<PAGE> PAGE 1
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007 C020200 THE HIGHMARK U.S. GOVERNMENT OBLIGATIONS FUND
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007 C010300 3
007 C020300 THE HIGHMARK 100% US TREAS. OBLIGATIONS FUND
007 C030300 N
007 C010400 4
007 C020400 THE HIGHMARK CALIFORNIA TAX-FREE FUND
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007 C010500 5
007 C020500 THE HIGHMARK TAX-FREE FUND
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007 C010600 6
007 C020600 THE HIGHMARK BOND FUND
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007 C010700 7
007 C020700 THE HIGHMARK INCOME EQUITY FUND
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007 C010800 8
007 C020800 THE HIGHMARK BALANCED FUND
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007 C020900 THE HIGHMARK GROWTH FUND
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<PAGE> PAGE 2
007 C021000 THE HIGHMARK INCOME & GROWTH FUND
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007 C011100 11
007 C021100 THE HIGHMARK GOVERNMENT BOND FUND
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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070 P020900 N
070 Q010900 N
070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 42
072CC020900 0
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074 V020900 12.58
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076 000900 0.00
024 001000 N
028 A011000 511
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<PAGE> PAGE 43
028 C021000 10
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029 001000 Y
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<PAGE> PAGE 44
048 E021000 0.000
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062 A001000 N
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063 A001000 0
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066 A001000 Y
066 B001000 N
066 C001000 N
066 D001000 N
066 E001000 Y
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
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070 A011000 Y
070 A021000 Y
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070 C021000 N
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<PAGE> PAGE 45
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
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070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
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070 Q021000 N
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<PAGE> PAGE 46
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<PAGE> PAGE 47
076 001000 0.00
024 001100 N
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<PAGE> PAGE 48
047 001100 Y
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<PAGE> PAGE 49
070 A011100 Y
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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SIGNATURE JOHN SIEBERT
TITLE FINANCIAL REPORTING
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<F1>FIDUCIARY SHARES
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<F1>INVESTOR SHARES
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<F1>FIDUCIARY SHARES
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<F1>FIDUCIARY SHARES
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<FN>
<F1>INVESTOR SHARES
</FN>
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<NAME> THE HIGHMARK GROUP
<SERIES>
<NUMBER> 072
<NAME> THE HIGHMARK INCOME EQUITY FUND
<MULTIPLIER> 1000
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<FN>
<F1>FIDUCIARY SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811527
<NAME> THE HIGHMARK GROUP
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<NAME> THE HIGHMARK BALANCED FUND
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<S> <C>
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<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811527
<NAME> THE HIGHMARK GROUP
<SERIES>
<NUMBER> 081
<NAME> THE HIGHMARK BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
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<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000811527
<NAME> THE HIGHMARK GROUP
<SERIES>
<NUMBER> 091
<NAME> THE HIGHMARK GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
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<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000811527
<NAME> THE HIGHMARK GROUP
<SERIES>
<NUMBER> 092
<NAME> THE HIGHMARK GROWTH FUND
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<FN>
<F1>FIDUCIARY SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000811257
<NAME> THE HIGHMARK GROUP
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<NAME> THE HIGHMARK INCOME GROWTH FUND
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<FN>
<F1>INVESTOR SHARES
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> THE HIGHMARK GROUP
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<NAME> THE HIGHMARK INCOME GROWTH FUND
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<FN>
<F1>FIDUCIARY SHARES
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</TABLE>
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<CIK> 0000811527
<NAME> THE HIGHMARK GROUP
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<NAME> THE HIGHMARK GOVERNMENT BOND FUND
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<EXPENSE-RATIO> 0.85<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INVESTOR SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811527
<NAME> THE HIGHMARK GROUP
<SERIES>
<NUMBER> 112
<NAME> THE HIGHMARK GOVERNMENT BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-1-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 4455
<INVESTMENTS-AT-VALUE> 4416
<RECEIVABLES> 94
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4522
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 32
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4837
<SHARES-COMMON-STOCK> 362<F1>
<SHARES-COMMON-PRIOR> 412<F1>
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 310
<ACCUM-APPREC-OR-DEPREC> (39)
<NET-ASSETS> 4490
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 304
<OTHER-INCOME> 0
<EXPENSES-NET> 37
<NET-INVESTMENT-INCOME> 267
<REALIZED-GAINS-CURRENT> (8)
<APPREC-INCREASE-CURRENT> (67)
<NET-CHANGE-FROM-OPS> 192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 267
<DISTRIBUTIONS-OF-GAINS> 2
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32<F1>
<NUMBER-OF-SHARES-REDEEMED> 104<F1>
<SHARES-REINVESTED> 22<F1>
<NET-CHANGE-IN-ASSETS> 506
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 298
<GROSS-ADVISORY-FEES> 43
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 167
<AVERAGE-NET-ASSETS> 3498<F1>
<PER-SHARE-NAV-BEGIN> 9.50<F1>
<PER-SHARE-NII> 0.60<F1>
<PER-SHARE-GAIN-APPREC> (0.16)<F1>
<PER-SHARE-DIVIDEND> 0.59<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 9.35<F1>
<EXPENSE-RATIO> 0.85<F1>
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<F1>FIDUCIARY SHARES
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Board of Trustees
The HighMark Group
In planning and performing our audits of the financial statements of The
HighMark Group for the year ended July 31, 1996 (on which we have issued
our report dated September 13, 1996), we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of The HighMark Group is responsible for
establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits
and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and
that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may
not be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established
by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation
of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving the internal control structure, including procedures
for safeguarding securities, that we consider to be material
weaknesses as defined above as of July 31, 1996.
This report is intended solely for the information and use of
the Board of Trustees, management and the Securities
and Exchange Commission.
DELOITTE & TOUCHE LLP
September 13, 1996
Dayton, Ohio
15
Sub-Item 77K: Changes in registrant's certifying accountant
The independent accountants previously engaged
as the principal accountant to
audit the Group's financial statements were
Coopers & Lybrand L.L.P. (the
"former accountant"). The former accountant
was dismissed by the Board of
Trustees' selection on September 20, 1995
of Deloitte & Touche as independent
auditors for the fiscal year ending July 31,
1996. The former accountant's
report on the financial statements of the Group
for each of the past two years
contained an unqualified opinion. There were
no disagreements with the former
accountant during the Group's two most recent
fiscal years and any subsequent
interim period preceding such dismissal on any
matter of accounting principles
or practices, financial statement disclosure, or
auditing scope or procedure,
which, disagreement, if not resolved to
the satisfaction of the former
accountant, would have caused it to make
a reference to the subject matter of
the disagreement in connection with its
reports.
On September 20, 1995, the Board of Trustees
of The HighMark Group (the "Group")
approved Deloitte & Touche to serve as the
Group's independent auditors for the
fiscal year ending July 31, 1996. The Trustees
unanimously adopted the following
resolution:
Appointment of Deloitte & Touche
RESOLVED, that Deloitte & Touche be,
and hereby are, selected as the
auditors of the Group for the fiscal year
ending July 31, 1996,
provided, however, that such selection
is hereby conditioned upon the
right of the Group by vote of a majority
of its outstanding Shares at
any meeting called for that purpose to
terminate the same forthwith
without penalty.
At a meeting of the Shareholders of the
Group held on March 11, 1996, such
selection was ratified. With respect to such
selection, the Shareholders adopted
the following resolution:
RESOLVED, that the selection of Deloitte
& Touche LLP as the Group's
independent certified public accountants
for the fiscal year ended July
31, 1996 be, and hereby is, ratified.
September 27, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by The HighMatk Group
(the "Group), which we understand will be filed with the
Commission, pursuant to Item 77K of Form N-SAR as an
exhibit to the Group's Form N-SAR for the period ended
July 31, 1996. We agree with the statements concerning
our Firm in such Form N-SAR.
Very truly yours,
Coopers & Lybrand L.L.P.
THE HIGHMARK GROUP
Results of Special Shareholder Meeting ( Unaudited )
On March 11, 1996, a special meeting of the shareholders
of the Group was held to consider
Proposal 1- the approval of a new investment advisory
agreement, ratification of the continuation
of the sub-administration agreement, ratification of the
continuation of the sub-transfer agency
agreement, and ratification of the continuation of the
custodian agreement, Proposal 2- the election
of five Trustees, and Proposal 3- the ratification of the
selection of Deloitte & Touche LLP as the
Groups independent certified public accountants.
Proposal 1 - The shareholders of the Group were
requested to approve a new investment
between Union Bank of California and the Group, ratify
the continuation of the sub-administration
agreement between BISYS and Union Bank of California,
ratify the sub-transfer agency agreement
between BISYS Ohio and Union Bank of California
ratification of the continuation of the custodian
agreement between the Group and Union Bank of
California. The Shareholders approved the
proposal. The results of the vote were as follows:
Votes for the Votes against the
Proposal Proposal Abstain
731,393,746 5,804,523 5,354,321
Proposal 2- The shareholders were requested
to vote for the election of the group to act as
the Board of Trustees of the Group: Thomas L. Braje,
David A. Goldfarb, Joseph C. Jaegar,
Frederick J. Long and Stephen G. Mintos. The
shareholders approved the proposal. The results
were as follows:
Votes for the Votes against the
Proposal Proposal Abstain
688,829,237 ----- 4,879,329
Proposal 3 - The shareholders of the Group
ratified the appointment of Deloitte & Touche
LLP as the Groups' independent certified public
accountants for the fiscal year ended July 31, 1996
as follows:
Votes for the Votes against the
Proposal Proposal Abstain
680,104,384 5,566,071 6,882,134
