Hill		150,000		818,177
Nestle		30,000		1,903,790						30,098,868
Novartis		30,000		1,805,541		Total Common Stock
OC Oerlikon *		70,000		704,284		(Cost $166,202,675)				190,962,351
Roche Holding		10,000		1,923,118	Preferred Stock - 0.6%
Swiss Life Holding *		8,000		1,006,765		Germany - 0.6%
Swiss Re *		12,000		829,164		Volkswagen		6,000		1,241,187
Zurich Insurance Group *		4,000		985,719		Total Preferred Stock
				9,586,600		(Cost $1,086,539)				1,241,187
Thailand - 0.6%					Exchange Traded Fund - 1.6%
Advanced Info Service, NVDR		100,000		644,372		United States - 1.6%
Bangkok Bank, NVDR		100,000		577,488		Market Vectors Russia		120,000		3,340,800
				1,221,860		Total Exchange Traded Fund
Turkey - 3.8%						(Cost $3,256,752)				3,340,800
Arcelik		200,000		1,322,176	Registered Investment Company - 2.8%
Eregli Demir ve Celik Fabrikalari		500,000		594,142		Dreyfus Cash Management		5,737,490		5,737,490
KOC Holding		231,000		1,085,088		Total Registered Investment Company
Turk Telekomunikasyon		170,000		663,877		(Cost $5,737,490)				5,737,490
Turkiye Halk Bankasi		300,000		2,644,351		Total Investments - 98.8%
Turkiye Is Bankasi, Cl C		400,000		1,361,227		(Cost $176,283,456) ††				201,281,828
				7,670,861		Other Assets & Liabilities, Net - 1.2%				2,365,310
United Kingdom - 14.8%						Net Assets - 100.0%			$	203,647,138
Aberdeen Asset Management		300,000		1,570,997
AMEC		40,000		684,235
AstraZeneca		38,085		1,768,515	*	Non-income producing security.
BAE Systems		200,000		1,007,633	^	Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total value of this security as of October 31, 2012 is $11,974.
British American Tobacco		30,000		1,486,033
BT Group		450,000		1,543,160	††	At October 31, 2012, the tax basis cost of the Fund’s investments was $176,283,456, and the unrealized appreciation and depreciation were $30,300,277 and $(5,301,905), respectively.
Centrica		150,000		784,530
Compass Group		110,000		1,207,094	ADR	- American Depositary Receipt
Croda International		30,000		1,065,567	Cl	- Class
Daily Mail & General Trust		80,000		616,134	NVDR	- Non Voting Depositary Receipt
DS Smith		200,000		688,754	Ser	- Series
GlaxoSmithKline		70,000		1,566,237	SP ADR	- Sponsored American Depositary Receipt
HSBC Holdings		168,000		1,650,530
IG Group Holdings		120,000		843,352
Imperial Tobacco Group		30,000		1,132,861
ITV		400,000		558,684
Micro Focus International *		72,727		673,672
Mondi		60,000		660,351
Petrofac		90,000		2,329,627
Rexam		120,000		865,041

See note to schedule of investments.

20 HighMark®  Funds

schedule of investments

October 31, 2012 (unaudited)

international opportunities fund (concluded)

Fund Sectors		Futures - A summary of the open futures contracts held by the Fund at October 31, 2012 is as follows:
Sector †	% of Portfolio	Long Futures	Number of	Expiration	Unrealized Appreciation
Financials	24.30%	Outstanding	Contracts	Date	(Depreciation)**
Industrial	12.10%
Consumer Discretionary	11.60%	DAX Index Futures	10	Dec-12	$8,036
Consumer Staples	11.50%	Swiss Market IX Futures	40	Dec-12	(9,879)
Health Care	8.90%				($1,843)
Materials	8.70%
Energy	7.10%	**       The primary risk exposure is the price movement of the underlying basket of equity securities.
Telecommunication Services	5.70%	See note to schedule of investments for additional details.
Information Technology	3.40%
Registered Investment Company	2.80%
Utilities	2.30%
Exchange Traded Fund	1.60%
†   Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at 10/31/12			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Common Stocks
United Kingdom	$	30,098,868		$	30,086,894		$	—	$	11,974
All Other Countries		160,863,483			160,863,483			—		—
Total Common Stocks:	$	190,962,351		$	190,950,377		$	—	$	11,974
Preferred Stocks		1,241,187			1,241,187			—		—
Exchange Traded Fund		3,340,800			3,340,800			—		—
Registered Investment Company		5,737,490			5,737,490			—		—
Derivative Contracts (1)		—			—
Equity Contracts		8,036			8,036			—		—
Liabilities:
Derivative Contracts (1)
Equity Contracts		(9,879	)		(9,879	)		—		—
Total:	$	201,279,985		$	201,268,011		$	—	$	11,974

(1) Investments in derivatives include open futures contracts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds21

schedule of investments

October 31, 2012 (unaudited)

large cap core equity fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 96.5%†					Common Stock - (continued)†
Consumer Discretionary - 9.5%					Health Care - 12.4%
Amazon.com *		900	$	209,538	Agilent Technologies		4,300	$	154,757
Dollar General *		5,100		247,962	Allergan		3,100		278,752
Gap		4,400		157,168	Baxter International		13,300		832,979
Home Depot		29,595		1,816,541	Biogen Idec *		2,600		359,372
Las Vegas Sands		5,200		241,488	Boston Scientific *		80,900		415,826
Liberty Interactive, Cl A *		9,800		196,000	Cardinal Health		4,300		176,859
Liberty Ventures, Cl A *		164		9,333	Charles River Laboratories
Lowe’s		9,800		317,324	International *		8,200		306,024
Macy’s		20,400		776,628	Eli Lilly		4,000		194,520
McDonald’s		6,400		555,520	Humana		2,700		200,529
McGraw-Hill		4,700		259,816	McKesson		8,000		746,480
Sally Beauty Holdings *		9,180		221,054	Merck		13,190		601,860
Starbucks		6,000		275,400	Pfizer		61,617		1,532,415
Target		6,200		395,250	Stryker		4,800		252,480
Walt Disney		3,770		184,994	Thermo Fisher Scientific		20,400		1,245,624
Yum! Brands		3,475		243,632	UnitedHealth Group		3,780		211,680
				6,107,648	Watson Pharmaceuticals *		2,800		240,660
Consumer Staples - 11.8%					WellPoint		3,960		242,669
Beam		23,000		1,277,880					7,993,486
Coca-Cola		51,920		1,930,386	Industrial - 7.7%
Philip Morris International		18,723		1,658,109	3M		2,200		192,720
Procter & Gamble		35,500		2,458,020	ADT *		4,600		190,946
Wal-Mart Stores		3,700		277,574	Babcock & Wilcox *		9,000		231,930
				7,601,969	Caterpillar		4,500		381,645
Energy - 12.5%					CSX		29,700		607,959
Anadarko Petroleum		4,700		323,407	General Electric		81,455		1,715,442
Chevron		16,400		1,807,444	Ingersoll-Rand PLC †		14,500		681,935
EOG Resources		6,000		698,940	KBR		8,000		222,880
ExxonMobil		31,462		2,868,391	Pentair †		2,207		93,224
Occidental Petroleum		7,971		629,390	Textron		8,500		214,285
Schlumberger		3,357		233,412	Tyco International †		9,200		247,204
Tesoro		38,300		1,444,293	Wabtec		2,400		196,560
				8,005,277					4,976,730
Financials - 15.2%					Information Technology - 17.8%
Allied World Assurance Co					Analog Devices		4,520		176,777
Holdings AG ‡		7,200		578,160	Apple		4,515		2,686,876
Ameriprise Financial		5,400		315,198	Applied Materials		32,700		346,620
CapitalSource		70,100		554,491	Brocade Communications Systems *		94,600		501,380
Citigroup		21,900		818,841	Cisco Systems		29,700		509,058
General Growth Properties REIT		30,800		605,528	Citrix Systems *		3,600		222,516
JPMorgan Chase		19,965		832,141	eBay *		18,000		869,220
Markel *		300		141,582	Genpact		13,700		241,257
Regions Financial		37,700		245,804	Global Payments		4,900		209,475
Reinsurance Group of America		16,400		867,888	Google, Cl A *		700		475,839
Travelers		22,700		1,610,338	International Business Machines		1,300		252,889
Vornado Realty Trust REIT		10,100		810,121	Lender Processing Services		6,300		151,893
Wells Fargo		60,945		2,053,237	Maxim Integrated Products		13,100		360,578
White Mountains Insurance Group		600		307,620	Microsoft		35,025		999,438
				9,740,949	NetApp *		7,160		192,604
					NVIDIA *		75,500		903,735

See note to schedule of investments.

22 HighMark®  Funds

schedule of investments

October 31, 2012 (unaudited)

large cap core equity fund (concluded)

Description	Shares		Value		Description			Shares		Value
Common Stock - (continued)†					Registered Investment Company - 3.3%
Information Technology - (continued)					Dreyfus Cash Management				2,124,677	$	2,124,677
Oracle		16,638	$	516,610	Total Registered Investment Company
Qualcomm		19,675		1,152,463	(Cost $2,124,677)						2,124,677
Tellabs		145,400		424,568
Visa Inc, Cl A		2,000		277,520	Total Investments - 99.8%
				11,471,316	(Cost $55,926,863) ††						64,142,778
Materials - 4.5%					Other Assets & Liabilities, Net - 0.2%						154,785
Airgas		8,100		720,657	Net Assets - 100.0%					$	64,297,563
LyondellBasell Industries, Cl A ‡		6,200		331,018
Monsanto		5,100		438,957	*	Non-income producing security.
PPG Industries		7,000		819,560	‡	This company is domiciled outside of the United States. The security’s functional currency is the
Praxair		5,467		580,650		United States dollar.
				2,890,842	†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for
						reporting.
Telecommunication Services - 1.6%					††	At October 31, 2012, the tax basis cost of the Fund’s investments was $55,926,863, and the unrealized
Verizon Communications		22,600		1,008,864		appreciation and depreciation were $9,715,384 and $(1,499,469), respectively.
					Cl	- Class
Utilities - 3.5%					PLC	- Public Liability Company
Ameren		8,800		289,344	REIT	- Real Estate Investment Trust
Calpine *		11,000		193,600	Futures	- A summary of the open futures contracts held by the Fund at October 31, 2012
CenterPoint Energy		39,800		862,466		is as follows:
DTE Energy		14,100		875,610	Long Futures		Number of		Expiration		Unrealized
				2,221,020	Outstanding		Contracts		Date		Depreciation**
Total Common Stock					S&P 500 E-mini		30		December 2012		$(64,035)
(Cost $53,802,186)				62,018,101
					**	The primary risk exposure is the price movement of the underlying basket of equity securities. See note to schedule of investments for additional details.
					S&P	- Standard & Poor’s

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

Assets:	Total Fair Value at 10/31/12			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock ***	$	62,018,101		$	62,018,101		$	—	$	—
Registered Investment Company		2,124,677			2,124,677			—		—
Liabilites:
Derivatives (1)
Equity Contracts		(64,035	)		(64,035	)		—		—
Total:	$	64,078,743		$	64,078,743		$	—	$	—

***  See schedule of investments detail for industry and security type breakouts.

(1) Investment in a derivatives include open futures contracts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds23

schedule of investments

October 31, 2012 (unaudited)

large cap growth fund

Description	Shares		Value		Description		Shares		Value
Common Stock - 98.9%†					Common Stock - (continued)†
Consumer Discretionary - 13.0%					Information Technology - (continued)
Bed Bath & Beyond *		15,230	$	878,466	Broadcom, Cl A			19,935	$	628,650
Dick’s Sporting Goods		33,150		1,657,500	EMC *			103,463		2,526,567
Dollar Tree *		24,410		973,227	International Business Machines			10,540		2,050,346
PetSmart		24,895		1,652,779	Qualcomm			45,357		2,656,786
Sally Beauty Holdings *		73,985		1,781,559						21,063,136
TJX Companies		31,735		1,321,128	Materials - 8.3%
Yum! Brands		20,195		1,415,871	Ecolab			49,535		3,447,636
				9,680,530	Praxair			25,526		2,711,116
Consumer Staples - 15.4%										6,158,752
Anheuser-Busch InBev NV, SP ADR		37,477		3,140,573	Utilities - 2.0%
Coca-Cola		100,584		3,739,713	ITC Holdings			10,322		821,838
Costco Wholesale		11,160		1,098,479	Wisconsin Energy			18,414		708,387
Kraft Foods Group *		9,075		412,731						1,530,225
Mondelez International, Cl A		27,225		722,552	Total Common Stock
Philip Morris International		26,074		2,309,113	(Cost $55,068,652)					73,541,490
				11,423,161	Registered Investment Company - 1.2%
Energy - 8.2%					Dreyfus Cash Management			880,508		880,508
BG Group PLC, SP ADR		58,770		1,093,122	Total Registered Investment Company
Chevron		9,805		1,080,609	(Cost $880,508)					880,508
ExxonMobil		18,060		1,646,530	Total Investments - 100.1%
Occidental Petroleum		20,755		1,638,815	(Cost $55,949,160) ††					74,421,998
Royal Dutch Shell PLC, ADR		9,215		631,043	Other Assets & Liabilities, Net - (0.1)%					(84,490)
				6,090,119	Net Assets - 100.0%				$	74,337,508
Financials - 3.0%
American Tower REIT		29,650		2,232,349	*	Non-income producing security.
Health Care - 7.4%					‡	This company is domiciled outside of the United States. The security’s functional currency is the
Covidien ‡		16,040		881,398		United States dollar.
Eli Lilly		25,155		1,223,288	†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for
Fresenius Medical Care, ADR		11,695		823,094		reporting.
Johnson & Johnson		20,905		1,480,492	††	At October 31, 2012, the tax basis cost of the Fund’s investments was $55,949,160, and the unrealized
Merck		23,425		1,068,883		appreciation and depreciation were $18,874,570 and $(401,732), respectively.
				5,477,155	ADR	- American Depositary Receipt
Industrial - 13.3%					Cl	- Class
Danaher		41,691		2,156,675	PLC	- Public Liability Company
Donaldson		47,793		1,542,280	REIT	- Real Estate Investment Trust
JB Hunt Transport Services		29,045		1,704,942	SP ADR	- Sponsored American Depositary Receipt
Stericycle *		20,344		1,927,797
United Parcel Service, Cl B		12,380		906,835
WW Grainger		8,180		1,647,534
				9,886,063
Information Technology - 28.3%
Accenture, Cl A ‡		20,790		1,401,454
Analog Devices		47,999		1,877,241
ANSYS *		14,415		1,021,735
Apple		11,287		6,716,894
ARM Holdings PLC, SP ADR		67,495		2,183,463

See note to schedule of investments.

24 HighMark®  Funds

schedule of investments

October 31, 2012 (unaudited)

large cap growth fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at 10/31/12		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities **	$	74,421,998	$	74,421,998	$	—	$	—

**   See schedule of investments detail for industry and security type breakouts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds25

schedule of investments

October 31, 2012 (unaudited)

nyse arca tech 100 index fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 98.8%†					Common Stock - (continued)†
Energy - 1.8%					Information Technology - (continued)
Schlumberger		51,600	$	3,587,748	Digital River *		51,600	$	739,944
Health Care - 22.3%					DST Systems		51,600		2,943,264
Agilent Technologies		51,600		1,857,084	eBay *		51,600		2,491,764
Amgen		51,600		4,465,722	EMC *		51,600		1,260,072
AstraZeneca PLC, SP ADR		51,600		2,394,240	Emulex *		51,600		359,136
Baxter International		51,600		3,231,708	F5 Networks *		51,600		4,255,968
Biogen Idec *		51,600		7,132,152	Harmonic *		51,600		223,944
Boston Scientific *		51,600		265,224	Harris		51,600		2,362,248
Bristol-Myers Squibb		51,600		1,715,700	Hewlett-Packard		51,600		714,660
CONMED		51,600		1,427,256	Intel		51,600		1,115,850
Gilead Sciences *		51,600		3,465,456	InterDigital		51,600		1,965,444
Life Technologies *		51,600		2,523,756	International Business Machines		51,600		10,037,748
Medtronic		51,600		2,145,528	Intuit		51,600		3,066,072
Novartis AG, ADR		51,600		3,119,736	Ixia *		51,600		722,916
St. Jude Medical		51,600		1,974,216	j2 Global		51,600		1,550,064
Thermo Fisher Scientific		51,600		3,150,696	JDS Uniphase *		51,600		500,004
Valeant Pharmaceuticals					Juniper Networks *		51,600		855,012
International * ‡		51,600		2,885,988	KLA-Tencor		51,600		2,400,432
ViroPharma *		51,600		1,302,900	Lam Research *		51,600		1,826,640
				43,057,362	Linear Technology		51,600		1,613,016
Industrial - 4.0%					LSI *		51,600		353,460
Lockheed Martin		51,600		4,833,372	MEMC Electronic Materials *		51,600		130,032
Raytheon		51,600		2,918,496	Microchip Technology		51,600		1,617,660
				7,751,868	Microsoft		51,600		1,472,406
Information Technology - 69.1%					Motorola Solutions		51,600		2,666,688
Adobe Systems *		51,600		1,754,400	NetApp *		51,600		1,388,040
Akamai Technologies *		51,600		1,960,284	Nokia, SP ADR		51,600		137,772
Altera		51,600		1,572,768	NVIDIA *		51,600		617,652
Amdocs		51,600		1,706,412	Open Text (Canada) *		51,600		2,780,724
Amphenol, Cl A		51,600		3,102,708	Oracle		51,600		1,602,180
Analog Devices		51,600		2,018,076	Parametric Technology *		51,600		1,041,288
Applied Materials		51,600		546,960	Polycom *		51,600		517,032
Arris Group *		51,600		708,984	Progress Software *		51,600		1,017,552
Autodesk *		51,600		1,642,944	QLogic *		51,600		484,008
Automatic Data Processing		51,600		2,981,964	QUALCOMM		51,600		3,022,470
BMC Software *		51,600		2,100,120	RealNetworks *		51,600		390,612
Broadcom, Cl A		51,600		1,627,206	Red Hat *		51,600		2,537,172
CA		51,600		1,162,032	Salesforce.com *		51,600		7,532,568
Check Point Software Technologies * ‡		51,600		2,297,748	SanDisk *		51,600		2,154,816
Ciena *		51,600		640,356	SAP, SP ADR		51,600		3,761,640
Cisco Systems		51,600		884,424	Seagate Technology ‡		51,600		1,409,712
Citrix Systems *		51,600		3,189,396	Symantec *		51,600		938,604
Computer Sciences		51,600		1,571,220	Synopsys *		51,600		1,661,520
Compuware *		51,600		446,856	Tellabs		51,600		150,672
Comtech Telecommunications		51,600		1,298,772	Teradata *		51,600		3,524,796
Corning		51,600		606,300	Teradyne *		51,600		754,392
Cypress Semiconductor		51,600		511,356	Tessera Technologies		51,600		731,172
Dell		51,600		476,268	Texas Instruments		51,600		1,449,444
					VASCO Data Security International *		51,600		365,328
					VeriSign *		51,600		1,912,812
					VMware, Cl A *		51,600		4,374,132
					Websense *		51,600		682,152

See note to schedule of investments.

26 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

nyse arca tech 100 index fund (concluded)

Description	Shares		Value
Common Stock - (continued)†					*	Non-income producing security.
Information Technology - (continued)					‡	This company is domiciled outside of the United States. The security’s functional
Western Digital		51,600	$	1,766,268		currency is the United States dollar.
Xerox Corp		51,600		332,304	†	Narrow industries are utilized for compliance purposes, whereas broad sectors
Xilinx		51,600		1,690,416		are utilized for reporting.
Yahoo! *		51,600		867,396	††	At October 31, 2012, the tax basis cost of the Fund’s investments was
				133,648,644		$142,453,020, and the unrealizedappreciation and depreciation
Telecommunication Services - 1.6%						were $61,643,806 and $(10,832,014), respectively.
AT&T		51,600		1,784,844	ADR	- American Depositary Receipt
Telephone and Data Systems		51,600		1,283,292	Cl	- Class
		55,700		3,068,136	PLC	- Public Liability Company
Total Common Stock					SP ADR	- Sponsored American Depositary Receipt
(Cost $140,323,088)				191,113,758		“Archipelago®”, “ARCA ®”, “ARCAEX ®”, “NYSE®”, “NYSE ARCASM” and “NYSE Arca Tech 100SM”  are trademarks  of the NYSE Group, Inc. and Archipelago Holdings, Inc. and have been licensed for use by HighMark Funds. NYSE Arca Tech 100 Index Fund is not sponsored, endorsed, sold or promoted by Archipelago Holdings, Inc. or by NYSE Group, Inc. Neither Archipelago Holdings, Inc. nor NYSE Group, Inc. makes any representation or warranty regarding the advisability of investing in securities generally, NYSE ArcaTech 100 Index Fund particularly or the ability of NYSE Arca Tech 100 Index to track general stock market performance. ARCHIPELAGO HOLDINGS, INC. (“ARCA”) MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY XPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH ESPECT TO NYSE ARCA TECH 100 INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL ARCA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
Registered Investment Companies - 1.1%
Dreyfus Cash Management		240,420		240,420
PowerShares QQQ Trust Series 1		29,417		1,910,634
Total Registered Investment Companies
(Cost $2,129,932)				2,151,054
Total Investments - 99.9%
(Cost $142,453,020) ††				193,264,812
Other Assets & Liabilities, Net - 0.1%				90,442
Net Assets - 100.0%				193,355,254

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair		Level 1		Level 2 Significant		Level 3 Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Investment in Securities **	$	193,264,812	$	193,264,812	$	—	$	—

**   See schedule of investments detail for industry and security type breakouts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

High Mark®Funds 27

schedule of investments

October 31, 2012 (unaudited)

small cap core fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 95.3%†					Common Stock - (continued)†
Consumer Discretionary - 14.3%					Financials - (continued)
AFC Enterprises *		11,100	$	281,052	Cousins Properties REIT		84,750	$	712,748
ANN *		4,500		158,220	Dime Community Bancshares		14,700		213,150
Arbitron		4,100		149,076	Extra Space Storage REIT		33,300		1,148,517
Bob Evans Farms		10,300		392,121	First American Financial		37,100		844,025
Brunswick		16,800		396,312	First Industrial Realty Trust REIT *		54,900		732,915
Capella Education *		7,500		234,150	Forestar Group *		9,200		147,292
Citi Trends *		9,600		117,888	Healthcare Realty Trust REIT		19,700		462,753
Cooper Tire & Rubber		18,200		366,366	Huntington Bancshares		53,200		339,948
Dillard’s, Cl A		5,700		438,900	International Bancshares		33,100		600,765
Domino’s Pizza		10,900		442,758	Lexington Realty Trust REIT		16,100		152,789
EW Scripps, Cl A *		16,700		177,187	MCG Capital		39,900		185,934
Genesco *		2,400		137,520	Montpelier Re Holdings †		30,000		686,100
Gordmans Stores *		8,100		121,986	Nationstar Mortgage Holdings *		8,900		321,557
Grand Canyon Education *		18,800		409,088	PacWest Bancorp		6,300		141,750
MDC Holdings		25,400		971,296	Pinnacle Financial Partners *		6,600		129,030
Oxford Industries		11,800		654,664	Post Properties REIT		19,100		932,271
Papa John’s International *		12,100		645,172	Primerica		40,600		1,147,356
Pier 1 Imports		61,800		1,260,720	PrivateBancorp		28,600		462,176
Pinnacle Entertainment *		28,000		357,280	Select Income REIT		15,100		373,121
Sonic *		15,200		151,544	Sovran Self Storage REIT		4,900		283,220
True Religion Apparel		9,700		248,805	Sterling Financial		8,500		180,710
Warnaco Group *		18,700		1,319,846	Strategic Hotels & Resorts REIT *		41,400		227,286
				9,431,951	Sunstone Hotel Investors REIT *		79,800		788,424
Consumer Staples - 1.0%					Trustmark		9,100		213,577
Revlon, Cl A *		10,100		155,540	United Fire Group		9,700		230,569
TreeHouse Foods *		5,400		289,170	Validus Holdings †		7,600		272,080
United Natural Foods *		4,200		223,608	Webster Financial		23,400		514,800
				668,318	WesBanco		8,400		184,800
Energy - 6.7%					Western Asset Mortgage Capital REIT		24,700		529,815
Alon USA Energy		20,200		265,226	Wilshire Bancorp *		36,200		235,662
Arch Coal		64,400		512,624					15,349,523
Berry Petroleum, Cl A		5,300		204,103	Health Care - 11.0%
Delek US Holdings		21,900		563,925	Acorda Therapeutics *		6,300		150,885
Exterran Holdings *		44,000		879,120	Affymetrix *		76,100		241,237
GasLog * †		19,800		228,492	Alnylam Pharmaceuticals *		8,100		130,977
Geospace Technologies *		3,600		233,028	Auxilium Pharmaceuticals *		42,400		868,352
Helix Energy Solutions Group *		42,800		740,012	Cepheid *		8,200		248,542
W&T Offshore		17,800		301,710	Clovis Oncology *		10,300		222,171
Western Refining		12,800		318,336	Conceptus *		11,800		222,312
Willbros Group *		41,900		214,109	Cyberonics *		6,300		291,375
				4,460,685	Depomed *		27,000		152,550
Financials - 23.2%					Haemonetics *		6,900		563,730
Alterra Capital Holdings †		19,100		466,613	Hi-Tech Pharmacal *		5,300		166,155
Anworth Mortgage Asset REIT		37,900		232,706	Impax Laboratories *		6,500		138,125
Banco Latinoamericano de Comercio					Lumenis * †		13		—
Exterior SA, Cl E †		7,700		173,250	Magellan Health Services *		10,600		531,590
Banner		6,300		182,637	MedAssets *		36,200		641,826
CBL & Associates Properties REIT		31,300		700,181	NuVasive *		36,500		526,330
Colonial Properties Trust REIT		9,200		198,996	Quality Systems		12,700		221,615
					Sirona Dental Systems *		5,800		332,108
					SurModics *		17,800		320,044

See note to schedule of investments.

28 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

small cap core fund (continued)

Description	Shares		Value		Description	Shares		Value
Common Stock - (continued)†					Common Stock - (continued)†
Health Care - (continued)					Information Technology - (continued)
Synergy Pharmaceuticals *		38,000	$	150,480	Kulicke & Soffa Industries *		51,500	$	528,390
Vocera Communications *		5,400		145,206	M/A-Com Technology Solutions
Volcano *		13,000		372,060	Holdings *		8,800		109,912
WellCare Health Plans *		8,600		409,360	Manhattan Associates *		23,800		1,428,000
XenoPort *		28,100		231,263	Micrel		30,400		294,576
				7,278,293	MicroStrategy, Cl A *		1,300		122,811
Industrial - 11.9%					MoneyGram International *		14,700		228,438
Alaska Air Group *		12,600		481,824	MTS Systems		3,400		171,394
American Railcar Industries *		10,200		299,676	NetSuite *		12,200		774,822
AO Smith		2,150		130,656	Novatel Wireless *		46,900		77,385
Applied Industrial Technologies		5,100		207,009	Parametric Technology *		10,000		201,800
CDI		6,800		116,892	Power-One *		112,700		454,181
Clean Harbors *		16,000		933,600	Rosetta Stone *		10,900		127,639
Columbus McKinnon *		11,300		169,161	Sigma Designs *		80,100		475,794
Corporate Executive Board		3,200		143,872	Silicon Image *		34,500		151,800
Encore Capital Group *		6,600		191,400	SunPower *		103,000		443,930
EnerNOC *		45,100		555,632	TIBCO Software *		13,900		350,419
Ennis		10,800		165,240	Tyler Technologies *		12,800		611,968
Flow International *		42,300		140,436	XO Group *		17,700		142,485
FreightCar America		18,400		354,200					12,120,217
Huron Consulting Group *		4,500		129,825	Materials - 5.6%
Insperity		5,200		135,772	AEP Industries *		3,300		210,969
Knight Transportation		22,500		340,200	Boise		29,900		250,861
Knoll		7,100		102,169	Coeur d’Alene Mines *		14,300		442,013
Middleby *		1,300		162,435	Deltic Timber		4,700		318,942
Mueller Industries		12,200		534,360	Domtar †		2,300		183,425
Powell Industries *		4,000		159,120	Eagle Materials		13,700		725,689
Resources Connection		37,500		462,750	Minerals Technologies		2,100		150,486
Saia *		9,800		221,480	Neenah Paper		8,400		217,560
Sauer-Danfoss		17,400		697,044	Rockwood Holdings		2,200		100,980
Seaboard *		110		250,946	Sensient Technologies		8,235		299,589
Taser International *		98,100		766,161	Stepan		2,800		268,240
				7,851,860	Worthington Industries		19,000		410,780
Information Technology - 18.3%					Zoltek *		14,300		97,955
Acxiom *		7,900		144,175					3,677,489
Angie’s List *		10,900		124,696	Telecommunication Services - 0.6%
Aspen Technology *		22,600		560,028	NTELOS Holdings		25,600		390,400
Avid Technology *		20,000		117,400	Utilities - 2.7%
Cirrus Logic *		5,600		228,256	El Paso Electric		13,900		472,461
CommVault Systems *		7,400		462,278	NorthWestern		2,600		93,106
Comtech Telecommunications		29,000		729,930	PNM Resources		54,400		1,205,504
Cornerstone OnDemand *		8,100		226,719					1,771,071
Emulex *		62,000		431,520	Total Common Stock
Entropic Communications *		39,100		188,071	(Cost $53,758,752)				62,999,807
Fair Isaac		15,400		717,640
Fairchild Semiconductor International *		34,000		399,840
Formfactor *		70,600		321,936
Imperva *		6,200		195,486
Infoblox *		7,500		124,575
Integrated Device Technology *		56,400		306,816
Intermolecular *		20,700		145,107

See note to schedule of investments.

High Mark®Funds 29

schedule of investments

October 31, 2012 (unaudited)

small cap core fund (concluded)

Description	Shares		Value
Registered Investment Company - 4.5%					Futures – A summary of the open futures contracts held by the Fund at October 31, 2012 is as follows:
Dreyfus Cash Management		2,999,969	$	2,999,969
Total Registered Investment Company									Unrealized
(Cost $2,999,969)				2,999,969	Long Futures		Number of	Expiration	Appreciation
Total Investments - 99.8%					Outstanding		Contracts	Date	(Depreciation)**
(Cost $56,758,721) ††				65,999,776	Russell 2000 Mini Index
Other Assets & Liabilities, Net - 0.2%				146,391	Futures		4	December 2012	$	1,239
Net Assets - 100.0%			$	66,146,167	Russell 2000 Mini Index
					Futures		33	December 2012		(90,674	)
									$	(89,435	)
*           Non-income producing security.					**	The primary risk exposure is the price movement of the underlying basket of equity securities. See note to schedule of investments for additional details.

‡	This company is domiciled outside of the United States. The security’s functional currency is the United States dollar.
†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
††	At October 31, 2012, the tax basis cost of the Fund’s investments was $56,758,721, and the unrealized appreciation and depreciation were $12,150,591 and $(2,909,536), respectively.
Cl	- Class
REIT	- Real Estate Investment Trust

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair			Level 1			Level 2 Significant		Level 3 Significant
	Value at			Quoted			Observable		Unobservable
	10/31/12			Price			Inputs		Inputs
Assets:
Common Stock***	$	62,999,807		$	62,999,807		$	—	$	—
Registered Investment Company		2,999,969			2,999,969			—		—
Derivatives (1)
Equity Contracts		1,239			1,239			—		—
Liabilities:
Derivatives (1)
Equity Contracts		(90,674	)		(90,674	)		—		—
Total:	$	65,910,341		$	65,910,341		$	—	$	—

***  See schedule of investments detail for industry breakout.

(1) Investments in derivatives include open futures contracts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

30 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

value fund

Description	Shares		Value		Description	Shares		Value
Common Stock - 99.5%†					Common Stock - (continued)†
Consumer Discretionary - 12.8%					Health Care - (continued)
Autoliv		59,000	$	3,398,400	Novartis AG, ADR		120,000	$	7,255,200
Comcast, Cl A		220,000		8,016,800	Roche Holding, SP ADR		130,000		6,242,600
DIRECTV, Cl A *		108,000		5,519,880	St. Jude Medical		87,000		3,328,620
Lowe’s		140,000		4,533,200	Teva Pharmaceutical Industries, SP ADR		75,000		3,031,500
McGraw-Hill		94,000		5,196,320	UnitedHealth Group		60,000		3,360,000
News, Cl A		160,000		3,827,200					42,455,877
Target		106,000		6,757,500	Industrial - 14.3%
Walt Disney		125,000		6,133,750	ABB, SP ADR		200,000		3,612,000
				43,383,050	ADT *		68,800		2,855,888
Consumer Staples - 6.2%					Canadian Pacific Railway ‡		21,600		1,988,496
Diageo PLC, SP ADR		15,000		1,713,600	Honeywell International		110,000		6,736,400
Heineken, ADR		160,000		4,992,000	Jardine Matheson Holdings, ADR		60,000		3,672,000
Henkel KGaA, SP ADR		54,000		3,495,150	Joy Global		41,200		2,572,940
Philip Morris International		60,000		5,313,600	Lockheed Martin		35,000		3,278,450
Tesco PLC, SP ADR		115,000		1,788,250	Pentair		25,098		1,060,140
Unilever, NY Shares ‡		100,000		3,669,000	Rolls-Royce Holdings PLC, SP ADR		49,000		3,347,190
				20,971,600	Schindler Holding AG, COP
Energy - 14.1%					(Switzerland)		28,700		3,781,263
Apache		63,500		5,254,625	Tyco International ‡		104,600		2,810,602
Chevron		70,000		7,714,700	United Parcel Service, Cl B		70,000		5,127,500
Ensco PLC, Cl A ‡		60,000		3,469,200	United Technologies		63,150		4,935,804
Halliburton		81,700		2,638,093	Vinci (France)		63,300		2,801,456
National Oilwell Varco		50,000		3,685,000					48,580,129
Occidental Petroleum		88,500		6,987,960	Information Technology - 15.8%
Peabody Energy		137,400		3,833,460	CA		91,000		2,049,320
Royal Dutch Shell PLC, ADR		91,300		6,448,519	Hewlett-Packard		208,600		2,889,110
Suncor Energy (Canada)		102,350		3,441,007	Hitachi, ADR		29,800		1,563,308
Williams		80,000		2,799,200	Intel		240,000		5,190,000
WPX Energy *		107,000		1,812,580	Microsoft		558,450		15,935,371
				48,084,344	Motorola Solutions		83,900		4,335,952
Financials - 19.8%					Oracle		306,000		9,501,300
ACE ‡		49,600		3,901,040	Qualcomm		45,000		2,635,875
Berkshire Hathaway, Cl B *		132,200		11,415,470	Texas Instruments		138,150		3,880,633
Charles Schwab		265,100		3,600,058	Western Union		229,450		2,914,015
CIT Group *		119,300		4,440,346	Xerox		451,500		2,907,660
Citigroup		204,000		7,627,560					53,802,544
Goldman Sachs Group		34,050		4,167,379	Materials - 3.4%
JPMorgan Chase		237,500		9,899,000	BHP Billiton PLC, ADR		45,300		2,898,294
Lazard, Cl A ‡		174,000		5,126,040	Crown Holdings *		72,600		2,776,950
MetLife		127,600		4,528,524	LyondellBasell Industries, Cl A ‡		42,400		2,263,736
Wells Fargo		255,000		8,590,950	Sealed Air		230,000		3,730,600
Weyerhaeuser REIT		140,000		3,876,600					11,669,580
				67,172,967	Telecommunication Services - 0.6%
Health Care - 12.5%					Vodafone Group PLC, SP ADR		78,000		2,123,160
Agilent Technologies		110,000		3,958,900
Baxter International		77,000		4,822,510	Total Common Stock
Covidien ‡		79,850		4,387,757	(Cost $299,635,244)				338,243,251
Merck		133000		6068790

See note to schedule of investments.

HighMark®  Funds 31

schedule of investments

October 31, 2012 (unaudited)

value fund (concluded)

Description	Shares		Value
Registered Investment Company - 0.5%
Dreyfus Cash Management		1,667,088	$	1,667,088	*	Non-income producing security.
Total Registered Investment					‡	This company is domiciled outside of the United States. The security’s functional currency is the United States dollar.
Company
(Cost $1,667,088)				1,667,088	†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
Total Investments - 100.0%					††	At October 31, 2012, the tax basis cost of the Fund’s investments was $301,302,332, and the unrealized appreciation and depreciation were $48,216,185 and $(9,608,178), respectively.
(Cost $301,302,332)				339,910,339
Other Assets & Liabilities, Net - 0.0%				42,229	ADR	- American Depositary Receipt
Net Assets - 100.0%			$	339,952,568	Cl	- Class
					COP	- Certificates of Participation
					NY	- New York
					PLC	- Public Liability Company
					REIT	- Real Estate Investment Trust
					SP ADR	- Sponsored American Depositary Receipt

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at		Level 1 Quoted		Level 2 Significant Observable		Level 3 Significant Unobservable
	10/31/12		Price		Inputs		Inputs
Investments in Securities **	$	339,910,339	$	339,910,339	$	—	$	—

** See schedule of investments detail for industry breakout.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

32 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

tactical capital growth allocation fund

Description

Shares

Value

Description

Shares

Value

Affiliated Equity Registered Investment Companies - 77.2%

Equity Registered Investment Companies - 6.1%

HighMark Cognitive Value Fund,

Fidelity Advisor Industrials Fund,

Fiduciary Shares - 3.1%

118,876

$

1,430,082

Institutional Class - 1.2%

19,582

$

551,819

HighMark Enhanced Growth Fund,

Lazard Emerging Markets Equity Portfolio,

Fiduciary Shares - 1.4% *

55,755

651,213

Institutional Class - 4.9%

115,506

2,229,273

HighMark Geneva Mid Cap Growth Fund,

Total Equity Registered Investment Companies

Fiduciary Shares - 4.9%

92,131

2,222,191

(Cost $2,790,955)

2,781,092

HighMark Geneva Small Cap Growth Fund,

Fixed Income Registered Investment Company - 3.0%

Fiduciary Shares - 3.1%

42,865

1,441,533

Eaton Vance Income Fund of Boston,

HighMark International Opportunities Fund,

Institutional Class - 3.0%

232,230

1,377,125

Fiduciary Shares - 9.6%

659,144

4,403,083

Total Fixed Income Registered

HighMark Large Cap Core Equity Fund,

Investment Company

Fiduciary Shares - 19.1%

921,676

8,765,140

(Cost $1,324,915)

1,377,125

HighMark Large Cap Growth Fund,

Total Investments - 100.1%

Fiduciary Shares - 3.8%

151,201

1,734,281

(Cost $43,054,190) †

45,916,578

HighMark NYSE Arca Tech 100 Index Fund,

Other Assets & Liabilities, Net - (0.1)%

(42,930

)

Fiduciary Shares - 3.3% *

43,859

1,529,363

Net Assets - 100.0%

$

45,873,648

HighMark Small Cap Core Fund,

Fiduciary Shares - 13.8% *

316,354

6,339,739

HighMark Value Fund,

*

Non-income producing security.

Fiduciary Shares - 15.1%

421,970

6,907,646

†

At October 31, 2012, the tax basis cost of the Fund’s investments was $43,054,190, and the unrealized appreciation and depreciation were $2,949,274 and $(86,886), respectively.

Total Affiliated Equity Registered

Investment Companies

(A)

The rate shown represents the 7-day effective yield as of October 31, 2012.

(Cost $32,618,194)

35,424,271

Futures - A summary of the open futures contracts held by the Fund at October 31, 2012 is as follows:

Affiliated Fixed Income Registered Investment Companies - 7.2%

HighMark Bond Fund,

Number of

Expiration

Unrealized

Fiduciary Shares - 0.04%

1,464

17,143

Short Futures Outstanding

Contracts

Date

Appreciation**

HighMark Short Term Bond Fund,

Japanese Yen

3

December 2012

$8,989

Fiduciary Shares - 7.2%

323,634

3,281,645

Total Affiliated Fixed Income Registered

**

The primary risk exposure is foreign currency exchange risk. See note to schedule of investments for additional details.

Investment Companies

(Cost $3,276,757)

3,298,788

Affiliated Money Market Registered Investment Company - 6.6%

HighMark Diversified Money Market Fund,

Fiduciary Shares, 0.02% (A)

3,035,302

3,035,302

Total Affiliated Money Market

Registered Investment Company

(Cost $3,035,302)

3,035,302

See note to schedule of investments.

HighMark®  Funds 33

schedule of investments

October 31, 2012 (unaudited)

tactical capital growth allocation fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at		Level 1 Quoted		Level 2 Significant Observable		Level 3 Significant Unobservable
	10/31/12		Price		Inputs		Inputs
Assets:
Investments in Registered Investment Companies ***	$	45,916,578	$	45,916,578	$	—	$	—
Derivatives (1)
Foreign Exchange Futures		8,989		8,989		—		—
Total:	$	45,925,567	$	45,925,567	$	—	$	—

***  See schedule of investments detail for security type breakout.

(1) Investments in derivatives include open futures contracts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

34 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

tactical growth & income allocation fund

Description

Shares

Value

Description

Shares

Value

Affiliated Equity Registered Investment Companies - 58.6%

Equity Registered Investment Companies - 4.5%

HighMark Cognitive Value Fund,

Fidelity Advisor Industrials Fund,

Fiduciary Shares - 2.5%

127,619

$

1,535,257

Institutional Class - 0.9%

19,825

$

558,663

HighMark Enhanced Growth Fund,

Lazard Emerging Markets Equity Portfolio,

Fiduciary Shares - 1.1% *

57,184

667,914

Institutional Class - 3.6%

116,139

2,241,489

HighMark Geneva Mid Cap Growth Fund,

Total Equity Registered Investment Companies

Fiduciary Shares - 3.6%

93,897

2,264,797

(Cost $2,784,062)

2,800,152

HighMark Geneva Small Cap Growth

Fixed Income Registered Investment Company -4.7%

Fund, Fiduciary Shares - 2.5%

46,133

1,551,441

Eaton Vance Income Fund of Boston,

HighMark International Opportunities

Institutional Class - 4.7%

493,477

2,926,319

Fund, Fiduciary Shares - 7.6%

713,036

4,763,080

Total Fixed Income Registered

HighMark Large Cap Core Equity Fund,

Investment Company

Fiduciary Shares - 12.9%

843,764

8,024,192

(Cost $2,815,883)

2,926,319

HighMark Large Cap Growth Fund,

Total Investments - 100.2%

Fiduciary Shares - 3.4%

182,992

2,098,916

(Cost $58,718,591) †

62,374,688

HighMark NYSE Arca Tech 100 Index

Other Assets & Liabilities, Net - (0.2)%

(112,064

)

Fund, Fiduciary Shares - 2.5% *

44,781

1,561,513

Net Assets - 100.0%

$

62,262,624

HighMark Small Cap Core Fund,

Fiduciary Shares - 10.7% *

331,709

6,647,454

HighMark Value Fund,

*

Non-income producing security.

Fiduciary Shares - 11.8%

449,780

7,362,906

†

At October 31, 2012, the tax basis cost of the Fund’s investments was $58,718,591, and the unrealized appreciation and depreciation were $3,677,754 and $(21,657).

Total Affiliated Equity Registered

Investment Companies

(A)

The rate shown represents the 7-day effective yield as of October 31, 2012.

(Cost $33,159,920)

36,477,470

Affiliated Fixed Income Registered Investment Companies-21.4%

Futures - A summary of the open futures contracts held by the Fund at October 31, 2012 is as follows:

HighMark Bond Fund,

Number of

Expiration

Unrealized

Fiduciary Shares - 7.4%

393,689

4,610,094

Short Futures Outstanding

Contracts

Date

Appreciation**

HighMark Short Term Bond Fund,

Japanese Yen

4

December 2012

$11,986

Fiduciary Shares - 14.0%

860,299

8,723,431

Total Affiliated Fixed Income Registered

**

The primary risk exposure is foreign currency exchange risk. See Note to schedule of investments for additional details.

Investment Companies

(Cost $13,121,504)

13,333,525

Affiliated Money Market Registered Investment Company-11.0%

HighMark Diversified Money Market Fund,

Fiduciary Shares, 0.02% (A)

6,837,222

6,837,222

Total Affiliated Money Market

Registered Investment Company

(Cost $6,837,222)

6,837,222

See note to schedule of investments.

HighMark®  Funds 35

schedule of investments

October 31, 2012 (unaudited)

tactical growth & income allocation fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2			Level 3
	Total Fair		Level 1		Significant			Significant
	Value at		Quoted		Observable			Unobservable
	10/31/12		Price		Inputs			Inputs
Assets:
Investments in Registered Investment Companies ***	$	62,374,688	$	62,374,688		$	—	$	—
Derivatives (1)
Foreign Exchange Futures		11,986		11,986			—		—
Total:	$	62,386,674	$	62,386,674		$	—	$	—

***  See schedule of investments detail for security type breakout.

(1) Investments in derivatives include open futures contracts.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

36 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

bond fund

Description	Par		Value		Description	Par		Value
Corporate Obligations - 46.8%					Corporate Obligations - (continued)
Consumer Discretionary - 4.9%					Financials - (continued)
Comcast					Berkshire Hathaway Finance
5.700%, 07/01/19	$	3,500,000	$	4,309,025	5.400%, 05/15/18	$	850,000	$	1,024,970
DIRECTV Holdings / DIRECTV					1.600%, 05/15/17		2,000,000		2,042,710
Financing					Boston Properties
2.400%, 03/15/17		2,100,000		2,163,752	4.125%, 05/15/21		3,100,000		3,400,781
Gap					Capital One Bank USA
5.950%, 04/12/21		2,650,000		3,011,558	8.800%, 07/15/19		2,000,000		2,661,974
News America Holdings					Capital One Financial
7.750%, 02/01/24		1,000,000		1,280,445	4.750%, 07/15/21		1,750,000		2,007,878
Staples					Citigroup
9.750%, 01/15/14		1,500,000		1,647,692	4.750%, 05/19/15		3,500,000		3,793,262
Time Warner Entertainment					Ford Motor Credit
8.375%, 03/15/23		5,000,000		7,126,380	5.000%, 05/15/18		2,700,000		2,978,219
				19,538,852	GE Global Insurance
Consumer Staples - 2.4%					7.750%, 06/15/30		3,300,000		4,292,591
Clorox					General Electric Capital, MTN
3.050%, 09/15/22		3,750,000		3,881,048	2.300%, 04/27/17		6,000,000		6,197,880
Heineken (A)					JPMorgan Chase
1.400%, 10/01/17		1,500,000		1,506,747	4.250%, 10/15/20		4,400,000		4,852,879
Walgreen					Lehman Brothers Holdings, MTN (B)
3.100%, 09/15/22		4,000,000		4,072,912	5.625%, 01/24/13		4,000,000		905,000
				9,460,707	NASDAQ OMX Group
Energy - 5.9%					5.250%, 01/16/18		2,750,000		2,986,943
Cimarex Energy					Royal Bank of Canada, MTN
5.875%, 05/01/22		1,700,000		1,814,750	0.800%, 10/30/15		2,100,000		2,106,815
Energy Transfer Partners					Wells Fargo
9.700%, 03/15/19		2,000,000		2,692,544	5.625%, 12/11/17		4,000,000		4,788,660
Kinder Morgan Energy Partners					MTN
3.950%, 09/01/22		3,750,000		4,098,034	1.250%, 02/13/15		2,000,000		2,023,162
Magellan Midstream Partners									58,497,517
6.550%, 07/15/19		3,000,000		3,747,531	Foreign Governments - 1.1%
4.250%, 02/01/21		500,000		557,436	Hydro-Quebec
Petrobras International Finance					1.375%, 06/19/17		1,100,000		1,115,180
3.875%, 01/27/16		4,000,000		4,249,340	Ser IO
Transcontinental Gas Pipe Line					8.050%, 07/07/24		1,125,000		1,661,853
7.250%, 12/01/26		2,250,000		3,280,421	Province of Saskatchewan
Transocean					9.375%, 12/15/20		1,000,000		1,502,237
5.050%, 12/15/16		2,500,000		2,799,968					4,279,270
2.500%, 10/15/17		500,000		506,390	Health Care - 3.2%
				23,746,414	Amgen
Financials - 14.7%					3.875%, 11/15/21		2,600,000		2,857,291
American International Group					2.125%, 05/15/17		1,925,000		2,001,942
4.250%, 09/15/14		4,000,000		4,234,108	Gilead Sciences
Bank of America, MTN					4.400%, 12/01/21		1,000,000		1,155,940
5.650%, 05/01/18		3,250,000		3,783,803	Laboratory Corp of America Holdings
BB&T, MTN					4.625%, 11/15/20		3,000,000		3,362,298
2.150%, 03/22/17		4,250,000		4,415,882	Wellpoint
					7.000%, 02/15/19		2,000,000		2,548,352
					6.000%, 02/15/14		1,000,000		1,066,292
									12,992,115

See note to schedule of investments.

HighMark®  Funds 37

schedule of investments

October 31, 2012 (unaudited)

bond fund (continued)

Description	Par		Value		Description	Par		Value
Corporate Obligations - (continued)					Corporate Obligations - (continued)
Industrial - 2.6%					Utilities - (continued)
Continental Airlines Pass Through					Sempra Energy
Trust					6.150%, 06/15/18	$	4,000,000	$	4,933,020
Ser 1998-1, Cl B (C)									13,423,302
6.748%, 09/15/18	$	564,542	$	590,793	Total Corporate Obligations
Ser 2010-1, Cl A					(Cost $167,745,228)				186,496,042
4.750%, 07/12/22		2,863,032		3,070,602	Mortgage-Backed Securities - 11.9%
Delta Air Lines,					Banc of America Mortgage Securities,
Ser 2011-1, Cl A					Ser 2003-7, Cl A2
5.300%, 10/15/20		1,600,700		1,752,767	4.750%, 09/25/18		2,137,097		2,212,844
General Electric					Chase Mortgage Finance,
2.700%, 10/09/22		1,850,000		1,860,264	Ser 2004-S1, CI A3
Republic Services					5.500%, 02/25/19		1,161,605		1,191,874
3.550%, 06/01/22		1,625,000		1,721,640	Ser 2003-S10, Cl A1
United Technologies					4.750%, 11/25/18		245,322		252,742
3.100%, 06/01/22		1,500,000		1,615,131	Citicorp Mortgage Securities,
				10,611,197	Ser 2003-10, Cl A1
Information Technology - 2.3%					4.500%, 11/25/18		2,486,301		2,554,000
Hewlett-Packard					CS First Boston Mortgage Securities,
4.375%, 09/15/21		3,800,000		3,755,578	Ser 2005-C1, Cl A4 (D)
International Business Machines					5.014%, 02/15/38		5,000,000		5,412,395
6.500%, 01/15/28		1,500,000		2,073,363	DBUBS Mortgage Trust,
Oracle					Ser 2011-LC1A, Cl A1 (A)
1.200%, 10/15/17		3,250,000		3,266,380	3.742%, 11/10/46		3,287,216		3,568,263
				9,095,321	GE Capital Commercial Mortgage,
Materials - 3.1%					Ser 2004-C3, Cl A3 (D)
Ball					4.865%, 07/10/39		17,718		17,733
7.375%, 09/01/19		2,750,000		3,073,125	JPMorgan Chase Commercial
Georgia-Pacific					Mortgage Securities,
8.000%, 01/15/24		4,500,000		6,317,838	Ser 2004-PNC1, Cl A4 (D)
Rio Tinto Finance USA					5.358%, 06/12/41		5,000,000		5,308,605
6.500%, 07/15/18		2,250,000		2,821,923	Lehman Mortgage Trust,
				12,212,886	Ser 2007-8, Cl 1A1
Telecommunication Services - 3.2%					6.000%, 09/25/37		3,980,215		3,610,238
Telefonica Emisiones SAU					Morgan Stanley Capital I,
3.992%, 02/16/16		2,000,000		2,030,000	Ser 2003-T11, Cl A4
Verizon Maryland					5.150%, 06/13/41		4,649,257		4,739,899
8.000%, 10/15/29		2,980,000		3,959,031	Morgan Stanley Dean Witter
Verizon New England					Capital I,
7.875%, 11/15/29		4,925,000		6,649,430	Ser 2001-TOP3, Cl A4
				12,638,461	6.390%, 07/15/33		22,555		22,618
Utilities - 3.4%					Nomura Asset Securities,
Exelon Generation					Ser 1998-D6, Cl A3 (D)
6.200%, 10/01/17		4,000,000		4,767,780	7.343%, 03/15/30		4,000,000		4,030,932
MidAmerican Energy Holdings, Ser D					Residential Funding Mortgage
5.000%, 02/15/14		400,000		421,389	Securities I,
Oklahoma Gas & Electric					Ser 2004-S3, Cl A1
6.650%, 07/15/27		2,500,000		3,301,113	4.750%, 03/25/19		1,288,141		1,320,794
					Sequoia Mortgage Trust, (D)
					Ser 2012-2, Cl A2
					3.500%, 04/25/42		3,633,111		3,748,215

See note to schedule of investments.

38 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

bond fund (continued)

Description	Par		Value		Description	Par		Value
Mortgage-Backed Securities - (continued)					U.S. Government Agency Mortgage-Backed
Ser 2012-1, Cl 2A1					Obligations - (continued)
3.470%, 01/25/42	$	2,014,695	$	2,092,690	FNMA (continued)
Wells Fargo Mortgage Backed					6.000%, 03/01/13	$	1,324	$	1,325
Securities Trust,					6.000%, 05/01/16		155,676		165,722
Ser 2007-7, Cl A1					6.000%, 10/01/16		225,724		240,292
6.000%, 06/25/37		4,189,106		4,034,972	6.000%, 11/01/17		462,552		492,402
Ser 2004-2, Cl A1					6.000%, 12/01/27		470		530
5.000%, 01/25/19		1,739,011		1,777,388	6.000%, 12/01/27		12,101		13,649
Ser 2003-M, Cl A1 (D)					6.000%, 12/01/27		5,773		6,512
4.678%, 12/25/33		843,826		873,134	6.000%, 07/01/28		239,882		270,566
Ser 2003-13, Cl A1					6.000%, 08/01/28		50,038		56,462
4.500%, 11/25/18		534,011		548,288	6.000%, 10/01/28		87,019		98,639
Total Mortgage-Backed Securities					6.000%, 10/01/28		25,215		28,582
(Cost $45,348,574)				47,317,624	6.000%, 12/01/28		251,884		285,520
					6.000%, 12/01/28		180,134		203,964
U.S. Government Agency Mortgage-Backed					6.000%, 12/01/28		51,981		58,922
Obligations - 13.8%					5.500%, 01/01/17		108,924		117,609
					5.500%, 02/01/17		60,655		65,681
FHLMC Gold					5.500%, 12/01/17		665,113		718,300
6.000%, 06/01/13		37,544		38,241	5.500%, 03/01/20		3,412,950		3,714,971
6.000%, 09/01/13		57,966		61,325	5.000%, 11/01/17		752,557		820,580
6.000%, 09/01/17		602,760		644,911	5.000%, 12/01/17		241,938		263,807
6.000%, 11/01/17		219,296		238,812	5.000%, 02/01/18		811,799		885,177
5.500%, 03/01/17		165,981		178,285	5.000%, 11/01/18		153,582		167,464
5.000%, 10/01/20		348,329		375,827	5.000%, 09/01/25		3,066,059		3,331,218
4.500%, 05/01/19		436,220		467,385	5.000%, 11/01/33		3,216,742		3,533,804
4.500%, 07/01/19		1,526,566		1,635,628	5.000%, 03/01/34		1,079,163		1,185,531
4.500%, 04/01/20		185,096		198,320	4.500%, 04/01/18		4,282,751		4,625,863
4.500%, 07/01/23		1,257,717		1,345,606	4.000%, 05/01/25		1,132,641		1,210,242
4.000%, 05/01/26		3,194,847		3,394,143	3.500%, 09/01/25		4,875,211		5,176,282
FHLMC, ARM (D)					3.500%, 10/01/25		2,221,514		2,358,705
3.473%, 06/01/39		789,038		844,642	3.500%, 10/01/26		5,514,319		5,854,858
2.371%, 12/01/34		1,782,431		1,904,800	FNMA, ARM
FHLMC, CMO REMIC,					2.589%, 01/01/36		3,035,818		3,237,804
Ser 1666, Cl J					GNMA
6.250%, 01/15/24		1,369,325		1,531,646	8.000%, 05/15/17		2,021		2,027
FNMA					8.000%, 11/15/26		124,243		150,451
8.500%, 05/01/25		13,299		16,200	8.000%, 12/15/26		39,862		47,430
8.000%, 08/01/24		1,781		1,796	7.500%, 05/15/23		53,050		61,522
8.000%, 09/01/24		400		414	7.500%, 01/15/24		1,016		1,019
8.000%, 06/01/30		6,085		6,770	7.500%, 01/15/24		579		605
7.500%, 12/01/26		106,898		127,957	7.500%, 01/15/24		20,332		24,046
7.000%, 05/01/30		37,000		44,247	7.500%, 02/15/27		14,939		18,050
6.500%, 04/01/14		44,148		44,846	7.500%, 02/15/27		4,301		4,424
6.500%, 05/01/26		57,953		67,578	7.500%, 07/15/27		11,398		12,554
6.500%, 03/01/28		5,972		7,017	7.500%, 08/15/27		3,459		3,586
6.500%, 04/01/28		90,198		105,972	7.500%, 08/15/27		11,457		12,463
6.500%, 01/01/29		315,414		370,572	7.500%, 08/15/27		1,081		1,152
6.500%, 06/01/29		68,346		80,487	7.500%, 08/15/27		601		653
6.500%, 06/01/29		157,709		185,725	7.500%, 08/15/27		7,954		9,610
6.500%, 07/01/29		150,230		175,553	7.000%, 01/15/24		3,723		4,371
6.500%, 08/01/29		61,160		72,024	7.000%, 04/15/24		13,334		15,655
6.500%, 05/01/30		197,067		230,281	6.500%, 12/15/23		21,247		24,424

See note to schedule of investments.

HighMark®  Funds 39

schedule of investments

October 31, 2012 (unaudited)

bond fund (continued)

Description	Par		Value		Description	Par		Value
U.S. Government Agency Mortgage-Backed					Asset-Backed Securities - (continued)
Obligations - (continued)					Centerpoint Energy Transition Bond,
GNMA (continued)					Ser 2005-A, Cl A3
6.500%, 12/15/23	$	3,796	$	4,363	5.090%, 08/01/15	$	909,149	$	941,137
6.500%, 01/15/24		5,958		6,887	Hertz Vehicle Financing,
6.500%, 02/15/24		44,542		51,177	Ser 2011-1A, Cl A1 (A)
6.500%, 04/15/26		22,258		25,972	2.200%, 03/25/16		3,500,000		3,585,666
6.500%, 01/15/29		146,415		172,687	Oncor Electric Delivery Transition
6.500%, 05/15/29		326,526		384,159	Bond,
6.500%, 06/15/29		25,748		30,194	Ser 2004-1, Cl A3
6.000%, 08/15/28		66,118		75,309	5.290%, 05/15/18		3,120,000		3,425,438
6.000%, 09/15/28		48,897		56,168	SLM Student Loan Trust,
6.000%, 09/15/28		129,677		148,959	Ser 2011-2, Cl A1 (D)
Total U.S. Government Agency					0.811%, 11/25/27		4,463,505		4,497,137
Mortgage-Backed Obligations					Volkswagen Auto Loan Enhanced
(Cost $52,364,070)				54,937,910	Trust,
U.S. Treasury Obligation - 9.3%					Ser 2011-1, Cl A4
U.S. Treasury Notes					1.980%, 09/20/17		2,425,000		2,490,264
3.125%, 05/15/21		1,150,000		1,307,317	World Omni Auto Receivables Trust,
3.000%, 09/30/16		15,000,000		16,430,865	Ser 2011-A, Cl A4
2.000%, 01/31/16		3,150,000		3,308,483	1.910%, 04/15/16		3,800,000		3,878,983
1.875%, 06/30/15		3,750,000		3,900,293	Total Asset-Backed Securities
1.875%, 10/31/17		2,000,000		2,112,968	(Cost $39,602,443)				40,400,161
1.750%, 05/15/22		3,000,000		3,029,532	Taxable Municipal Bonds - 4.2%
1.625%, 08/15/22		2,950,000		2,933,866	California - 3.8%
0.875%, 01/31/17		1,500,000		1,517,579	California State, Public School
0.500%, 07/31/17		2,500,000		2,479,103	Improvements, Taxable, GO
Total U.S. Treasury Obligation					6.200%, 10/01/19		2,750,000		3,271,565
(Cost $34,902,851)				37,020,006	Los Angeles, Department of Water &
Asset-Backed Securities - 10.1%					Power Revenue, Build America
AEP Texas Central Transition Funding,					Bonds, Taxable, RB
Ser 2012-1, Cl A					6.574%, 07/01/45		2,900,000		4,062,871
1 0.880%, 12/01/18		6,000,000		6,051,732	Metropolitan Water District of
Ally Master Owner Trust,					Southern California, Build America
Ser 2011-1, Cl A2					Bonds, Taxable, RB
2.150%, 01/15/16		2,500,000		2,546,200	6.947%, 07/01/40		4,750,000		5,945,005
ARI Fleet Lease Trust,					University of California Revenue,
Ser 2010-A, Cl A (A) (D)					Build America Bonds,
0.511%, 01/15/21		5,000,000		5,001,415	Taxable, RB (D)
Avis Budget Rental Car Funding					1.988%, 05/15/50		1,750,000		1,763,738
AESOP, (A)									15,043,179
Ser 2011-2A, Cl A					New Jersey - 0.4%
2.370%, 11/20/14		3,000,000		3,082,872	New Jersey State, Turnpike Authority
Ser 2011-1A, Cl A					Turnpike Revenue, Build America
1.850%, 11/20/14		1,400,000		1,416,643	Bonds, Taxable, RB
BMW Vehicle Owner Trust,					7.102%, 01/01/41		1,250,000		1,801,063
Ser 2010-A, Cl A3					Total Taxable Municipal Bonds
1.390%, 04/25/13		482,387		483,610	(Cost $13,829,123)				16,844,242
CAL Funding II,
Ser 2012-1A, Cl A (A)
3.470%, 10/25/27		3,000,000		2,999,064

See note to schedule of investments.

40 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

bond fund (concluded)

Description	Shares		Value
Registered Investment Company - 3.1%					(A)	Securities sold within the terms of a private placement memorandum, exempt from registration under Section 3a-4, 4(2) or 144A of the Securities Act of 1933, as amended, and may be sold only to the dealers in that program or other “accredited investors”. The value of these securities as of October 31, 2012 was $21,160,670 and represented 5.3% of net assets.
Dreyfus Cash Management		12,237,389	$	12,237,389
Total Registered Investment
Company
(Cost $12,237,389)				12,237,389	(B)	The issuer is in default of certain debt covenants. Income is not being accrued. As of October 31, 2012, the value of this security amounted to $905,000, which represents 0.2% of net assets.
Total Investments - 99.2%
(Cost $366,029,678) †				395,253,374
Other Assets & Liabilities, Net - 0.8%				3,001,342	(C)	Security considered illiquid. The total value of such security as of October 31, 2012 was $590,793 and represented 0.1% of net assets.
Net Assets - 100.0%			$	398,254,716
					(D)	Floating rate security. Rate disclosed is as of October 31, 2012.

†	At October 31, 2012, the tax basis cost of the Fund’s investments was $366,029,678, and the unrealized appreciation and depreciation were $32,371,370 and $(3,147,674), respectively.	ARM	-  Adjustable Rate Mortgage
		Cl	-  Class
		CMO	-  Collateralized Mortgage Obligation
		FHLMC	-  Federal Home Loan Mortgage Corporation
		FNMA	-  Federal National Mortgage Association
		GNMA	-  Government National Mortgage Association
		GO	-  General Obligation
		MTN	-  Medium Term Note
		RB	-  Revenue Bond
		REMIC	-  Real Estate Mortgage Investment Conduit
		Ser	-  Series

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2		Level 3
	Total Fair		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Corporate Obligations	$	186,496,042	$	—	$	186,496,042	$	—
Mortgage-Backed Securities		47,317,624		—		47,317,624		—
U.S. Government Agency Mortgage-Backed Obligations		54,937,910		—		54,937,910		—
U.S. Treasury Obligations		37,020,006		—		37,020,006		—
Asset-Backed Securities		40,400,161		—		40,400,161		—
Taxable Municipal Bonds		16,844,242		—		16,844,242		—
Registered Investment Company		12,237,389		12,237,389		—		—
Total:	$	395,253,374	$	12,237,389	$	383,015,985	$	—

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 41

schedule of investments

October 31, 2012 (unaudited)

california intermediate tax-free bond fund

Description	Par		Value		Description	Par		Value
Municipal Bonds - 96.9%					Municipal Bonds - (continued)
California - 96.9%					California - (continued)
Alhambra, Unified School District,					RB, AGM Insured
Election 2004, Ser B, GO					5.500%, 12/01/14	$	1,415,000	$	1,562,839
5.250%, 08/01/23 (A)	$	1,150,000	$	1,343,419	Ser M, RB
Ser A, GO					5.000%, 05/01/14		3,000,000		3,207,450
5.000%, 08/01/20		490,000		593,331	California State, Economic Recovery,
5.000%, 08/01/21		425,000		515,359	Ser A, GO
Atascadero Unified School District,					5.250%, 07/01/14		1,635,000		1,767,696
Election 2010, Ser A, GO					5.000%, 07/01/20 (A)		480,000		589,440
AGM Insured					Ser A, GO, ETM
5.250%, 08/01/25 (A)		345,000		413,655	5.250%, 07/01/14		200,000		216,336
Bay Area Toll Authority,					Ser A, GO, National-RE Insured
San Francisco Bay Area, RB					5.250%, 07/01/13		450,000		464,787
5.000%, 04/01/24 (A)		600,000		740,874	5.000%, 07/01/15 (A)		1,250,000		1,344,775
Ser F-1, RB,					Ser A, GO, State Guaranteed
5.250%, 04/01/23 (A)		1,075,000		1,315,166	5.250%, 07/01/21 (A)		4,000,000		4,940,960
Ser B-2, RB,					California State, Educational Facilities
LOC JPMorgan Chase Bank NA					Authority,
0.170%, 04/01/47 (A) (C)		5,000,000		5,000,000	Santa Clara University, RB
Burlingame, Elementary School					5.250%, 04/01/23 (A)		250,000		287,280
District, GO, AGM Insured					5.250%, 04/01/24 (A)		695,000		797,499
5.250%, 07/15/16		795,000		918,487	Stanford University, Ser P, RB
California State, Department of					5.250%, 12/01/13		920,000		969,532
Transportation, Federal Highway					California State, GO
Grant, Anticipation Bonds,					5.000%, 12/01/17 (A)		1,545,000		1,796,372
Ser A, RB, National-RE					5.000%, 11/01/24 (A)		2,000,000		2,363,220
FGIC Insured					AMBAC Insured
5.000%, 02/01/14		3,255,000		3,444,441	5.000%, 11/01/17		1,000,000		1,187,210
California State, Department of					Various Purposes
Water Resources,					5.250%, 10/01/21 (A)		1,000,000		1,215,830
Central Valley Project,					5.625%, 04/01/25 (A)		1,975,000		2,371,817
Ser AC, RB,					California State, Public Works Board,
National-RE Insured					Regents of the University of
5.000%, 12/01/14 (A)		1,490,000		1,634,887	California
Prerefunded @ 100					Ser G, RB
5.000%, 12/01/14 (A) (B)		85,000		93,265	5.000%, 12/01/17		1,500,000		1,807,560
Central Valley Project,					5.000%, 12/01/21		1,000,000		1,258,150
Ser AE, RB,					California State, University,
5.000%, 12/01/22 (A)		3,085,000		3,707,646	Systemwide, Ser A, RB
Central Valley Project,					5.250%, 11/01/22 (A)		255,000		301,283
Ser Z, ETM, RB,					5.000%, 11/01/25 (A)		945,000		1,101,927
FGIC Insured					5.000%, 11/01/26 (A)		1,500,000		1,740,225
5.000%, 12/01/12		10,000		10,035	Campbell, Unified High School
RB, National-RE					District, GO
FGIC Insured					5.250%, 08/01/25 (A)		695,000		815,179
5.000%, 12/01/12		1,075,000		1,078,751	Cerritos Community College District,
ETM, RB, AGM Insured					Election 2004, Ser C, GO
5.500%, 12/01/14		10,000		11,064	5.250%, 08/01/24 (A)		450,000		527,814
Power Supply Revenue, RB,					5.250%, 08/01/25 (A)		750,000		874,118
Ser H, AGM Insured					Chaffey Community College District,
5.000%, 05/01/21 (A)		1,485,000		1,784,762	Election 2002, Ser E, GO,
5.000%, 05/01/22 (A)		1,645,000		1,967,387	5.000%, 06/01/23 (A)		1,000,000		1,231,740
Subuser F5
5.000%, 05/01/22 (A)		875,000		1,046,483

See note to schedule of investments.

42 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

california intermediate tax-free bond fund (continued)

Description	Par		Value		Description		Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
California - (continued)					California - (continued)
Chaffey, Unified High School District,						Grant, Joint Union High School District,
GO, National-RE						Election 2006, GO, AGM Insured
FGIC Insured						5.000%, 08/01/21 (A)	$	975,000	$	1,105,640
5.000%, 08/01/15	$	1,000,000	$	1,112,970		Hayward, Unified School District, GO
Chino Valley Unified School District,						5.000%, 08/01/25 (A)		1,000,000		1,062,910
Election 2002, Ser A, GO,						Imperial Irrigation District,
5.000%, 08/01/23 (A)		500,000		615,210		Ser B, RB
Citrus Community College District,						5.000%, 11/01/26 (A)		1,000,000		1,140,370
Election 2004, Ser C, GO						Ser C, RB
5.250%, 06/01/25 (A)		505,000		583,381		5.000%, 11/01/26 (A)		1,600,000		1,824,592
Claremont, Unified School District,						Irvine Ranch Water District, Ser B,
GO						GO, LOC Bank of America NA
5.000%, 08/01/28 (A)		3,050,000		3,509,269		0.230%, 10/01/41 (A) (C)		3,300,000		3,300,000
Coast Community College, GO,						Kern High School District, GO
National-RE Insured						5.000%, 08/01/2022		500,000		615,700
5.250%, 08/01/15		1,055,000		1,180,703		Lodi, Unified School District,
Corona-Norca Unified School District,						Election 2002, GO, AGM Insured,
Election 2006,						Prerefunded @ 100
Ser A, GO, AGM Insured						5.250%, 08/01/13 (A) (B)		1,000,000		1,037,260
5.000%, 08/01/17		505,000		590,592		Long Beach, Community College
Ser E, GO						District, Election 2008, Ser A, GO
5.000%, 08/01/16		920,000		1,050,695		5.000%, 06/01/24 (A)		465,000		522,790
Desert Sands Unified School District,						Long Beach, Harbor Revenue,
Election 2001, GO						Ser B, RB,
5.750%, 08/01/19 (A)		700,000		863,856		5.000%, 05/15/24 (A)		1,515,000		1,811,273
5.250%, 08/01/20 (A)		610,000		731,604		Long Beach, Unified School District,
5.250%, 08/01/22 (A)		650,000		767,845		Election 2008, Ser A, GO
5.500%, 08/01/25 (A)		440,000		515,275		4.000%, 08/01/14		180,000		191,476
Dublin, Unified School District,						5.250%, 08/01/24 (A)		200,000		234,178
Election 2004, Ser A, GO,						5.250%, 08/01/25 (A)		1,640,000		1,912,502
AGM Insured						Ser B, GO
5.000%, 08/01/21 (A)		720,000		745,502		5.250%, 08/01/24 (A)		1,070,000		1,252,852
5.000%, 08/01/26 (A)		1,580,000		1,635,963		Los Angeles County, Metropolitan
El Camino, Community College, GO,						Transportation Authority,
5.000%, 08/01/21		1,000,000		1,252,150		Sales Tax Project, Ser A,
AGM Insured						AGM Insured
5.000%, 08/01/16 (A)		1,000,000		1,121,380		5.000%, 07/01/18 (A)		1,280,000		1,320,653
Fallbrook, Union Elementary School						Sales Tax Revenue, Proposition C,
District, Election 2002, Ser A, GO						Ser A, RB, National-RE Insured
5.000%, 08/01/23 (A)		720,000		895,838		5.250%, 07/01/13		200,000		206,558
Fontana, Unified School District,						Los Angeles County, Public Works
Ser A, GO, AGM Insured						Financing Authority, Regional
5.250%, 08/01/19 (A)		980,000		1,051,255		Park & Open Space, AGM Insured
Gavilan, Joint Community College						5.000%, 10/01/15		230,000		258,893
District, GO						Los Angeles County, Sanitation
5.000%, 08/01/21		1,000,000		1,252,150		Districts Financing Authority,
Gilroy, Unified School District,						Capital Project, Ser A, RB,
Election 2008, Ser A, GO						AGM Insured
5.250%, 08/01/22 (A)		1,800,000		2,110,050		5.000%, 10/01/21 (A)		245,000		254,697
6.000%, 08/01/25 (A)		1,400,000		1,694,364		Los Angeles County, Sanitation
						Equipment, Ser A, RB, AGM Insured
						5.000%, 02/01/14 (A)		750,000		757,965
						Los Angeles Harbor Department,
						Ser A, RB
						5.000%, 08/01/20 (A)		2,015,000		2,461,040
						5.250%, 08/01/21 (A)		350,000		426,794

See note to schedule of investments.

HighMark®  Funds 43

schedule of investments

October 31, 2012 (unaudited)

california intermediate tax-free bond fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
California - (continued)					California - (continued)
Los Angeles,					Los Angeles, Waste Water System,
Ser A, GO,					RB, AGM Insured
5.000%, 09/01/23 (A)	$	2,180,000	$	2,708,476	5.000%, 06/01/22 (A)	$	920,000	$	943,304
5.000%, 09/01/24 (A)		950,000		1,167,351	Senior Lien, Ser B, RB,
National-RE Insured					5.000%, 06/01/24 (A)		1,325,000		1,650,102
5.000%, 09/01/24 (A)		1,430,000		1,613,512	Sub Ser A, RB, National-RE Insured
Ser B, GO, AGM Insured					5.000%, 06/01/26 (A)		600,000		612,540
5.000%, 09/01/16 (A)		1,080,000		1,218,953	Metropolitan Water District of
Los Angeles, Community College					Southern California,
District,					Ser A, RB
Election 2001, Ser A, GO,					5.000%, 01/01/26 (A)		500,000		588,360
National-RE FGIC Insured					Ser B-3, RB
5.000%, 08/01/23 (A)		500,000		584,745	0.190%, 07/01/35 (A) (C)		3,400,000		3,400,000
Election 2003, Ser E, GO,					Modesto Irrigation District, COP,
AGM Insured					Capital Improvements,
5.000%, 08/01/17 (A)		1,000,000		1,167,280	Ser A,
5.000%, 08/01/23 (A)		1,360,000		1,545,708	5.500%, 10/01/25 (A)		1,500,000		1,667,130
Election 2008, Ser A, GO					Ser A, RB,
5.500%, 08/01/22 (A)		1,575,000		1,947,724	5.000%, 07/01/20		500,000		605,970
5.500%, 08/01/24 (A)		1,000,000		1,206,290	Mount Diablo, Unified School
Los Angeles, Department of Airports,					District, GO
RB International Airport,					5.000%, 08/01/23 (A)		2,125,000		2,591,841
Ser A					5.000%, 08/01/26 (A)		300,000		348,312
5.000%, 05/15/23 (A)		665,000		804,291	Election 2002, Ser B
Ser C					5.000%, 07/01/20		1,025,000		1,270,139
5.250%, 05/15/21 (A)		1,000,000		1,153,420	Election 2002, Ser B-2
Ser D					5.000%, 07/01/24 (A)		2,000,000		2,396,140
5.000%, 05/15/24 (A)		1,000,000		1,197,870	North Orange County, Community
Ser A					College District, GO,
5.250%, 05/15/22 (A)		500,000		603,055	National-RE Insured
Los Angeles, Department of					5.000%, 08/01/15		1,070,000		1,201,428
Water & Power,					5.000%, 08/01/23 (A)		2,880,000		3,163,306
Ser A, RB					Northern California Transmission
5.000%, 07/01/18		1,345,000		1,636,784	Agency Revenue, California-
5.000%, 07/01/22 (A)		2,360,000		2,932,796	Oregon Transmission Project,
Ser A, Sub Ser A-2, RB,					Ser A, RB
National-RE Insured					5.000%, 05/01/22 (A)		1,060,000		1,219,880
5.000%, 07/01/19 (A)		2,500,000		2,574,875	Norwalk, La Mirada Unified School
Ser A-2, RB, AGM Insured					District, Election 2002, Ser A, GO,
5.000%, 07/01/25 (A)		2,000,000		2,218,580	FGIC Insured, Prerefunded @ 100
Ser B, RB, National-RE Insured					5.000%, 08/01/13 (A) (B)		1,800,000		1,863,756
5.000%, 07/01/13		455,000		469,268	Ohlone Community College
Sub Ser A-2, RB					District, GO,
5.000%, 07/01/15		575,000		643,655	5.000%, 08/01/22		500,000		629,605
Los Angeles, Unified School District,					Orange County, Sanitation District,
GO, Election 2004, Ser F,					Ser B, COP, AGM Insured
FGIC Insured					5.000%, 02/01/17		530,000		626,969
5.000%, 07/01/19 (A)		630,000		726,856	5.000%, 02/01/23 (A)		2,615,000		2,991,795
Ser B, AGM Insured					5.000%, 02/01/25 (A)		1,200,000		1,361,268
5.000%, 07/01/16		2,230,000		2,572,840	Orange County, Water District, Ser B,
Ser D					COP, National-RE Insured
5.250%, 07/01/24 (A)		1,000,000		1,193,990	5.000%, 08/15/24 (A)		750,000		822,563
Ser I					Pajaro Valley Unified School District,
5.000%, 07/01/25 (A)		1,910,000		2,254,927	GO, AGM Insured
					5.250%, 08/01/21 (A)		500,000		556,975

See note to schedule of investments.

44 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

california intermediate tax-free bond fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
California - (continued)					California - (continued)
Paramount, Unified School District,					San Diego County, Water
GO, AGM Insured					Authority, COP,
5.000%, 09/01/15	$	1,000,000	$	1,110,730	Ser A, AGM Insured
Peralta, Community College					5.000%, 05/01/20 (A)	$	1,000,000	$	1,179,130
District, GO					Water Revenues, Ser 2008A,
5.000%, 08/01/20		2,240,000		2,719,517	National-RE FGIC Insured
Petaluma City, Elementary School					5.250%, 05/01/16		1,325,000		1,526,480
District, GO					Water Revenues, Ser A,
4.000%, 08/01/15		705,000		760,398	AGM Insured
Port of Oakland, RB,					5.000%, 05/01/26 (A)		3,520,000		3,757,424
Ser B, National-RE Insured					San Diego, Community College
5.000%, 11/01/18 (A)		1,250,000		1,457,575	District, GO
Ser M, FGIC Insured,					5.000%, 08/01/20		500,000		630,320
Prerefunded @ 100					5.000%, 08/01/21		400,000		507,880
5.250%, 11/01/12 (A) (B)		1,000,000		1,000,000	5.000%, 08/01/24 (A)		2,000,000		2,504,380
Redding, Electric System					San Diego, Public Facilities Financing
Revenue,					Authority,
Ser A, COP, AGM Insured					Sewer Authority, Ser A, RB
5.250%, 06/01/19 (A)		325,000		387,611	5.250%, 05/15/26 (A)		1,675,000		2,027,621
5.000%, 06/01/22 (A)		1,500,000		1,714,875	Sewer Authority, Ser B, RB
5.000%, 06/01/24 (A)		1,110,000		1,254,722	5.500%, 05/15/23 (A)		3,560,000		4,365,343
Redwood City, Elementary School					Water Authority, Ser B, RB
District, GO, National-RE					5.000%, 08/01/21 (A)		1,000,000		1,217,790
FGIC Insured					San Francisco City & County, Airport
5.500%, 08/01/14		960,000		1,038,624	Commission, International Airport,
Riverside, Community College,					Second Series, Issue 32F, RB,
GO, AGM Insured					National-RE FGIC Insured
5.000%, 08/01/19 (A)		1,750,000		1,956,308	5.000%, 05/01/22 (A)		2,000,000		2,227,680
Sacramento, Municipal					International Airport, Second
Utility District, RB Electric					Series, Issue 32F, RB, National-RE
Power & Light Revenues, Ser R,					FGIC Insured
National-RE Insured					5.250%, 05/01/19		2,100,000		2,553,306
5.000%, 08/15/16 (A)		300,000		310,680	Earthquake Safety, Ser E, GO
5.000%, 08/15/22 (A)		325,000		335,689	5.000%, 06/15/26 (A)		2,815,000		3,351,483
Prerefunded @ 100					General Hospital, Ser A, GO
5.000%, 08/15/13 (A) (B)		700,000		726,096	5.250%, 06/15/24 (A)		250,000		298,880
5.000%, 08/15/13 (A) (B)		795,000		824,638	Public Utilities Commission,
Ser U, AGM Insured					Water Revenue,
5.000%, 08/15/24 (A)		285,000		330,412	Ser A, RB, AGM Insured
Sacramento, Municipal Utility					5.000%, 11/01/23 (A)		1,000,000		1,128,000
District, RB, Electric Power &					Ser B, RB, National-RE Insured
Light Revenues,					5.000%, 11/01/12 (A)		1,250,000		1,250,000
Ser R, National-RE Insured					Ser C, RB
5.000%, 08/15/15		1,790,000		1,995,045	5.000%, 11/01/12		525,000		525,000
Ser U, AGM Insured					Ser D, RB
5.000%, 08/15/23 (A)		1,660,000		1,937,320	5.000%, 11/01/26 (A)		5,075,000		6,136,183
Sacramento, Unified School					Ser R1, GO
District, GO					5.000%, 06/15/24 (A)		375,000		465,098
5.000%, 07/01/19		1,115,000		1,327,809	San Francisco Unified School District,
San Bernardino County, Community					Prop A, Election 2006, Ser B, GO
College District, GO, AGM Insured					5.250%, 06/15/23 (A)		925,000		1,110,278
5.000%, 08/01/15		1,045,000		1,160,044
Election 2002, Ser A
6.250%, 08/01/24 (A)		1,055,000		1,296,279

See note to schedule of investments.

HighMark®  Funds 45

schedule of investments

October 31, 2012 (unaudited)

california intermediate tax-free bond fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
California - (continued)					California - (continued)
San Francisco, Bay Area Rapid Transit,					Shasta-Tehama-Trinity, Joint
Sales Tax Revenue, Ser A,					Community College District, GO
5.000%, 07/01/23 (A)	$	500,000	$	625,120	5.000%, 08/01/26 (A)	$	560,000	$	634,917
San Francisco, Community College					5.000%, 08/01/27 (A)		500,000		566,485
District, Election 2001, Ser B, GO,					Solano County, Community College,
National-RE Insured					Election 2002, Ser A, GO,
5.000%, 06/15/20 (A)		2,085,000		2,133,455	National-RE Insured,
San Joaquin County, Delta					Prerefunded @ 100
Community College District,					5.000%, 08/01/13 (A) (B)		1,865,000		1,930,349
Election 2004, Ser A, GO,					Southern California, Public Power
AGM Insured					Authority, Power Project Revenue,
4.500%, 08/01/15		1,000,000		1,091,750	Canyon Power, Ser A, RB
San Juan, Unified School District,					5.000%, 07/01/25 (A)		2,950,000		3,430,378
Election 2002, GO, AGM Insured					Transmission Project Revenue,
5.000%, 08/01/26 (A)		1,560,000		1,791,395	Sub Southern
Election 2002, Ser A, GO,					Transmission, Ser A, RB
National-RE Insured,					5.000%, 07/01/23 (A)		1,200,000		1,424,316
Prerefunded @ 100					State Center Community College
5.000%, 08/01/14 (A) (B)		2,200,000		2,379,190	District, GO
Ser C, GO,					5.000%, 08/01/20		1,000,000		1,234,240
5.000%, 08/01/19		625,000		763,800	Stockton, Unified School District,
San Lorenzo, Unified School District,					Election 2005, GO, AGM Insured
Election 2008, Ser A, GO,					5.000%, 08/01/16		645,000		725,264
Assured Guaranty Insured					Torrance, Unified School District,
5.000%, 08/01/22 (A)		325,000		376,399	Election 2008, Measure Z, GO
San Mateo, County, Transit District,					5.500%, 08/01/25 (A)		1,000,000		1,189,050
Sales Tax Revenue, Ser A, RB,					University of California,
National-RE Insured					Limited Project,
5.250%, 06/01/16		2,150,000		2,494,516	Ser G, RB,
San Mateo, Joint Powers Financing					5.000%, 05/15/24 (A)		2,170,000		2,670,814
Authority, Lease Revenue, Capital					5.000%, 05/15/25 (A)		825,000		1,009,866
Projects, Ser A, RB					Ser A, RB, AMBAC Insured
5.250%, 07/15/24 (A)		1,000,000		1,173,540	5.125%, 05/15/18 (A)		595,000		609,905
San Rafael, Elementary School					5.000%, 05/15/22 (A)		1,500,000		1,537,470
District, GO					5.000%, 05/15/25 (A)		600,000		613,698
5.000%, 08/01/24 (A)		325,000		383,663	Ser A, RB, AMBAC Insured,
5.000%, 08/01/27 (A)		875,000		1,024,013	Prerefunded @ 100,
San Ramon Valley, Unified School					5.125%, 05/15/13 (A) (B)		110,000		112,868
District, Election 2002, GO,					Ser B, RB, AMBAC Insured
AGM Insured,					5.250%, 05/15/23 (A)		1,500,000		1,539,375
Prerefunded @ 100					Ser O, RB
5.250%, 08/01/14 (A) (B)		1,290,000		1,400,656	5.500%, 05/15/22 (A)		2,000,000		2,457,980
Santa Clara, Valley Transportation					Upland Unified School District, GO,
Authority, Measure A,					5.000%, 08/01/25 (A)		500,000		601,915
Ser A, RB, AMBAC Insured					Vista Unified School District, GO
5.000%, 04/01/25 (A)		400,000		459,096	5.000%, 08/01/21		500,000		621,065
Santa Maria, Joint Unified High					5.000%, 08/01/22		500,000		622,110
School District, Ser A, ETM, GO,
AGM Insured					Total Municipal Bonds
5.500%, 08/01/15		510,000		564,963	(Cost $255,045,660)				271,844,824
Santa Rosa, High School District, GO,
5.000%, 08/01/24 (A)		1,090,000		1,251,680

See note to schedule of investments.

46 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

california intermediate tax-free bond fund (concluded)

Description	Shares		Value
Registered Investment Company - 1.9%					†	At October 31, 2012, the tax basis cost of the Fund’s investments was $260,464,245,
BlackRock Liquidity Funds, California						and the unrealized appreciation and depreciation were $16,832,885 and $(33,721), respectively.
Money Fund		5,418,586	$	5,418,586	(A)	These securities are subject to a demand feature which reduces the effective maturity.
Total Registered Investment Company
(Cost $5,418,586)				5,418,586	(B)	-  Prerefunded security - The maturity date shown is the prerefunded date.
Total Investments - 98.8%					(C)	-  Floating rate security. Rate disclosed is as of October 31, 2012.
(Cost $260,464,246) †				277,263,410	AGM	-  Assured Guaranty Municipal Corporation
Other Assets & Liabilities, Net - 1.2%				3,401,512	AMBAC	-  American Municipal Bond Assurance Corporation
Net Assets - 100.0%			$	280,664,922	COP	-  Certificates of Participation
					ETM	-  Escrowed to Maturity
					FGIC	-  Financial Guaranty Insurance Corporation
					GO	-  General Obligation
					LOC	-  Letter of Credit
					NA	-  National Association
					RB	-  Revenue Bond
					Ser	-  Series

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2		Level 3
	Total Fair		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Municipal Bonds	$	271,844,824	$	—	$	271,844,824	$	—
Registered Investment Company		5,418,586		5,418,586		—		—
Total:	$	277,263,410	$	5,418,586	$	271,844,824	$	—

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 47

schedule of investments

October 31, 2012 (unaudited)

national intermediate tax-free bond fund

Description	Par		Value		Description	Par		Value
Municipal Bonds - 96.5%					Municipal Bonds - (continued)
Alaska - 4.1%					California - (continued)
Alaska State, International Airports					Redding, Electric System Revenue,
System, Ser D, RB, National-RE					Ser A, COP, AGM Insured
Insured					5.000%, 06/01/22 (A)	$	1,000,000	$	1,143,250
5.000%, 10/01/22 (A)	$	2,000,000	$	2,260,480	Sacramento Municipal Utility District,
Anchorage, City of Anchorage					Ser R, RB, National-RE Insured
Schools, Ser B, GO,					5.000%, 08/15/23 (A)		155,000		160,061
5.000%, 08/01/24 (A)		1,000,000		1,152,480	Prerefunded @ 100
National-RE FGIC Insured					5.000%, 08/15/13 (B)		345,000		357,862
5.000%, 09/01/17		570,000		680,631	San Bernardino County, Community
				4,093,591	College District, GO, Election 2002,
Arizona - 2.2%					Ser A
Phoenix, GO, Ser A					6.250%, 08/01/24 (A)		850,000		1,044,395
6.250%, 07/01/17		1,000,000		1,241,830	San Francisco City & County, Airport
Tucson, Water System Revenue, RB					Commission, International Airport,
5.000%, 07/01/21 (A)		775,000		916,011	Second Series, Issue 32F, RB,
				2,157,841	National-RE FGIC Insured
California - 21.7%					5.250%, 05/01/19		1,000,000		1,215,860
California State, Department of					San Jose, Redevelopment Agency, TA,
Transportation, Federal Highway					ETM, National-RE Insured,
Grant, Anticipation Bonds,					6.000%, 08/01/15		430,000		495,270
Ser A, RB, National-RE FGIC					National-RE Insured
Insured					6.000%, 08/01/15		775,000		829,513
5.000%, 02/01/14		1,000,000		1,058,200	San Ramon Valley, Unified School
California State, Department of					District, Election 2002, GO,
Water Resources, Central Valley					AGM Insured,
Project, Ser X, RB, National-RE					Prerefunded @ 100
FGIC Insured					5.250%, 08/01/14 (A) (B)		1,670,000		1,813,253
5.500%, 12/01/15		625,000		719,531	Torrance, Unified School District,
Power Supply Revenue, RB, Ser H,					Election of 2008, Measure Y, GO
AGM Insured					5.500%, 08/01/25 (A)		750,000		891,787
5.000%, 05/01/22 (A)		1,000,000		1,195,980					21,826,764
California State, GO Various Purposes					Colorado - 0.6%
5.250%, 10/01/21 (A)		1,000,000		1,215,830	Regional Transportation District, Sales
5.625%, 04/01/25 (A)		1,250,000		1,501,150	Tax, Ser B, RB, AMBAC Insured
Chico, Unified School District, Ser B,					5.250%, 11/01/12		625,000		625,000
GO, AGM Insured					Connecticut - 3.8%
5.000%, 08/01/25 (A)		1,625,000		1,822,405	Connecticut State,
Elsinore Valley, Municipal Water					Ser C, GO
District, COP, National-RE FGIC					5.000%, 06/01/14		1,600,000		1,717,072
Insured					Ser D, GO
5.375%, 07/01/18		750,000		916,110	5.000%, 11/01/19		1,000,000		1,244,910
Long Beach, Unified School District,					Ser F, GO
Election 2008, Ser A, GO					5.000%, 12/01/20 (A)		730,000		853,239
5.250%, 08/01/24 (A)		525,000		614,717					3,815,221
5.250%, 08/01/25 (A)		1,000,000		1,166,160	Florida - 2.5%
Los Angeles, Ser A, GO,					Florida State, Ser D, GO
5.000%, 09/01/23 (A)		2,000,000		2,484,840	5.000%, 06/01/22 (A)		2,000,000		2,506,260
Los Angeles, Unified School District,
GO, Ser I
5.000%, 07/01/25 (A)		1,000,000		1,180,590

See note to schedule of investments.

48 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

national intermediate tax-free bond fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
Georgia - 1.0%					Illinois - (continued)
Atlanta, Water & Wastewater					Chicago, Project & Refunding,
Revenue, Ser A, RB,					Ser A, GO 5.250%, 01/01/21 (A)	$	1,020,000	$	1,174,571
National-RE FGIC Insured									7,365,198
5.500%, 11/01/13	$	1,000,000	$	1,050,180
Hawaii - 6.9%					Massachusetts - 4.2%
Hawaii State					Massachusetts State,
Highway Revenue,					Consolidated Loan, Ser D, GO,
Ser B, RB, AGM Insured					5.500%, 11/01/14		220,000		242,343
5.000%, 07/01/15		1,100,000		1,228,865	School Building Authority, Sales Tax
Ser EA, GO 5.000%, 12/01/19		1,000,000		1,251,520	Revenue, Ser A, RB, AGM Insured
Honolulu City and County,					5.000%, 08/15/14		1,175,000		1,271,080
Ser A, GO 5.000%,					Water Resources Authority, Ser A,
04/01/25 (A)		1,000,000		1,180,830	RB, National-RE Insured
Ser A, GO, National-RE Insured					5.250%, 08/01/15		1,055,000		1,191,443
5.000%, 07/01/25 (A)		1,895,000		2,023,026	5.250%, 08/01/16		1,310,000		1,534,337
University of Hawaii									4,239,203
Revenue,
Ser A, RB,					Nevada - 4.1%
5.500%, 10/01/22 (A)		500,000		607,305	Clark County,
5.500%, 10/01/23 (A)		500,000		602,320	Limited Tax-Bond Bank, GO
				6,893,866	5.000%, 06/01/25 (A)		2,440,000		2,847,944
Idaho - 5.0%					School District,
Idaho State, Housing &					Ser A, GO, AGM Insured,
Finance Association,					Prerefunded @ 103
Grant & Revenue					5.500%, 12/15/12 (A) (B)		1,250,000		1,294,887
Anticipation, Federal									4,142,831
Highway Trust, RB,					New Jersey - 3.0%
National-RE Insured					New Jersey State,
5.000%, 07/15/15		1,000,000		1,110,300	Ser L, GO, AMBAC Insured
Ser A, RB					5.250%, 07/15/16		1,300,000		1,515,852
5.000%, 07/15/22 (A)		580,000		678,983	Transportation Trust Fund
5.250%, 07/15/24 (A)		1,750,000		2,061,430	Authority, Ser A, RB
Twin Falls County, School					5.250%, 12/15/21		665,000		827,885
District No. 411, GO,					5.500%, 12/15/22		550,000		691,559
National-RE Insured									3,035,296
5.000%, 09/15/16		1,000,000		1,154,000	New York - 6.1%
				5,004,713	New York City,
Illinois - 7.3%					Ser C-1, GO, AGM Insured
Chicago,					5.000%, 10/01/24 (A)		1,155,000		1,353,845
Ser A, GO, AGM Insured					Ser M, GO, AGM Insured
5.000%, 01/01/23 (A)		1,075,000		1,181,780	5.000%, 04/01/15		1,000,000		1,105,940
Ser C, GO					New York City, Transitional
5.000%, 01/01/23 (A)		1,285,000		1,448,426	Finance Authority
Chicago, Board of Education,					Subordinated Future Tax Secured
Dedicated Revenues, Ser B,					ETM, RB, Prerefunded
GO, AMBAC Insured					5.000%, 11/01/13		480,000		502,454
5.000%, 12/01/23 (A)		1,375,000		1,534,995	RB, Unrefunded
Chicago, O’Hare International					5.000%, 11/01/13		445,000		466,000
Airport Revenue, Ser B, RB,					Ser C, RB,
AGM Insured					5.000%, 11/01/17		275,000		331,375
5.000%, 01/01/19 (A)		1,780,000		2,025,426

See note to schedule of investments.

HighMark®  Funds 49

schedule of investments

October 31, 2012 (unaudited)

national intermediate tax-free bond fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
New York - (continued)					Texas - (continued)
New York State, Thruway					Lamar Consolidated Independent
Authority, Second					School District, Schoolhouse, GO,
Highway and Bridge Trust					PSF Insured
Fund, RB,					5.000%, 02/15/17	$	800,000	$	943,600
Ser A, National-RE Insured,					Lower Colorado River Authority, RB
Prerefunded @ 100					5.000%, 05/15/21 (A)		990,000		1,156,379
5.000%, 04/01/14 (B)	$	1,075,000	$	1,145,337	5.000%, 05/15/22 (A)		805,000		924,470
Ser B, RB					5.000%, 05/15/23 (A)		90,000		102,833
5.000%, 04/01/21 (A)		1,025,000		1,218,489	RB, Prerefunded @ 100 (B)
				6,123,440	5.000%, 05/15/19		5,000		6,279
North Carolina - 1.3%					5.000%, 05/15/19		40,000		50,086
North Carolina State, Public					5.000%, 05/15/19		35,000		43,826
Improvement, Ser A, GO,					5.000%, 05/15/19		10,000		12,522
5.000%, 03/01/23 (A)		1,000,000		1,013,180	5.000%, 05/15/19		5,000		6,261
North Carolina State, Highway, GO					5.000%, 05/15/19		5,000		6,261
5.000%, 05/01/15 (A)		250,000		267,792	North East Independent School
				1,280,972	District, Ser A, GO, PSF Insured
					5.000%, 08/01/17		600,000		716,640
Oregon - 4.1%					San Antonio, Water Revenue, RB,
Portland, Sewer System Revenue, First					National-RE FGIC Insured
Lien, Ser A, RB, National-RE					5.000%, 05/15/17		1,000,000		1,187,380
Insured					Texas State, University Systems
5.000%, 06/01/14		550,000		589,974	Financing Revenue, RB
Second Lien, Ser B, RB, AGM					5.250%, 03/15/21 (A)		1,125,000		1,349,865
Insured									10,217,846
5.000%, 06/15/23 (A)		1,160,000		1,331,866	Utah - 1.6%
Washington County, School District					Utah State, Board of Regents
Authority No. 15, GO, AGM School					Auxilliary & Campus Facilities
Board Guarantee Insured					Revenue, Ser A, RB, National-RE
5.000%, 06/15/14		1,000,000		1,074,470	Insured
Yamill County, School District					5.000%, 04/01/17 (A)		1,500,000		1,646,775
Authority No. 29J, GO, National-RE					Virginia - 0.9%
FGIC Insured					City of Newport News, Ser A, GO
5.250%, 06/15/16		1,000,000		1,156,910	5.000%, 07/01/24 (A)		735,000		889,034
				4,153,220	Washington - 5.5%
Pennsylvania - 0.4%					King & Pierce County School District
Commonwealth of Pennsylvania,					No. 408, GO
First Ser, GO,					5.000%, 12/01/21 (A)		1,000,000		1,220,810
5.000%, 07/01/17		325,000		387,748	Pierce County, GO, AMBAC Insured
Texas - 10.2%					5.125%, 08/01/16 (A)		1,375,000		1,540,550
Denton, Utilities System Revenue, RB,					Seattle Municipal Light & Power
National-RE Insured					Revenue, RB, AGM Insured,
5.250%, 12/01/23 (A)		1,065,000		1,123,106	5.000%, 08/01/17 (A)		740,000		795,160
Houston, Texas Utility System					Prerefunded @ 100
Revenue, Combined First Lien,					5.000%, 08/01/14 (B)		260,000		281,034
Ser A, RB, National-RE Insured					Washington State, Ser A, GO,
5.250%, 05/15/14		660,000		709,335	5.000%, 07/01/19 (A)		1,375,000		1,643,249
First Lien, Ser A, RB, AGM Insured									5,480,803
5.250%, 11/15/17		1,550,000		1,879,003	Total Municipal Bonds
					(Cost $89,444,520)				96,935,802

See note to schedule of investments.

50 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

national intermediate tax-free bond fund (concluded)

Description	Shares		Value
Registered Investment Company—2.1%					(A)	These securities are subject to a demand feature which reduces the effective maturity date.
Fidelity Institutional Tax-Exempt					(B)	Prerefunded security - The maturity date shown is the prerefunded date.
Portfolio		2,154,478	$	2,154,478	AGM	- Assured Guaranty Municipal Corporation
Total Regulated Investment Company					AMBAC	- American Municipal Bond Assurance Corporation
(Cost $2,154,478)				2,154,478	COP	- Certificates of Participation
Total Investments - 98.6%					ETM	- Escrowed to Maturity
(Cost $91,598,998) †				99,090,280	FGIC	- Financial Guaranty Insurance Corporation
Other Assets & Liabilities, Net - 1.4%				1,371,257	GO	- General Obligation
Net Assets - 100.0%			$	100,461,537	PSF	- Priority Solidarity Fund
					RB	- Revenue Bond
					Ser	- Series
					TA	- Tax Allocation

†   At October 31, 2012, the tax basis cost of the Fund’s investments was
$91,598,998, and the unrealized appreciation and depreciation were
$7,502,413 and $(11,131), respectively.

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

	Total Fair Value at		Level 1 Quoted		Level 2 Significant Observable		Level 3 Significant Unobservable
	10/31/12		Price		Inputs		Inputs
Municipal Bonds	$	96,935,802	$	—	$	96,935,802	$	—
Registered Investment Company		2,154,478		2,154,478		—		—
Total:	$	99,090,280	$	2,154,478	$	96,935,802	$	—

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 51

schedule of investments

October 31, 2012 (unaudited)

short term bond fund

Description	Par		Value		Description	Par		Value
Corporate Obligations - 51.7%					Corporate Obligations - (continued)
Consumer Discretionary - 3.7%					Financials - (continued)
Comcast					Bank of America, MTN
5.300%, 01/15/14	$	1,150,000	$	1,215,147	7.375%, 05/15/14	$	1,500,000	$	1,638,955
Georgia-Pacific (A)					BB&T, MTN
8.250%, 05/01/16		1,500,000		1,605,369	2.150%, 03/22/17		2,350,000		2,441,723
Macy’s Retail Holdings					Berkshire Hathaway Finance
7.875%, 07/15/15		1,000,000		1,176,137	1.600%, 05/15/17		1,800,000		1,838,439
Staples					BP Capital Markets PLC
9.750%, 01/15/14		1,000,000		1,098,461	3.875%, 03/10/15		1,250,000		1,342,529
Time Warner Cable					Capital One Financial
7.500%, 04/01/14		400,000		437,468	2.150%, 03/23/15		1,750,000		1,798,946
Walt Disney, MTN					Caterpillar Financial Services, MTN
1.125%, 02/15/17		750,000		758,486	1.100%, 05/29/15		1,000,000		1,012,203
				6,291,068	Citigroup
Consumer Staples - 4.4%					4.750%, 05/19/15		1,500,000		1,625,683
Anheuser-Busch Inbev Worldwide					Ford Motor Credit
0.800%, 07/15/15		1,200,000		1,203,516	3.875%, 01/15/15		1,450,000		1,511,554
Coca-Cola					General Electric Capital (C)
3.625%, 03/15/14		250,000		260,635	1.308%, 05/09/16		2,000,000		2,001,364
Heineken (A)					JPMorgan Chase
1.400%, 10/01/17		850,000		853,823	5.125%, 09/15/14		500,000		534,232
0.800%, 10/01/15		1,200,000		1,202,410	4.750%, 05/01/13		1,000,000		1,020,382
Kellogg					Lehman Brothers Holdings, MTN (B)
1.125%, 05/15/15		1,700,000		1,714,651	0.000%, 12/01/49		500,000		113,125
Walgreen					NASDAQ OMX Group
1.800%, 09/15/17		2,250,000		2,279,925	5.250%, 01/16/18		750,000		814,621
				7,514,960	Royal Bank of Canada, MTN
Energy - 6.3%					0.800%, 10/30/15		1,650,000		1,655,354
Energy Transfer Partners					Toyota Motor Credit, MTN
8.500%, 04/15/14		522,000		573,893	1.000%, 02/17/15		1,650,000		1,664,004
6.000%, 07/01/13		1,350,000		1,393,358	Wachovia
Enterprise Products Operating					4.875%, 02/15/14		2,000,000		2,099,304
1.250%, 08/13/15		500,000		505,329					26,751,136
Ser M,					Foreign Governments - 2.2%
5.650%, 04/01/13		1,300,000		1,325,115	Hydro-Quebec
Kinder Morgan Energy Partners					1.375%, 06/19/17		1,500,000		1,520,700
5.000%, 12/15/13		1,332,000		1,393,217	Mexico Government International
Petrobras International Finance					Bond
3.875%, 01/27/16		2,000,000		2,124,670	5.875%, 02/17/14		750,000		796,125
Petrohawk Energy					Province of Ontario Canada
7.875%, 06/01/15		1,800,000		1,876,500	0.950%, 05/26/15		1,500,000		1,514,853
Transocean									3,831,678
5.050%, 12/15/16		1,400,000		1,567,982	Health Care - 5.7%
				10,760,064	Amgen
Financials - 15.6%					1.875%, 11/15/14		2,000,000		2,055,208
American Express Credit, MTN					Boston Scientific
1.750%, 06/12/15		2,000,000		2,050,928	5.450%, 06/15/14		1,000,000		1,067,018
American International Group					Gilead Sciences
4.250%, 09/15/14		1,500,000		1,587,790	3.050%, 12/01/16		1,500,000		1,612,127
					2.400%, 12/01/14		350,000		361,962
					Sanofi
					1.625%, 03/28/14		750,000		761,970

See note to schedule of investments.

52 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

short term bond fund (continued)

Description	Par		Value		Description	Par		Value
Corporate Obligations - (continued)					Corporate Obligations - (continued)
Health Care - (continued)					Utilities - 2.9%
Teva Pharmaceutical Finance IV					Consolidated Natural Gas
1.700%, 11/10/14	$	1,500,000	$	1,533,150	5.000%, 03/01/14	$	1,000,000	$	1,053,280
UnitedHealth Group					Exelon Generation
0.850%, 10/15/15		1,100,000		1,104,479	5.350%, 01/15/14		1,482,000		1,557,693
Watson Pharmaceuticals					MidAmerican Energy Holdings,
1.875%, 10/01/17		725,000		734,882	Ser D
Wellpoint					5.000%, 02/15/14		1,750,000		1,843,578
6.000%, 02/15/14		475,000		506,489	Southern California Edison
				9,737,285	5.750%, 03/15/14		500,000		535,666
Industrial - 1.8%									4,990,217
Continental Airlines Pass Through					Total Corporate Obligations
Trust					(Cost $87,240,200)				88,723,094
Ser 2010-1, Cl A					U.S. Government Agency Mortgage-Backed
4.750%, 01/12/21		954,344		1,023,534	Obligations - 18.4%
Union Pacific					FHLMC Gold
5.450%, 01/31/13		935,000		946,404	6.000%, 01/01/13		3,576		3,739
United Technologies					6.000%, 09/01/13		2,921		3,091
1.200%, 06/01/15		1,100,000		1,121,359	6.000%, 04/01/14		8,849		9,306
				3,091,297	6.000%, 05/01/14		3,701		3,831
Information Technology - 2.2%					6.000%, 05/01/14		6,058		6,270
Hewlett-Packard					6.000%, 05/01/14		8,395		8,689
3.000%, 09/15/16		2,000,000		2,014,866	6.000%, 05/01/14		36,312		38,222
Xerox (C)					6.000%, 07/01/14		38,071		39,717
1.799%, 09/13/13		850,000		856,664	6.000%, 10/01/16		48,547		51,942
1.257%, 05/16/14		1,000,000		998,769	6.000%, 04/01/17		168,537		182,662
				3,870,299	6.000%, 04/01/29		59,531		66,791
Materials - 3.1%					6.000%, 04/01/38		321,863		358,096
Ball					5.500%, 07/01/15		82,254		88,222
7.375%, 09/01/19		1,570,000		1,754,475	5.500%, 03/01/17		52,424		56,310
Ecolab					5.500%, 12/01/17		5,354		5,782
2.375%, 12/08/14		1,225,000		1,269,476	5.500%, 02/01/18		66,975		72,309
1.000%, 08/09/15		500,000		502,314	5.500%, 11/01/18		7,093		7,662
Rio Tinto Finance USA					5.500%, 10/01/32		387,139		424,803
1.625%, 08/21/17		1,750,000		1,758,048	5.500%, 12/01/34		234,076		256,264
				5,284,313	5.000%, 10/01/18		198,882		213,969
Telecommunication Services - 3.8%					5.000%, 07/01/20		82,455		89,467
AT&T					5.000%, 06/01/25		402,472		434,873
5.100%, 09/15/14		1,250,000		1,354,792	4.500%, 07/01/20		745,248		799,655
Cellco Partnership/Verizon Wireless					4.000%, 07/01/25		829,902		881,412
Capital					3.500%, 12/01/25		857,560		904,356
5.550%, 02/01/14		2,000,000		2,119,806	3.500%, 03/01/27		1,153,747		1,235,093
Telefonica Emisiones SAU					FHLMC, ARM
3.992%, 02/16/16		850,000		862,750	3.473%, 06/01/39		315,615		337,857
Thomson Reuters					3.031%, 03/01/35		173,546		186,453
5.950%, 07/15/13		1,000,000		1,038,134	2.612%, 11/01/35		1,226,662		1,297,528
Verizon Communications, Inc.					2.456%, 09/01/36		1,128,742		1,214,177
1.950%, 03/28/14		1,200,000		1,225,295	2.449%, 10/01/36		1,401,885		1,499,873
				6,600,777	2.371%, 12/01/34		1,258,779		1,345,198
					2.367%, 01/01/34		235,707		246,623

See note to schedule of investments.

HighMark®  Funds 53

schedule of investments

October 31, 2012 (unaudited)

short term bond fund (continued)

Description	Par		Value		Description	Par		Value
U.S. Government Agency Mortgage-Backed					U.S. Government Agency Mortgage-Backed
Obligations - (continued)					Obligations - (continued)
FNMA					FNMA, CMO REMIC,
8.000%, 06/01/30	$	3,190	$	3,944	Ser 2002-18, Cl PC
8.000%, 11/01/30		2,285		2,821	5.500%, 04/25/17	$	32,608	$	33,248
6.500%, 06/01/16		24,108		25,821	GNMA, CMO
6.500%, 07/01/16		16,866		18,079	Ser 2004-43, Cl C (C)
6.500%, 11/01/16		15,722		16,852	5.008%, 12/16/25		440,346		450,039
6.500%, 01/01/17		18,643		19,983	Total U.S. Government Agency
6.500%, 02/01/17		6,892		7,387	Mortgage-Backed Obligations
6.500%, 04/01/17		26,415		28,680	(Cost $30,889,344)				31,580,342
6.500%, 07/01/17		25,488		27,674	Mortgage-Backed Securities - 5.8%
6.000%, 04/01/16		180,537		190,082	Banc of America Commercial
6.000%, 04/01/16		83,269		88,643	Mortgage,
6.000%, 05/01/16		195,143		207,736	Ser 2005-1, Cl A3
6.000%, 05/01/16		51,703		52,436	4.877%, 11/10/42		10,159		10,152
6.000%, 06/01/16		9,376		9,981	Chase Mortgage Finance,
6.000%, 08/01/16		17,306		18,423	Ser 2003-S10, Cl A1
6.000%, 10/01/16		45,145		48,058	4.750%, 11/25/18		245,322		252,743
6.000%, 05/01/18		126,163		134,305	Ser 2004-S1, CI A3
5.500%, 07/01/14		31,140		33,603	5.500%, 02/25/19		165,429		169,739
5.500%, 09/01/14		43,255		46,677	Citicorp Mortgage Securities,
5.500%, 08/01/15		105,525		113,874	Ser 2003-10, Cl A1
5.500%, 12/01/16		21,202		22,893	4.500%, 11/25/18		285,313		293,082
5.500%, 01/01/17		155,514		167,915	DBUBS Mortgage Trust,
5.500%, 09/01/17		236,823		255,235	Ser 2011-LC1A, Cl A1 (A)
5.500%, 09/01/17		25,609		27,731	3.742%, 11/10/46		1,305,218		1,416,810
5.500%, 10/01/17		37,734		40,696	Master Asset Securitization Trust,
5.500%, 11/01/17		62,488		67,295	Ser 2003-10, Cl 2A1
5.500%, 12/01/17		38,109		41,185	4.500%, 11/25/13		16,383		16,459
5.500%, 02/01/18		4,742		5,161	Merrill Lynch Mortgage Investors
5.500%, 04/01/18		10,358		11,275	Trust,
5.500%, 10/01/18		11,778		12,754	Ser 2005-A2, Cl A4 (C)
5.500%, 12/01/18		425,440		459,366	2.530%, 02/25/35		101,469		102,657
5.500%, 09/01/34		509,215		562,257	Morgan Stanley Capital I,
5.500%, 01/01/35		381,266		425,627	Ser 2003-T11, Cl A4
5.140%, 01/01/16		933,592		1,023,797	5.150%, 06/13/41		288,254		293,874
5.000%, 07/01/14		8,299		9,016	Morgan Stanley Dean Witter
5.000%, 05/01/18		11,419		12,451	Capital I,
5.000%, 06/01/18		42,889		46,766	Ser 2001-TOP3, Cl A4
5.000%, 05/01/23		1,118,477		1,215,205	6.390%, 07/15/33		14,886		14,928
4.000%, 09/01/20		1,309,409		1,400,431	Nomura Asset Securities, (C)
3.500%, 09/01/25		1,968,835		2,090,422	Ser 1998-D6, Cl A3
3.500%, 12/01/25		1,022,636		1,085,789	7.343%, 03/15/30		3,000,000		3,023,199
3.500%, 04/01/26		558,693		593,196	Residential Funding Mortgage
3.500%, 07/01/26		667,020		708,212	Securities I,
3.000%, 04/01/27		2,725,131		2,879,522	Ser 2004-S3, Cl A1
FNMA, ARM					4.750%, 03/25/19		485,306		497,608
2.760%, 09/01/33		136,694		146,369	Sequoia Mortgage Trust, (C)
2.719%, 06/01/34		1,146,744		1,223,718	Ser 2012-1, Cl 2A1
2.589%, 01/01/36		762,697		813,443	3.474%, 01/25/42		805,878		837,076
2.439%, 08/01/27		19,758		20,511
2.294%, 09/01/35		1,697,672		1,820,292
2.291%, 01/01/35		417,206		443,224

See note to schedule of investments.

54 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

short term bond fund (continued)

Description	Par		Value		Description	Par		Value
Mortgage-Backed Securities - (continued)					Asset-Backed Securities - (continued)
Ser 2012-2, Cl A2					Honda Auto Receivables Owner Trust,
3.500%, 03/25/42	$	1,709,699	$	1,763,866	Ser 2012-1, Cl A3
Washington Mutual,					0.770%, 01/15/16	$	2,000,000	$	2,013,130
Ser 2005-8, Cl 1A8					PG&E Energy Recovery Funding,
5.500%, 10/25/35		48,387		42,724	Ser 2005-1, Cl A5
Wells Fargo Mortgage Backed					4.470%, 12/25/14		398,901		401,387
Securities Trust,					Public Service New Hampshire
Ser 2003-13, Cl A1					Funding,
4.500%, 11/25/18		534,011		548,288	Ser 2001-1, Cl A3
Ser 2003-M, Cl A1 (C)					6.480%, 05/01/15		313,228		316,397
4.681%, 12/25/33		276,406		286,007	SLM Student Loan Trust, (C)
Ser 2004-2, Cl A1					Ser 2011-2, Cl A1
5.000%, 01/25/19		316,184		323,161	0.811%, 11/25/27		1,684,341		1,697,033
Total Mortgage-Backed Securities					Ser 2011-A, Cl A1 (A)
(Cost $9,799,039)				9,892,373	1.214%, 10/15/24		1,781,187		1,787,903
Asset-Backed Securities - 16.6%					Toyota Auto Receivables Owner Trust,
AEP Texas Central Transition Funding,					Ser 2012-B, Cl A3
Ser 2012-1, Cl A1					0.460%, 07/15/16		2,000,000		2,001,092
0.880%, 12/01/18		2,500,000		2,521,555	Volkswagen Auto Loan Enhanced
Ally Master Owner Trust,					Trust,
Ser 2011-4, Cl A2					Ser 2011-1, Cl A3
1.540%, 09/15/16		300,000		304,630	1.220%, 06/22/15		1,500,000		1,508,793
Ser 2011-1, Cl A2					World Omni Auto Receivables Trust,
2.150%, 01/15/16		1,075,000		1,094,866	Ser 2011-A, Cl A4
ARI Fleet Lease Trust,					1.910%, 04/15/16		1,425,000		1,454,619
Ser 2010-A, Cl A (A) (C)					Total Asset-Backed Securities
0.511%, 01/15/21		2,100,000		2,100,594	(Cost $28,305,394)				28,487,319
Avis Budget Rental Car Funding					U.S. Treasury Obligations - 2.3%
AESOP, (A)					U.S. Treasury Notes
Ser 2011-2A, Cl A (A)					0.875%, 01/31/17		550,000		556,445
2.370%, 11/20/14		750,000		770,718	0.125%, 07/31/14		3,500,000		3,490,704
Ser 2011-1A, Cl A					Total U.S. Treasury Obligations
1.850%, 11/20/14		1,500,000		1,517,832	(Cost $4,043,595)				4,047,149
BMW Vehicle Owner Trust,					Taxable Municipal Bonds - 2.0%
Ser 2010-A, Cl A3					California - 2.0%
1.390%, 04/25/13		192,955		193,444	California State, GO (C)
CAL Funding II,					5.650%, 04/01/39		1,850,000		1,887,314
Ser 2012-1A, Cl A (A)					University of California Revenue,
3.470%, 10/25/27		1,250,000		1,249,610	Build America Bonds,
Cards II Trust,					Taxable, RB (C)
Ser 2012-4A, Cl A (A) (C)					1.988%, 05/15/50		1,500,000		1,511,775
0.664%, 09/15/17		3,500,000		3,505,145	Total Taxable Municipal Bonds
Centerpoint Energy Transition Bond,					(Cost $3,442,635)				3,399,089
Ser 2008-A, Cl A1
4.192%, 02/01/20		1,119,760		1,204,600
Ford Credit Auto Owner Trust
Ser 2008-A, Cl A1
0.840%, 08/15/16		1,400,000		1,409,705
Hertz Vehicle Financing,
Ser 2011-1A, Cl A1 (A)
2.200%, 03/25/16		1,400,000		1,434,266

See note to schedule of investments.

HighMark®  Funds 55

schedule of investments

October 31, 2012 (unaudited)

short term bond fund (concluded)

Description	Shares		Value
Registered Investment Company  - 2.5%
Registered Investment Company - 2.5%					(A)  Securities sold within the terms of a private placement memorandum, exempt from registration under Section 3(a), 4(2) or 144A of the Securities Act of 1933, as amended, and maybe sold  only to the dealers in that program or other “accredited investors”. The value of these securities as of  October 31, 2012 was $17,444,480 and represented 10.2% of net assets. (B)  The issuer is in default of certain debt covenants. Income is not being accrued. As of October 31, 2012, the value of  these securities amounted to $113,125, which represents 0.1% of  net assets. (C)  Floating rate security. Rate disclosed is as of  October 31, 2012.
Dreyfus Cash Management		4,389,822	$	4,389,822
Total Registered Investment Company
(Cost $4,389,822)				4,389,822
Total Investments - 99.3%
(Cost $168,110,029) †				170,519,188
Other Assets & Liabilities, Net - 0.7%				1,178,155
Net Assets - 100.0%			$	171,697,343	ARM       - Adjustable Rate Mortgage
					Cl            - Class
†   At October 31, 2012, the tax basis cost of the Fund’s investments was $168,110,029, and the unrealized appreciation and depreciation were $2,919,341 and $(510,182), respectively.					CMO        - Collateralized Mortgage Obligation FHLMC   - Federal Home Loan Mortgage Corporation FNMA     - Federal National Mortgage Association GNMA     - Government National Mortgage Association GO           - General Obligation MTN        - Medium Term Note PLC         - Public Liability Company RB            - Revenue Bond REMIC    - Real Estate Mortgage Investment Conduit Ser           - Series

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

			Level 1		Significant
	Value at		Quoted		Observable
	10/31/12		Price		Inputs
Corporate Obligations	$	88,723,094		—		88,723,094
U.S. Government Agency Mortgage-Backed Obligations		31,580,342		—		31,580,342
Mortgage-Backed Securities		9,892,373		—		9,892,373
Asset-Backed Securities		28,487,319		—		28,487,319
U.S. Treasury Obligations		4,047,149		—		4,047,149
Taxable Municipal Bonds		3,399,089		—		3,399,089
Registered Investment Company		4,389,822		4,389,822		—
Total:	$	170,519,188	$	4,389,822	$	166,129,366

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

56 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

wisconsin tax-exempt fund

Description	Par		Value		Description	Par		Value
Municipal Bonds - 97.8%					Municipal Bonds - (continued)
Guam - 1.5%					Puerto Rico - (continued)
Guam Government Business					FGIC Insured
Privilege, Ser A, RB					5.500%, 07/01/21	$	945,000	$	1,039,802
5.000%, 01/01/19	$	750,000	$	875,903	Puerto Rico Electric Power Authority,
Guam Power Authority, Ser A, RB,					Ser TT, RB
AGM Insured					5.000%, 07/01/22 (A)		300,000		318,633
5.000%, 10/01/19		515,000		607,628	5.000%, 07/01/37 (A)		1,700,000		1,703,383
5.000%, 10/01/22		870,000		1,010,844	Ser UU, RB, AGM Insured
				2,494,375	5.000%, 07/01/20 (A)		1,000,000		1,112,450
Massachusetts - 0.7%					Ser WW, RB
Massachusetts State Housing					5.500%, 07/01/38 (A)		2,500,000		2,571,900
Finance Agency, Multi-Family					Ser XX, RB
Housing Authority, ETM, RB, HUD					4.625%, 07/01/25 (A)		2,100,000		2,139,900
Section 8					Puerto Rico Municipal
7.000%, 04/01/21 (A)		910,000		1,249,976	Finance Agency,
Puerto Rico - 27.0%					Ser A, GO, AGM Insured
Commonwealth of Puerto Rico,					5.000%, 08/01/30 (A)		880,000		903,945
Public Improvement, GO, AGM					Ser C, GO, CIFG Insured
Insured, Unrefunded Balance					5.250%, 08/01/23		1,000,000		1,124,940
5.125%, 07/01/30 (A)		750,000		750,593	Puerto Rico Public Buildings
GO, National-RE Insured					Authority, Revenue Refunding,
5.650%, 07/01/15		2,240,000		2,369,338	Government Facilities, Ser H, RB,
Ser A, GO					AMBAC, Commonwealth
5.500%, 07/01/13		2,000,000		2,060,500	Guaranteed
Ser A, GO, AGM Insured					5.500%, 07/01/17		1,250,000		1,363,213
5.000%, 07/01/14		1,200,000		1,276,344	Government Facilities, Ser U, RB
Ser A, GO, Assured GTY Insured					5.000%, 07/01/20		2,000,000		2,134,740
5.000%, 07/01/14		2,740,000		2,914,319	Ser L, RB, XLCA, Commonwealth
Ser A, GO, National-RE Insured					Guaranteed
5.500%, 07/01/20		1,020,000		1,122,102	5.500%, 07/01/21		500,000		550,160
Ser A, GO, XLCA Insured					Puerto Rico Sales Tax Financing,
5.500%, 07/01/17		1,130,000		1,232,344	Corporate Sales Tax Revenue, First
Puerto Rico Commonwealth					Sub-Ser A, RB
Highway & Transportation					5.500%, 08/01/37 (A)		2,500,000		2,692,800
Authority, Grant Anticipation					5.750%, 08/01/37 (A)		1,400,000		1,539,034
Revenue, RB, National-RE Insured					6.375%, 08/01/39 (A)		3,000,000		3,480,390
5.000%, 09/15/20 (A)		780,000		812,105	6.000%, 08/01/42 (A)		1,000,000		1,110,810
Transportation Revenue, Ser AA-1,					6.500%, 08/01/44 (A)		2,000,000		2,318,240
RB, AGM Insured, Unrefunded					Unrefunded Balance
Balance					5.000%, 08/01/17		505,000		572,423
4.950%, 07/01/26 (A)		880,000		934,622	Ser C,
Transportation Revenue,					5.000%, 08/01/22 (A)		1,000,000		1,204,710
Ser E, RB, AGM Insured									45,537,776
5.500%, 07/01/23		1,120,000		1,315,563	Virgin Islands - 5.5%
Transportation Revenue,					Virgin Islands Public Finance
Ser N, RB					Authority, Gross Receipts Taxes
5.500%, 07/01/23		1,120,000		1,230,835	Loan Note, RB, ACA Insured
Puerto Rico Commonwealth					5.000%, 10/01/31 (A)		1,185,000		1,245,423
Infrastructure Financing Authority,					National-RE FGIC Insured
Special Tax Revenue, Ser A,					5.000%, 10/01/21 (A)		2,000,000		2,153,220
BHAC Credit, FGIC Insured					5.000%, 10/01/23 (A)		1,000,000		1,068,220
5.500%, 07/01/22		1,385,000		1,637,638	5.000%, 10/01/24 (A)		2,500,000		2,667,700
					5.000%, 10/01/27 (A)		2,000,000		2,115,300
									9,249,863

See note to schedule of investments.

HighMark®  Funds 57

schedule of investments

October 31, 2012 (unaudited)

wisconsin tax-exempt fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
Wisconsin - 63.1%					Wisconsin - (continued)
Beloit, Community Development					Lease Revenue, Refunding,
Authority, Lease Revenue, RB					Convention Center Project, RB
4.700%, 03/01/21 (A)	$	345,000	$	382,957	4.200%, 06/01/25 (A)	$	1,000,000	$	1,064,790
4.750%, 03/01/22 (A)		300,000		330,132	4.300%, 06/01/29 (A)		1,000,000		1,054,820
Ser A, RB					Madison, Community Development
1.820%, 06/01/18 (A)		475,000		478,330	Authority Revenue, Wisconsin
Burlington, Community Development					Alumni Research Fund Project, RB
Authority, Lease Revenue, RB					5.000%, 10/01/22 (A)		1,065,000		1,287,660
4.000%, 04/01/16 (A)		200,000		210,408	5.000%, 10/01/27 (A)		925,000		1,093,970
4.100%, 04/01/17 (A)		750,000		785,715	5.000%, 10/01/28 (A)		250,000		294,790
City of Appleton, Fox Cities					5.000%, 10/01/34 (A)		4,500,000		5,175,495
Performing Arts, RB					Milwaukee Redevelopment Authority,
2.200%, 09/01/18		355,000		357,904	Milwaukee School of Engineers,
2.400%, 09/01/19		290,000		292,184	RB, AGM Insured
2.600%, 09/01/20		355,000		358,259	2.750%, 04/01/21		1,080,000		1,097,874
Cudahy Community Development					3.000%, 04/01/22		375,000		379,298
Authority, Lease Revenue,					3.200%, 04/01/23 (A)		1,000,000		1,012,990
Ser A, RB					3.750%, 04/01/28 (A)		950,000		980,419
1.950%, 06/01/19		145,000		146,882	4.100%, 04/01/32 (A)		2,500,000		2,580,750
2.200%, 06/01/20		250,000		254,025	Milwaukee, Redevelopment
2.400%, 06/01/21 (A)		360,000		366,001	Authority,
2.600%, 06/01/22 (A)		245,000		248,371	Summerfest Project, RB
Cudahy, Community Development					4.500%, 08/01/23 (A)		110,000		122,408
Authority, Redevelopment Lease					4.700%, 08/01/25 (A)		110,000		122,965
Revenue, RB					5.000%, 08/01/30 (A)		2,000,000		2,263,180
3.650%, 06/01/13		200,000		203,362	Milwaukee, Redevelopment
4.250%, 06/01/17 (A)		500,000		537,520	Authority, Development Revenue,
Delafield, Community Development					Refunding,
Authority, Redevelopment					Marquette University Project, RB,
Revenue, St. Johns Northwestern					XLCA Insured
Military, RB, LOC Town Bank/FHLB					4.150%, 11/01/16 (A)		1,275,000		1,275,000
4.150%, 06/01/25 (A)		250,000		280,163	4.250%, 11/01/17 (A)		1,000,000		1,000,000
4.250%, 06/01/26 (A)		330,000		369,894	4.350%, 11/01/18 (A)		500,000		500,000
4.600%, 06/01/30 (A)		600,000		678,246	Milwaukee, Redevelopment
Eau Claire, Housing Authority,					Authority, Lease Revenue,
Housing Revenue, London Hill					Milwaukee Public Schools,
Townhouses Project, Ser A, RB					Congress School, Ser A, RB
6.250%, 05/01/15		225,000		225,000	4.500%, 08/01/20 (A)		500,000		510,115
Glendale, Community Development					4.600%, 08/01/22 (A)		500,000		531,985
Authority, Lease Revenue, RB					RB, AMBAC Insured
2.600%, 09/01/21 (A)		3,250,000		3,282,132	3.650%, 08/01/13		2,000,000		2,040,840
2.750%, 09/01/22 (A)		2,750,000		2,777,033	3.800%, 08/01/14 (A)		1,000,000		1,018,090
Bayshore Public Parking Facility, Ser A					4.000%, 08/01/16 (A)		1,000,000		1,017,540
5.000%, 10/01/24 (A)		1,500,000		1,560,780	4.100%, 08/01/17 (A)		1,000,000		1,017,080
4.750%, 10/01/27 (A)		1,000,000		1,052,880	4.125%, 08/01/18 (A)		2,010,000		2,041,859
Tax Increment District No. 7, Ser B					Monroe, Redevelopment Authority,
3.850%, 09/01/20 (A)		2,250,000		2,444,085	Development Revenue, Monroe
Green Bay, Redevelopment Authority,					Clinic Inc., RB
Bellin Memorial Hospital					5.875%, 02/15/39 (A)		2,850,000		3,187,469
Project, RB					Neenah, Community Development
6.000%, 12/01/29 (A)		1,000,000		1,139,180	Authority, Lease Revenue,
6.150%, 12/01/32 (A)		1,000,000		1,148,520	Ser A, RB
					4.300%, 12/01/20 (A)		1,000,000		1,038,790
					5.125%, 12/01/23 (A)		1,000,000		1,064,160

See note to schedule of investments.

58 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

wisconsin tax-exempt fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
Wisconsin - (continued)					Wisconsin - (continued)
4.625%, 12/01/28 (A)	$	600,000	$	663,216	4.550%, 10/01/24 (A)	$	250,000	$	262,478
4.700%, 12/01/28 (A)		1,250,000		1,296,700	4.600%, 10/01/25 (A)		150,000		157,310
4.750%, 12/01/32 (A)		400,000		440,688	4.650%, 10/01/28 (A)		250,000		261,390
Onalaska, Community Development					Weston, Community Development
Authority, Lease Revenue, RB					Authority, Lease Revenue,
3.900%, 10/01/14 (A)		100,000		103,318	Ser A, RB
4.000%, 10/01/15 (A)		100,000		103,408	4.100%, 10/01/16 (A)		500,000		518,955
4.150%, 10/01/16 (A)		200,000		207,088	4.250%, 10/01/17 (A)		200,000		207,530
Osceola Redevelopment Authority,					4.350%, 10/01/18 (A)		500,000		508,130
Lease Revenue, Refunding,					4.400%, 10/01/18 (A)		500,000		518,795
Ser A, RB					5.250%, 10/01/20 (A)		445,000		469,159
1.000%, 12/01/12		200,000		200,044	4.500%, 10/01/21 (A)		100,000		109,081
1.350%, 12/01/13		175,000		175,746	4.700%, 10/01/21 (A)		1,230,000		1,275,830
1.650%, 12/01/14		200,000		201,222	4.625%, 10/01/25 (A)		825,000		876,414
1.900%, 12/01/15		175,000		177,252	Guaranty Agreement: Associated
Southeast Wisconsin Professional					Trust Co.
Baseball Park District, League,					4.450%, 10/01/19 (A)		500,000		507,900
Capital Appreciation, COP, ETM,					Ser B, RB
National-RE Insured					4.750%, 10/01/22 (A)		130,000		134,351
0.000%, 12/15/15		970,000		946,206	4.750%, 10/01/23 (A)		140,000		144,318
0.000%, 12/15/17		1,000,000		946,440	Wisconsin Center District,
Sales Tax Revenue, Refunding,					Capital Appreciation, Senior
Ser A, RB, EDTM, National-RE					Dedicated Tax Revenue, Ser A, RB,
Insured					National-RE Insured
5.500%, 12/15/18		250,000		315,005	0.000%, 12/15/26		2,500,000		1,477,925
5.500%, 12/15/19		2,200,000		2,818,750	Ser 1998A, Junior Dedicated Tax
5.500%, 12/15/21		1,500,000		1,962,960	Revenue, RB, AGM Insured
Ser A, RB, National-RE Insured					5.250%, 12/15/23		2,585,000		3,085,947
5.500%, 12/15/14		3,660,000		4,051,986	Wisconsin Dells, Community
5.500%, 12/15/26		4,510,000		5,555,959	Development Authority, Lease
Ser A, RB, National-RE Insured,					Revenue, RB
Crossover Refunding					5.000%, 03/01/22 (A)		1,500,000		1,718,370
5.100%, 12/15/29 (A)		285,000		286,405	4.600%, 03/01/25 (A)		1,200,000		1,313,736
Sun Prairie, Community Development					Ser A
Authority, Lease Revenue, RB					4.300%, 03/01/22 (A)		225,000		235,001
4.400%, 08/01/20 (A)		150,000		153,462	4.450%, 03/01/25 (A)		300,000		312,183
4.500%, 08/01/21 (A)		150,000		153,369	Wisconsin Housing & Economic
Tax Incremental District No. 8, RB					Development Authority, Multi-
4.300%, 08/01/21 (A)		975,000		1,014,312	Family Housing,
4.350%, 08/01/22 (A)		975,000		1,010,100	Ser A, RB
Waukesha, Redevelopment Authority,					4.250%, 12/01/35 (A) (C)		1,500,000		1,580,745
Avalon Square Project, Ser A, RB,					GO of Authorization
GNMA Collateralized					4.100%, 11/01/19		465,000		512,435
5.000%, 06/20/21 (A)		925,000		936,174	4.875%, 11/01/25 (A)		2,225,000		2,480,052
Waukesha, Redevelopment Authority,					5.375%, 11/01/30 (A)		2,135,000		2,303,281
Weldall Manufacturing Inc.					Ser B, RB,
Project,					GO of Authorization
RB, LOC Harris N.A.					4.300%, 05/01/27 (A)		1,000,000		1,020,780
4.200%, 12/01/24 (A)		150,000		162,347	4.400%, 05/01/37 (A)		500,000		505,315
4.500%, 12/01/30 (A)		1,200,000		1,315,272	Ser E, RB, GO of Authorization
West Bend, Redevelopment Authority,					4.700%, 11/01/25 (A)		275,000		283,993
Lease Revenue, RB					4.900%, 11/01/35 (A)		1,650,000		1,680,525
4.500%, 10/01/23 (A)		250,000		262,418

See note to schedule of investments.

HighMark®  Funds 59

schedule of investments

October 31, 2012 (unaudited)

wisconsin tax-exempt fund (concluded)

Description Par/Shares Value

Municipal Bonds - (continued)					†	At October 31, 2012, the tax basis cost of the Fund’s investments
Wisconsin - (continued)						was $157,992,909 and the unrealized appreciation and depreciation
Wisconsin Housing Finance Authority,						were $9,082,446 and $(61,114), respectively.
RB, FHA Mortgages Insured,					(A)	These securities are subject to a demand feature which reduces the effective maturity.
Prerefunded 12/01/17 @ 100 (B)
6.100%, 12/01/17	$	845,000	$	996,027	(B)	Prerefunded security - The maturity date shown is the prerefunded date.
RB, National-RE FHA Mortgages					(C)	Floating rate security. Rate disclosed is as of October 31, 2012.
Insured, Prerefunded 12/01/17 @
100 (B)					AGM	- Assured Guaranty Municipal Corporation
6.100%, 12/01/17		805,000		948,878	AMBAC	- American Municipal Bond Assurance Corporation
				106,550,981	BHAC	- Berkshire Hathaway Assurance Corp.
Total Municipal Bonds					COP	- Certificates of Participation
(Cost $156,061,639)				165,082,971	ETM	- Escrowed to Maturity
Registered Investment Company - 1.2%					FGIC	- Financial Guaranty Insurance Corporation
TFIT Tax-Free Cash Reserve					FHA	- Federal Housing Administration
Portfolio		1,931,270		1,931,270	FHLB	- Federal Home Loan Bank
Total Registered Investment Company					GNMA	- Government National Mortgage Association
(Cost $1,931,270)				1,931,270	GO	- General Obligation
Total Investments - 99.0%					HUD	- Housing and Urban Development
(Cost $157,992,909) †				167,014,241	LOC	- Letter of Credit
Other Assets & Liabilities, Net - 1.0%				1,727,959	MBIA	- Municipal Bond Investors Assurance
Net Assets - 100.0%			$	168,742,200	NA	- National Association
					RB	- Revenue Bond
					Ser	- Series
					XLCA	- XL Capital Assurance

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2		Level 3
	Total Fair		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Municipal Bonds	$	165,082,971		—		165,082,971		—
Registered Investment Company		1,931,270		1,931,270		—		—
Total:	$	167,014,241	$	1,931,270	$	165,082,971	$	—

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

60 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

california tax-free money market fund

Description	Par		Value		Description	Par		Value
Municipal Bonds - 100.0%					Municipal Bonds - (continued)
California - 87.2%					California - (continued)
ABAG, Multi-Family Housing Finance					California State Housing Finance
Authority, Non-Profit, Episcopal					Agency, Multi-Family Housing,
Homes Foundation, COP, LOC Wells					Ser B, RB, FNMA Insured (A) (B) (C)
Fargo Bank N.A. (A) (B) (C)					0.200%, 02/01/35	$	9,500,000	$	9,500,000
0.160%, 02/01/25	$	4,410,000	$	4,410,000	California State, Kindergarten,
Alameda County, Industrial					Ser B-3, GO,
Development Authority Revenue,					LOC Citibank N.A (A) (B) (C)
Ettore Products Company Project,					0.200%, 05/01/34		5,645,000		5,645,000
Ser A, RB, AMT, LOC Comerica					California Statewide, Communities
Bank (A) (B) (C)					Development Authority, Redlands
0.280%, 12/01/30		4,000,000		4,000,000	Community Hospital, Ser B, RB,
California Infrastructure & Economic					LOC JPMorgan Chase Bank
Development Bank (A) (B) (C)					NA (A) (B) (C)
California Academy, Ser E, RB, LOC					0.210%, 04/01/29		1,750,000		1,750,000
Northern Trust Co.					Chino Basin, Regional Financing
0.210%, 09/01/38		7,220,000		7,220,000	Authority, Inland Empire Utilities,
Jewish Community Center,					Ser B, RB, LOC Lloyds TSB Bank
Ser A, RB, LOC Bank of America N.A.					PLC (A) (B) (C)
0.260%, 12/01/31		12,605,000		12,605,000	0.240%, 06/01/32		17,030,000		17,030,000
Pacific Gas & Electric, Ser C, RB,					Contra Costa County, Multi-Family
LOC Sumitomo Mitsui Bank					Mortgage Revenue, RB, FNMA
0.240%, 12/01/16		3,000,000		3,000,000	Insured (A) (B) (C)
California Municipal Finance					0.200%, 11/15/22		8,100,000		8,100,000
Authority, Westmont College,					Eastern Municipal Water District,
Ser A, RB, LOC Comerica					Water & Sewer, Ser A, COP, SPA
Bank (A) (B) (C)					Wells Fargo Bank N.A. (A) (B) (C)
0.280%, 01/01/40		5,000,000		5,000,000	0.190%, 07/01/30		3,980,000		3,980,000
California Pollution Control Financing					Irvine Ranch, Water District, Special
Authority, (A) (B) (C)					Assessment, District Nos.
Pacific Gas & Electric, Ser C, RB,					140-240-105-250, LOC Bank of
LOC JPMorgan Chase Bank NA					New York Mellon (A) (B) (C)
0.260%, 11/01/26		8,000,000		8,000,000	0.190%, 04/01/33		1,000,000		1,000,000
Resource Recovery, Wadham					Irvine, Improvement Bond Act 1915,
Energy, Ser C, RB, AMT, LOC BNP					Special Assessment, Assessment
Paribas					District 94-13, LOC State Street
0.520%, 11/01/17		11,500,000		11,500,000	Bank & Trust Co. (A) (B) (C)
California State RAN, SER A-2					0.240%, 09/02/22		900,000		900,000
2.500%, 06/20/13		15,000,000		15,195,813	Livermore, COP, Capital Projects, LOC
Ser A, Sub-Ser A-1-2, GO, LOC					U.S. Bank N.A. (A) (B) (C)
Royal Bank of Canada (A) (B) (C)					0.200%, 10/01/30		4,570,000		4,570,000
0.190%, 05/01/40		23,000,000		23,000,000	Livermore, Multi-Family Housing
Ser A, Sub-Ser A-2-2, GO, LOC					Authority, Mortgage Portola, RB,
Royal Bank of Canada (A) (B) (C)					AMT, FHLMC Insured (A) (B) (C)
0.190%, 05/01/40		20,000,000		20,000,000	0.240%, 05/01/19		375,000		375,000
California State Educational Facilities					Los Angeles County, Metropolitan
Authority, California Institute of					Transportation Authority
Technology, RB, Institute					Ser A-2, RB, SPA Mizuho Corp.
Guaranteed (A) (B) (C)					Bank (A) (B) (C)
0.180%, 01/01/24		19,000,000		19,000,000	0.210%, 07/01/23		20,000,000		20,000,000
California State Health Facilities					Los Angeles County, TRAN, Ser C, RB
Financing Authority, Adventist					2.000%, 06/28/13		4,000,000		4,047,032
Health System, Ser B, RB LOC Wells					Los Angeles Wastewater System
Fargo Bank N.A. (A) (B) (C)					Revenue (A) (B) (C) Sub-Ser C, RB,
0.180%, 09/01/25		1,670,000		1,670,000	LOC JP Morgan Chase Bank NA
					0.190%, 06/01/28		1,965,000		1,965,000

See note to schedule of investments.

HighMark®  Funds 61

schedule of investments

October 31, 2012 (unaudited)

california tax-free money market fund (continued)

Description	Par		Value		Description	Par		Value
Municipal Bonds - (continued)					Municipal Bonds - (continued)
California - (continued)					California - (continued)
Sub-Ser D, RB, LOC JP Morgan					Folsom-Dore Apartment Project,
Chase Bank NA					RB, AMT, LOC
0.220%, 06/01/28	$	6,400,000	$	6,400,000	Citibank N.A. (A) (B) (C)
Metropolitan Water District of					0.260%, 12/01/34	$	2,600,000	$	2,600,000
Southern California (A) (B) (C)					San Jose, Redevelopment Agency,
Waterworks Revenue, Ser B, RB,					Merged Area Redevelopment
SPA Landesbank Hessen					Project, Ser B, RB, LOC JPMorgan
0.190%, 07/01/28		16,000,000		15,999,499	Chase Bank NA (A) (B) (C)
Waterworks Revenue, Ser C, RB,					0.220%, 08/01/32		2,600,000		2,600,000
SPA Landesbank Hessen					San Rafael, Redevelopment Agency,
0.200%, 07/01/28		23,100,000		23,100,000	Fairfax Standard Apartments,
Orange County, Apartment					Ser A, RB, LOC Citibank
Development Revenue, WLCO LF					N.A. (A) (B) (C)
Partners, Ser G-1, RB, FNMA					0.320%, 09/01/31		1,500,000		1,500,000
Insured (A) (B) (C)					Santa Clara County, El Camino
0.200%, 11/15/28		9,300,000		9,300,000	Hospital District Lease Authority,
Pittsburg Public Financing Authority,					Valley Medical Center Project,
RB, LOC Bank of the					Ser A, RB, LOC State Street Bank &
West (A) (B) (C)					Trust Co. (A) (B) (C)
0.300%, 06/01/35		16,245,000		16,245,000	0.180%, 08/01/15		350,000		350,000
Rancho Water District Community					Southern California, Public Power
Facilities District No. 89-5, Special					Authority, Electric Power and Light
Tax, LOC Wells Fargo Bank					Revenue, Magnolia Power Project,
N.A. (A) (B) (C)					Ser A, RB, LOC U.S. Bank
0.200%, 09/01/28		5,400,000		5,400,000	N.A. (A) (B) (C)
Riverside County, Public Facilities,					0.210%, 07/01/36		31,770,000		31,770,000
Ser B, COP, LOC State Street					Tustin, Unified School District,
Bank & Trust Co. (A) (B) (C)					Community Facility District No
0.170%, 12/01/15		1,950,000		1,950,000	07-1, Special Tax, LOC Bank of
Sacramento County, Sanitation					America N.A. (A) (B) (C)
District Financing Authority,					0.260%, 09/01/50		20,400,000		20,400,000
Subordinate Lien, Ser E, RB, LOC JP					University of California, Regents
Morgan Bank N.A. (A) (B) (C)					Medical Center Pooled, Ser B-1, RB,
0.200%, 12/01/40		5,500,000		5,500,000	SPA Wells Fargo Bank
Sacramento County, Special Facilities					N.A. (A) (B) (C)
Airport Revenue, Cessna Aircraft					0.230%, 05/15/32		2,000,000		2,000,000
Company Project, RB, LOC Bank of					Vallejo, Housing Authority, RB, FNMA
America N.A. (A) (B) (C)					Insured (A) (B) (C)
0.350%, 11/02/28		7,000,000		7,000,000	0.210%, 05/15/22		4,000,000		4,000,000
San Diego County, Regional					Vallejo, Water Revenue, Ser A, RB,
Transportation Commission,					LOC JPMorgan Chase Bank
Limited Tax, Ser B, RB, SPA					NA (A) (B) (C)
JPMorgan Chase					0.250%, 06/01/31		16,980,000		16,980,000
Bank NA (A) (B) (C)					Whittier, Healthcare Facilities,
0.220%, 04/01/38		12,550,000		12,550,000	Presbyterian Intercommunity,
San Francisco City & County, Airports					Ser B, RB, LOC U.S. Bank
Commission, Ser 36-C, RB, LOC U.S.					N.A. (A) (B) (C)
Bank N.A. (A) (B) (C)					0.190%, 06/01/36		2,800,000		2,800,000
0.220%, 05/01/26		5,875,000		5,875,000					413,062,344
Finance Corporation Lease,
Moscone Center, Ser 2008-2, RB,
LOC State Street Bank &
Trust Co. (A) (B) (C)
0.200%, 04/01/30		5,280,000		5,280,000

See note to schedule of investments.

62 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

california tax-free money market fund (continued)

Description	Par/Shares		Value
Municipal Bonds - (continued)					†	At October 31, 2012, cost is identical for book and federal income tax purposes.
New Jersey - 3.7%
New Jersey Housing & Mortgage					(A)	Floating rate security. Rate disclosed is as of October 31, 2012.
Finance Agency, AMT, Ser A, RB,					(B)	Put and Demand Feature-Variable rate demand notes are payable upon demand. Put bonds and notes have
						demand features that allow the holder to redeem the issue at specified dates before maturity. The date
						reported is the final maturity, not the next reset or put date. The interest rate shown reflects
SPA Lloyds TSB Bank PLC (A) (B) (C)						the rate in effect on October 31, 2012.
0.400%, 05/01/28	$	17,500,000	$	17,500,000	(C)	Securities are held in conjunction with a guarantee/letter of credit and/ or a liquidity
Pennsylvania - 6.5%						agreement by a major commercial bank or financial institution.
Pennsylvania Turnpike
Commission (A) (B) (C)					ABAG	- Association of Bay Area Governments
Ser B, RB, AGM Insured, SPA					AGM	- Assured Guaranty Municipal Corporation
JP Morgan Chase Bank NA					AMT	- Alternative Minimum Tax
0.220%, 07/15/41		12,600,000		12,600,000	COP	- Certificates of Participation
Ser C, RB, AGM Insured, SPA					FHLMC	- Federal Home Loan Mortgage Corporation
JP Morgan Chase Bank NA					FNMA	- Federal National Mortgage Association
0.260%, 07/15/41		8,090,000		8,090,000	GO	- General Obligation
Ser D, RB, AGM Insured, SPA					LOC	- Letter of Credit
JP Morgan Chase Bank NA					NA	- National Association
0.290%, 07/15/41		9,800,000		9,800,000	PLC	- Public Liability Company
				30,490,000	RAN	- Revenue Anticipation Note
Puerto Rico - 0.4%					RB	- Revenue Bond
Puerto Rico Commonwealth,					Ser	- Series
Public Improvement,					SPA	- Standby Purchase Agreement
Series C-5-2, GO, AGM Insured,					TRAN	- Tax and Revenue Anticipation Note
LOC Barclays Bank PLC (A) (B) (C)
0.210%, 07/01/20		2,000,000		2,000,000
Wisconsin - 2.2%
Wisconsin Housing & Economic
Development Authority Ser C, RB,
AMT, Institute Guaranteed,
SPA BNP Paribas (A) (B) (C)
1.000%, 09/01/23		10,500,000		10,500,000
Total Municipal Bonds
(Cost $473,552,344)				473,552,344
Registered Investment Companies - 0.0%
BlackRock Liquidity Funds,
California Money Fund		99,099		99,099
Goldman Sachs Institutional
Liquid Assets Tax-Exempt
California Portfolio		8,565		8,565
Total Registered Investment Companies
(Cost $107,664)				107,664
Total Investments - 100.0%
(Cost $473,660,008) †				473,660,008
Other Assets & Liabilities, Net - 0.0%				74,016
Net Assets - 100.0%			$	473,734,024

See note to schedule of investments.

HighMark®  Funds 63

schedule of investments

October 31, 2012 (unaudited)

california tax-free money market fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2		Level 3
	Total Fair		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Municipal Bonds	$	473,552,344	$	—	$	473,552,344	$	—
Registered Investment Companies		107,664		107,664		—		—
Total:	$	473,660,008	$	107,664	$	473,552,344	$	—

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

64 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

diversified money market fund

Description	Par		Value		Description	Par		Value
Commercial Paper - Discounted* - 34.8%					Certificates of Deposit - Yankee - (continued)
Asset-Backed Securities - Trade Receivables - 14.6% (A)					Canadian Imperial Bank of
Atlantic Asset Securitization LLC					Commerce NY
0.320%, 11/01/12	$	90,000,000	$	90,000,000	0.480%, 08/29/13 (B)	$	60,000,000	$	60,000,000
Autobahn Funding Co LLC					Credit Suisse New York NY
0.250%, 11/01/12		95,000,000		95,000,000	0.271%, 10/25/13 (B)		50,000,000		50,000,000
Mont Blanc Capital Corp.					Mizuho Corporate Bank NY
0.451%, 11/05/12		55,000,000		54,997,250	0.380%, 12/20/12		60,000,000		60,000,000
Sydney Capital Corp.					National Bank of Canada NY
0.300%, 12/14/12		35,000,000		34,987,458	0.507%, 08/16/13 (B)		50,000,000		50,000,000
0.300%, 01/08/13		27,000,000		26,984,700	Norinchukin Bank NY
Total Asset-Backed Securities - Trade Receivables					0.410%, 04/11/13		60,000,000		60,000,000
(Cost $301,969,408)				301,969,408	Skandinaviska Enskilda Banken NY
Asset-Backed Security - Credit Card - 2.9% (A)					0.340%, 01/14/13		25,000,000		25,002,051
White Point Funding Inc					Standard Chartered Bank NY
0.300%, 11/07/12		60,000,000		59,997,000	0.570%, 04/15/13		60,000,000		60,000,000
Total Asset-Backed Security - Credit Card					Sumitomo Mitsui Bank NY
(Cost $59,997,000)				59,997,000	0.540%, 06/19/13 (B)		61,000,000		61,000,000
Asset-Backed Security - Diversified Financial Assets - 4.6% (A)					Toronto-Dominion Bank NY
Mountcliff Funding LLC					0.301%, 05/28/13 (B)		60,000,000		60,000,000
0.350%, 11/01/12		95,000,000		95,000,000	UBS AG Stamford CT
Total Asset-Backed Security - Diversified					0.449%, 04/04/13 (B)		60,000,000		60,000,000
Financial Assets					Total Certificates of Deposit - Yankee
(Cost $95,000,000)				95,000,000	(Cost $616,002,051)				616,002,051
Asset-Backed Security - Government - 2.9% (A)					Corporate Obligations - 6.6%
Kells Funding LLC/Guarantee -					Automotive - 3.2%
Republic of Germany					Toyota Motor Credit Corp., MTN
0.250%, 11/20/12		60,000,000		59,992,083	0.505%, 04/03/13 (B)		66,500,000		66,500,000
Total Asset-Backed Security - Government					Total Automotive
(Cost $59,992,083)				59,992,083	(Cost $66,500,000)				66,500,000
Banking - 9.8%					Banking - 3.4%
Northern Pines Funding LLC					Bank of Montreal Chicago, MTN
0.320%, 12/10/12		60,000,000		59,979,200	0.799%, 11/05/13 (A) (D)		70,000,000		70,000,000
PB Finance (Delaware)					Total Banking
0.380%, 11/14/12		23,500,000		23,496,775	(Cost $70,000,000)				70,000,000
0.330%, 12/17/12		25,000,000		24,989,458	Total Corporate Obligations
Silver Tower U.S. Funding					(Cost $136,500,000)				136,500,000
0.660%, 11/02/12		60,000,000		59,998,900	Foreign Bank Note - 2.4%
Working Capital Management					Banking - 2.4%
0.240%, 11/06/12		35,000,000		34,998,834	Westpac Banking Corp.,
Total Banking					0.365%, 05/03/13 (A) (B)		50,000,000		50,000,000
(Cost $203,463,167)				203,463,167	Total Foreign Bank Note
Total Commercial Paper - Discounted					(Cost $50,000,000)				50,000,000
(Cost $720,421,658)				720,421,658
Certificates of Deposit - Yankee - 29.7%
Bank of Nova Scotia Houston
0.465%, 01/04/13 (B)		70,000,000		70,000,000

See note to schedule of investments.

HighMark®  Funds 65

schedule of investments

October 31, 2012 (unaudited)

diversified money market fund (continued)

Description	Par		Value		Description		Par/Shares		Value
U.S. Government Agency Obligation - 1.2%					Repurchase Agreements - (continued)
FNMA					Merrill Lynch, Fenner Pierce &
0.204%, 08/12/13 (B)	$	25,000,000	$	24,994,089		Smith
Total U.S. Government Agency Obligation						0.250%, dated 10/31/12,
(Cost $24,994,089)				24,994,089		matures on 11/01/12, repurchase
Variable Rate Demand Notes - 0.3%						price $165,001,146
U.S. Government - 0.3%						(collateralized by two U.S.
Washington State, Housing Finance						Treasury obligations, par value
Commission, Multi-Family						from $25,504,600 -
Housing, The Lodge at Eagle						$142,067,000, 0.000% - 1.250%,
Ridge, Ser B, RB, LOC: FHLB						01/10/13 - 10/31/19, total
0.210%, 08/01/41 (C)		3,425,000		3,425,000		market value $168,300,075)	$	165,000,000	$	165,000,000
Winston Salem, NC, COP					Total Repurchase Agreements
0.250%, 11/01/12 (C) (E)		3,000,000		3,000,000		(Cost $417,714,503)				417,714,503
Total U.S. Government					Registered Investment Company - 2.4%
(Cost $6,425,000)				6,425,000	Fidelity Institutional Money Market
Total Variable Rate Demand Notes						Portfolio		50,000,000		50,000,000
(Cost $6,425,000)				6,425,000	Total Registered Investment Company
U.S. Treasury Bill** - 2.4%						(Cost $50,000,000)				50,000,000
U.S. Treasury Bill					Total Investments - 100.0%
0.122%, 12/27/12		50,000,000		49,990,667		(Cost $2,072,047,968) †				2,072,047,968
Total U.S. Treasury Bill					Other Assets & Liabilities, Net - 0.0%					(73,332	)
(Cost $49,990,667)				49,990,667	Net Assets - 100.0%				$	2,071,974,636
Repurchase Agreements - 20.2%					*	Rate shown represents the money market equivalent yield to maturity at purchase.
Barclays Capital Inc.
0.300%, dated 10/31/12, matures					**	Rate shown represents the bond equivalent yield to maturity at purchase.
on 11/01/12, repurchase price
$21,000,175 (collateralized by a					†	At October 31, 2012, cost is identical for book and federal income tax purposes.
U.S. Treasury obligation, par value
$21,391,100, 0.250%, 11/30/13,					(A)	Securities sold within the terms of a private placement memorandum, exempt from registration under Section 3(a), 4(2) or 144A of the Securities Act of 1933, as amended, and may be sold only to the dealers in that program or other “accredited investors”. The value of these securities as of October 31, 2012 was $636,958,491 and represented 30.7% of net assets.
total market value $21,420,087)		21,000,000		21,000,000
Credit Suisse Securities (USA)
0.250%, dated 10/31/12, matures
on 11/01/12, repurchase price
$170,001,181 (collateralized by a
U.S. Treasury obligation, par value					(B)	Variable rate security whose interest rate is reset periodically based on an index. The rate reflected is the rate in effect on October 31, 2012. The date reported is the final maturity.
$167,585,000, 1.500%, 08/31/18,
total market value $173,403,162)		170,000,000		170,000,000
Deutsche Bank Securities					(C)	Demand Feature - The adjustable rate reflected is the rate in effect on October 31, 2012. The date reported is the final maturity, not the date on which principal could be recovered.
0.280%, dated 10/31/12, matures
on 11/01/12, repurchase price
$61,714,983 (collateralized by a					(D)	Variable Rate/Extendable Security - The rate reflected is the rate in effect on October 31, 2012. The maturity date reflects the next date on which the principal can be recovered.
U.S. Treasury obligations, par value
$60,040,600, 2.250%, 01/31/15,
total market value $62,948,847)		61,714,503		61,714,503	(E)	Security is escrowed to maturity in U.S. treasuries.

See note to schedule of investments.

66 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

diversified money market fund (concluded)

COP	-  Certificates of Participation
CT	-  Connecticut
FHLB	-  Federal Home Loan Bank
FNMA	-  Federal National Mortgage Association
LLC	-  Limited Liability Company
LOC	-  Letter of Credit
MTN	-  Medium Term Note
NC	-  North Carolina
NY	-  New York
RB	-  Revenue Bond
Ser	-  Series

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2		Level 3
	Total Fair		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Commercial Paper-Discounted	$	720,421,658	$	—	$	720,421,658	$	—
Certificates of Deposit-Yankee		616,002,051		—		616,002,051		—
Corporate Obligations		136,500,000		—		136,500,000		—
Foreign Bank Note		50,000,000		—		50,000,000		—
U.S. Government Agency Obligation		24,994,089		—		24,994,089		—
Variable Rate Demand Notes		6,425,000		—		6,425,000		—
U.S. Treasury Bill		49,990,667		—		49,990,667		—
Repurchase Agreements		417,714,503		—		417,714,503		—
Registered Investment Company		50,000,000		50,000,000		—		—
Total:	$	2,072,047,968	$	50,000,000	$	2,022,047,968	$	—

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 67

schedule of investments

October 31, 2012 (unaudited)

diversified money market fund (concluded)

Description	Par		Value		Description		Par		Value
U.S. Government Agency Obligations - 11.2%					Repurchase Agreements - (continued)
FFCB					Deutsche Bank Securities
0.211%, 11/27/12 (A)	$	5,000,000	$	5,000,000		0.280%, dated 10/31/12, matures
FNMA						on 11/01/12, repurchase price
0.204%, 08/12/13 (A)		7,000,000		6,998,345		$26,818,644 (collateralized by a
Total U.S. Government Agency						U.S. Treasury obligation, par value
Obligations						$21,043,200, 2.000%, 01/15/14,
(Cost $11,998,345)				11,998,345		total market value $27,354,865)	$	26,818,435	$	26,818,435
U.S. Treasury Bill* - 9.4%					Total Repurchase Agreements
U.S. Treasury Bill						(Cost $84,818,435)				84,818,435
0.101%, 01/24/13		10,000,000		9,997,667	Total Investments - 100.0%
Total U.S. Treasury Bill					(Cost $106,814,447) †					106,814,447
(Cost $9,997,667)				9,997,667	Other Assets & Liabilities, Net - 0.0%					(28,724	)
Repurchase Agreements - 79.4%					Net Assets - 100.0%				$	106,785,723
Barclays Capital
0.300%, dated 10/31/12, matures					*	Rate shown represents the bond equivalent yield to maturity at purchase.
on 11/01/12, repurchase price
$29,000,242 (collateralized by a					†	At October 31, 2012, cost is identical for book and federal income tax purposes.
U.S. Treasury obligation, par value
$29,388,000, 1.375%, 01/15/13,					(A)	Variable rate security whose interest rate is reset periodically based on an index. The rate reflected is the rate in effect on October 31, 2012. The date reported is the final maturity.
total market value $29,580,060)		29,000,000		29,000,000
Credit Suisse Securities (USA)
0.250%, dated 10/31/12, matures					FFCB	-  Federal Farm Credit Bank
on 11/01/12, repurchase price
$29,000,201 (collateralized by a					FNMA	-  Federal National Mortgage Association
U.S. Treasury obligation, par value
$29,560,000, 0.250%, 01/31/14,
total market value $29,583,204)		29,000,000		29,000,000

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2			Level 3
	Total Fair		Level 1		Significant			Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs			Inputs
Investments in Securities **	$	106,814,447	$	—	$	106,814,447		$	—

**   See schedule of investments detail for security type breakout.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

68 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

U. S. government money market fund

Description	Par		Value		Description	Par		Value
U.S. Government Agency Obligations - 30.3%					Variable Rate Demand Notes - (continued)
FFCB					Westport Development, Ser B, RB
0.211%, 11/27/12 (A)	$	50,000,000	$	50,000,000	Guarantee: FNMA
0.194%, 08/15/14 (A)		50,000,000		49,982,365	0.190%, 06/15/34	$	6,800,000	$	6,800,000
FHLMC					New York State, Dormitory Authority
0.164%, 06/03/13 (A)		50,000,000		49,988,176	Revenue, Ser B, RB
FNMA					Guarantee: FNMA (B)
0.204%, 08/12/13 (A)		75,000,000		74,982,267	0.190%, 11/15/36		15,595,000		15,595,000
Total U.S. Government Agency Obligations					New York State, Housing Finance
(Cost $224,952,808)				224,952,808	Agency Revenue, (B)
					11th Avenue Housing, Ser B, RB
Variable Rate Demand Notes - 19.4%					Guarantee: FNMA
California, Milpitas Multi-Family					0.180%, 05/15/41		5,100,000		5,100,000
Housing Revenue Crossing,					38th Street, Ser B, RB
Ser A, RB Guarantee: FNMA (B)					Guarantee: FNMA
0.150%, 08/15/33		4,800,000		4,800,000	0.190%, 05/15/33		8,900,000		8,900,000
California, Sacramento County,					Biltmore Tower Housing, Ser B, RB
Multi-Family Housing					Guarantee: FNMA
Development Authority, Deer Park					0.180%, 05/15/34		690,000		690,000
Apartments, Ser A, RB					North End, Ser B, RB
Guarantee: FNMA (B)					Guarantee: FNMA
0.200%, 07/15/35		1,050,000		1,050,000	0.180%, 11/15/36		2,500,000		2,500,000
California, San Francisco, City &					Ser B, RB Guarantee: FNMA
County Redevelopment, Ser D, RB					0.180%, 05/15/33		12,100,000		12,100,000
Guarantee: FNMA (B)					Tower 31 Housing, Ser A, RB
0.220%, 06/15/34		26,050,000		26,050,000	Guarantee: FHLMC
California, Simi Valley, Multi-Family					0.180%, 11/01/36		2,600,000		2,600,000
Housing Revenue, Parker Ranch,					West 33rd Street, Ser B, RB
Ser A, RB Guarantee: FNMA (B)					Guarantee: FNMA
0.190%, 07/15/36		400,000		400,000	0.190%, 11/15/36		4,100,000		4,100,000
California, Statewide Community					Pennsylvania, Montgomery County,
Development Authority, Palms					Redevelopment Authority,
Apartments, Ser C, RB					Kingswood Apartments Project,
Guarantee: FNMA (B)					Ser A, RB Guarantee: FNMA (B)
0.170%, 05/15/35		3,200,000		3,200,000	0.220%, 08/15/31		5,405,000		5,405,000
New York City Housing Development,					Virginia, Chesapeake,
Multi-Family Mortgage Revenue,					Redevelopment & Housing
Pearl Street Development,					Authority, Multi-Family Housing
Ser B, RB Guarantee: FNMA (B)					Revenue, Alta Great Bridge,
0.180%, 10/15/41		14,125,000		14,125,000	Ser A, RB Guarantee: FNMA (B)
New York City Housing Development,					0.240%, 01/15/41		1,625,000		1,625,000
Multi-Family Rent Housing					Washington State Housing Finance
Revenue, (B)					Commission, Multi-Family Housing
Gold Street, Ser B, RB					Revenue, (B)
Guarantee: FNMA					Ballard Landmark, Ser B, RB
0.180%, 04/15/36		2,395,000		2,395,000	Guarantee: FHLB
Nicole, Ser B, RB					0.200%, 12/15/41		3,510,000		3,510,000
Guarantee: FNMA					Bridgewood Project, Ser B, RB
0.190%, 11/15/35		4,570,000		4,570,000	Guarantee: FNMA
West Street, Ser B, RB					0.180%, 09/01/34		3,025,000		3,025,000
Guarantee: FNMA					Highland Park Apartments,
0.180%, 03/15/36		7,100,000		7,100,000	Ser B, RB Guarantee: FNMA
					0.180%, 07/15/38		1,550,000		1,550,000

See note to schedule of investments.

HighMark®  Funds 69

schedule of investments

October 31, 2012 (unaudited)

U. S. government money market fund (concluded)

Description	Par		Value		Description	Par		Value
Variable Rate Demand Notes - (continued)					Repurchase Agreements - (continued)
Pinehurst Apartments Project,					Goldman, Sachs
Ser B, RB Guarantee: FNMA					0.250%, dated 10/31/12, matures
0.180%, 03/15/39	$	1,360,000	$	1,360,000	on 11/01/12, repurchase price
Ranier Court Project, Ser B, RB					$35,000,243 (collateralized by a
Guarantee: FNMA					U.S. agency obligation, par value
0.170%, 12/15/36		3,110,000		3,110,000	$35,090,000, 1.875%, 06/21/13,
Rolling Hills Project, Ser B, RB					total market value $35,700,420)	$	35,000,000	$	35,000,000
Guarantee: FNMA					Total Repurchase Agreements
0.180%, 06/15/37		1,915,000		1,915,000	(Cost $336,909,361)				336,909,361
Total Variable Rate Demand Notes					Total Investments - 100.1%
(Cost $143,575,000)				143,575,000	(Cost $742,432,766) †				742,432,766
U.S. Government Guaranteed Obligations - 1.6%					Other Assets & Liabilities, Net - (0.1)%				(990,928	)
Citibank N.A., Guarantee: FDIC (A)					Net Assets - 100.0%			$	741,441,838
0.435%, 11/15/12		12,000,000		12,001,605
Total U.S. Government Guaranteed Obligations
(Cost $12,001,605)				12,001,605	*Rate shown represents the bond equivalent yield to maturity at purchase.
U.S. Treasury Bill * - 3.4%
U.S. Treasury Bill					†At October 31, 2012, cost is identical for book and federal income tax purposes.
0.104%, 01/24/13		25,000,000		24,993,992
Total U.S. Treasury Bill					(A)Variable rate security whose interest rate is reset periodically based on an index.
(Cost $24,993,992)				24,993,992	The rate reflected is the rate in effect on October 31, 2012. The date reported is the final maturity.
Repurchase Agreements - 45.4%					(B)Demand Feature - Rate shown is as of report date and maturities shown are the
Credit Suisse Securities (USA)					final maturities, not the date on which principal could be recovered through the demand feature.
0.250%, dated 10/31/12, matures					FDIC      - Federal Deposit Insurance Corporation
on 11/01/12, repurchase price
$50,000,347 (collateralized by a					FFCB     - Federal Farm Credit Bank
U.S. Treasury obligation, par value
$51,215,000, 0.250%, 10/15/15,					FHLB     - Federal Home Loan Bank
total market value $51,000,402)		50,000,000		50,000,000
Deutsche Bank Securities					FHLMC - Federal Home Loan Mortgage Corporation
0.280%, dated 10/31/12, matures
on 11/01/12, repurchase price					FNMA    - Federal National Mortgage Association
$121,910,309 (collateralized by
two U.S. agency obligations, par					RB           - Revenue Bond
value $30,480,000 - $90,210,000,
1.000% - 4.375%, 10/15/15 -					Ser         - Series
09/20/17, total market value
$124,348,492)		121,909,361		121,909,361
Deutsche Bank Securities
0.320%, dated 10/31/12, matures
on 11/01/12, repurchase price
$130,001,156 (collateralized by a
U.S. agency obligation, par value
$118,817,000, 4.375%, 10/15/15,
total market value $132,600,657)		130,000,000		130,000,000

See note to schedule of investments.

70 High Mark®Funds

schedule of investments

October 31, 2012 (unaudited)

U.S. government money market fund (concluded)

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

		Total Fair		Level 1		Level 2 Significant		Level 3 Significant
		Value at		Quoted		Observable		Unobservable
		10/31/12		Price		Inputs		Inputs
Investments in Securities **		$	742,432,766	$	—	$	742,432,766	$	—
**	See schedule of investments detail for industry breakout.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statement.

See note to schedule of investments.

HighMark®  Funds 71

schedule of investments

October 31, 2012 (unaudited)

100% U.S. treasury money market fund

Description	Par		Value
U.S. Treasury Bills * - 117.3%
U.S. Treasury Bills
0.094%, 11/01/12	$	170,427,000	$	170,427,000
0.127%, 11/15/12		70,000,000		69,996,597
0.119%, 11/23/12		125,000,000		124,991,063
0.119%, 11/29/12		150,000,000		149,986,292
0.106%, 12/20/12		100,000,000		99,985,708
0.114%, 12/27/12		94,451,000		94,434,507
0.106%, 01/17/13		30,000,000		29,993,263
0.101%, 01/24/13		75,000,000		74,982,500
0.127%, 01/31/13		50,000,000		49,984,201
Total U.S. Treasury Bills
(Cost $864,781,131)				864,781,131
Total Investments - 117.3%
(Cost $864,781,131) †				864,781,131
Other Assets & Liabilities, Net - (17.3)%				(127,265,910	)
Net Assets - 100.0%			$	737,515,221

*   Rate shown represents the bond equivalent yield to maturity at purchase.

†   At October 31, 2012, cost is identical for book and federal income tax purposes.

A summary of the inputs used to value the Fund’s net assets as of October 31, 2012 is as follows (see note to schedule of investments):

					Level 2		Level 3
	Total Fair		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	10/31/12		Price		Inputs		Inputs
Investments in Securities **	$	864,781,131		—	$	864,781,131	$	—

**   See schedule of investments detail for security type breakout.

For more information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

See note to schedule of investments.

72 High Mark®Funds

note to schedule of investments

October 31, 2012 (unaudited)

Security Valuation — Securities listed on a securities exchange,market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NAS-DAQ Official Closing Price is used. Where available, debt secu-rities are priced based upon valuations provided by independent, third-party pricing agents. These third-party pricing agents may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other electronic data processing techniques. Such techniques generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. Prices for most securities held in the Funds are obtained daily from recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.	For securities held by the Funds that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The clos-ing prices of securities may no longer reflect their market value at the time the Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If HighMark Capital Management, Inc. (the “Adviser” or the “Administrator”), a wholly owned subsidiary of Union Bank, N.A. (the “Bank”) (a wholly owned subsidiary of UnionBanCal Corporation), or the sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of secu-rities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it shall request that a Committee meeting be called.
Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price for long option positions and the closing ask price for short option positions. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Investments in registered investment companies are priced at the fund’s daily net asset value. The assets of each of the Asset Allocation Funds consist primarily of the investments in under-lying affiliated registered investment companies, which are valued at their respective daily net asset values in accordance with the above, Board-approved, pricing procedures.	The International Opportunities Fund also uses a third-party fair valuation vendor. The vendor provides a fair value for for-eign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market. In the event that the threshold established by the Committee is exceeded on a spe-cific day, the Fund will value the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.
Securities for which market prices are not readily available are valued in accordance with the Funds’ Fair Value Procedures established by HighMark’s Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security has not been traded for a significant amount of time; or the security’s primary pricing source is not able or willing to pro-vide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reason-ably available to the Committee.	All securities, with the exception of repurchase agreements, held by the Money Market Funds are stated at amortized cost, which approximates market value pursuant to Rule 2a-7 of the Investment Company Act of 1940. Under this valuation meth-od, purchase discounts and premium are accreted and amor-tized ratably to maturity and are included in interest income. Repurchase agreements are valued at cost, which approx-imates market or fair value.

See note to schedule of investments.

HighMark®  Funds 73

note to schedule of investments (continued)

October 31, 2012 (unaudited)

Fair Value Measurements — The inputs and valuations tech-niques used to measure fair value of the Funds’ net assets are summarized into three levels as described in the hierarchy below:			Forward Foreign Currency Contracts — The InternationalOpportunities Fund may enter into spot and forward foreign currency contracts as hedges against either specific trans-actions, Fund positions or anticipated Fund positions. All commitments are “marked-to-market” daily using the appli-cable spot or forward foreign exchange rate, and any resulting unrealized gains or losses are recorded. The International Opportunities Fund realizes gains and losses at the time the spot or forward contracts are extinguished. Unrealized gains or losses on outstanding positions in spot and forward foreign currency contracts held at the close of the period are recog-nized as ordinary income or loss for federal income tax pur-poses. The International Opportunities Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a currency relative to the U.S. dol-lar. Also, the risk exists that losses could exceed amounts dis-closed on the statement of assets and liabilities. The only Fund to have engaged in foreign currency contracts was the International Opportunities Fund. During the three months ended October 31, 2012, the average number of foreign cur-rency contracts outstanding held by the International Oppor-tunities Fund, based on a quarterly average, was 2.  Repurchase Agreements — Securities pledged as collateral forrepurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of repurchase agreements and procedures adopted by the Adviser are designed to ensure that the market value of the collateral is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by a Fund may be delayed or limited. Options Transactions — In the normal course of pursuing itsinvestment objectives, certain Funds are subject to price vola-tility risk. In order to produce incremental earnings and pro-tect gains or minimize losses, certain Funds, as described in their prospectuses, may participate in options transactions including writing covered call options. A risk in writing a cov-ered call option is that a Fund gives up the opportunity of profit if the market price of the underlying security increases. Also, certain Funds may purchase call or put options with respect to securities that are permitted investments, as described in the Funds’ prospectuses. The risk in purchasing options is limited to the premium paid. Counterparty risk is the risk to the option buyer that the writer will not buy or sell the underlying securities as agreed. A Fund realizes a gain or loss upon the expiration of a written call or purchased call or put option, respectively. When a writ-ten call option is closed prior to expiration by being exercised, the proceeds on the sale are increased by the amount of original premium received.
	• Level 1	- unadjusted quoted prices in active markets for identical assets and liabilities
	• Level 2	- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
	• Level 3	- significant unobservable inputs (including the Fund’s own assumptions in
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and con-sistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the mar-ket. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Trans-fers in and out of Level 1, 2 and 3 are based on values at the end of period.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of invest-ments may differ significantly from the values that would have been used had a ready market existed for such invest-ments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be sub-ject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For the three months ended October 31, 2012, the Interna-tional Opportunities Fund and the Value Fund had common stocks valued at $152,054,464 and $6,582,718, respectively, that were transferred from Level 2 to Level 1 of the fair value hierarchy as a result of foreign equities that were fair valued at the beginning of the period and are now using quote prices.
A summary of the levels for each of Fund’s investments as of October 31, 2012 is included with each Fund’s schedule of investments.

See note to schedule of investments.

74 High Mark®Funds

note to schedule of investments (concluded)

October 31, 2012 (unaudited)

When a purchased call or put option is closed prior to expira-tion by being exercised, the cost of investments purchased or sold, respectively, is increased by the amount of original pre-mium paid.

A Fund records unrealized depreciation when the underlying security’s market price rises (in case of a written call) and unrealized appreciation/depreciation when the underlying security’s market price changes (in case of a purchased call or put) to the extent sufficient to cover the option premium and transaction costs.

There were no written options for the three months ended

October 31, 2012.

Futures Contracts — The Equity Income Fund, the InternationalOpportunities Fund, the Large Cap Core Equity Fund, the NYSE Arca Tech 100 Index Fund, the Small Cap Core Fund, the Tac-tical Capital Growth Allocation Fund and the Tactical Growth & Income Allocation Fund utilized futures contracts during the three months ended October 31, 2012. The Funds’ investments in futures contracts are designed to enable the Funds to more closely approximate the performance of their benchmark indices or are designed for tactical hedging pur-poses. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unre-alized losses or gains are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be a decrease in the price of the underlying securities or index. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction. As of October 31, 2012, the International Opportunities Fund, the Large Cap Core Equity Fund, the Small Cap Core Fund the Tactical Capital Growth Allocation Fund and the Tactical Growth & Income Allocation Fund were the only Funds to have open futures contracts. During the three months ended October 31, 2012, the average number of futures contracts outstanding, based on a quarterly average, was 45, 19, 25, 3 and 4 on the International Oppor-tunities Fund, the Large Cap Core Equity Fund, the Small Cap Core Fund, the Tactical Capital Growth Allocation Fund and the Tactical Growth & Income Allocation Fund, respectively.

See note to schedule of investments.

HighMark®  Funds 75

Item 2. Controls and Procedures.

(a)   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)    HighMark Funds   

By (Signature and Title)*		/s/ Dennis Mooradian
		Dennis Mooradian, President
		(principal executive officer)
Date	12/20/12

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Dennis Mooradian
		Dennis Mooradian, President
		(principal executive officer)
Date	12/20/12

By (Signature and Title)*		/s/ Pamela O’Donnell
		Pamela O’Donnell, Chief Financial Officer
		(principal financial officer)
Date	12/19/12

* Print the name and title of each signing officer under his or her signature.