GPS Funds I NCSR Certified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on June 9, 2009

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

ASSETMARK FUNDS

(Exact name of registrant as specified in charter)

2300 CONTRA COSTA BOULEVARD, SUITE 600,

PLEASANT HILL, CA 94523-3967

(Address of principal executive offices) (Zip code)

CARRIE HANSEN

GENWORTH FINANCIAL WEALTH MANAGEMENT, INC.

2300 CONTRA COSTA BOULEVARD, SUITE 600

PLEASANT HILL, CA 94523-3967

(Name and address of agent for service)

800-664-5345

Registrant's telephone number, including area code

Date of fiscal year end: March 31, 2009

Date of reporting period: April 1, 2008 through March 31, 2009

Item 1. Reports to Stockholders.

May 6, 2009

Dear Shareholder,

Enclosed is the Annual Report for the AssetMark Funds (“Funds”) covering the one year period from April 1, 2008 through March 31, 2009.

The period was characterized by extreme volatility and historic changes within the financial industry. By April 2008, the stock market, as measured by the S&P 500 Index1, had declined substantially from its October 2007 high, flirting with what is generally considered bear market territory. During April and into May 2008, the S&P 500 Index rose slightly before settling into a steep decline that lasted from mid-May through mid-July 2008 as the markets tried to price in concerns regarding the growing subprime mortgage crisis, tightening credit across all sectors, deflating housing prices and the slowdown in consumer spending. These concerns were coupled with rising energy and commodities prices and a number of corporate earnings estimate downgrades.

From July through early September 2008, the markets seemed to stabilize. In retrospect, the period can be seen as an uneasy stalemate between pessimism and optimism that ended resoundingly in favor of the pessimists with the bankruptcy of Lehman Brothers. The headlines were dominated by one financial shock after another, including the U.S. government moving to bail out insurance giant AIG; the reorganization of Goldman Sachs and Morgan Stanley as commercial banks; and the first version of a massive federal program to stabilize the U.S. credit markets. Despite a strong rally from late November through the end of 2008, the S&P 500 posted a loss of 21.94% for the fourth quarter of 2008.

The final quarter of the Funds’ annual reporting period, January 1 through March 31, 2009, saw further decline in the stock market, as corporate earnings dropped, credit disappeared, consumer spending dried up and financial assets lost value due to massive sell-offs in every sector. For the entire fiscal year, the S&P 500 posted a loss of 38.09%. The overall bear market, measured from the October 2007 high through the March 2009 low, was down over 50%.

Economic and Market Overview

Part of the difficulty encountered during the reporting period was not only the depth of the bear market, but its breadth as well. Each of the ten S&P 500 industry sectors posted a loss from April 1, 2008 through March 31 2009, ranging from - -18.96% for Health Care to -60.41% for Financials. Small cap stocks lost 37.50% (as measured by the Russell 2000 Index2) for the period, faring slightly better than mid caps, which lost 40.81% (as measured by the Russell Midcap Index3).

The Morgan Stanley Capital International (“MSCI”) EAFE Index4 declined 46.20%, with the various sub-indexes sharing broadly in the suffering, with the MCSI Japan Index5 becoming the “top performer” with a loss of 35.89%.

Turning to growth and value returns, large cap growth equities (-34.28%, as measured by the Russell 1000 Growth Index6) outperformed large cap value equities (-42.42%, as measured by the Russell 1000 Value Index7), although the differences narrowed among mid and small caps.

The only strong winner for the period was long-term U.S. Treasury bonds, which saw a robust 13.05% gain (as measured by the Barclays Capital Long U.S. Treasury Index8). Other Treasury categories, as well as U.S. municipal bonds (as measured by the Barclays Capital U.S. Municipal Bond Index9), showed modest returns, while investment grade corporate bonds, as measured by the Barclays Capital U.S. Corporate Investment Grade Index10, lost 6.63%.

Not surprisingly, considering the headlines garnered by falling real estate values and the challenges in the mortgage industry, REITs were the biggest losers for the one year period, with U.S. REITs declining 60.66% and Global, non-U.S. REITs falling 57.06%. (Dow Jones Wilshire REIT Index11 and Dow Jones Wilshire REIT ex U.S. Index12, respectively.)

Where do we go from here?

Investors are understandably wary, but there have been signs of improvement. The last month of the fiscal year, March 2009, the S&P 500 returned 8.76%, the best month in six years, while emerging markets showed a one-month return of 14.38% (as measured by the MSCI Emerging Markets Index13). Over recent months, we have seen better than expected numbers on housing sales, housing starts, consumer spending and sentiment, and durable goods manufacturing.

No one is willing to declare the bear market over or point to a definitive end to the recession. Nonetheless, there is a growing consensus that we may have emerged from the vortex of the financial “perfect storm” that started in September 2008. If the equity markets and the economy continue toward recovery, we can expect new opportunities to emerge. We will continue to manage the AssetMark Funds in order to capture value as an integral component of your diversified asset allocation portfolio.

We appreciate the trust you and your advisor have placed in us by including the AssetMark Funds as part of your portfolio. We look forward to the rest of 2009 as we face the challenges and opportunities that lie ahead.

Sincerely,

Carrie E. Hansen

President

AssetMark Funds

1	The S&P 500 Index, a registered trademark of the McGraw Hill Companies, is an unmanaged basket of 500 stocks that are
	considered to be widely held and thus believed to be a good indicator of overall market performance. You cannot invest
	directly into an index.

2	The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market
	capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market
	cap and current index membership.

3	The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities
	based on a combination of their market cap and current index membership. The Russell Midcap Index represents
	approximately 31% of the total market capitalization of the Russell 1000 companies.

4	The MSCI Europe, Australia and Far East Index (MSCI EAFE) is a free float-adjusted market capitalization index that is
	designed to measure the equity market performance of developed markets, excluding the US & Canada.

5	The MSCI Japan Index seeks to measure the performance of the Japanese equity market. It is a capitalization-weighted
	index that aims to capture 85% of the (publicly available) total market capitalization. Component companies are adjusted for
	available float and must meet objective criteria for inclusion to the Index, taking into consideration unavailable strategic
	shareholdings and limitations to foreign ownership.

6	The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It
	includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

7	The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It
	includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

8	The Barclays Capital Long U.S. Treasury Index includes all publicly issued, U.S. Treasury securities that have a remaining
	maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. In
	addition, the securities must be denominated in U.S. dollars and must be fixed rate and non-convertible. Excluded from the
	Barclays Capital Long U.S. Treasury Index are certain special issues, such as flower bonds, targeted investor notes (TINs),

	state and local government series bonds, U.S. Treasury Inflation-Protected Securities (TIPS), and coupon issues that have
	been stripped from bonds included in the index. The Barclays Long U.S. Treasury Index is market capitalization weighted
	and the securities in the index are updated on the last business day of each month.

9	The Barclays Capital U.S. Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond
	market. To be included in the index, bonds must have a minimum credit rating of Baa. They must have an outstanding par
	value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a
	date after December 31, 1990, and must be at least one year from their maturity date.

10	The Barclays Capital U.S. Corporate Investment Grade Index, which is a subset of the broader Barclays Capital U.S. Credit
	Index, is representative of publicly issued, investment-grade, fixed rate, dollar-denominated, non-convertible, U.S. corporate
	debt securities that have at least $250 million par amount outstanding. To qualify, bonds must be registered with the U.S.
	Securities and Exchange Commission (SEC).

11	The Dow Jones Wilshire REIT Index is a broad measure of the performance of publicly traded U.S. real estate securities,
	such as Real Estate Investment Trusts (REITs) and Real Estate Operating Companies.

12	The Dow Jones Wilshire REIT ex U.S. Index is a broad measure of the performance of publicly traded real estate securities
	from around the world excluding the U.S., such as Real Estate Investment Trusts (REITs) and Real Estate Operating
	Companies.

13	The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity
	market performance of emerging markets. As of January 2009 the MSCI Emerging Markets Index consisted of the
	following 23 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt,
	Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa,
	Taiwan, Thailand, and Turkey.

Investors should consider the Funds’ Investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money. The prospectus is available upon request, without charge, by calling 1-800-238-0810.

48598 042909

AssetMark Large Cap Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

This chart assumes an initial gross investment of $10,000 made on June 29, 2001 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In the absence of fee waivers and reimbursements, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses (excluding Lipper). It is not possible to invest directly in an index.

RUSSELL 1000 GROWTH INDEX – An unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index is an unmanaged index which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. Companies, based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

LIPPER LARGE-CAP GROWTH FUNDS INDEX – The Lipper Large-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Growth Funds Category. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the Standard & Poor’s (“S&P”) Super Composite 1500® Index. These funds typically invest in securities that have an above average price-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the Standard & Poor’s 500 Composite Index (“S&P 500® Index”).

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Large Cap Growth Fund	-35.63%	-7.03%	-6.16%
Russell 1000 Growth Index	-34.28%	-4.38%	-4.51%
Lipper Large-Cap Growth Funds Index	-36.45%	-4.95%	-5.30%

AssetMark Large Cap Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -35.63%, trailing the Russell 1000 Growth Index at -34.28% but outperforming the Lipper Large-Cap Growth Funds Index at -36.45%.

●	Overweight exposures to financials and healthcare detracted from returns while underweight exposures to consumer staples, industrials, utilities and energy were beneficial to performance.

●	Qualcomm, Google and Apple were among the largest positions over the year that benefited performance while an average position size of 3% to Microsoft detracted from returns.

●	Rainier Investment Management replaced TCW Investment Management Co. as a sub-advisor to the Fund in October 2008.

●	The Fund experienced impairment of a securities lending collateral investment, which negatively impacted the Fund’s performance.

AssetMark Large Cap Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

This chart assumes an initial gross investment of $10,000 made on June 29, 2001 (commencement of the Fund’s operations) Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In the absence of fee waivers and reimbursements, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses (excluding Lipper). It is not possible to invest directly in an index.

RUSSELL 1000 VALUE INDEX – An unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is an unmanaged index which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. Companies, based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

LIPPER LARGE-CAP VALUE FUNDS INDEX – The Lipper Large-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Value Funds Category. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P Super Composite 1500® Index. Large-cap value funds typically invest in securities that have a below-average price-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the S&P 500® Index.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Large Cap Value Fund	-48.85%	-9.65%	-5.32%
Russell 1000 Value Index	-42.42%	-4.94%	-2.22%
Lipper Large-Cap Value Funds Index	-38.54%	-4.78%	-3.12%

AssetMark Large Cap Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -48.85%, trailing the Russell 1000 Value Index at -42.42% and the Lipper Large-Cap Value Funds Index at - -38.54%.

●	Over the period, security selection was the largest detractor to performance with positions in Valero Energy Corp, CBS, Dow Chemical, Prologis and American International Group being among the largest detractors.

●	Consumer discretionary was an area of underperformance, not only due to its average overweight exposure relative to the Russell 1000 Value Index, but also due to security selection within the sector.

●	Diamond Hill Capital Management replaced Brandes Investment Partners as a sub-advisor to the Fund in December 2008.

●	The Fund experienced impairment of a securities lending collateral investment, which negatively impacted the Fund’s performance.

AssetMark Small/Mid Cap Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

RUSSELL 2500 GROWTH INDEX – An unmanaged index which measures the performance of those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

RUSSELL MID-CAP GROWTH INDEX – Measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The Russell 1000 Growth Index contains those securities in the Russell 1000 Index with a greater-than-average growth orientation.

LIPPER SMALL-CAP GROWTH FUNDS INDEX – The Lipper Small-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Small-Cap Growth Funds Category. These funds, by portfolio practice, invest 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median market capitalization of the smallest 500 of the middle 1,000 securities of the S&P Super Composite 1500® Index. These funds typically invest in securities that have an above average price-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the S&P SmallCap 600 IndexTM.

LIPPER MID-CAP GROWTH FUNDS INDEX – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Mid-Cap Growth funds normally invest in companies with long-term earnings expected to grow significantly faster than the earnings of the stocks represented in a major unmanaged stock index. These funds will normally invest in securities that have an above-average price-to-earnings ratio, price-to-book ratio and three-year earnings growth figure, compared to the U.S. diversified mid-cap funds universe average.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Small/Mid Cap Growth Fund	–38.98%	–6.77%	–5.17%
Russell 2500 Growth Index	–38.14%	–4.47%	–2.84%
Russell Mid-Cap Growth Index	–39.58%	–3.91%	–2.59%
Lipper Small-Cap Growth Funds Index	–36.88%	–5.94%	–3.90%
Lipper Mid-Cap Growth Funds Index	–38.63%	–2.80%	–3.04%

AssetMark Small/Mid Cap Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -38.98%, trailing the Russell 2500 Growth Index at -38.14%, the Russell Mid-Cap Growth Index at -39.58%, the Lipper Mid-Cap Growth Funds Index at -38.63% and the Lipper Small-Cap Growth Funds Index at -36.88%.

•	Energy and industrials were two sectors that provided significant outperformance due to stock selection.

•	While benefiting from exposure to momentum related stocks, the Fund’s performance was hurt from its exposure to stocks with higher price-to-earnings ratios than the Russell 2500 Growth Index.

•	The Fund experienced impairment of a securities lending collateral investment, which negatively impacted the Fund’s performance.

AssetMark Small/Mid Cap Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

RUSSELL 2500 VALUE INDEX – An unmanaged index which measures the performance of those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Index is an unmanaged index which measures the performance of the 2,500 smallest companies in the Russell 3000 Index. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

RUSSELL MID-CAP VALUE INDEX – Measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index. The Russell 1000 Value Index contains those securities in the Russell 1000 Index with a less-than-average growth orientation.

LIPPER SMALL-CAP VALUE FUNDS INDEX – The Lipper Small-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Small-Cap Value Funds Category. These funds, by portfolio practice, invest 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median market capitalization of the smallest 500 of the middle 1,000 securities of the S&P Super Composite 1500® Index. These funds typically have a below average price-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the S&P SmallCap 600 IndexTM.

LIPPER MID-CAP VALUE FUNDS INDEX – Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Mid-Cap Value funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. These funds will normally have a below-average price-to-earnings ratio, price-to-book ratio and three-year earnings growth figure, compared to the U.S. diversified mid-cap funds universe average.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Small/Mid Cap Value Fund . . . . . . . . . . . . . . . . . .	-37.59%	-7.39%	-1.93%
Russell 2500 Value Index . . . . . . . . . . . . . . . . . . . . . . . . . . . .	-38.66%	-4.79%	1.29%
Russell Mid-Cap Value Index . . . . . . . . . . . . . . . . . . . . . . . . .	-42.51%	-3.81%	0.90%
Lipper Small-Cap Value Funds Index . . . . . . . . . . . . . . . . . . .	-38.07%	-4.56%	1.42%
Lipper Mid-Cap Value Funds Index . . . . . . . . . . . . . . . . . . . .	-40.02%	-4.25%	0.18%

AssetMark Small/Mid Cap Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -37.59%, outperforming the Russell 2500 Value Index at -38.66%, the Russell Mid-Cap Value Index at -42.51%, the Lipper Mid-Cap Value Funds Index at -40.02% and the Lipper Small-Cap Value Funds Index -38.07%.

•	Security selection was a large driver of the strong relative returns. Emphasis of stocks with higher price-to-book ratios and lower volatility relative to the Russell 2500 Value Index significantly contributed to returns.

•	Strong stock selection within the energy, consumer discretionary and utilities sectors was beneficial to the Fund, while stock selection within financials was detrimental to performance.

•	The Fund experienced impairment of a securities lending collateral investment, which negatively impacted the Fund’s performance.

AssetMark International Equity Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

MSCI EAFE® INDEX – The MSCI Europe, Australia and Far East Index (MSCI EAFE®) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed countries, excluding the US & Canada.

LIPPER INTERNATIONAL FUNDS INDEX – An unmanaged index which measures the composite performance of the 30 largest “international” mutual funds, as categorized by Lipper Inc. These funds invest assets in securities with primary trading markets outside of the United States.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark International Equity Fund	-50.42%	-3.92%	-1.71%
MSCI EAFE® Index	-46.20%	-1.75%	0.42%
Lipper International Funds Index	-45.45%	-1.47%	0.68%

AssetMark International Equity Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -50.42%, trailing the MSCI EAFE Index at -46.20% and the Lipper International Funds Index at - -45.45%.

•	The biggest driver of the lagging returns was security selection with a bias towards larger cap companies which significantly detracted from returns. Saipem, Roche, Ppr, LaFarge and Novo-Nordisk were among the largest detractors from returns for the 12 month period.

•	Underweight exposure to UK, and overweight exposures to Greece and Russia detracted from returns over the period, as did an overweight exposure to the UK Pound and an underweight exposure to the Japanese Yen.

•	Martin Currie and Mondrian Investment Partners replaced Clay Finlay and Oppenheimer Capital as sub-advisors to the Fund in December 2008.

•	The Fund experienced impairment of a securities lending collateral investment, which negatively impacted the Fund’s performance.

AssetMark Real Estate Securities Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

DOW JONES WILSHIRE REIT INDEX – The Dow Jones U.S. Select REIT Index measures U.S. publicly traded Real Estate Investment Trusts. The Index is comprised of companies whose charters are the equity ownership and operation of commercial real estate and that derive a minimum of 75% of revenue from stated operations. The Index is composed of 93 common stocks, selected for their market capitalization, source of revenue, and liquidity.

LIPPER REAL ESTATE FUNDS INDEX – An unmanaged index which measures the composite performance of the 30 largest “real estate” mutual funds, as categorized by Lipper Inc. The index is adjusted for the reinvestment of capital gains and income dividends.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Real Estate Securities Fund	-62.46%	-10.60%	-1.37%
Dow Jones Wilshire REIT Index	-60.66%	-9.44%	-0.19%
Lipper Real Estate Funds Index	-57.05%	-8.33%	0.52%

AssetMark Real Estate Securities Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -62.46%, trailing the Dow Jones U.S. Select REIT Index at -60.67% and the Lipper Real Estate Funds Index at -57.05%.

•	Exposure to General Growth Properties, Prologis and Macerich were the largest detractors to performance over the period.

•	Lower exposure to the health care and storage sectors and higher exposure to retail was detrimental to performance.

•	The Fund experienced impairment of a securities lending collateral investment, which negatively impacted the Fund’s performance.

AssetMark Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

BARCLAYS CAPITAL U.S. MUNICIPAL BOND INDEX – The Barclays Capital U.S. Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market. To be included in the index, bonds must have a minimum credit rating of Baa. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a date after December 31, 1990, and must be at least one year from their maturity date.

LIPPER INTERMEDIATE MUNICIPAL BOND FUNDS INDEX – The Lipper Intermediate Municipal Bond Fund Index is an index of portfolios that invest in municipal debt issues with dollar-weighted average maturities of five to ten years.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Tax-Exempt Fixed Income Fund	-0.25%	1.01%	2.64%
Barclays Capital U.S. Municipal Bond Index	2.27%	3.21%	4.48%
Lipper Intermediate Municipal Bond Funds Index	1.12%	2.39%	3.54%

AssetMark Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -0.25%, trailing the Barclays Capital U.S. Municipal Bond Index at 2.27% and the Lipper Intermediate Municipal Bond Funds Index at 1.12%.

•	A combination of exposure to some lower quality credits and exposure to insured bonds detracted from returns over the period.

•	The flight to quality in the fixed income markets hurt performance as the Fund had lower exposure to the highest quality bonds and pre-refunded bonds.

•	Additionally, the shorter duration and average maturity of the Fund relative to the broad Barclays Capital U.S. Municipal Bond Index detracted from performance versus the Index.

AssetMark Core Plus Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX – An unmanaged index which measures the performance of securities from the Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. The Barclays Capital U.S. Aggregate Bond Index is a broad representation of the investment-grade fixed-income market in the U.S. and includes U.S. Government and corporate debt securities, mortgage- and asset-backed securities and international U.S. dollar-denominated bonds. All securities contained in the Barclays Capital U.S. Aggregate Bond Index have a minimum term to maturity of one year.

LIPPER INTERMEDIATE INVESTMENT-GRADE DEBT FUNDS INDEX – The Lipper Intermediate Investment-Grade Debt Funds Index is an index of portfolios that invest at least 65% of their assets in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to ten years.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Core Plus Fixed Income Fund	-7.57%	1.00%	3.07%
Barclays Capital U.S. Aggregate Bond Index	3.13%	4.13%	5.46%
Lipper Intermediate Investment-Grade Debt Funds Index	-4.25%	1.90%	3.88%

AssetMark Core Plus Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -7.57%, trailing the Barclays Capital U.S. Aggregate Bond Index at 3.13% and the Lipper Intermediate Investment-Grade Debt Funds Index at -4.25%.

•	An emphasis of spread sectors within the portfolio and significantly lower exposure to Treasuries was detrimental to performance over the period.

•	The largest detractor to performance was exposure to non-agency mortgage-backed securities.

•	The Fund also had a larger exposure to corporate bonds, with an emphasis on the financials sector which caused a drag on returns.

•	The Fund experienced impairment of a securities lending collateral investment, which negatively impacted the Fund’s performance.

AssetMark Enhanced Fundamental IndexTM Large Company Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

This chart assumes an initial gross investment of $10,000 made on August 9, 2007 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In the absence of fee waivers and reimbursements, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost. Index returns do not reflect the effects of fees or expenses (excluding Lipper). It is not possible to invest directly in an index.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
		Since Inception
	One Year	(8/9/07)
AssetMark Enhanced Fundamental IndexTM Large Company Growth Fund	-32.99%	-23.25%
Russell 1000 Growth Index	-34.28%	-25.26%
Lipper Large-Cap Growth Funds Index	-36.45%	-26.13%

AssetMark Enhanced Fundamental IndexTM Large Company Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -32.99%, outperforming the Russell 1000 Growth Index at -34.28% and the Lipper Large-Cap Growth Funds Index at -36.45%.

•	Security positioning was the biggest driver of returns, with the largest two contributors to performance being Exxon Mobil (at an average position size of 8%) and Chevron (at an average position size of 2%).

•	Exposure to securities with lower volatility than the Russell 1000 Growth Index was a significant contributor to performance.

•	Overweight exposures to financials, industrials and energy detracted from performance.

AssetMark Enhanced Fundamental IndexTM Large Company Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE Unaudited)

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
		Since Inception
	One Year	(8/9/07)
AssetMark Enhanced Fundamental IndexTM Large Company Value Fund	-46.83%	-38.19%
Russell 1000 Value Index	-42.42%	-32.78%
Lipper Large-Cap Value Funds Index	-38.54%	-30.04%

AssetMark Enhanced Fundamental IndexTM Large Company Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -46.83%, trailing the Russell 1000 Value Index at -42.42% and the Lipper Large-Cap Value Funds Index at - -38.54%.

•	Exposure to securities with lower price-to-book ratios and that experienced greater volatility relative to the Russell 1000 Value Index was a significant detractor to returns for the period.

•	Overweight exposures in financials and consumer discretionary detracted from performance.

•	The five biggest detractors to performance were all within the financials sector and were American International Group, Wachovia, Washington Mutual, Fannie Mae and Freddie Mac.

AssetMark Enhanced Fundamental IndexTM Small Company Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

RUSSELL 2000 GROWTH INDEX – An unmanaged index which measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
		Since Inception
	One Year	(8/9/07)
AssetMark Enhanced Fundamental IndexTM Small Company Growth Fund	-36.04%	-27.96%
Russell 2000 Growth Index	-36.36%	-29.84%
Lipper Small-Cap Growth Funds Index	-36.88%	-31.18%

AssetMark Enhanced Fundamental IndexTM Small Company Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -36.04%, outperforming the Russell 2000 Growth Index at -36.36% and the Lipper Small-Cap Growth Funds Index at -36.88%.

•	Security positioning was the biggest driver of returns with the largest two contributors to performance being associated with education services, Corinthian Colleges and ITT Educational Services.

•	Exposure to securities with lower volatility and lower P/E ratios relative to the Russell 2000 Growth Index was a significant contributor to performance.

AssetMark Enhanced Fundamental IndexTM Small Company Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

RUSSELL 2000 VALUE INDEX – An unmanaged index which measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index is an unmanaged index which measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

LIPPER SMALL-CAP VALUE FUNDS INDEX – The Lipper Small-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Small-Cap Value Funds Category. These funds, by portfolio practice, invest 75% of equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median market capitalization of the smallest 500 of the middle 1,000 securities of the S&P Super Composite 1500® Index. These funds typically invest in securities that have a below average price-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the S&P SmallCap 600 IndexTM.

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
		Since Inception
	One Year	(8/9/07)
AssetMark Enhanced Fundamental IndexTM Small Company Value Fund	-49.62%	-40.85%
Russell 2000 Value Index	-38.89%	-30.91%
Lipper Small-Cap Value Funds Index	-38.07%	-30.23%

AssetMark Enhanced Fundamental IndexTM Small Company Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Continued) (Unaudited)

For the 12 months ended March 31, 2009, the Fund returned -49.62%, trailing the Russell 2000 Value Index at -38.89% and the Lipper Small-Cap Value Funds Index - -38.07%.

•	Overweight exposure to securities with lower price-to-book ratios and higher volatility relative to the Russell 2000 Value Index were significant detractors to performance.

•	Financials, industrials and information technology were the sectors where security positioning was weak.

•	An overweight exposure to consumer discretionary was a large detractor to performance.

AssetMark Funds

EXPENSE EXAMPLE (Unaudited)

March 31, 2009

As a shareholder of the AssetMark Funds (the “Funds”), you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. The Expense Example shown in this section is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example is based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period (October 1, 2008 – March 31, 2009) for the AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small/Mid Cap Growth Fund, AssetMark Small/Mid Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund, AssetMark Enhanced Fundamental Index™ Large Company Growth Fund, AssetMark Enhanced Fundamental Index™ Large Company Value Fund, AssetMark Enhanced Fundamental Index™ Small Company Growth Fund and AssetMark Enhanced Fundamental Index™ Small Company Value Fund.

Actual Expenses

The first line of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The example includes, but is not limited to, management fees, shareholder servicing fees, distribution fees, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by the Funds and other extraordinary expenses as determined under generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

AssetMark Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2009

				Annualized
		Beginning	Ending	Expense Ratio1
		Account	Account	based on	Expenses Paid
		Value	Value	the period	During Period2
		October 1,	March 31,	October 1, 2008 -	October 1, 2008 -
		2008	2009	March 31, 2009	March 31, 2009
AssetMark Large Cap	Actual	$1,000.00	$ 725.20	1.52%	$6.54
Growth Fund	Hypothetical3	$1,000.00	$ 1,017.35	1.52%	$7.64

AssetMark Large Cap	Actual	$1,000.00	$ 612.10	1.46%	$5.87
Value Fund	Hypothetical3	$1,000.00	$ 1,017.65	1.46%	$7.34

AssetMark Small/Mid Cap	Actual	$1,000.00	$ 669.20	1.69%	$7.03
Growth Fund	Hypothetical3	$1,000.00	$ 1,016.50	1.69%	$8.50

AssetMark Small/Mid Cap	Actual	$1,000.00	$ 672.90	1.76%	$7.34
Value Fund	Hypothetical3	$1,000.00	$ 1,016.16	1.76%	$8.85

AssetMark International	Actual	$1,000.00	$ 656.60	1.73%	$7.15
Equity Fund	Hypothetical3	$1,000.00	$ 1,016.31	1.73%	$8.70

AssetMark Real Estate	Actual	$1,000.00	$ 384.00	1.80%	$6.21
Securities Fund	Hypothetical3	$1,000.00	$ 1,015.96	1.80%	$9.05

Assetmark Tax-Exempt	Actual	$1,000.00	$ 1,024.80	1.35%	$6.81
Fixed Income Fund	Hypothetical3	$1,000.00	$ 1,018.20	1.35%	$6.79

AssetMark Core Plus	Actual	$1,000.00	$ 972.00	1.34%	$6.59
Fixed Income Fund	Hypothetical3	$1,000.00	$ 1,018.25	1.34%	$6.74

AssetMark Enhanced Fundamental	Actual	$1,000.00	$ 743.50	1.31%	$5.69
IndexTM Large Company Growth Fund	Hypothetical3	$1,000.00	$ 1,018.40	1.31%	$6.59

AssetMark Enhanced Fundamental	Actual	$1,000.00	$ 609.20	1.70%	$6.82
IndexTM Large Company Value Fund	Hypothetical3	$1,000.00	$ 1,016.45	1.70%	$8.55

AssetMark Enhanced Fundamental	Actual	$1,000.00	$ 676.00	1.53%	$6.39
IndexTM Small Company Growth Fund	Hypothetical3	$1,000.00	$ 1,017.30	1.53%	$7.70

AssetMark Enhanced Fundamental	Actual	$1,000.00	$ 543.60	1.65%	$6.35
IndexTM Small Company Value Fund	Hypothetical3	$1,000.00	$ 1,016.70	1.65%	$8.30
1 The expense ratio excludes the securities lending credit.
2 Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to relfect the one-half year period.
3 5% return before expenses.

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS - 103.18%
		Aerospace & Defense - 3.94%
	4,300	Boeing Co.	$	152,994
	58,700	Honeywell International, Inc. (b)		1,635,382
	24,400	Lockheed Martin Corp.		1,684,332
	45,300	Precision Castparts Corp.		2,713,470
	20,700	Raytheon Co.		806,058
	23,900	United Technologies Corp.		1,027,222
				8,019,458
		Air Freight & Logistics - 1.24%
	24,950	Expeditors International
		Washington, Inc. (b)		705,835
	16,250	FedEx Corp. (b)		722,963
	22,200	United Parcel Service, Inc.		1,092,684
				2,521,482
		Beverages - 2.45%
	29,100	The Coca-Cola Company		1,278,945
	19,200	Molson Coors Brewing Co. (b)		658,176
	40,600	Pepsi Bottling Group, Inc.		898,884
	41,900	PepsiCo, Inc.		2,157,012
				4,993,017
		Biotechnology - 2.94%
	36,500	Amgen, Inc. (a)(b)		1,807,480
	22,850	Celgene Corp. (a)		1,014,540
	7,270	Cephalon, Inc. (a)(b)		495,087
	57,350	Gilead Sciences, Inc. (a)		2,656,452
				5,973,559
		Capital Markets - 3.91%
	38,100	Ameriprise Financial, Inc.		780,669
	27,073	The Bank of New York
		Mellon Corp.		764,812
	5,300	BlackRock, Inc.		689,212
	114,650	The Charles Schwab Corp.		1,777,075
	4,900	Goldman Sachs Group, Inc.		519,498
	58,200	Invesco Ltd.		806,652
	55,100	Morgan Stanley		1,254,627
	6,600	Northern Trust Corp.		394,812
	28,700	SEI Investments Co.		350,427
	21,400	T. Rowe Price Group, Inc. (b)		617,604
				7,955,388

Number of
Shares			Value
		Chemicals - 4.04%
	20,100	Air Products & Chemicals, Inc.	$	1,130,625
	21,100	FMC Corp.		910,254
	44,400	Monsanto Co.		3,689,640
	31,700	Mosaic Co. (b)		1,330,766
	17,250	Praxair, Inc. (b)		1,160,752
				8,222,037
		Commercial Banks - 0.26%
	37,400	Wells Fargo & Co. (b)		532,576
		Commercial Services & Supplies - 1.60%
	12,900	Apollo Group, Inc. (a)(b)		1,010,457
	11,400	ITT Educational Services, Inc. (a)		1,384,188
	27,100	Manpower, Inc.		854,463
				3,249,108
		Communications Equipment - 4.24%
	315,680	Cisco Systems, Inc. (a)		5,293,954
	85,450	QUALCOMM, Inc.		3,324,859
				8,618,813
		Computers & Peripherals - 9.43%
	64,350	Apple, Inc. (a)(b)		6,764,472
	112,000	Dell, Inc. (a)		1,061,760
	61,550	EMC Corp. (a)(b)		701,670
	171,490	Hewlett Packard Co.		5,497,970
	50,380	International Business
		Machines Corp.		4,881,318
	18,800	NetApp, Inc. (a)(b)		278,992
				19,186,182
		Construction & Engineering - 0.35%
	14,250	Foster Wheeler AG (a)		248,947
	12,200	Jacobs Engineering Group,
		Inc. (a)(b)		471,652
				720,599
		Construction Materials - 0.29%
	13,500	Vulcan Materials Co. (b)		597,915
		Containers & Packaging - 0.26%
	36,800	Owens-Illinois, Inc. (a)		531,392
		Diversified Financial Services - 0.16%
	4,350	Intercontinental Exchange,
		Inc. (a)(b)		323,945

See notes to financial statements.

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Electric Utilities - 1.22%
	27,000	Entergy Corp.	$	1,838,430
	14,100	Exelon Corp.		639,999
				2,478,429
		Electrical Equipment - 0.89%
	29,600	ABB Ltd. – ADR		412,624
	24,150	Emerson Electric Co.		690,207
	5,300	First Solar, Inc. (a)(b)		703,310
				1,806,141
		Electronic Equipment & Instruments - 0.28%
	19,750	Amphenol Corp.		562,677
		Energy Equipment & Services - 2.69%
	42,200	Halliburton Co.		652,834
	60,500	National-Oilwell Varco, Inc. (a)		1,736,955
	35,200	Noble Corp.		847,968
	18,900	Schlumberger Ltd. (b)		767,718
	25,100	Transocean Ltd. (a)(b)		1,476,884
				5,482,359
		Food & Staples Retailing - 6.11%
	38,100	BJ’s Wholesale Club, Inc. (a)		1,218,819
	91,050	CVS Corp.		2,502,965
	33,250	The Kroger Co.		705,565
	52,100	Supervalu, Inc.		743,988
	47,100	SYSCO Corp.		1,073,880
	118,870	Wal-Mart Stores, Inc.		6,193,127
				12,438,344
		Gas Utilities - 0.75%
	64,700	UGI Corp.		1,527,567
		Health Care Equipment & Supplies - 3.50%
	3,100	Alcon, Inc. (b)		281,821
	6,050	Becton, Dickinson & Co.		406,802
	34,600	Dentsply International, Inc. (b)		929,010
	5,100	Intuitive Surgical, Inc. (a)(b)		486,336
	92,500	Medtronic, Inc.		2,725,975
	43,900	St. Jude Medical, Inc. (a)(b)		1,594,887
	20,400	Stryker Corp.		694,416
				7,119,247

Number of
Shares			Value
		Health Care Providers & Services - 3.12%
	32,950	Aetna, Inc.	$	801,673
	15,700	Express Scripts, Inc. (a)(b)		724,869
	27,700	Humana, Inc. (a)		722,416
	16,100	Laboratory Corporation of America
		Holdings (a)		941,689
	41,500	McKesson Corp.		1,454,160
	22,300	Pharmaceutical Product
		Development, Inc.		528,956
	56,100	UnitedHealth Group, Inc.		1,174,173
				6,347,936
		Hotels, Restaurants & Leisure - 0.74%
	14,050	Darden Restaurants, Inc.		481,353
	18,750	McDonald’s Corp.		1,023,188
				1,504,541
		Household Products - 1.83%
	16,100	Colgate-Palmolive Co.		949,578
	20,000	Kimberly-Clark Corp.		922,200
	39,400	Procter & Gamble Co.		1,855,346
				3,727,124
		Insurance - 1.01%
	19,000	ACE Ltd.		767,600
	27,950	Aflac, Inc.		541,112
	32,900	Axis Capital Holdings Ltd.		741,566
				2,050,278
		Internet & Catalog Retail - 1.08%
	30,000	Amazon.com, Inc. (a)(b)		2,203,200
		Internet Software & Services - 2.68%
	15,640	Google, Inc. (a)		5,443,658
		IT Services - 4.11%
	77,900	Accenture Ltd.		2,141,471
	18,000	Alliance Data Systems Corp. (a)(b)		665,100
	13,200	Automatic Data Processing, Inc. (b)		464,112
	36,050	Cognizant Technology Solutions
		Corp. (a)		749,479
	8,620	Mastercard, Inc. (b)		1,443,678
	26,650	Visa, Inc. (b)		1,481,740
	113,200	Western Union Co.		1,422,924
				8,368,504

See notes to financial statements.

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Machinery - 2.51%
	39,770	AGCO Corp. (a)(b)	$	779,492
	11,100	Bucyrus International, Inc.		168,498
	27,450	Cummins, Inc.		698,603
	14,000	Deere & Co.		460,180
	67,885	Dover Corp.		1,790,806
	20,200	Parker Hannifin Corp.		686,396
	11,000	SPX Corp.		517,110
				5,101,085
		Media - 2.12%
	119,930	The DIRECTV Group, Inc. (a)(b)		2,733,205
	81,000	Dish Network Corp. (a)		899,910
	28,700	Omnicom Group, Inc. (b)		671,580
				4,304,695
		Metals & Mining - 0.72%
	21,500	Cliffs Natural Resources Inc.		390,440
	18,600	Consol Energy, Inc.		469,464
	15,600	Nucor Corp. (b)		595,452
				1,455,356
		Multiline Retail - 1.41%
	32,500	Big Lots, Inc. (a)(b)		675,350
	38,700	Kohl’s Corp. (a)(b)		1,637,784
	16,200	Target Corp.		557,118
				2,870,252
		Oil & Gas - 4.37%
	18,100	Apache Corp.		1,160,029
	26,050	Devon Energy Corp.		1,164,175
	20,100	EOG Resources, Inc.		1,100,676
	28,075	Hess Corp.		1,521,665
	48,300	Occidental Petroleum Corp.		2,687,895
	19,300	Range Resources Corp. (b)		794,388
	13,000	Ultra Petroleum Corp. (a)		466,570
				8,895,398
		Personal Products - 0.17%
	17,950	Avon Products, Inc. (b)		345,179
		Pharmaceuticals - 7.51%
	83,600	Abbott Laboratories		3,987,720
	15,500	Allergan, Inc. (b)		740,280
	126,400	Bristol Myers Squibb Co.		2,770,688
	63,910	Eli Lilly & Co.		2,135,233
	48,700	Forest Laboratories, Inc. (a)(b)		1,069,452

Number of
Shares			Value
		Pharmaceuticals (Continued)
	26,250	Genzyme Corp. (a)(b)	$	1,558,987
	73,800	Schering Plough Corp.		1,737,990
	28,450	Teva Pharmaceutical Industries,
		Ltd. - ADR (b)		1,281,673
				15,282,023
		Road & Rail - 0.91%
	76,700	J.B. Hunt Transport Services, Inc. (b)		1,849,237
		Semiconductor & Semiconductor
		Equipment - 3.40%
	93,650	Broadcom Corp. (a)(b)		1,871,127
	156,700	Intel Corp. (b)		2,358,335
	14,400	Intersil Corp.		165,600
	43,800	Lam Research Corp. (a)(b)		997,326
	18,600	Linear Technology Corp.		427,428
	25,800	Microchip Technology, Inc. (b)		546,702
	62,600	Taiwan Semiconductor
		Manufacturing Co., Ltd. - ADR (b)		560,270
				6,926,788
		Software - 7.20%
	45,700	Activision Blizzard, Inc. (a)		478,022
	47,400	BMC Software, Inc. (a)(b)		1,564,200
	20,600	Check Point Software
		Technologies (a)		457,526
	12,550	McAfee, Inc. (a)		420,425
	365,000	Microsoft Corp.		6,705,050
	277,900	Oracle Corp. (a)		5,021,653
				14,646,876
		Specialty Retail - 3.72%
	22,500	Abercrombie & Fitch Co.		535,500
	15,000	Best Buy Co., Inc. (b)		569,400
	19,150	GameStop Corp. (a)(b)		536,583
	143,300	The Gap Inc. (b)		1,861,467
	55,950	Lowe’s Companies, Inc. (b)		1,021,088
	25,000	Ross Stores, Inc. (b)		897,000
	68,375	Staples, Inc. (b)		1,238,271
	35,800	The TJX Companies, Inc. (b)		917,912
				7,577,221
		Textiles, Apparel & Luxury Goods - 1.34%
	27,600	Coach, Inc. (a)		460,920
	48,500	Nike, Inc. (b)		2,274,165
				2,735,085

See notes to financial statements.

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Tobacco - 2.24%
	66,800	Altria Group, Inc.	$	1,070,136
	97,900	Philip Morris International, Inc.		3,483,282
				4,553,418
		Wireless Telecommunication Services - 0.44%
	10,950	America Movil S.A.B. de
		C.V. - ADR (b)		296,526
	19,950	American Tower Corp. (a)		607,078
				903,604
		Total Common Stocks
		(Cost $246,495,198)		209,951,693
		EXCHANGE TRADED FUNDS - 0.28%
		Exchange Traded Funds - 0.28%
	16,500	iShares Russell 1000 Growth
		Index Fund . . . . . . . . . . . . . . . . . . .		578,655
		Total Exchange Traded Funds
		(Cost $553,905)		578,655
		SHORT TERM INVESTMENTS - 0.41%
		Money Market Fund - 0.41%
	826,803	Federated Prime Obligations Fund		826,803
		Total Short Term Investments
		(Cost $826,803)		826,803
Principal
Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 16.26%
		Corporate Bonds and Notes - 6.37%
$	7,422,855	Bank of Scotland,
		1.446%, 05/06/09		7,422,855
	5,567,141	Svenska Handelsbanken,
		4.418%, 08/06/09 (c)		5,537,635
		Total Corporate Bonds and Notes
		(Cost $12,989,996)		12,960,490
		Corporate Paydown Securities - 3.45%
	6,830,003	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/10 (d)		3,701,179
	7,712,992	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/10 (d)		3,320,443
		Total Corporate Paydown Securities
		(Cost $14,542,995)		7,021,622

Number of
Shares			Value
		Money Market Funds - 6.43%
	11,958,200	Mount Vernon Prime Portfolio	$	11,958,200
	1,296,890	Reserve Primary Fund (d)		1,117,271
		Total Money Market Funds
		(Cost $13,255,090)		13,075,471
Principal
Amount
		Cash - 0.01%
$	20,397	Cash		20,397
		Total Cash
		(Cost $20,397)		20,397
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $40,808,478)		33,077,980
		Total Investments
		(Cost $288,684,384) - 120.13%		244,435,131
		Liabilities in Excess of Other
		Assets - (20.13)%		(40,955,912	)
		TOTAL NET ASSETS - 100.00%	$	203,479,219

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a) Non-Income producing.

(b) All or a portion of this security is on loan.

Securities Act of 1933. Such securities are treated as liquid

securities according to the Fund’s liquidity guidelines. The value

of these securities total $5,537,635, which represents 2.72% of

total net assets.

(d) As of March 31, 2009, the Adviser has fair valued this security

and deemed it illiquid. The value of these securities were

$8,138,893, which represent 4.00% of total net assets.

See notes to financial statements.

AssetMark Large Cap Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS - 99.51%
		Aerospace & Defense - 2.52%
	66,400	Northrop Grumman Corp.	$	2,897,696
	38,395	United Technologies Corp.		1,650,217
				4,547,913
		Air Freight & Logistics - 0.48%
	19,600	FedEx Corp. (b)		872,004
		Airlines - 0.44%
	123,960	Southwest Airlines Co. (b)		784,667
		Auto Components - 0.55%
	82,400	Johnson Controls, Inc.		988,800
		Automobiles - 0.71%
	96,050	Harley-Davidson, Inc. (b)		1,286,110
		Beverages - 1.28%
	20,500	Diageo PLC - ADR		917,375
	26,100	Molson Coors Brewing Co.		894,708
	9,570	PepsiCo, Inc.		492,664
				2,304,747
		Capital Markets - 1.42%
	14,970	Ameriprise Financial, Inc.		306,736
	79,705	The Bank of New York
		Mellon Corp.		2,251,666
				2,558,402
		Chemicals - 0.56%
	27,500	PPG Industries, Inc.		1,014,750
		Commercial Banks - 2.58%
	58,100	PNC Financial Services Group		1,701,749
	20,070	SunTrust Banks, Inc.		235,622
	25,380	U.S. Bancorp		370,802
	163,920	Wells Fargo & Co. (b)		2,334,220
				4,642,393
		Commercial Services & Supplies - 2.32%
	36,360	Avery Dennison Corp.		812,282
	14,150	The Dun & Bradstreet
		Corporation (b)		1,089,550
	29,050	H&R Block, Inc.		528,420
	68,400	Waste Management, Inc.		1,751,040
				4,181,292

Number of
Shares			Value
		Communications Equipment - 1.33%
	86,845	Cisco Systems, Inc. (a)	$	1,456,391
	62,943	Juniper Networks, Inc. (a)(b)		947,921
				2,404,312
		Computers & Peripherals - 1.87%
	75,230	Dell, Inc. (a)(b)		713,180
	55,300	Hewlett Packard Co.		1,772,918
	9,100	International Business
		Machines Corp.		881,699
				3,367,797
		Construction & Engineering - 0.23%
	12,130	Fluor Corp.		419,092
		Construction Materials - 0.28%
	11,361	Vulcan Materials Co. (b)		503,179
		Consumer Finance - 1.34%
	177,480	American Express Co. (b)		2,419,052
		Containers & Packaging - 0.63%
	81,800	Sealed Air Corp.		1,128,840
		Diversified Financial Services - 1.98%
	113,778	J.P. Morgan Chase & Co.		3,024,219
	23,550	Moody’s Corp. (b)		539,766
				3,563,985
		Diversified Telecommunication Services - 3.44%
	140,400	AT&T, Inc.		3,538,080
	88,200	Verizon Communications, Inc.		2,663,640
				6,201,720
		Electric Utilities - 1.42%
	88,700	Edison International		2,555,447
		Electrical Equipment - 0.35%
	22,100	Emerson Electric Co.		631,618
		Electronic Equipment & Instruments - 0.30%
	35,300	Agilent Technologies, Inc. (a)		542,561
		Energy Equipment & Services - 2.39%
	28,100	Diamond Offshore Drilling		1,766,366
	98,700	Halliburton Co.		1,526,889
	17,352	Transocean Ltd. (a)(b)		1,020,992
				4,314,247

See notes to financial statements.

AssetMark Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Food & Staples Retailing - 5.51%
	65,170	Costco Wholesale Corp. (b)	$	3,018,675
	118,037	CVS Corp.		3,244,837
	129,700	Safeway, Inc.		2,618,643
	45,445	SYSCO Corp.		1,036,146
				9,918,301
		Food Products - 1.11%
	64,250	ConAgra Foods, Inc. (b)		1,083,897
	18,225	General Mills, Inc. (b)		909,063
				1,992,960
		Health Care Equipment & Supplies - 1.59%
	97,000	Medtronic, Inc. (b) . . . . . . . . . . . . . .		2,858,590
		Health Care Providers & Services - 2.74%
	101,195	Cardinal Health, Inc.		3,185,619
	4,500	Express Scripts, Inc. (a)(b)		207,765
	73,915	UnitedHealth Group, Inc.		1,547,041
				4,940,425
		Hotels, Restaurants & Leisure - 0.54%
	17,655	McDonald’s Corp.		963,433
		Household Durables - 1.21%
	24,825	The Black & Decker Corp.		783,477
	57,050	Fortune Brands, Inc. (b)		1,400,577
				2,184,054
		Household Products - 2.73%
	55,950	Kimberly-Clark Corp.		2,579,855
	49,615	Procter & Gamble Co.		2,336,370
				4,916,225
		Industrial Conglomerates - 1.16%
	20,100	3M Co.		999,372
	87,000	General Electric Co.		879,570
	11,112	Tyco International Ltd.		217,351
				2,096,293
		Insurance - 9.32%
	136,095	The Allstate Corp.		2,606,219
	1,008	Berkshire Hathaway, Inc. (a)(b)		2,842,560
	64,050	Loews Corp.		1,415,505
	115,600	MetLife, Inc.		2,632,212
	101,900	Progressive Corp. (a)		1,369,536
	83,000	Prudential Financial, Inc.		1,578,660

Number of
Shares			Value
		Insurance (Continued)
	18,311	Transatlantic Holdings, Inc.	$	653,153
	90,910	Travelers Companies, Inc.		3,694,583
				16,792,428
		Internet Software & Services - 0.46%
	2,370	Google, Inc. (a)		824,902
		IT Services - 1.12%
	22,330	Alliance Data Systems Corp. (a)(b)		825,093
	53,505	Iron Mountain, Inc. (a)(b)		1,186,206
				2,011,299
		Machinery - 2.69%
	66,600	Caterpillar, Inc. (b)		1,862,136
	37,410	Dover Corp.		986,876
	32,060	Illinois Tool Works, Inc.		989,051
	29,785	Parker Hannifin Corp.		1,012,094
				4,850,157
		Media - 3.42%
	341,800	CBS Corp. (b)		1,312,512
	124,825	Comcast Corp.		1,606,498
	50,860	Grupo Televisa SA - ADR		693,730
	95,840	News Corporation		634,461
	18,826	Time Warner Cable, Inc.		466,879
	75,000	Time Warner, Inc.		1,447,500
				6,161,580
		Metals & Mining - 0.83%
	11,815	Freeport-McMoran Copper &
		Gold, Inc. (b)		450,270
	27,400	Nucor Corp. (b)		1,045,858
				1,496,128
		Multi-Utilities - 1.11%
	64,380	Dominion Resources, Inc.		1,995,136
		Office Electronics - 0.78%
	307,700	Xerox Corp.		1,400,035
		Oil & Gas - 18.58%
	49,830	Anadarko Petroleum Corp. (b)		1,937,888
	83,355	Apache Corp.		5,342,222
	24,900	Canadian Natural Resources Ltd.		960,144
	52,800	Chevron Corporation		3,550,272
	143,142	ConocoPhillips		5,605,441
	81,215	Devon Energy Corp.		3,629,498

See notes to financial statements.

AssetMark Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Oil & Gas (Continued)
	31,030	EOG Resources, Inc.	$	1,699,203
	107,600	Marathon Oil Corp.		2,828,804
	83,020	Occidental Petroleum Corp.		4,620,063
	16,080	Southwestern Energy Co. (a)(b)		477,415
	92,135	XTO Energy, Inc. (b)		2,821,174
				33,472,124
		Pharmaceuticals - 9.49%
	30,380	Abbott Laboratories		1,449,126
	84,700	Eli Lilly & Co.		2,829,827
	70,445	Johnson & Johnson		3,705,407
	16,020	Merck & Co., Inc.		428,535
	280,510	Pfizer, Inc.		3,820,546
	101,410	Schering Plough Corp.		2,388,206
	57,500	Wyeth		2,474,800
				17,096,447
		Road & Rail - 0.56%
	16,900	Burlington Northern Santa Fe Corp.		1,016,535
		Semiconductor & Semiconductor
		Equipment - 1.46%
	39,555	KLA-Tencor Corp.		791,100
	111,555	Texas Instruments, Inc. (b)		1,841,773
				2,632,873
		Software - 2.49%
	244,025	Microsoft Corp. (b)		4,482,739
		Specialty Retail - 0.64%
	10,270	Bed Bath & Beyond, Inc. (a)(b)		254,182
	38,500	Home Depot, Inc.		907,060
				1,161,242
		Textiles, Apparel & Luxury Goods - 0.37%
	70,265	Hanesbrands, Inc. (a)		672,436
		Tobacco - 1.18%
	99,100	Altria Group, Inc.		1,587,582
	15,260	Philip Morris International, Inc.		542,951
				2,130,533
		Total Common Stocks (Cost $225,751,155)
				179,299,803

Number of
Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 1.24%
		Real Estate Investment Trusts - 1.24%
	99,700	Annaly Mortgage
		Management, Inc.	$	1,382,839
	24,670	Simon Property Group, Inc. (b)		854,569
				2,237,408
		Total Real Estate Investment Trusts
		(Cost $3,531,160)		2,237,408
		SHORT TERM INVESTMENTS - 2.56%
		Money Market Fund - 2.56%
	4,612,665	Federated Prime Obligations Fund		4,612,665
		Total Short Term Investments
		(Cost $4,612,665)		4,612,665
Principal
Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 12.98%
		Corporate Bonds and Notes - 4.52%
$	4,662,432	Bank of Scotland,
		1.446%, 05/06/09		4,662,432
	3,496,824	Svenska Handelsbanken,
		4.418%, 08/06/09 (c)		3,478,291
		Total Corporate Bonds and Notes
		(Cost $8,159,256)		8,140,723
		Corporate Paydown Securities - 3.57%
	6,262,070	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/10 (d)		3,393,415
	7,071,637	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/10 (d)		3,044,340
		Total Corporate Paydown Securities
		(Cost $13,333,707)		6,437,755
Shares
		Money Market Funds - 4.88%
	7,511,166	Mount Vernon Prime Portfolio		7,511,166
	1,483,950	Reserve Primary Fund (d)		1,278,423
		Total Money Market Funds
		(Cost $8,995,116)		8,789,589

See notes to financial statements.

AssetMark Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL (Continued)
		Cash - 0.01%
$	12,810	Cash	$	12,810
		Total Cash
		(Cost $12,810)		12,810
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $30,500,889)		23,380,877
		Total Investments
		(Cost $264,395,869) - 116.29% . .		209,530,753
		Liabilities in Excess of
		Other Assets - (16.29)%		(29,349,389	)
		TOTAL NET
		ASSETS - 100.00%	$	180,181,364

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a) Non-Income producing.

(b) All or a portion of this security is on loan.

Securities Act of 1933. Such securities are treated as liquid

securities according to the Fund’s liquidity guidelines. The value

of these securities total $3,478,291, which represents 1.93% of

total net assets.

(d) As of March 31, 2009, the Adviser has fair valued this security

and deemed it illiquid. The value of these securities were

$7,716,178, which represent 4.28% of total net assets.

See notes to financial statements.

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS - 101.75%
		Aerospace & Defense - 0.65%
	2,800	American Science &
		Engineering, Inc.	$	156,240
	3,500	Axsys Technologies, Inc. (a)		147,140
				303,380
		Beverages - 0.16%
	2,100	Hansen Natural Corp. (a)(b)		75,600
		Biotechnology - 6.82%
	18,780	Alexion Pharmaceuticals,
		Inc. (a)(b)		707,255
	5,300	Alkermes, Inc. (a)		64,289
	5,002	Cephalon, Inc. (a)(b)		340,636
	20,100	Cubist Pharmaceuticals, Inc. (a)(b)		328,836
	11,141	ISIS Pharmaceuticals, Inc. (a)(b)		167,226
	10,300	Martek Biosciences Corp. (b)		187,975
	15,880	Myriad Genetics, Inc. (a)		722,063
	8,385	Onyx Pharmaceuticals, Inc. (a)(b)		239,392
	5,441	OSI Pharmaceuticals, Inc. (a)		208,173
	23,700	PDL BioPharma Inc.		167,796
	1,600	Vertex Pharmaceuticals, Inc. (a)(b)		45,968
				3,179,609
		Capital Markets - 1.41%
	9,133	Affiliated Managers Group,
		Inc. (a)(b)		380,937
	3,736	Greenhill & Co, Inc. (b)		275,904
				656,841
		Commercial Banks - 0.50%
	8,174	Signature Bank (a)		230,752
		Commercial Services & Supplies -6.53%
	8,647	DeVry, Inc. (b)		416,612
	5,203	The Dun & Bradstreet
		Corporation (b)		400,631
	5,091	FTI Consulting, Inc. (a)		251,903
	10,515	IHS, Inc. (a)		433,008
	13,800	Manpower, Inc. .		435,114
	23,608	Monster Worldwide, Inc. (a)		192,405
	27,500	Navigant Consulting, Inc. (a)		359,425
	5,978	Stericycle, Inc. (a)		285,330
	1,486	Strayer Education, Inc.		267,287
				3,041,715

Number of
Shares			Value
		Communications Equipment - 0.74%
	16,900	Arris Group, Inc. (a)	$	124,553
	6,200	NICE Systems Ltd. - ADR (a)		154,132
	7,400	Palm, Inc. (a)		63,788
				342,473
		Computers & Peripherals - 2.47%
	12,800	NCR Corp. (a)(b)		101,760
	13,195	NetApp, Inc. (a)(b)		195,814
	19,100	Synaptics, Inc. (a)(b)		511,116
	16,400	Teradata Corp. (a)		266,008
	4,000	Western Digital Corp. (a)		77,360
				1,152,058
		Construction & Engineering - 0.35%
	2,800	EMCOR Group, Inc. (a)(b)		48,076
	2,800	URS Corp. (a)		113,148
				161,224
		Construction Materials - 0.88%
	16,890	Eagle Materials, Inc. (b)		409,583
		Consumer Finance - 0.34%
	31,900	SLM Corp. (a)(b)		157,905
		Containers & Packaging - 0.21%
	4,600	Sonoco Products Co.		96,508
		Distributors - 0.14%
	3,700	WESCO International, Inc. (a)		67,044
		Diversified Consumer Services - 3.57%
	5,871	Capella Education Company (a)		311,163
	4,400	Career Education Corp. (a)		105,424
	35,304	Corinthian Colleges, Inc. (a)(b)		686,663
	3,100	ITT Educational Services,
		Inc. (a)(b)		376,402
	3,595	New Oriental Education &
		Technology Group,
		Inc. - ADR (a)(b)		180,649
				1,660,301
		Diversified Financial Services - 1.71%
	7,417	Huron Consulting Group, Inc. (a)		314,703
	28,614	MSCI, Inc. (a)		483,863
				798,566
		Diversified Telecommunication Services - 0.78%
	41,000	Premiere Global Services, Inc. (a)		361,620

See notes to financial statements.

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Electric Utilities - 0.52%
	5,573	ITC Holdings Corp.	$	243,094
		Electrical Equipment - 1.13%
	8,341	General Cable Corp. (a)		165,319
	10,014	Regal-Beloit Corp.		306,829
	2,200	Thomas & Betts Corp. (a)		55,044
				527,192
		Electronic Equipment & Instruments - 1.85%
	14,100	Avnet, Inc. (a)		246,891
	18,039	Dolby Laboratories, Inc. (a)(b)		615,310
				862,201
		Energy Equipment & Services - 2.14%
	3,027	Core Laboratories NV (b)		221,455
	19,400	Dresser-Rand Group, Inc. (a)(b)		428,740
	17,900	Oil States International, Inc. (a)(b)		240,218
	8,200	Superior Energy Services,
		Inc. (a)(b)		105,698
				996,111
		Food Products - 2.27%
	1,900	American Italian Pasta Co. (a)(b)		66,139
	7,900	Casey’s General Stores, Inc.		210,614
	45,200	Del Monte Foods Co. (b)		329,508
	4,700	Diamond Foods, Inc.		131,271
	4,171	Green Mountain Coffee
		Roasters, Inc. (a)(b)		200,208
	2,900	Lancaster Colony Corp.		120,292
				1,058,032
		Gas Utilities - 0.43%
	11,600	NiSource, Inc.		113,680
	2,400	Suburban Propane Partners LP		87,744
				201,424
		Health Care Equipment & Supplies - 8.22%
	7,500	Align Technology, Inc. (a)		59,475
	41,000	American Medical Systems
		Holdings, Inc. (a)		457,150
	26,350	Conceptus, Inc. (a)(b)		309,613
	3,700	Gen-Probe, Inc. (a)		168,646
	22,556	Illumina, Inc. (a)(b)		839,986
	9,522	Immucor, Inc. (a)(b)		239,478
	2,115	Intuitive Surgical, Inc. (a)(b)		201,686
	5,900	Invacare Corp.		94,577

Number of
Shares			Value
		Health Care Equipment & Supplies (Continued)
	8,200	Merit Medical Systems, Inc. (a)	$	100,122
	9,253	NuVasive, Inc. (a)		290,359
	20,345	ResMed, Inc. (a)(b)		718,992
	10,900	Steris Corp. (b)		253,752
	3,650	Thoratec Corp. (a)		93,769
				3,827,605
		Health Care Providers & Services - 3.66%
	1,900	Amedisys, Inc. (a)(b)		52,231
	4,000	Centene Corp. (a)		72,080
	3,776	Cerner Corp. (a)		166,031
	4,000	CIGNA Corp.		70,360
	7,900	Emergency Medical Services
		Corp. (a)(b)		247,981
	2,100	Genoptix, Inc. (a)		57,288
	4,000	Gentiva Health Services, Inc. (a)		60,800
	7,865	HMS Holdings Corp. (a)		258,758
	13,600	Humana, Inc. (a)		354,688
	7,100	LHC Group, Inc. (a)		158,188
	6,200	Omnicare, Inc. (b)		151,838
	1,400	Universal Health Services, Inc. (b)		53,676
				1,703,919
		Hotels, Restaurants & Leisure - 3.16%
	5,000	Bally Technologies, Inc. (a)		92,100
	5,662	Buffalo Wild Wings, Inc. (a)(b)		207,116
	1,000	Chipotle Mexican Grill, Inc. (a)(b)		66,380
	5,382	Darden Restaurants, Inc.		184,387
	3,509	Panera Bread Co. (a)		196,153
	7,381	PF Chang’s China Bistro, Inc. (a)(b)		168,877
	46,122	Scientific Games Corp. (a)		558,538
				1,473,551
		Household Durables - 1.64%
	42,400	D.R. Horton, Inc.		411,280
	32,400	Pulte Homes, Inc.		354,132
				765,412
		Insurance - 0.78%
	14,400	Assurant, Inc.		313,632
	2,200	Stancorp Financial Group, Inc.		50,116
				363,748

See notes to financial statements.

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Internet & Catalog Retail - 2.58%
	5,356	NetFlix, Inc. (a)(b)	$	229,879
	8,218	Priceline.com, Inc. (a)(b)		647,414
	11,869	VistaPrint Limited (a)		326,279
				1,203,572
		Internet Software & Services - 1.84%
	9,303	Akamai Technologies, Inc. (a)		180,478
	3,851	Equinix, Inc. (a)		216,234
	16,000	S1 Corp. (a)		82,400
	9,200	Sohu.com, Inc. (a)(b)		380,052
				859,164
		IT Services - 3.70%
	4,783	Alliance Data Systems
		Corp. (a)(b)		176,732
	24,200	Broadridge Financial
		Solutions, Inc.		450,362
	18,234	Cognizant Technology Solutions
		Corp. (a)		379,085
	5,600	ManTech International Corp. (a)		234,640
	20,062	SAIC, Inc. (a)(b)		374,557
	5,300	Syntel, Inc. (b)		109,074
				1,724,450
		Leisure Equipment & Products - 0.33%
	6,200	Hasbro, Inc.		155,434
		Life Sciences Tools & Services - 2.92%
	2,800	Kendle International, Inc. (a)		58,688
	16,067	Life Technologies Corp. (a)(b)		521,856
	4,506	Millipore Corp. (a)		258,690
	10,130	QIAGEN N.V. (a)		161,675
	25,300	Sequenom, Inc. (a)(b)		359,766
				1,360,675
		Machinery - 3.12%
	15,700	Bucyrus International, Inc.		238,326
	18,928	IDEX Corp.		413,955
	6,800	L.B. Foster Co. (a)		168,844
	13,600	Navistar International Corp. (a)		455,056
	6,791	Westinghouse Air Brake
		Technologies Corp.		179,147
				1,455,328
		Metals & Mining - 1.64%
	6,700	Compass Minerals International,
		Inc. (b)		377,679
	44,000	Steel Dynamics, Inc.		387,640
				765,319

Number of
Shares			Value
		Multiline Retail - 0.32%
	3,361	Dollar Tree, Inc. (a)(b)	$	149,733
		Oil & Gas - 3.73%
	11,582	Arena Resources, Inc. (a)		295,109
	9,228	Concho Resources, Inc. (a)		236,144
	6,217	Continental Resources, Inc. (a)(b)		131,863
	14,853	EXCO Resources, Inc. (a)		148,530
	22,900	McMoRan Exploration Co. (a)		107,630
	1,900	NuStar Energy L.P		87,609
	11,991	Petrohawk Energy Corp. (a)(b)		230,587
	11,796	Whiting Petroleum Corp. (a)		304,927
	6,200	World Fuel Services Corp.		196,106
				1,738,505
		Personal Products - 0.42%
	12,900	Herbalife Ltd.		193,242
		Pharmaceuticals - 3.35%
	8,421	Auxilium Pharmaceuticals,
		Inc. (a)(b)		233,430
	31,500	Medicines Co. (a)		341,460
	20,500	Mylan Laboratories, Inc. (a)(b)		274,905
	9,000	Sepracor, Inc. (a)(b)		131,940
	12,700	Valeant Pharmaceuticals
		International (a)(b)		225,933
	11,400	Watson Pharmaceuticals, Inc. (a)		354,654
				1,562,322
		Road & Rail - 1.59%
	8,219	J.B. Hunt Transport Services, Inc.		198,160
	16,253	Landstar System, Inc.		543,988
				742,148
		Semiconductor & Semiconductor
		Equipment - 5.64%
	14,400	Atheros Communications, Inc. (a)		211,104
	69,400	Integrated Device Technology,
		Inc. (a)		315,770
	20,366	Lam Research Corp. (a)(b)		463,734
	12,006	Microchip Technology, Inc. (b)		254,407
	48,213	PMC-Sierra, Inc. (a)(b)		307,599
	12,301	Power Integrations, Inc.		211,577
	12,328	Silicon Laboratories, Inc. (a)(b)		325,459
	13,300	Skyworks Solutions, Inc. (a)		107,198
	22,538	Xilinx, Inc.		431,828
				2,628,676

See notes to financial statements.

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Software - 4.10%
	37,700	Compuware Corp. (a)	$	248,443
	13,604	Macrovision Solutions Corp. (a)		242,015
	16,200	Mentor Graphics Corp. (a)		71,928
	30,230	Nuance Communications,
		Inc. (a)(b)		328,298
	15,170	Solera Holdings, Inc. (a)(b)		375,913
	16,991	Sybase, Inc. (a)(b)		514,657
	22,200	Tibco Software, Inc. (a)		130,314
				1,911,568
		Specialty Retail - 8.73%
	19,570	Aeropostale, Inc. (a)(b)		519,779
	29,285	American Eagle Outfitters		358,448
	13,000	The Buckle, Inc.		415,090
	13,800	The Childrens Place Retail
		Stores, Inc. (a)		302,082
	26,828	GameStop Corp. (a)		751,721
	19,178	Guess?, Inc.		404,272
	4,100	Jo-Ann Stores, Inc. (a)		66,994
	8,200	Jos. A. Bank Clothiers, Inc. (a)(b)		228,042
	36,700	Limited Brands, Inc. (b)		319,290
	17,400	Rent-A-Center, Inc. (a)		337,038
	1,900	Ross Stores, Inc. (b)		68,172
	8,200	Tractor Supply Co. (a)		295,692
				4,066,620
		Textiles, Apparel & Luxury Goods - 1.99%
	4,300	Deckers Outdoor Corp. (a)		228,072
	12,246	Phillips-Van Heusen Corp. (b)		277,739
	11,600	True Religion Apparel, Inc. (a)		136,996
	11,892	Warnaco Group, Inc. (a)		285,408
				928,215
		Trading Companies & Distributors - 0.21%
	3,100	MSC Industrial Direct Co., Inc.		96,317
		Transportation Infrastructure - 0.59%
	16,301	Aegean Marine Petroleum
		Network Inc. (b)		273,042

Number of
Shares			Value
		Wireless Telecommunication Services - 1.89%
	34,204	SBA Communications Corp. (a)(b)	$	796,953
	5,400	Syniverse Holdings, Inc. (a)		85,104
				882,057
		Total Common Stocks
		(Cost $49,666,284)		47,413,855
		REAL ESTATE INVESTMENT TRUSTS - 0.29%
		Real Estate Investment Trusts - 0.29%
	14,400	Anworth Mortgage Asset Corp.		88,272
	6,800	Inland Real Estate Corp.		48,212
				136,484
		Total Real Estate Investment Trusts
		(Cost $181,052)		136,484
		SHORT TERM INVESTMENTS - 1.95%
		Money Market Fund - 1.95%
	909,490	Federated Prime Obligations Fund		909,490
		Total Short Term Investments
		(Cost $909,490)		909,490
Principal
Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 23.18%
		Corporate Bonds and Notes - 9.75%
$	2,601,594	Bank of Scotland,
		1.446%, 05/06/09		2,601,594
	1,951,195	Svenska Handelsbanken,
		4.418%, 08/06/09 (c)		1,940,855
		Total Corporate Bonds and Notes
		(Cost $4,552,789)		4,542,449
		Corporate Paydown Securities - 3.68%
	1,669,227	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/10 (d)		904,554
	1,885,026	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/10 (d)		811,504
		Total Corporate Paydown Securities
		(Cost $3,554,253)		1,716,058

See notes to financial statements.

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		Money Market Funds - 9.73%
	4,191,161	Mount Vernon Prime Portfolio	$	4,191,161
	398,733	Reserve Primary Fund (d)		343,508
		Total Money Market Funds
		(Cost $4,589,894)		4,534,669
Principal
Amount
		Cash - 0.02%
$	7,149	Cash		7,149
		Total Cash
		(Cost $7,149)		7,149
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $12,704,085)		10,800,325
		Total Investments
		(Cost $63,460,911) - 127.17%		59,260,154
		Liabilities in Excess of
		Other Assets - (27.17)%		(12,662,598	)
		TOTAL NET
		ASSETS - 100.00%	$	46,597,556

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a) Non-Income producing.

(b) All or a portion of this security is on loan.

Securities Act of 1933. Such securities are treated as liquid

securities according to the Fund’s liquidity guidelines. The value

of these securities total $1,940,855, which represents 4.17% of

total net assets.

(d) As of March 31, 2009, the Adviser has fair valued this security

and deemed it illiquid. The value of these securities were

$2,059,566, which represent 4.42% of total net assets.

See notes to financial statements.

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS - 94.19%
		Aerospace & Defense - 0.62%
	17,915	BE Aerospace, Inc. (a)	$	155,323
	19,085	Hexcel Corp. (a)		125,389
				280,712
		Air Freight & Logistics - 0.31%
	4,999	Ryder System, Inc.		141,522
		Airlines - 0.37%
	19,075	Continental Airlines, Inc. (a)(b)		168,051
		Building Products - 0.81%
	6,940	Ameron International Corp.		365,460
		Capital Markets - 3.60%
	22,780	Calamos Asset Management,
		Inc. (b)		109,572
	7,417	Investment Technology Group,
		Inc. (a)		189,282
	56,370	Jefferies Group, Inc. (b)		777,906
	5,430	KBW, Inc. (a)(b)		110,500
	14,550	Knight Capital Group, Inc. (a)(b)		214,467
	16,093	Penson Worldwide, Inc. (a)(b)		103,478
	6,240	Raymond James Financial, Inc. (b).		122,928
				1,628,133
		Chemicals - 3.48%
	7,708	Airgas, Inc.		260,608
	9,371	Albemarle Corp.		204,007
	20,863	Celanese Corp.		278,938
	2,619	CF Industries Holdings, Inc.		186,290
	49,441	Huntsman Corp.		154,750
	11,230	Innophos Holdings, Inc.		126,674
	5,595	Intrepid Potash, Inc. (a)		103,228
	19,566	Rockwood Holdings, Inc. (a)		155,354
	56,115	Solutia, Inc. (a)		104,935
				1,574,784
		Commercial Banks - 7.67%
	23,394	Central Pacific Financial Corp. (b)		131,006
	28,648	First Horizon National Corp.		307,682
	16,889	First Midwest Bancorp, Inc. (b)		145,077
	12,987	FirstMerit Corp.		236,363
	6,976	Hancock Holding Co. (b)		218,209
	13,059	Huntington Bancshares, Inc. (b)		21,678
	96,150	Investors Bancorp, Inc. (a)(b)		814,391
	5,238	PacWest Bancorp		75,061

Number of
Shares			Value
		Commercial Banks (Continued)
	6,284	Trustmark Corp. (b)	$	115,500
	140,510	UCBH Holdings, Inc. (b)		212,170
	20,070	UMB Financial Corp.		852,774
	10,000	Whitney Holding Corp.		114,500
	22,281	Zions Bancorporation (b)		219,022
				3,463,433
		Commercial Services & Supplies - 0.57%
	17,598	CBIZ, Inc. (a)		122,658
	10,785	Consolidated Graphics, Inc. (a)		137,185
				259,843
		Communications Equipment - 2.24%
	140,183	ADC Telecommunications (a)(b)		615,403
	8,934	Belden, Inc.		111,764
	15,643	CommScope, Inc. (a)(b)		177,705
	23,478	Tellabs, Inc. (a)		107,529
				1,012,401
		Computers & Peripherals - 0.59%
	9,451	Diebold, Inc.		201,779
	6,633	Electronics For Imaging, Inc. (a)		65,003
				266,782
		Construction & Engineering - 2.15%
	26,033	Dycom Industries, Inc. (a)		150,731
	21,880	Granite Construction, Inc. (b)		820,062
				970,793
		Containers & Packaging - 0.64%
	5,799	Greif, Inc.		193,048
	15,598	Myers Industries, Inc.		95,772
				288,820
		Diversified Consumer Services - 1.13%
	10,940	Brink’s Home Security Holdings,
		Inc. (a)		247,244
	29,040	Sotheby’s (b)		261,360
				508,604
		Diversified Financial Services - 2.06%
	46,630	Leucadia National Corp. (a)		694,321
	13,875	World Acceptance Corp. (a)		237,263

				931,584
		Diversified Telecommunication Services - 2.47%
	62,928	Cincinnati Bell, Inc. (a)		144,734
	25,720	Embarq Corp.		973,502
				1,118,236

See notes to financial statements.

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Electric Utilities - 5.38%
	14,496	Cleco Corp.	$	314,418
	38,613	Great Plains Energy, Inc.		520,117
	11,781	IDACORP, Inc.		275,204
	19,287	Northeast Utilities		416,407
	15,990	Portland General Electric Co.		281,264
	15,087	Wisconsin Energy Corp. (b)		621,132
				2,428,542
		Electrical Equipment - 2.11%
	3,380	A.O. Smith Corp.		85,108
	36,640	Encore Wire Corp. (b)		785,195
	2,760	Regal-Beloit Corp.		84,567
				954,870
		Electronic Equipment & Instruments - 4.76%
	14,202	Arrow Electronics, Inc. (a)		270,690
	37,220	Avnet, Inc. (a)		651,722
	27,352	Benchmark Electronics, Inc. (a)		306,343
	19,725	Jabil Circuit, Inc.		109,671
	4,070	Mettler Toledo International,
		Inc. (a)(b)		208,913
	17,650	Molex, Inc.		223,096
	17,216	Plexus Corp. (a)		237,925
	7,220	SYNNEX Corp. (a)		142,017
				2,150,377
		Energy Equipment & Services - 0.73%
	9,083	Hornbeck Offshore Services,
		Inc. (a)		138,425
	10,791	T-3 Energy Services, Inc. (a)		127,118
	6,431	Willbros Group, Inc. (a)		62,381
				327,924
		Food & Staples Retailing - 2.19%
	20,610	Andersons, Inc. (b)		291,426
	4,030	Casey’s General Stores, Inc.		107,440
	61,450	Winn Dixie Stores, Inc. (a)		587,462
				986,328
		Food Products - 0.84%
	11,752	Dean Foods Co. (a)		212,476
	3,097	Ralcorp Holdings, Inc. (a)		166,866
				379,342

Number of
Shares			Value
		Gas Utilities - 4.64%
	12,051	AGL Resources, Inc. (b)	$	319,713
	7,183	New Jersey Resources Corp.		244,078
	9,475	Northwest Natural Gas Co.		411,405
	33,190	Oneok, Inc.		751,090
	15,754	UGI Corp.		371,952
				2,098,238
		Health Care Providers & Services - 3.37%
	7,520	AMERIGROUP Corp. (a)		207,101
	9,150	AmSurg Corp. (a)		145,027
	37,828	Assisted Living Concepts, Inc. (a)		512,948
	5,690	Magellan Health Services, Inc. (a)		207,344
	13,023	PerkinElmer, Inc.		166,304
	7,384	Universal Health Services, Inc. (b)		283,102
				1,521,826
		Hotels, Restaurants & Leisure - 4.34%
	19,921	Callaway Golf Co.		143,033
	9,631	CEC Entertainment, Inc. (a)		249,250
	10,730	Cracker Barrel Old Country
		Store, Inc.		307,307
	15,370	Penn National Gaming, Inc. (a)		371,186
	13,740	Royal Caribbean Cruises Ltd. (b)		110,057
	21,070	Vail Resorts, Inc. (a)		430,460
	69,638	Wendy’s Arby’s Group, Inc.		350,279
				1,961,572
		Household Durables - 0.92%
	19,700	D.R. Horton, Inc.		191,090
	10,886	Ryland Group, Inc.		181,361
	47,025	Standard-Pacific Corp. (a)(b)		41,382
				413,833
		Insurance - 5.66%
	13,887	AMBAC Financial Group, Inc. (b)		10,832
	17,968	American Financial Group, Inc.		288,386
	9,530	Arch Capital Group Ltd. (a)		513,286
	6,690	Aspen Insurance Holdings Ltd		150,257
	14,074	Fidelity National Financial, Inc.		274,584
	15,680	The Hanover Insurance Group, Inc.		451,898
	3,800	White Mountains Insurance
		Group Ltd.		653,258
	9,510	WR Berkley Corp.		214,450
				2,556,951

See notes to financial statements.

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Machinery - 2.68%
	5,550	Kennametal, Inc. (b)	$	89,965
	23,195	Manitowoc Co. (b)		75,848
	59,310	Mueller Water Products,
		Inc. - Class A		195,723
	10,564	Pall Corp.		215,823
	8,930	Robbins & Myers, Inc.		135,468
	13,750	Terex Corp. (a)(b)		127,187
	40,840	Trinity Industries, Inc. (b)		373,278
				1,213,292
		Media - 1.03%
	15,112	Cinemark Holdings, Inc. (b)		141,902
	18,490	Discovery Communications Inc. (a)		296,210
	23,330	Entercom Communications
		Corp. (b)		25,663
				463,775
		Metals & Mining - 3.32%
	15,960	Allegheny Technologies, Inc.		350,003
	37,950	Commercial Metals Co.		438,322
	6,460	Kaiser Aluminum Corp. (b)		149,355
	12,190	Schnitzer Steel Industries, Inc.		382,644
	20,612	Steel Dynamics, Inc.		181,592
				1,501,916
		Multi-Utilities - 2.48%
	75,040	CenterPoint Energy, Inc.		782,667
	16,010	Vectren Corp.		337,651
				1,120,318
		Oil & Gas - 6.56%
	9,599	Carrizo Oil & Gas, Inc. (a)(b)		85,239
	22,910	CNX Gas Corp. (a)		543,196
	11,750	Comstock Resources, Inc. (a)(b)		350,150
	31,450	Denbury Resources, Inc. (a)		467,347
	15,709	Encore Acquisition Co. (a)		365,549
	16,990	Overseas Shipholding Group, Inc.		385,163
	15,130	Plains All American
		Pipeline, L.P. (b)		556,179
	26,380	Quicksilver Resources, Inc. (a)(b)		146,145
	2,445	Whiting Petroleum Corp. (a)(b)		63,203
				2,962,171

Number of
Shares			Value
		Pharmaceuticals - 2.20%
	30,360	King Pharmaceuticals, Inc. (a)	$	214,645
	8,344	Perrigo Co.		207,182
	13,200	Sepracor, Inc. (a)(b)		193,512
	12,212	Watson Pharmaceuticals, Inc. (a)		379,915
				995,254
		Road & Rail - 0.86%
	7,720	AMERCO (a)		258,851
	5,622	Old Dominion Freight Line (a)(b)		132,061
				390,912
		Semiconductor & Semiconductor
		Equipment - 2.21%
	19,520	Advanced Energy Industries,
		Inc. (a)		146,986
	35,629	Atmel Corp. (a)		129,333
	9,274	Brooks Automation, Inc. (a)		42,753
	15,280	Cypress Semiconductor Corp. (a)		103,446
	24,458	Diodes, Inc. (a)(b)		259,499
	49,481	Integrated Device Technology,
		Inc. (a)		225,139
	6,244	MKS Instruments, Inc. (a)		91,599
				998,755
		Software - 0.44%
	6,986	Novell, Inc. (a)		29,760
	16,772	Parametric Technology Corp. (a)		167,385
				197,145
		Specialty Retail - 1.85%
	3,267	Abercrombie & Fitch Co.		77,754
	21,270	Brown Shoe Co., Inc. (b)		79,762
	30,983	Chico’s FAS, Inc. (a)		166,379
	16,268	Foot Locker, Inc. (b)		170,489
	22,600	Men’s Wearhouse, Inc.		342,164
				836,548
		Textiles, Apparel & Luxury Goods - 0.75%
	49,724	Jones Apparel Group, Inc.		209,836
	5,615	Phillips-Van Heusen Corp. (b)		127,348
				337,184
		Thrifts & Mortgage Finance - 5.10%
	23,920	Capitol Federal Financial		904,415
	2,889	Dime Community Bancshares		27,099
	59,580	Hudson City Bancorp, Inc.		696,490
	39,044	TFS Financial Corp.		473,604

See notes to financial statements.

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Thrifts & Mortgage Finance (Continued)
$	11,012	Washington Federal, Inc.	$	146,349
	12,868	Webster Financial Corp.		54,689
				2,302,646
		Tobacco - 0.81%
	5,935	Lorillard, Inc.		366,427
		Wireless Telecommunication Services - 0.25%
	7,045	Syniverse Holdings, Inc. (a)		111,029
		Total Common Stocks
		(Cost $61,460,198)		42,556,333
		REAL ESTATE INVESTMENT TRUSTS - 7.04%
		Real Estate Investment Trusts - 7.04%
	3,620	Alexandria Real Estate Equities,
		Inc. (b)		131,768
	7,247	American Campus Communities, Inc.		125,808
	59,050	Anworth Mortgage Asset Corp.		361,976
	5,430	Digital Realty Trust, Inc. (b)		180,167
	18,859	First Potomac Realty Trust		138,614
	7,750	Health Care REIT, Inc. (b)		237,072
	4,099	Healthcare Realty Trust, Inc. (b)		61,444
	43,535	MFA Mortgage Investments, Inc.		255,986
	10,204	National Retail Properties, Inc. (b)		161,631
	32,760	Plum Creek Timber Co., Inc. (b)		952,333
	17,196	Realty Income Corp. (b)		323,629
	3,831	Senior Housing Properties Trust		53,711
	14,160	SL Green Realty Corp. (b)		152,928
	16,209	Sunstone Hotel Investors, Inc.		42,630
				3,179,697
		Total Real Estate Investment Trusts
		(Cost $5,369,834)		3,179,697
		SHORT TERM INVESTMENTS - 1.16%
		Money Market Fund - 1.16%
	525,896	Federated Prime Obligations Fund		525,896
		Total Short Term Investments
		(Cost $525,896)		525,896
Principal
Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 15.85%
		Corporate Bonds and Notes - 6.68%
$	1,729,366	Bank of Scotland,
		1.446%, 05/06/09		1,729,366

Principal
Amount			Value
		Corporate Bonds and Notes (Continued)
$	1,297,025	Svenska Handelsbanken,
		4.418%, 08/06/09 (c)	$	1,290,150
		Total Corporate Bonds and Notes
		(Cost $3,026,391)		3,019,516

		Corporate Paydown Securities - 2.22%
	975,362	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/10 (d)		528,549
	1,101,458	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/10 (d)		474,177
		Total Corporate Paydown Securities
		(Cost $2,076,820)		1,002,726
Shares
		Money Market Funds - 6.94%
	2,786,005	Mount Vernon Prime Portfolio		2,786,005
	403,656	Reserve Primary Fund (d)		347,750
		Total Money Market Funds
		(Cost $3,189,661)		3,133,755
Principal
Amount
		Cash - 0.01%
$	4,752	Principal Cash		4,752
		Total Cash
		(Cost $4,752)		4,752
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $8,297,624)		7,160,749
		Total Investments
		(Cost $75,653,552) - 118.24%		53,422,675
		Liabilities in Excess of
		Other Assets - (18.24)%		(8,243,021	)
		TOTAL NET
		ASSETS - 100.00%
			$	45,179,654

Percentages are stated as a percent of net assets.

(a) Non-income producing.

(b) All or a portion of this security is on loan.

Securities Act of 1933. Such securities are treated as liquid

securities according to the Fund’s liquidity guidelines. The value

of these securities total $1,290,150, which represents 2.86% of

total net assets.

(d) As of March 31, 2009, the Adviser has fair valued this security

and deemed it illiquid. The value of these securities were

$1,350,476, which represent 2.99% of total net assets.

See notes to financial statements.

AssetMark International Equity Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS - 97.40%
		Australia - 6.55%
	98,453	CSL Ltd.	$	2,224,703
	214,828	National Australia Bank Ltd.		2,998,865
	115,611	Newcrest Mining Ltd. (a)		2,661,299
	1,760,962	Telstra Corp.		3,930,918
	215,075	Wesfarmers Ltd.		2,822,166
				14,637,951
		China - 2.09%
	7,359,000	Bank Of China Ltd.		2,439,770
	676,000	China Life Insurance
		Company Ltd.		2,223,372
				4,663,142
		Czech Republic - 0.86%
	53,571	CEZ		1,915,943
		Finland - 0.36%
	141,043	UPM-Kymmene Corp.		814,023
		France - 12.40%
	109,414	Carrefour SA		4,268,247
	31,238	Casino Guichard Perrachon SA		2,032,576
	286,244	France Telecom SA		6,525,564
	77,887	GDF Suez SA		2,671,109
	57,310	Renault SA .		1,178,417
	93,253	Saint-Gobain SA		2,612,863
	35,836	Sanofi-Aventis SA		2,011,162
	46,066	Societe Generale SA		1,801,962
	92,697	TOTAL SA		4,583,823
				27,685,723
		Germany - 5.88%
	39,397	Allianz AG		3,297,637
	41,816	Deutsche Telekom AG		517,934
	99,693	E.ON AG		2,764,902
	54,786	RWE AG		3,836,702
	31,471	Siemens AG		1,796,671
	104,906	Tognum AG (a)		909,936
				13,123,782
		Hong Kong - 2.31%
	473,000	Hongkong Electric Holdings Ltd.		2,810,276
	263,000	Sun Hung Kai Properties Ltd.		2,359,894
				5,170,170

Number of
Shares			Value
		Italy - 2.94%
	135,816	ENI SpA	$	2,629,708
	934,710	Intesa Sanpaolo SpA		2,570,908
	123,836	UBI Banca ScpA		1,363,579
				6,564,195
		Japan - 20.61%
	240,900	Canon, Inc.		7,022,675
	36,600	East Japan Railway		1,908,113
	274	Inpex Holdings, Inc.		1,940,438
	495,000	Itochu Corp.		2,442,342
	190,000	Kao Corp.		3,707,356
	862	KDDI Corp.		4,059,279
	122,400	Millea Holdings, Inc.		3,014,588
	151,000	Mitsui Fudosan Co., Ltd.		1,656,449
	275,000	Sekisui House Ltd.		2,105,245
	113,300	Seven & i Holdings Co., Ltd.		2,501,331
	49,600	Shin-Etsu Chemical Co. Ltd.		2,436,863
	46,737	Sumitomo Mitsui Financial
		Group, Inc.		1,645,674
	114,500	Takeda Pharmaceutical Co. Ltd.		3,972,528
	195,300	Toyota Motor Corp.		6,203,482
	35,960	Yamada Denki Co. Ltd.		1,419,159
				46,035,522
		Netherlands - 2.03%
	196,237	Reed Elsevier NV		2,099,905
	124,050	Unilever NV		2,443,935
				4,543,840
		Singapore - 3.38%
	853,000	Oversea-Chinese Banking
		Corp. Ltd.		2,719,329
	1,175,000	Singapore Telecommunications Ltd.		1,958,570
	449,000	United Overseas Bank Ltd.		2,880,015
				7,557,914
		Spain - 5.63%
	816,564	Banco Santander Central
		Hispano SA		5,630,047
	460,383	Iberdrola Renovables (a)		1,906,789
	111,656	Iberdrola SA		783,379
	212,955	Telefonica SA		4,246,614
				12,566,829
		Sweden - 0.93%
	55,400	Hennes & Mauritz AB		2,076,954

See notes to financial statements.

AssetMark International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Switzerland - 7.92%
	125,769	Nestle SA	$	4,249,026
	122,423	Novartis AG		4,631,699
	32,342	Roche Holding AG		4,438,944
	7,335	Swisscom AG		2,059,499
	14,551	Zurich Financial Services AG		2,299,688
				17,678,856
		Taiwan - 2.15%
	537,300	Taiwan Semiconductor
		Manufacturing Co., Ltd. - ADR		4,808,835
		United Kingdom - 21.36%
	127,454	Autonomy Corp. Plc (a)		2,379,505
	484,360	Aviva Plc		1,501,996
	255,259	Babcock International Group Plc		1,570,271
	440,056	BAE Systems Plc		2,110,553
	160,596	BHP Billiton Plc		3,167,847
	1,171,026	BP Plc		7,852,147
	465,733	Compass Group Plc		2,129,889
	485,431	GlaxoSmithKline Plc		7,560,413
	374,339	HSBC Holdings Plc		2,084,152
	250,443	Reed Elsevier Plc		1,795,677
	94,800	Rio Tinto Plc		3,183,192
	205,818	Royal Dutch Shell Plc		4,591,618
	240,767	Unilever Plc		4,552,824
	1,843,967	Vodafone Group Plc		3,214,862
				47,694,946
		Total Common Stocks
		(Cost $263,912,552)		217,538,625
		PREFERRED STOCKS - 0.86%
		Brazil - 0.86%
	78,300	Petroleo Brasileiro SA		1,918,350
		Total Preferred Stocks
		(Cost $2,118,949)		1,918,350
		RIGHTS - 0.14%
		United Kingdom - 0.14%
	155,975	HSBC Holdings Plc		315,557
		Total Rights (Cost $304,249)		315,557
		SHORT TERM INVESTMENTS - 1.38%
		Money Market Fund - 1.38%
	3,082,411	Federated Prime Obligations Fund		3,082,411
		Total Short Term Investments
		(Cost $3,082,411)		3,082,411

Principal
Amount			Value
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 0.59%
		Corporate Paydown Securities - 0.45%
$	987,708	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/10 (b)	$	535,239
	1,115,400	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/10 (b)		480,180
		Total Corporate Paydown Securities
		(Cost $2,103,108)		1,015,419
Shares
		Money Market Fund - 0.14%
	353,535	Reserve Primary Fund (b)		304,570
		Total Money Market Funds
		(Cost $353,535)		304,570
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $2,456,643)		1,319,989
		Total Investments
		(Cost $271,874,804) - 100.37%		224,174,932
		Liabilities in Excess of
		Other Assets - (0.37)%		(835,731	)
		TOTAL NET
		ASSETS - 100.00%	$	223,339,201

Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
(a)	Non-Income producing.
(b)	As of March 31, 2009, the Adviser has fair valued this security
	and deemed it illiquid. The value of these securities were
	$1,319,989, which represent 0.59% of total net assets

See notes to financial statements.

AssetMark Real Estate Securities Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS - 0.19%
		Office Property - 0.19%
	15,025	Brookfield Properties Co.	$	86,244
		Total Common Stocks
		(Cost $83,213)		86,244
		REAL ESTATE INVESTMENT
		TRUSTS, COMMON STOCKS - 98.08%
		Apartments - 16.16%
	35,911	AvalonBay Communities, Inc. (a)		1,689,972
	41,912	BRE Properties, Inc.		822,733
	132,242	Equity Residential (a)		2,426,641
	25,219	Essex Property Trust, Inc. (a)		1,446,057
	9,110	Home Properties, Inc.		279,221
	9,700	Post Properties, Inc.		98,358
	81,200	UDR, Inc.		699,132
				7,462,114
		Diversified - 14.22%
	1,090	Alexander’s, Inc.		185,714
	12,820	American Campus
		Communities, Inc.		222,555
	49,790	Digital Realty Trust, Inc. (a)		1,652,032
	26,567	Entertainment Properties Trust (a).		418,696
	9,000	Equity Lifestyle Properties, Inc.		342,900
	48,175	Liberty Property Trust (a)		912,435
	2,700	PS Business Parks, Inc.		99,495
	75,360	Vornado Realty Trust (a)		2,504,966
	13,200	Washington Real Estate
		Investment Trust		228,360
				6,567,153
		Health Care - 15.24%
	122,595	HCP, Inc. (a)		2,188,320
	47,176	Health Care REIT, Inc.		1,443,114
	14,400	Healthcare Realty Trust, Inc. (a)		215,856
	82,280	Nationwide Health Properties,
		Inc. (a)		1,825,793
	60,326	Ventas, Inc. (a)		1,363,971
				7,037,054
		Hotels & Motels - 1.24%
	21,170	Diamondrock Hospitality Co.		84,892
	124,820	Host Hotels & Resorts, Inc. (a)		489,294
				574,186

Number of
Shares			Value
		Office Property - 14.45%
	36,176	Alexandria Real Estate
		Equities, Inc. (a)	$	1,316,806
	54,520	BioMed Realty Trust, Inc.		369,100
	57,768	Boston Properties, Inc. (a)		2,023,613
	25,500	Brandywine Realty Trust		72,675
	58,036	Corporate Office Properties
		Trust (a)		1,441,034
	43,120	Douglas Emmett, Inc.		318,657
	11,700	Highwoods Properties, Inc. (a)		250,614
	21,077	Kilroy Realty Corp.		362,314
	6,980	Mack-Cali Realty Corp.		138,274
	35,281	SL Green Realty Corp. (a)		381,035
				6,674,122
		Paper & Forest Products - 1.91%
	30,340	Plum Creek Timber Co., Inc. (a)		881,984
		Regional Malls - 11.66%
	16,300	CBL & Associates Properties, Inc..		38,468
	90,626	The Macerich Co. (a)		567,319
	111,001	Simon Property Group, Inc. (a)		3,845,075
	54,860	Taubman Centers, Inc. (a)		934,814
				5,385,676
		Shopping Centers - 11.53%
	10,360	Developers Diversified Realty Corp.		22,067
	11,900	Equity One, Inc. (a)		145,061
	40,844	Federal Realty Investment Trust (a)		1,878,824
	47,630	Kimco Realty Corp. (a)		362,941
	34,470	National Retail Properties, Inc. (a)		546,005
	37,346	Regency Centers Corp. (a)		992,283
	16,900	Saul Centers, Inc.		388,193
	32,010	Tanger Factory Outlet Centers,
		Inc. (a)		987,828
				5,323,202
		Storage - 7.33%
	60,176	Extra Space Storage, Inc.		331,570
	55,320	Public Storage, Inc. (a)		3,056,430
				3,388,000

See notes to financial statements.

AssetMark Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
		COMMON STOCKS (Continued)
		Warehouse/Industrial - 4.34%
	62,104	AMB Property Corp.	$	894,298
	29,570	DCT Industrial Trust, Inc. (a)		93,737
	13,750	EastGroup Properties, Inc.		385,962
	96,962	ProLogis (a)		630,253
				2,004,250
		Total Real Estate Investment
		Trusts, Common Stocks
		(Cost $55,524,447)		45,297,741
		REAL ESTATE INVESTMENT
		TRUSTS, PREFERRED STOCKS - 1.95%
		Diversified - 0.35%
	10,700	Vornado Realty Trust (a)		162,105
		Office Property - 1.09%
	18,400	Corporate Office Properties Trust (a)		330,648
	8,800	Kilroy Realty Corp.		114,840
	5,500	SL Green Realty Corp. (a)		56,925
				502,413
		Regional Malls - 0.35%
	10,600	Taubman Centers, Inc. (a)		161,226
		Shopping Centers - 0.16%
	4,500	Regency Centers LP (a)		74,250
		Total Real Estate Investment
		Trusts, Preferred Stocks
		(Cost $1,130,963)		899,994
		SHORT TERM INVESTMENTS - 1.55%
		Money Market Fund - 1.55%
	714,368	Federated Prime Obligations Fund .		714,368
		Total Short Term Investments
		(Cost $714,368)		714,368
Principal
Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 22.12%
		Corporate Bonds and Notes - 10.21%
$	2,701,391	Bank of Scotland,
		1.446%, 05/06/09		2,701,391
	2,026,043	Svenska Handelsbanken,
		4.418%, 08/06/09 (b)		2,015,305
		Total Corporate Bonds and Notes
		(Cost $4,727,434)		4,716,696

Principal
Amount			Value
		Corporate Paydown Securities - 2.04%
$	918,569	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/10 (c)	$	497,773
	1,037,322	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/10 (c)		446,567
		Total Corporate Paydown Securities
		(Cost $1,955,891)		944,340
Shares
		Money Market Funds - 9.85%
	4,351,934	Mount Vernon Prime Portfolio		4,351,934
	226,441	Reserve Primary Fund (c)		195,079
		Total Money Market Funds
		(Cost $4,578,375)		4,547,013
Principal
Amount
		Cash - 0.02%
$	7,423	Cash		7,423
		Total Cash
		(Cost $7,423)		7,423
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $11,269,123)		10,215,472
		Total Investments
		(Cost $68,722,114) - 123.89%		57,213,819
		Liabilities in Excess of
		Other Assets - (23.89)%		(11,032,141	)
		TOTAL NET
		ASSETS - 100.00%	$	46,181,678

Percentages are stated as a percent of net assets.
(a)	All or a portion of this security is on loan.
(b)	Restricted securities as defined in Rule 144(a) under the
	Securities Act of 1933. Such securities are treated as liquid
	securities according to the Fund’s liquidity guidelines. The value
	of these securities total $2,015,305, which represents 4.36% of
	total net assets.
(c)	As of March 31, 2009, the Adviser has fair valued this security
	and deemed it illiquid. The value of these securities were
	$1,139,419, which represent 2.47% of total net assets

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS - 97.76%
		Alabama - 0.95%
$	1,000,000	Jefferson County Schools,
		Revenue Bond, FSA Insured,
		5.500%, 01/01/2021	$	795,960
	1,000,000	Mobile Industrial Development
		Board Pollution Control, Revenue
		Bond, 4.880%, 06/01/2034		1,040,290
				1,836,250
		Arizona - 3.24%
	135,000	Maricopa County Elementary
		School District, Refunding,
		GO, FSA Insured,
		5.000%, 07/01/2012		147,702
	965,000	Maricopa County Industrial
		Development Authority Senior
		Living Facilities, Refunding,
		Revenue Bond,
		3.650%, 09/15/2035		969,391
	1,000,000	Phoenix Civic Improvement
		Wastewater System, Refunding,
		Revenue Bond,
		5.000%, 07/01/2020		1,071,760
		Pinal County Industrial Development
		Authority Correctional Facilities,
		Revenue Bond, ACA Insured,
	750,000	5.250%, 10/01/2014		694,192
	1,000,000	5.250%, 10/01/2015		903,130
	1,000,000	Pinal County, CP,
		5.000%, 12/01/2029		851,550
	1,500,000	Salt River Project, Series A,
		Revenue Bond,
		5.000%, 01/01/2021		1,635,105
				6,272,830
		California - 9.10%
	1,000,000	California Communities Development
		Authority, Revenue Bond,
		5.500%, 07/01/2037		658,530
	3,600,000	California Communities Development
		Authority, Series C, Revenue Bond,
		3.850%, 11/01/2029		3,581,856
	920,000	California Community College of
		the Desert District, Series C,
		GO, FSA Insured,
		5.000%, 08/01/2037		866,843

Principal
Amount			Value
		California (Continued)
$	1,000,000	California Educational Facilities
		Authority, Revenue Bond,
		5.000%, 10/01/2039	$	975,550
		California, GO,
	1,000,000	5.000%, 06/01/2031		887,500
	1,000,000	6.500%, 04/01/2033		1,051,750
	600,000	California Statewide Community
		Development Authority, Series A,
		Revenue Bond, ACA Insured,
		5.630%, 08/01/2034		433,650
	1,000,000	Gilroy Unified School District, GO,
		Assured Guaranty Inured,
		6.000%, 08/01/2025		1,084,860
	2,970,000	Golden West Schools Funding
		Authority, Refunding, GO,
		AMBAC Insured,
		5.500%, 08/01/2019		3,408,758
	1,000,000	Los Angeles Community College
		District, Series F, GO,
		5.000%, 08/01/2033		931,980
	145,000	Los Angeles Unified School District,
		Series A, Refunding, GO,
		FGIC Insured,
		4.250%, 01/01/2028		123,257
	1,210,000	Los Angeles Unified School
		District, Series F, GO,
		5.000%, 01/01/2034		1,139,530
	500,000	Roseville Westpark Community
		Facilities, Special Tax,
		5.250%, 09/01/2037		316,255
	1,000,000	Sacramento County Sanitation
		District, Revenue Bond,
		5.000%, 12/01/2036		936,020
	1,175,000	San Francisco Steinhart Aquarium,
		Series F, GO,
		5.000%, 06/15/2023		1,213,998
				17,610,337
		Colorado - 1.12%
		Denver City & County Justice
		System, GO,
	1,500,000	5.000%, 08/01/2023		1,624,245
	500,000	5.000%, 08/01/2024		535,365
				2,159,610

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS (Continued)
		Connecticut - 0.52%
$	1,000,000	Connecticut Health & Educational
		Facilities Authority, Revenue Bond,
		4.700%, 07/01/2029	$	1,012,210
		Delaware - 0.32%
	1,000,000	New Castle County, Revenue Bond,
		5.000%, 09/01/2036		627,280
		District of Columbia - 0.10%
	200,000	District of Columbia, Series B,
		Unrefunded, GO,
		5.500%, 06/01/2009		201,162
		Florida - 3.04%
	315,000	Beacon Lakes Community
		Development, Series A,
		Special Assessment,
		6.000%, 05/01/2038		185,589
	245,000	Boynton Village Community
		Development District, Series A,
		Special Assessment,
		5.750%, 05/01/2037		140,133
	1,375,000	Highlands County Health Facilities
		Authority, Revenue Bond,
		5.000%, 11/15/2029		1,405,827
	1,250,000	Miami-Dade County Educational
		Facilities, Series A, Revenue Bond,
		5.000%, 04/01/2034		1,418,488
	625,000	Palm Glades Community
		Development, Series B,
		Special Assessment,
		4.850%, 08/01/2011		420,531
	1,200,000	Seminole Tribe Special Obligation,
		Series A, Revenue Bond,
		5.750%, 10/01/2022		923,616
	625,000	Tolomato Community Development
		District, Special Assessment,
		6.380%, 05/01/2017		499,606
	1,000,000	University of Florida, Revenue Bond,
		AMBAC Insured,
		5.130%, 09/01/2033		888,590
				5,882,380

Principal
Amount			Value
		Georgia - 2.95%
$	350,000	Chatham County Hospital Authority,
		Revenue Bond,
		6.130%, 01/01/2024	$	288,722
	1,000,000	Fulton County School District,
		Refunding, GO,
		5.250%, 01/01/2014		1,133,770
	1,400,000	Gainesville Educational Facilities
		Redevelopment Authority,
		Refunding, Revenue Bond,
		5.130%, 03/01/2037		752,794
	1,500,000	Georgia, Series B, GO,
		5.000%, 01/01/2027		1,579,110
	470,000	Marietta Development Authority,
		Revenue Bond,
		7.000%, 06/15/2039		350,474
	1,500,000	Municipal Electric Authority of
		Georgia, Series A, Refunding,
		Revenue Bond,
		5.250%, 01/01/2018		1,614,180
				5,719,050
		Idaho - 0.54%
	1,000,000	Boise-Kuna District, Revenue Bond,
		7.380%, 06/01/2034		1,040,670
		Illinois - 11.98%
	1,250,000	Chicago Board of Education,
		Series B, Refunding, GO,
		5.000%, 12/01/2023		1,268,350
	100,000	Chicago Metropolitan Water
		Reclamation District Greater
		Chicago, Refunding, GO,
		6.050%, 12/01/2009		103,603
	75,000	Chicago Park District, Revenue Bond,
		ACA Insured,
		6.250%, 01/01/2016		78,084
		Chicago Wastewater Transmission,
		Refunding, Revenue Bond,
		FGIC Insured,
	625,000	5.500%, 01/01/2010		644,037
	100,000	5.380%, 01/01/2013		108,694
		Chicago, GO,
	2,500,000	5.000%, 12/01/2024		2,509,300
	1,000,000	5.000%, 01/01/2026		1,010,360

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS (Continued)
		Illinois (Continued)
$	1,050,000	Illinois Finance Authority Sherman
		Health Systems, Refunding,
		Revenue Bond,
		5.500%, 08/01/2037	$	699,836
		Illinois Finance Authority, Series A,
		Revenue Bond,
	1,370,000	5.250%, 10/01/2010		1,428,622
	250,000	5.000%, 04/01/2017		228,800
	650,000	Illinois Finance Authority, Series B,
		Revenue Bond,
		5.500%, 08/15/2028		582,485
	1,000,000	Illinois State Sales Tax, Revenue Bond,
		5.250%, 06/15/2024		1,038,420
	2,500,000	Illinois State Toll Highway
		Authority, Series A, Revenue Bond,
		FSA Insured,
		5.000%, 01/01/2026		2,895,550
	1,000,000	Illinois, Series 1, GO,
		5.380%, 07/01/2013		1,130,050
	2,690,000	Lombard Public Facilities,
		Series B, Revenue Bond,
		5.250%, 01/01/2030		2,508,398
	675,000	Markham, Series C, GO,
		4.750%, 02/01/2017		637,038
	500,000	Northlake, GO, FGIC Insured,
		5.000%, 12/01/2029		483,705
	500,000	Regional Transportation Authority,
		Series B, Revenue Bond,
		FGIC Insured,
		5.380%, 06/01/2014		549,000
	2,000,000	Southwestern Illinois Development
		Authority, Revenue Bond,
		5.750%, 02/01/2029		2,100,920
	3,030,000	St. Clair County High School
		District No. 203, Series A,
		GO, AMBAC Insured,
		5.750%, 12/01/2026		3,194,468
				23,199,720
		Indiana - 2.71%
	195,000	Allen County War Memorial,
		Revenue Bond,
		4.500%, 05/01/2019		200,162

Principal
Amount			Value
		Indiana (Continued)
		Noblesville Redevelopment
		Authority, Revenue Bond,
$	200,000	4.500%, 02/01/2011	$	209,404
	305,000	4.500%, 08/01/2012		326,368
	820,000	Portage Economic Development,
		Revenue Bond,
		5.000%, 07/15/2023		583,471
	1,155,000	Sheridan Community School’s
		Building Corporation, Revenue
		Bond, FSA Insured,
		5.500%, 07/15/2020		1,293,877
	1,285,000	Tri-Creek Middle School Building
		Corporation, Revenue Bond,
		FSA Insured,
		5.250%, 07/15/2021		1,416,841
	1,135,000	Wayne Township Marion County
		School Building Corporation,
		Revenue Bond, MBIA Insured,
		5.500%, 07/15/2023		1,224,211
				5,254,334
		Iowa - 0.62%
	600,000	Iowa Finance Authority Health
		Facilities, Revenue Bond,
		5.250%, 07/01/2010		585,618
	600,000	Iowa Finance Authority Pollution
		Control, Revenue Bond,
		FGIC Insured,
		5.000%, 07/01/2014		611,586
				1,197,204
		Kansas - 0.22%
	720,000	Wyandotte County, Revenue Bond,
		4.880%, 10/01/2028		431,662
		Kentucky - 0.82%
	500,000	Kentucky Economic Development
		Finance Authority, Revenue Bond,
		5.750%, 12/01/2028		505,275
		Murray Hospital Facilities,
		Refunding, Revenue Bond,
	535,000	4.200%, 08/01/2010		519,940
	630,000	4.380%, 08/01/2014		558,986
				1,584,201

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS (Continued)
		Louisiana - 2.86%
$	1,000,000	Louisiana Office Facilities Corp.,
		Revenue Bond, AMBAC Insured,
		5.500%, 05/01/2016	$	1,055,630
	2,805,000	Louisiana Public Facilities Authority,
		Revenue Bond,
		5.500%, 05/15/2032		3,169,566
	1,235,000	Louisiana, Series A, GO,
		5.000%, 10/15/2018		1,305,790
				5,530,986
		Maine - 0.24%
	500,000	South Berwick Education,
		Revenue Bond,
		5.250%, 08/01/2013		465,995
		Maryland - 1.96%
	1,160,000	Maryland Department of
		Transportation County T
		Construction, Revenue Bond,
		5.500%, 02/01/2017		1,364,473
	1,000,000	Maryland Health & Higher
		Education Facilities Authority,
		Refunding, Revenue Bond,
		5.000%, 07/01/2013		999,970
		Maryland Health & Higher
		Education Facilities Authority,
		Revenue Bond,
	750,000	5.200%, 01/01/2024		544,058
	245,000	5.000%, 05/15/2048		258,438
	860,000	Maryland Student Housing Economic
		Development, Revenue Bond,
		5.750%, 06/01/2033		619,570
				3,786,509
		Massachusetts - 2.38%
	95,000	Massachusetts Bay Transportation
		Authority, Series C, Revenue Bond,
		5.500%, 03/01/2012		105,783
	785,000	Massachusetts Health & Educational
		Facilities Authority, Series A,
		Refunding, Revenue Bond,
		5.500%, 11/15/2036		833,097
	1,000,000	Massachusetts Health & Educational
		Facilities Authority, Series A,
		Revenue Bond,
		5.000%, 07/15/2036		1,011,750

Principal
Amount			Value
		Massachusetts (Continued)
$	1,000,000	Massachusetts Health & Educational
		Facilities Authority, Series B,
		Revenue Bond,
		5.000%, 10/01/2038	$	1,015,210
	120,000	Massachusetts State Water Resources
		Authority, Series B, Revenue Bond,
		6.250%, 12/01/2011		136,468
	1,500,000	Massachusetts, Series A
		Refunding, GO,
		5.000%, 09/01/2032		1,497,885
				4,600,193
		Michigan - 1.45%
	75,000	Detroit Sewer Disposal,
		Revenue Bond,
		7.100%, 12/15/2009		75,782
	150,000	Dundee Community School District,
		GO, Q-SBLF Insured,
		5.380%, 05/01/2010		157,332
	600,000	Kent Hospital Finance Authority,
		Series A, Revenue Bond,
		5.500%, 01/15/2047		609,438
	800,000	Lansing School District, Refunding,
		GO, Q-SBLF Insured,
		5.000%, 05/01/2017		868,928
	730,000	Michigan Building Authority,
		Series I, Refunding, Revenue Bond,
		4.750%, 10/15/2025		642,918
	455,000	Michigan State Hospital Finance
		Authority, Revenue Bond,
		7.130%, 05/01/2009		455,933
				2,810,331
		Minnesota - 1.33%
	800,000	Minneapolis Health Care, Series A,
		Refunding, Revenue Bond,
		6.625%, 11/15/2028		823,696
	295,000	Prior Lake Independent School
		District, Series A, GO, FGIC Insured,
		4.750%, 02/01/2010		303,396
	1,325,000	St. Paul Sewer, Series D,
		Revenue Bond,
		5.000%, 12/01/2021		1,456,665
				2,583,757

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS (Continued)
		Missouri - 2.64%
$	350,000	Cape Girardeau County Industrial
		Development, Revenue Bond,
		4.250%, 06/01/2009	$	349,573
	500,000	Carroll County Public Water Supply
		District, Series B, Revenue Bond,
		4.625%, 03/01/2012		500,025
	900,000	Missouri Development Finance
		Board, Revenue Bond,
		5.750%, 06/01/2034		878,877
	1,000,000	Missouri Health & Educational
		Facilities Authority, Series A,
		Revenue Bond,
		5.375%, 03/15/2039		1,036,990
	1,000,000	Missouri Highway & Transportation
		Commission, Series B, Revenue Bond,
		5.000%, 05/01/2024		1,055,400
	1,330,000	St. Joseph Industrial Development
		Authority, Revenue Bond,
		5.000%, 04/01/2027		1,285,578
				5,106,443
		New Hampshire - 0.63%
	1,750,000	New Hampshire Health & Education
		Facilities, Revenue Bond,
		5.250%, 06/01/2036		1,212,470
		New Jersey - 2.96%
	700,000	New Jersey Economic Development
		Authority Cigarette Tax,
		Revenue Bond,
		5.630%, 06/15/2019		603,449
	500,000	New Jersey Economic Development
		Authority, Revenue Bond,
		FSA Insured,
		5.000%, 09/01/2020		541,795
	1,000,000	New Jersey Transportation Trust
		Fund Authority, Series A,
		Revenue Bond,
		5.875%, 12/15/2038		1,043,850
	1,600,000	New Jersey, Series L, Refunding, GO,
		5.250%, 07/15/2019		1,835,520
	1,500,000	New Jersey, Series N, GO,
		5.500%, 07/15/2013		1,700,580
				5,725,194

Principal
Amount			Value
		New Mexico - 0.59%
$	1,035,000	University of New Mexico,
		Refunding, Revenue Bond,
		5.250%, 06/01/2014	$	1,143,768
		New York - 8.79%
	1,000,000	East Rochester Housing Authority
		Senior Living, Revenue Bond,
		5.500%, 08/01/2033		634,680
	1,000,000	Hudson Yards Infrastructure
		Corporation, Series A,
		Revenue Bond,
		5.000%, 02/15/2047		813,280
	220,000	Long Island Power Authority,
		Series A, Revenue Bond,
		5.750%, 04/01/2039		220,662
	1,765,000	Metropolitan Transportation Authority,
		Series F, Revenue Bond,
		5.000%, 11/15/2014		1,883,096
	1,000,000	New York City Industrial
		Development Agency Queens
		Baseball Stadium, Revenue Bond,
		4.750%, 01/01/2042		758,400
	800,000	New York City Municipal Water
		Finance Authority, Series A,
		Revenue Bond,
		5.750%, 06/15/2040		842,544
	500,000	New York City Transit Authority,
		Series A, CP, AMBAC Insured,
		5.630%, 01/01/2012		519,950
	1,100,000	New York City Transitional Finance
		Authority, Series C, Revenue Bond,
		5.000%, 02/01/2022		1,139,974
	1,250,000	New York City, Series A, GO,
		5.000%, 08/01/2020		1,280,712
	1,000,000	New York Dormitory Authority,
		Refunding, Revenue Bond,
		FGIC Insured,
		5.500%, 07/01/2021		1,068,950
	500,000	New York Dormitory Authority,
		Revenue Bond,
		6.130%, 12/01/2029		382,870
		New York Dormitory Authority,
		Series B, Revenue Bond,
	1,000,000	5.250%, 11/15/2023		1,056,050
	1,000,000	5.250%, 03/15/2038		1,003,050

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS (Continued)
		New York (Continued)
$	500,000	New York Environmental Facilities,
		Revenue Bond,
		5.500%, 10/15/2027	$	553,720
	1,000,000	New York, GO,
		5.000%, 02/15/2039		990,750
		Sales Tax Asset Receivable Corp.,
		Series A, Revenue Bond,
	500,000	5.000%, 10/15/2017		547,960
	1,500,000	5.250%, 10/15/2019		1,630,200
		Tobacco Settlement Financing,
		Revenue Bond,
	650,000	5.000%, 06/01/2012		685,081
	1,000,000	5.250%, 06/01/2021		1,013,340
				17,025,269
		North Carolina - 4.48%
	2,500,000	Eastern Municipal Power Agency,
		Series B, Refunding, Revenue
		Bond, FGIC Insured,
		6.000%, 01/01/2022		2,639,025
	1,480,000	North Carolina Capital Facilities
		Finance Agency, Series B,
		Revenue Bond, Refunding,
		5.000%, 10/01/2038		1,485,772
	1,000,000	North Carolina Grant, Revenue
		Bond, MBIA Insured,
		5.000%, 03/01/2015		1,120,220
		North Carolina Medical Care
		Community, Revenue Bond,
	700,000	5.500%, 10/01/2017		624,526
	650,000	5.600%, 10/01/2036		472,537
	1,500,000	North Carolina Municipal Power
		Agency, Series C, Revenue Bond,
		5.250%, 01/01/2019		1,565,040
	750,000	Raleigh North Carolina Comb
		Enterprise, Series A, Revenue Bond,
		5.000%, 03/01/2031		762,675
				8,669,795
		North Dakota - 0.25%
	685,000	Williams County Sales Tax,
		Revenue Bond,
		5.000%, 11/01/2026		481,247

Principal
Amount			Value
		Ohio - 1.96%
$	1,000,000	American Municipal Power,
		Refunding, Revenue Bond,
		5.250%, 02/15/2023	$	1,022,700
	750,000	Lorain, Refunding, GO,
		6.750%, 12/01/2023		802,627
	700,000	Ohio Higher Educational Facility
		Commission, Revenue Bond,
		5.000%, 10/01/2031		643,426
	1,000,000	Ohio, Series A, GO,
		5.000%, 09/01/2015		1,134,540
	250,000	Toledo-Lucas County Port Authority,
		Special Assessment,
		5.380%, 12/01/2035		184,158
				3,787,451
		Oregon - 0.64%
	1,000,000	Clackamas County School District, GO,
		5.000%, 06/15/2021		953,070
	250,000	Washington County School District,
		GO, FSA Insured,
		5.500%, 06/15/2019		295,392
				1,248,462
		Pennsylvania - 3.22%
	1,250,000	Allegheny County Hospital
		Development Authority, Series A,
		Revenue Bond,
		5.000%, 09/01/2014		1,314,587
	500,000	Erie Higher Education Building
		Authority, Revenue Bond,
		5.350%, 03/15/2028		391,735
	500,000	Lancaster County Hospital Authority,
		Series A, Refunding, Revenue Bond,
		5.200%, 07/01/2012		478,540
	1,000,000	Pennsylvania, Refunding, GO,
		5.250%, 02/01/2014		1,135,500
	1,000,000	Pennsylvania, Series A, GO,
		5.000%, 08/01/2023		1,067,260
	500,000	Philadelphia Hospitals & Higher
		Education Facilities, Refunding,
		Revenue Bond,
		5.500%, 07/01/2030		360,450
	1,500,000	Warwick School District, GO,
		4.375%, 02/01/2025		1,482,195
				6,230,267

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS (Continued)
		Puerto Rico - 1.90%
$	1,250,000	Puerto Rico Commonwealth,
		Series A, GO,
		5.250%, 07/01/2022	$	1,076,713
	1,000,000	Puerto Rico Commonwealth,
		Series A, Refunding, GO,
		5.500%, 07/01/2017		944,780
	625,000	Puerto Rico Commonwealth,
		Series A, Rerefunding, Revenue
		Bond, Assured Guaranty Inured,
		5.000%, 07/01/2016		628,350
	620,000	Puerto Rico Commonwealth, Series B,
		Prerefunded, Refunding, GO,
		5.250%, 07/01/2032		735,022
	380,000	Puerto Rico Commonwealth, Series B,
		Unrefunded, Refunding, GO,
		5.250%, 07/01/2032		301,462
				3,686,327
		South Dakota - 0.25%
	465,000	South Dakota Health & Educational
		Facilities Authority, Revenue Bond,
		5.000%, 11/01/2010		475,821
		Tennessee - 0.68%
	300,000	Johnson City Health & Educational
		Facilities Board, Revenue Bond,
		6.000%, 07/01/2021		311,313
	1,000,000	Memphis-Shelby County Airport
		Authority Special Facilities,
		Refunding, Revenue Bond,
		5.050%, 09/01/2012		995,630
				1,306,943
		Texas - 11.15%
	500,000	Dallas Area Rapid Transit,
		Refunding, Revenue Bond,
		5.250%, 12/01/2038		507,155
	1,000,000	Dallas, GO,
		5.000%, 02/15/2018		999,990
	635,000	Forney Independent School District,
		GO, PSF-GTD Insured,
		0.000%, 08/15/2025 (a)		267,183
	145,000	Frisco, GO, FGIC Insured,
		5.880%, 02/15/2010		151,445

Principal
Amount			Value
		Texas (Continued)
$	630,000	Gregg County Health Facilities,
		Revenue Bond,
		4.250%, 10/01/2009	$	625,212
	1,280,000	La Porte Independent School
		District, GO,
		5.250%, 02/15/2024		1,372,723
	5,000	Lower Colorado River Authority,
		Series B, Prerefunded, Revenue
		Bond, FSA Insured,
		6.000%, 05/15/2013		5,072
	930,000	Lower Colorado River Authority,
		Series B, Unrefunded, Revenue
		Bond, FSA Insured,
		6.000%, 05/15/2013		943,402
		North Texas Tollway Authority,
		Series A, Refunded, Revenue Bond,
	700,000	6.000%, 01/01/2019		780,514
	1,000,000	5.630%, 01/01/2033		957,630
	770,000	North Texas Tollway Authority,
		Series E, Refunding, Revenue Bond,
		5.750%, 01/01/2038		786,301
	1,500,000	North Texas Tollway Authority,
		Series L, Refunding, Revenue Bond,
		5.500%, 01/01/2038		1,543,320
	2,000,000	San Antonio Electric & Gas,
		Refunding, Revenue Bond,
		5.380%, 02/01/2015		2,269,320
	1,430,000	San Antonio Electric & Gas,
		Series A, Unrefunded, Revenue
		Bond, MBIA Insured,
		5.000%, 02/01/2017		1,437,436
	1,000,000	San Leanna Educational Facilities,
		Refunding, Revenue Bond,
		4.750%, 06/01/2032		655,860
	185,000	Socorro Independent School District,
		Prerefunded, GO, PSF-GTD Insured,
		5.380%, 08/15/2013		204,064
	15,000	Socorro Independent School District,
		Unrefunded, GO, PSF-GTD Insured,
		5.380%, 08/15/2013		16,200
	2,000,000	Tarrant County Cultural Educational
		Facilities, Refunding, Revenue Bond,
		5.000%, 02/15/2014		2,112,000

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MUNICIPAL BONDS (Continued)
		Texas (Continued)
$	2,000,000	Texas A&M University, Refunding,
		Revenue Bond,
		5.000%, 05/15/2019	$	2,257,340
	400,000	Texas Public Finance Authority,
		Refunding, GO,
		5.500%, 10/01/2009		409,704
	100,000	Texas State University System,
		Revenue Bond, FSA Insured,
		5.250%, 03/15/2010		104,251
	500,000	Texas Transportation Commission,
		Revenue Bond,
		5.000%, 04/01/2018		563,040
	1,000,000	Texas Water Development Board,
		Series B, Revenue Bond,
		5.250%, 07/15/2027		1,048,490
	1,000,000	Texas, GO,
		5.000%, 04/01/2016		1,140,910
	400,000	Texas, Series A, GO,
		5.000%, 04/01/2022		428,268
				21,586,830
		Virginia - 1.13%
	1,000,000	Henry County Public Service Authority
		Water & Sewer, Refunding,
		Revenue Bond, FSA Insured,
		5.500%, 11/15/2019		1,090,680
	1,000,000	Virginia College Building Authority
		Educational Facilities, Revenue Bond,
		5.750%, 01/01/2034		1,101,180
				2,191,860
		Washington - 4.12%
	1,000,000	Clark County School District,
		Refunding, GO, FGIC Insured,
		5.500%, 12/01/2017		1,094,600
	2,465,000	Energy Northwest, Series A,
		Revenue Bond, FSA Insured,
		5.500%, 07/01/2017		2,634,641
	2,000,000	Energy Northwest, Series A,
		Revenue Bond, MBIA Insured,
		5.750%, 07/01/2017		2,155,880
	500,000	King County Hospital, Refunding,
		GO, MBIA Insured,
		5.000%, 12/01/2021		510,495

Principal
Amount			Value
		Washington (Continued)
$	45,000	King County, Prerefunded, GO,
		5.500%, 12/01/2010	$	48,522
	55,000	King County, Unrefunded, GO,
		5.500%, 12/01/2010		58,887
	30,000	Seattle, Prerefunded, GO,
		5.000%, 07/01/2013		33,545
	1,250,000	Washington, Series A, GO,
		5.000%, 07/01/2016		1,430,012
				7,966,582
		Wisconsin - 3.53%
		Badger Tobacco Asset Securitization,
		Revenue Bond,
	1,350,000	5.750%, 06/01/2011		1,443,757
	405,000	6.130%, 06/01/2027		434,646
	330,000	Middleton Cross Plains Area
		School District, Refunding,
		GO, FSA Insured,
		5.000%, 04/01/2020		358,740
	2,000,000	Southeast Wisconsin Professional
		Baseball Park Sales Tax, Series A,
		Revenue Bond, MBIA Insured,
		5.500%, 12/15/2026		1,991,160
	150,000	Wisconsin Health & Educational
		Facilities Authority, Refunding,
		Revenue Bond,
		5.250%, 08/15/2024		147,354
	400,000	Wisconsin Health & Educational
		Facilities, Series A, Revenue Bond,
		5.000%, 02/15/2018		343,492
	1,150,000	Wisconsin Health & Educational
		Facilities, Series B, Revenue Bond,
		5.000%, 08/15/2013		1,059,357
	1,000,000	Wisconsin Transportation, Series A,
		Revenue Bond, FGIC Insured,
		5.500%, 07/01/2016		1,061,940
				6,840,446
		Wyoming - 0.39%
	750,000	Wyoming Municipal Power Agency,
		Series A, Revenue Bond,
		5.500%, 01/01/2028		748,193
		Total Municipal Bonds
		(Cost $195,757,884)		189,240,039

See notes to financial statements.

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		SHORT TERM INVESTMENTS - 0.54%
		Money Market Fund - 0.54%
$	1,050,061	Fidelity Tax Exempt Portfolio	$	1,050,061
		Total Short Term Investments
		(Cost $1,050,061)		1,050,061
		Total Investments
		(Cost $196,807,945) - 98.30%		190,290,100
		Other Assets in Excess of
		Liabilities - 1.70%		3,289,810
		TOTAL NET
		ASSETS - 100.00%	$	193,579,910

Percentages are stated as a percent of net assets.

(a) Zero coupon bond.

Glossary of Terms
AMBAC	—	American Municipal Bond Assurance Corp.
ACA	—	American Capital Access
CP	—	Certificate of Participation
FGIC	—	Financial Guaranty Insurance Corp.
FSA	—	Federal Housing Authority/Agency
GO	—	General Obligation
MBIA	—	Municipal Bond Investors Assurance Corp.
PSF-GTD	—	Permanent School Fund Guaranteed
Q-SBLF	—	Qualified School Board Loan

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
		CONVERTIBLE PREFERRED
		STOCKS - 0.01%
		Automobiles - 0.01%
	12,000	General Motors Corporation	$	30,480
	1,800	General Motors Corporation		4,572
				35,052
		Total Convertible Preferred Stocks
		(Cost $304,161)		35,052
		PREFERRED STOCKS - 0.09%
		Banks - 0.06%
	800,000	HSBC Capital Funding LP
		4.610%, 12/31/2049 (Callable at
		$100.00 on 06/27/2013) (a)(c)(e)		286,927
		Consumer Finance - 0.02%
	12,000	Corts Trust for Ford Motor Company		66,960
	329	Preferred Blocker, Inc. (a)(c)		65,523
				132,483
		Thrifts & Mortgage Finance - 0.01%
	44,650	FHLMC, 8.375%		20,539
	1,300	FNMA, 7.000% (e)		1,468
	32,350	FNMA, 8.250%		22,968
				44,975
		Total Preferred Stocks
		(Cost $2,948,922)		464,385

Principal
Amount
		ASSET BACKED SECURITIES - 3.75%
		Accredited Mortgage Loan Trust
$	547,549	Series 2005-3,
		0.762%, 09/25/2035 (e)	407,166
		Conseco Finance Securitizations Corp.
	86,123	Series 2000-4,
		8.310%, 04/01/2031	44,383
		Countrywide Asset-Backed
		Certificates
	267,529	Series 2005-4,
		4.456%, 09/25/2032	224,523
		Countrywide Home Equity
		Loan Trust
	272,359	Series 2004-R,
		2.687%, 03/15/2030	84,687
	362,038	Series 2004-N,
		2.150%, 02/15/2034	128,811

Principal
Amount			Value
		ASSET BACKED SECURITIES (Continued)
$	399,265	Series 2004-O,
		2.150%, 02/15/2034	$	181,026
	380,629	Series 2005-F,
		0.796%, 12/15/2035 (e)		145,365
		Delta Air Lines, Inc.
	363,024	Pool #081022,
		6.820%, 02/10/2024		243,226
		Household Home Equity Loan Trust
	1,729,028	Series 2007-3,
		1.670%, 11/20/2036		1,105,686
		JetBlue Airways Corporation
	706,872	Series 2004-2, G-1,
		2.665%, 02/15/2018 (e)		498,176
	900,000	Series 2004-2, G-2,
		2.740%, 05/15/2018 (e)		496,176
		Morgan Stanley
	924,950	Series M-1,
		1.542%, 10/25/2033		499,279
		Nelnet, Inc.
	830,000	Series 2008-4,
		2.639%, 04/25/2024		722,738
		New Valley Generation
	3,028,774	Series 2000-1,
		7.300%, 03/15/2019		3,331,651
	7,590,324	Series 2001-1,
		5.570%, 05/01/2020		8,333,558
		Residential Asset Mortgage
		Products, Inc.
	179,872	Series FLT,
		1.002%, 03/25/2034		65,731
		SLC Student Loan Trust
	550,000	Series 2008-1,
		2.920%, 12/15/2032		493,232
		SLM Private Loan Trust
	400,000	Series 2003-7,
		2.520%, 12/15/2033 (c)		337,420
		Washington Mutual
	1,620,000	Series 2006-A3,
		0.586%, 09/15/2013 (c)(e)		1,558,332
		Total Asset Backed Securities
		(Cost $21,124,509)		18,901,166

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		COLLATERALIZED MORTGAGE
		OBLIGATIONS - 2.11%
		Bank of America Corporation
$	692,842	Series 2005-B,
		5.100%, 04/25/2035	$	353,603
		Countrywide Home Loans, Inc.
	340,628	Series 2005-11,
		0.774%, 03/25/2035 (e)		139,708
	873,023	Series 2005-R1,
		0.882%, 03/25/2035 (c)(e)		460,923
	508,029	Series 2005-11,
		5.924%, 04/25/2035		164,008
		GSMPS Mortgage Loan Trust
	1,012,358	Series 2005-RP1,
		0.824%, 01/25/2035 (c)(e)		816,648
		Master Adjustable Rate Mortgages
		Trust
	3,100,000	Series 2004-13,
		3.788%, 11/21/2034		1,938,060
		Master Reperforming Loan Trust
	468,623	Series 2005-1,
		7.000%, 08/25/2034 (c)		490,954
		MLCC Mortgage Investors, Inc.
	995,187	Series 2005-1,
		4.964%, 04/25/2035		688,053
		Prime Mortgage Trust
	3,506,942	Series 2006-DR1,
		5.500%, 05/25/2035 (c)		2,577,678
	2,866,979	Series 2006-DR1,
		6.000%, 05/25/2035 (c)		2,066,144
		Residential Asset Mortgage
		Products, Inc.
	512,472	Series 2004-SL4,
		7.500%, 07/25/2032		469,421
		Washington Mutual
	1,113,708	Series 2005-AR8,
		0.810%, 07/25/2045 (e)		467,406
		Total Collateralized Mortgage
		Obligations (Cost $15,908,469)		10,632,606
		CONVERTIBLE BONDS - 0.01%
		Automobiles - 0.01%
		Ford Motor Company
	80,000	4.250%, 12/15/2036		28,300
		Total Convertible Bonds
		(Cost $80,000)		28,300

Principal
Amount			Value
		CORPORATE BONDS - 26.81%
		Aerospace & Defense - 0.11%
		Boeing Co.
$	240,000	6.000%, 03/15/2019	$	246,960
		International Lease Finance Corp.
	475,000	4.950%, 02/01/2011		313,948
				560,908
		Auto Components - 0.04%
		The Goodyear Tire & Rubber
		Company
	250,000	9.000%, 07/01/2015		193,750
		Visteon Corp.
	33,000	8.250%, 08/01/2010		1,944
	24,000	12.250%, 12/31/2016 (Callable at
		$100.00 on 12/31/2013) (c)		1,320
				197,014
		Automobiles - 0.16%
		DaimlerChrysler N.A.
	260,000	5.880%, 03/15/2011		248,986
		Ford Motor Company
	670,000	7.450%, 07/16/2031		216,075
		General Motors Corporation
	2,420,000	8.250%, 07/15/2023		296,450
	250,000	8.380%, 07/05/2033		63,108
	30,000	8.380%, 07/15/2033		3,750
				828,369
		Banks - 2.61%
		AIFUL Corporation
	300,000	5.000%, 08/10/2010 (c)		105,023
		ANZ Capital Trust
	750,000	5.359%, 12/15/2049 (Callable at
		$100.00 on 12/15/2013) (c)		452,270
		BAC Capital Trust
	30,000	5.630%, 12/31/2099 (e)		6,603
		Glitnir Bank
	370,000	6.330%, 07/28/2011 (d)(f)		41,625
	760,000	6.690%, 06/15/2016 (d)(f)		456
		Greenpoint Bank
	375,000	9.250%, 10/01/2010		360,835
		HBOS Capital Funding LP
	700,000	6.070%, 06/01/2049 (Callable at
		$100.00 on 06/30/2014) (c)(e)		125,870

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Banks (Continued)
		HSBC Finance Corp.
$	685,000	4.130%, 11/16/2009	$	678,132
		ICICI Bank Ltd.
	340,000	6.380%, 04/30/2022		187,799
	354,000	6.380%, 04/30/2022 (c)(e)		199,572
		ING Capital Funding TR III
	1,075,000	8.440%, 12/31/2010 (e)		313,604
	4,000,000	Inter-American Development Bank
		0.500%, 05/29/2014		3,458,976
		Kaupthing Bank Hf
	130,000	5.750%, 10/04/2011 (d)(f)		7,313
	1,990,000	7.630%, 02/28/2015 (d)(f)		119,400
	250,000	7.130%, 05/19/2016 (d)(f)		625
		Landsbanki Islands Hf
	1,080,000	6.100%, 08/25/2011 (d)(f)		6,750
		PNC Bank N.A.
	650,000	6.880%, 04/01/2018		634,719
		Resona Bank
	450,000	4.130%, 12/31/2049 (Acquired
		10/05/2005, Cost $536,375) (d)		215,789
	525,000	5.850%, 09/29/2049 (Acquired
		09/08/2005, Cost $524,633) (d)(e)		268,074
		Resona Preferred Global Securities
	735,000	7.190%, 12/29/2049 (Callable at
		$100.00 on 07/30/2015) (c)(e)		338,423
		Royal Bank of Scotland Group PLC
	200,000	7.640%, 03/31/2049		45,035
	1,740,000	9.120%, 03/31/2049		629,947
	875,000	6.990%, 10/29/2049 (Callable at
		$100.00 on 10/05/2017) (c)		385,468
		Russ Agriculture Bank
	840,000	6.300%, 05/15/2017 (c)		585,564
		Santander Issuances SA
	560,000	5.810%, 06/20/2016 (Callable at
		$100.00 on 06/20/2011) (c)		416,729
		Shinsei Finance Cayman Ltd.
	600,000	6.420%, 07/20/2048 (Callable at
		$100.00 on 07/20/2016) (c)		102,070
		Sovereign Bank
	300,000	2.880%, 08/01/2013		227,814
		Suntrust Capital
	280,000	6.100%, 12/01/2066		157,332

Principal
Amount			Value
		Banks (Continued)
		TuranAlem
$	530,000	8.250%, 01/22/2037	$	119,250
	850,000	8.250%, 01/22/2037 (c)		178,500
		Wells Fargo Company
	1,250,000	5.630%, 12/11/2017		1,142,418
	840,000	9.750%, 09/26/2044		613,702
	500,000	7.700%, 12/29/2049		238,325
	440,000	5.950%, 12/01/2086		297,795
		Zurich Financial Services
	675,000	6.150%, 12/15/2065 (c)		264,746
	575,000	6.450%, 12/15/2065 (Callable at
		$100.00 on 06/15/2016) (c)		248,742
				13,175,295
		Beverages - 0.44%
		Anheuser-Busch InBev NV
	600,000	7.750%, 01/15/2019 (c).		599,274
		Diageo Plc
	960,000	7.375%, 01/15/2014		1,055,832
		PepsiCo, Inc.
	470,000	7.900%, 11/01/2018		578,483
				2,233,589
		Business Services - 0.01%
		Dyncorp International LLC
	46,000	9.500%, 02/15/2013		43,355
		Lamar Media Corp.
	10,000	6.630%, 08/15/2015		7,250
				50,605
		Capital Markets - 1.74%
		Bear Stearns Companies, Inc.
	815,000	6.400%, 10/02/2017		794,473
	3,570,000	7.250%, 02/01/2018		3,692,783
		Goldman Sachs Group, Inc.
	200,000	4.500%, 06/15/2010		199,629
	80,000	5.450%, 11/01/2012		77,061
	50,000	5.790%, 12/29/2049 (e)		20,829
		Lehman Brothers Holdings, Inc.
	120,000	5.250%, 02/06/2012 (f)		15,900
	1,820,000	6.750%, 12/28/2017 (f)		182
	370,000	5.954%, 08/19/2065 (e)(f)		37
	270,000	5.860%, 11/29/2049 (f)		27
		Merrill Lynch Co.
	775,000	5.450%, 02/05/2013		635,836
	550,000	6.400%, 08/28/2017		395,156

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Capital Markets (Continued)
		Morgan Stanley
$	340,000	5.630%, 01/09/2012		327,359
	500,000	5.750%, 08/31/2012		483,783
	230,000	4.950%, 10/18/2016 (e)		154,461
	600,000	5.950%, 12/28/2017		545,941
	1,350,000	6.630%, 04/01/2018		1,289,366
		Wachovia Capital Trust
	430,000	5.800%, 03/15/2042		154,852
				8,787,675
		Chemicals - 0.02%
		Westlake Chemical Corp.
	63,000	6.630%, 01/15/2016		44,415
		Ineos Group Holdings PLC
	500,000	7.880%, 02/15/2016		56,466
				100,881
		Commercial Services & Supplies - 0.13%
		Allied Waste North America, Inc.
	375,000	7.130%, 05/15/2016		350,162
		Waste Management, Inc.
	325,000	6.380%, 11/15/2012		327,524
				677,686
		Communications - 0.95%
		British Telecommunications PLC
	295,000	8.625%, 12/15/2010		307,136
		Deutsche Telekom International
		Finance B.V.
	350,000	5.750%, 03/23/2016		343,877
		Inmarsat PLC
	500,000	10.380%, 11/15/2012		515,000
		Level 3 Financing, Inc.
	135,000	9.250%, 11/01/2014		93,825
		News America Marketing, Inc.
	40,000	6.650%, 11/15/2037		30,053
		Rogers Cable, Inc.
	110,000	6.750%, 03/15/2015		108,355
		Sprint Capital Corp.
	580,000	8.380%, 03/15/2012		524,900
	40,000	8.750%, 03/15/2032		27,000
		Telecom Italia Capital
	450,000	6.200%, 07/18/2011		442,134
	500,000	4.950%, 09/30/2014		432,216
	190,000	5.250%, 10/01/2015		160,410

Principal
Amount			Value
		Communications (Continued)
$	430,000	7.000%, 06/04/2018	$	390,382
	1,200,000	7.720%, 06/04/2038		1,000,634
		Verizon Global Funding Corp.
	50,000	7.380%, 09/01/2012		54,081
		VIP Finance Vipelcom
	400,000	9.125%, 04/30/2018		250,000
		Virgin Media Finance PLC
	100,000	9.130%, 08/15/2016		93,500
				4,773,503
		Consumer Finance - 1.34%
		American Express Credit Corp.
	60,000	5.880%, 05/02/2013		52,725
		American Express Co.
	440,000	6.800%, 09/01/2066 (e)		212,458
		American General Finance
	210,000	6.900%, 12/15/2017		73,684
		Caterpillar Financial Services Corp.
	690,000	6.200%, 09/30/2013		691,331
		Countrywide Home Loans, Inc.
	525,000	6.250%, 04/15/2009		524,609
	300,000	5.630%, 07/15/2009		298,258
	675,000	4.130%, 09/15/2009		667,094
		Ford Motor Credit Company LLC
	460,000	7.380%, 10/28/2009		412,603
	540,000	12.000%, 05/15/2015		409,615
		GMAC Mortgage, LLC
	176,000	7.750%, 01/19/2010 (c)		147,886
	956,000	6.625%, 05/15/2012 (c)		641,715
	245,000	7.500%, 12/31/2013 (c)		117,862
	194,000	8.000%, 12/31/2018 (c)		56,374
	386,000	8.000%, 11/01/2031 (c)		186,010
		SLM Corp.
	1,750,000	5.000%, 10/01/2013		931,409
	1,140,000	5.380%, 05/15/2014		591,315
	120,000	5.050%, 11/14/2014		63,590
	20,000	5.000%, 04/15/2015		9,410
	100,000	5.630%, 08/01/2033		40,097
		Westfield Capital Corp.
	675,000	4.380%, 11/15/2010 (c)		625,774
				6,753,819
		Diversified Consumer Services - 0.02%
		Service Corporation International
	130,000	7.500%, 04/01/2027		96,200

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Diversified Financial Services - 2.56%
		AGFC Capital Trust
$	280,000	6.000%, 01/15/2067 (Callable at
		$100.00 on 01/15/2017) (c) (e)	$	25,385
		Bank Of America Corporation
	1,200,000	2.100%, 04/30/2012		1,203,330
	675,000	5.750%, 12/01/2017		567,776
	550,000	8.000%, 12/29/2049		220,511
	40,000	8.130%, 12/29/2049(e)		16,454
		Bank Of The West
	4,200,000	2.150%, 03/27/2012		4,210,865
		Citigroup, Inc.
	1,600,000	5.850%, 07/02/2013		1,433,426
	1,030,000	6.500%, 08/19/2013		947,358
	1,120,000	5.000%, 09/15/2014		743,259
	950,000	6.880%, 03/05/2038		830,619
		GE Capital Corp.
	650,000	1.580%, 09/15/2014 (e)		469,700
	1,160,000	6.380%, 11/15/2067		564,022
		JP Morgan Chase & Co.
	40,000	2.125%, 06/22/2012		40,224
	500,000	6.125%, 06/27/2017		460,710
	850,000	6.000%, 01/15/2018		860,025
		Rabobank Capital Funding Trust
	180,000	5.250%, 10/31/2049 (Callable at
		$100.00 on 10/21/2016) (c)(e)		81,103
	30,000	5.260%, 12/29/2049 (c)(e)		13,512
		UBS AG
	1,214,000	6.000%, 12/31/2017 (credit linked
		to a Republic of Brazil Treasury
		Security and IPCA Index Units)
		(Acquired 11/05/2007,
		Cost $378,952) (d)(j)		221,527
				12,909,806
		Diversified Telecommunication Services - 1.57%
		Ameritech Capital Funding Corp.
	700,000	6.250%, 05/18/2009		701,769
		AT&T, Inc.
	310,000	5.500%, 02/01/2018		300,272
	750,000	6.400%, 05/15/2038		669,331
		AT&T, Inc.
	560,000	5.800%, 02/15/2019		549,217
	690,000	6.550%, 02/15/2039		627,746
		BellSouth Corp.
	30,000	4.750%, 11/15/2012		30,544

Principal
Amount			Value
		Diversified Telecommunication
		Services (Continued)
		Citizens Communications Co.
$	530,000	9.250%, 05/15/2011	$	540,600
	35,000	7.130%, 03/15/2019		27,650
	105,000	7.880%, 01/15/2027		71,400
		KPN Mobile NV
	520,000	8.380%, 10/01/2030		540,128
		SBC Communications, Inc.
	410,000	5.100%, 09/15/2014		411,865
		Verizon Communications, Inc.
	80,000	5.500%, 02/15/2018		76,317
	1,025,000	6.400%, 02/15/2038		932,097
	540,000	8.950%, 03/01/2039		622,339
		Verizon New York, Inc.
	740,000	6.880%, 04/01/2012		758,459
		Verizon Wireless Capital LLC
	465,000	8.500%, 11/15/2018 (c)		532,076
		Windstream Corp.
	515,000	8.630%, 08/01/2016		508,562
				7,900,372
		Electric Utilities - 1.81%
		AES Corp.
	47,000	7.750%, 03/01/2014		42,300
	190,000	7.750%, 10/15/2015		166,725
	1,060,000	8.000%, 10/15/2017		914,250
	1,100,000	8.000%, 06/01/2020 (c)		896,500
		CenterPoint Energy Resources Corp.
	475,000	7.880%, 04/01/2013		486,732
		Commonwealth Edison Co.
	425,000	5.400%, 12/15/2011		426,200
	250,000	6.950%, 07/15/2018		234,368
	275,000	5.900%, 03/15/2036		225,877
		Dominion Resources, Inc.
	80,000	4.750%, 12/15/2010		80,601
	300,000	5.700%, 09/17/2012		306,076
		Duke Energy Corp.
	25,000	5.630%, 11/30/2012		26,453
		Energy Future Holdings Corp.
	110,000	5.550%, 11/15/2014		41,480
	10,000	10.875%, 11/01/2017		6,500
	3,440,000	11.250%, 11/01/2017		1,470,600
	270,000	6.500%, 11/15/2024		77,092
	915,000	6.550%, 11/15/2034		252,567

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Electric Utilities (Continued)
		Exelon Corp.
$	75,000	5.630%, 06/15/2035	$	50,237
		FirstEnergy Corp.
	200,000	6.450%, 11/15/2011		200,300
	1,005,000	7.380%, 11/15/2031		819,837
		Nevada Power Co.
	375,000	5.880%, 01/15/2015		355,834
	625,000	6.650%, 04/01/2036		523,572
		Pacific Gas & Electric Co.
	470,000	5.630%, 11/30/2017		476,842
	170,000	6.050%, 03/01/2034		166,880
	290,000	5.800%, 03/01/2037		276,706
		Progress Energy, Inc.
	225,000	7.050%, 03/15/2019		229,643
	400,000	7.750%, 03/01/2031		402,270
				9,156,442
		Electrical Equipment - 0.35%
		L-3 Communications Holdings, Inc.
	100,000	6.380%, 10/15/2015		94,750
		NXP BV / NXP Funding LLC
	20,000	7.880%, 10/15/2014 (c)		4,725
	70,000	9.500%, 10/15/2015 (c)		7,875
		Tyco International Group
	130,000	6.750%, 02/15/2011		131,131
	455,000	6.380%, 10/15/2011		461,251
		Tyco International Ltd.
	1,285,000	6.875%, 01/15/2021		1,076,513
				1,776,245
		Electronic Equipment & Instruments - 0.01%
		Freescale Semiconductor, Inc.
	50,000	8.880%, 12/15/2014		10,750
		Xerox Corp.
	40,000	6.750%, 02/01/2017		30,593
				41,343
		Energy Equipment & Services - 0.32%
		Baker Hughes, Inc.
	620,000	7.500%, 11/15/2018		705,866
		Complete Production Services
	190,000	8.000%, 12/15/2016		121,600
		Geophysique
	155,000	7.500%, 05/15/2015		123,225

Principal
Amount			Value
		Energy Equipment & Services (Continued)
$	90,000	7.750%, 05/15/2017	$	69,300
		Pride International, Inc.
	50,000	7.380%, 07/15/2014		49,500
		SemGroup LP
	100,000	8.750%, 11/15/2015 (c)(f)		4,000
		Smith International, Inc.
	500,000	9.750%, 03/15/2019		523,117
				1,596,608
		Food & Staples Retailing - 0.22%
		CVS Caremark Corporation
	500,000	6.600%, 03/15/2019		504,868
	781,532	6.940%, 01/10/2030 (c)		597,261
				1,102,129
		Food Products - 0.37%
		Dean Foods Co.
	375,000	7.000%, 06/01/2016 (b)		358,125
		General Mills, Inc.
	425,000	5.650%, 02/15/2019		433,488
		Kraft Foods, Inc.
	425,000	6.500%, 08/11/2017		438,341
		Land O’ Lakes, Inc.
	125,000	9.000%, 12/15/2010		125,781
	500,000	8.750%, 11/15/2011		497,500
				1,853,235
		Health Care Providers & Services - 0.53%
		AmerisourceBergen Corp.
	100,000	5.880%, 09/15/2015		94,716
		Community Health Systems, Inc.
	200,000	8.880%, 07/15/2015		190,000
		Davita, Inc.
	205,000	6.630%, 03/15/2013		199,875
		FMC Finance III SA
	250,000	6.880%, 07/15/2017		245,625
		HCA, Inc.
	13,000	6.300%, 10/01/2012		10,920
	234,000	6.250%, 02/15/2013		176,670
	460,000	6.750%, 07/15/2013		346,150
	40,000	9.130%, 11/15/2014		37,700
	340,000	9.250%, 11/15/2016		310,250
	444,000	9.630%, 11/15/2016		355,200
		Service Corporation International
	60,000	6.750%, 04/01/2016		52,500

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Health Care Providers & Services (Continued)
$	10,000	7.630%, 10/01/2018	$	8,650
		Tenet Healthcare Corp.
	542,000	9.250%, 02/01/2015 (b)		420,050
		Unitedhealth Group, Inc.
	160,000	6.000%, 02/15/2018		153,981
		WellPoint, Inc.
	50,000	5.880%, 06/15/2017		47,078
				2,649,365
		Hotels, Restaurants & Leisure - 0.16%
		Boyd Gaming Corp.
	65,000	6.750%, 04/15/2014		38,025
	160,000	7.130%, 02/01/2016		87,200
		Host Marriott Services Corp.
	85,000	6.750%, 06/01/2016		62,475
		Inn of the Mountain Gods
		Resort & Casino
	60,000	12.000%, 11/15/2010		6,600
		MGM Mirage, Inc.
	180,000	8.500%, 09/15/2010		74,700
	20,000	6.630%, 07/15/2015		7,200
	100,000	7.630%, 01/15/2017		36,000
		River Rock Entertainment
	20,000	9.750%, 11/01/2011		10,100
		Station Casinos, Inc.
	25,000	6.880%, 03/01/2016 (f)		937
	190,000	7.750%, 08/15/2016 (f)		55,813
		Universal City Development Partners
	500,000	11.750%, 04/01/2010		430,000
				809,050
		Industrials - 0.55%
		Reed Elsevier Capital
	340,000	8.625%, 01/15/2019		349,179
		Roche Holding Inc.
	2,370,000	6.000%, 03/01/2019 (c)		2,443,894
				2,793,073
		Insurance - 0.82%
		ACE INA Holdings, Inc.
	900,000	5.800%, 03/15/2018		814,441
		American International Group, Inc.
	130,000	5.850%, 01/16/2018		50,961
	390,000	8.250%, 08/15/2018 (c)		167,071

Principal
Amount			Value
		Insurance Continued)
$	150,000	6.250%, 03/15/2087 (e)	$	15,000
		Arch Capital Group Ltd.
	400,000	7.350%, 05/01/2034		258,376
		ASIF Global Financing XIX
	80,000	4.900%, 01/17/2013 (c)		52,176
		AXA Group
	200,000	6.460%, 12/31/2049 (c)(e)		71,164
		Catlin Insurance Co. Ltd.
	375,000	7.250%, 12/31/2049
		(Acquired 01/11/2007,
		Cost $375,000) (d)(e)		101,759
		CNA Financial Corp.
	890,000	7.250%, 11/15/2023		533,937
		Endurance Specialty Holdings Ltd.
	425,000	6.150%, 10/15/2015		335,735
		Lincoln National Corp.
	275,000	7.000%, 05/17/2066		62,441
		Metlife, Inc.
	1,200,000	6.400%, 12/15/2066		504,853
		Phoenix Life Insurance Co.
	500,000	7.150%, 12/15/2034 (c)		71,286
		QBE Insurance Group Ltd.
	450,000	5.650%, 07/01/2023 (Acquired
		08/23/04, Cost $441,198) (d)(e)		256,189
		Reinsurance Group of America, Inc.
	300,000	6.750%, 12/15/2065		117,258
		Swiss Reinsurance Company
	875,000	6.850%, 05/29/2049 (c)(e)		267,128
		Travelers Companies, Inc.
	840,000	6.250%, 03/15/2067		446,338
				4,126,113
		IT Services - 0.11%
		Fiserv, Inc.
	575,000	6.130%, 11/20/2012		569,330
		Machinery - 0.01%
		American Achievement Corp.
	20,000	8.250%, 04/01/2012 (Callable at
		$102.06 on 04/01/2009) (c)		14,600
		Terex Corp.
	60,000	7.380%, 01/15/2014		52,200
				66,800

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Media - 1.22%
		British Sky Broadcasting Group
$	950,000	6.100%, 02/15/2018 (c)	$	828,015
		CCH Holdings LLC
	140,000	11.000%, 10/01/2015		15,750
		Clear Channel Communications, Inc.
	50,000	6.250%, 03/15/2011		10,250
	330,000	5.500%, 09/15/2014		51,150
	270,000	4.900%, 05/15/2015		39,150
		Comcast Cable Communications
		Holdings, Inc.
	320,000	8.880%, 05/01/2017		347,455
	500,000	9.460%, 11/15/2022		550,343
		Comcast Corp.
	220,000	6.500%, 01/15/2015		219,022
	50,000	6.500%, 01/15/2017		49,570
	20,000	5.880%, 02/15/2018		19,048
		Comcast Holdings Corp.
	650,000	10.630%, 07/15/2012		715,861
		CSC Holdings, Inc.
	45,000	7.630%, 04/01/2011		44,887
	70,000	8.625%, 02/15/2019 (c)		67,725
		DIRECTV Holdings LLC
	110,000	8.380%, 03/15/2013		111,788
		EchoStar DBS Corporation
	40,000	6.630%, 10/01/2014		35,900
	500,000	7.130%, 02/01/2016		450,000
		Liberty Media Corp.
	20,000	5.700%, 05/15/2013		14,947
		Sun Media Corp.
	70,000	7.630%, 02/15/2013		40,250
		Time Warner Cable, Inc.
	450,000	6.880%, 05/01/2012		458,325
	775,000	5.400%, 07/02/2012		749,155
	540,000	5.850%, 05/01/2017		484,861
	40,000	8.750%, 02/14/2019		42,544
	300,000	8.250%, 04/01/2019		308,809
	155,000	7.700%, 05/01/2032		139,734
	375,000	6.550%, 05/01/2037		316,512
		TL Acquisitions, Inc.
	90,000	10.500%, 01/15/2015 (Callable at
		$105.25 on 01/15/2011) (c)		46,575
				6,157,626

Principal
Amount			Value
		Metals & Mining - 0.90%
		Alcoa, Inc.
$	570,000	6.000%, 07/15/2013	$	455,359
		ArcelorMittal SA
	1,075,000	6.125%, 06/01/2018		778,952
		Barrick Gold Corp.
	200,000	6.950%, 04/01/2019		201,271
		BHP Billiton Ltd.
	640,000	6.500%, 04/01/2019		649,593
		Codelco
	100,000	4.750%, 10/15/2014 (c)		99,384
		Evraz Group SA
	740,000	8.880%, 04/24/2013 (c)		473,600
		Freeport-McMoRan Copper & Gold Inc.
	10,000	8.250%, 04/01/2015		9,586
	270,000	8.380%, 04/01/2017		252,806
		Rio Tinto Ltd.
	670,000	6.500%, 07/15/2018		587,335
		Steel Dynamics, Inc.
	55,000	7.380%, 11/01/2012		43,175
	150,000	6.750%, 04/01/2015		102,375
		Transocean, Inc.
	675,000	6.800%, 03/15/2038		594,737
		Vedanta Resources Plc
	400,000	8.750%, 01/15/2014 (c)		298,000
				4,546,173
		Multi-Utilities - 0.40%
		CenterPoint Energy, Inc.
	50,000	7.250%, 09/01/2010		50,139
		Dominion Resources, Inc.
	550,000	8.875%, 01/15/2019		623,697
		Edison Mission Energy
	160,000	7.000%, 05/15/2017		117,600
	220,000	7.200%, 05/15/2019		154,000
	80,000	7.630%, 05/15/2027		48,400
		MidAmerican Energy Holding Co.
	850,000	6.130%, 04/01/2036		756,119
		NRG Energy, Inc.
	225,000	7.250%, 02/01/2014		212,063
	30,000	7.380%, 02/01/2016		27,975
	20,000	7.380%, 01/15/2017		18,650
				2,008,643

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Oil & Gas - 4.65%
		Amerada Hess Corp.
$	160,000	7.880%, 10/01/2029	$	145,151
	670,000	7.300%, 08/15/2031		584,320
		Anadarko Finance Co.
	80,000	7.500%, 05/01/2031		62,630
		Anadarko Petroleum Corp.
	1,160,000	6.450%, 09/15/2036		812,879
		Apache Corp.
	480,000	6.000%, 09/15/2013		513,620
		Boardwalk Pipelines LP
	700,000	5.880%, 11/15/2016		593,970
		BP Capital PLC
	890,000	5.250%, 11/07/2013		953,582
		Canadian Natural Resources Ltd.
	250,000	5.150%, 02/01/2013		237,460
	75,000	5.850%, 02/01/2035		52,652
	475,000	6.500%, 02/15/2037		370,661
	150,000	6.250%, 03/15/2038		115,866
		Chesapeake Energy Corp.
	55,000	9.500%, 02/15/2015		53,762
	60,000	6.380%, 06/15/2015		50,850
	80,000	6.250%, 01/15/2018		62,800
	95,000	7.250%, 12/15/2018		78,494
		Conoco Funding Co.
	70,000	6.350%, 10/15/2011		75,785
		ConocoPhillips
	20,000	6.950%, 04/15/2029		19,967
	890,000	6.500%, 02/01/2039		870,984
		Dynegy, Inc.
	275,000	7.750%, 06/01/2019		180,125
		El Paso Natural Gas Co.
	400,000	7.500%, 11/15/2026		350,361
	309,000	8.380%, 06/15/2032		295,536
		El Paso Corp.
	730,000	7.000%, 06/15/2017		625,377
	217,000	7.800%, 08/01/2031		163,228
	355,000	7.750%, 01/15/2032		266,263
		Energy Transfer Partners LP
	350,000	5.650%, 08/01/2012		333,140
	1,400,000	5.950%, 02/01/2015		1,270,237
	500,000	6.700%, 07/01/2018		453,316
		Enterprise Products Operating LP
	375,000	8.380%, 08/01/2066(e)		251,551

Principal
Amount			Value
		Oil & Gas (Continued)
$	450,000	7.030%, 01/15/2068(e)	$	281,647
		Hess Corp.
	400,000	8.125%, 02/15/2019		413,046
		Intergas Finance BV
	100,000	6.380%, 05/14/2017		58,500
	620,000	6.380%, 05/14/2017 (c)		362,700
		Kazmunaigaz Finance BV
	780,000	8.380%, 07/02/2013 (c)		651,300
		Kerr-McGee Corp.
	150,000	6.950%, 07/01/2024		115,180
	1,215,000	7.880%, 09/15/2031		990,619
		Kinder Morgan Energy Partners
	360,000	6.750%, 03/15/2011		367,276
	110,000	5.850%, 09/15/2012		108,713
	260,000	6.000%, 02/01/2017		244,559
	730,000	6.950%, 01/15/2038		626,422
		Noble Energy, Inc.
	590,000	8.250%, 03/01/2019		605,351
		Occidental Petroleum Corp.
	790,000	7.000%, 11/01/2013		882,904
		Oneok Partners LP
	425,000	6.650%, 10/01/2036		318,965
	525,000	6.850%, 10/15/2037		403,494
		OPTI Canada, Inc.
	160,000	7.880%, 12/15/2014		70,800
	130,000	8.250%, 12/15/2014		58,825
		Peabody Energy Corp.
	10,000	6.880%, 03/15/2013		9,800
	50,000	5.880%, 04/15/2016		44,750
		Pemex Project Funding Master Trust
	841,000	6.630%, 06/15/2035		602,366
		Petrobras International Finance Co.
	620,000	6.130%, 10/06/2016		623,100
		Petróleos Mexicanos
	980,000	8.000%, 05/03/2019 (c)		960,400
		Southern Natural Gas Co.
	45,000	8.000%, 03/01/2032		41,005
		Suburban Propane Partners LP
	140,000	6.880%, 12/15/2013		133,700
		Tennessee Gas Pipeline Co.
	250,000	7.000%, 10/15/2028		213,914
	140,000	7.630%, 04/01/2037		121,506
		Teppco Partners LP
	975,000	6.650%, 04/15/2018		839,903

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Oil & Gas (Continued)
		Transocean, Inc.
$	525,000	7.500%, 04/15/2031		480,590
		Williams Companies, Inc.
	360,000	7.880%, 09/01/2021		333,635
	770,000	7.500%, 01/15/2031		609,724
	590,000	7.750%, 06/15/2031		479,016
	50,000	8.750%, 03/15/2032		45,480
		XTO Energy, Inc.
	800,000	7.500%, 04/15/2012		838,438
	30,000	5.650%, 04/01/2016		28,672
	575,000	6.500%, 12/15/2018		572,277
	70,000	6.750%, 08/01/2037		63,898
				23,447,042
		Pharmaceuticals - 0.72%
		Abbott Labs
	820,000	5.125%, 04/01/2019		826,299
		Pfizer, Inc.
	2,165,000	6.200%, 03/15/2019		2,311,588
		Wyeth
	520,000	5.950%, 04/01/2037		491,314
				3,629,201
		Real Estate - 0.32%
		Arden Realty LP
	250,000	9.150%, 03/01/2010		247,759
		Forest City Enterprises, Inc.
	10,000	7.630%, 06/01/2015		4,350
	29,000	6.500%, 02/01/2017		10,875
		Realogy Corp.
	550,000	12.380%, 04/15/2015		96,250
		Simon Property Group, Inc.
	1,375,000	6.130%, 05/30/2018		1,082,627
		Ventas Realty LP
	70,000	6.750%, 04/01/2017 (Callable at
		$103.38 on 04/01/2012)		60,200
	90,000	9.000%, 05/01/2012		90,225
				1,592,286
		Retail - 0.01%
		J.C. Penney Co., Inc.
	40,000	7.400%, 04/01/2037		25,457

Principal
Amount			Value
		Road & Rail - 0.12%
		Hertz Corp.
$	340,000	8.880%, 01/01/2014	$	207,825
	35,000	10.500%, 01/01/2016		15,400
		Kansas City Southern de Mexico,
		S.A. de C.V.
	165,000	12.500%, 04/01/2016 (c)		157,163
		TFM SA de CV
	10,000	9.375%, 05/01/2012		9,150
		Union Pacific Corp.
	230,000	5.380%, 05/01/2014		231,535
				621,073
		Special Purpose Entity - 0.46%
		El Paso Performance Linked Trust
	1,070,000	7.750%, 07/15/2011 (c)		1,031,016
		GrafTech Financial, Inc.
	50,000	10.250%, 02/15/2012		45,500
		Hellas Telecom V
	375,000	6.112%, 10/15/2012		246,622
		ILFC E-Capital Trust II
	280,000	6.250%, 12/21/2065 (c)(e)		44,939
		MUFG Capital Finance 1 Ltd.
	330,000	6.350%, 07/29/2049		221,390
		TNK-BP
	100,000	7.500%, 07/18/2016		71,000
	490,000	7.500%, 07/18/2016 (c)		357,700
	200,000	6.630%, 03/20/2017 (c)		133,000
	240,000	7.880%, 03/13/2018 (c)		169,200
				2,320,367
		Telecommunications - 0.29%
		Echostar DBS Corporation
	125,000	7.750%, 05/31/2015		115,625
		Telefonica Emisiones SAU
	875,000	6.420%, 06/20/2016		905,992
		VIP Finance Ireland Ltd.
	590,000	8.380%, 04/30/2013 (c)		430,700
				1,452,317
		Textiles, Apparel & Luxury Goods - 0.03%
		INVISTA
	125,000	9.250%, 05/01/2012 (c)		112,500
		Oxford Industries, Inc.
	50,000	8.880%, 06/01/2011		36,750
				149,250

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		CORPORATE BONDS (Continued)
		Tobacco - 0.24%
		Altria Group, Inc.
$	940,000	9.700%, 11/10/2018	$	1,024,813
		Reynolds American, Inc.
	230,000	6.750%, 06/15/2017		196,643
				1,221,456
		Transportation - 0.25%
		Bombardier, Inc.
	375,000	7.250%, 11/15/2016 (Acquired
		05/15/2007, Cost $481,745) (d)		331,320
		Teekay Shipping Corp.
	86,000	8.880%, 07/15/2011		82,990
		Vale Overseas Ltd.
	966,000	6.880%, 11/21/2036		839,009
				1,253,319
		Wireless Telecommunication Services - 0.24%
		America Movil SAB de CV
	330,000	5.630%, 11/15/2017		300,922
		Rogers Communications Inc.
	70,000	6.800%, 08/15/2018		70,083
		Rogers Wireless Communications, Inc.
	240,000	6.380%, 03/01/2014		243,225
		Sprint Nextel Corporation
	930,000	6.880%, 10/31/2013		534,750
	15,000	5.950%, 03/15/2014		8,400
	120,000	7.380%, 08/01/2015		64,200
				1,221,580
		Total Corporate Bonds
		(Cost $179,517,887)		135,231,245
		FOREIGN GOVERNMENT
		NOTES/BONDS - 0.42%
		United Mexican States
	14,000	5.630%, 01/15/2017		13,762
	1,256,000	6.750%, 09/27/2034		1,189,181
		Republic Of Indonesia
	320,000	11.625%, 03/04/2019 (c)		349,600
		Republic of Peru
	570,000	7.125%, 03/30/2019		578,407
		Total Foreign Government
		Notes/Bonds (Cost $2,091,851)		2,130,950

Principal
Amount			Value
		MORTGAGE BACKED
		SECURITIES - NON-U.S.
		GOVERNMENT AGENCY - 14.06%
		Adjustable Rate Mortgage Trust
$	36,935	Series 2004-5,
		5.000%, 04/25/2035	$	20,543
		Bank of America Corporation
	550,000	Series 2005-5,
		5.120%, 10/10/2045		422,454
	2,500,000	Series 2005-6,
		5.180%, 09/10/2047		1,929,419
	110,000	Series 2007-5,
		5.620%, 02/10/2051		81,162
		BCAP LLC Trust
	295,828	Series 2006-RR1,
		1.114%, 11/25/2036		157,217
		Bear Stearns Trust
	73,898	Series 2004-1,
		4.861%, 04/25/2034		49,341
	502,922	Series 2004-9,
		5.220%, 09/25/2034		320,986
	868,539	Series 2005-2,
		4.710%, 04/25/2035		406,443
	217,998	Series 2005-3,
		5.083%, 06/25/2035		126,663
	1,809,658	Series 2006-4,
		5.379%, 10/25/2036		802,388
	3,000,000	Series 2005-PWR10,
		5.410%, 12/11/2040		2,367,012
	3,375,372	Series FLT,
		6.140%, 09/25/2047		1,424,926
		Chase Mortgage Financial Trust
	1,441,380	Series 2007-A1,
		4.604%, 02/25/2037		914,972
	2,088,600	Series 2007-A1,
		4.825%, 02/25/2037		1,317,924
	2,085,094	Series 2007-A1,
		4.134%, 01/01/2049		1,501,805
	442,770	Series 2007-A1,
		4.831%, 01/01/2049		364,762
	1,574,639	Series 2007-A1,
		4.933%, 01/01/2049		1,232,076

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MORTGAGE BACKED
		SECURITIES - NON-U.S.
		GOVERNMENT AGENCY (Continued)
		CIT Mortgage Loan Trust
$	1,408,452	Pool #2007A1, 1.474%, 10/25/2037
		(Acquired 10/05/2007,
		Cost $1,408,452) (d)(e)	$	1,055,676
	550,000	Pool #2007A2, 1.724%, 10/25/2037
		(Acquired 10/05/2007,
		Cost $550,000) (d)(e)		160,267
	1,000,000	Pool #2007A3, 1.924%, 10/25/2037
		(Acquired 10/05/2007,
		Cost $1,000,000) (d)(e)		268,384
		Citigroup Commercial Mortgage Trust
	2,000,000	Series 2006-C4,
		5.725%, 03/15/2049		1,506,156
		Citigroup/Deutsche Bank
		Commerical Mortgage
	2,500,000	Series TR,
		5.362%, 01/15/2046		1,934,626
		Countrywide Alternative Loan Trust
	708,579	Series 2005-36,
		4.970%, 08/25/2035		446,565
	1,340,299	Series 2005-27,
		6.123%, 08/25/2035		495,022
	331,216	Series 2005-38,
		3.323%, 09/25/2035		222,319
	1,056,159	Series 2005-59,
		0.880%, 11/20/2035(e)		425,421
	631,209	Series 2005-51,
		0.870%, 11/20/2035(e)		259,043
	1,905,108	Series 2005-62,
		0.820%, 12/25/2035(e)		715,631
	1,275,783	Series 2005-63,
		5.309%, 12/25/2035		597,088
	2,660,140	Series 2007-16CB,
		6.000%, 08/25/2037		1,454,449
	1,491,471	Series 2006-OA10,
		0.710%, 08/25/2046 (e)		537,694
		Countrywide Home Loans, Inc.
	170,715	Series 2003-52,
		5.290%, 02/19/2034		113,879
	57,201	Series 2004-HYB6,
		4.537%, 11/20/2034		31,123
	308,386	Series 2005-HYB4,
		4.899%, 08/20/2035		171,145

Principal
Amount			Value
		MORTGAGE BACKED
		SECURITIES - NON-U.S.
		GOVERNMENT AGENCY (Continued)
		First Horizon Mortgage Trust
	$34,906	Series FLT, 4.750%, 12/25/2034		$28,792
		First Union National Bank
		Commercial Mortgage
	2,854,555	Series 2000-C2,
		7.200%, 10/15/2032		2,900,013
		GE Capital Commercial Mortgage
		Corporation
	3,000,000	Series 2005-C4,
		5.334%, 11/10/2045		2,314,709
		General Motors Acceptance
		Corporation
	2,414,710	Series FLT,
		1.224%, 02/25/2031 (c)		1,180,243
	1,290,000	Series 1998-C2,
		6.500%, 05/15/2035		1,264,540
	2,500,000	Series 2002-C1,
		6.280%, 11/15/2039		2,471,850
	737,195	Series 2007-HE3,
		7.000%, 09/25/2037		256,987
		GS Mortgage Securities Corporation
	800,000	Series 2005-GG4,
		4.680%, 07/10/2039		668,846
		Harborview Mortgage Loan Trust
	1,259,398	Series 2005-10,
		3.980%, 11/19/2035		480,460
	1,369,146	Series FLT,
		5.731%, 12/19/2035		611,858
	1,352,851	Series 2005-16,
		0.810%, 01/19/2036 (e)		510,924
	249,124	Series 2005-16,
		4.460%, 01/19/2036		103,600
		IMPAC Secured Assets Corp.
	1,010,048	Series 2005-6,
		0.770%, 10/25/2035 (e)		424,057
	1,196,521	Series 2005-2,
		0.840%, 03/25/2036 (e)		501,027
		IndyMac Mortgage Loan Trust
	417,600	Series 2005-AR15,
		5.099%, 09/25/2035		194,227
	623,284	Series 2005-AR15,
		5.369%, 09/25/2035		308,001

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
		MORTGAGE BACKED
		SECURITIES - NON-U.S.
		GOVERNMENT AGENCY (Continued)
$	1,897,451	Series 2007-AR15,
		5.836%, 08/25/2037	$	779,363
	1,399,749	Series 2007-AR7,
		6.164%, 11/25/2037		771,325
	661,165	Series 2005-AR16IP,
		0.794%, 07/25/2045 (e)		252,060
		JP Morgan Chase & Co.
	300,000	Series 2007-LDP10,
		5.420%, 01/15/2049		174,352
		JP Morgan Commercial Mortgage
	1,380,000	Series 2005-CIBC12,
		4.900%, 09/12/2037		1,043,047
	1,500,000	Series 2005-LDP2,
		4.740%, 07/15/2042		1,106,106
		JP Morgan Mortgage Trust
	726,137	Series 2007-A1,
		4.067%, 07/25/2035		501,716
	788,542	Series 2007-A1,
		4.196%, 07/25/2035		543,809
	692,527	Series 2007-A1,
		4.768%, 07/25/2035		458,242
		Lehman Brothers Trust
	1,061,762	Series 2005-5N,
		0.820%, 11/25/2035 (e)		436,453
	891,722	Series 2005-5N,
		0.820%, 11/25/2035 (e)		354,287
	233,053	Series 2005-7N,
		0.790%, 12/25/2035 (e)		94,524
	2,811,938	Series 2007-16N,
		1.370%, 09/25/2047 (e)		1,025,571
		Lehman Brothers-UBS Commercial
		Mortgage Trust
	600,000	Series 2005-C3,
		4.660%, 07/15/2030		540,068
		Luminent Mortgage Trust
	630,278	Series 2006-5,
		0.710%, 07/25/2036 (e)		215,708
		Merrill Lynch Mortgage Trust
	1,030,000	Series 2006-C1,
		5.844%, 05/12/2039		748,429

Principal
Amount			Value
		MORTGAGE BACKED
		SECURITIES - NON-U.S.
		GOVERNMENT AGENCY (Continued)
		MLCC Mortgage Investors, Inc.
$	812,860	Series 2004-A3,
		5.041%, 05/25/2034	$	665,525
	2,710,000	Series 2007-7,
		5.750%, 06/12/2050		1,475,399
		Morgan Stanley
	480,000	Series 2005-HQ6,
		4.990%, 08/13/2042		387,511
	2,000,000	Series 2005-HQ7,
		5.210%, 11/14/2042		1,567,939
		Residential Accredit Loans, Inc.
	3,810,199	Series 2007-QH9,
		6.546%, 11/25/2037		1,237,662
	1,291,206	Series 2005-QO4,
		0.800%, 12/25/2045(e)		512,175
	1,593,564	Series 2005-QO5,
		1.191%, 01/25/2046		572,744
		Residential Funding Mortgage
	1,398,844	Series FLT, 5.180%,09/25/2035		905,003
		Structured Adjustable Rate
		Mortgage Loan
	94,008	Series FLT, 4.380%, 05/25/2034		57,470
	29,260	Series FLT, 5.250%, 09/25/2034		21,104
	3,594,965	Series A-1, 3.323%,
		08/25/2047 (e)		1,305,857
		Thornburg Mortgage Trust
	4,227,865	Series 2006-3,
		0.637% to 0.584%, 06/25/2036 (e)		4,097,739
		Washington Mutual
	134,676	Series 2004-AR3,
		4.176%, 06/25/2034		104,396
	1,700,000	Series 2005-AR4,
		4.670%, 04/25/2035		786,398
	1,132,678	Series 2007-HY4,
		5.505%, 09/25/2036		629,128
	2,034,782	Series 2007-HY2,
		5.588%, 12/25/2036		1,017,726
	1,171,343	Series 2005-AR13,
		0.810%, 10/25/2045 (e)		483,427
	1,470,405	Series 2005-AR15,
		0.780%, 11/25/2045 (e)		598,784

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - NON-U.S.
		GOVERNMENT AGENCY (Continued)
$	1,218,335	Series 2005-AR15,
		0.802%, 11/25/2045 (e)	$	392,411
	1,234,857	Series 2005-AR17,
		0.790%, 12/25/2045 (e)		504,260
	969,518	Series 2005-AR19,
		0.790%, 12/25/2045 (e)		401,239
	710,917	Series 2006-AR11,
		2.743%, 09/25/2046		235,292
	770,736	Series 2007-OA2,
		2.523%, 03/25/2047		269,075
		Wells Fargo Company
	3,257,321	Series 2005-AR6,
		5.034%, 04/25/2035		2,441,924
	812,302	Series 2005-AR16,
		4.610%, 10/25/2035		610,905
	1,250,766	Series 2006-AR10,
		5.593%, 07/25/2036		749,599
	3,236,585	Series 2007-PA6,
		6.599%, 12/25/2037		1,790,872
		Total Mortgage Backed Securities -
		Non-U.S. Government
		(Cost $118,854,636)		70,921,339
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY - 50.32%
		FHLMC
	1,000,000	Series 2590,
		5.000%, 03/15/2018		1,065,497
	1,420,124	Series 2329,
		6.500%, 06/15/2031		1,513,413
	796,053	Series 2338,
		6.500%, 07/15/2031		843,673
	3,531,118	Pool #1G-0058,
		4.610%, 01/01/2035		3,607,993
	1,576,692	Pool #1H-2524,
		4.580%, 08/01/2035		1,581,857
	192,582	Series 3013, 0.000%, 08/15/2035
		(Acquired 05/01/2007,
		Cost $196,620) (d)(l)		187,130
	2,116,245	Pool #1Q-0160,
		5.050%, 09/01/2035		2,173,294

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	224,707	Series 3167, 0.000%, 06/15/2036
		(Acquired 04/13/2007,
		Cost $206,307) (d)(l)	$	207,793
	179,035	Pool #A5-1729,
		6.500%, 08/01/2036		188,998
	606,348	Pool #A5-7803,
		6.500%, 02/01/2037		640,088
1,173,421		Pool #1N-1582,
		5.940%, 05/01/2037		1,221,187
2,518,778		Pool #1G-2201,
		6.120%, 09/01/2037		2,621,406
	155,078	Pool #A6-6284,
		6.500%, 09/01/2037		163,699
5,768,509		Pool #H0-9183,
		6.000%, 03/01/2038		6,009,445
8,699,161		Pool #G0-1818,
		5.000%, 05/01/2035		8,995,900
	85,822	Pool #G0-3449,
		6.000%, 10/01/2037 (g)		89,836
	48,259	Pool #G0-4212,
		6.000%, 11/01/2037 (g)		50,516
1,868,323		Pool #G0-4346,
		6.000%, 05/01/2038 (g)		1,955,595
	284,728	Pool #G0-4544,
		6.000%, 08/01/2038 (g)		298,044
	181,190	Pool #G0-5281,
		6.000%, 11/01/2038 (g)		189,664
		FHLMC Gold
	25,909	Pool #B1-2301,
		4.000%, 02/01/2014		26,463
	45,284	Pool #B1-2730,
		4.000%, 03/01/2014		46,252
	44,162	Pool #B1-2772,
		4.000%, 03/01/2014		45,106
	36,274	Pool #B1-2818,
		4.000%, 03/01/2014		37,050
	43,652	Pool #B1-2819,
		4.000%, 03/01/2014		44,586
	38,197	Pool #B1-2883,
		4.000%, 03/01/2014		39,008
	30,048	Pool #B1-2910,
		4.000%, 03/01/2014		30,685

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	32,043	Pool #B1-2911,
		4.000%, 03/01/2014	$	32,722
	148,806	Pool #B1-3066,
		4.000%, 03/01/2014		151,993
	19,994	Pool #B1-3343,
		4.000%, 04/01/2014		20,422
	26,884	Pool #B1-3344,
		4.000%, 04/01/2014		27,459
	36,424	Pool #B1-3360,
		4.000%, 04/01/2014		37,202
	195,226	Pool #E9-6057,
		4.500%, 05/01/2018		202,258
	56,238	Pool #E9-6247,
		4.500%, 05/01/2018		58,299
	60,064	Pool #E9-6248,
		4.500%, 05/01/2018		62,265
	69,139	Pool #E9-7034,
		4.500%, 06/01/2018		71,630
	26,434	Pool #E9-9763,
		4.500%, 09/01/2018		27,386
	25,462	Pool #E9-9764,
		4.500%, 09/01/2018		26,379
	17,600	Pool #E9-9765,
		4.500%, 09/01/2018		18,234
	115,984	Pool #E9-9768,
		4.500%, 09/01/2018		120,162
	54,072	Pool #E9-9769,
		4.500%, 09/01/2018		56,020
	37,623	Pool #E9-9770,
		4.500%, 09/01/2018		38,979
	65,619	Pool #B1-0170,
		4.500%, 10/01/2018		67,982
	77,090	Pool #B1-0207,
		4.500%, 10/01/2018		79,867
	74,265	Pool #E0-1481,
		4.500%, 10/01/2018		76,762
	397,658	Pool #B1-0178,
		5.000%, 10/01/2018		415,524
	75,704	Pool #B1-0931,
		4.500%, 11/01/2018		78,430
	147,162	Pool #E0-1489,
		4.500%, 11/01/2018		151,592

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	632,172	Pool #E0-1538,
		5.000%, 12/01/2018	$	657,670
	82,436	Pool #B1-1801,
		4.500%, 01/01/2019		85,405
	80,062	Pool #E0-1602,
		4.500%, 03/01/2019		83,041
	82,226	Pool #G1-1526,
		4.500%, 03/01/2019		85,188
1,060,000		Pool #G1-1719,
		5.000%, 06/01/2020		1,105,635
1,093,171		Pool #G1-1733,
		5.000%, 07/01/2020		1,137,501
	664,633	Pool #D9-6291,
		4.500%, 09/01/2023		682,322
	452,395	Pool #C0-1385,
		6.500%, 08/01/2032		480,608
	170,618	Pool #C7-0562,
		6.500%, 09/01/2032		181,258
	212,487	Pool #C7-0760,
		6.500%, 09/01/2032		225,738
1,008,684		Pool #78-0447,
		4.770%, 04/01/2033		1,009,263
3,080,282		Pool #G0-8085,
		5.000%, 10/01/2035		3,185,354
	660,185	Pool #A3-9756,
		5.000%, 11/01/2035		682,705
	100,000	Pool #TBA,
		5.000%, 04/15/2036 (g)		103,141
	900,000	Pool #TBA,
		6.000%, 04/15/2038 (g)		940,922
	455,950	Pool #1N-1447,
		5.810%, 02/01/2037		473,999
	894,142	Pool #1N-1463,
		5.950%, 05/01/2037		929,777
	337,435	Pool #G0-3812,
		5.500%, 02/01/2038		350,561
		FNMA
	111,774	Pool #695826,
		5.000%, 04/01/2018		116,831
3,296,676		Pool #734788,
		4.000%, 09/01/2018		3,381,978

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	52,270	Pool #713830,
		4.500%, 10/01/2018	$	54,218
	111,928	Pool #734743,
		4.500%, 10/01/2018		116,099
	52,720	Pool #740468,
		4.500%, 10/01/2018		54,685
	48,380	Pool #769278,
		4.500%, 11/01/2018		50,183
	81,280	Pool #752853,
		4.500%, 12/01/2018		84,309
	650,210	Pool #745387,
		5.000%, 04/01/2019		679,625
	135,647	Pool #772684,
		4.500%, 05/01/2019		140,533
	18,716	Pool #775653,
		4.500%, 05/01/2019		19,390
	102,523	Pool #775688,
		4.500%, 05/01/2019		106,216
	57,395	Pool #777358,
		4.500%, 05/01/2019		59,462
	155,097	Pool #779081,
		4.500%, 06/01/2019		160,684
	95,723	Pool #735985,
		5.000%, 06/01/2019		100,053
	109,137	Pool #725792,
		4.500%, 08/01/2019		113,068
1,100,594		Pool #735439,
		6.000%, 09/01/2019		1,159,671
1,380,096		Pool #745238,
		6.000%, 12/01/2020		1,454,176
3,782,427		Pool #981272,
		4.500%, 04/01/2023		3,899,257
1,936,820		Pool #889428,
		5.000%, 05/01/2023		2,013,547
1,366,366		Pool #981644,
		4.500%, 06/01/2023		1,408,889
	687,696	Pool #966689,
		5.000%, 06/01/2023		714,148
	76,759	Pool #251925,
		6.500%, 07/01/2028		81,868
	22,803	Pool #435151,
		6.500%, 07/01/2028		24,320

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	229,874	Pool #433575,
		6.500%, 09/01/2028	$	245,173
	277,385	Pool #251985,
		6.500%, 10/01/2028		295,846
	452,114	Pool #446107,
		6.500%, 11/01/2028		482,203
	348,052	Pool #452955,
		6.500%, 11/01/2028		371,215
	301,701	Pool #457553,
		6.500%, 01/01/2029		321,781
	177,567	Pool #252255,
		6.500%, 02/01/2029		189,385
	110,356	Pool #252342,
		6.500%, 04/01/2029		117,424
	401,866	Pool #323632,
		6.500%, 04/01/2029		428,611
	523,882	Pool #494339,
		6.500%, 04/01/2029		557,438
	101,399	Pool #252497,
		6.500%, 06/01/2029		107,894
	29,073	Pool #498092,
		6.500%, 06/01/2029		30,935
	315,182	Pool #500441,
		6.500%, 06/01/2029		335,370
	619,836	Pool #501198,
		6.500%, 06/01/2029		659,538
	173,702	Pool #503223,
		6.500%, 07/01/2029		184,828
	80,544	Pool #504708,
		6.500%, 07/01/2029		85,703
	60,076	Pool #535476,
		6.500%, 07/01/2029		64,074
	805,767	Pool #544859,
		5.930%, 08/01/2029		806,269
	50,782	Pool #535506,
		6.500%, 08/01/2030		54,035
	895,262	Pool #786848,
		7.000%, 10/01/2031		967,214
	704,493	Pool #607398,
		6.500%, 11/01/2031		748,737
	4,466	Pool #741862,
		5.500%, 09/01/2033		4,655

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	30,657	Pool #745944,
		5.000%, 12/01/2033	$	31,766
	5,722	Pool #766197,
		5.500%, 02/01/2034		5,958
	541,787	Pool #888504,
		4.236%, 04/01/2034		550,091
	902	Pool #776974,
		5.500%, 04/01/2034		939
	541,072	Series 2004-71,
		0.000%, 04/25/2034 (Acquired
		04/07/2006, Cost $39,505) (d)(i)(l)		2,932
	6,844,542	Pool #725589,
		5.000%, 07/01/2034		7,080,357
	1,059,222	Pool #725705,
		5.000%, 08/01/2034		1,095,843
	988,197	Pool #888283,
		5.000%, 08/01/2034		1,023,169
	1,329,307	Pool #782284,
		6.000%, 09/01/2034		1,395,837
	1,071,713	Pool #791563,
		6.000%, 09/01/2034		1,124,011
	46,765	Pool #794371,
		6.000%, 09/01/2034		49,047
	543,034	Pool #802783,
		6.220%, 10/01/2034		556,351
	1,024,329	Pool #802493,
		6.000%, 11/01/2034		1,074,315
	64,475	Pool #781629,
		5.500%, 12/01/2034		67,130
	2,513	Pool #806098,
		6.000%, 12/01/2034		2,635
	7,467,675	Pool #735224,
		5.500%, 02/01/2035		7,784,468
	2,961,978	Pool #808057,
		6.000%, 02/01/2035		3,100,966
	43,717	Pool #798085,
		6.500%, 03/01/2035		46,271
	53,188	Pool #814918,
		5.000%, 04/01/2035 (g)		55,012
	910,221	Pool #735504,
		6.000%, 04/01/2035		956,345

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	346,589	Pool #735484,
		5.000%, 05/01/2035 (g)	$	358,476
1,227,594		Pool #773306,
		6.000%, 05/01/2035		1,285,197
	76,576	Series 2007-27,
		0.000%, 05/25/2035 (Acquired
		05/29/2007, Cost $72,460) (d)(l)		72,091
2,656,378		Pool #735591,
		5.000%, 06/01/2035		2,747,898
3,527,180		Pool #827741,
		5.500%, 06/01/2035		3,669,094
	70,875	Pool #820242,
		5.000%, 07/01/2035 (g)		73,306
	45,614	Pool #829196,
		5.000%, 07/01/2035 (g)		47,179
	39,583	Pool #829202,
		5.000%, 07/01/2035 (g)		40,940
	19,390	Pool #833958,
		5.000%, 07/01/2035 (g)		20,055
	20,190	Pool #835738,
		5.000%, 07/01/2035 (g)		20,883
	203,927	Pool #357842,
		6.000%, 07/01/2035		213,496
	48,552	Pool #255813,
		5.000%, 08/01/2035 (g)		50,217
	21,293	Pool #834513,
		5.000%, 08/01/2035 (g)		22,023
1,092,795		Pool #829334,
		4.450%, 09/01/2035		1,112,783
4,773,631		Pool #820345,
		5.000%, 09/01/2035		4,937,351
	31,761	Pool #840001,
		5.000%, 09/01/2035 (g)		32,850
	20,160	Pool #840696,
		5.000%, 09/01/2035 (g)		20,851
10,264,022		Pool #832738,
		5.500%, 09/01/2035		10,676,989
	7,564	Pool #838452,
		5.500%, 09/01/2035		7,868
1,007,096		Pool #836852,
		3.788%, 10/01/2035		1,030,345

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Principal
Amount			Value
	MORTGAGE BACKED
	SECURITIES - U.S.
	GOVERNMENT AGENCY (Continued)
$1,482,940	Pool #836464,
	3.811%, 10/01/2035	$	1,517,286
25,283	Pool #843833,
	5.000%, 10/01/2035 (g)		26,150
71,814	Pool #880609,
	5.000%, 10/01/2035 (g)		74,277
139,536	Pool #817534,
	5.500%, 10/01/2035		145,151
404,503	Pool #836273,
	5.500%, 10/01/2035		420,777
130,824	Pool #745000,
	6.000%, 10/01/2035		137,697
113,313	Pool #844052,
	3.780%, 11/01/2035		115,928
665,963	Pool #843823,
	3.794%, 11/01/2035		681,354
111,369	Pool #844237,
	3.790%, 11/01/2035		113,943
114,256	Pool #844789,
	3.797%, 11/01/2035		116,897
115,130	Pool #843997,
	3.805%, 11/01/2035		117,794
111,849	Pool #844148,
	3.810%, 11/01/2035		114,440
3,110,933	Pool #844158,
	5.000%, 11/01/2035		3,217,629
1,347,861	Pool #745755,
	5.000%, 12/01/2035		1,394,299
162,086	Pool #846512,
	5.000%, 12/01/2035 (g)		167,645
26,950	Pool #863913,
	5.500%, 12/01/2035		28,035
1,728,103	Pool #846513,
	6.500%, 12/01/2035		1,824,482
211,032	Pool #848939,
	6.500%, 01/01/2036		222,802
47,776	Pool #851639,
	6.500%, 01/01/2036		50,396
3,056,189	Pool #745275,
	5.000%, 02/01/2036		3,161,007
571,097	Pool #888022,
	5.000%, 02/01/2036		590,684

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	281,148	Pool #852263,
		5.000%, 03/01/2036	$	290,526
	72,622	Pool #865854,
		6.000%, 03/01/2036		75,996
2,913,272		Pool #256219,
		5.500%, 04/01/2036		3,010,111
	450,836	Pool #869843,
		5.500%, 04/01/2036		468,552
	30,008	Pool #880627,
		5.500%, 04/01/2036		31,187
	84,931	Pool #891474,
		6.000%, 04/01/2036		88,877
3,449,596		Pool #872236,
		4.160%, 05/01/2036		3,488,606
2,757,967		Pool #868993,
		4.287%, 05/01/2036		2,789,508
	42,448	Pool #872499,
		6.500%, 06/01/2036		44,776
3,298,846		Pool #885961,
		4.189%, 07/01/2036		3,325,484
3,644,348		Pool #886376,
		4.278%, 08/01/2036		3,673,948
	71,882	Pool #887046,
		6.000%, 08/01/2036		75,221
3,521,111		Pool #886891,
		4.157%, 09/01/2036		3,550,613
1,224,512		Pool #831808,
		6.000%, 09/01/2036		1,281,396
	507,573	Pool #745876,
		6.500%, 09/01/2036		535,405
	542,932	Pool #897776,
		6.500%, 09/01/2036		572,703
	66,653	Series 2006-81,
		0.000%, 09/25/2036 (Acquired
		05/29/2007, Cost $66,112) (d)(l)		65,172
	952,070	Pool #745873,
		5.500%, 10/01/2036		989,484
	49,490	Pool #898601,
		5.500%, 10/01/2036		51,435
1,133,811		Pool #893681,
		6.000%, 10/01/2036		1,186,482

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	437,460	Pool #893898,
		6.000%, 10/01/2036	$	457,782
2,359,386		Pool #893923,
		6.000%, 10/01/2036		2,468,992
2,998,585		Pool #894005,
		6.000%, 10/01/2036		3,137,885
	902,968	Pool #190375,
		5.500%, 11/01/2036		938,452
	308,893	Pool #905215,
		5.500%, 11/01/2036		319,161
	129,960	Pool #870962,
		6.000%, 11/01/2036		135,997
	181,212	Pool #898809,
		6.000%, 11/01/2036 (g)		189,631
	84,785	Pool #902663,
		6.000%, 11/01/2036		88,724
	23,623	Pool #889659,
		5.000%, 12/01/2036 (g)		24,434
	3,184	Pool #902853,
		5.500%, 12/01/2036		3,309
	20,412	Pool #903059,
		5.500%, 12/01/2036		21,214
	22,133	Pool #928041,
		5.500%, 12/01/2036		23,003
	310,415	Pool #905857,
		5.576%, 12/01/2036		319,416
	254,554	Pool #905110,
		6.000%, 12/01/2036		266,380
	227,549	Pool #905111,
		6.000%, 12/01/2036		238,120
	524,192	Pool #897505,
		6.500%, 12/01/2036		552,936
	4,501	Pool #906225,
		5.500%, 01/01/2037		4,678
	223,138	Pool #906055,
		6.000%, 01/01/2037		233,503
	675,669	Pool #871054,
		6.500%, 01/01/2037		712,719
	12,654	Pool #907701,
		5.500%, 02/01/2037		13,151
	5,617	Pool #908880,
		5.500%, 02/01/2037		5,837

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	12,193	Pool #912864,
		5.500%, 02/01/2037	$	12,670
	13,725	Pool #912866,
		5.500%, 02/01/2037		14,261
	1,158	Pool #928062,
		5.500%, 02/01/2037		1,203
	9,058	Pool #897608,
		5.500%, 03/01/2037		9,414
	9,824	Pool #909990,
		5.500%, 03/01/2037		10,208
	101,021	Pool #911392,
		5.500%, 03/01/2037		104,969
	5,626	Pool #912443,
		5.500%, 03/01/2037		5,846
	4,871	Pool #914497,
		5.500%, 03/01/2037		5,061
	16,915	Pool #928119,
		5.500%, 03/01/2037		17,576
	6,054	Pool #928125,
		5.500%, 03/01/2037		6,290
	4,412	Pool #899117,
		5.500%, 04/01/2037		4,584
	1,858	Pool #899119,
		5.500%, 04/01/2037		1,930
	170,219	Pool #899147,
		5.500%, 04/01/2037		176,872
	46,557	Pool #914899,
		5.500%, 04/01/2037		48,377
	12,281	Pool #915565,
		5.500%, 04/01/2037		12,761
	4,435	Pool #915959,
		5.500%, 04/01/2037		4,608
	10,639	Pool #916979,
		5.500%, 04/01/2037		11,055
	15,044	Pool #916983,
		5.500%, 04/01/2037		15,632
	5,508	Pool #917571,
		5.500%, 04/01/2037		5,723
	6,929	Pool #918858,
		5.500%, 04/01/2037		7,201
	4,968	Pool #923817,
		5.500%, 04/01/2037		5,163

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	17,599	Pool #928182,
		5.500%, 04/01/2037	$	18,291
	307,622	Pool #917560,
		6.500%, 04/01/2037		324,490
	4,998	Pool #888352,
		5.500%, 05/01/2037		5,193
	2,355	Pool #918238,
		5.500%, 05/01/2037		2,447
	2,463	Pool #928293,
		5.500%, 05/01/2037		2,559
	1,850	Pool #938488,
		5.500%, 05/01/2037		1,923
	46,594	Pool #936750,
		6.500%, 05/01/2037		49,146
	11,768	Pool #918503,
		5.500%, 06/01/2037		12,228
	488,660	Pool #938776,
		5.500%, 06/01/2037		507,759
	875,933	Pool #936501,
		6.000%, 06/01/2037		916,027
	770,924	Pool #919187,
		6.500%, 06/01/2037		813,153
	73,841	Series 2007-56,
		0.000%, 06/25/2037 (Acquired
		06/11/2007, Cost $80,246) (d)(l)		73,087
	631,604	Pool #915790,
		5.500%, 07/01/2037		652,598
	3,207	Pool #928469,
		5.500%, 07/01/2037		3,332
	21,737	Pool #938034,
		5.500%, 07/01/2037		22,587
	4,609	Pool #938039,
		5.500%, 07/01/2037		4,790
	29,159	Pool #942569,
		6.000%, 08/01/2037 (g)		30,493
	21,515	Pool #942786,
		6.000%, 08/01/2037 (g)		22,500
	845,586	Pool #943996,
		6.000%, 08/01/2037		880,111
	48,661	Pool #945621,
		6.000%, 08/01/2037		50,647

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	25,765	Pool #888602,
		6.500%, 08/01/2037	$	27,176
	731,502	Pool #945069,
		6.500%, 08/01/2037		771,572
	583,821	Pool #949629,
		6.500%, 08/01/2037		615,802
	788,141	Pool #888637,
		6.000%, 09/01/2037		824,217
	553,993	Pool #915802,
		6.000%, 09/01/2037		576,613
	84,492	Pool #942950,
		6.000%, 09/01/2037 (g)		88,359
	973,559	Pool #952502,
		6.500%, 09/01/2037		1,026,888
	39,691	Pool #928781,
		5.500%, 10/01/2037		41,242
	7,842	Pool #955789,
		6.000%, 10/01/2037		8,201
	42,015	Pool #955771,
		6.500%, 10/01/2037		44,316
	35,657	Pool #953725,
		6.000%, 11/01/2037 (g)		37,289
1,722,732		Pool #899949,
		7.000%, 12/01/2037		1,835,246
	616,781	Pool #928872,
		8.000%, 12/01/2037		656,885
	33,706	Pool #959397,
		8.000%, 12/01/2037		35,898
	43,234	Pool #959538,
		8.000%, 12/01/2037		46,045
	67,635	Pool #966818,
		8.000%, 12/01/2037		72,033
	434,477	Pool #953586,
		5.000%, 01/01/2038		448,878
	60,345	Pool #961299,
		5.500%, 01/01/2038		62,703
	31,399	Pool #257087,
		8.000%, 01/01/2038		33,440
	16,081	Pool #933376,
		5.000%, 02/01/2038		16,614
	58,774	Pool #929239,
		5.500%, 02/01/2038		61,071

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	26,094	Pool #969376,
		5.500%, 02/01/2038	$	27,114
	161,138	Pool #889116,
		6.000%, 02/01/2038		168,514
	24,846	Pool #933506,
		6.000%, 02/01/2038 (g)		25,983
	977,567	Pool #976735,
		5.000%, 03/01/2038		1,009,970
	200,926	Pool #929187,
		5.500%, 03/01/2038		208,779
	43,462	Pool #961935,
		5.500%, 03/01/2038		45,161
	2,096	Pool #970131,
		5.500%, 03/01/2038		2,178
	47,890	Pool #972446,
		5.500%, 03/01/2038		49,762
	12,215	Pool #973832,
		5.500%, 03/01/2038		12,693
	9,266	Pool #973894,
		5.500%, 03/01/2038		9,628
	446,906	Pool #889276,
		6.000%, 03/01/2038 (g)		467,363
	12,558	Pool #889273,
		5.500%, 04/01/2038		13,049
	343,616	Pool #889443,
		5.500%, 04/01/2038		357,046
	24,534	Pool #962510,
		5.500%, 04/01/2038		25,492
	24,230	Pool #962562,
		5.500%, 04/01/2038		25,177
	21,859	Pool #962797,
		5.500%, 04/01/2038		22,713
	16,021	Pool #972606,
		5.500%, 04/01/2038		16,647
	16,813	Pool #975802,
		5.500%, 04/01/2038		17,471
	938,004	Pool #982817,
		5.000%, 05/01/2038		969,096
	502,177	Pool #982833,
		5.000%, 05/01/2038		518,823
	253,853	Pool #983077,
		5.000%, 05/01/2038		262,267

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	10,844	Pool #963271,
		5.500%, 05/01/2038	$	11,268
	97,610	Pool #975118,
		5.500%, 05/01/2038		101,424
	156,718	Pool #975339,
		5.500%, 05/01/2038		162,844
	4,256	Pool #977014,
		5.500%, 05/01/2038		4,422
	35,671	Pool #977036,
		5.500%, 05/01/2038		37,065
	4,358	Pool #984317,
		5.500%, 05/01/2038		4,528
	968,265	Pool #934302,
		5.000%, 06/01/2038		1,000,360
	53,738	Pool #929626,
		5.500%, 06/01/2038		55,839
	2,098	Pool #934276,
		5.500%, 06/01/2038		2,180
	1,105	Pool #963831,
		5.500%, 06/01/2038		1,149
	24,288	Pool #975100,
		5.500%, 06/01/2038		25,237
	5,249	Pool #981291,
		5.500%, 06/01/2038		5,454
	1,346	Pool #981313,
		5.500%, 06/01/2038		1,399
	137,266	Pool #981602,
		5.500%, 06/01/2038		142,631
	7,501	Pool #983408,
		5.500%, 06/01/2038		7,794
	1,712	Pool #984017,
		5.500%, 06/01/2038		1,779
	8,504	Pool #985515,
		5.500%, 06/01/2038		8,836
	68,961	Pool #985516,
		5.500%, 06/01/2038		71,656
	10,766	Pool #985517,
		5.500%, 06/01/2038		11,187
	260,118	Pool #934073,
		6.000%, 06/01/2038		270,738
	41,049	Pool #889658,
		6.500%, 06/01/2038		43,298

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	483,321	Pool #975639,
		5.000%, 07/01/2038	$	499,342
	47,009	Pool #986758,
		5.000%, 07/01/2038		48,567
	3,783	Pool #889858,
		5.500%, 07/01/2038		3,931
	1,325	Pool #963959,
		5.500%, 07/01/2038		1,377
	16,044	Pool #964239,
		5.500%, 07/01/2038		16,671
	1,884	Pool #964451,
		5.500%, 07/01/2038		1,958
	2,229	Pool #964461,
		5.500%, 07/01/2038		2,316
	22,479	Pool #981336,
		5.500%, 07/01/2038		23,357
	2,054	Pool #985108,
		5.500%, 07/01/2038		2,135
	2,471	Pool #985109,
		5.500%, 07/01/2038		2,568
	7,655	Pool #986760,
		5.500%, 07/01/2038		7,954
	85,369	Pool #986761,
		5.500%, 07/01/2038		88,706
	173,435	Pool #987002,
		5.500%, 07/01/2038		180,213
	287,015	Pool #987015,
		5.500%, 07/01/2038		296,555
	186,450	Pool #889697,
		6.000%, 07/01/2038		194,984
	54,698	Pool #889987,
		5.500%, 08/01/2038		56,836
	145,200	Pool #889988,
		5.500%, 08/01/2038		150,875
	1,149	Pool #964930,
		5.500%, 08/01/2038		1,194
	1,842	Pool #987032,
		5.500%, 08/01/2038		1,914
	9,950	Pool #988564,
		5.500%, 08/01/2038		10,339
	8,574	Pool #988575,
		5.500%, 08/01/2038		8,909

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	214,912	Pool #964867,
		6.000%, 08/01/2038	$	224,750
	159,169	Pool #964949,
		6.000%, 08/01/2038		166,455
1,964,651		Pool #988565,
		6.000%, 08/01/2038		2,054,581
2,171,339		Pool #988566,
		6.000%, 08/01/2038		2,270,730
2,655,843		Pool #988567,
		6.000%, 08/01/2038		2,777,411
	4,172	Pool #965092,
		5.500%, 09/01/2038		4,335
	1,594	Pool #968371,
		5.500%, 09/01/2038		1,656
	24,368	Pool #986094,
		5.500%, 09/01/2038		25,320
	5,038	Pool #990644,
		5.500%, 09/01/2038		5,235
	1,782	Pool #990646,
		5.500%, 09/01/2038		1,851
	82,781	Pool #982922,
		6.000%, 09/01/2038		86,570
	100,873	Pool #987097,
		6.000%, 09/01/2038		105,490
	334,288	Pool #990208,
		6.000%, 09/01/2038		349,589
	32,714	Pool #930035,
		5.500%, 10/01/2038		33,993
	8,807	Pool #934576,
		5.500%, 10/01/2038		9,151
	1,136	Pool #970581,
		5.500%, 10/01/2038		1,180
	48,952	Pool #979549,
		5.500%, 10/01/2038		50,866
	975	Pool #979565,
		5.500%, 10/01/2038		1,013
	71,529	Pool #992140,
		5.500%, 10/01/2038		74,324
	521,431	Pool #970518,
		6.000%, 10/01/2038		545,299
	13,581	Pool #930133,
		5.500%, 11/01/2038		14,112

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	38,327	Pool #930137,
		5.500%, 11/01/2038	$	39,825
	10,802	Pool #934621,
		5.500%, 11/01/2038		11,225
	24,338	Pool #970789,
		5.500%, 11/01/2038		25,289
	15,372	Pool #988155,
		5.500%, 11/01/2038		15,973
	49,612	Pool #992268,
		5.500%, 11/01/2038		51,551
	12,521	Pool #992536,
		5.500%, 11/01/2038		13,010
	950,394	Pool #934640,
		6.000%, 11/01/2038		993,897
	106,618	Pool #987922,
		6.000%, 11/01/2038		111,499
	653,040	Pool #991528,
		6.000%, 11/01/2038		682,933
1,033,038		Pool #992232,
		6.000%, 11/01/2038		1,080,324
1,929,747		Pool #994452,
		6.000%, 11/01/2038		2,018,079
	154,291	Pool #994763,
		6.000%, 11/01/2038		161,354
	43,057	Pool #934649,
		6.500%, 11/01/2038		45,415
	47,783	Pool #930247,
		5.500%, 12/01/2038		49,651
	22,175	Pool #930305,
		5.500%, 12/01/2038		23,042
	41,862	Pool #970875,
		5.500%, 12/01/2038		43,498
	40,912	Pool #991104,
		5.500%, 12/01/2038		42,511
	995	Pool #993050,
		5.500%, 12/01/2038		1,034
	13,266	Pool #993080,
		5.500%, 12/01/2038		13,785
	16,328	Pool #993648,
		5.500%, 12/01/2038		16,967
	41,961	Pool #994430,
		5.500%, 12/01/2038		43,601

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	15,277	Pool #AA0692,
		5.500%, 12/01/2038	$	15,874
	1,005	Pool #MC0018,
		5.500%, 12/01/2038		1,044
	119,423	Pool #257552,
		6.000%, 12/01/2038		124,300
	94,226	Pool #AA0530,
		6.000%, 12/01/2038		98,073
	728,983	Pool #930395,
		5.500%, 01/01/2039		757,475
	215,064	Pool #930400,
		5.500%, 01/01/2039		223,470
	28,690	Pool #930402,
		5.500%, 01/01/2039		29,811
	46,267	Pool #934235,
		5.500%, 01/01/2039		48,075
	27,125	Pool #971046,
		5.500%, 01/01/2039		28,185
	34,662	Pool #993122,
		5.500%, 01/01/2039		36,017
	17,314	Pool #994033,
		5.500%, 01/01/2039		17,989
	19,967	Pool #994301,
		5.500%, 01/01/2039		20,745
	26,840	Pool #AA0302,
		5.500%, 01/01/2039		27,886
	298,779	Pool #AA0845,
		5.500%, 01/01/2039		310,456
	72,365	Pool #AA0875,
		5.500%, 01/01/2039		75,193
	11,375	Pool #AA1148,
		5.500%, 01/01/2039		11,819
	29,812	Pool #AA1607,
		5.500%, 01/01/2039		30,977
	370,677	Pool #AA1729,
		5.500%, 01/01/2039		385,165
	17,584	Pool #AA1825,
		5.500%, 01/01/2039		18,270
	17,796	Pool #AA1826,
		5.500%, 01/01/2039		18,490
	56,973	Pool #AA1922,
		5.500%, 01/01/2039		59,200

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		MORTGAGE BACKED
		SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	63,022	Pool #AA1934,
		5.500%, 01/01/2039	$	65,486
	17,051	Pool #AA1942,
		5.500%, 01/01/2039		17,717
	23,120	Pool #930407,
		6.000%, 01/01/2039 (g)		24,178
	45,611	Pool #930569,
		5.500%, 02/01/2039		47,393
	4,131	Pool #930574,
		5.500%, 02/01/2039		4,292
	11,990	Pool #AA3264,
		5.500%, 02/01/2039		12,459
1,000,000		Pool #935050,
		5.000%, 03/01/2039 (g)		1,033,047
	9,292	Pool #AA0325,
		5.500%, 03/01/2039		9,655
10,600,000		Pool #TBA,
		5.000%, 04/01/2039 (g)		10,939,529
5,000,000		Pool #TBA,
		5.500%, 04/01/2039 (g)		5,213,280
	300,000	Pool #TBA,
		6.000%, 04/01/2039 (g)		313,359
4,549,399		Series 2007-16,
		1.272%, 03/25/2047		4,404,611
2,696,140		Pool #200822,
		1.314%, 04/25/2048		2,650,492
		GNMA
2,800,000		Pool #TBA,
		6.500%, 04/01/2029 (g)		2,937,813
4,200,000		Pool #TBA,
		5.000%, 04/01/2034 (g)		4,355,530
1,550,000		Pool #TBA,
		6.000%, 04/01/2039 (g)		1,619,508
9,000,000		Pool #TBA,
		4.500%, 06/15/2039 (g)		9,143,442
	800,000	Pool #TBA,
		6.000%, 04/15/2039 (g)		835,000
		Total Mortgage Backed Securities -
		U.S. Government
		(Cost $247,419,057)		253,865,832

Principal
Amount			Value
	MUNICIPAL BONDS - 0.38%
	Virginia Housing Development
	Authority, Series C, Revenue Bond,
$2,025,300	6.000%, 06/25/2034	$	1,900,298
	Total Municipal Bonds
	(Cost $1,991,756)		1,900,298
	SUPRANATIONAL OBLIGATIONS - 0.70%
	Supranational Obligation - 0.70%
	African Development Bank
2,500,000	0.500%, 02/27/2014		2,222,357
	GazInvest
970,000	6.210%, 11/22/2016 (c)		708,100
440,000	6.510%, 03/07/2022 (c)		286,000
	HSBK Europe B V
570,000	9.250%, 10/16/2013 (c)		313,500
			3,529,957
	Total Supranational Obligations
	(Cost $3,933,928)		3,529,957
	U.S. GOVERNMENT AGENCY
	ISSUES - 3.16%
	FFCB
1,400,000	5.130%, 04/19/2017 (c)		1,516,594
	FHLB
3,000,000	1.050%, 02/23/2010		3,003,111
700,000	3.750%, 03/27/2019		710,873
	FHLMC
880,000	5.630%, 11/23/2035		908,943
	FNMA
220,000	7.250%, 01/15/2010		230,790
600,000	1.750%, 03/23/2011		604,154
	GNMA
84,698	5.000%, 08/15/2033		88,222
1,218,296	5.000%, 09/15/2033 (b)		1,268,995
205,938	5.000%, 03/15/2034		214,379
218,836	3.750%, 10/20/2034		219,071
126,827	5.000%, 11/15/2034		132,026
1,123,795	3.750%, 11/20/2034		1,124,932
2,935,863	6.000%, 05/15/2035 (b)		3,076,554
688,352	6.000%, 12/15/2038		720,839
	Tennessee Valley Authority
830,000	5.980%, 04/01/2036		948,438
1,100,000	5.380%, 04/01/2056		1,157,827
	Total U.S. Government Agency Issues
	(Cost $15,507,407)		15,925,748

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

	Principal
	Amount			Value
		U.S. TREASURY OBLIGATIONS - 2.93%
		U.S. Treasury Bond - 2.44%
$	918,384	2.380%, 01/15/2025 (h)	$	957,415
	404,191	2.000%, 01/15/2026 (b)(h)		400,907
	1,078,256	2.380%, 01/15/2027 (h)(m)		1,129,809
	2,650,304	1.750%, 01/15/2028 (h)(m)		2,546,777
	4,611,677	2.500%, 01/15/2029 (h)		5,009,434
	2,270,000	3.500%, 02/15/2039		2,243,766
				12,288,108
		U.S. Treasury Note - 0.49%
	616,977	2.000%, 01/15/2014 (h)		636,836
	130,243	1.880%, 07/15/2015 (h)		133,865
	499,920	2.000%, 01/15/2016 (h)		516,637
	219,528	2.500%, 07/15/2016 (h)		235,101
	723,213	2.630%, 07/15/2017 (h)		786,946
	181,000	2.750%, 02/15/2019 (b)		182,047
				2,491,432
		Total U.S. Treasury Obligations
		(Cost $13,496,273)		14,779,540
		SHORT TERM INVESTMENTS - 2.64%
		Repurchase Agreements - 1.01%
	5,100,000	Merrill Lynch Repurchase Agreement
		0.090%, 04/01/2009 (Collateralized
		by a U.S. Government Agency
		Issue, value $5,100,013, 5.45%,
		10/18/2021)		5,100,000
	Shares
		Money Market Fund - 1.63%
	8,231,468	Federated Prime Obligations Fund		8,231,468
		Total Short Term Investments
		(Cost $13,331,468)		13,331,468
	Principal
	Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 2.08%
		Corporate Bonds and Notes - 0.30%
	$882,362	Bank of Scotland,
		1.446%, 05/06/09		882,362
	661,772	Svenska Handelsbanken,
		4.418%, 08/06/09 (c)		658,264
		Total Corporate Bonds and Notes
		(Cost $1,544,134)		1,540,626

Principal
Amount			Value
	Corporate Paydown Securities - 1.44%
$7,049,768	KKR Atlantic East Holding Group
	Trust, 3.059%, 03/25/10 (k)	$	3,820,269
7,961,169	KKR Pacific West Holding Group
	Trust, 3.059%, 03/25/10 (k)		3,427,283
	Total Corporate Paydown Securities
	(Cost $15,010,937)		7,247,552
Shares
	Money Market Funds - 0.34%
1,421,484	Mount Vernon Prime Portfolio		1,421,484
311,917	Reserve Primary Fund (k)		268,717
	Total Money Market Funds
	(Cost $1,733,401)		1,690,201
Principal
Amount
	Cash - 0.00%
$2,425	Cash		2,425
	Total Cash
	(Cost $2,425)		2,425
	Total Investments Purchased as
	Securities Lending Collateral
	(Cost $18,290,897)		10,480,804
	Total Investments
	(Cost $654,801,221) - 109.46%		552,158,690
	Liabilities in Excess of
	Other Assets - (9.46)%		(47,707,261)
	TOTAL NET
	ASSETS - 100.00%		$504,451,429

	Percentages are stated as a percent of net assets.
(a)	Non-Income producing.
(b)	All or a portion of this security is on loan.
(c)	Restricted securities as defined in Rule 144(a) under the
	Securities Act of 1933. Such securities are treated as liquid
	securities according to the Fund’s liquidity guidelines. The value
	of these securities total $30,915,715, which represents 6.13% of
	total net assets.
(d)	Restricted securities as defined in Rule 144(a) under the
	Securities Act of 1933. Such securities are treated as illiquid
	securities according to the Fund’s liquidity guidelines. The value
	of these securities total $3,663,359, which represents 0.73% of
	total net assets.
(e)	Variable Rate Security. The rate shown is the rate in effect on
	March 31, 2009.

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

(f)	Non-income producing. Item identified as in default as to
	payment of interest.
(g)	Security purchased on a when-issued basis. On March 31, 2009,
	the total value of the investments purchased on a when-issued
	basis was $41,938,320 or 8.31% of total net assets.
(h)	Represents a U.S. Treasury Inflation Protected Security.
(i)	Represents an interest only security that entitles holders to
	receive only interest payments on the underlying mortgages.
	The yield to maturity of an interest only security is extremely
	sensitive to the rate of principal payments on the underlying
	mortgage assets. A rapid (slow) rate of principal repayments
	may have an adverse (positive) effect on yield to maturity. The
	principal amount shown is the notional amount of the
	underlying mortgage. Interest rate disclosed represents yield
	upon the estimated timing and amount of future cash flows at
	March 31, 2009. The security is illiquid and represents less than
	0.1% of net assets.
(j)	Credit linked note. Investment performance is wholly or
	partially derived from an underlying source.
(k)	As of March 31, 2009, the Adviser has fair valued this security
	and deemed it illiquid. The value of these securities were
	$7,516,269, which represent 1.49% of total net assets
(l)	Zero coupon bond.
(m)	Partially assigned as collateral for certain futures and options
	contracts.

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF OPTIONS WRITTEN

March 31, 2009

Contracts		Value
	CALL OPTIONS
10	Eurodollar 90 Day Future
	Expiration: September, 2009,
	Exercise Price: $97.63	$32,625

Contracts		Value
	PUT OPTIONS
29	U.S. Treasury 10 Year Note Future
	Expiration: May, 2009,
	Exercise Price: $124.00	$32,172
46	U.S. Treasury Long Bond Future
	Expiration: June, 2009,
	Exercise Price: $121.00	24,437
		56,609
	Total Options Written
	(Premiums received $182,450)	$89,234

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF FORWARD SALE COMMITMENTS

March 31, 2009

	Principal			Settlement	Proceeds
Description	Amount			Date	Received		Value
FNMA, 4.500%, 04/01/2034	$	(2,000,000	)	4/13/09	$	2,042,500	$	(2,044,376	)
FNMA, 5.000%, 04/01/2039		(9,800,000	)	4/13/09		10,068,828		(10,113,903	)
FNMA, 6.000%, 04/01/2039		(9,000,000	)	4/13/09		9,305,625		(9,400,779	)
FNMA, 6.500%, 04/01/2039		(1,000,000	)	4/13/09		1,043,438		(1,053,282	)
	$	(21,800,000	)		$	22,460,391	$	(22,612,340	)

See notes to financial statements.

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2009

		Amount of			Amount of		Unrealized
Forward	Currency to	Currency to be		Currency to	Currency to		Appreciation
expiration date	be received	received		be delivered	be delivered		(Depreciation)
05/05/09	U.S. Dollars		291,474	Brazil Real		694,000	$	(5,270	)
04/17/09	U.S. Dollars		1,062,392	European Monetary Unit		832,596		(43,656	)
05/12/09	U.S. Dollars		663,818	European Monetary Unit		513,493		(18,280	)
05/12/09	European Monetary Unit		541,716	U.S. Dollars		713,359		6,230
							$	(60,976	)


AssetMark Core Plus Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2009

	Number of						Unrealized
	Contracts		Notional			Settlement	Appreciation
Description	Purchased (Sold)		Value			Month	(Depreciation)
Euro-Bund Futures		38	$	6,422,845		Jun-09	$	39,965
Euro-Schatz Futures		74		10,854,801		Jun-09		15,993
Eurodollar 90 Day Futures		34		8,399,684		Apr-09		2,566
Eurodollar 90 Day Futures		34		8,402,341		May-09		2,034
Eurodollar 90 Day Futures		23		5,493,014		Jun-09		193,736
Eurodollar 90 Day Futures		10		2,399,325		Sep-09		73,300
Gilt Bond Futures		27		4,736,143		Jun-09		79,588
U.S. Treasury 2 Year Note Futures		154		33,414,011		Jun-09		141,144
U.S. Treasury 5 Year Note Futures		253		29,749,275		Jun-09		298,430
U.S. Treasury 5 Year Note Futures		(122)		(14,285,734	)	Jun-09		(203,673	)
U.S. Treasury 10 Year Note Futures		137		16,751,234		Jun-09		247,471
U.S. Treasury Long Bond Futures		101		12,764,674		Jun-09		335,342
							$	1,225,896

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS - 93.63%
	Aerospace & Defense - 4.33%
267	Alliant Techsystems, Inc. (a)	$	17,884
9,975	Boeing Co.		354,911
4,367	General Dynamics Corp.		181,624
1,571	Goodrich Corp.		59,525
1,556	Hexcel Corp. (a)		10,223
7,984	Honeywell International, Inc.		222,434
3,629	KBR, Inc.		50,116
610	L-3 Communications
	Holdings, Inc.		41,358
4,335	Lockheed Martin Corp.		299,245
385	Precision Castparts Corp.		23,062
5,042	Raytheon Co.		196,335
1,294	Rockwell Collins, Inc.		42,236
1,848	Spirit Aerosystems
	Holdings, Inc. (a)		18,425
427	Teledyne Technologies, Inc. (a)		11,392
10,658	United Technologies Corp.		458,081
			1,986,851
	Air Freight & Logistics - 0.94%
1,047	C.H. Robinson Worldwide, Inc.		47,754
1,067	Expeditors International
	Washington, Inc. (b)		30,185
5,761	FedEx Corp.		256,307
1,498	United Parcel Service, Inc.		73,731
1,784	UTI Worldwide, Inc.		21,319
			429,296
	Airlines - 0.31%
22,127	Southwest Airlines Co. (b)		140,064
	Auto Components - 0.55%
2,116	BorgWarner, Inc		42,955
2,600	Gentex Corp.		25,896
13,911	Johnson Controls, Inc. (b)		166,932
1,334	WABCO Holdings, Inc		16,421
			252,204
	Automobiles - 0.09%
3,167	Harley-Davidson, Inc. (b)		42,406
	Beverages - 1.15%
585	Brown-Forman Corp.		22,715
2,777	The Coca-Cola Company		122,049
1,170	Molson Coors Brewing Co. (b)		40,108
6,694	PepsiCo, Inc.		344,607
			529,479

Number of
Shares			Value
	Biotechnology - 0.40%
2,211	Amgen, Inc. (a)	$	109,489
454	Biogen Idec, Inc. (a)		23,799
337	Celgene Corp. (a)		14,963
220	Cephalon, Inc. (a)		14,982
458	Gilead Sciences, Inc. (a)		21,214
			184,447
	Capital Markets - 2.98%
6,734	The Bank of New York
	Mellon Corp.		190,235
619	BlackRock, Inc.		80,495
7,873	The Charles Schwab Corp.		122,031
893	Eaton Vance Corp. (b)		20,405
1,183	Federated Investors, Inc.		26,334
2,174	Franklin Resources, Inc.		117,113
1,583	Goldman Sachs Group, Inc. (b)		167,830
3,302	Invesco Ltd.		45,766
1,092	Knight Capital Group, Inc. (a)		16,096
1,021	Northern Trust Corp.		61,076
2,770	Raymond James Financial, Inc. (b)		54,569
1,218	SEI Investments Co.		14,872
4,150	State Street Corp.		127,737
909	T. Rowe Price Group, Inc. (b)		26,234
20,266	TD Ameritrade Holding Corp. (a)(b)		279,873
738	Waddell & Reed Financial, Inc.		13,336
			1,364,002
	Chemicals - 2.38%
788	Air Products & Chemicals, Inc.		44,325
497	Albemarle Corp.		10,820
2,990	Celanese Corp.		39,976
180	CF Industries Holdings, Inc.		12,803
1,292	Cytec Industries, Inc.		19,406
20,191	E.I. du Pont de Nemours & Co. (b)		450,865
2,959	Ecolab, Inc.		102,766
529	FMC Corp.		22,821
782	International Flavors &
	Fragrances, Inc.		23,820
645	Monsanto Co.		53,599
818	Mosaic Co. (b)		34,340
1,975	Nalco Holding Company		25,813
1,316	Olin Corp.		18,779
782	Praxair, Inc.		52,621
2,595	Rockwood Holdings, Inc. (a)		20,604
777	Rohm & Haas Co.		61,259
2,560	RPM International, Inc.		32,589

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Chemicals (Continued)
797	Terra Industries, Inc.	$	22,388
1,228	Valhi, Inc.		11,519
4,498	WR Grace & Co. (a)		28,427
			1,089,540
	Commercial Banks - 0.38%
601	Bank of Hawaii Corp. (b)		19,821
750	BOK Financial Corp.		25,912
990	Commerce Bancshares, Inc.		35,937
628	Cullen/Frost Bankers, Inc.		29,478
154	First Citizens BancShares, Inc.		20,297
393	UMB Financial Corp.		16,699
2,032	Valley National Bancorp (b)		25,136
			173,280
	Commercial Services & Supplies - 1.29%
270	Apollo Group, Inc. (a)		21,149
1,120	The Brink’s Co.		29,635
1,695	Cintas Corp.		41,900
489	Coinstar, Inc. (a)		16,020
307	DeVry, Inc. (b)		14,791
153	The Dun & Bradstreet
	Corporation (b)		11,781
2,630	H&R Block, Inc.		47,840
889	Herman Miller, Inc.		9,477
1,612	Monster Worldwide, Inc. (a)		13,138
2,651	Pitney Bowes, Inc. (b)		61,901
1,918	Republic Services, Inc.		32,894
1,166	Resources Connection, Inc. (a)(b)		17,583
2,922	Robert Half International, Inc.		52,099
1,034	Rollins, Inc.		17,733
4,281	SAIC, Inc. (a)(b)		79,926
769	Tetra Tech, Inc. (a)		15,672
4,201	Waste Management, Inc.		107,546
			591,085
	Communications Equipment - 1.08%
3,261	ADC Telecommunications (a)(b)		14,316
16,643	Cisco Systems, Inc. (a)		279,103
4,101	Corning, Inc. (b)		54,420
3,291	Juniper Networks, Inc. (a)		49,562
1,355	Plantronics, Inc.		16,355
799	Polycom, Inc. (a)		12,297
1,761	QUALCOMM, Inc.		68,521
			494,574

Number of
Shares			Value
	Computers & Peripherals - 4.05%
1,644	Apple, Inc. (a)(b)	$	172,817
27,887	Dell, Inc. (a)(b)		264,369
797	Diebold, Inc.		17,016
15,151	EMC Corp. (a)		172,721
12,777	Hewlett Packard Co.		409,631
7,276	International Business
	Machines Corp.		704,972
4,126	NCR Corp. (a)		32,802
1,778	NetApp, Inc. (a)(b)		26,385
1,341	QLogic Corp. (a)		14,912
2,067	Western Digital Corp. (a)		39,976
			1,855,601
	Construction & Engineering - 0.39%
1,485	AECOM Technology Corp. (a)		38,729
2,305	Fluor Corp.		79,638
1,162	Foster Wheeler Ag (a)		20,300
1,077	Jacobs Engineering Group, Inc. (a)		41,637
			180,304
	Construction Materials - 0.03%
294	Vulcan Materials Co. (b)		13,021
	Consumer Finance - 0.44%
14,725	American Express Co. (b)		200,702
	Containers & Packaging - 0.50%
1,150	Ball Corp.		49,910
2,430	Crown Holdings, Inc. (a)		55,234
533	Greif, Inc.		17,744
3,364	Owens-Illinois, Inc. (a)		48,576
2,942	Packaging Corp. of America		38,305
365	Silgan Holdings, Inc.		19,177
			228,946
	Diversified Financial Services - 0.32%
124	CME Group, Inc.		30,553
384	GATX Corp. (b)		7,768
932	Interactive Brokers Group, Inc. (a)		15,033
1,383	Moody’s Corp. (b)		31,698
2,214	MSCI, Inc. (a)		37,439
1,185	Nasdaq Stock Market, Inc. (a)		23,202
			145,693
	Diversified Telecommunication Services - 3.97%
70,190	AT&T, Inc.		1,768,788
10,788	Cincinnati Bell, Inc. (a)		24,813
3,268	Windstream Corp.		26,340
			1,819,941

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Electric Utilities - 2.08%
683	Allegheny Energy, Inc.	$	15,825
1,277	DPL, Inc.		28,784
5,455	Edison International		157,159
2,181	Entergy Corp.		148,504
5,954	Exelon Corp.		270,252
2,983	FirstEnergy Corp.		115,144
2,744	FPL Group, Inc. (b)		139,203
2,800	PPL Corp.		80,388
			955,259
	Electrical Equipment - 0.84%
1,278	Acuity Brands, Inc.		28,806
1,388	Cooper Industries Ltd.		35,894
8,416	Emerson Electric Co.		240,529
2,511	Rockwell Automation, Inc.		54,840
542	Roper Industries, Inc.		23,008
			383,077
	Electronic Equipment & Instruments - 0.40%
3,348	Agilent Technologies, Inc. (a)(b)		51,459
558	Mettler Toledo International, Inc. (a)		28,642
1,238	Molex, Inc.		17,010
1,426	Plexus Corp. (a)		19,707
6,193	Tyco Electronics Ltd.		68,371
			185,189
	Energy Equipment & Services - 1.62%
2,864	Baker Hughes, Inc.		81,767
1,425	BJ Services Co. (b)		14,179
1,784	Cameron International Corp. (a)(b)		39,123
1,069	Diamond Offshore Drilling (b)		67,197
918	Dresser-Rand Group, Inc. (a)		20,288
606	ENSCO International, Inc.		15,998
836	FMC Technologies, Inc. (a)(b)		26,225
2,980	Global Industries Ltd. (a)(b)		11,443
8,334	Halliburton Co.		128,927
2,363	Nabors Industries Ltd. (a)		23,606
2,602	National-Oilwell Varco, Inc. (a)		74,704
567	Oil States International, Inc. (a)		7,609
978	Patterson-UTI Energy, Inc.		8,763
1,122	Pride International, Inc. (a)		20,174
1,117	Rowan Companies, Inc.		13,371
1,723	Schlumberger Ltd.		69,988
1,592	Smith International, Inc. (b)		34,196
438	Tidewater, Inc. (b)		16,263

Number of
Shares			Value
	Energy Equipment & Services (Continued)
1,158	Transocean Ltd. (a)(b)	$	68,137
			741,958
	Food & Staples Retailing - 4.95%
1,910	BJ’s Wholesale Club, Inc. (a)		61,101
804	Costco Wholesale Corp. (b)		37,241
4,187	CVS Corp.		115,101
804	Ruddick Corp.		18,050
9,635	SYSCO Corp.		219,678
6,894	Walgreen Co.		178,968
31,444	Wal-Mart Stores, Inc.		1,638,232
			2,268,371
	Food Products - 1.44%
865	Bunge Ltd.		49,002
3,722	Campbell Soup Co.		101,834
965	Corn Products International, Inc.		20,458
2,213	General Mills, Inc.		110,385
2,383	Hershey Foods Corp. (b)		82,809
4,071	HJ Heinz Co.		134,587
972	Hormel Foods Corp.		30,822
2,561	Kellogg Co.		93,810
902	McCormick & Co, Inc. (b)		26,672
11	Seaboard Corp.		11,110
			661,489
	Gas Utilities - 0.19%
393	Energen Corp.		11,448
512	EQT Corp.		16,041
720	National Fuel Gas Co. (b)		22,083
684	Questar Corp.		20,130
449	South Jersey Industries, Inc.		15,715
			85,417
	Health Care Equipment & Supplies - 1.40%
3,109	Baxter International, Inc.		159,243
361	Beckman Coulter, Inc.		18,415
730	Becton, Dickinson & Co.		49,085
11,344	Boston Scientific Corp. (a)		90,185
326	C.R. Bard, Inc. (b)		25,989
2,116	Covidien Ltd.		70,336
721	Kinetic Concepts, Inc. (a)(b)		15,228
1,871	Medtronic, Inc.		55,138
804	Mine Safety Appliances Co.		16,096
485	St. Jude Medical, Inc. (a)		17,620
695	Steris Corp.		16,180
775	Stryker Corp.		26,381

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Health Care Equipment & Supplies (Continued)
805	Varian Medical Systems, Inc. (a)(b)	$	24,504
730	Varian, Inc. (a)		17,330
1,079	Zimmer Holdings, Inc. (a)		39,383
			641,113
	Health Care Providers & Services - 1.37%
5,821	Aetna, Inc.		141,625
597	Cerner Corp. (a)(b)		26,250
465	DaVita, Inc. (a)		20,437
1,809	Express Scripts, Inc. (a)(b)		83,522
1,249	Henry Schein, Inc. (a)(b)		49,972
364	Laboratory Corporation of America
	Holdings (a)		21,290
3,550	Medco Health Solutions, Inc. (a)		146,757
1,247	Owens & Minor, Inc.		41,313
1,555	Patterson Companies, Inc. (a)(b)		29,327
1,200	PerkinElmer, Inc.		15,324
347	Quest Diagnostics		16,476
5,857	Service Corp. International (b)		20,441
445	Universal Health Services, Inc. (b)		17,061
			629,795
	Health Care Technology - 0.04%
1,391	IMS Health, Inc.		17,346
	Hotels, Restaurants & Leisure - 1.25%
1,083	Burger King Holdings, Inc.		24,855
3,906	Carnival Corp. (b)		84,370
2,682	International Game Technology		24,728
4,138	Marriott International, Inc.		67,698
3,401	McDonald’s Corp.		185,593
3,829	Starbucks Corp. (a)		42,540
4,315	Starwood Hotels & Resorts
	Worldwide, Inc.		54,800
3,226	Yum! Brands, Inc.		88,650
			573,234
	Household Durables - 0.21%
882	Garmin Ltd.		18,707
2,638	Harman International Industries, Inc.		35,692
928	Snap-On, Inc.		23,293
1,013	Tupperware Brands Corp. (b)		17,211
			94,903

Number of
Shares			Value
	Household Products - 2.57%
851	Clorox Co. (b)	$	43,810
2,538	Colgate-Palmolive Co.		149,691
776	Energizer Holdings, Inc. (a)(b)		38,559
5,893	Kimberly-Clark Corp.		271,726
14,333	Procter & Gamble Co.		674,941
			1,178,727
	Independent Power Producers &
	Energy Traders - 0.28%
2,112	Calpine Corp. (a)		14,383
4,731	Constellation Energy Group, Inc.		97,742
1,488	Mirant Corp. (a)		16,963
			129,088
	Industrial Conglomerates - 1.92%
4,809	3M Co.		239,103
58,635	General Electric Co.		592,800
1,453	McDermott International, Inc. (a)		19,456
4,636	Textron, Inc.		26,611
			877,970
	Insurance - 1.98%
8,772	Aflac, Inc.		169,826
2,408	AON Corp.		98,295
1,387	Arthur J. Gallagher & Co. (b)		23,579
2,336	Assurant, Inc.		50,878
1,326	Erie Indemnity Co.		45,323
10,241	Loews Corp.		226,326
8,419	Marsh & McLennan Companies, Inc.		170,485
294	RLI Corp.		14,759
1,853	Stancorp Financial Group, Inc.		42,211
1,549	Torchmark Corp.		40,630
97	Wesco Financial Corp.		26,772
			909,084
	Internet & Catalog Retail - 0.54%
1,455	Amazon.com, Inc. (a)(b)		106,855
9,341	eBay, Inc. (a)		117,323
496	NetFlix, Inc. (a)(b)		21,289
			245,467
	Internet Software & Services - 0.32%
216	Google, Inc. (a)		75,181
1,464	VeriSign, Inc. (a)(b)		27,626
3,276	Yahoo!, Inc. (a)(b)		41,965
			144,772

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	IT Services - 1.60%
6,656	Accenture Ltd.	$	182,973
685	Affiliated Computer Services,
	Inc. (a)		32,805
387	Alliance Data Systems Corp. (a)(b)		14,300
3,921	Automatic Data Processing, Inc.		137,862
1,396	Broadridge Financial Solutions, Inc.		25,980
479	Fiserv, Inc. (a)		17,464
911	Hewitt Associates, Inc. (a)		27,111
721	Iron Mountain, Inc. (a)(b)		15,985
395	Lender Processing Services, Inc.		12,091
238	Mastercard, Inc.		39,860
1,094	Metavante Technologies, Inc. (a)		21,836
2,501	Paychex, Inc.		64,201
931	SYKES Enterprises, Inc. (a)		15,482
3,196	Total System Services, Inc.		44,137
766	Visa, Inc. (b)		42,590
3,041	Western Union Co.		38,225
			732,902
	Leisure Equipment & Products - 0.46%
2,457	Hasbro, Inc.		61,597
10,099	Mattel, Inc.		116,441
837	Polaris Industries, Inc. (b)		17,945
1,024	Pool Corporation		13,722
			209,705
	Life Sciences Tools & Services - 0.27%
526	Covance, Inc. (a)(b)		18,741
458	Life Technologies Corp. (a)		14,876
1,677	Thermo Electron Corp. (a)(b)		59,819
825	Waters Corp. (a)(b)		30,484
			123,920
	Machinery - 2.60%
3,977	AGCO Corp. (a)(b)		77,949
10,322	Caterpillar, Inc.		288,603
1,285	Crane Co.		21,691
2,476	Cummins, Inc.		63,014
598	Danaher Corp. (b)		32,424
1,643	Deere & Co. (b)		54,005
531	Donaldson Company, Inc.		14,252
1,413	Dover Corp.		37,275
1,384	Eaton Corp. (b)		51,014
429	Flowserve Corp.		24,076
605	Harsco Corp.		13,413

Number of
Shares			Value
	Machinery (Continued)
2,943	Illinois Tool Works, Inc.	$	90,792
1,686	ITT Industries, Inc.		64,860
964	Joy Global, Inc. (b)		20,533
886	Kennametal, Inc. (b)		14,362
482	Lincoln Electric Holdings, Inc.		15,275
2,949	Manitowoc Co. (b)		9,643
3,198	Paccar, Inc.		82,381
1,569	Pall Corp.		32,055
1,078	Parker Hannifin Corp.		36,630
724	Pentair, Inc.		15,689
743	Reliance Steel & Aluminum Co.		19,563
646	SPX Corp.		30,368
6,625	Terex Corp. (a)(b)		61,281
488	Toro Co. (b)		11,800
729	Trinity Industries, Inc. (b)		6,663
			1,189,611
	Marine - 0.04%
968	Alexander & Baldwin, Inc.		18,421
	Media - 2.94%
1,247	Cablevision Systems Corp. (b)		16,136
5,754	Clear Channel Outdoor
	Holdings, Inc. (a)		21,117
6,709	The DIRECTV Group, Inc. (a)(b)		152,898
6,624	Dish Network Corp. (a)		73,593
956	Interactive Data Corp.		23,766
480	John Wiley & Sons, Inc.		14,294
1,300	Lamar Advertising Co. (a)(b)		12,675
4,277	McGraw-Hill Companies, Inc.		97,815
37,767	News Corporation		250,017
4,357	Omnicom Group, Inc. (b)		101,954
5,565	Viacom, Inc. (a)(b)		96,720
24,863	Walt Disney Co. (b)		451,512
96	The Washington Post Company		34,282
			1,346,779
	Metals & Mining - 1.46%
5,234	AK Steel Holding Corp.		37,266
18,513	Alcoa, Inc. (b)		135,885
823	Allegheny Technologies, Inc.		18,048
808	Carpenter Technology		11,409
1,540	Century Aluminum Co. (a)		3,249
2,802	Commercial Metals Co.		32,363
1,127	Consol Energy, Inc.		28,446

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Metals & Mining (Continued)
661	Freeport-McMoran Copper &
	Gold, Inc.	$	25,191
1,114	Massey Energy Co.		11,274
1,407	Newmont Mining Corp.		62,977
1,493	Nucor Corp. (b)		56,988
1,467	Peabody Energy Corp.		36,734
9,602	Southern Copper Corp. (b)		167,267
2,097	United States Steel Corp. (b)		44,310
			671,407
	Multiline Retail - 0.92%
1,579	Big Lots, Inc. (a)(b)		32,811
785	Dollar Tree, Inc. (a)		34,972
1,379	Family Dollar Stores, Inc.		46,017
1,056	Kohl’s Corp. (a)(b)		44,690
2,592	Nordstrom, Inc. (b)		43,416
6,397	Target Corp. (b)		219,993
			421,899
	Multi-Utilities - 1.29%
5,907	Dominion Resources, Inc. (b)		183,058
1,396	MDU Resources Group, Inc. (b)		22,531
2,343	NRG Energy, Inc. (a)		41,237
6,934	Public Service Enterprise
	Group, Inc.		204,345
3,022	Sempra Energy		139,737
			590,908
	Office Electronics - 0.10%
10,359	Xerox Corp.		47,133
	Oil & Gas - 13.42%
4,396	Anadarko Petroleum Corp. (b)		170,961
1,288	Apache Corp.		82,548
652	Arch Coal, Inc.		8,717
1,888	Chesapeake Energy Corp. (b)		32,209
21,847	Chevron Corporation		1,468,992
868	Cimarex Energy Co.		15,954
4,029	Devon Energy Corp.		180,056
5,505	El Paso Corp.		34,406
690	EOG Resources, Inc.		37,784
47,105	Exxon Mobil Corp.		3,207,851
1,395	Foundation Coal Holdings, Inc.		20,018
1,654	Frontline Ltd. (b)		28,763
4,941	Hess Corp.		267,802
737	Murphy Oil Corp.		32,996

Number of
Shares			Value
	Oil & Gas (Continued)
1,350	Newfield Exploration Co. (a)	$	30,645
1,215	Noble Energy, Inc.		65,464
3,300	Occidental Petroleum Corp.		183,645
1,243	Pioneer Natural Resources Co.		20,472
6,486	Spectra Energy Corp. (b)		91,712
1,512	W & T Offshore, Inc.		9,299
1,817	Weatherford International Ltd. (a)		20,114
10,112	Williams Companies, Inc.		115,075
789	XTO Energy, Inc. (b)		24,159
			6,149,642
	Personal Products - 0.51%
6,016	Avon Products, Inc. (b)		115,688
2,314	The Estee Lauder Cos., Inc.		57,040
1,294	Herbalife Ltd.		19,384
1,092	NBTY, Inc. (a)		15,375
2,699	Nu Skin Enterprises, Inc.		28,313
			235,800
	Pharmaceuticals - 6.80%
8,669	Abbott Laboratories		413,511
665	Allergan, Inc. (b)		31,760
22,609	Bristol Myers Squibb Co.		495,589
6,945	Eli Lilly & Co.		232,033
759	Endo Pharmaceuticals
	Holdings Inc. (a)		13,419
1,100	Forest Laboratories, Inc. (a)		24,156
389	Genzyme Corp. (a)(b)		23,103
16,264	Johnson & Johnson		855,486
22,230	Merck & Co., Inc.		594,653
898	Schering Plough Corp.		21,148
645	Watson Pharmaceuticals, Inc. (a)		20,066
9,127	Wyeth		392,826
			3,117,750
	Real Estate - 0.17%
7,206	CB Richard Ellis Group, Inc. (a)		29,040
617	Jones Lang LaSalle, Inc.		14,352
804	Rayonier, Inc.		24,297
683	The St. Joe Co. (a)		11,433
			79,122
	Road & Rail - 1.94%
5,461	Burlington Northern Santa Fe Corp.		328,479
5,092	CSX Corp.		131,628
1,201	Heartland Express, Inc. (b)		17,787
719	J.B. Hunt Transport Services, Inc. (b)		17,335

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Road & Rail (Continued)
494	Landstar System, Inc.	$	16,534
4,804	Norfolk Southern Corp.		162,135
5,206	Union Pacific Corp. (b)		214,019
			887,917
	Semiconductor & Semiconductor
	Equipment - 2.75%
1,087	Altera Corp.		19,077
2,540	Analog Devices, Inc.		48,946
5,527	Applied Materials, Inc.		59,415
2,148	Broadcom Corp. (a)(b)		42,917
1,145	FormFactor, Inc. (a)(b)		20,633
50,765	Intel Corp. (b)		764,013
1,887	KLA-Tencor Corp.		37,740
1,324	Lam Research Corp. (a)(b)		30,147
1,193	Linear Technology Corp.		27,415
1,699	Marvell Technology Group Ltd. (a)		15,563
1,120	MEMC Electronic Materials, Inc. (a)		18,469
786	Microchip Technology, Inc.		16,655
2,115	National Semiconductor Corp.		21,721
2,467	NVIDIA Corp. (a)(b)		24,325
4,384	Teradyne, Inc. (a)		19,202
3,222	Texas Instruments, Inc.		53,195
2,142	Xilinx, Inc.		41,041
			1,260,474
	Software - 2.82%
3,439	Activision Blizzard, Inc. (a)		35,972
2,546	Adobe Systems, Inc. (a)		54,459
2,498	Amdocs Ltd. (a)		46,263
1,234	Autodesk, Inc. (a)		20,744
785	BMC Software, Inc. (a)		25,905
3,107	CA, Inc.		54,714
2,528	Compuware Corp. (a)		16,660
2,527	Electronic Arts, Inc. (a)		45,966
736	McAfee, Inc. (a)		24,656
1,166	MICRO Systems, Inc. (a)		21,863
25,239	Microsoft Corp.		463,640
4,558	Novell, Inc. (a)		19,417
11,982	Oracle Corp. (a)		216,515
841	Quest Software, Inc. (a)		10,664
674	Sybase, Inc. (a)		20,415
8,536	Symantec Corp. (a)		127,528
1,169	Synopsys, Inc. (a)		24,233

Number of
Shares			Value
	Software (Continued)
1,543	Teradata Corp. (a)	$	25,027
3,575	THQ, Inc. (a)		10,868
1,175	VMware, Inc. (a)		27,754
			1,293,263
	Specialty Retail - 2.52%
1,414	Abercrombie & Fitch Co.		33,653
711	Advance Auto Parts, Inc.		29,208
851	Aeropostale, Inc. (a)(b)		22,603
2,432	American Eagle Outfitters		29,768
327	AutoZone, Inc. (a)		53,177
2,506	Bed Bath & Beyond, Inc. (a)(b)		62,023
5,629	Best Buy Co., Inc. (b)		213,677
1,378	The Childrens Place Retail
	Stores, Inc. (a)		30,164
1,271	Dick’s Sporting Goods, Inc. (a)		18,137
1,477	GameStop Corp. (a)		41,386
12,028	The Gap Inc.		156,244
607	O’Reilly Automotive, Inc. (a)		21,251
963	PetSmart, Inc.		20,184
1,593	Ross Stores, Inc. (b)		57,157
1,567	The Sherwin-Williams Co.		81,437
4,730	Staples, Inc. (b)		85,660
996	Tiffany & Co.		21,474
6,918	The TJX Companies, Inc. (b)		177,377
			1,154,580
	Textiles, Apparel & Luxury Goods - 0.78%
888	Coach, Inc. (a)		14,830
519	Columbia Sportswear Co.		15,528
1,913	Fossil, Inc. (a)		30,034
3,088	Nike, Inc.		144,796
2,155	Phillips-Van Heusen Corp. (b)		48,875
682	Polo Ralph Lauren Corp. (b)		28,815
2,167	Skechers U.S.A., Inc. (a)		14,454
707	VF Corp.		40,377
845	Warnaco Group, Inc. (a)		20,280
			357,989
	Thrifts & Mortgage Finance - 0.21%
2,074	Hudson City Bancorp, Inc.		24,245
2,515	Peoples United Financial, Inc. (b)		45,195
2,145	TFS Financial Corp.		26,019
			95,459

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Tobacco - 0.81%
2,551	Lorillard, Inc.	$	157,499
5,599	Philip Morris International, Inc.		199,212
1,178	Vector Group Ltd.		15,302
			372,013
	Trading Companies & Distributors - 0.11%
961	Applied Industrial Technologies, Inc.		16,212
517	W.W. Grainger, Inc. (b)		36,283
			52,495
	Water Utilities - 0.04%
403	California Water Service Group		16,870
	Wireless Telecommunication Services - 0.09%
584	American Tower Corp. (a)		17,771
1,028	MetroPCS Communications, Inc. (a)		17,558
507	NII Holdings, Inc. (a)(b)		7,605
			42,934
	Total Common Stocks
	(Cost $57,689,635)		42,912,688
	REAL ESTATE INVESTMENT
	TRUSTS - 0.46%
	Real Estate Investment Trusts - 0.46%
1,094	Annaly Mortgage Management, Inc.		15,174
1,131	Boston Properties, Inc. (b)		39,619
1,095	Equity Residential (b)		20,093
1,331	Plum Creek Timber Co., Inc. (b)		38,692
933	Potlatch Corp.		21,636
1,655	ProLogis		10,758
521	Public Storage, Inc.		28,785
628	Simon Property Group, Inc.		21,754
435	Vornado Realty Trust (b)		14,459
			210,970
	Total Real Estate Investment Trusts
	(Cost $338,918)		210,970

Number of
Shares			Value
	SHORT TERM INVESTMENTS - 4.69%
	Money Market Fund - 4.69%
2,148,673	Federated Prime Obligations Fund	$	2,148,673
	Total Short Term Investments
	(Cost $2,148,673)		2,148,673
	INVESTMENTS PURCHASED
	AS SECURITIES LENDING
	COLLATERAL - 17.66%
	Money Market Fund - 17.66%
8,094,704	Mount Vernon Prime Portfolio		8,094,704
	Total Money Market Funds
	(Cost $8,094,704)		8,094,704
	Total Investments Purchased as
	Securities Lending Collateral
	(Cost $8,094,704)		8,094,704
	Total Investments
	(Cost $68,271,930) - 116.44%		53,367,035
	Liabilities in Excess of
	Other Assets - (16.44)%		(7,536,858)
	TOTAL NET
	ASSETS - 100.00%	$	45,830,177

Percentages are stated as a percent of net assets.
(a) Non-income producing.
(b) All or a portion of this security is on loan.

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Growth Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2009

	Number of
	Contracts	Notional	Settlement		Unrealized
Description	Purchased	Value	Month		Appreciation
S&P 500 Index Futures	6	$1,176,450	Jun-09	$	75,426
S&P 500 Index Mini Futures	38	1,490,170	Jun-09		59,002
					$134,428

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS - 93.02%
	Aerospace & Defense - 0.72%
6,123	Northrop Grumman Corp.	$	267,208
	Air Freight & Logistics - 0.17%
1,098	Atlas Air Worldwide Holdings,
	Inc. (a)		19,050
1,501	Ryder System, Inc.		42,494
			61,544
	Airlines - 0.68%
1,016	Alaska Air Group, Inc. (a)		17,851
15,043	AMR Corp. (a)(b)		47,987
4,651	Continental Airlines, Inc. (a)		40,975
9,078	Delta Air Lines, Inc. (a)		51,109
15,305	UAL Corp. (a)		68,567
10,487	US Airways Group, Inc. (a)		26,532
			253,021
	Auto Components - 1.24%
7,466	American Axle & Manufacturing
	Holdings, Inc.		9,855
10,940	ArvinMeritor, Inc.		8,643
2,266	Autoliv, Inc. (b)		42,080
4,101	Cooper Tire & Rubber Co.		16,568
3,694	Exide Technologies (a)		11,082
8,352	Federal Mogul Corp. (a)(b)		55,791
23,373	Goodyear Tire & Rubber Co. (a)		146,315
46,511	Lear Corp. (a)		34,883
3,675	Modine Manufacturing Co.		9,187
1,114	Stoneridge, Inc. (a)		2,351
6,950	Tenneco Automotive, Inc. (a)		11,328
32,053	TRW Automotive Holdings
	Corp. (a)		103,211
64,682	Visteon Corp. (a)		8,085
			459,379
	Automobiles - 0.97%
76,233	Ford Motor Co. (a)(b)		200,493
63,518	General Motors Corp. (b)		123,225
2,224	Thor Industries, Inc.		34,739
			358,457
	Beverages - 1.00%
421	Coca-Cola Bottling Co.		21,913
9,579	Coca-Cola Enterprises, Inc.		126,347
5,088	Dr Pepper Snapple Group, Inc. (a)		86,038
4,913	Pepsi Bottling Group, Inc.		108,774

Number of
Shares			Value
	Beverages (Continued)
1,603	PepsiAmericas, Inc.	$	27,652
			370,724
	Building Products - 0.78%
2,564	Armstrong World Industries,
	Inc. (a)		28,230
19,432	Builders FirstSource, Inc. (a)(b)		39,253
1,107	Lennox International, Inc.		29,291
15,590	Masco Corp.		108,818
3,462	Owens Corning (a)(b)		31,296
6,969	USG Corp. (a)		53,034
			289,922
	Capital Markets - 0.60%
8,385	Allied Capital Corp.		13,332
1,776	Ameriprise Financial, Inc.		36,390
7,646	E*Trade Financial Corp. (a)(b)		9,787
1,535	Legg Mason, Inc.		24,407
1,531	MF Global Ltd. (a)(b)		6,476
5,712	Morgan Stanley		130,062
			220,454
	Chemicals - 2.13%
571	A. Schulman, Inc.		7,737
589	Arch Chemicals, Inc.		11,167
8,044	Ashland, Inc.		83,094
1,925	Cabot Corp.		20,232
20,162	Chemtura Corp.		958
31,745	The Dow Chemical Co.		267,610
2,712	Eastman Chemical Co. (b)		72,682
2,894	Ferro Corp.		4,138
1,316	GenTek, Inc. (a)		23,017
992	H.B. Fuller Co. (b)		12,896
21,828	Huntsman Corp.		68,322
654	Lubrizol Corp.		22,243
694	OM Group, Inc. (a)(b)		13,408
4,477	PolyOne Corp. (a)		10,342
2,802	PPG Industries, Inc.		103,394
1,093	The Scotts Miracle-Gro Co.		37,927
1,319	Valspar Corp. (b)		26,340
			785,507
	Commercial Banks - 8.37%
505	1st Source Corp. (b)		9,115
2,568	Associated Banc-Corp (b)		39,650
493	BancorpSouth, Inc.		10,274

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Commercial Banks (Continued)
159,562	Bank of America Corp.	$	1,088,213
14,137	BB&T Corp. (b)		239,198
274	Cathay General Bancorp (b)		2,858
370	City National Corp. (b)		12,495
30,921	The Colonial BancGroup, Inc. (b)		27,829
2,798	Comerica, Inc.		51,231
19,006	Fifth Third Bancorp (b)		55,498
5,692	First Horizon National Corp.		61,131
326	First Midwest Bancorp, Inc. (b)		2,800
541	FirstMerit Corp.		9,846
5,015	Fulton Financial Corp. (b)		33,249
12,792	Huntington Bancshares, Inc. (b)		21,235
9,210	KeyCorp (b)		72,483
1,977	M&T Bank Corp. (b)		89,439
3,906	Marshall & Ilsley Corp.		21,991
853	PacWest Bancorp		12,223
326	Park National Corp. (b)		18,175
1,942	PNC Financial Services Group		56,881
22,572	Popular, Inc. (b)		49,207
31,192	Regions Financial Corp.		132,878
305	S&T Bancorp, Inc. (b)		6,469
9,555	The South Financial Group, Inc.		10,511
11,280	SunTrust Banks, Inc.		132,427
15,357	Synovus Financial Corp. (b)		49,910
4,413	TCF Financial Corp. (b)		51,897
549	Trustmark Corp. (b)		10,091
31,023	U.S. Bancorp		453,246
940	United Bankshares, Inc. (b)		16,206
12,841	Wells Fargo & Co. (b)		182,856
672	Whitney Holding Corp.		7,694
523	Wilmington Trust Corp. (b)		5,068
4,928	Zions Bancorporation (b)		48,442
			3,092,716
	Commercial Services & Supplies - 1.57%
1,100	ABM Industries, Inc.		18,040
3,423	ACCO Brands Corp. (a)		3,354
97,779	Avis Budget Group (a)		88,979
1,743	Career Education Corp. (a)		41,762
784	CDI Corp.		7,620
1,404	Deluxe Corp.		13,520
1,883	HNI Corp.		19,583
2,709	Kelly Services, Inc.		21,807

Number of
Shares			Value
	Commercial Services & Supplies (Continued)
3,347	Manpower, Inc.	$	105,531
6,072	PHH Corp. (a)		85,312
4,566	RR Donnelley & Sons Co.		33,469
2,350	RSC Holdings, Inc. (a)(b)		12,361
8,056	Steelcase, Inc.		40,361
2,163	TrueBlue, Inc. (a)		17,845
3,060	United Rentals, Inc. (a)		12,883
1,063	United Stationers, Inc. (a)		29,849
633	Viad Corp.		8,938
2,635	Volt Information Sciences, Inc. (a)		17,523
			578,737
	Communications Equipment - 0.72%
53,837	Motorola, Inc. (b)		227,731
8,168	Tellabs, Inc. (a)		37,409
			265,140
	Computers & Peripherals - 0.98%
1,460	Lexmark International, Inc. (a)		24,630
4,257	SanDisk Corp. (a)		53,851
21,695	Seagate Technology		130,387
20,944	Sun Microsystems, Inc. (a)		153,310
			362,178
	Construction & Engineering - 0.29%
1,944	EMCOR Group, Inc. (a)		33,378
1,091	Granite Construction, Inc. (b)		40,891
847	Perini Corp. (a)		10,418
524	URS Corp. (a)		21,175
			105,862
	Consumer Finance - 0.35%
7,344	Capital One Financial Corp. (b)		89,891
830	CompuCredit Corp. (a)(b)		2,033
4,145	Discover Financial Services		26,155
2,180	SLM Corp. (a)(b)		10,791
			128,870
	Containers & Packaging - 0.48%
1,685	Bemis Co.		35,335
9,782	Graphic Packaging Holding Co. (a)		8,510
3,003	Sealed Air Corp.		41,441
130,632	Smurfit-Stone Container Corp. (a) .		4,833
1,445	Sonoco Products Co.		30,316
10,861	Temple-Inland, Inc.		58,324
			178,759

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Distributors - 0.37%
1,687	Core-Mark Holding Co., Inc. (a)	$	30,737
2,583	Genuine Parts Co.		77,128
1,557	WESCO International, Inc. (a)		28,213
			136,078
	Diversified Consumer Services - 0.03%
729	Regis Corp.		10,534
	Diversified Financial Services - 5.16%
4,835	CIT Group, Inc.		13,780
80,415	Citigroup, Inc. (b)		203,450
61,292	JPMorgan Chase & Co.		1,629,141
7,236	Principal Financial Group, Inc.		59,191
			1,905,562
	Diversified Telecommunication Services - 4.55%
1,597	CenturyTel, Inc. (b)		44,908
2,315	Embarq Corp.		87,623
9,547	Frontier Communications Corp.		68,547
31,380	Qwest Communications
	International (b)		107,319
53,482	Sprint Corp. (a)		190,931
39,131	Verizon Communications, Inc.		1,181,756
			1,681,084
	Electric Utilities - 5.90%
9,687	The AES Corp. (a)		56,282
2,741	Alliant Energy Corp.		67,675
4,465	Ameren Corp.		103,543
7,000	American Electric Power
	Company, Inc.		176,820
12,075	CenterPoint Energy, Inc.		125,942
6,915	Consolidated Edison, Inc.		273,903
2,890	DTE Energy Co.		80,053
2,018	Great Plains Energy, Inc.		27,183
2,197	Hawaiian Electric Industries, Inc.		30,187
1,127	IDACORP, Inc.		26,327
2,814	Northeast Utilities		60,754
1,665	NSTAR (b)		53,080
2,826	NV Energy, Inc.		26,536
1,737	OGE Energy Corp.		41,375
5,525	Pepco Holdings, Inc.		68,952
4,896	PG&E Corp. (b)		187,125
2,490	Pinnacle West Capital Corp.		66,135
1,278	Portland General Electric Co.		22,480

Number of
Shares			Value
	Electric Utilities (Continued)
3,877	Progress Energy, Inc.	$	140,580
13,435	Reliant Energy, Inc. (a)		42,858
8,079	The Southern Co. (b)		247,379
4,022	TECO Energy, Inc.		44,845
1,704	Westar Energy, Inc.		29,871
1,586	Wisconsin Energy Corp.		65,296
6,072	Xcel Energy, Inc. (b)		113,121
			2,178,302
	Electrical Equipment - 0.11%
627	A.O. Smith Corp.		15,788
897	Hubbell, Inc.		24,183
			39,971
	Electronic Equipment & Instruments - 1.70%
838	Anixter International, Inc. (a)		26,548
4,322	Arrow Electronics, Inc. (a)		82,377
5,142	Avnet, Inc. (a)		90,036
3,057	AVX Corp.		27,758
1,162	Benchmark Electronics, Inc. (a)		13,014
9,028	Ingram Micro, Inc. (a)		114,114
5,136	Insight Enterprises, Inc. (a)		15,716
7,546	Jabil Circuit, Inc.		41,956
1,818	PC Connection, Inc. (a)		6,908
126,852	Sanmina-SCI Corporation (a)		38,690
1,437	SYNNEX Corp. (a)		28,266
4,489	Tech Data Corp. (a)		97,770
2,833	Technitrol, Inc.		4,845
11,269	Vishay Intertechnology, Inc. (a)		39,216
			627,214
	Energy Equipment & Services - 0.14%
1,849	Exterran Holdings, Inc. (a)(b)		29,621
356	Seacor Holdings, Inc. (a)		20,758
			50,379
	Food & Staples Retailing - 1.86%
1,884	Great Atlantic & Pacific
	Tea Co. (a)(b)		10,004
1,213	Ingles Markets, Inc.		18,110
10,169	The Kroger Co.		215,786
562	Nash Finch Co.		15,787
80,618	Rite Aid Corp. (a)		29,022
8,841	Safeway, Inc.		178,500
10,430	Supervalu, Inc.		148,940
564	Weis Markets, Inc.		17,507

See notes to financial statements.

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Food & Staples Retailing (Continued)
5,757	Wendy’s Arby’s Group, Inc.	$	28,958
2,657	Winn Dixie Stores, Inc. (a)		25,401
			688,015
	Food Products - 2.20%
4,404	Archer Daniels Midland Co. (b)		122,343
1,080	Casey’s General Stores, Inc.		28,793
1,351	Chiquita Brands International,
	Inc. (a)		8,957
6,452	ConAgra Foods, Inc.		108,845
3,149	Dean Foods Co. (a)		56,934
3,442	Del Monte Foods Co.		25,092
205	Fresh Del Monte Produce, Inc. (a) .		3,366
7,392	Kraft Foods, Inc.		164,768
21,594	Sara Lee Corp.		174,480
3,042	Smithfield Foods, Inc. (a)(b)		28,777
9,494	Tyson Foods, Inc.		89,149
			811,504
	Gas Utilities - 0.95%
1,226	AGL Resources, Inc. (b)		32,526
988	Atmos Energy Corp.		22,842
325	The Laclede Group Inc.		12,668
1,038	New Jersey Resources Corp.		35,271
1,425	Nicor, Inc.		47,353
6,610	NiSource, Inc.		64,778
335	Northwest Natural Gas Co.		14,546
883	Piedmont Natural Gas Co. (b)		22,861
1,728	Southwest Gas Corp.		36,409
1,564	UGI Corp.		36,926
757	WGL Holdings, Inc.		24,830
			351,010
	Health Care Equipment & Supplies - 0.04%
1,594	Hill-Rom Holdings, Inc.		15,765
	Health Care Providers & Services - 4.26%
891	AMERIGROUP Corp. (a)		24,538
4,806	AmerisourceBergen Corp.		156,964
5,518	Cardinal Health, Inc.		173,707
999	Centene Corp. (a)		18,002
6,510	CIGNA Corp.		114,511
5,596	Coventry Health Care, Inc. (a)		72,412
17,198	Health Management Associates,
	Inc. (a)		44,371

Number of
Shares			Value
	Health Care Providers & Services (Continued)
4,463	Health Net, Inc. (a)	$	64,624
3,093	Humana, Inc. (a)		80,665
2,521	Kindred Healthcare, Inc. (a)		37,689
1,044	LifePoint Hospitals, Inc. (a)		21,778
1,232	Magellan Health Services, Inc. (a)		44,894
4,382	McKesson Corp.		153,545
1,066	Molina Healthcare, Inc. (a)(b)		20,275
1,354	Omnicare, Inc.		33,160
36,430	Tenet Healthcare Corp. (a)(b)		42,259
1,082	Triple-S Management Corp. (a)		13,330
7,878	UnitedHealth Group, Inc.		164,887
1,853	WellCare Health Plans, Inc. (a)		20,846
7,184	Wellpoint, Inc. (a)		272,777
			1,575,234
	Hotels, Restaurants & Leisure - 0.51%
3,740	Boyd Gaming Corp.		13,950
2,401	Brinker International, Inc.		36,255
764	Cracker Barrel Old Country
	Store, Inc.		21,881
3,248	Domino’s Pizza, Inc. (a)		21,274
701	Jack in the Box, Inc. (a)		16,326
4,433	MGM Mirage (a)(b)		10,329
5,560	Royal Caribbean Cruises Ltd. (b)		44,536
5,404	Wyndham Worldwide Corp. (b)		22,697
			187,248
	Household Durables - 2.26%
3,140	American Greetings Corp.		15,888
16,931	Beazer Homes USA, Inc. (a)		17,100
1,793	The Black & Decker Corp. (b)		56,587
2,996	Centex Corp.		22,470
9,716	D.R. Horton, Inc.		94,245
1,070	Ethan Allen Interiors, Inc.		12,048
2,419	Fortune Brands, Inc.		59,387
10,959	Hovnanian Enterprises, Inc. (a)(b)		17,096
1,088	KB Home		14,340
1,743	Kimball International, Inc.		11,434
3,756	Leggett & Platt, Inc.		48,790
3,700	Lennar Corp.		27,787
448	MDC Holdings, Inc.		13,951
1,730	Mohawk Industries, Inc. (a)(b)		51,675
6,637	Newell Rubbermaid, Inc.		42,344
159	NVR, Inc. (a)		68,012
3,849	Pulte Homes, Inc.		42,070

See notes to financial statements.

100

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Household Durables (Continued)
5,711	Standard-Pacific Corp. (a)	$	5,026
1,154	The Stanley Works (b)		33,605
3,895	Toll Brothers, Inc. (a)(b)		70,733
3,763	Whirlpool Corp.		111,347
			835,935
	Industrial Conglomerates - 0.88%
152	Alleghany Corp. (a)		41,161
705	Carlisle Companies, Inc.		13,839
13,780	Tyco International Ltd.		269,537
			324,537
	Insurance - 11.10%
1,222	Allied World Assurance
	Holdings, Ltd.		46,473
15,910	The Allstate Corp.		304,677
2,745	American Financial Group, Inc.		44,057
163	American National Insurance
	Company		8,543
1,063	Arch Capital Group Ltd. (a)		57,253
564	Argo Group International Holdings,
	Ltd. (a)		16,993
1,649	Aspen Insurance Holdings Ltd.		37,037
4,849	Axis Capital Holdings Ltd.		109,297
6,045	Chubb Corp.		255,824
4,721	Cincinnati Financial Corp.		107,969
15,837	CNA Financial Corp. (b)		145,067
864	CNA Surety Corp. (a)		15,932
9,604	Conseco, Inc. (a)		8,836
1,431	Delphi Financial Group		19,261
1,405	Endurance Specialty Holdings
	Ltd. (b)		35,041
1,192	Everest Re Group Ltd.		84,394
1,336	FBL Financial Group, Inc.		5,544
6,925	Fidelity National Financial, Inc.		135,107
1,934	First American Corp.		51,270
567	The Hanover Insurance Group, Inc.		16,341
917	Harleysville Group, Inc.		29,170
21,152	Hartford Financial Services
	Group, Inc.		166,043
1,707	HCC Insurance Holdings, Inc.		42,999
328	Infinity Property & Casualty Corp.		11,129
112	Kansas City Life Insurance Co.		4,015
9,928	Lincoln National Corp.		66,418
181	Markel Corp. (a)		51,382

Number of
Shares			Value
	Insurance (Continued)
1,104	Max Capital Group Ltd.	$	19,033
2,225	Mercury General Corp.		66,083
11,317	MetLife, Inc. (b)		257,688
2,679	Montpelier Re Holdings Ltd.		34,720
100	National Western Life Insurance
	Co. (b)		11,300
825	Odyssey Re Holdings Corp.		31,292
8,087	Old Republic International Corp.		87,501
4,112	OneBeacon Insurance Group, Ltd.		39,722
1,071	PartnerRe Ltd. (b)		66,477
11,205	The Phoenix Companies, Inc.		13,110
854	Platinum Underwriters
	Holdings Ltd.		24,220
489	ProAssurance Corp. (a)		22,797
9,679	Progressive Corp. (a)		130,086
696	Protective Life Corp.		3,654
16,065	Prudential Financial, Inc.		305,556
1,636	Reinsurance Group of America		52,990
953	RenaissanceRe Holdings Ltd.		47,116
626	Safety Insurance Group, Inc.		19,456
1,135	Selective Insurance Group		13,802
755	State Auto Financial Corp.		13,288
1,431	Transatlantic Holdings, Inc.		51,044
11,155	Travelers Companies, Inc.		453,339
561	United Fire & Casualty Co.		12,320
2,603	Unitrin, Inc. (b) .		36,390
2,334	Universal American Financial
	Corp. (a)		19,769
8,422	UnumProvident Corp. (b)		105,275
288	White Mountains Insurance
	Group Ltd.		49,510
2,398	WR Berkley Corp.		54,075
27,157	XL Capital Ltd.		148,277
1,465	Zenith National Insurance Corp.		35,321
			4,101,283
	Internet & Catalog Retail - 0.14%
3,782	Expedia, Inc. (a)		34,340
1,341	Systemax, Inc. (b)		17,326
			51,666
	Internet Software & Services - 0.23%
1,907	EarthLink, Inc. (a)		12,529
4,750	IAC/InterActiveCorp (a)		72,342
			84,871

See notes to financial statements.

101

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	IT Services - 0.53%
2,634	Computer Sciences Corp. (a)	$	97,036
4,695	Convergys Corp. (a)		37,936
2,596	Fidelity National Information
	Services, Inc.		47,247
23,168	Unisys Corp. (a)		12,279
			194,498
	Leisure Equipment & Products - 0.18%
9,622	Brunswick Corp.		33,196
8,707	Eastman Kodak Co.		33,087
			66,283
	Life Sciences Tools & Services - 0.02%
3,830	Cambrex Corp. (a)		8,732
	Machinery - 0.32%
4,771	Ingersoll-Rand Co.		65,840
207	Mueller Industries, Inc.		4,490
128	NACCO Industries, Inc.		3,479
2,318	Timken Co.		32,359
608	Watts Water Technologies, Inc.		11,892
			118,060
	Media - 4.92%
12,005	Belo Corp.		7,323
37,601	CBS Corp. (b)		144,388
19,814	Comcast Corp.		270,263
2,434	Cox Radio, Inc. - Class A (a)		9,979
16,458	The E.W. Scripps Co.		22,218
15,073	Gannett Co., Inc. (b)		33,161
3,322	Hearst-Argyle Television, Inc.		13,820
12,228	Interpublic Group of Companies,
	Inc. (a)		50,379
3,232	Liberty Global, Inc. (a)		47,058
9,342	Liberty Media Corporation -
	Capital (a)		65,207
33,748	Liberty Media Corporation -
	Interactive (a)		97,869
18,090	McClatchy Co. (b)		8,864
1,361	Meredith Corp. (b)		22,647
8,660	New York Times Co. (b)		39,143
5,762	Regal Entertainment Group		77,268
1,918	Scholastic Corp.		28,904
11,254	Time Warner Cable, Inc. (b)		279,092
27,416	Time Warner, Inc. (b)		529,129
246	Value Line, Inc. (b)		6,726

Number of
Shares			Value
	Media (Continued)
8,401	Virgin Media, Inc.	$	40,325
10,656	Warner Music Group Corp.		25,042
			1,818,805
	Metals & Mining - 0.07%
1,767	USEC, Inc. (a)		8,482
1,798	Worthington Industries		15,660
			24,142
	Multiline Retail - 1.82%
7,608	Dillard’s, Inc. (b)		43,365
6,504	J.C. Penney Co., Inc.		130,535
19,332	Macy’s, Inc.		172,055
7,261	Retail Ventures, Inc. (a)		11,037
6,303	Saks, Inc. (a)(b)		11,787
6,683	Sears Holdings Corp. (a)		305,480
			674,259
	Multi-Utilities - 1.71%
738	Avista Corp.		10,170
3,467	CMS Energy Corp.		41,049
29,175	Duke Energy Corp.		417,786
995	Integrys Energy Group, Inc.		25,910
2,177	Oneok, Inc.		49,265
2,218	SCANA Corp. . . . . . . . . . . . . . . . . .		68,514
930	Vectren Corp. . . . . . . . . . . . . . . . . . .		19,614
			632,308
	Oil & Gas - 5.59%
1,852	Alon USA Energy, Inc. . . . . . . . . . .		25,372
32,293	ConocoPhillips . . . . . . . . . . . . . . . .		1,264,594
4,255	CVR Energy, Inc. (a) . . . . . . . . . . . .		23,573
2,502	Frontier Oil Corp. . . . . . . . . . . . . . .		32,000
1,188	Holly Corp.		25,186
3,769	Marathon Oil Corp. . . . . . . . . . . . . .		99,087
473	Overseas Shipholding Group, Inc. . .		10,723
2,163	Stone Energy Corp. (a) . . . . . . . . . .		7,203
4,349	Sunoco, Inc.		115,161
4,438	Tesoro Petroleum Corp. . . . . . . . . . .		59,780
20,089	Valero Energy Corp. (b) . . . . . . . . .		359,593
1,314	World Fuel Services Corp. . . . . . . .		41,562
			2,063,834
	Paper & Forest Products - 1.25%
18,215	Domtar Corp. (a) . . . . . . . . . . . . . . .		17,304
1,084	Glatfelter . .		6,764
22,897	International Paper Co. . . . . . . . . . .		161,195

See notes to financial statements.

102

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Paper & Forest Products (Continued)
7,806	Louisiana-Pacific Corp. . . . . . . . . . .	$	17,408
7,273	MeadWestvaco Corp. . . . . . . . . . . . .		87,203
6,273	Weyerhaeuser Co. . . . . . . . . . . . . . .		172,947
			462,821
	Personal Products - 0.24%
3,921	Alberto-Culver Co. . . . . . . . . . . . . .		88,654
	Pharmaceuticals - 3.45%
2,040	King Pharmaceuticals, Inc. (a) . . . .		14,423
92,641	Pfizer, Inc. .		1,261,770
			1,276,193
	Road & Rail - 0.64%
1,069	AMERCO (a) . . . . . . . . . . . . . . . . .		35,843
760	Arkansas Best Corp. . . . . . . . . . . . .		14,455
1,033	Con-Way, Inc. . . . . . . . . . . . . . . . . .		18,522
22,120	Hertz Global Holdings, Inc. (a) . . . .		86,932
2,717	Werner Enterprises, Inc. (b) . . . . . . .		41,081
9,030	YRC Worldwide, Inc. (a)(b) . . . . . .		40,545
			237,378
	Semiconductor & Semiconductor
	Equipment - 0.48%
21,206	Advanced Micro Devices,
	Inc. (a)(b) .		64,678
8,603	Amkor Technology, Inc. (a)(b) . . . .		23,056
4,536	Atmel Corp. (a) . . . . . . . . . . . . . . . .		16,466
10,843	Micron Technology, Inc. (a) . . . . . .		44,023
1,797	Novellus Systems, Inc. (a)(b) . . . . .		29,884
			178,107
	Software - 0.08%
6,932	Cadence Design Systems, Inc. (a) . .		29,114
	Specialty Retail - 4.72%
5,409	AnnTaylor Stores Corp. (a) . . . . . . .		28,127
10,663	AutoNation, Inc. (a) . . . . . . . . . . . . .		148,003
2,730	Barnes & Noble, Inc. (b) . . . . . . . . .		58,367
21,129	Blockbuster, Inc. (a)(b) . . . . . . . . . .		15,213
31,351	Borders Group, Inc. (a) . . . . . . . . . .		19,751
1,973	Brown Shoe Co., Inc. . . . . . . . . . . .		7,399
3,171	CarMax, Inc. (a)(b) . . . . . . . . . . . . .		39,447
701	The Cato Corp. . . . . . . . . . . . . . . . .		12,814
7,106	Charming Shoppes, Inc. (a) . . . . . . .		9,948
1,075	Dress Barn, Inc. (a)(b) . . . . . . . . . . .		13,212
948	DSW, Inc. (a)(b) . . . . . . . . . . . . . . .		8,807

Number of
Shares			Value
	Specialty Retail (Continued)
1,755	The Finish Line, Inc. . . . . . . . . . . . .	$	11,618
4,377	Foot Locker, Inc. (b) . . . . . . . . . . . .		45,871
27,021	Home Depot, Inc. (b) . . . . . . . . . . . .		636,615
1,486	Jo-Ann Stores, Inc. (a) . . . . . . . . . . .		24,281
16,375	Limited Brands, Inc. (b) . . . . . . . . .		142,463
7,452	Lowe’s Companies, Inc. . . . . . . . . .		135,999
37,220	Office Depot, Inc. (a) . . . . . . . . . . . .		48,758
12,984	OfficeMax, Inc. . . . . . . . . . . . . . . . .		40,510
9,722	Pacific Sunwear Of California,
	Inc. (a)(b) .		16,139
4,028	Penske Automotive Group, Inc. (b) .		37,581
1,195	PEP Boys . .		5,270
4,597	RadioShack Corp. . . . . . . . . . . . . . .		39,396
2,079	Rent-A-Center, Inc. (a) . . . . . . . . . .		40,270
1,724	Rush Enterprises, Inc. -
	Class A (a)		15,378
5,079	Sonic Automotive, Inc. . . . . . . . . . .		8,126
18,341	Stein Mart, Inc. (a) . . . . . . . . . . . . .		53,006
448	Tractor Supply Co. (a) . . . . . . . . . . .		16,155
2,169	Tween Brands, Inc. (a) . . . . . . . . . . .		4,642
4,880	Williams-Sonoma, Inc. . . . . . . . . . .		49,190
5,634	Zale Corp. (a)(b) . . . . . . . . . . . . . . .		10,986
			1,743,342
	Textiles, Apparel & Luxury Goods - 0.34%
842	Carter’s, Inc. (a) . . . . . . . . . . . . . . . .		15,838
3,501	Hanesbrands, Inc. (a) . . . . . . . . . . . .		33,505
8,268	Jones Apparel Group, Inc. . . . . . . . .		34,891
6,878	Liz Claiborne, Inc. . . . . . . . . . . . . . .		16,989
2,192	Timberland Co. (a) . . . . . . . . . . . . .		26,172
			127,395
	Thrifts & Mortgage Finance - 0.25%
1,337	Astoria Financial Corp. . . . . . . . . . .		12,287
3,243	Corus Bankshares, Inc. (b) . . . . . . .		876
346	First Niagara Financial Group, Inc. .		3,771
4,470	New York Community Bancorp,
	Inc. (b) . . .		49,930
677	Provident Financial Services, Inc. . .		7,318
774	Washington Federal, Inc. . . . . . . . . .		10,287
1,945	Webster Financial Corp. . . . . . . . . .		8,266
			92,735
	Tobacco - 2.49%
46,636	Altria Group, Inc. . . . . . . . . . . . . . .		747,109
4,168	Reynolds American, Inc. . . . . . . . . .		149,381

See notes to financial statements.

103

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Tobacco (Continued)
739	Universal Corp. . . . . . . . . . . . . . . . .	$	22,111
			918,601
	Water Utilities - 0.17%
3,308	American Water Works Co., Inc. . . .		63,646
	Wireless Telecommunication Services - 0.31%
2,228	Telephone & Data Systems, Inc. . . .		59,064
1,135	United States Cellular Corp. (a) . . .		37,841
2,027	USA Mobility, Inc. . . . . . . . . . . . . .		18,669
			115,574
	Total Common Stocks
	(Cost $52,359,189) . . . . . . . . . . . .		34,369,151
	REAL ESTATE INVESTMENT
	TRUSTS - 1.08%
	Real Estate Investment Trusts - 1.08%
1,499	Apartment Investment &
	Management Co. . . . . . . . . . . . . . .		8,214
2,415	Colonial Properties Trust . . . . . . . . .		9,201
2,341	Duke Realty Corp. . . . . . . . . . . . . . .		12,875
37,298	DuPont Fabros Technology, Inc. . . .		256,610
17,608	Friedman Billings Ramsey Group,
	Inc. (a)(b) .		3,522
13,137	Host Hotels & Resorts, Inc. (b) . . . .		51,497
4,295	HRPT Properties Trust . . . . . . . . . .		13,701
4,032	iStar Financial, Inc. . . . . . . . . . . . . .		11,330
1,221	Liberty Property Trust (b) . . . . . . . .		23,126
186	National Health Investors, Inc. . . . .		4,998
297	Redwood Trust, Inc. . . . . . . . . . . . .		4,559
			399,633
	Total Real Estate Investment Trusts
	(Cost $398,536) . . . . . . . . . . . . . . .		399,633

Number of
Shares			Value
	SHORT TERM INVESTMENTS - 4.91%
	Money Market Fund - 4.91%
1,813,600	Federated Prime Obligations Fund	$	1,813,600
	Total Short Term Investments
	(Cost $1,813,600) . . . . . . . . . . . . .		1,813,600
	INVESTMENTS PURCHASED
	AS SECURITIES LENDING
	COLLATERAL - 16.42%
	Money Market Fund - 16.42%
6,067,022	Mount Vernon Prime Portfolio . . . .		6,067,022
	Total Money Market Funds
	(Cost $6,067,022) . . . . . . . . . . . . .		6,067,022
	Total Investments Purchased as
	Securities Lending Collateral
	(Cost $6,067,022) . . . . . . . . . . . . .		6,067,022
	Total Investments
	(Cost $60,638,347) - 115.43% . . .		42,649,406
	Liabilities in Excess of
	Other Assets - (15.43)% . . . . . . .		(5,701,092)
	TOTAL NET
	ASSETS - 100.00% . . . . . . . . . . .	$	36,948,314

Percentages are stated as a percent of net assets.
(a) Non-income producing.
(b) All or a portion of this security is on loan.

See notes to financial statements.

104

AssetMark Enhanced Fundamental Index™ Large Company Value Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2009

	Number of
	Contracts		Notional	Settlement		Unrealized
Description	Purchased		Value	Month		Appreciation
S&P 500 Index Futures	4	$	784,300	Jun-09	$	50,284
S&P 500 Index Mini Futures	37		1,450,955	Jun-09		50,118
						$100,402

See notes to financial statements.

105

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS - 92.91%
	Aerospace & Defense - 1.70%
332	AeroVironment, Inc. (a)(b) . . . . . . .	$	6,939
108	American Science &
	Engineering, Inc. . . . . . . . . . . . . . .		6,026
607	Argon ST, Inc. (a) . . . . . . . . . . . . . .		11,515
189	Axsys Technologies, Inc. (a) . . . . . .		7,946
888	Ceradyne, Inc. (a) . . . . . . . . . . . . . .		16,099
672	Cubic Corp.		17,022
745	Curtiss-Wright Corp. . . . . . . . . . . . .		20,897
1,180	Esterline Technologies Corp. (a) . . .		23,824
220	Heico Corp.		5,346
619	Ladish, Inc. (a) . . . . . . . . . . . . . . . . .		4,494
1,240	Moog, Inc. (a) . . . . . . . . . . . . . . . . .		28,359
2,030	Orbital Sciences Corp. (a) . . . . . . . .		24,137
318	Stanley, Inc. (a) . . . . . . . . . . . . . . . .		8,074
			180,678
	Air Freight & Logistics - 0.48%
1,170	Dynamex, Inc. (a) . . . . . . . . . . . . . .		15,304
346	Forward Air Corp. (b) . . . . . . . . . . .		5,615
1,777	Hub Group, Inc. (a) . . . . . . . . . . . . .		30,209
			51,128
	Airlines - 0.40%
361	Allegiant Travel Co. (a)(b) . . . . . . .		16,411
658	Copa Holdings, S.A. . . . . . . . . . . . .		18,865
1,900	Hawaiian Holdings, Inc. (a) . . . . . . .		7,087
			42,363
	Auto Components - 0.40%
950	LKQ Corp. (a) . . . . . . . . . . . . . . . . .		13,557
1,762	Midas, Inc. (a) . . . . . . . . . . . . . . . . .		13,955
5,866	Sauer-Danfoss, Inc. . . . . . . . . . . . . .		14,313
			41,825
	Beverages - 0.24%
1,332	Central European Distribution
	Corp. (a)(b) . . . . . . . . . . . . . . . . . .		14,332
316	Hansen Natural Corp. (a) . . . . . . . . .		11,376
			25,708
	Biotechnology - 0.95%
4,678	Affymetrix, Inc. (a) . . . . . . . . . . . . .		15,297
2,266	Albany Molecular Research,
	Inc. (a) . . .		21,368
1,431	Alkermes, Inc. (a) . . . . . . . . . . . . . .		17,358
315	Emergent Biosolutions, Inc. (a) . . . .		4,256

Number of
Shares			Value
	Biotechnology (Continued)
493	Kendle International, Inc. (a) . . . . . .	$	10,333
544	Martek Biosciences Corp. (b) . . . . .		9,928
208	Myriad Genetics, Inc. (a) . . . . . . . . .		9,458
1,257	PDL BioPharma Inc. . . . . . . . . . . . .		8,900
640	ViroPharma, Inc. (a) . . . . . . . . . . . .		3,360
			100,258
	Building Products - 0.37%
581	Aaon, Inc. .		10,528
537	Ameron International Corp. . . . . . .		28,278
			38,806
	Capital Markets - 1.69%
2,448	BGC Partners, Inc. (b) . . . . . . . . . . .		5,410
1,142	Cohen & Steers, Inc. (b) . . . . . . . . .		12,745
3,897	FCStone Group, Inc. (a) . . . . . . . . .		8,885
516	Gamco Investors, Inc. . . . . . . . . . . .		16,847
4,565	GFI Group Inc. . . . . . . . . . . . . . . . .		14,654
176	Greenhill & Co., Inc. (b) . . . . . . . . .		12,998
1,154	Investment Technology Group,
	Inc. (a) . . .		29,450
871	KBW, Inc. (a) . . . . . . . . . . . . . . . . .		17,725
1,229	Lazard Ltd. (b) . . . . . . . . . . . . . . . . .		36,132
1,137	optionsXpress Holdings, Inc. . . . . .		12,928
252	Stifel Financial Corp. (a) . . . . . . . . .		10,914
10	Teton Advisors, Inc. (a) . . . . . . . . . .		0
			178,688
	Chemicals - 1.79%
1,426	Innophos Holdings, Inc. . . . . . . . . .		16,085
2,367	Koppers Holdings, Inc. . . . . . . . . . .		34,369
1,485	LSB Industries, Inc. (a) . . . . . . . . . .		14,687
1,190	Minerals Technologies, Inc. . . . . . .		38,139
1,892	NewMarket Corp. . . . . . . . . . . . . . .		83,816
1,466	Solutia, Inc. (a) . . . . . . . . . . . . . . . .		2,741
			189,837
	Commercial Banks - 4.67%
588	BancFirst Corp. (b) . . . . . . . . . . . . .		21,403
558	Bank of the Ozarks, Inc. . . . . . . . . .		12,879
1,072	BankFinancial Corp. . . . . . . . . . . . .		10,688
918	Beneficial Mutual Bancorp,
	Inc. (a)(b) .		9,042
530	City Holding Co. . . . . . . . . . . . . . . .		14,464
2,037	CVB Financial Corp. (b) . . . . . . . . .		13,505
366	First Financial Bankshares, Inc. (b) .		17,630

See notes to financial statements.

106

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Commercial Banks (Continued)
453	First Financial Corp. . . . . . . . . . . . .	$	16,716
1,449	Glacier Bancorp, Inc. . . . . . . . . . . . .		22,764
1,052	Hampton Roads Bankshares,
	Inc. (b) . . .		8,195
617	Hancock Holding Co. (b) . . . . . . . .		19,300
251	IBERIABANK Corp. . . . . . . . . . . .		11,531
745	Independent Bank Corp. . . . . . . . . .		10,989
1,437	Investors Bancorp, Inc. (a) . . . . . . .		12,171
490	Lakeland Financial Corp. . . . . . . . .		9,403
3,329	National Penn Bancshares, Inc. (b) .		27,631
957	Northfield Bancorp, Inc. . . . . . . . . .		10,460
455	Pinnacle Financial Partners,
	Inc. (a)(b) .		10,788
514	PrivateBancorp, Inc. (b) . . . . . . . . . .		7,432
965	Prosperity Bancshares, Inc. . . . . . . .		26,393
462	Republic Bancorp Inc. (b) . . . . . . . .		8,625
314	SCBT Financial Corp. . . . . . . . . . . .		6,563
583	Signature Bank (a) . . . . . . . . . . . . . .		16,458
728	Simmons First National Corp. . . . . .		18,338
685	Smithtown Bancorp, Inc. (b) . . . . . .		7,727
433	Southside Bancshares, Inc. . . . . . . .		8,184
3,299	Sterling Bancshares, Inc. . . . . . . . . .		21,575
427	Suffolk Bancorp . . . . . . . . . . . . . . . .		11,098
1,951	SVB Financial Group (a) . . . . . . . . .		39,039
473	SY Bancorp, Inc. . . . . . . . . . . . . . . .		11,494
929	Texas Capital Bancshares, Inc. (a) .		10,461
330	Tompkins Financial Corp. (b) . . . . .		14,190
605	Westamerica Bancorporation (b) . . .		27,564
			494,700
	Commercial Services & Supplies - 7.49%
1,297	Administaff, Inc. . . . . . . . . . . . . . . .		27,406
1,934	American Reprographics Co. (a) . . .		6,846
2,375	ATC Technology Corp. (a) . . . . . . .		26,600
4,017	Brady Corp.		70,820
2,202	CBIZ, Inc. (a) . . . . . . . . . . . . . . . . .		15,348
596	Clean Harbors, Inc. (a) . . . . . . . . . .		28,608
893	Copart, Inc. (a)(b) . . . . . . . . . . . . . .		26,486
2,099	Corinthian Colleges, Inc. (a)(b) . . . .		40,825
571	Cornell Cos., Inc. (a) . . . . . . . . . . . .		9,347
1,238	The Corporate Executive Board Co.		17,951
784	CRA International, Inc. (a) . . . . . . .		14,802
3,961	EnergySolutions, Inc. . . . . . . . . . . .		34,263
2,046	First Advantage Corp. (a) . . . . . . . .		28,194

Number of
Shares		Value
	Commercial Services & Supplies (Continued)
349	FTI Consulting, Inc. (a) . . . . . . . . . . $	17,268
701	The Geo Group Inc. (a) . . . . . . . . . .	9,288
691	Healthcare Services Group . . . . . . .	10,344
912	Heidrick & Struggles
	International, Inc. . . . . . . . . . . . . .	16,179
548	IHS, Inc. (a)	22,567
297	ITT Educational Services,
	Inc. (a)(b) .	36,062
3,230	Korn/Ferry International (a) . . . . . .	29,264
991	Layne Christensen Co. (a) . . . . . . . .	15,925
1,180	M&F Worldwide Corp. (a) . . . . . . .	13,818
864	McGrath RentCorp (b) . . . . . . . . . .	13,617
1,072	Mobile Mini, Inc. (a) . . . . . . . . . . . .	12,349
1,898	Navigant Consulting, Inc. (a) . . . . .	24,807
1,855	Pike Electric Corp. (a) . . . . . . . . . . .	17,159
465	Pre-Paid Legal Services, Inc. (a) . . .	13,499
4,215	Sotheby’s (b) . . . . . . . . . . . . . . . . . .	37,935
720	Standard Parking Corp. (a) . . . . . . .	11,808
444	Stericycle, Inc. (a) . . . . . . . . . . . . . .	21,192
70	Strayer Education, Inc. (b) . . . . . . .	12,591
3,666	TeleTech Holdings, Inc. (a) . . . . . . .	39,923
1,431	Waste Connections, Inc. (a) . . . . . . .	36,777
680	Watson Wyatt Worldwide, Inc. . . . .	33,571
		793,439
	Communications Equipment - 3.45%
7,919	3Com Corp. (a) . . . . . . . . . . . . . . . .	24,470
1,827	ADTRAN, Inc. . . . . . . . . . . . . . . . .	29,616
1,752	Airvana, Inc. (a) . . . . . . . . . . . . . . . .	10,249
3,121	Arris Group, Inc. (a) . . . . . . . . . . . .	23,002
2,227	Avocent Corp. (a) . . . . . . . . . . . . . .	27,036
2,673	Ciena Corp. (a)(b) . . . . . . . . . . . . . .	20,796
878	Comtech Telecommunications
	Corp. (a) . .	21,748
651	EMS Technologies, Inc. (a) . . . . . . .	11,366
7,191	Extreme Networks, Inc. (a) . . . . . . .	10,930
850	F5 Networks, Inc. (a)(b) . . . . . . . . .	17,807
2,148	Harmonic, Inc. (a) . . . . . . . . . . . . . .	13,962
1,002	Hughes Communications, Inc. (a) . .	12,054
396	InterDigital, Inc. (a) . . . . . . . . . . . . .	10,225
2,715	Ixia (a) . . . .	14,037
4,372	JDS Uniphase Corp. (a) . . . . . . . . . .	14,209
5,562	Opnext, Inc. (a) . . . . . . . . . . . . . . . .	9,511
28,086	Powerwave Technologies, Inc. (a) . .	16,683
1,097	Riverbed Technology, Inc. (a) . . . . .	14,349

See notes to financial statements.

107

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Communications Equipment (Continued)
5,183	Sonus Networks, Inc. (a) . . . . . . . . .	$	8,137
4,293	Sycamore Networks, Inc. (a) . . . . . .		11,462
1,434	Tekelec (a) .		18,972
1,219	ViaSat, Inc. (a) . . . . . . . . . . . . . . . . .		25,380
			366,001
	Computers & Peripherals - 0.91%
5,608	Emulex Corp. (a) . . . . . . . . . . . . . . .		28,208
2,945	Intermec, Inc. (a) . . . . . . . . . . . . . . .		30,628
1,388	Novatel Wireless, Inc. (a) . . . . . . . .		7,800
2,393	Palm, Inc. (a)(b) . . . . . . . . . . . . . . . .		20,628
1,814	Super Micro Computer, Inc. (a) . . . .		8,925
			96,189
	Construction & Engineering - 0.53%
3,250	Great Lakes Dredge & Dock Corp. .		9,782
2,477	MasTec, Inc. (a) . . . . . . . . . . . . . . . .		29,947
656	Orion Marine Group, Inc. (a) . . . . .		8,594
295	Texas Industries, Inc. . . . . . . . . . . . .		7,375
			55,698
	Consumer Finance - 0.35%
587	Cash America International, Inc. . . .		9,192
1,338	Dollar Financial Corp. (a)(b) . . . . . .		12,738
609	EZCORP, Inc. (a) . . . . . . . . . . . . . . .		7,046
576	First Cash Financial Services, Inc. (a)		8,594
			37,570
	Diversified Consumer Services - 0.43%
430	Lincoln Educational Services
	Corp. (a) . .		7,878
1,101	Steiner Leisure Ltd. (a) . . . . . . . . . .		26,875
893	Universal Technical Institute,
	Inc. (a) . . .		10,716
			45,469
	Diversified Financial Services - 0.20%
1,731	Assured Guaranty Ltd. . . . . . . . . . .		11,719
1,228	MarketAxess Holdings Inc. (a) . . . .		9,382
			21,101
	Diversified Telecommunication Services - 1.13%
1,086	Cbeyond Communications,
	Inc. (a)(b) .		20,450
1,173	Global Crossing Ltd. (a) . . . . . . . . .		8,211
867	Neustar, Inc. (a) . . . . . . . . . . . . . . . .		14,522
617	NTELOS Holdings Corp. . . . . . . . .		11,192

Number of
Shares			Value
	Diversified Telecommunication
	Services (Continued)
10,394	PAETEC Holding Corp. (a) . . . . . . .	$	14,967
1,643	Premiere Global Services, Inc. (a) . .		14,491
519	Shenandoah Telecommunications Co.		11,833
2,810	tw telecom inc. (a) . . . . . . . . . . . . . .		24,588
			120,254
	Electric Utilities - 1.18%
314	ITC Holdings Corp. . . . . . . . . . . . . .		13,697
5,070	Otter Tail Corp. . . . . . . . . . . . . . . . .		111,793
			125,490
	Electrical Equipment - 2.30%
279	AZZ, Inc. (a) . . . . . . . . . . . . . . . . . .		7,363
1,525	Baldor Electric Co. . . . . . . . . . . . . .		22,097
3,015	C&D Technologies, Inc. (a) . . . . . . .		5,578
3,922	EnerSys (a)		47,535
98	First Solar, Inc. (a)(b) . . . . . . . . . . .		13,005
457	Franklin Electric Co., Inc. . . . . . . . .		10,113
4,673	GrafTech International Ltd. (a) . . . .		28,786
530	II-VI, Inc. (a) . . . . . . . . . . . . . . . . . .		9,105
862	LaBarge, Inc. (a) . . . . . . . . . . . . . . .		7,215
352	Ormat Technologies, Inc. . . . . . . . .		9,666
2,942	Polypore International, Inc. (a) . . . .		11,827
272	Powell Industries, Inc. (a) . . . . . . . .		9,604
894	Regal-Beloit Corp. . . . . . . . . . . . . . .		27,392
3,785	Vicor Corp.		18,509
1,442	Woodward Governor Co. . . . . . . . . .		16,121
			243,916
	Electronic Equipment & Instruments - 3.44%
2,751	Checkpoint Systems, Inc. (a) . . . . . .		24,676
927	Cogent, Inc. (a) . . . . . . . . . . . . . . . .		11,031
1,643	Cognex Corp. . . . . . . . . . . . . . . . . . .		21,934
1,176	Daktronics, Inc. . . . . . . . . . . . . . . . .		7,703
938	Dolby Laboratories, Inc. (a) . . . . . .		31,995
1,139	Electro Rent Corp. . . . . . . . . . . . . . .		10,980
2,882	Electro Scientific Industries,
	Inc. (a) . . .		17,061
1,033	FLIR Systems, Inc. (a)(b) . . . . . . . .		21,156
1,517	L-1 Identity Solutions, Inc. (a) . . . .		7,752
2,377	Littelfuse, Inc. (a) . . . . . . . . . . . . . .		26,123
721	MTS Systems Corp. . . . . . . . . . . . .		16,403
818	Multi-Fineline Electronix, Inc. (a) .		13,775
378	National Instruments Corp. . . . . . . .		7,050
2,419	Newport Corp. (a) . . . . . . . . . . . . . .		10,692

See notes to financial statements.

108

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Electronic Equipment &
	Instruments (Continued)
582	Rofin-Sinar Technologies, Inc. (a) .	$	9,382
541	Rogers Corp. (a) . . . . . . . . . . . . . . .		10,214
1,891	Scansource, Inc. (a)(b) . . . . . . . . . . .		35,135
317	SunPower Corp. (a)(b) . . . . . . . . . . .		7,538
1,384	Trimble Navigation Ltd. (a)(b) . . . .		21,148
3,231	TTM Technologies, Inc. (a) . . . . . . .		18,740
1,588	Veeco Instruments, Inc. (a) . . . . . . .		10,592
1,260	Zebra Technologies Corp. (a) . . . . .		23,965
			365,045
	Energy Equipment & Services - 2.88%
2,500	Allis Chalmers Energy, Inc. (a) . . . .		4,825
1,001	Atwood Oceanics, Inc. (a) . . . . . . . .		16,607
1,593	Basic Energy Services, Inc. (a) . . . .		10,307
1,035	Bristow Group, Inc. (a) . . . . . . . . . .		22,180
2,359	Cal Dive International, Inc. (a) . . . .		15,970
211	CARBO Ceramics, Inc. (b) . . . . . . .		6,001
687	Dril-Quip, Inc. (a) . . . . . . . . . . . . . .		21,091
706	Gulf Island Fabrication, Inc. . . . . . .		5,655
651	GulfMark Offshore, Inc. (a) . . . . . .		15,533
469	Helmerich & Payne, Inc. (b) . . . . . .		10,679
1,103	Hornbeck Offshore Services,
	Inc. (a) . . .		16,810
8,487	ION Geophysical Corp. (a)(b) . . . . .		13,240
526	Lufkin Industries, Inc. . . . . . . . . . . .		19,925
1,548	Matrix Service Co. (a) . . . . . . . . . . .		12,725
948	NATCO Group, Inc. (a) . . . . . . . . . .		17,946
4,039	Newpark Resources, Inc. (a) . . . . . .		10,219
7,106	Parker Drilling Co. (a) . . . . . . . . . . .		13,075
928	PHI, Inc. (a)		9,261
2,380	Pioneer Drilling Co. (a) . . . . . . . . . .		7,806
1,504	RPC, Inc. . .		9,971
816	Superior Well Services, Inc. (a) . . . .		4,186
5,601	Tetra Technologies, Inc. (a) . . . . . . .		18,203
1,593	Union Drilling, Inc. (a) . . . . . . . . . .		6,053
1,771	Willbros Group Inc. (a) . . . . . . . . . .		17,179
			305,447
	Food & Staples Retailing - 0.36%
179	Arden Group, Inc. . . . . . . . . . . . . . .		20,914
944	PriceSmart, Inc. . . . . . . . . . . . . . . . .		17,002
			37,916

Number of
Shares			Value
	Food Products - 1.10%
323	Cal-Maine Foods, Inc. . . . . . . . . . . .	$	7,232
2,582	Darling International, Inc. (a) . . . . .		9,579
377	Farmer Bros Co. . . . . . . . . . . . . . . .		6,711
1,235	The Hain Celestial Group, Inc. (a) .		17,586
385	J&J Snack Foods Corp. . . . . . . . . . .		13,317
453	Ralcorp Holdings, Inc. (a) . . . . . . . .		24,408
1,750	Tootsie Roll Industries, Inc. . . . . . . .		38,001
			116,834
	Health Care Equipment & Supplies - 3.81%
1,179	Align Technology, Inc. (a) . . . . . . . .		9,349
1,191	American Medical Systems
	Holdings, Inc. (a) . . . . . . . . . . . . . .		13,280
640	Analogic Corp. . . . . . . . . . . . . . . . .		20,493
1,327	Arthrocare Corp. (a) . . . . . . . . . . . .		6,502
1,238	CONMED Corp. (a) . . . . . . . . . . . .		17,840
349	Gen-Probe, Inc. (a) . . . . . . . . . . . . .		15,907
486	Greatbatch, Inc. (a) . . . . . . . . . . . . .		9,404
357	Haemonetics Corporation (a) . . . . .		19,664
1,826	Hologic, Inc. (a) . . . . . . . . . . . . . . . .		23,902
623	IDEXX Laboratories, Inc. (a)(b) . . .		21,543
585	Immucor, Inc. (a) . . . . . . . . . . . . . . .		14,713
379	Integra LifeSciences Holdings
	Corp. (a) . .		9,373
117	Intuitive Surgical, Inc. (a)(b) . . . . . .		11,157
473	Masimo Corp. (a) . . . . . . . . . . . . . .		13,708
623	Matthews International Corp. . . . . .		17,949
465	Meridian Bioscience, Inc. . . . . . . . .		8,426
2,216	ResMed, Inc. (a)(b) . . . . . . . . . . . . .		78,313
1,633	Sirona Dental Systems, Inc. (a) . . . .		23,385
363	Thoratec Corp. (a)(b) . . . . . . . . . . . .		9,325
5,281	Tomotherapy, Inc. (a)(b) . . . . . . . . .		13,995
713	West Pharmaceutical Services, Inc. .		23,393
605	Wright Medical Group, Inc. (a) . . . .		7,883
1,023	Zoll Medical Corp. (a) . . . . . . . . . . .		14,690
			404,194
	Health Care Providers & Services - 3.12%
327	Amedisys, Inc. (a)(b) . . . . . . . . . . . .		8,989
6,299	AMN Healthcare Services, Inc. (a) .		32,125
770	AmSurg Corp. (a) . . . . . . . . . . . . . .		12,205
1,454	Catalyst Health Solutions Inc. (a) . .		28,818
409	Chemed Corp. . . . . . . . . . . . . . . . . .		15,910
492	Corvel Corp. (a)(b) . . . . . . . . . . . . .		9,948
1,147	eResearch Technology, Inc. (a) . . . .		6,033

See notes to financial statements.

109

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Health Care Providers & Services (Continued)
929	Gentiva Health Services, Inc. (a) . . .	$	14,121
837	Healthways, Inc. (a) . . . . . . . . . . . . .		7,341
1,573	inVentiv Health, Inc. (a) . . . . . . . . .		12,836
145	Landauer, Inc. . . . . . . . . . . . . . . . . .		7,349
874	Mednax, Inc. (a) . . . . . . . . . . . . . . .		25,757
540	MWI Veterinary Supply, Inc. (a) . . .		15,379
243	National Healthcare Corp. . . . . . . . .		9,756
2,315	PSS World Medical, Inc. (a) . . . . . .		33,220
666	Psychiatric Solutions, Inc. (a)(b) . . .		10,476
1,255	Sun Healthcare Group, Inc. (a) . . . .		10,592
60,972	Sunrise Senior Living, Inc. (a)(b) . .		41,461
671	VCA Antech, Inc. (a) . . . . . . . . . . . .		15,131
614	WebMD Health Corp. (a) . . . . . . . .		13,692
			331,139
	Health Care Technology - 0.28%
557	Eclipsys Corp. (a) . . . . . . . . . . . . . .		5,648
1,545	HLTH Corporation (a) . . . . . . . . . . .		15,991
1,013	Omnicell, Inc. (a) . . . . . . . . . . . . . . .		7,921
			29,560
	Hotels, Restaurants & Leisure - 4.03%
780	Bally Technologies, Inc. (a) . . . . . . .		14,368
819	BJ’s Restaurants, Inc. (a) . . . . . . . . .		11,392
356	Buffalo Wild Wings, Inc. (a)(b) . . . .		13,022
3,979	The Cheesecake Factory (a) . . . . . .		45,560
720	Chipotle Mexican Grill, Inc. (a)(b) .		47,794
957	Choice Hotels International,
	Inc. (b) . . .		24,710
2,316	Einstein Noah Rest Group, Inc. (a) .		13,502
2,996	Gaylord Entertainment Co. (a) . . . .		24,957
1,584	International Speedway Corp. . . . . .		34,943
7,084	Krispy Kreme Doughnuts, Inc. (a) .		11,334
1,142	Life Time Fitness, Inc. (a)(b) . . . . . .		14,343
1,322	Monarch Casino & Resort,
	Inc. (a)(b) .		6,821
1,301	Orient-Express Hotels Ltd. . . . . . . .		5,334
373	Panera Bread Co. (a)(b) . . . . . . . . . .		20,851
893	Papa John’s International, Inc. (a) . .		20,423
894	PF Chang’s China Bistro,
	Inc. (a)(b) .		20,455
2,073	Scientific Games Corp. (a) . . . . . . .		25,104
1,147	Sonic Corp. (a) . . . . . . . . . . . . . . . .		11,493
1,775	Texas Roadhouse, Inc. (a) . . . . . . . .		16,916

Number of
Shares			Value
	Hotels, Restaurants & Leisure (Continued)
1,593	Vail Resorts, Inc. (a) . . . . . . . . . . . .	$	32,545
544	WMS Industries, Inc. (a)(b) . . . . . .		11,375
			427,242
	Household Durables - 0.54%
4,138	Blount International, Inc. (a) . . . . . .		19,118
7,169	Interface, Inc. . . . . . . . . . . . . . . . . . .		21,435
917	Universal Electronics, Inc. (a) . . . . .		16,598
			57,151
	Household Products - 0.25%
1,102	WD-40 Co.		26,602
	Industrial Conglomerates - 0.22%
657	Raven Industries, Inc. (b) . . . . . . . .		13,652
424	Walter Industries, Inc. . . . . . . . . . . .		9,697
			23,349
	Insurance - 1.24%
304	American Physicians Capital, Inc. .		12,440
845	Amerisafe, Inc. (a) . . . . . . . . . . . . . .		12,945
1,712	Amtrust Financial Services, Inc. (b)		16,350
1,139	Employers Holdings, Inc. . . . . . . . .		10,866
338	Enstar Group Limited (a) . . . . . . . .		19,036
678	Greenlight Capital Re, Ltd. (a)(b) . .		10,828
612	National Interstate Corp. . . . . . . . . .		10,349
542	Navigators Group, Inc. (a) . . . . . . . .		25,571
517	Tower Group, Inc. . . . . . . . . . . . . . .		12,734
			131,119
	Internet & Catalog Retail - 1.03%
342	Blue Nile, Inc. (a)(b) . . . . . . . . . . . .		10,311
5,323	Coldwater Creek, Inc. (a) . . . . . . . .		13,361
2,390	Gaiam, Inc. (a) . . . . . . . . . . . . . . . . .		7,839
1,239	GSI Commerce, Inc. (a)(b) . . . . . . .		16,231
646	NutriSystem Inc. (b) . . . . . . . . . . . .		9,218
349	Priceline.com, Inc. (a)(b) . . . . . . . . .		27,494
1,369	Shutterfly, Inc. (a) . . . . . . . . . . . . . .		12,828
418	VistaPrint Limited (a) . . . . . . . . . . .		11,491
			108,773
	Internet Software & Services - 1.73%
1,049	Akamai Technologies, Inc. (a) . . . . .		20,350
1,994	Ariba, Inc. (a) . . . . . . . . . . . . . . . . .		17,408
519	AsiaInfo Holdings, Inc. (a) . . . . . . .		8,745
646	DealerTrack Holdings, Inc. (a) . . . .		8,462
2,556	Dice Holdings, Inc. (a)(b) . . . . . . . .		7,106

See notes to financial statements.

110

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Internet Software & Services (Continued)
1,030	Digital River, Inc. (a) . . . . . . . . . . . .	$	30,715
133	Equinix, Inc. (a)(b) . . . . . . . . . . . . .		7,468
856	j2 Global Communications,
	Inc. (a) . . .		18,738
5,724	RealNetworks, Inc. (a) . . . . . . . . . . .		13,337
1,940	S1 Corp. (a)		9,991
1,352	SAVVIS, Inc. (a)(b) . . . . . . . . . . . . .		8,369
212	Sohu.com, Inc. (a)(b) . . . . . . . . . . . .		8,758
2,082	Valueclick, Inc. (a) . . . . . . . . . . . . . .		17,718
996	Vignette Corp. (a) . . . . . . . . . . . . . .		6,653
			183,818
	IT Services - 3.40%
1,425	CSG Systems International (a) . . . .		20,349
1,657	Euronet Worldwide, Inc. (a)(b) . . . .		21,640
967	ExlService Holdings, Inc. (a) . . . . .		8,336
406	Forrester Research, Inc. (a) . . . . . . .		8,347
1,307	Gartner, Inc. (a) . . . . . . . . . . . . . . . .		14,390
3,521	Genpact Limited (a) . . . . . . . . . . . . .		31,196
5,647	Global Cash Access Holdings,
	Inc. (a) . . .		21,572
1,116	Global Payments, Inc. . . . . . . . . . . .		37,286
4,846	Hackett Group, Inc. (a) . . . . . . . . . .		9,789
1,452	Heartland Payment Systems, Inc. . .		9,598
3,197	iGATE Corp. . . . . . . . . . . . . . . . . . .		10,358
234	ManTech International Corp. (a) . . .		9,805
639	MAXIMUS, Inc. . . . . . . . . . . . . . . .		25,470
2,648	Sapient Corp. (a) . . . . . . . . . . . . . . .		11,837
2,575	SRA International, Inc. (a) . . . . . . .		37,852
875	Syntel, Inc. (b) . . . . . . . . . . . . . . . . .		18,007
7,854	TNS, Inc. (a) . . . . . . . . . . . . . . . . . .		64,246
			360,078
	Leisure Equipment & Products - 0.08%
2,024	Marine Products Corp. . . . . . . . . . .		8,582
	Life Sciences Tools & Services - 0.76%
3,656	Bruker BioSciences Corp. (a) . . . . .		22,521
551	Dionex Corp. (a) . . . . . . . . . . . . . . .		26,035
2,505	Parexel International Corp. (a) . . . .		24,374
133	Techne Corp. . . . . . . . . . . . . . . . . . .		7,276
			80,206
	Machinery - 4.12%
1,319	Actuant Corp. . . . . . . . . . . . . . . . . .		13,625
1,128	Altra Holdings, Inc. (a) . . . . . . . . . .		4,377

Number of
Shares			Value
	Machinery (Continued)
1,687	American Railcar Industries, Inc. . .	$	12,872
546	Ampco-Pittsburgh Corp. . . . . . . . . .		7,240
556	Astec Industries, Inc. (a) . . . . . . . . .		14,584
533	Badger Meter, Inc. . . . . . . . . . . . . . .		15,398
2,464	Barnes Group, Inc. . . . . . . . . . . . . . .		26,340
791	Bucyrus International, Inc. . . . . . . .		12,007
2,444	Chart Industries, Inc. (a) . . . . . . . . .		19,259
787	CIRCOR International, Inc. . . . . . . .		17,723
957	Clarcor, Inc.		24,107
1,797	Colfax Corp. (a)(b) . . . . . . . . . . . . .		12,345
488	ESCO Technologies, Inc. (a) . . . . . .		18,886
378	The Gorman-Rupp Co. . . . . . . . . . .		7,484
1,011	Kaydon Corp. . . . . . . . . . . . . . . . . .		27,631
125	K-Tron International, Inc. (a)(b) . . .		7,584
459	L.B. Foster Co. (a) . . . . . . . . . . . . . .		11,397
743	Nordson Corp. (b) . . . . . . . . . . . . . .		21,123
411	RBC Bearings Inc. (a) . . . . . . . . . . .		6,280
1,151	Robbins & Myers, Inc. . . . . . . . . . .		17,461
655	Sun Hydraulics, Inc. . . . . . . . . . . . .		9,570
1,939	Titan International, Inc. . . . . . . . . . .		9,753
1,447	Twin Disc, Inc. . . . . . . . . . . . . . . . .		10,013
1,571	Valmont Industries, Inc. . . . . . . . . . .		78,880
1,183	Westinghouse Air Brake
	Technologies Corp. . . . . . . . . . . . .		31,208
			437,147
	Marine - 0.63%
2,141	Eagle Bulk Shipping, Inc. . . . . . . . .		9,099
961	Genco Shipping & Trading Ltd. (b)		11,859
1,263	Kirby Corp. (a) . . . . . . . . . . . . . . . .		33,646
781	TBS International Limited (a) . . . . .		5,740
2,517	Ultrapetrol Bahamas Ltd. (a)(b) . . .		6,796
			67,140
	Media - 1.73%
1,224	Arbitron, Inc. . . . . . . . . . . . . . . . . . .		18,372
2,065	CKX, Inc. (a) . . . . . . . . . . . . . . . . . .		8,466
6,719	CTC Media, Inc. (a) . . . . . . . . . . . .		30,639
1,478	DreamWorks Animation SKG,
	Inc. (a) . . .		31,984
493	Fisher Communications, Inc. . . . . . .		4,812
4,126	Global Sources Ltd. (a) . . . . . . . . . .		16,050
890	Marvel Entertainment, Inc. (a) . . . .		23,629
445	Morningstar, Inc. (a)(b) . . . . . . . . . .		15,197

See notes to financial statements.

111

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Media - 1.73%
2,968	World Wrestling
	Entertainment, Inc. . . . . . . . . . . . .	$	34,251
			183,400
	Metals & Mining - 1.54%
764	AMCOL International Corp. . . . . . .		11,338
298	Compass Minerals International,
	Inc. (b) . . .		16,798
836	Haynes International, Inc. (a) . . . . .		14,898
7,785	Hecla Mining Co. (a) . . . . . . . . . . . .		15,570
242	Northwest Pipe Co. (a) . . . . . . . . . .		6,890
1,098	Olympic Steel, Inc. . . . . . . . . . . . . .		16,657
1,502	RTI International Metals, Inc. (a) . .		17,573
855	Schnitzer Steel Industries, Inc. . . . .		26,838
3,861	Stillwater Mining Co. (a)(b) . . . . . .		14,286
4,086	Titanium Metals Corp. . . . . . . . . . . .		22,350
			163,198
	Oil & Gas - 3.89%
2,505	Alpha Natural Resources, Inc. (a) . .		44,464
304	Apco Argentina Inc. (b) . . . . . . . . . .		3,350
980	Atlas America, Inc. . . . . . . . . . . . . .		8,575
2,890	ATP Oil & Gas Corp. (a) . . . . . . . . .		14,826
1,164	Barrett Bill Corp. (a) . . . . . . . . . . . .		25,887
3,631	Berry Petroleum Co. . . . . . . . . . . . .		39,796
3,967	Brigham Exploration Co. (a) . . . . . .		7,537
404	Clayton Williams Energy, Inc. (a) . .		11,813
1,182	CNX Gas Corp. (a) . . . . . . . . . . . . .		28,025
901	Comstock Resources, Inc. (a)(b) . . .		26,850
986	Concho Resources, Inc. (a) . . . . . . .		25,232
1,586	Continental Resources, Inc. (a)(b) . .		33,639
4,353	Crosstex Energy, Inc. (b) . . . . . . . . .		7,139
1,226	EXCO Resources, Inc. (a) . . . . . . . .		12,260
1,742	Golar LNG Ltd. . . . . . . . . . . . . . . . .		5,975
8,089	International Coal Group, Inc. (a)(b) .		13,023
1,075	Penn Virginia Corp. . . . . . . . . . . . . .		11,804
1,030	Petroleum Development Corp. (a) . .		12,164
4,177	PetroQuest Energy, Inc. (a) . . . . . . .		10,025
4,039	Quicksilver Resources, Inc. (a)(b) . .		22,376
4,334	Rosetta Resources, Inc. (a) . . . . . . .		21,453
595	Teekay Tankers Ltd. . . . . . . . . . . . . .		5,659
1,639	Vaalco Energy, Inc. (a) . . . . . . . . . .		8,670
3,607	Venoco, Inc. (a) . . . . . . . . . . . . . . . .		11,831
			412,373

Number of
Shares			Value
	Personal Products - 0.90%
16,899	Bare Escentuals, Inc. (a) . . . . . . . . .	$	69,286
129	Chattem, Inc. (a)(b) . . . . . . . . . . . . .		7,230
1,643	Inter Parfums, Inc. . . . . . . . . . . . . . .		9,579
430	USANA Health Sciences, Inc. (a) . .		9,615
			95,710
	Pharmaceuticals - 1.16%
1,956	American Oriental Bioengineering,
	Inc. (a) . . .		7,550
4,031	KV Pharmaceutical Co. (a)(b) . . . . .		6,651
902	Medicines Co. (a) . . . . . . . . . . . . . .		9,778
599	Medicis Pharmaceutical . . . . . . . . .		7,410
1,011	Perrigo Co. .		25,103
1,851	Salix Pharmaceuticals, Ltd. (a) . . . .		17,585
791	Sepracor, Inc. (a)(b) . . . . . . . . . . . . .		11,596
2,108	Valeant Pharmaceuticals
	International (a)(b) . . . . . . . . . . . .		37,501
			123,174
	Real Estate - 0.13%
1,020	Forestar Group, Inc. (a) . . . . . . . . . .		7,803
8,844	Grubb & Ellis Co. . . . . . . . . . . . . . .		5,572
			13,375
	Road & Rail - 0.79%
1,161	Genesee & Wyoming, Inc. (a) . . . . .		24,671
1,179	Knight Transportation, Inc. . . . . . . .		17,874
1,185	Old Dominion Freight Line (a) . . . .		27,836
956	Universal Truckload Services, Inc. .		13,709
			84,090
	Semiconductor & Semiconductor
	Equipment - 5.13%
1,814	Advanced Energy Industries, Inc. (a)		13,660
918	Atheros Communications, Inc. (a) .		13,458
2,043	ATMI, Inc. (a) . . . . . . . . . . . . . . . . .		31,524
21,965	Axcelis Technologies, Inc. (a) . . . . .		8,347
937	Cabot Microelectronics Corp. (a) . .		22,516
2,337	Cohu, Inc. .		16,826
536	Cree, Inc. (a)(b) . . . . . . . . . . . . . . . .		12,612
1,016	Cymer, Inc. (a) . . . . . . . . . . . . . . . . .		22,616
1,098	Diodes, Inc. (a)(b) . . . . . . . . . . . . . .		11,650
1,551	FEI Co. (a) .		23,932
265	Hittite Microwave Corp. (a) . . . . . .		8,268
2,082	IXYS Corp.		16,781
13,373	Kulicke & Soffa Industries,
	Inc. (a)(b) .		35,037

See notes to financial statements.

112

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Semiconductor & Semiconductor
	Equipment (Continued)
2,834	Micrel, Inc.	$	19,951
1,289	Microsemi Corp. (a) . . . . . . . . . . . .		14,952
1,911	MKS Instruments, Inc. (a) . . . . . . . .		28,034
11,833	ON Semiconductor Corp. (a)(b) . . .		46,149
1,562	Pericom Semiconductor Corp. (a) . .		11,418
2,098	PMC-Sierra, Inc. (a)(b) . . . . . . . . . .		13,385
652	Power Integrations, Inc. . . . . . . . . . .		11,214
1,226	Semtech Corp. (a) . . . . . . . . . . . . . .		16,367
2,709	Silicon Image, Inc. (a) . . . . . . . . . . .		6,502
814	Silicon Laboratories, Inc. (a) . . . . . .		21,490
3,929	Skyworks Solutions, Inc. (a)(b) . . . .		31,668
1,086	Standard Microsystems Corp. (a) . .		20,200
10,005	TriQuint Semiconductor, Inc. (a) . . .		24,712
1,867	Varian Semiconductor Equipment
	Associates, Inc. (a) . . . . . . . . . . . .		40,439
			543,708
	Software - 5.84%
533	ACI Worldwide, Inc. (a) . . . . . . . . .		9,994
3,440	Actuate Corp. (a) . . . . . . . . . . . . . . .		10,526
262	Advent Software, Inc. (a) . . . . . . . .		8,727
1,211	ANSYS, Inc. (a) . . . . . . . . . . . . . . .		30,396
981	Blackbaud, Inc. . . . . . . . . . . . . . . . .		11,390
422	Blackboard, Inc. (a) . . . . . . . . . . . . .		13,394
662	CommVault Systems, Inc. (a) . . . . .		7,262
315	Concur Technologies, Inc. (a) . . . . .		6,045
2,339	Epicor Software Corp. (a) . . . . . . . .		8,912
556	EPIQ Systems, Inc. (a) . . . . . . . . . .		10,025
456	Factset Research Systems, Inc. (b) .		22,796
1,278	I2 Technologies, Inc. (a)(b) . . . . . . .		10,096
2,155	Informatica Corp. (a) . . . . . . . . . . . .		28,575
2,254	Jack Henry & Associates, Inc. . . . . .		36,785
1,560	JDA Software Group, Inc. (a) . . . . .		18,018
7,019	Lawson Software, Inc. (a) . . . . . . . .		29,831
824	Macrovision Solutions Corp. (a) . . .		14,659
1,095	Manhattan Associates, Inc. (a) . . . .		18,965
2,778	Mentor Graphics Corp. (a) . . . . . . .		12,334
256	MicroStrategy, Inc. (a) . . . . . . . . . . .		8,753
2,752	MSC Software Corp. (a) . . . . . . . . .		15,521
971	Net 1 UEPS Technologies, Inc. (a) .		14,769
790	Nuance Communications, Inc. (a)(b)		8,579
3,030	Parametric Technology Corp. (a) . . .		30,239

Number of
Shares			Value
	Software (Continued)
684	Phase Forward, Inc. (a) . . . . . . . . . .	$	8,748
1,154	Progress Software Corp. (a) . . . . . .		20,034
4,563	QAD, Inc. .		11,544
229	Quality Systems, Inc. . . . . . . . . . . . .		10,362
2,509	Red Hat, Inc. (a)(b) . . . . . . . . . . . . .		44,761
1,540	Renaissance Learning, Inc. . . . . . . .		13,814
657	salesforce.com, inc. (a) . . . . . . . . . .		21,504
524	Solera Holdings, Inc. (a)(b) . . . . . . .		12,985
145	SPSS Inc. (a) . . . . . . . . . . . . . . . . . .		4,122
2,335	Take-Two Interactive Software, Inc.		19,497
7,657	Tibco Software, Inc. (a) . . . . . . . . . .		44,947
1,003	Tyler Technologies, Inc. (a) . . . . . . .		14,674
853	Wind River Systems, Inc. (a) . . . . . .		5,459
			619,042
	Specialty Retail - 3.62%
3,293	bebe stores, inc. . . . . . . . . . . . . . . . .		21,964
924	The Buckle, Inc. . . . . . . . . . . . . . . .		29,503
953	Citi Trends, Inc. (a) . . . . . . . . . . . . .		21,814
4,223	Guess?, Inc.		89,021
1,111	Gymboree Corp. (a)(b) . . . . . . . . . .		23,720
1,008	Hibbett Sports, Inc. (a) . . . . . . . . . .		19,374
2,658	J.Crew Group, Inc. (a)(b) . . . . . . . .		35,033
828	Jos. A. Bank Clothiers, Inc. (a) . . . .		23,027
695	Lumber Liquidators, Inc. (a) . . . . . .		8,861
1,307	Maidenform Brands, Inc. (a) . . . . . .		11,972
395	Monro Muffler, Inc. . . . . . . . . . . . . .		10,795
5,147	Sally Beauty Holdings, Inc. (a) . . . .		29,235
2,377	Ulta Salon, Cosmetics & Fragrance,
	Inc. (a) . . .		15,736
1,141	Weight Watchers International, Inc.		21,166
6,690	The Wet Seal, Inc. (a) . . . . . . . . . . .		22,478
			383,699
	Textiles, Apparel & Luxury Goods - 0.96%
6,762	Crocs, Inc. (a) . . . . . . . . . . . . . . . . .		8,047
156	Deckers Outdoor Corp. (a) . . . . . . .		8,274
573	Under Armour, Inc. (a)(b) . . . . . . . .		9,414
539	UniFirst Corp. . . . . . . . . . . . . . . . . .		15,006
1,466	Volcom, Inc. (a) . . . . . . . . . . . . . . . .		14,220
409	Weyco Group, Inc. . . . . . . . . . . . . . .		10,601
2,310	Wolverine World Wide, Inc. . . . . . .		35,990
			101,552
	Thrifts & Mortgage Finance - 1.79%
667	Capitol Federal Financial . . . . . . . .		25,219

See notes to financial statements.

113

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Thrifts & Mortgage Finance (Continued)
2,114	Dime Community Bancshares . . . . .	$	19,829
974	Flushing Financial Corp. . . . . . . . . .		5,864
1,425	Kearny Financial Corp. . . . . . . . . . .		14,934
2,141	NewAlliance Bancshares, Inc. . . . . .		25,135
3,833	Northwest Bancorp, Inc. . . . . . . . . .		64,778
1,358	Oritani Financial Corp. (a)(b) . . . . .		19,012
923	Provident New York Bancorp . . . . .		7,892
571	United Financial Bancorp, Inc. . . . .		7,474
			190,137
	Trading Companies & Distributors - 0.74%
1,093	Houston Wire & Cable Co. . . . . . . .		8,471
1,632	Textainer Group Holdings Ltd. (b) .		11,016
436	TransDigm Group Inc. (a) . . . . . . . .		14,318
1,318	Watsco, Inc.		44,851
			78,656
	Water Utilities - 0.50%
869	American States Water Co. . . . . . . .		31,562
429	Connecticut Water Service, Inc. . . .		8,700
491	SJW Corp. .		12,486
			52,748
	Wireless Telecommunication Services - 0.51%
1,924	Centennial Communications
	Corp. (a) . .		15,892
1,620	iPCS, Inc. (a) . . . . . . . . . . . . . . . . . .		15,730
513	SBA Communications Corp. (a)(b) .		11,953
642	Syniverse Holdings, Inc. (a) . . . . . .		10,118
			53,693
	Total Common Stocks
	(Cost $12,819,622) . . . . . . . . . . . .		9,849,015
	REAL ESTATE INVESTMENT
	TRUSTS - 2.52%
	Real Estate Investment Trusts - 2.52%
48	Alexander’s, Inc. . . . . . . . . . . . . . . .		8,178
1,938	BioMed Realty Trust, Inc. . . . . . . . .		13,120
487	Corporate Office Properties
	Trust (b) . .		12,092
256	Digital Realty Trust, Inc. (b) . . . . . .		8,494
311	EastGroup Properties, Inc. . . . . . . . .		8,730
567	Equity Lifestyle Properties, Inc. . . .		21,603
878	Extra Space Storage, Inc. . . . . . . . .		4,838
2,613	Inland Real Estate Corp. . . . . . . . . .		18,526
1,022	Kilroy Realty Corp. . . . . . . . . . . . . .		17,568

Number of
Shares			Value
	Real Estate Investment Trusts (Continued)
839	LTC Properties, Inc. . . . . . . . . . . . .	$	14,716
2,063	MFA Mortgage Investments, Inc.		12,131
871	Mid-America Apartment
	Communities, Inc. . . . . . . . . . . . . .		26,853
1,524	Omega Healthcare Investors, Inc.		21,458
506	PS Business Parks, Inc. . . . . . . . . . .		18,646
534	Saul Centers, Inc. . . . . . . . . . . . . . . .		12,266
518	Tanger Factory Outlet Centers,
	Inc. (b) . . .		15,986
682	Taubman Centers, Inc. (b) . . . . . . . .		11,621
345	Universal Health Realty Income
	Trust . . . . .		10,084
573	Washington Real Estate Investment
	Trust . . . . .		9,913
			266,823
	Total Real Estate Investment Trusts
	(Cost $386,182) . . . . . . . . . . . . . . .		266,823
	SHORT TERM INVESTMENTS - 4.10%
	Money Market Fund - 4.10%
434,554	Federated Prime Obligations Fund		434,554
	Total Short Term Investments
	(Cost $434,554) . . . . . . . . . . . . . . .		434,554
	INVESTMENTS PURCHASED
	AS SECURITIES LENDING
	COLLATERAL - 17.07%
	Money Market Fund - 17.07%
1,810,126	Mount Vernon Prime Portfolio . . . .		1,810,126
	Total Money Market Funds
	(Cost $1,810,126) . . . . . . . . . . . . .		1,810,126
	Total Investments Purchased as
	Securities Lending Collateral
	(Cost $1,810,126) . . . . . . . . . . . . .		1,810,126
	Total Investments
	(Cost $15,450,484) — 116.60%		12,360,518
	Liabilities in Excess of
	Other Assets - (16.60)% . . . . . . .		(1,759,819)
	TOTAL NET
	ASSETS - 100.00% . . . . . . . . . . .	$	10,600,699

Percentages are stated as a percent of net assets.
(a) Non-income producing.
(b) All or a portion of this security is on loan.

See notes to financial statements.

114

AssetMark Enhanced Fundamental Index™ Small Company Growth Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2009

	Number of
	Contracts	Notional	Settlement	Unrealized
Description	Purchased	Value	Month	Appreciation
Russell 2000 Index Mini Futures	12	$497,760	Jun-09	$49,009

See notes to financial statements.

115

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS - 91.54%
	Aerospace & Defense - 1.28%
836	AAR Corp. (a) . . . . . . . . . . . . . . . . .	$	10,483
403	Ducommun, Inc. . . . . . . . . . . . . . . .		5,860
1,912	DynCorp International, Inc. (a) . . . .		25,487
312	Hawk Corp. (a) . . . . . . . . . . . . . . . .		3,603
538	Herley Industries, Inc. (a) . . . . . . . .		6,434
994	Kaman Corp. . . . . . . . . . . . . . . . . . .		12,465
278	Triumph Group, Inc. . . . . . . . . . . . .		10,620
			74,952
	Air Freight & Logistics - 0.74%
36,344	Air Transport Services Group,
	Inc. (a) . . .		27,985
2,027	Pacer International, Inc. . . . . . . . . . .		7,094
2,527	Park-Ohio Holdings Corp. (a) . . . . .		8,238
			43,317
	Airlines - 0.50%
3,810	AirTran Holdings, Inc. (a)(b) . . . . .		17,336
2,923	Pinnacle Airlines Corp. (a) . . . . . . .		4,063
1,234	Republic Airways Holdings,
	Inc. (a) . . .		7,996
			29,395
	Auto Components - 0.98%
514	Dorman Products, Inc. (a) . . . . . . . .		4,796
1,117	Drew Industries, Inc. (a) . . . . . . . . .		9,696
63,618	Hayes Lemmerz International,
	Inc. (a) . . .		11,769
4,137	Shiloh Industries, Inc. (a) . . . . . . . .		8,481
2,256	Standard Motor Products, Inc. . . . . .		6,204
1,358	Superior Industries
	International, Inc. . . . . . . . . . . . . .		16,092
			57,038
	Automobiles - 0.29%
15,576	Monaco Coach Corp. . . . . . . . . . . . .		2,336
2,729	Winnebago Industries, Inc. . . . . . . .		14,491
			16,827
	Beverages - 0.28%
1,752	National Beverage Corp. (a) . . . . . .		16,066
	Building Products - 1.95%
875	American Woodmark Corp. . . . . . . .		15,365
1,571	Apogee Enterprises, Inc. . . . . . . . . .		17,250
3,310	Dayton Superior Corp. (a) . . . . . . . .		1,357
3,126	Griffon Corp. (a) . . . . . . . . . . . . . . .		23,445

Number of
Shares			Value
	Building Products (Continued)
423	Insteel Industries, Inc. . . . . . . . . . . .	$	2,944
1,559	NCI Building Systems, Inc. (a) . . . .		3,461
7,286	PGT, Inc. (a) . . . . . . . . . . . . . . . . . .		10,127
981	Simpson Manufacturing Co.,
	Inc. (b) . . .		17,678
847	Universal Forest Products, Inc. . . . .		22,539
			114,166
	Capital Markets - 1.31%
798	Cowen Group, Inc. (a) . . . . . . . . . . .		3,886
2,875	FBR Capital Markets Corp. (a) . . . .		9,459
2,628	HFF, Inc. (a) . . . . . . . . . . . . . . . . . .		5,256
5,203	National Financial Partners Corp. . .		16,649
679	Penson Worldwide, Inc. (a)(b) . . . . .		4,366
682	Piper Jaffray Cos. (a) . . . . . . . . . . . .		17,589
1,153	Sanders Morris Harris Group, Inc. .		4,497
457	SWS Group, Inc. . . . . . . . . . . . . . . .		7,097
2,181	Thomas Weisel Partners Group,
	Inc. (a) . . .		7,808
			76,607
	Chemicals - 2.05%
30,236	Georgia Gulf Corp. . . . . . . . . . . . . .		21,468
360	Hawkins, Inc. . . . . . . . . . . . . . . . . . .		5,555
4,550	Headwaters, Inc. (a)(b) . . . . . . . . . .		14,287
2,709	ICO, Inc. (a)		5,581
2,046	Innospec, Inc. . . . . . . . . . . . . . . . . .		7,713
840	NL Industries . . . . . . . . . . . . . . . . . .		8,400
8,098	Omnova Solutions, Inc. (a) . . . . . . .		14,091
707	Penford Corp. . . . . . . . . . . . . . . . . .		2,566
1,309	Quaker Chemical Corp. . . . . . . . . . .		10,393
589	Sensient Technologies Corp. . . . . . .		13,842
3,255	Spartech Corp. . . . . . . . . . . . . . . . . .		8,007
298	Stepan Co. .		8,135
			120,038
	Commercial Banks - 12.03%
4,444	AMCORE Financial, Inc. . . . . . . . .		7,110
282	American National Bankshares, Inc.		4,399
612	Ameris Bancorp . . . . . . . . . . . . . . . .		2,883
261	Ames National Corp. . . . . . . . . . . . .		4,460
243	Arrow Financial Corp. . . . . . . . . . . .		5,757
613	Atlantic Southern Financial
	Group, Inc.		3,004
1,107	Banco Latinoamericano de
	Exportaciones, S.A. . . . . . . . . . . . .		10,373

See notes to financial statements.

116

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Commercial Banks (Continued)
199	Bancorp Rhode Island, Inc. . . . . . . .	$	3,596
566	BancTrust Financial Group, Inc. . . .		3,583
1,349	Banner Corp. (b) . . . . . . . . . . . . . . .		3,926
1,587	Boston Private Financial
	Holdings, Inc. . . . . . . . . . . . . . . . .		5,570
1,262	Cadence Financial Corp. . . . . . . . . .		5,578
681	Capital City Bank Group, Inc. (b) . .		7,804
1,324	Capitol Bancorp Ltd. . . . . . . . . . . . .		5,495
1,121	Cascade Bancorp (b) . . . . . . . . . . . .		1,827
742	Center Bancorp, Inc. . . . . . . . . . . . .		5,357
2,677	Central Pacific Financial Corp. . . . .		14,991
741	Chemical Financial Corp. . . . . . . . .		15,420
758	Columbia Banking System, Inc. . . .		4,851
620	Community Bank System, Inc. . . . .		10,385
436	Community Trust Bancorp, Inc. . . .		11,663
2,172	East West Bancorp, Inc. . . . . . . . . . .		9,926
550	Eastern Virginia Bankshares, Inc. . .		4,614
2,629	F.N.B. Corp.		20,164
232	Farmers Capital Bank Corp. . . . . . .		3,635
665	Financial Institutions, Inc. . . . . . . . .		5,067
462	First Bancorp . . . . . . . . . . . . . . . . . .		5,530
617	First Citizens Banc Corp. . . . . . . . .		4,631
2,314	First Commonwealth Financial Corp.		20,525
289	First Community Bancshares, Inc. .		3,373
2,464	First Financial Bancorp . . . . . . . . . .		23,482
971	First M & F Corp. . . . . . . . . . . . . . .		5,943
1,027	First Merchants Corp. . . . . . . . . . . .		11,081
7,685	First State Bancorp. . . . . . . . . . . . . .		10,836
387	First United Corp. . . . . . . . . . . . . . .		3,243
5,471	Frontier Financial Corp. (b) . . . . . . .		6,018
503	German American Bancorp . . . . . . .		6,011
604	Great Southern Bancorp, Inc. (b) . .		8,462
1,088	Greene County Bancshares,
	Inc. (b) . . .		9,574
4,358	Guaranty Bancorp (a)(b) . . . . . . . . .		7,626
3,793	Hanmi Financial Corp. . . . . . . . . . .		4,931
693	Harleysville National Corp. . . . . . . .		4,200
284	Hawthorn Bancshares, Inc. . . . . . . .		3,223
425	Heartland Financial USA, Inc. . . . .		5,754
4,155	Independent Bank Corporation . . . .		9,723
4,081	Integra Bank Corp. . . . . . . . . . . . . .		7,713
4,509	Irwin Financial Corp. (a) . . . . . . . . .		8,793
1,042	Lakeland Bancorp, Inc. . . . . . . . . . .		8,367

Number of
Shares		Value
	Commercial Banks (Continued)
1,319	Macatawa Bank Corp. . . . . . . . . . . .	$	4,880
463	MainSource Financial Group, Inc. .		3,723
1,618	MB Financial Corp. . . . . . . . . . . . . .		22,005
1,901	MBT Financial Corp. . . . . . . . . . . .		3,517
1,460	Mercantile Bank Corp. . . . . . . . . . .		7,840
4,504	Midwest Banc Holdings, Inc. (b) . .		4,549
1,257	Nara Bancorp, Inc. . . . . . . . . . . . . . .		3,696
239	National Bankshares, Inc. . . . . . . . .		4,510
558	NBT Bancorp, Inc. . . . . . . . . . . . . .		12,075
1,614	Newbridge Bancorp . . . . . . . . . . . . .		3,406
338	Old Point Financial Corp. . . . . . . . .		6,368
1,132	Old Second Bancorp, Inc. (b) . . . . .		7,188
816	Oriental Financial Group (b) . . . . . .		3,982
1,749	Pacific Capital Bancorp . . . . . . . . . .		11,841
395	Peoples Bancorp Inc. . . . . . . . . . . . .		5,127
500	Porter Bancorp, Inc. . . . . . . . . . . . . .		5,700
1,535	Preferred Bank Los Angeles . . . . . .		8,043
2,417	Provident Bankshares Corp. . . . . . .		17,040
747	Renasant Corp. . . . . . . . . . . . . . . . .		9,382
1,018	Royal Bancshares of Pennsylvania .		2,138
898	Sandy Spring Bancorp, Inc. . . . . . . .		10,022
1,661	Santander BanCorp (b) . . . . . . . . . .		13,089
1,239	Seacoast Banking Corp of
	Florida (b)		3,754
3,774	Security Bank Corp. . . . . . . . . . . . .		1,472
2,653	Security National Financial
	Corp. (a) . .		4,245
628	Southwest Bancorp, Inc. . . . . . . . . .		5,891
1,003	Sterling Bancorp . . . . . . . . . . . . . . .		9,930
2,450	Sun Bancorp, Inc. (a) . . . . . . . . . . . .		12,716
1,081	Taylor Capital Group, Inc. . . . . . . . .		4,810
286	TriCo Bancshares . . . . . . . . . . . . . .		4,788
4,570	UCBH Holdings, Inc. (b) . . . . . . . .		6,901
2,057	Umpqua Holdings Corp. (b) . . . . . .		18,636
540	Union Bankshares Corp. . . . . . . . . .		7,479
359	Union Bankshares, Inc. . . . . . . . . . .		6,417
1,591	United Community Banks, Inc. (b) .		6,619
392	Univest Corporation of
	Pennsylvania . . . . . . . . . . . . . . . . .		6,860
571	Washington Trust Bancorp, Inc. . . .		9,279
1,086	WesBanco, Inc. . . . . . . . . . . . . . . . .		24,793
563	West Bancorporation, Inc. (b) . . . . .		4,194
1,295	West Coast Bancorp . . . . . . . . . . . .		2,875
2,012	Western Alliance Bancorp (a)(b) . . .		9,175

See notes to financial statements.

117

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Commercial Banks (Continued)
722	Wilshire Bancorp, Inc. . . . . . . . . . . .	$	3,726
1,447	Wintrust Financial Corp. . . . . . . . . .		17,798
			702,956
	Commercial Services & Supplies - 4.18%
128	AMREP Corp. (a) . . . . . . . . . . . . . .		2,010
508	Barrett Business Services, Inc. . . . .		4,887
1,672	Bowne & Co, Inc. . . . . . . . . . . . . . .		5,367
2,928	Casella Waste Systems, Inc. (a) . . . .		5,007
2,623	Cenveo, Inc. (a) . . . . . . . . . . . . . . . .		8,525
1,860	Comfort Systems USA, Inc. . . . . . .		19,288
1,181	CompX International, Inc. . . . . . . . .		6,708
4,344	COMSYS IT Partners, Inc. (a) . . . .		9,600
743	Consolidated Graphics, Inc. (a) . . . .		9,451
1,065	CPI Corp. . .		7,870
1,473	Diamond Mgt. & Technology
	Consultants, Inc. . . . . . . . . . . . . . .		3,756
726	Ennis, Inc. .		6,432
1,658	Franklin Covey Co. (a) . . . . . . . . . .		7,279
765	G&K Services, Inc. . . . . . . . . . . . . .		14,466
5,545	Hudson Highland Group, Inc. (a) . .		6,155
197	ICF International, Inc. (a) . . . . . . . .		4,525
2,457	ICT Group, Inc. (a) . . . . . . . . . . . . .		13,685
639	Jackson Hewitt Tax Service, Inc. . . .		3,336
1,720	Kforce, Inc. (a) . . . . . . . . . . . . . . . .		12,092
2,308	Knoll, Inc. .		14,148
2,336	LECG Corp. (a) . . . . . . . . . . . . . . . .		5,933
1,029	Mac-Gray Corp. (a) . . . . . . . . . . . . .		5,382
1,240	Nashua Corp. (a) . . . . . . . . . . . . . . .		1,240
1,757	Protection One, Inc. (a)(b) . . . . . . . .		5,605
3,010	RCM Technologies, Inc. (a) . . . . . .		3,100
948	Schawk, Inc. . . . . . . . . . . . . . . . . . .		5,726
620	School Specialty, Inc. (a) . . . . . . . . .		10,906
11,072	Spherion Corp. (a) . . . . . . . . . . . . . .		23,030
2,333	The Standard Register Co. . . . . . . . .		10,685
1,131	Waste Services, Inc. (a) . . . . . . . . . .		4,841
2,092	WCA Waste Corp. (a) . . . . . . . . . . .		3,452
			244,487
	Communications Equipment - 1.46%
1,330	Audiovox Corp. (a) . . . . . . . . . . . . .		4,562
398	Bel Fuse, Inc. . . . . . . . . . . . . . . . . . .		5,349
1,075	Belden, Inc.		13,448
618	Black Box Corp. . . . . . . . . . . . . . . .		14,591
1,032	Cogo Group, Inc. (a) . . . . . . . . . . . .		6,894

Number of
Shares			Value
	Communications Equipment (Continued)
736	Harris Stratex Networks, Inc. (a) . . .	$	2,834
1,105	Loral Space & Communications
	Ltd. (a) . . .		23,603
845	Netgear, Inc. (a)(b) . . . . . . . . . . . . .		10,182
1,176	Symmetricom, Inc. (a) . . . . . . . . . . .		4,116
			85,579
	Computers & Peripherals - 1.18%
2,108	Avid Technology, Inc. (a) . . . . . . . .		19,267
1,028	Electronics For Imaging, Inc. (a) . . .		10,074
3,998	Hutchinson Technology, Inc. (a)(b) .		10,395
2,353	Imation Corp. . . . . . . . . . . . . . . . . . .		18,001
16,482	Quantum Corp. (a) . . . . . . . . . . . . . .		11,043
			68,780
	Construction & Engineering - 0.73%
3,338	Dycom Industries, Inc. (a) . . . . . . . .		19,327
739	Insituform Technologies, Inc. (a) . .		11,558
447	Michael Baker Corp. (a) . . . . . . . . .		11,622
			42,507
	Construction Materials - 0.43%
755	Eagle Materials, Inc. (b) . . . . . . . . .		18,309
3,453	U.S. Concrete, Inc. (a) . . . . . . . . . . .		6,906
			25,215
	Consumer Finance - 0.42%
7,238	Advance America, Cash Advance
	Centers, Inc. . . . . . . . . . . . . . . . . . .		12,232
10,680	Advanta Corp. . . . . . . . . . . . . . . . . .		7,049
615	Nelnet, Inc. (a) . . . . . . . . . . . . . . . . .		5,437
			24,718
	Containers & Packaging - 1.13%
679	AEP Industries, Inc. (a) . . . . . . . . . .		10,368
2,580	Bway Holding Company (a) . . . . . .		20,356
23,807	Caraustar Industries, Inc. (a) . . . . . .		3,333
2,061	Myers Industries, Inc. . . . . . . . . . . .		12,655
725	Rock-Tenn Co. . . . . . . . . . . . . . . . . .		19,611
			66,323
	Distributors - 0.23%
1,370	Prestige Brands Holdings, Inc. (a) . .		7,096
35,836	Source Interlink Companies,
	Inc. (a)(b) .		6,630
			13,726

See notes to financial statements.

118

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Diversified Consumer Services - 0.46%
1,624	Carriage Services, Inc. (a) . . . . . . . .	$	2,484
3,125	Chinacast Education Corp. (a) . . . . .		10,625
4,278	Stewart Enterprises, Inc. . . . . . . . . .		13,861
			26,970
	Diversified Financial Services - 0.50%
1,110	Asset Acceptance Capital
	Corp. (a)(b) . . . . . . . . . . . . . . . . . .		5,894
926	Compass Diversified Holdings . . . .		8,260
11,682	The First Marblehead Corp. (a) . . . .		15,070
			29,224
	Diversified Telecommunication Services - 1.26%
2,087	Alaska Communications Systems
	Group, Inc. (b) . . . . . . . . . . . . . . . .		13,983
2,777	Arbinet-thexchange, Inc. (a) . . . . . .		4,415
870	Consolidated Communications
	Holdings, Inc. . . . . . . . . . . . . . . . .		8,926
940	D&E Communications, Inc. . . . . . .		5,048
1,825	Fairpoint Communications, Inc. (b)		1,423
1,699	General Communication (a) . . . . . .		11,349
9,472	IDT Corp. (a) . . . . . . . . . . . . . . . . . .		10,988
1,072	Iowa Telecommunications
	Services, Inc. . . . . . . . . . . . . . . . . .		12,285
672	SureWest Communications . . . . . . .		5,242
			73,659
	Electric Utilities - 2.42%
333	Central Vermont Public
	Service Corp. . . . . . . . . . . . . . . . . .		5,761
441	CH Energy Group, Inc. . . . . . . . . . .		20,683
3,295	El Paso Electric Co. (a) . . . . . . . . . .		46,426
1,059	The Empire District Electric Co. . . .		15,292
340	MGE Energy, Inc. . . . . . . . . . . . . . .		10,666
1,472	UIL Holdings Corp. . . . . . . . . . . . . .		32,855
472	Unitil Corp.		9,478
			141,161
	Electrical Equipment - 0.37%
1,607	Coleman Cable, Inc. (a) . . . . . . . . . .		3,423
572	Encore Wire Corp. (b) . . . . . . . . . . .		12,258
1,139	LSI Industries, Inc. . . . . . . . . . . . . .		5,889
			21,570

Number of
Shares			Value
	Electronic Equipment & Instruments - 2.26%
1,150	Agilysys, Inc. . . . . . . . . . . . . . . . . . .	$	4,945
1,177	Coherent, Inc. (a) . . . . . . . . . . . . . . .		20,303
1,032	CPI International, Inc. (a) . . . . . . . .		9,701
2,451	CTS Corp. .		8,848
3,991	Gerber Scientific, Inc. (a) . . . . . . . .		9,538
810	GTSI Corp. (a) . . . . . . . . . . . . . . . . .		3,127
1,591	LoJack Corp. (a) . . . . . . . . . . . . . . .		7,207
12,520	Merix Corp. (a) . . . . . . . . . . . . . . . .		3,506
2,914	Methode Electronics, Inc. . . . . . . . .		10,432
4,796	Nu Horizons Electronics Corp. (a) .		9,592
968	Park Electrochemical Corp. . . . . . . .		16,727
7,452	Smart Modular Technologies,
	Inc. (a) . . .		10,284
586	Spectrum Control, Inc. (a) . . . . . . . .		4,120
1,237	Tessco Technologies, Inc. (a) . . . . .		9,599
846	Zygo Corp. (a) . . . . . . . . . . . . . . . . .		3,883
			131,812
	Energy Equipment & Services - 0.13%
1,032	Bronco Drilling Co, Inc. (a) . . . . . .		5,428
967	Trico Marine Service, Inc. (a)(b) . . .		2,031
			7,459
	Food & Staples Retailing - 0.99%
729	Andersons, Inc. . . . . . . . . . . . . . . . .		10,308
1,050	Spartan Stores, Inc. (b) . . . . . . . . . .		16,180
807	Susser Holdings Corp. (a) . . . . . . . .		10,846
794	United Natural Foods, Inc. (a) . . . . .		15,062
174	Village Super Market, Inc. . . . . . . . .		5,424
			57,820
	Food Products - 1.47%
939	B&G Foods, Inc. . . . . . . . . . . . . . . .		4,883
330	Diamond Foods, Inc. . . . . . . . . . . . .		9,217
1,563	Imperial Sugar Co. . . . . . . . . . . . . .		11,238
400	Lancaster Colony Corp. . . . . . . . . . .		16,592
886	Lance, Inc. .		18,446
4,280	Reddy Ice Holdings, Inc. . . . . . . . . .		6,292
220	Sanderson Farms, Inc. . . . . . . . . . . .		8,261
261	TreeHouse Foods, Inc. (a) . . . . . . . .		7,514
623	Zapata Corp. (a) . . . . . . . . . . . . . . . .		3,557
			86,000

See notes to financial statements.

119

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Health Care Equipment & Supplies - 0.86%
7,825	Candela Corp. (a) . . . . . . . . . . . . . .	$	3,286
590	The Cooper Companies, Inc. . . . . . .		15,600
2,294	HealthTronics, Inc. (a) . . . . . . . . . . .		3,120
985	Invacare Corp. . . . . . . . . . . . . . . . . .		15,790
1,150	National Dentex Corp. (a) . . . . . . . .		4,473
437	Orthofix International NV (a) . . . . .		8,093
			50,362
	Health Care Providers & Services - 2.50%
1,211	Alliance Healthcare Services,
	Inc. (a) . . .		8,235
708	America Service Group, Inc. (a) . . .		9,204
7,651	BioScrip, Inc. (a) . . . . . . . . . . . . . . .		17,903
2,393	Cross Country Healthcare, Inc. (a) .		15,674
439	The Ensign Group, Inc. . . . . . . . . . .		6,787
6,359	Five Star Quality Care, Inc. (a) . . . .		6,614
741	Hanger Orthopedic Group, Inc. (a) .		9,818
1,471	HealthSpring, Inc. (a) . . . . . . . . . . .		12,312
1,371	LCA-Vision, Inc. (b) . . . . . . . . . . . .		3,990
1,719	MedCath Corp. (a) . . . . . . . . . . . . . .		12,497
726	Odyssey HealthCare, Inc. (a) . . . . . .		7,042
1,224	PDI, Inc. (a)		3,721
680	RehabCare Group, Inc. (a) . . . . . . .		11,859
544	Res-Care, Inc. (a) . . . . . . . . . . . . . . .		7,921
3,428	Rural/Metro Corp. (a) . . . . . . . . . . .		2,948
1,173	Skilled Healthcare Group, Inc. (a) . .		9,630
			146,155
	Hotels, Restaurants & Leisure - 6.50%
4,091	AFC Enterprises (a) . . . . . . . . . . . . .		18,450
991	Ameristar Casinos, Inc. . . . . . . . . . .		12,467
4,280	Bluegreen Corp. (a) . . . . . . . . . . . . .		7,447
1,057	Bob Evans Farms, Inc. . . . . . . . . . . .		23,698
926	California Pizza Kitchen, Inc. (a) . .		12,112
6,675	Callaway Golf Co. . . . . . . . . . . . . . .		47,927
572	CEC Entertainment, Inc. (a) . . . . . .		14,803
198	Churchill Downs, Inc. . . . . . . . . . . .		5,952
2,334	CKE Restaurants, Inc. . . . . . . . . . . .		19,606
11,189	Denny’s Corp. (a) . . . . . . . . . . . . . .		18,686
633	DineEquity, Inc. . . . . . . . . . . . . . . . .		7,507
257	Frisch’s Restaurants, Inc. . . . . . . . . .		5,204
8,716	Interstate Hotels & Resorts, Inc. (a)		3,486
2,525	Isle of Capri Casinos, Inc. (a) . . . . .		13,357
878	Landry’s Restaurants, Inc. . . . . . . . .		4,583

Number of
Shares			Value
	Hotels, Restaurants & Leisure (Continued)
1,950	Lodgian, Inc. (a) . . . . . . . . . . . . . . .	$	4,095
2,466	Luby’s, Inc. (a) . . . . . . . . . . . . . . . .		12,108
351	Marcus Corp. . . . . . . . . . . . . . . . . . .		2,984
1,348	McCormick & Schmick’s Seafood
	Restaurants, Inc. (a) . . . . . . . . . . . .		5,284
1,831	Morton’s Restaurant Group, Inc. (a)		4,889
4,516	O’Charleys, Inc. . . . . . . . . . . . . . . . .		13,593
1,612	Pinnacle Entertainment, Inc. (a) . . .		11,349
2,160	RC2 Corp. (a) . . . . . . . . . . . . . . . . .		11,383
2,491	Red Lion Hotels Corp. (a) . . . . . . . .		7,299
725	Red Robin Gourmet Burgers,
	Inc. (a) . . .		12,782
10,597	Ruby Tuesday, Inc. (a) . . . . . . . . . . .		30,943
1,552	Speedway Motorsports, Inc. . . . . . .		18,345
1,995	The Steak n Shake Co. (a)(b) . . . . .		15,102
3,797	Town Sports International
	Holdings, Inc. (a)(b) . . . . . . . . . . .		11,353
35,901	Trump Entertainment Resorts,
	Inc. (a)(b) .		2,872
			379,666
	Household Durables - 2.98%
480	Avatar Holdings, Inc. (a) . . . . . . . . .		7,190
797	Blyth, Inc. .		20,826
18,444	Champion Enterprises, Inc. (a) . . . .		8,853
623	CSS Industries, Inc. . . . . . . . . . . . . .		10,591
3,409	Dixie Group, Inc. (a) . . . . . . . . . . . .		3,750
638	Helen of Troy Ltd. (a) . . . . . . . . . . .		8,772
9,315	La-Z-Boy, Inc. . . . . . . . . . . . . . . . . .		11,644
4,752	Libbey, Inc.		4,372
2,255	M/I Homes, Inc. . . . . . . . . . . . . . . . .		15,762
122	National Presto Industries, Inc. . . . .		7,443
4,463	Orleans Homebuilders, Inc. (b) . . . .		10,667
1,398	Palm Harbor Homes, Inc. (a) . . . . . .		3,118
2,076	Russ Berrie & Company, Inc. (a) . .		2,740
7,520	Sealy Corp. (a) . . . . . . . . . . . . . . . . .		11,205
564	Skyline Corp. . . . . . . . . . . . . . . . . . .		10,722
1,845	Stanley Furniture Co, Inc. . . . . . . . .		13,874
3,070	Tempur-Pedic International, Inc. . . .		22,411
			173,940
	Household Products - 0.37%
2,153	Central Garden & Pet Co. (a) . . . . .		16,191
383	Oil-Dri Corporation of America . . .		5,649
			21,840

See notes to financial statements.

120

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares		Value
	COMMON STOCKS (Continued)
	Industrial Conglomerates - 0.40%
1,182	Standex International Corp. . . . . . . .	$ 10,875
758	Tredegar Corp. . . . . . . . . . . . . . . . . .	12,378
		23,253
	Insurance - 3.77%
2,352	Affirmative Insurance Holdings, Inc.	7,479
3,196	American Equity Investment Life
	Holding Co. . . . . . . . . . . . . . . . . . .	13,295
946	Baldwin & Lyons, Inc. . . . . . . . . . .	17,898
973	Crawford & Co. (a) . . . . . . . . . . . . .	6,539
909	Donegal Group, Inc. (b) . . . . . . . . . .	13,971
702	EMC Insurance Group, Inc. . . . . . .	14,791
4,352	First Acceptance Corp. (a) . . . . . . . .	10,532
584	First Mercury Financial Corp. (a) . .	8,433
1,137	Flagstone Reinsurance Holdings Ltd.	8,857
205	FPIC Insurance Group, Inc. (a) . . . .	7,591
977	Hallmark Financial Services,
	Inc. (a) . . .	6,771
2,789	Horace Mann Educators Corp. . . . .	23,344
1,927	Independence Holding Co. (b) . . . .	9,654
1,845	Meadowbrook Insurance
	Group, Inc.	11,255
505	NYMAGIC, Inc. (b) . . . . . . . . . . . .	6,161
3,115	PMA Capital Corp. (a) . . . . . . . . . .	12,990
2,075	Presidential Life Corp. . . . . . . . . . .	16,164
896	Seabright Insurance Holdings,
	Inc. (a) . . .	9,372
3,789	United America Indemnity,
	Ltd. (a) . . .	15,232
		220,329
	Internet & Catalog Retail - 0.93%
2,846	1-800-FLOWERS.COM, Inc. (a) . .	5,891
1,471	Alloy, Inc. (a) . . . . . . . . . . . . . . . . . .	6,178
5,139	Orbitz Worldwide, Inc. (a) . . . . . . . .	6,629
2,664	PC Mall, Inc. (a) . . . . . . . . . . . . . . .	12,095
33,844	ValueVision Media, Inc. (a) . . . . . . .	23,353
		54,146
	Internet Software & Services - 0.46%
5,024	iBasis, Inc. (a) . . . . . . . . . . . . . . . . .	3,366
1,102	InfoSpace, Inc. (a) . . . . . . . . . . . . . .	5,730
3,963	United Online, Inc. . . . . . . . . . . . . .	17,675
		26,771

Number of
Shares			Value
	IT Services - 3.11%
1,952	Acxiom Corp. . . . . . . . . . . . . . . . . .	$	14,445
7,756	Analysts International Corp. (a) . . .		3,490
3,164	CIBER, Inc. (a) . . . . . . . . . . . . . . . .		8,638
3,004	Computer Task Group, Inc. (a) . . . .		10,364
1,952	Gevity HR, Inc. . . . . . . . . . . . . . . . .		7,710
2,182	infoGROUP, Inc. (a) . . . . . . . . . . . .		9,077
5,777	Lionbridge Technologies (a) . . . . . .		5,661
7,645	ModusLink Global Solutions,
	Inc. (a) . . .		19,801
2,521	Ness Technologies, Inc. (a) . . . . . . .		7,437
720	StarTek, Inc. (a) . . . . . . . . . . . . . . . .		2,232
5,087	Wright Express Corp. (a) . . . . . . . . .		92,685
			181,540
	Leisure Equipment & Products - 0.75%
1,095	Arctic Cat, Inc. . . . . . . . . . . . . . . . .		4,194
1,421	Jakks Pacific, Inc. (a) . . . . . . . . . . . .		17,549
4,667	MarineMax, Inc. (a) . . . . . . . . . . . . .		9,147
2,236	Nautilus Group, Inc. (a) . . . . . . . . . .		1,409
564	Steinway Musical Instruments (a) . .		6,751
396	Sturm, Ruger & Company, Inc. (a) .		4,883
			43,933
	Machinery - 3.04%
367	Alamo Group, Inc. . . . . . . . . . . . . . .		3,912
1,694	Albany International Corp. . . . . . . .		15,331
317	Cascade Corp. . . . . . . . . . . . . . . . . .		5,589
965	Columbus McKinnon
	Corporation (a) . . . . . . . . . . . . . . .		8,415
6,119	Commercial Vehicle Group, Inc. (a)		3,365
1,008	EnPro Industries, Inc. (a) . . . . . . . . .		17,237
2,381	Federal Signal Corp. . . . . . . . . . . . .		12,548
582	Freightcar America, Inc. . . . . . . . . .		10,202
1,411	The Greenbrier Companies, Inc. . . .		5,164
1,023	Hardinge, Inc. . . . . . . . . . . . . . . . . .		2,854
722	Kadant, Inc. (a) . . . . . . . . . . . . . . . .		8,317
1,110	Lydall, Inc. (a) . . . . . . . . . . . . . . . . .		3,297
1,263	Miller Industries, Inc. (a) . . . . . . . . .		8,210
3,749	Tecumseh Products Co. (a) . . . . . . .		16,945
933	Tennant Co.		8,742
1,297	Thermadyne Holdings Corp. (a) . . .		2,750
17,269	Trimas Corp. (a) . . . . . . . . . . . . . . .		30,221
4,207	Wabash National Corp. . . . . . . . . . .		5,175
14,033	Xerium Technologies, Inc. (a) . . . . .		9,402
			177,676

See notes to financial statements.

121

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Marine - 0.27%
2,608	American Commercial Lines,
	Inc. (a)(b) .	$	8,267
2,484	Horizon Lines, Inc. . . . . . . . . . . . . .		7,527
			15,794
	Media - 4.67%
4,536	A. H. Belo Corp. . . . . . . . . . . . . . . .		4,445
1,332	Beasley Broadcasting Group, Inc. . .		2,810
3,715	Carmike Cinemas, Inc. . . . . . . . . . .		9,622
280	Courier Corp. . . . . . . . . . . . . . . . . . .		4,248
3,872	Cumulus Media, Inc. (a) . . . . . . . . .		3,911
26,484	Emmis Communications Corp. (a) .		10,329
7,929	Entercom Communications Corp. . .		8,722
10,483	Entravision Communications
	Corp. (a) . .		2,726
72,580	Gray Television, Inc. (b) . . . . . . . . .		23,226
19,534	Harris Interactive, Inc. (a) . . . . . . . .		4,883
2,979	Harte-Hanks, Inc. . . . . . . . . . . . . . .		15,938
8,938	Journal Communications, Inc. . . . . .		6,703
9,060	LIN TV Corp. (a) . . . . . . . . . . . . . . .		10,147
8,981	Media General, Inc. (b) . . . . . . . . . .		17,243
5,471	Mediacom Communications
	Corp. (a) . .		22,048
18,852	Navarre Corp. (a) . . . . . . . . . . . . . . .		8,483
7,859	Playboy Enterprises, Inc. (a) . . . . . .		15,482
18,168	PRIMEDIA Inc. . . . . . . . . . . . . . . . .		44,875
26,842	Radio One, Inc. (a) . . . . . . . . . . . . .		12,079
2,373	RCN Corp. (a) . . . . . . . . . . . . . . . . .		8,780
818	Saga Communications, Inc. (a) . . . .		3,076
8,762	Salem Communications Corp. (a) . .		4,907
7,191	Sinclair Broadcast Group, Inc. . . . .		7,407
69,677	Spanish Broadcasting System (a) . .		10,452
6,741	Valassis Communications, Inc. (a) .		10,583
			273,125
	Metals & Mining - 1.09%
919	AM Castle & Co. . . . . . . . . . . . . . . .		8,198
871	Brush Engineered Materials, Inc. (a)		12,081
14,931	Coeur d’Alene Mines Corp. (a) . . . .		14,035
1,210	Gibraltar Industries, Inc. . . . . . . . . .		5,711
1,928	Horsehead Holding Corp. (a) . . . . .		10,604
416	Kaiser Aluminum Corp. . . . . . . . . .		9,618
2,635	NN, Inc. . . .		3,320
			63,567

Number of
Shares		Value
	Multiline Retail - 1.15%
923	99 Cents Only Stores (a) . . . . . . . . .	$	8,528
10,987	The Bon-Ton Stores, Inc. (b) . . . . . .		19,227
1,173	Conn’s, Inc. (a)(b) . . . . . . . . . . . . . .		16,469
1,202	Fred’s, Inc. .		13,559
7,426	Tuesday Morning Corp. (a) . . . . . . .		9,431
			67,214
	Oil & Gas - 1.04%
1,402	Adams Resources & Energy, Inc. . .		19,642
15,271	Aventine Renewable Energy (a) . . .		1,298
2,399	Callon Petroleum Co. (a) . . . . . . . . .		2,615
221	Chesapeake Utilities Corp. . . . . . . .		6,736
15,370	Edge Petroleum Corp. (a) . . . . . . . .		2,986
6,048	Energy Partners Ltd. (a) . . . . . . . . .		544
13,242	Energy XXI (Bermuda) Ltd. . . . . . .		4,966
1,481	Harvest Natural Resources, Inc. (a) .		5,021
969	Knightsbridge Tankers Ltd. . . . . . . .		14,099
14,840	Meridian Resource Corp. (a) . . . . . .		3,116
			61,023
	Paper & Forest Products - 0.64%
3,269	Buckeye Technologies, Inc. (a) . . . .		6,963
2,897	Mercer International, Inc. (a) . . . . .		1,912
1,025	Neenah Paper, Inc. . . . . . . . . . . . . . .		3,721
716	Schweitzer-Mauduit
	International, Inc. . . . . . . . . . . . . .		13,217
2,243	Wausau Paper Corp. . . . . . . . . . . . .		11,798
			37,611
	Personal Products - 0.44%
1,421	Elizabeth Arden, Inc. (a) . . . . . . . . .		8,285
2,776	Mannatech, Inc. (b) . . . . . . . . . . . . .		9,244
1,780	Schiff Nutrition International,
	Inc. (a) . . .		8,010
			25,539
	Pharmaceuticals - 0.16%
971	Par Pharmaceutical Cos., Inc. (a) . .		9,195
	Real Estate - 0.38%
1,225	Hilltop Holdings, Inc. (a) . . . . . . . .		13,965
312	United Capital Corp. (a) . . . . . . . . .		5,382
1,369	U-Store-It Trust . . . . . . . . . . . . . . . .		2,765
			22,112
	Road & Rail - 1.11%
571	Celadon Group, Inc. (a) . . . . . . . . . .		3,169
2,070	Covenant Transport, Inc. (a) . . . . . .		4,057

See notes to financial statements.

122

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Road & Rail (Continued)
924	Marten Transport Ltd. (a) . . . . . . . .	$	17,260
2,484	PAM Transportation Services (a) . .		13,637
2,326	Quality Distribution, Inc. (a) . . . . . .		4,606
1,364	Saia, Inc. (a)		16,300
473	USA Truck, Inc. (a) . . . . . . . . . . . . .		6,116
			65,145
	Semiconductor & Semiconductor
	Equipment - 1.74%
3,975	Brooks Automation, Inc. (a) . . . . . .		18,325
11,106	Entegris, Inc. (a) . . . . . . . . . . . . . . .		9,551
6,888	Mattson Technology, Inc. (a) . . . . . .		5,793
2,243	Omnivision Technologies, Inc. (a) .		15,073
5,410	Photronics, Inc. (a)(b) . . . . . . . . . . .		5,193
7,514	RF Micro Devices, Inc. (a) . . . . . . .		9,994
5,511	Silicon Storage Technology,
	Inc. (a) . . .		9,093
3,149	SiRF Technology Holdings,
	Inc. (a) . . .		7,243
3,443	Ultra Clean Holdings, Inc. (a) . . . . .		3,684
1,821	White Electronic Designs Corp. (a)		7,302
1,154	Zoran Corp. (a) . . . . . . . . . . . . . . . .		10,155
			101,406
	Software - 0.41%
1,255	American Software, Inc. . . . . . . . . .		6,614
1,228	Fair Isaac Corp. . . . . . . . . . . . . . . . .		17,278
			23,892
	Specialty Retail - 6.30%
7,687	AC Moore Arts & Crafts, Inc. (a) . .		14,528
2,124	Big 5 Sporting Goods Corp. . . . . . .		12,468
2,339	Books-A-Million, Inc. . . . . . . . . . . .		10,759
2,695	Build-A-Bear Workshop, Inc. (a) . .		16,359
2,690	Cache, Inc. (a) . . . . . . . . . . . . . . . . .		7,747
10,060	Casual Male Retail Group, Inc. (a) .		4,929
1,312	Charlotte Russe Holding, Inc. (a) . .		10,693
2,897	Christopher & Banks Corp. . . . . . . .		11,849
9,621	Cost Plus, Inc. (a)(b) . . . . . . . . . . . .		9,140
2,525	Destination Maternity Corp. (a) . . .		15,933
15,063	Eddie Bauer Holdings, Inc. (a)(b) . .		6,477
943	Genesco, Inc. (a) . . . . . . . . . . . . . . .		17,757
8,020	Hastings Entertainment, Inc. (a) . . .		20,210
1,318	Haverty Furniture Cos., Inc. . . . . . .		13,879

Number of
Shares			Value
	Specialty Retail (Continued)
1,194	hhgregg, Inc. (a) . . . . . . . . . . . . . . .	$	16,895
1,033	Hot Topic, Inc. (a) . . . . . . . . . . . . . .		11,559
6,078	Lithia Motors, Inc. . . . . . . . . . . . . . .		13,675
6,143	New York & Co, Inc. (a) . . . . . . . . .		21,808
844	Perfumania Holdings, Inc. (a) . . . . .		1,756
28,291	Pier 1 Imports, Inc. (a) . . . . . . . . . . .		15,843
1,350	Rex Stores Corp. (a) . . . . . . . . . . . .		14,472
40,479	Select Comfort Corp. (a) . . . . . . . . .		29,145
1,758	Shoe Carnival, Inc. (a) . . . . . . . . . . .		18,195
12,050	Sport Chalet, Inc. (a) . . . . . . . . . . . .		2,290
2,240	Stage Stores, Inc. . . . . . . . . . . . . . . .		22,579
1,291	Syms Corp. (a) . . . . . . . . . . . . . . . . .		7,901
4,157	Trans World Entertainment (a) . . . .		2,536
3,175	West Marine, Inc. (a) . . . . . . . . . . . .		16,986
			368,368
	Textiles, Apparel & Luxury Goods - 1.18%
831	G-III Apparel Group, Ltd. (a) . . . . .		4,587
2,690	Heelys, Inc. (a) . . . . . . . . . . . . . . . .		4,600
1,429	Kenneth Cole Productions, Inc. . . . .		9,131
1,564	K-Swiss, Inc. . . . . . . . . . . . . . . . . . .		13,357
1,817	Movado Group, Inc. . . . . . . . . . . . . .		13,700
810	Oxford Industries, Inc. . . . . . . . . . . .		4,998
2,611	Perry Ellis International, Inc. (a) . . .		9,034
387	Steven Madden Ltd. (a) . . . . . . . . . .		7,268
3,586	Unifi, Inc. (a) . . . . . . . . . . . . . . . . . .		2,295
			68,970
	Thrifts & Mortgage Finance - 2.76%
4,257	Anchor BanCorp Wisconsin, Inc. . .		5,747
1,489	Bank Mutual Corp. . . . . . . . . . . . . .		13,490
1,938	BankAtlantic Bancorp, Inc. (b) . . . .		3,895
16,115	BankUnited Financial Corp. (b) . . .		3,707
175	Berkshire Hills Bancorp, Inc. . . . . .		4,011
1,790	Brookline Bancorp, Inc. . . . . . . . . .		17,005
2,265	City Bank (b) . . . . . . . . . . . . . . . . . .		7,475
1,428	Doral Financial Corp. (a) . . . . . . . . .		2,570
1,380	First Busey Corp. . . . . . . . . . . . . . . .		10,709
906	First Defiance Financial Corp. . . . .		5,472
391	First Financial Holdings, Inc. . . . . .		2,991
636	First Financial Northwest, Inc. . . . .		5,304
3,030	First Place Financial Corp. . . . . . . .		10,181
2,880	FirstFed Financial Corp. (a)(b) . . . .		1,037
286	NASB Financial, Inc. . . . . . . . . . . .		7,124
511	OceanFirst Financial Corp. . . . . . . .		5,223

See notes to financial statements.

123

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	COMMON STOCKS (Continued)
	Thrifts & Mortgage Finance (Continued)
851	Ocwen Financial Corp. (a) . . . . . . .	$	9,727
4,556	Sterling Financial Corp. (b) . . . . . . .		9,431
2,066	TierOne Corp. . . . . . . . . . . . . . . . . .		4,421
3,534	TrustCo Bank Corp. . . . . . . . . . . . . .		21,275
6,496	United Community Financial Corp.		7,860
109	WSFS Financial Corp. . . . . . . . . . . .		2,437
			161,092
	Tobacco - 0.21%
3,131	Alliance One International, Inc. (a) .		12,023
	Trading Companies & Distributors - 1.02%
1,130	Aceto Corp.		6,735
1,249	Beacon Roofing Supply, Inc. (a) . . .		16,724
1,776	H&E Equipment Services, Inc. (a) .		11,633
881	Interline Brands, Inc. (a) . . . . . . . . .		7,427
421	Lawson Products . . . . . . . . . . . . . . .		5,123
1,666	TAL International Group, Inc. . . . . .		12,195
			59,837
	Water Utilities - 0.27%
500	Middlesex Water Co. . . . . . . . . . . . .		7,200
1,957	Southwest Water Co. . . . . . . . . . . . .		8,415
			15,615
	Total Common Stocks
	(Cost $8,072,307) . . . . . . . . . . . . .		5,349,511
	MANAGEMENT INVESTMENT
	COMPANIES - 0.28%
	Capital Markets - 0.28%
1,308	Ares Capital Corp. . . . . . . . . . . . . . .		6,331
1,474	Blackrock Kelso Capital Corp. . . . .		6,176
48	Capital Southwest Corp. (b) . . . . . .		3,667
			16,174
	Total Management Investment
	Companies (Cost $31,851) . . . . .		16,174
	RIGHTS - 0.00%
	Commercial Banks - 0.00%
503	German American Bancorp Inc. (c)		0
	Insurance - 0.00%
3,789	United Americal Indemnity Ltd. (c)		0
	Total Rights (Cost $6,277) . . . . . . .		0

Number of
Shares			Value
	REAL ESTATE INVESTMENT
	TRUSTS - 2.70%
	Real Estate Investment Trusts - 2.70%
532	Agree Realty Corp. . . . . . . . . . . . . .	$	8,347
4,322	Anthracite Capital, Inc. . . . . . . . . . .		1,469
1,325	Anworth Mortgage Asset Corp. . . . .		8,122
1,716	Arbor Realty Trust, Inc. (b) . . . . . . .		1,236
7,082	Ashford Hospitality Trust, Inc. . . . .		10,906
1,520	BRT Realty Trust . . . . . . . . . . . . . . .		5,396
1,418	Capital Trust, Inc. . . . . . . . . . . . . . .		1,560
3,218	Diamondrock Hospitality Co. . . . . .		12,904
4,918	FelCor Lodging Trust, Inc. . . . . . . .		6,688
716	First Potomac Realty Trust . . . . . . .		5,263
466	Getty Realty Corp. . . . . . . . . . . . . . .		8,551
3,477	Glimcher Realty Trust . . . . . . . . . . .		4,868
3,862	Gramercy Capital Corp. . . . . . . . . . .		3,746
571	Investors Real Estate Trust . . . . . . .		5,630
1,552	LaSalle Hotel Properties . . . . . . . . .		9,064
2,416	Maguire Properties, Inc. (a) . . . . . . .		1,740
869	Mission West Properties . . . . . . . . .		5,562
335	Parkway Properties, Inc. . . . . . . . . .		3,450
1,041	PMC Commercial Trust (b) . . . . . . .		5,778
982	Ramco-Gershenson Properties Trust		6,334
875	Sovran Self Storage, Inc. . . . . . . . . .		17,570
6,751	Strategic Hotels & Resorts, Inc. . . .		4,658
633	Sun Communities, Inc. . . . . . . . . . .		7,488
2,189	Sunstone Hotel Investors, Inc. . . . . .		5,757
417	Urstadt Biddle Properties, Inc. . . . .		5,596
			157,683
	Total Real Estate Investment Trusts
	(Cost $320,930) . . . . . . . . . . . . . . .		157,683
	SHORT TERM INVESTMENTS - 4.20%
	Money Market Fund - 4.20%
245,586	Federated Prime Obligations Fund .		245,586
	Total Short Term Investments
	(Cost $245,586) . . . . . . . . . . . . . . .		245,586

See notes to financial statements.

124

AssetMark Enhanced Fundamental Index™ Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2009

Number of
Shares			Value
	INVESTMENTS PURCHASED
	AS SECURITIES LENDING
	COLLATERAL - 8.11%
	Money Market Fund - 8.11%
473,981	Mount Vernon Prime Portfolio	$	473,981
	Total Money Market Funds
	(Cost $473,981) . . . . . . . . . . . . . . .		473,981
	Total Investments Purchased as
	Securities Lending Collateral
	(Cost $473,981) . . . . . . . . . . . . . . .		473,981
	Total Investments
	(Cost $9,150,932) - 106.83%		6,242,935
	Liabilities in Excess of
	Other Assets - (6.83)% . . . . . . . .		(398,977)
	TOTAL NET
	ASSETS - 100.00% . . . . . . . . . . .	$	5,843,958

Percentages are stated as a percent of net assets.
(a) Non-income producing.
(b) All or a portion of this security is on loan.
(c) As of March 31, 2009, the Adviser has fair valued this security.
The value of these securities were $0, which represent 0.00% of
total net assets.

See notes to financial statements.

125

AssetMark Enhanced Fundamental Index™ Small Company Value Fund SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2009

	Number of
	Contracts	Notional	Settlement	Unrealized
Description	Purchased	Value	Month	Appreciation
Russell 2000 Index Mini Futures	7	$290,360	Jun-09	$9,713

See notes to financial statements.

126

AssetMark Funds
STATEMENTS OF ASSETS & LIABILITIES
March 31, 2009
			Large Cap		Large Cap		Small/Mid Cap		Small/Mid Cap
			Growth Fund		Value Fund		Growth Fund		Value Fund
ASSETS:
	Investments, at value (cost $288,684,384,
	$264,395,869, $63,460,911 and
	$75,653,552, respectively)1	$	244,435,131	$	209,530,753	$	59,260,154	$	53,422,675
	Cash .		4,247		545,534		—		—
	Income receivable . . . . . . . . .		262,030		389,893		28,797		42,768
	Receivable for investment securities sold . . . . . . . . . .		585,603		663,998		1,003,631		169,365
	Receivable for fund shares sold . . . . . . . . . . . . . . . . . .		194,605		212,263		50,687		57,825
	Receivable from securities lending agent (See Note 6) .		5,334,860		—		3,468,429		2,452,785
	Other assets . . . . . . . . . . . . . .		14,298		17,068		39,527		20,471
	Total Assets . . . . . . . . . . . .		250,830,774		211,359,509		63,851,225		56,165,889
LIABILITIES:
	Payable for collateral on securities loaned . . . . . . . . .		46,143,338		28,983,482		16,172,514		10,750,409
	Payable to securities lending agent (See Note 6) . . . .		—		1,517,407		—		—
	Payable for investment securities purchased . . . . . . . .		460,933		—		889,942		51,077
	Payable for fund shares redeemed . . . . . . . . . . . . . . . .		465,533		381,680		90,182		88,852
	Payable to Investment Advisor . . . . . . . . . . . . . . . . . .		144,518		140,401		36,022		35,614
	Payable to Custodian . . . . . . .		9,969		8,593		6,132		3,873
	Other accrued expenses . . . . .		127,264		146,582		58,877		56,410
	Total Liabilities . . . . . . . . .		47,351,555		31,178,145		17,253,669		10,986,235
NET ASSETS . . . . . . . . . . . . . .		$	203,479,219	$	180,181,364	$	46,597,556	$	45,179,654

NET ASSETS CONSIST OF:
	Capital stock . . . . . . . . . . . . .		366,682,170		443,241,033		86,619,309		100,861,844
	Unrealized depreciation on investments . . . . . . . . . . .		(44,249,253)		(54,865,116)		(4,200,757)		(22,230,877)
	Accumulated undistributed net investment
	income . . . . . . . . . . . . . . . .		5,185		1,019,418		46,395		124,833
	Accumulated undistributed net realized (loss) . . . . . .		(118,958,883)		(209,213,971)		(35,867,391)		(33,576,146)
	Total Net Assets . . . . . . . . .	$	203,479,219	$	180,181,364	$	46,597,556	$	45,179,654

	Shares outstanding (unlimited shares of no par
	value authorized) . . . . . . . .		35,879,073		37,115,279		9,509,134		7,933,952
	Net asset value, offering and redemption price
	per share . . . . . . . . . . . . . . .	$	5.67	$	4.85	$	4.90	$	5.69

1	Includes loaned securities with a value of: . . . . . . . . .	$	44,718,874	$	28,198,085	$	15,624,996	$	10,393,791

See notes to financial statements.

127

AssetMark Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2009
			International		Real Estate		Tax-Exempt		Core Plus
			Equity		Securities		Fixed Income		Fixed Income
			Fund		Fund		Fund		Fund
ASSETS:
	Investments, at value (cost $271,874,804, $68,722,114,
	$196,807,945 and $649,701,221, respectively)1 . . .	$	224,174,932	$	57,213,819	$	190,290,100	$	547,058,690
	Repurchase Agreements (cost $0, $0, $0 and
	$5,100,000, respectively) . .		—		—		—		5,100,000
	Appreciation of forward foreign currency contracts . .		—		—		—		6,230
	Variation margin on futures contracts . . . . . . . . . . . . .		—		—		—		222,844
	Foreign currencies (cost $383,286, $0, $0 and
	$0, respectively) . . . . . . . . .		381,227		—		—		—
	Foreign currencies due from brokers for futures
	(cost $0, $0, $0 and $1,383,390, respectively) . . . .		—		—		—		1,186,321
	Cash .		—		2,375		—		96,948
	Income receivable . . . . . . . . .		1,620,527		355,991		2,595,802		5,017,691
	Receivable for dividend reclaims . . . . . . . . . . . . . . . .		523,659		—		—		—
	Receivable for investment securities and foreign
	currencies sold . . . . . . . . . .		323,531		—		2,337,210		65,522,942
	Receivable for fund shares sold . . . . . . . . . . . . . . . . . .		241,043		83,365		202,160		593,078
	Deposits with brokers for futures and options . . . . . . .		—		—		—		880,312
	Receivable from securities lending agent (See Note 6)		—		5,523,767		—		—
	Other assets . . . . . . . . . . . . . .		10,573		22,062		13,031		35,057
	Total Assets . . . . . . . . . . . .		227,275,492		63,201,379		195,438,303		625,720,113
LIABILITIES:
	Options written at value (Premium received $0,
	$0, $0 and $182,450, respectively) . . . . . . . . . . . . .		—		—		—		89,234
	Forward sale commitments (cost $0, $0, $0 and
	$22,460,391, respectively) .		—		—		—		22,612,340
	Depreciation of forward foreign currency contracts . .		—		—		—		67,205
	Foreign currencies deliverable		161,524		—		—		89,335
	Payable for collateral on securities loaned . . . . . . . . .		—		16,792,890		—		5,485,106
	Payable to securities lending agent (See Note 6) . . . .		2,456,643		—		—		12,805,791
	Payable for investment securities purchased . . . . . . . .		325,657		—		1,045,001		78,444,618
	Payable for fund shares redeemed . . . . . . . . . . . . . . . .		556,115		102,574		527,044		879,192
	Payable to Investment Advisor . . . . . . . . . . . . . . . . . .		175,342		36,432		101,217		320,143
	Payable to Custodian . . . . . . .		90,770		6,495		5,466		23,165
	Other accrued expenses . . . . .		170,240		81,310		179,665		452,555
	Total Liabilities . . . . . . . . .		3,936,291		17,019,701		1,858,393		121,268,684
NET ASSETS . . . . . . . . . . . . . .		$	223,339,201	$	46,181,678	$	193,579,910	$	504,451,429
NET ASSETS CONSIST OF:
	Capital stock . . . . . . . . . . . . .		502,855,581		68,905,005		207,874,830		606,306,514
	Unrealized appreciation (depreciation) on:
	Investments . . . . . . . . . . . .		(47,699,872)		(11,508,295)		(6,517,845)		(102,642,531)
	Written options . . . . . . . . .		—		—		—		93,216
	Foreign currencies . . . . . . .		(37,260)		—		—		(182,452)
	Futures contracts . . . . . . . .		—		—		—		1,225,896
	Forward currency exchange contracts . . . . . . . . . . .		—		—		—		(60,976)
	Forward sale commitments		—		—		—		(151,949)
	Accumulated undistributed net investment income . . . . .		6,512,687		—		98,780		947,533
	Accumulated undistributed net realized (loss) . . . . . .		(238,291,935)		(11,215,032)		(7,875,855)		(1,083,822)
	Total Net Assets . . . . . . . . .	$	223,339,201	$	46,181,678	$	193,579,910	$	504,451,429
	Shares outstanding (unlimited shares
	of no par value authorized)		38,481,836		8,961,808		18,842,674		63,661,497
	Net asset value, offering and redemption
	price per share . . . . . . . . . .	$	5.80	$	5.15	$	10.27	$	7.92
1	Includes loaned securities with a value of: . . . . . . . . .	$	—	$	17,445,386	$	—	$	5,264,206

	See notes to financial statements.

See notes to financial statements.

128

AssetMark Funds
STATEMENTS OF ASSETS & LIABILITIES (Continued)
March 31, 2009
			Enhanced		Enhanced		Enhanced		Enhanced
			Fundamental		Fundamental		Fundamental		Fundamental
			IndexTM		IndexTM		IndexTM		IndexTM
			Large Company		Large Company		Small Company		Small Company
			Growth Fund		Value Fund		Growth Fund		Value Fund
ASSETS:
	Investments, at value (cost $68,271,930,
	$60,638,347, $15,450,484 and
	$9,150,932, respectively) . . . . . . . . . . . . . . . . . .	$	53,367,035	$	42,649,406	$	12,360,518	$	6,242,935
	Variation margin on futures contracts . . . . . . . . . . .		35,055		29,925		7,800		4,550
	Cash . . . . . . . . . . . . . . . . . .		—		4,796		—		45
	Income receivable . . . . . . .		82,322		68,925		8,084		8,342
	Receivable for investment securities sold . . . . . . . .		73,720		—		—		5,060
	Receivable for fund shares sold . . . . . . . . . . . . . . .		52,111		46,918		13,724		11,474
	Receivable from Investment Advisor . . . . . . . . . . .		6,681		—		7,152		6,806
	Deposits with brokers for futures contracts . . . . . .		610,645		446,986		93,130		90,000
	Other assets . . . . . . . . . . . .		11,010		23,811		6,271		5,481
	Total Assets . . . . . . . . . .		54,238,579		43,270,767		12,496,679		6,374,693
LIABILITIES:
	Payable for collateral on securities loaned . . . . . . .		8,094,704		6,067,022		1,810,126		473,981
	Payable for fund shares redeemed . . . . . . . . . . . . .		228,567		170,890		48,931		25,936
	Payable to Investment Advisor . . . . . . . . . . . . . . . .		—		13,043		—		—
	Payable to Custodian . . . . .		4,493		2,653		959		435
	Other accrued expenses . . .		80,638		68,845		35,964		30,383
	Total Liabilities . . . . . . .		8,408,402		6,322,453		1,895,980		530,735
NET ASSETS . . . . . . . . . . . .		$	45,830,177	$	36,948,314	$	10,600,699	$	5,843,958

NET ASSETS CONSIST OF:
	Capital stock . . . . . . . . . . .		78,715,064		79,024,986		17,047,651		11,467,400
	Unrealized appreciation (depreciation) on investments
	Investments . . . . . . . . . .		(14,904,895)		(17,988,941)		(3,089,966)		(2,907,997)
	Futures contracts . . . . . .		134,428		100,402		49,009		9,713
	Accumulated undistributed net investment
	income . . . . . . . . . . . . . .		175,874		277,943		383		579
	Accumulated undistributed net realized (loss) . . . .		(18,290,294)		(24,466,076)		(3,406,378)		(2,725,737)
	Total Net Assets . . . . . .	$	45,830,177	$	36,948,314	$	10,600,699	$	5,843,958

	Shares outstanding (unlimited shares
	of no par value authorized) . . . . . . . . . . . . . . . . .		7,184,124		8,422,643		1,820,341		1,414,559
	Net asset value, offering and redemption
	price per share . . . . . . . .	$	6.38	$	4.39	$	5.82	$	4.13

1	Includes loaned securities with a value of: . . . . . . .	$	7,797,424	$	5,638,470	$	1,705,293	$	326,924

See notes to financial statements.

129

AssetMark Funds
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2009
		Large Cap		Large Cap		Small/Mid Cap		Small/Mid Cap
		Growth Fund		Value Fund		Growth Fund		Value Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of
$8,459, $8,188, $990 and $0, respectively) . . . . . . .	$	5,506,391	$	11,381,971	$	406,887	$	1,654,253
Interest income . . . . . . . . . . .		133,817		224,490		36,500		44,390
Total investment income . .		5,640,208		11,606,461		443,387		1,698,643
EXPENSES:
Investment advisory fees . . . .		4,156,126		3,560,881		785,977		762,992
Distribution (12b-1) fees . . . .		1,127,802		974,202		207,733		195,724
Shareholder servicing fees . . .		269,484		222,820		59,430		50,766
Administration fees . . . . . . . .		156,682		135,612		29,002		27,840
Custody fees . . . . . . . . . . . . .		150,921		96,673		52,403		26,228
Legal fees . . . . . . . . . . . . . . . .		142,990		118,437		34,664		36,110
Reports to shareholders . . . . .		80,640		49,249		15,921		47,171
Fund accounting fees . . . . . . .		71,736		63,313		19,409		16,723
Directors’ fees and expenses .		60,113		53,033		11,478		9,701
Audit and tax fees . . . . . . . . .		32,479		32,479		27,395		29,074
Federal and state registration fees . . . . . . . . . . . . . . . ..		31,790		34,423		20,101		21,173
Insurance fees . . . . . . . . . . . .		22,685		18,394		4,566		3,731
Transfer agent fees and expenses . . . . . . . . . . . . . . . . .		16,500		15,694		12,954		12,849
Compliance fees . . . . . . . . . .		10,220		9,125		2,190		1,825
Total expenses . . . . . . . . . .		6,330,168		5,384,335		1,283,223		1,241,907
Less securities lending credit (See Note 6) . . . . . . . . .		(588,002)		(625,737)		(237,367)		(236,246)
Net expenses . . . . . . . . . . .		5,742,166		4,758,598		1,045,856		1,005,661
Net investment income (loss)		(101,958)		6,847,863		(602,469)		692,982
NET REALIZED AND UNREALIZED
(LOSS) ON INVESTMENTS:
Net realized (loss) on investments . . . . . . . . . . . . . . . .		(101,077,784)		(196,277,402)		(25,626,820)		(17,333,806)
Net change in unrealized (depreciation)
on investments . . . . . . . . . .		(80,048,610)		(42,850,671)		(8,542,911)		(16,861,051)
Net realized and unrealized (loss) . . . . . . . . . . . . . . . .		(181,126,394)		(239,128,073)		(34,169,731)		(34,194,857)
NET (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS . . . . . . . . . . . . . .	$	(181,228,352)	$	(232,280,210)	$	(34,772,200)	$	(33,501,875)

See notes to financial statements.

130

AssetMark Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2009
		International		Real Estate		Tax-Exempt		Core Plus
		Equity		Securities		Fixed Income		Fixed Income
		Fund		Fund		Fund		Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of
$1,782,920, $1,822, $0 and $0, respectively) . . . . .	$	15,680,370	$	2,054,954	$	—	$	107,416
Interest income . . . . . . . . . . .		218,629		35,674		9,953,439		35,928,289
Total investment income . .		15,898,999		2,090,628		9,953,439		36,035,705
EXPENSES:
Investment advisory fees . . . .		4,307,910		472,111		1,814,431		4,625,651
Distribution (12b-1) fees . . . .		1,143,978		124,240		567,010		1,553,602
Shareholder servicing fees . . .		271,746		30,811		144,795		428,707
Administration fees . . . . . . . .		161,716		18,098		79,919		219,902
Custody fees . . . . . . . . . . . . .		699,619		29,400		30,682		120,185
Legal fees . . . . . . . . . . . . . . . .		126,718		38,470		97,138		245,186
Reports to shareholders . . . . .		56,302		37,701		58,499		106,570
Fund accounting fees . . . . . . .		91,567		9,267		40,298		252,358
Directors’ fees and expenses .		58,688		10,803		41,474		102,084
Audit and tax fees . . . . . . . . .		30,964		26,814		26,814		36,178
Federal and state registration fees . . . . . . . . . . . . . . . ..		31,711		25,544		30,257		55,048
Insurance fees . . . . . . . . . . . .		21,179		1,749		8,604		22,583
Transfer agent fees and expenses . . . . . . . . . . . . . . . . .		17,557		12,457		14,355		22,170
Compliance fees . . . . . . . . . .		10,585		1,460		4,265		12,775
Total expenses . . . . . . . . . . . .		7,030,240		838,925		2,958,541		7,802,999
Less reimbursement by Advisor (See Note 3) . . . . . . .		—		—		(32,770)		—
Less securities lending credit (See Note 6) . . . . . . . . .		(63,975)		(99,785)		—		(453,436)
Net expenses . . . . . . . . . . .		6,966,265		739,140		2,925,771		7,349,563
Net investment income . . . . .		8,932,734		1,351,488		7,027,668		28,686,142
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments . . . . . . . . . . . . . .		(231,643,209)		(7,077,632)		(4,975,869)		(6,642,834)
Written options . . . . . . . . . . .		—		—		—		692,746
Foreign currencies . . . . . . . . .		(2,422,402)		—		—		(257,937)
Futures contracts . . . . . . . . . .		—		—		—		8,281,011
Forward currency contracts . .		—		—		—		688,846
Total . . . . . . . . . . . . . . . . . .		(234,065,611)		(7,077,632)		(4,975,869)		2,761,832
Net change in unrealized appreciation (depreciation) on:
Investments . . . . . . . . . . . . . .		(78,435,000)		(29,505,130)		(2,952,074)		(82,490,654)
Written options . . . . . . . . . . .		—		—		—		95,730
Foreign currencies . . . . . . . . .		(119,201)		—		—		(127,394)
Futures contracts . . . . . . . . . .		—		—		—		(1,575,083)
Forward currency contracts . .		—		—		—		4,389
Forward sale commitments . .		—		—		—		(122,982)
Total . . . . . . . . . . . . . . . . . .		(78,554,201)		(29,505,130)		(2,952,074)		(84,215,994)
Net realized and unrealized loss . . . . . . . . . . . . . . . . .		(312,619,812)		(36,582,762)		(7,927,943)		(81,454,162)
NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS . . . . . . . . . . . . . .	$	(303,687,078)	$	(35,231,274)	$	(900,275)	$	(52,768,020)

See notes to financial statements.

131

AssetMark Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2009
		Enhanced		Enhanced		Enhanced		Enhanced
		Fundamental		Fundamental		Fundamental		Fundamental
		IndexTM		IndexTM		IndexTM		IndexTM
		Large Company		Large Company		Small Company		Small Company
		Growth Fund		Value Fund		Growth Fund		Value Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of
$55, $402, $0 and $20, respectively) . . . . . . . . . . . .	$	1,445,475	$	1,930,220	$	117,034	$	144,497
Interest income . . . . . . . . . . .		67,452		37,768		12,174		7,669
Total investment income . .		1,512,927		1,967,988		129,208		152,166
EXPENSES:
Investment advisory fees . . . .		508,070		416,560		91,239		51,561
Distribution (12b-1) fees . . . .		169,357		138,853		30,413		17,187
Shareholder servicing fees . . .		47,744		38,628		8,111		4,273
Administration fees . . . . . . . .		82,473		67,816		15,119		8,611
Custody fees . . . . . . . . . . . . .		24,616		18,143		4,747		2,179
Legal fees . . . . . . . . . . . . . . . .		23,922		19,819		5,510		4,035
Reports to shareholders . . . . .		20,204		16,600		6,099		3,325
Fund accounting fees . . . . . . .		66,533		54,099		12,068		6,858
Directors’ fees and expenses .		12,024		9,519		2,482		1,094
Audit and tax fees . . . . . . . . .		23,057		23,051		23,051		23,046
Federal and state registration fees . . . . . . . . . . . . . . . ..		18,862		18,529		12,621		12,132
Insurance fees . . . . . . . . . . . .		2,652		2,192		381		315
Transfer agent fees and expenses . . . . . . . . . . . . . . . . .		13,435		13,234		12,362		12,402
Compliance fees . . . . . . . . . .		1,095		1,095		730		730
Total expenses . . . . . . . . . . . .		1,014,044		838,138		224,933		147,748
Less expense reimbursement by Advisor (See Note 3) .		(162,651)		(58,628)		(59,941)		(50,363)
Less securities lending credit (See Note 6) . . . . . . . . .		(24,932)		(101,910)		(16,576)		(13,513)
Net expenses . . . . . . . . . . .		826,461		677,600		148,416		83,872
Net investment income (loss)		686,466		1,290,388		(19,208)		68,294
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized (loss) on:
Investments . . . . . . . . . . . . . .		(15,791,099)		(22,349,323)		(2,956,064)		(2,440,811)
Futures contracts . . . . . . . . . .		(1,733,141)		(1,595,244)		(352,472)		(152,753)
Total . . . . . . . . . . . . . . . . . .		(17,524,240)		(23,944,567)		(3,308,536)		(2,593,564)
Net change in unrealized appreciation (depreciation) on:
Investments . . . . . . . . . . . . . .		(11,929,593)		(12,130,199)		(2,385,017)		(2,505,160)
Futures contracts . . . . . . . . . .		134,431		99,953		44,114		7,831
Total . . . . . . . . . . . . . . . . . .		(11,795,162)		(12,030,246)		(2,340,903)		(2,497,329)
Net realized and unrealized (loss) . . . . . . . . . . . . . . . .		(29,319,402)		(35,974,813)		(5,649,439)		(5,090,893)
NET (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS . . . . . . . . . . . . . .	$	(28,632,936)	$	(34,684,425)	$	(5,668,647)	$	(5,022,599)

See notes to financial statements.

132

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS
		Large Cap Growth Fund				Large Cap Value Fund
		Year		Year		Year		Year
		Ended		Ended		Ended		Ended
		March 31,		March 31,		March 31,		March 31,
		2009		2008		2009		2008
OPERATIONS:
Net investment income (loss)	$	(101,958)	$	(759,180)	$	6,847,863	$	8,219,327
Net realized gain (loss) on investment transactions . . .		(101,077,784)		7,678,370		(196,277,402)		21,347,107
Change in unrealized (depreciation) on investments . .		(80,048,610)		(30,454,010)		(42,850,671)		(112,363,301)
Net (decrease) in net assets resulting from operations		(181,228,352)		(23,534,820)		$(232,280,210)		(82,796,867)
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . .		115,002,964		267,447,139		132,367,268		279,650,404
Shares issued to holders in reinvestment of dividends		21,374		19,666,815		4,035,189		31,097,566
Shares redeemed . . . . . . . . . .		(379,582,696)		(330,121,453)		(290,318,553)		(275,853,508)
Net increase (decrease) . . .		(264,558,358)		(43,007,499)		(153,916,096)		34,894,462
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income . . . . .		—		—		(8,006,947)		(7,869,450)
From net realized gains . . . . .		(41,523)		(37,788,532)		(3,972)		(52,248,534)
Total dividends and distributions . . . . . . . . . . . . . . .		(41,523)		(37,788,532)		(8,010,919)		(60,117,984)

(DECREASE) IN NET ASSETS		(445,828,233)		(104,330,851)		(394,207,225)		(108,020,389)

NET ASSETS:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	649,307,452	$	753,638,303	$	574,388,589	$	682,408,978
End of year (including undistributed net investment
income of $5,185, $14,780, $1,019,418 and
$2,178,548, respectively) . . . . . . . . . . . . . . . . . . . . .	$	203,479,219	$	649,307,452	$	180,181,364	$	574,388,589


CHANGES IN SHARES OUTSTANDING
Shares sold . . . . . . . . . .		15,129,303		26,481,564		17,638,533		23,618,236
Shares issued to holders in reinvestment of dividends		3,783		1,933,807		732,339		2,850,373
Shares redeemed . . . . .		(52,990,271)		(32,988,348)		(39,585,341)		(23,419,381)
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . .		(37,857,185)		(4,572,977)		(21,214,469)		3,049,228

See notes to financial statements.

133

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
		Small/Mid Cap Growth Fund				Small/Mid Cap Value Fund
		Year		Year		Year		Year
		Ended		Ended		Ended		Ended
		March 31,		March 31,		March 31,		March 31,
		2009		2008		2009		2008
OPERATIONS:
Net investment income (loss) . . . . . . . . . . . . . . . . . . .	$	(602,469)	$	(1,431,040)	$	692,982	$	823,898
Net realized gain (loss) on investment transactions . . .		(25,626,820)		6,846,628		(17,333,806)		(14,634,783)
Change in unrealized (depreciation) on investments . .		(8,542,911)		(17,455,601)		(16,861,051)		(11,187,750)
Net (decrease) in net assets resulting from operations		(34,772,200)		(12,040,013)		(33,501,875)		(24,998,635)
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . .		35,335,158		121,019,326		40,458,584		106,059,903
Shares issued to holders in reinvestment of dividends		68,972		13,201,828		340,873		2,328,482
Shares redeemed . . . . .		(80,436,506)		(142,278,921)		(61,005,517)		(89,598,633)
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . .		(45,032,376)		(8,057,767)		(20,206,060)		18,789,752
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . .		—		—		(629,649)		(785,895)
From net realized gains . . . . . . . . . . . . . . . . . . . . . . . .		(132,673)		(24,771,347)		—		(3,510,280)
Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		—		—		(31,146)		(26,098)
Total dividends and distributions . . . . . . . . . . . . . . .		(132,673)		(24,771,347)		(660,795)		(4,322,273)

DECREASE IN NET ASSETS . . . . . . . . . . . . . . . . . . . .		(79,937,249)		(44,869,127)		(54,368,730)		(10,531,156)

NET ASSETS:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	126,534,805	$	171,403,932	$	99,548,384	$	110,079,540
End of year (including undistributed net investment
income of $46,395, $88,037, $124,833 and
$64,600, respectively) . . . . . . . . . . . . . . . . . . . . . . ..	$	46,597,556	$	126,534,805	$	45,179,654	$	99,548,384


CHANGES IN SHARES OUTSTANDING
Shares sold . . . . .		5,246,578		11,341,229		5,003,895		9,416,408
Shares issued to holders in reinvestment of dividends		13,658		1,349,880		53,681		227,169
Shares redeemed		(11,469,038)		(13,063,069)		(7,900,445)		(8,078,699)
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . .		(6,208,802)		(371,960)		(2,842,869)		1,564,878

See notes to financial statements.

134

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
		International Equity Fund				Real Estate Securities Fund
		Year		Year		Year		Year
		Ended		Ended		Ended		Ended
		March 31,		March 31,		March 31,		March 31,
		2009		2008		2009		2008
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . .	$	8,932,734	$	6,765,699	$	1,351,488	$	829,203
Net realized gain (loss) on investment transactions . . .		(234,065,611)		67,596,568		(7,077,632)		4,575,407
Change in unrealized (depreciation) on investments . .		(78,554,201)		(101,555,201)		(29,505,120)		(22,665,897)
Net (decrease) in net assets resulting from operations . .		(303,687,078)		(27,192,934)		(35,231,274)		(17,261,287)
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . .		194,365,038		376,680,277		76,749,848		69,172,227
Shares issued to holders in reinvestment of dividends		3,227,760		65,618,856		285,858		6,744,175
Shares redeemed		(345,996,813)		(387,608,629)		(77,204,383)		(80,079,926)
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . .		(148,404,015)		54,690,504		(168,677)		(4,163,524)
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . .		(2,826,522)		(7,020,606)		(543,149)		(1,002,153)
From net realized gains . . . . . . . . . . . . . . . . . . . . . . . .		(3,365,214)		(118,277,258)		—		(12,664,277)
Return of capital		—		—		—		(246,102)
Total dividends and distributions . . . . . . . . . . . . . . .		(6,191,736)		(125,297,864)		(543,149)		(13,912,532)

(DECREASE) IN NET ASSETS . . . . . . . . . . . . . . . . . . .		(458,282,829)		(97,800,294)		(35,943,100)		(35,337,343)

NET ASSETS:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	681,622,030	$	779,422,324	$	82,124,778	$	117,462,121
End of year (including undistributed net investment
income of $6,512,687, $2,826,522, $0 and
$0, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	223,339,201	$	681,622,030	$	46,181,678	$	82,124,778


CHANGES IN SHARES OUTSTANDING
Shares sold . . . . .		22,784,286		25,945,984		10,505,784		4,337,540
Shares issued to holders in reinvestment of dividends		489,054		4,915,270		39,703		489,063
Shares redeemed		(41,762,653)		(26,810,144)		(7,519,879)		(4,506,792)
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . .		(18,489,313)		4,051,110		3,025,608		319,811

See notes to financial statements.

135

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
		Tax-Exempt Fixed Income Fund				Core Plus Fixed Income Fund
		Year		Year		Year		Year
		Ended		Ended		Ended		Ended
		March 31,		March 31,		March 31,		March 31,
		2009		2008		2009		2008
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . .	$	7,027,668	$	7,794,663	$	28,686,142	$	34,480,246
Net realized gain (loss) on investment transactions . . .		(4,975,869)		(2,108,329)		2,761,832		14,683,119
Change in unrealized (depreciation) on investments . .		(2,952,074)		(4,983,804)		(84,215,994)		(20,296,135)
Net increase (decrease) in net assets resulting
from operations . . . . . . . . . . . . . . . . . . . . . . . . . .		(900,275)		702,530		(52,768,020)		28,867,230
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . .		151,089,362		129,349,672		367,493,809		575,136,422
Shares issued to holders in reinvestment of dividends		3,578,566		3,602,262		20,027,049		17,309,826
Shares redeemed		(210,502,796)		(116,384,384)		(594,635,630)		(497,859,399)
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . .		(55,834,868)		16,567,550		(207,114,772)		94,586,849
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . .		(7,125,080)		(7,671,793)		(28,304,294)		(34,075,503)
From net realized gains . . . . . . . . . . . . . . . . . . . . . . . .		—		—		(11,447,403)		(1,310,487)
Total dividends and distributions . . . . . . . . . . . . . . .		(7,125,080)		(7,671,793)		(39,751,697)		(35,385,990)

INCREASE (DECREASE) IN NET ASSETS . . . . . . . .		(63,860,223)		9,598,287		(299,634,489)		88,068,089

NET ASSETS:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	257,440,133	$	247,841,846	$	804,085,918	$	716,017,829
End of year (including undistributed net
investment income of $98,780, $196,192,
$947,533 and $65,365, respectively) . . . . . . . . . . . .	$	193,579,910	$	257,440,133	$	504,451,429	$	804,085,918


CHANGES IN SHARES OUTSTANDING
Shares sold . . . . .		14,687,220		11,933,757		43,769,031		61,619,151
Shares issued to holders in reinvestment of dividends		349,712		335,715		2,431,720		1,885,334
Shares redeemed		(20,388,213)		(10,763,968)		(69,936,071)		(53,307,504)
Net increase (decrease)		(5,351,281)		1,505,504		(23,735,320)		10,196,981

See notes to financial statements.

136

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)

		Enhanced				Enhanced
		Fundamental IndexTM Large				Fundamental IndexTM Large
		Company Growth Fund				Company Value Fund
				August 9,				August 9,
		Year		2007(1)		Year		2007(1)
		Ended		through		Ended		through
		March 31,		March 31,		March 31,		March 31,
		2009		2008		2009		2008
OPERATIONS:
Net investment income	$	686,466	$	192,724	$	1,290,388	$	327,058
Net realized loss on investment transactions		(17,524,240)		(725,567)		(23,944,567)		(502,039)
Change in unrealized (depreciation) on investments		(11,795,162)		(2,975,305)		(12,030,246)		(5,858,293)
Net (decrease) in net assets resulting from operations		(28,632,936)		(3,508,148)		(34,684,425)		(6,033,274)
CAPITAL SHARE TRANSACTIONS:
Shares sold		69,899,546		82,829,264		67,799,021		66,112,635
Shares issued to holders in reinvestment of dividends		354,616		67,537		694,237		74,619
Shares redeemed		(62,727,279)		(11,708,504)		(50,345,840)		(5,309,522)
Net increase		7,526,883		71,188,297		18,147,418		60,877,732
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income		(610,709)		(92,376)		(1,211,759)		(127,896)
From net realized gains		—		(40,834)		—		(19,482)
Total dividends and distributions		(610,709)		(133,210)		(1,211,759)		(147,378)

INCREASE (DECREASE) IN NET ASSETS		(21,716,762)		67,546,939		(17,748,766)		54,697,080

NET ASSETS:
Beginning of year	$	67,546,939	$	—	$	54,697,080	$	—
End of year (including undistributed net investment
income of $175,874, $100,352, $277,943 and
$199,295, respectively)	$	45,830,177	$	67,546,939	$	36,948,314	$	54,697,080


CHANGES IN SHARES OUTSTANDING
Shares sold		8,530,402		8,150,747		10,406,162		6,992,038
Shares issued to holders in reinvestment of dividends		52,849		6,426		139,686		7,830
Shares redeemed		(8,410,471)		(1,145,829)		(8,564,241)		(558,832)
Net increase		172,780		7,011,344		1,981,607		6,441,036

(1) Commencement of operations.

See notes to financial statements.

137

AssetMark Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Enhanced						Enhanced
	Fundamental IndexTM Small						Fundamental Index TM Small
	Company Growth Fund						Company Value Fund
				August 9,						August 9,
	Year			2007(1)			Year			2007(1)
	Ended			through			Ended			through
	March 31,			March 31,			March 31,			March 31,
	2009			2008			2009			2008
OPERATIONS:
Net investment income (loss)	$	(19,208	)	$	(10,707	)	$	68,294		$	21,774
Net realized (loss) on investment transactions		(3,308,536	)		(77,712	)		(2,593,564	)		(109,948	)
Change in unrealized depreciation on investments		(2,340,903	)		(700,054	)		(2,497,329	)		(400,955	)
Net (decrease) in net assets resulting from operations .		(5,668,647	)		(788,473	)		(5,022,599	)		(489,129	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		15,292,704			14,685,334			11,270,413			7,696,840
Shares issued to holders in reinvestment of dividends .		—			8,549			56,966			8,061
Shares redeemed		(11,634,256	)		(1,277,849	)		(6,403,312	)		(1,154,716	)
Net increase		3,658,448			13,416,034			4,924,067			6,550,185
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income		—			—			(86,041	)		(9,436	)
From net realized gains		—			(9,434	)		—			(6,159	)
Return of capital		—			(7,229	)		(16,930	)		—
Total dividends and distributions		—			(16,663	)		(102,971	)		(15,595	)

INCREASE (DECREASE) IN NET ASSETS		(2,010,199	)		12,610,898			(201,503	)		6,045,461

NET ASSETS:
Beginning of year	$	12,610,898		$	—		$	6,045,461		$	—
End of year (including undistributed net investment
income of $383, $0, $579 and $12,297,
respectively)	$	10,600,699		$	12,610,898		$	5,843,958		$	6,045,461


CHANGES IN SHARES OUTSTANDING
Shares sold.		2,072,271			1,517,164			1,875,381			850,720
Shares issued to holders in reinvestment of dividends.		—			859			12,043			888
Shares redeemed		(1,637,721	)		(132,232	)		(1,198,319	)		(126,154	)
Net increase		434,550			1,385,791			689,105			725,454

(1) Commencement of operations.

See notes to financial statements.

138

AssetMark Funds

FINANCIAL HIGHLIGHTS

	LargeCap Growth Fund
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	8.81		$	9.62		$	9.95		$	9.20		$	9.16

Income from investment operations:
Net investment loss		—			(0.01	)		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gains
(losses) on investments		(3.14	)		(0.30	)		(0.06	)		0.78			0.07
Total from investment operations		(3.14	)		(0.31	)		(0.08	)		0.75			0.04
Less distributions:
Dividends from net investment
income		—			—			—			—			—
Dividends from net realized gains		—	*		(0.50	)		(0.25	)		—			—
Total distributions		—			(0.50	)		(0.25	)		—			—
Net asset value, end of period	$	5.67		$	8.81		$	9.62		$	9.95		$	9.20


Total return		–35.63	%		–3.88	%		–0.80	%		8.15	%(1)		0.44	%

Supplemental data and ratios:
Net assets, end of period	$	203,479,219		$	649,307,452		$	753,638,303		$	653,921,538		$	570,471,545

Ratio of expenses to average net assets
Before Expense Reimbursement,
including (Recapture)		1.40	%		1.33	%		1.33	%		1.35	%(2)		1.39	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.27	%		1.28	%		1.31	%		1.32	%(2)		1.37	%

Ratio of net investment loss
to average net assets
Before Expense Reimbursement,
including (Recapture)		–0.15	%		–0.15	%		–0.27	%		–0.38	%(2)		–0.41	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		–0.02	%		–0.10	%		–0.25	%		–0.35	%(2)		–0.39	%

Portfolio turnover rate		98.67	%		62.86	%		142.66	%		72.34	%		21.63	%

(1) Not Annualized.

(2) Annualized.

Amount represents less than $0.01 per share.

See notes to financial statements.

139

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Large Cap Value Fund
	Year Ended			Year Ended			Year ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	9.85		$	12.34		$	11.77		$	11.24		$	10.96

Income from investment operations:
Net investment income		0.19			0.15			0.14			0.07			0.07
Net realized and unrealized
gains (losses) on investments		(4.99	)		(1.55	)		1.67			0.79			0.56
Total from investment operations		(4.80	)		(1.40	)		1.81			0.86			0.63
Less distributions:
Dividends from net investment
income		(0.20	)		(0.14	)		(0.14	)		(0.07	)		(0.05	)
Dividends from net realized gains		—	*		(0.95	)		(1.10	)		(0.26	)		(0.30	)
Total distributions		(0.20	)		(1.09	)		(1.24	)		(0.33	)		(0.35	)
Net asset value, end of period	$	4.85		$	9.85		$	12.34		$	11.77		$	11.24


Total return		–48.85	%		–12.23	%		15.32	%		7.85	%(1)		5.69	%

Supplemental data and ratios:
Net assets, end of period	$	180,181,364		$	574,388,589		$	682,408,978		$	660,129,983		$	570,849,575

Ratio of expenses to average net assets
Before Expense Reimbursement,
including (Recapture)		1.38	%		1.33	%		1.32	%		1.36	%(2)		1.38	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.22	%		1.28	%		1.28	%		1.30	%(2)		1.33	%

Ratio of net investment income to
average net assets
Before Expense Reimbursement,
including (Recapture)		1.60	%		1.16	%		1.00	%		0.86	%(2)		0.67	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.76	%		1.21	%		1.04	%		0.92	%(2)		0.72	%

Portfolio turnover rate		58.45	%		40.54	%		30.25	%		64.61	%		20.06	%

(1) Not Annualized.

(2) Annualized.

Amount represents less than $0.01 per share.

See notes to financial statements.

140

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Small/Mid Cap Growth Fund
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	8.05		$	10.65		$	10.60		$	9.56		$	9.49

Income from investment operations:
Net investment loss		(0.06	)		(0.09	)		(0.07	)		(0.06	)		(0.06	)
Net realized and unrealized
gains (losses) on investments		(3.08	)		(0.69	)		0.56			1.95			0.13
Total from investment operations		(3.14	)		(0.78	)		0.49			1.89			0.07
Less distributions:
Dividends from net investment
income		—			—			—			—			—
Dividends from net realized gains		(0.01	)		(1.82	)		(0.44	)		(0.85	)		—
Total distributions		(0.01	)		(1.82	)		(0.44	)		(0.85	)		—
Net asset value, end of period	$	4.90		$	8.05		$	10.65		$	10.60		$	9.56


Total return		–38.98	%		–10.31	%		4.84	%		20.82	%(1)		0.74	%

Supplemental data and ratios:
Net assets, end of period	$	46,597,556		$	126,534,805		$	171,403,932		$	215,514,988		$	148,571,261

Ratio of expenses to average net assets
Before Expense Reimbursement,
including (Recapture)		1.54	%		1.44	%		1.43	%		1.43	%(2)		1.54	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.26	%		1.29	%		1.37	%		1.38	%(2)		1.50	%

Ratio of net investment loss
to average net assets
Before Expense Reimbursement,
including (Recapture)		–1.01	%		–0.99	%		–0.75	%		–0.92	%(2)		–0.85	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		–0.73	%		–0.84	%		–0.69	%		–0.87	%(2)		–0.81	%

Portfolio turnover rate		219.24	%		209.64	%		213.08	%		180.64	%		99.09	%

(1) Not Annualized.

(2) Annualized.

See notes to financial statements.

141

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Small/Mid Cap Value Fund
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	9.24		$	11.95		$	14.41		$	13.89		$	12.93
Income from investment operations:
Net investment income (loss)		0.08			0.08			0.31			(0.04	)		(0.04	)
Net realized and unrealized
gains (losses) on investments		–3.56			(2.36	)		0.81			1.52			1.40
Total from investment operations		(3.48	)		(2.28	)		1.12			1.48			1.36
Less distributions:
Dividends from net investment
income		(0.07	)		(0.08	)		(0.31	)		—			—
Dividends from net realized gains		—			(0.35	)		(3.27	)		(0.96	)		(0.40	)
Return of capital		—	*		—	*		—			—			—
Total distributions		(0.07	)		(0.43	)		(3.58	)		(0.96	)		(0.40	)
Net asset value, end of period	$	5.69		$	9.24		$	11.95		$	14.41		$	13.89


Total return		–37.59	%		–19.47	%		7.63	%		11.18	%(1)		10.56	%

Supplemental data and ratios:
Net assets, end of period	$	45,179,654		$	99,548,384		$	110,079,540		$	185,589,680		$	131,103,625

Ratio of expenses to average net assets
Before Expense Reimbursement,
including (Recapture)		1.59	%		1.48	%		1.47	%		1.55	%(2)		1.61	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.28	%		1.40	%		1.41	%		1.53	%(2)		1.59	%

Ratio of net investment income (loss)
to average net assets
Before Expense Reimbursement,
including (Recapture)		0.58	%		0.61	%		1.68	%		–0.45	%(2)		–0.32	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		0.89	%		0.69	%		1.75	%		–0.43	%(2)		–0.30	%

Portfolio turnover rate		65.97	%		127.62	%		174.94	%		72.42	%		92.42	%

(1) Not Annualized. (2) Annualized.

Amount represents less than $0.01 per share.

See notes to financial statements.

142

AssetMark Funds

FINANCIAL HIGHLIGHTS

				International Equity Fund
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	11.96		$	14.73		$	14.06		$	11.79		$	10.43

Income from investment operations:
Net investment income (loss)		0.25			0.13			0.16			(0.01	)		0.10
Net realized and unrealized
gains (losses) on investments		(6.26	)		(0.44	)		2.24			3.40			1.40
Total from investment operations		(6.01	)		(0.31	)		2.40			3.39			1.50
Less distributions:
Dividends from net investment
income		(0.07	)		(0.14	)		(0.18	)		(0.15	)		(0.06	)
Dividends from net realized gains		(0.08	)		(2.32	)		(1.55	)		(0.97	)		(0.08	)
Total distributions		(0.15	)		(2.46	)		(1.73	)		(1.12	)		(0.14	)
Net asset value, end of period	$	5.80		$	11.96		$	14.73		$	14.06		$	11.79


Total return		–50.42	%		–3.85	%		17.65	%		29.75	%(1)		14.37	%

Supplemental data and ratios:
Net assets, end of period	$	223,339,201		$	681,622,030		$	779,422,324		$	612,288,218		$	412,985,571

Ratio of expenses to average net assets						��
Before Expense Reimbursement,
including (Recapture)		1.53	%		1.43	%		1.39	%		1.38	%(2)		1.38	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.52	%		1.42	%		1.37	%		1.34	%(2)		1.33	%

Ratio of net investment income (loss)
to average net assets
Before Expense Reimbursement,
including (Recapture)		1.94	%		0.87	%		0.95	%		–0.16	%(2)		1.01	%
After Expense
Reimbursement (Recapture)
and Securities Lending Credit		1.95	%		0.88	%		0.97	%		–0.12	%(2)		1.06	%

Portfolio turnover rate		144.98	%		119.13	%		89.16	%		66.98	%		80.32	%

(1) Not Annualized.

(2) Annualized.

See notes to financial statements.

143

AssetMark Funds

FINANCIAL HIGHLIGHTS

				Real Estate Securities Fund
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	13.83		$	20.91		$	18.46		$	17.31		$	13.66

Income from investment operations:
Net investment income		0.15			0.43			0.16			0.33			0.44
Net realized and unrealized
gains (losses) on investments		(8.77	)		(4.58	)		3.84			3.27			4.04
Total from investment operations		(8.62	)		(4.15	)		4.00			3.60			4.48
Less distributions:
Dividends from net investment
income		(0.06	)		(0.21	)		(0.25	)		(0.32	)		(0.43	)
Dividends from net realized gains		—			(2.68	)		(1.30	)		(2.13	)		(0.40	)
Return of capital		—			(0.04	)		—			—			—
Total distributions		(0.06	)		(2.93	)		(1.55	)		(2.45	)		(0.83	)
Net asset value, end of period	$	5.15		$	13.83		$	20.91		$	18.46		$	17.31


Total return		–62.46	%		–19.74	%		21.96	%		22.94	%(1)		33.22	%

Supplemental data and ratios:
Net assets, end of period	$	46,181,678		$	82,124,778		$	117,462,121		$	89,616,046		$	75,043,878

Ratio of expenses to average net assets
Before Expense Reimbursement,
including (Recapture)		1.69	%		1.52	%		1.49	%		1.51	%(2)		1.51	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.49	%		1.46	%		1.46	%		1.49	%(2)		1.49	%

Ratio of net investment income to
average net assets
Before Expense Reimbursement,
including (Recapture)		2.52	%		0.99	%		0.67	%		2.46	%(2)		2.83	%
After Expense
Reimbursement (Recapture) and
Securities Lending Credit		2.72	%		1.05	%		0.70	%		2.48	%(2)		2.85	%

Portfolio turnover rate		126.60	%		81.59	%		43.86	%		41.09	%		77.64	%

(1) Not Annualized.

(2) Annualized.

See notes to financial statements.

144

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Tax-Exempt Fixed Income Fund
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	10.64		$	10.92		$	10.77		$	11.01		$	10.75

Income from investment operations:
Net investment income		0.34			0.31			0.27			0.17			0.20
Net realized and unrealized
gains (losses) on investments		(0.37	)		(0.28	)		0.15			(0.24	)		0.26
Total from investment operations		(0.03	)		0.03			0.42			(0.07	)		0.46
Less distributions:
Dividends from net investment income		(0.34	)		(0.31	)		(0.27	)		(0.17	)		(0.20	)
Dividends from net realized gains		—			—			—			—			—
Total distributions		(0.34	)		(0.31	)		(0.27	)		(0.17	)		(0.20	)
Net asset value, end of period	$	10.27		$	10.64		$	10.92		$	10.77		$	11.01


Total return		–0.25	%		0.28	%		3.92	%		–0.64	%(1)		4.29	%

Supplemental data and ratios:
Net assets, end of period	$	193,579,910		$	257,440,133		$	247,841,846		$	213,170,198		$	157,544,853

Ratio of expenses to average net assets
Before Expense Reimbursement,
including (Recapture)		1.30	%		1.23	%		1.28	%		1.29	%(2)		1.33	%
After Expense
Reimbursement (Recapture)		1.29	%		1.23	%		1.28	%		1.29	%(2)		1.29	%

Ratio of net investment income to
average net assets
Before Expense Reimbursement,
including (Recapture)		3.09	%		2.93	%		2.53	%		2.15	%(2)		1.90	%
After Expense
Reimbursement (Recapture)		3.10	%		2.93	%		2.53	%		2.15	%(2)		1.94	%

Portfolio turnover rate		44.37	%		66.26	%		50.36	%		14.61	%		30.05	%

(1) Not Annualized.

(2) Annualized.

See notes to financial statements.

145

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Core Plus Fixed Income Fund
	Year Ended			Year Ended			Year Ended			Period Ended			Year Ended
	March 31, 2009			March 31, 2008			March 31, 2007			March 31, 2006			June 30, 2005
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period	$	9.20		$	9.27		$	9.11		$	10.73		$	10.38

Income from investment operations:
Net investment income		0.41			0.41			0.38			0.34			0.25
Net realized and unrealized
gains (losses) on investments		(1.11	)		(0.06	)		0.15			(0.39	)		0.41
Total from investment operations		(0.70	)		0.35			0.53			(0.05	)		0.66
Less distributions:
Dividends from net investment income		(0.40	)		(0.41	)		(0.37	)		(0.26	)		(0.27	)
Dividends from net realized gains		(0.18	)		(0.01	)		—			(0.08	)		(0.04	)
Return of Capital		—			—			—			(1.23	)		—
Total distributions		(0.58	)		(0.42	)		(0.37	)		(1.57	)		(0.31	)
Net asset value, end of period	$	7.92		$	9.20		$	9.27		$	9.11		$	10.73


Total return		–7.57	%		3.87	%		5.96	%		–0.48	%(1)		6.47	%

Supplemental data and ratios:
Net assets, end of period	$	504,451,429		$	804,085,918		$	716,017,829		$	612,841,433		$	508,047,802

Ratio of expenses to average net assets
Before Expense Reimbursement,
including (Recapture)		1.26	%		1.18	%		1.16	%		1.19	%(2)		1.24	%
After Expense Reimbursement
(Recapture) and Securities
Lending Credit		1.18	%		1.13	%		1.14	%		1.16	%(2)		1.20	%

Ratio of net investment income to
average net assets
Before Expense Reimbursement,
including (Recapture)		4.54	%		4.37	%		4.14	%		3.43	%(2)		2.51	%
After Expense
Reimbursement (Recapture) and
Securities Lending Credit		4.62	%		4.42	%		4.16	%		3.47	%(2)		2.55	%

Portfolio turnover rate		261.77	%		307.52	%		280.55	%		261.52	%		471.24	%

(1) Not Annualized.

(2) Annualized.

See notes to financial statements.

146

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Enhanced Fundamental IndexTM						Enhanced Fundamental IndexTM
	Large Company Growth Fund						Large Company Value Fund
	Year			August 9, 2007(1)			Year			August 9, 2007(1)
	Ended			through			Ended			through
	March 31,			March 31,			March 31,			March 31,
	2009			2008			2009			2008
Per share data for a share of capital stock
outstanding for the entire period and
selected information for the period are
as follows:
Net asset value, beginning of period	$	9.63		$	10.00		$	8.49		$	10.00

Income from investment operations:
Net investment income		0.09			0.04			0.14			0.07
Net realized and unrealized losses
on investments		(3.26	)		(0.38	)		(4.10	)		(1.53	)
Total from investment operations		(3.17	)		(0.34	)		(3.96	)		(1.46	)
Less distributions:
Dividends from net investment income		(0.08	)		(0.02	)		(0.14	)		(0.04	)
Dividends from net realized gains		—			(0.01	)		—			(0.01	)
Total distributions		(0.08	)		(0.03	)		(0.14	)		(0.05	)
Net asset value, end of period	$	6.38		$	9.63		$	4.39		$	8.49


Total return		–32.99	%		–3.40	%(2)		–46.83	%		–14.73	%(2)

Supplemental data and ratios:
Net assets, end of period	$	45,830,177		$	67,546,939		$	36,948,314		$	54,697,080

Ratio of expenses to average net assets
Before Expense Reimbursement		1.50	%		1.82	%(3)		1.51	%		1.92	%(3)
After Expense Reimbursement and
before securities lending credit		1.26	%		1.22	%(3)		1.40	%		1.22	%(3)
After Expense Reimbursement and
securities lending credit		1.22	%		1.22	%(3)		1.22	%		1.22	%(3)

Ratio of net investment income to
average net assets
Before Expense Reimbursement		0.73	%		0.28	%(3)		2.03	%		1.21	%(3)
After Expense Reimbursement and
Securities Lending Credit		1.01	%		0.88	%(3)		2.32	%		1.91	%(3)

Portfolio turnover rate		98.22	%		22.70	%		104.24	%		7.67	%

(1) Commencement of Operations.

(2) Not Annualized.

(3) Annualized.

See notes to financial statements.

147

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Enhanced Fundamental IndexTM						Enhanced Fundamental IndexTM
	Small Company Growth Fund						Small Company Value Fund
	Year			August 9, 2007(1)			Year			August 9, 2007(1)
	Ended			through			Ended			through
	March 31,			March 31,			March 31,			March 31,
	2009			2008			2009			2008
Per share data for a share of capital stock
outstanding for the entire period and
selected information for the period are
as follows:
Net asset value, beginning of period	$	9.10		$	10.00		$	8.33		$	10.00

Income from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		0.05			0.05
Net realized and unrealized losses
on investments		(3.27	)		(0.87	)		(4.17	)		(1.67	)
Total from investment operations		(3.28	)		(0.88	)		(4.12	)		(1.62	)
Less distributions:
Dividends from net investment income		—			—			(0.07	)		(0.03	)
Dividends from net realized gains		—			(0.02	)		—			(0.02	)
Return of Capital		—			—	*		(0.01	)		—
Total distributions		—			(0.02	)		(0.08	)		(0.05	)
Net asset value, end of period	$	5.82		$	9.10		$	4.13		$	8.33


Total return		–36.04	%		–8.80	%(2)		–49.62	%		–16.27	%(2)

Supplemental data and ratios:
Net assets, end of period	$	10,600,699		$	12,610,898		$	5,843,958		$	6,045,461

Ratio of expenses to average net assets
Before Expense Reimbursement		1.85	%		3.55	%(3)		2.15	%		6.30	%(3)
After Expense Reimbursement and before
securities lending credit		1.36	%		1.22	%(3)		1.42	%		1.22	%(3)
After Expense Reimbursement and securities
lending credit		1.22	%		1.22	%(3)		1.22	%		1.22	%(3)

Ratio of net investment income (loss) to
average net assets
Before Expense Reimbursement		–0.79	%		–2.62	%(3)		0.06	%		–3.72	%(3)
After Expense Reimbursement and
Securities Lending Credit		–0.16	%		–0.29	%(3)		0.99	%		1.36	%(3)

Portfolio turnover rate		122.95	%		11.86	%		112.49	%		16.18	%

(1) Commencement of Operations.

(2) Not Annualized.

(3) Annualized.

* Amount represents less than $0.01 per share.

See notes to financial statements.

148

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2009

Organization

AssetMark Funds (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated January 2, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with twelve funds (the “Funds”). The following eight funds are non-diversified: AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small/Mid Cap Growth Fund, AssetMark Small/Mid Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund. The following four funds are diversified: AssetMark Enhanced Fundamental Index™ Large Company Growth Fund, AssetMark Enhanced Fundamental Index™ Large Company Value Fund, AssetMark Enhanced Fundamental Index™ Small Company Growth Fund and AssetMark Enhanced Fundamental Index™ Small Company Value Fund. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Enhanced Fundamental Index™ Funds commenced operations on August 9, 2007. The other eight Funds commenced operations on June 29, 2001.

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment Valuation

Portfolio securities listed on a national or foreign securities exchange, except those listed on NASDAQ, for which market quotations are available are valued at the last quoted sale price on each business day. Portfolio securities traded on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) on each business day. If there is no reported sale on an exchange or NASDAQ, the portfolio security will be valued at the mean between the most recent quoted bid and asked price. Price information on listed securities is taken from the exchange where the security is primarily traded.

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Non-exchange traded ADRs are priced with an evaluated price as determined by the current evaluated pricing procedures of, and provided by, the pricing vendor.

Fixed-income securities that have a maturity of greater than 60 days are generally valued on the basis of evaluations obtained from third party pricing services, which take into account appropriate factors such as institutional sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Short-term instruments having a maturity of less than 60 days are valued at amortized cost.

Investments in mutual funds are valued at the closing net asset value per share of each mutual fund on the day of valuation.

Securities for which no market quotations are readily available or when a significant event has occurred between the time of the security’s last close and the time that a Fund next calculates its net asset value will be valued at their fair value as determined by the Valuation Committee. Securities for which no market prices are readily available will be valued at their fair value as determined by the Valuation Committee under procedures adopted by the Board of Trustees.

In September 2006, the Financial Accounting Standards Board issued Standard No. 157, “Fair Value Measurements” (“FAS 157”) effective for fiscal years beginning after November 15, 2007. FAS 157 clarifies the definition of fair value for financial

149

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

reporting, establishes a framework for measuring fair value and requires additional disclosure about the use of fair value measurements in an effort to make the measurement of fair value more consistent and comparable. The Funds have adopted FAS 157 effective April 1, 2008. A summary of the fair value hierarchy under FAS 157 is described below:

FAS 157 - Summary of Fair Value Exposure at March 31, 2009

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities.

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 determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with the Investment Company Act of 1940. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2009:

AssetMark Large Cap Growth Fund

			Other
	Investments		Financial
Description	in Securities		Instruments
Level 1	$	223,335,748	$	—
Level 2		12,960,490		—
Level 3		8,138,893		—
Total	$	244,435,131	$	—

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Other
	Investments			Financial
Description	in Securities			Instruments
Balance as of
March 31, 2008	$	16,039,240		$	—
Change in allocation
of securities lending
collateral pool		(749,049	)
Realized gain (loss)		—			—
Change in unrealized
(depreciation)		(5,594,145	)		—
Net (sales)		(12,451,550	)		—
Transfers in and/or
(out) of Level 3		10,894,397			—
Balance as of
March 31, 2009	$	8,138,893		$	—

Change in unrealized
(depreciation) during
the year for Level 3
investments held at
March 31, 2009.	$	(5,594,145	)	$	—

150

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

AssetMark Large Cap Value Fund

			Other
	Investments		Financial
Description	in Securities		Instruments
Level 1	$	193,673,852	$	—
Level 2		8,140,723		—
Level 3		7,716,178		—
Total	$	209,530,753	$	—

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Other
	Investments			Financial
Description	in Securities			Instruments
Balance as of
March 31, 2008	$	14,911,533		$	—
Change in allocation
of securities lending
collateral pool		(892,762	)
Realized gain (loss)		—			—
Change in unrealized
(depreciation)		(5,169,821	)		—
Net (sales)		(11,280,156	)		—
Transfers in and/or
(out) of Level 3		10,147,384			—
Balance as of
March 31, 2009	$	7,716,178		$	—

Change in unrealized
(depreciation) during
the year for Level 3
investments held at
March 31, 2009.	$	(5,169,821	)	$	—

AssetMark Small/Mid Cap Growth Fund
			Other
	Investments		Financial
Description	in Securities		Instruments
Level 1	$	52,658,139	$	—
Level 2		4,542,449		—
Level 3		2,059,566		—
Total	$	59,260,154	$	—

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Other
	Investments			Financial
Description	in Securities			Instruments
Balance as of
March 31, 2008	$	3,609,902		$	—
Change in allocation
of securities lending
collateral pool		126,963
Realized gain (loss)		—			—
Change in unrealized
(depreciation)		(1,378,514	)		—
Net (sales)		(2,751,895	)		—
Transfers in and/or
(out) of Level 3		2,453,110			—
Balance as of
March 31, 2009	$	2,059,566		$	—

Change in unrealized
(depreciation) during
the year for Level 3
investments held at
March 31, 2009.	$	(1,378,514	)	$	—

151

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

AssetMark Small/Mid Cap Value Fund
			Other
	Investments		Financial
Description	in Securities		Instruments
Level 1	$	49,052,683	$	—
Level 2		3,019,516		—
Level 3		1,350,476		—
Total	$	53,422,675	$	—

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Other
	Investments			Financial
Description	in Securities			Instruments
Balance as of
March 31, 2008	$	1,709,202		$	—
Change in allocation
of securities lending
collateral pool		474,321
Realized gain (loss)		—			—
Change in unrealized
(depreciation)		(829,130	)		—
Net (sales)		(1,140,447	)		—
Transfers in and/or
(out) of Level 3		1,136,530			—
Balance as of
March 31, 2009	$	1,350,476		$	—

Change in unrealized
(depreciation) during
the year for Level 3
investments held at
March 31, 2009.	$	(829,130	)	$	—

AssetMark International Equity Fund
			Other
	Investments		Financial
Description	in Securities		Instruments
Level 1	$	55,449,790	$	—
Level 2		167,405,153		—
Level 3		1,319,989		—
Total	$	224,174,932	$	—

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Other
	Investments			Financial
Description	in Securities			Instruments
Balance as of
March 31, 2008	$	1,697,966		$	—
Change in allocation
of securities lending
collateral pool		513,197
Realized gain (loss)		—			—
Change in unrealized
(depreciation)		(831,976	)		—
Net (sales)		(1,237,733	)		—
Transfers in and/or
(out) of Level 3		1,178,535			—
Balance as of
March 31, 2009	$	1,319,989		$	—

Change in unrealized
(depreciation) during
the year for Level 3
investments held at
March 31, 2009.	$	(831,976	)	$	—

152

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

AssetMark Real Estate Securities Fund

			Other
	Investments		Financial
Description	in Securities		Instruments
Level 1	$	51,357,704	$	—
Level 2		4,716,696		—
Level 3		1,139,419		—
Total	$	57,213,819	$	—

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Other
	Investments			Financial
Description	in Securities			Instruments
Balance as of
March 31, 2008	$	2,138,373		$	—
Change in allocation
of securities lending
collateral pool		(81,991	)
Realized gain (loss)		—			—
Change in unrealized
(depreciation)		(759,563	)		—
Net (sales)		(1,631,545	)		—
Transfers in and/or
(out) of Level 3		1,474,145			—
Balance as of
March 31, 2009	$	1,139,419		$	—

Change in unrealized
(depreciation) during
the year for Level 3
investments held at
March 31, 2009.	$	(759,563	)	$	—

AssetMark Tax-Exempt Fixed Income Fund

			Other
	Investments		Financial
Description	in Securities		Instruments
Level 1	$	1,050,061	$	—
Level 2		189,240,039		—
Level 3		—		—
Total	$	190,290,100	$	—

AssetMark Core Plus Fixed Income Fund

			Forward			Other
	Investments		Sale			Financial
Description	in Securities		Commitments			Instruments*
Level 1	$	9,866,419	$	—		$	1,075,686
Level 2		524,725,384		(22,612,340	)		—
Level 3		17,566,887		—			—
Total	$	552,158,690	$	(22,612,340	)	$	1,075,686

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as written options, forward contracts and futures contracts.

All derivatives, except for written options are reflected at the unrealized appreciation (depreciation) on the instrument. Written options are reflected at value.

153

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

Level 3 Reconciliation Disclosure

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

				Other
	Investments			Financial
Description	in Securities			Instruments
Balance as of
March 31, 2008	$	38,937,796		$	—
Accreted discount/
(amortization of
premium), net		24,028			—
Change in allocation
of securities lending
collateral pool		609,320
Realized (loss)		(865,859	)		—
Change in unrealized
(depreciation)		(18,420,581	)		—
Net (sales)		(21,412,698	)		—
Transfers in of Level 3		18,694,881			—
Balance as of
March 31, 2009	$	17,566,887		$	—

Change in unrealized
(depreciation) during
the year for Level 3
investments held at
March 31, 2009.	$	(12,187,704	)	$	—

AssetMark Enhanced Fundamental IndexTM

Large Company Growth Fund

			Other
	Investments		Financial
Description	in Securities		Instruments*
Level 1	$	53,367,035	$	134,428
Level 2		—		—
Level 3		—		—
Total	$	53,367,035	$	134,428

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are reflected at the unrealized appreciation (depreciation) on the instrument.

AssetMark Enhanced Fundamental IndexTM

Large Company Value Fund

			Other
	Investments		Financial
Description	in Securities		Instruments*
Level 1	$	42,649,406	$	100,402
Level 2		—		—
Level 3		—		—
Total	$	42,649,406	$	100,402

154

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

AssetMark Enhanced Fundamental IndexTM
Small Company Growth Fund
			Other
	Investments		Financial
Description	in Securities		Instruments*
Level 1	$	12,360,518	$	49,009
Level 2		—		—
Level 3		—		—
Total	$	12,360,518	$	49,009

AssetMark Enhanced Fundamental IndexTM
Small Company Value Fund
			Other
	Investments		Financial
Description	in Securities		Instruments*
Level 1	$	6,242,935	$	9,713
Level 2		—		—
Level 3		—		—
Total	$	6,242,935	$	9,713

In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”) was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Management is currently evaluating the implications of FAS 161 and the impact on the Fund’s financial statement disclosures, if any.

(b) Repurchase Agreements

Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest. The Core Plus Fixed Income Fund entered into repurchase agreements at March 31, 2009.

The Funds intend to continue to comply with the requirements of sub chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.

Effective September 30, 2007, the Trust adopted Financial Accounting Standards Board (“FASB”) Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes, a clarification of FASB Statement No. 109, Accounting for Income Taxes. FIN 48 establishes financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has analyzed the Funds’ tax positions taken on federal income taxes for all open tax years and has concluded that as of March 31, 2009, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. As of March 31, 2009, open Federal tax years include the tax years ended March 31, 2005 through 2009.

(d) Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

155

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

(e) Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust expects the risk of loss to be remote.

(f) Expenses

Many expenses of the Trust can be directly attributed to a specific Fund. Expenses that cannot be directly attributed to a specific Fund are apportioned among all the Funds in the Trust based on relative net assets.

(g) Security Transactions and Income Recognition

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and interest income recorded using the effective yield method is accrued daily. Realized gains and losses on investment transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.

(h) Distributions to Shareholders

The Funds, with the exception of the Tax-Exempt Fixed Income Fund and Core Plus Fixed Income Fund, will distribute any net investment income at least annually. The Tax-Exempt Fixed Income Fund and Core Plus Fixed Income Fund will distribute any net investment income quarterly. All of the Funds will distribute any net realized long or short-term capital gains at least annually. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.

(i) Derivatives

Each Fund may invest in derivative securities including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.

Forward Currency Contracts

The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign currency, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.

Options

Exchange-traded options are valued at the last reported sale price on the exchange on which the security underlying the option is principally traded. If no sales are reported on a particular day for exchange traded options, or the options are not exchange traded, the options are valued at the mean between the most recent quoted bid and asked quotations at the close of the exchange.

The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase.

156

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

As of March 31, 2009, the Core Plus Fixed Income Fund has entered into written call options, for which sufficient collateral was set aside, as disclosed in the Schedule of Investments.

Futures

Each actively managed Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. Each Enhanced Fundamental Index™ Fund will typically invest net cash inflows in stock index futures over the short term until the Fund can invest its assets in common stock in a cost effective manner in accordance with its principal investment strategies. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between the stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking or delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or a loss, before cash settlement is required.

The Core Plus Fixed Income Fund may also purchase or sell other types of futures contracts, including those based on particular interest rates, securities, foreign currencies, securities indices and other financial instruments and indices. The Core Plus Fixed Income Fund may also purchase and write call and put options on such futures contracts, in order to seek to increase total return or to hedge against changes in interest rates, securities prices, or currency exchange rates, or, to the extent permitted by its investment policies, to otherwise manage its portfolio of investments.

Futures contracts are valued at the daily quoted settlement prices.

Swaps

The Core Plus Fixed Income Fund may enter into interest rate, mortgage, credit, currency and total return swaps, interest rate caps, floors and collars. The Core Plus Fixed Income Fund may also purchase and write (sell) options contracts on swaps, referred to as “swaptions”. The Fund may enter into swap transactions for hedging purposes or to seek to increase total return. Since interest rate, mortgage, credit and currency swaps and interest rate caps, floors and collars are individually negotiated, the Fund expects to achieve an acceptable degree of correlation between its portfolio investments and its swap, cap, floor and collar positions.

Swap agreements are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.

During the period ended March 31, 2009, the Funds had no open or outstanding swap contracts.

(j) Securities Purchased or Sold on a Forward-Commitment Basis

The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls’’ in which the Funds sell securities in the current March 31, 2009 month for delivery and simultaneously contract with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.

157

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

(k) Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

(l) Restricted and Illiquid Securities

Each Fund may invest up to 15% of its net assets in securities that are illiquid at the time of purchase, which includes securities with legal or contractual restrictions on their disposition, and securities for which there are no readily available market quotations. The Board of Trustees, with the assistance of the Advisor, sub-advisors and/or pricing services, will determine the value of such securities in good faith in accordance with the provisions of the 1940 Act. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under procedures adopted by the Board of Trustees.

(m) Auction Rate Securities

The Tax-Except Fixed Income Fund and the Core Plus Fixed Income Fund each may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is the risk that an auction will fail due to insufficient demand for the securities. Neither Fund was invested in any auction rate securities at March 31, 2009.

(n) Short Sales

Although not currently part of any of the Fund’s investment strategies, each Fund has the ability to make short sales. Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

(o) Trustee Compensation

For their service as Trustees of the Trust, the Independent Trustees receive a retainer fee of $45,000 per year and $4,500 per in-person meeting attended, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The Board has appointed a lead Trustee and an audit committee chair who receive a retainer fee of $55,000 and $50,000 per year, respectively. Telephonic meeting fees are determined according to length of the meeting as follows: $2,000 for one to two hours, $3,000 for two to three hours and $4,000 for three hours or longer. Interested persons who serve as Trustees of the Trust receive no compensation from the Trust for their service as Trustees.

158

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

Investment Advisor

The Trust has an Investment Advisory Agreement (the “Agreement”) with Genworth Financial Wealth Management, Inc. (the “Advisor”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. The Advisor is a wholly owned subsidiary of Genworth Financial, Inc. In August 2008, the Trust’s investment advisor, AssetMark Investment Services, Inc., was renamed Genworth Financial Wealth Management, Inc. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Advisor for its management services at the following contractual rates, based on each Fund’s average daily net assets:

Large Cap Growth Fund	0.95%
Large Cap Value Fund	0.95%
Small/Mid Cap Growth Fund	0.95%
Small/Mid Cap Value Fund	1.00%
International Equity Fund	0.95%
Real Estate Securities Fund	0.95%
Tax-Exempt Fixed Income Fund	0.80%
Core Plus Fixed Income Fund	0.75%
Enhanced Fundamental Index™
Large Company Growth Fund	0.75%
Enhanced Fundamental Index™
Large Company Value Fund	0.75%
Enhanced Fundamental Index™
Small Company Growth Fund	0.75%
Enhanced Fundamental Index™
Small Company Value Fund	0.75%

In addition, the Trust and Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to: (1) waive 0.025% of each Fund’s annual advisory fee on Trust assets in excess of $6 billion, and an additional 0.025% of each Fund’s annual advisory fee on Trust assets in excess of $12 billion; and (2) waive portions of its advisory fee to the extent necessary to pass on certain savings in the underlying sub-advisory fee arrangements that are reached as Fund assets grow.

The Trust and Advisor have also entered into an Expense Waiver and Reimbursement Agreement under which the Advisor has agreed to waive, through October 31, 2009, its management fee and/or reimburse each Fund’s other expenses to the extent necessary to ensure that the Funds’ operating expenses do not exceed the following rates, based on each Fund’s average daily net assets:

Large Cap Growth Fund	1.49%
Large Cap Value Fund	1.49%
Small/Mid Cap Growth Fund	1.59%
Small/Mid Cap Value Fund	1.59%
International Equity Fund	1.59%
Real Estate Securities Fund	1.49%
Tax-Exempt Fixed Income Fund	1.29%
Core Plus Fixed Income Fund	1.29%
Enhanced Fundamental Index™
Large Company Growth Fund	1.22%
Enhanced Fundamental Index™
Large Company Value Fund	1.22%
Enhanced Fundamental Index™
Small Company Growth Fund	1.22%
Enhanced Fundamental Index™
Small Company Value Fund	1.22%

Any such waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s expense limitation cap, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years from the date such amount was waived or reimbursed. As of March 31, 2009, the Large Cap Growth Fund, Large Cap Value Fund, Small/Mid Cap Growth Fund, Small/Mid Cap Value Fund, International Equity Fund, Real Estate Securities Fund and Core Plus Fixed Income Fund have recouped all potential recoverable waivers or reimbursed expenses.

The Advisor is currently waiving expenses in the Tax-Exempt Fixed Income Fund, Enhanced Fundamental Index™ Large Company Growth Fund, Enhanced Fundamental Index™ Large Company Value Fund, Enhanced Fundamental Index™ Small Company Growth Fund and Enhanced Fundamental Index™ Small Company Value Fund to keep these Funds at their expense cap. Waived expenses subject to potential recovery are as follows:

159

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

	Year of		Year of
	Expiration		Expiration
	03/31/2011		03/31/2012
Tax-Exempt Fixed
Income Fund	$	—	$	32,770
Enhanced Fundamental
Index™ Large Company
Growth Fund		132,884		162,651
Enhanced Fundamental
Index™ Large Company
Value Fund		101,523		58,628
Enhanced Fundamental
Index™ Small Company
Growth Fund		85,646		59,941
Enhanced Fundamental
Index™ Small Company
Value Fund		81,433		50,363

Sub-advisory services are provided to the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor compensates each sub-advisor based on the portion of each Fund’s average daily net assets that is allocated to the sub-advisor.

Distribution Plan

The Trust, on behalf of the Funds, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), which provides for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Funds’ shares and servicing of the Funds’ shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the operation of the Genworth Financial Wealth Management Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided that facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for Shareholder services that are unrelated to distribution services. Capital Brokerage Corp., an affiliate of the Advisor, serves as principal underwriter and distributor for the Funds. Quasar Distributors, LLC serves as sub-distributor for the Funds. Quasar Distributors, LLC is an affiliated company of U.S. Bank, N.A.

Service and Custody Agreements

The Trust has entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“USBFS”) and a Custody Agreement with U.S. Bank, N.A., an affiliate of USBFS. Under these agreements, USBFS and U.S. Bank, N.A. provide certain transfer agency, administrative, accounting and custody services.

Securities Lending

Effective July 1, 2003 the actively managed Funds entered into a collective securities lending arrangement with U.S. Bank, N.A. (the “Custodian”). Effective September 17, 2008, the Enhanced Fundamental IndexTM Funds entered into a collective securities lending arrangement with the custodian. Under the terms of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned. The cash collateral is invested in short term instruments as noted in the Schedule of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against custody costs and other charges incurred by the Funds. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement. A portion of the fee to be paid to the Custodian in fiscal year 2009 was waived.

As of March 31, 2009, the Funds (excluding the International Equity and Tax-Exempt Fund) had loaned securities which were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned

160

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

from these investments is allocated to each Fund based on each Fund’s portion of the total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending expense offset.

As of March 31, 2009, the values of securities loaned and collateral received were as follows:

						Collateral								Value
						Excess			Cost of					of
				Payable		(Deficit) Due			Securities					Securities
				for		To (From)			Purchased					Purchased
	Value of			Collateral		Securities			as Securities					as Securities
	Securities			on Securities		Lending			Lending		Unrealized			Lending
	Loaned			Loaned		Agent			Collateral		Depreciation			Collateral
Large Cap
Growth Fund	$	44,718,874		$	46,143,338	$	(5,334,860	)	$	40,808,478	$	(7,730,498	)	$	33,077,980
Large Cap
Value Fund		28,198,085			28,983,482		1,517,407			30,500,889		(7,120,012	)		23,380,877
Small/Mid Cap
Growth Fund		15,624,996			16,172,514		(3,468,429	)		12,704,085		(1,903,760	)		10,800,325
Small/Mid Cap
Value Fund		10,393,791			10,750,409		(2,452,785	)		8,297,624		(1,136,875	)		7,160,749
International
Equity Fund		—			—		2,456,643			2,456,643		(1,136,654	)		1,319,989
Real Estate
Securities Fund*		17,445,386	��		16,792,890		(5,523,767	)		11,269,123		(1,053,651	)		10,215,472
Core Plus Fixed
Income Fund		5,264,206			5,485,106		12,805,791			18,290,897		(7,810,093	)		10,480,804
Enhanced Fundamental
IndexTM Large
Company Growth Fund		7,797,424			8,094,704		—			8,094,704		—			8,094,704
Enhanced Fundamental
IndexTM Large
Company Value Fund		5,638,470			6,067,022		—			6,067,022		—			6,067,022
Enhanced Fundamental
IndexTM Small
Company Growth Fund		1,705,293			1,810,126		—			1,810,126		—			1,810,126
Enhanced Fundamental
IndexTM Small
Company Value Fund		326,924			473,981		—			473,981		—			473,981
	$	137,113,449		$	140,773,572	$	—		$	140,773,572	$	(27,891,543	)	$	112,882,029

*	At March 31, 2009, the Real Estate Securities Fund was under-collateralized due to market value fluctuations. On April 1, 2009, the Fund had cash collateral of at least 102% of the value of the securities loaned.

161

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2009 are summarized below.

	Purchases		Sales
Large Cap Growth Fund	$	445,183,930	$	699,356,808
Large Cap Value Fund		224,745,761		375,867,159
Small/Mid Cap
Growth Fund		184,466,033		229,526,675
Small/Mid Cap Value Fund		51,476,043		69,980,432
International Equity Fund		657,049,817		779,620,831
Real Estate Securities Fund		65,037,075		62,990,601
Tax-Exempt Fixed
Income Fund		96,930,806		151,025,105
Core Plus Fixed
Income Fund*		1,494,224,795		1,689,043,061
Enhanced Fundamental
Index™ Large Company
Growth Fund		79,724,446		62,628,370
Enhanced Fundamental
Index™ Large Company
Value Fund		80,761,874		54,359,740
Enhanced Fundamental
Index™ Small Company
Growth Fund		19,909,946		14,083,884
Enhanced Fundamental
Index™ Small Company
Value Fund		13,404,058		7,236,521

* Included in these amounts were $57,968,798 of purchases and $55,191,169 of sales of U.S. Government Securities.

Option Contracts Written

The premium amount and number of option contracts written during the year ended March 31, 2009 in the AssetMark Core Plus Fixed Income Fund, were as follows:

	Amount of			Number of
	Premiums			Contracts
Outstanding at 3/31/08	$	(167,014	)		(206	)
Options written		(1,137,240	)		(1,177	)
Options expired		458,141			400
Options exercised		—			—
Options closed		663,663			898
Outstanding at 3/31/09	$	(182,450	)		(85	)

Other Tax Information

Net investment income and realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

These differences are primarily due to net operating losses, foreign currency and the use of equalization. On the Statements of Assets and Liabilities, the following adjustments were made:

	Accumulated
	Net			Accumulated
	Investment			Realized
	Income			Gain or			Capital
	or (Loss)			(Loss)			Stock
Large Cap
Growth
Fund	$	92,362		$	9,601		$	(101,963	)
Large Cap
Value Fund		(46	)		46			—
Small/Mid
Cap Growth
Fund		560,827			111,793			(672,620	)
Small/Mid
Cap Value
Fund		(3,100	)		3,100			—
International
Equity
Fund		(2,420,047	)		2,420,047			—
Real Estate
Securities
Fund		(808,339	)		(630,583	)		1,438,922
Tax-Exempt
Fixed
Income
Fund		—			—			—
Core Plus
Fixed
Income
Fund		500,320			(888,393	)		388,073
Enhanced
Fundamental
Index™
Large
Company
Growth
Fund		(235	)		235			—

162

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

Accumulated

Net

Accumulated

Investment

Realized

Income

Gain or

Capital

or (Loss)

(Loss)

Stock

Enhanced

Fundamental

Index™

Large

Company

Value Fund

(19

)

—

Enhanced

Fundamental

Index™

Small

Company

Growth Fund

19,591

)

(19,590

)

Enhanced

Fundamental

Index™

Small

Company

Value Fund

6,029

(16,131

)

10,102

The Funds intend to utilize provisions of the Federal income tax laws which allow the Funds to carry realized capital losses forward for eight years following the year of loss and offset such losses against any future realized capital gains. Capital loss carryforwards available for Federal income tax purposes are as follows:

	Capital losses expiring:
	3/31/12			3/31/13			3/31/14
Large Cap Growth
Fund		—			—			—
Large Cap Value
Fund		—			—			—
Small/Mid Cap
Growth Fund		—			—			—
Small/Mid Cap
Value Fund		—			—			—
International Equity
Fund		—			—			—
Real Estate Securities
Fund		—			—			—
Tax-Exempt Fixed
Income Fund		(16,163	)		(128,240	)		(10,395	)
Core Plus Fixed
Income Fund		—			—			—
Enhanced Fundamental
Index™ Large Company
Growth Fund		—			—			—
Enhanced Fundamental
Index™ Large Company
Value Fund		—			—			—
Enhanced Fundamental
Index™ Small Company
Growth Fund		—			—			—
Enhanced Fundamental
Index™ Small Company
Value Fund		—			—			—

163

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

	3/31/15			3/31/16			3/31/17
Large Cap Growth
Fund		—			—			(46,208,208	)
Large Cap Value
Fund		—			—			(55,440,627	)
Small/Mid Cap
Growth Fund		—			—			(12,394,827	)
Small/Mid Cap
Value Fund		—			—			(23,187,887	)
International Equity
Fund		—			—			(85,366,736	)
Real Estate Securities
Fund		—			—			—
Tax-Exempt Fixed
Income Fund		(573,575	)		(1,190,258	)		(3,325,230	)
Core Plus Fixed
Income Fund		—			—			—
Enhanced
Fundamental
Index™ Large
Company
Growth Fund		—			—			(9,014,609	)
Enhanced
Fundamental
Index™ Large
Company
Value Fund		—			—			(11,944,558	)
Enhanced
Fundamental
Index™ Small
Company
Growth Fund		—			—			(1,103,169	)
Enhanced
Fundamental
Index™ Small
Company
Value Fund		—			—			(879,255	)

Additionally, at March 31, 2009, the Funds deferred on a tax basis post-October 2008 losses are as follows:

Large Cap Growth Fund			58,021,138
Large Cap Value Fund			141,094,184
Small/Mid Cap Growth Fund			20,344,081
Small/Mid Cap Value Fund			8,994,164
International Equity Fund			147,004,549
Real Estate Securities Fund			3,229,975
Tax-Exempt Fixed Income Fund*			2,587,266
Core Plus Fixed Income Fund			—
Enhanced Fundamental Index™ Large
Company Growth Fund			5,759,701
Enhanced Fundamental Index™ Large
Company Value Fund			6,737,956
Enhanced Fundamental Index™ Small
Company Growth Fund			705,654
Enhanced Fundamental Index™ Small
Company Value Fund			692,070

The tax components of distributions paid during the fiscal years ended March 31, 2009 and March 31, 2008 are as follows:

	Year Ended March 31, 2009
	Ordinary		Long-Term
	Income		Capital Gain		Return of
	Distributions		Distributions		Capital
Large Cap
Growth Fund		41,523		—		—
Large Cap
Value Fund		8,006,993		3,926		—
Small/Mid Cap
Growth Fund		—		132,673		—
Small/Mid Cap
Value Fund		629,649		—		31,146
International
Equity Fund		2,924,385		3,267,351		—
Real Estate
Securities Fund		543,149		—		—
Tax-Exempt Fixed
Income Fund*		7,125,080		—		—
Core Plus Fixed
Income Fund		31,691,278		8,060,419		—
Enhanced
Fundamental
IndexTM Large
Company
Growth Fund		610,544		165		—

*	Contains $7,119,528 of tax-exempt income for year ended 3/31/2009.

164

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

Year Ended March 31, 2009

Ordinary

Long-Term

Income

Capital Gain

Return of

Distributions

Capital

Enhanced

Fundamental

IndexTM Large

Company

Value Fund

1,211,740

—

Enhanced

Fundamental

IndexTM Small

Company

Growth Fund

—

Enhanced

Fundamental

IndexTM Small

Company

Value Fund

86,041

—

16,930

The Core Plus Fixed Income Fund and Real Estate Securities Fund had additional earnings and profits of $388,073 and $1,276,355, respectively, distributed to shareholders on redemptions. The Funds designated as long-term capital gain and ordinary income dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain and ordinary income to zero for the tax year ended 3/31/09.

	Year Ended March 31, 2008
	Ordinary		Long-Term
	Income		Capital Gain		Return of
	Distributions		Distributions		Capital
Large Cap
Growth Fund		12,083,393		25,705,139		—
Large Cap
Value Fund		19,771,698		40,346,286		—
Small/Mid Cap
Growth Fund		16,312,992		8,458,355		—
Small/Mid Cap
Value Fund		2,644,017		1,652,158		26,098
International
Equity Fund		35,604,336		89,693,528		—

Year Ended March 31, 2008

Ordinary

Long-Term

Income

Capital Gain

Return of

Distributions

Capital

Real Estate

Securities Fund

1,838,967

11,827,463

246,102

Tax-Exempt Fixed

Income Fund*

7,595,946

75,847

—

Core Plus Fixed

Income Fund

34,075,503

1,310,487

—

Enhanced

Fundamental

Index™ Large

Company

Growth Fund

120,947

12,263

—

Enhanced

Fundamental

Index™ Large

Company

Value Fund

138,841

8,537

—

Enhanced

Fundamental

Index™ Small

Company

Growth Fund

2,725

6,709

7,229

Enhanced

Fundamental

Index™ Small

Company

Value Fund

15,595

—

*	Contains $7,595,946 of tax-exempt income.

165

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2009

At March 31, 2009 the components of accumulated earnings (losses) on a tax basis were as follows:

	Large Cap			Large Cap			Small/Mid			Small/Mid			International			Real Estate
	Growth			Value			Cap Growth			Cap Value			Equity			Securities
	Fund			Fund			Fund			Fund			Fund			Fund
Cost of Investments		303,408,736			277,075,029			66,542,999			76,922,814			277,795,454			76,707,171
Gross Unrealized
Appreciation		11,067,294			11,424,571			4,094,571			2,220,861			5,422,481			1,396,295
Gross Unrealized
Depreciation		(70,040,899	)		(78,968,847	)		(11,377,416	)		(25,721,000	)		(59,043,003	)		(20,889,647	)
Net Unrealized
(Depreciation)		(58,973,605	)		(67,544,276	)		(7,282,845	)		(23,500,139	)		(53,620,522	)		(19,493,352	)

Undistributed
Tax-Exempt
Ordinary Income		—			—			—			—			—			—
Undistributed
Ordinary Income		—			1,019,418			—			—			6,512,687			—
Undistributed
Long-Term
Cap Gains		—			—			—			—			—			—
Total Distributable
Earnings		—			1,019,418			—			—			6,512,687			—

Other Accumulated
(Losses)		(104,229,346	)		(196,534,811	)		(32,738,908	)		(32,182,051	)		(232,408,545	)		(3,229,975	)
Total Accumulated
(Losses)		(163,202,951	)		(263,059,669	)		(40,021,753	)		(55,682,190	)		(279,516,380	)		(22,723,327	)

166

						Enhanced			Enhanced			Enhanced			Enhanced
						Fundamental			Fundamental			Fundamental			Fundamental
Tax-Exempt			Core Plus			Index™ Large			Index™ Large			Index™ Small			Index™ Small
Fixed Income			Fixed Income			Company			Company			Company			Company
Fund			Fund			Growth Fund			Value Fund			Growth Fund			Value Fund
	196,852,673			649,753,426			71,653,494			66,321,507			16,998,647			10,294,841

	3,628,887			11,713,074			956,791			1,249,152			672,317			437,870

	(10,191,460	)		(114,407,810	)		(19,243,250	)		(24,921,253	)		(5,310,446	)		(4,489,776	)

	(6,562,573	)		(102,694,736	)		(18,286,459	)		(23,672,101	)		(4,638,129	)		(4,051,906	)



	94,437			—			—			—			—			—

	4,343			886,557			175,882			277,943			—			—


	—			—			—			—			—			—

	98,780			886,557			175,882			277,943			—			—


	(7,831,127	)		(46,906	)		(14,774,310	)		(18,682,514	)		(1,808,823	)		(1,571,536	)

	(14,294,920	)		(101,855,085	)		(32,884,887	)		(42,076,672	)		(6,446,952	)		(5,623,442	)

167

AssetMark Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders

AssetMark Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small/Mid Cap Growth Fund, AssetMark Small/Mid Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund, AssetMark Enhanced Fundamental Index Large Company Growth Fund, AssetMark Enhanced Fundamental Index Large Company Value Fund, AssetMark Enhanced Fundamental Index Small Company Growth Fund and AssetMark Enhanced Fundamental Index Small Company Value Fund as of March 31, 2009, and the related statements of operations for the year then ended, statements of changes in net assets for each of the periods presented in the two-year period then ended, and the financial highlights for each of the periods presented in the three-year period then ended. These financial statements and financial highlights are the responsibility of fund management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through March 31, 2006, were audited by other auditors whose report dated May 26, 2006, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of as of AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small/Mid Cap Growth Fund, AssetMark Small/Mid Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund, AssetMark Enhanced Fundamental Index Large Company Growth Fund, AssetMark Enhanced Fundamental Index Large Company Value Fund, AssetMark Enhanced Fundamental Index Small Company Growth Fund and AssetMark Enhanced Fundamental Index Small Company Value Fund as of March 31, 2009, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods described in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Milwaukee, Wisconsin

May 27, 2009

168

AssetMark Funds

ADDITIONAL INFORMATION

March 31, 2009

Shareholder Notification of Federal Tax Status (Unaudited)

The Large Cap Growth Fund, Large Cap Value Fund, Small/Mid Cap Growth Fund, Small/Mid Cap Value Fund, Enhanced Fundamental Index™ Large Company Value Fund and Enhanced Fundamental Index™ Small Company Value Fund designates 66%, 100%, 5%, 100%, 100% and 100%, respectively, of dividends during the fiscal year ended March 31, 2009, as dividends qualifying for the dividends received deduction available to corporate shareholders.

The Large Cap Growth Fund, Large Cap Value Fund, Small/Mid Cap Growth Fund, Small/Mid Cap Value Fund, International Equity Fund, Real Estate Securities Fund, Enhanced Fundamental Index™ Large Company Value Fund and Enhanced Fundamental Index™ Small Company Value Fund designates 70%, 100%, 5%, 100%, 88%, 1%, 100% and 100%, respectively, of dividends declared from net investment income during the fiscal year ended March 31, 2009, as qualified income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Foreign Tax Credit Pass Through (Unaudited)

For the year ended March 31, 2009, the International Equity Fund earned foreign source income and paid foreign taxes, which they intend to pass through to their shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

	Foreign Sourced Income Earned	Taxes Paid
Austria	107,295	16,094
Australia	679,338	—
Bermuda	29,952	—
Brazil	141,267	—
Britian	3,746,091	—
Canada	7,987	1,198
Finland	349,311	52,397
France	2,089,505	313,426
Germany	1,890,935	283,640
Greece	1,159,103	—
Hong Kong	312,228	—
Ireland	—	—
Isreal	57,737	8,917
Italy	1,284,974	192,746
Japan	1,829,903	128,012
Luxembourg	119,229	17,884
New Zealand	—	—
Russia	242,508	24,251
Singapore	217,587	—
South Korea	4,318	712
Spain	1,160,778	174,117
Sweden	810,262	121,539
Switzerland	1,260,411	189,062

169

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2009

3. Disclosure Regarding Fund Trustees and Officers (Unaudited)
				# of
				Portfolios
				in Fund	Other
	Position(s)	Term of Office		Complex	Director/
Name, Age	Held with	and Length of	Principal	Overseen	Trustee
and Address	the Trust	Time Served	Occupation During Past Five Years	by Trustee	Positions

Independent Trustees

R. Thomas DeBerry	Trustee	Indefinite Term	Retired.	12	None
c/o Genworth Financial		since January
Wealth Management, Inc.		2001.
2300 Contra Costa
Boulevard, Suite 600
Pleasant Hill, CA 94523
Year of Birth: 1941
William J. Klipp	Trustee	Indefinite Term	Retired.	12	Trustee of
c/o Genworth Financial		since January			Adelante
Wealth Management, Inc.		2001.			Funds
2300 Contra Costa					(2000-present).
Boulevard, Suite 600
Pleasant Hill, CA 94523
Year of Birth: 1955
Leonard H. Rossen	Trustee	Indefinite Term	President, Len Rossen Consulting (a legal	12	None
c/o Genworth Financial		since January	consulting firm) (1999-present).
Wealth Management, Inc.		2001.
2300 Contra Costa
Boulevard, Suite 600
Pleasant Hill, CA 94523
Year of Birth: 1932
Dennis G. Schmal	Trustee	Indefinite Term	Self-employed consultant.	12	Trustee, Grail
c/o Genworth Financial		since July 2007.			Advisors ETF Trust
Wealth Management, Inc.					(2009 to present);
2300 Contra Costa					Trustee, Wells Fargo
Boulevard, Suite 600					Multi-Strategy 100
Pleasant Hill, CA 94523					Fund (closed-end
Year of Birth: 1947					hedge fund) (2008 to
					present); Director/
					Chairman, Pacific
					Metrics Corp.
					(Educational
					Services) (2005 to
					present); Director,
					Varian Semiconductor
					Equipment Associates,
					Inc. (2004 to present);
					Director, MCF Corp.
					(Financial Services)
					(2003 to present).

170

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2009

				# of
				Portfolios
				in Fund	Other
	Position(s)	Term of Office		Complex	Director/
Name, Age	Held with	and Length of	Principal	Overseen	Trustee
and Address	the Trust	Time Served	Occupation During Past Five Years	by Trustee	Positions

Interested Trustees
Ronald Cordes*	Chairperson,	Indefinite Term	Principal, Genworth Financial	12	None
Genworth Financial	Trustee	since January	Wealth Management, Inc.
Wealth Management, Inc.		2001.	(1994-present); President,
2300 Contra Costa			AssetMark Funds 2001-2008
Boulevard, Suite 600
Pleasant Hill, CA 94523
Year of Birth: 1959

Officers
Carrie E. Hansen	President	1-Year Term	President, Genworth Financial Asset	N/A	N/A
Genworth Financial		since 2007	Management (GFAM) Funds (2008 to
Wealth Management, Inc.			present); President, Genworth Variable
2300 Contra Costa			Insurance Trust (2008 to Present); Senior
Boulevard, Suite 600			Vice President and Chief Operations
Pleasant Hill, CA 94523			Officer, GFWM (2008 to present); Senior
Year of Birth: 1970			Vice President and Managing Director,
			AssetMark Funds (2007 to 2008); Treasurer
			and Chief Compliance Officer, GFAM Funds
			(2007 to 2008; Chief Compliance Officer,
			AssetMark Funds (2005 to 2008); Treasurer,
			AssetMark Funds (2001 to 2008); Senior
			Vice President, Chief Financial Officer and
			Chief Compliance Officer, AssetMark
			Investment Services, Inc. (2004 to 2007).

Deborah Djeu	Vice President,	1-Year Term	Vice President, Chief Compliance Officer	N/A	N/A
Genworth Financial	Chief	since May	and AML Compliance Officer, Genworth
Wealth Management, Inc.	Compliance	2008	Financial Asset Management Funds (2008 to
2300 Contra Costa	Officer and		present); Vice President, Chief Compliance
Boulevard, Suite 600	AML		Officer and AML Compliance Officer,
Pleasant Hill, CA 94523	Compliance		Genworth Variable Insurance Trust (2008 to
Year of Birth: 1962	Officer		present); Deputy Chief Compliance Officer,
			AssetMark Funds (2007 to 2008); Compliance
			Manager, GE Money (2006 to 2007); Vice
			President, Wells Fargo Investments LLC
			(2004 to 2006).

171

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2009

				# of
				Portfolios
				in Fund	Other
	Position(s)	Term of Office		Complex	Director/
Name, Age	Held with	and Length of	Principal	Overseen	Trustee
and Address	the Trust	Time Served	Occupation During Past Five Years	by Trustee	Positions

Danell J. Doty	Vice President,	1-Year Term	Director of Fund Adminstration, GFWM	N/A	N/A
Genworth Financial	Treasurer	since 2008	(2008-present); Vice President and
Wealth Management, Inc.			Treasurer, Genworth Financial Asset
2300 Contra Costa			Management Funds (2008-present); Vice
Boulevard, Suite 600			President and Treasurer, Genworth Variable
Pleasant Hill, CA 94523			Insurance Trust (2008-present); Consultant,
Year of Birth: 1962			Barclays Global Investors (2007-2008);
			Fund Chief Compliance Officer, Barclays
			Global Investors Funds, Master Investment
			Portfolio, iShares Trust and iShares, Inc.,
			Barclays Global Investors (2004-2007);
			Head of Mutual Fund Administrator,
			Barclays Global Investors (1999-2004).

Chris Villas-Chernak	Secretary	1-Year Term	Secretary, Genworth Financial Asset	N/A	N/A
Genworth Financial		since September	Management Funds (2009-present); Secretary,
Wealth Management, Inc.		2006	Genworth Variable Insurance Trust (2008-
2300 Contra Costa			present); Senior Compliance Officer, Genworth
Boulevard, Suite 600			Financial Wealth Management, Inc., (2005-
Pleasant Hill, CA 94523			2009); Fund Administration & Compliance
Year of Birth: 1968			Manager, AssetMark Investment Services,
			Inc. (2004-2005); Fund Administration &
			Compliance Specialist, AssetMark
			Investment Services, Inc. (2002-2004).

*	Ronald Cordes is an “interested person” of the Funds as defined in the 1940 Act due to his relationship with the Advisor.

The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.

Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Funds’ proxy voting records on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Holdings Schedules (Unaudited)

The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Once filed, the Funds’ Form N-Q is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfosec.gov.

172

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2009

Statement Regarding the Basis for Approval of Sub-Advisory Agreements (Unaudited)

During the six-month period ended March 31, 2009, the Board of Trustees (the “Board” or the “Trustees”) of AssetMark Funds (the “Trust”) approved three new sub-advisory agreements between the Trust’s investment advisor, Genworth Financial Wealth Management, Inc. (the “Advisor”), on behalf of two of the Trust’s series, the AssetMark Large Cap Value Fund and the AssetMark International Equity Fund. The AssetMark Large Cap Value Fund and the AssetMark International Equity Fund are collectively referred to herein as the “Funds.”

At a meeting held on December 5, 2008, the Board appointed Diamond Hill Capital Management, Inc. (“Diamond Hill”) to replace Brandes Investment Partners, L.P. as one of the three sub-advisors for the AssetMark Large Cap Value Fund. At the meeting, the Board reviewed, considered and approved a new sub-advisory agreement between Diamond Hill and the Advisor, on behalf of the AssetMark Large Cap Value Fund.

Also at the meeting held on December 5, 2008, the Board appointed Mondrian Investment Partners Limited (“Mondrian”) and Martin Currie Inc. (“Martin Currie”) to replace Oppenheimer Capital LLC and Clay Finlay, LLC as the sub-advisors for the AssetMark International Equity Fund. At the meeting, the Board reviewed, considered and approved the new sub-advisory agreements between Mondrian and the Advisor and between Martin Currie and the Advisor, each on behalf of the AssetMark International Equity Fund.

The Funds are managed using a “manager-of-managers” structure that generally involves the use of one or more sub-advisors to manage allocated portions of the Funds’ portfolios. Under this structure, the Advisor is responsible for evaluating and selecting sub-advisors on an ongoing basis and making any decisions to recommend hiring, retaining or replacing sub-advisors. The Board is engaged in monitoring this process in connection with meetings held throughout the year and, under the manager-of-managers structure, all parties understand that sub-advisors are being monitored and evaluated, and are subject to replacement, at all times.

The material factors considered and the conclusions that formed the basis of the Board’s approval of each sub-advisory agreement are described below. This summary describes the most significant, but not all, of the factors evaluated by the Board. In deciding to approve each sub-advisory agreement, the Trustees did not identify any particular information or any single factor or conclusion that was controlling.

Materials Reviewed and the Review Process

Assisted by independent legal counsel, the Trustees specifically requested and were furnished with materials for purposes of their review. The materials provided to the Board related to, among other things: (a) the terms and conditions of each proposed sub-advisory agreement; (b) the nature, quality and scope of the services to be provided by each sub-advisor, as well as the schedule of fees to be charged for such services; (c) each sub-advisor’s investment performance compared to an industry peer group, as well as other sub-advisor client accounts; (d) comparative sub-advisory fee information; (e) information regarding each sub-advisor’s personnel, operations, financial position and business operations; (f) information regarding each sub-advisor’s brokerage and compliance practices; and (g) information regarding each sub-advisor’s interactions with the Advisor regarding management of the respective Fund as well as the sub-advisor’s compliance program.

The Trustees received assistance and advice regarding legal and industry standards from both independent counsel and from counsel to the Trust, and had previously received a detailed memorandum prepared by counsel to the Trust that described the Trustees’ legal duties and obligations in considering the approval of sub-advisory agreements. The Independent Trustees discussed in detail, in executive sessions with independent counsel at which no representatives of the Advisor or the sub-advisors were present, the materials provided by each sub-advisor and their legal duties in considering the approval of the sub-advisory agreements.

173

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2009

Factors Considered

The Trustees considered and reached conclusions on a number of factors in making the decision to approve each of the sub-advisory agreements. In so doing, the Trustees considered the Advisor’s active role as a “manager-of-managers,” which includes, among other functions, monitoring and evaluating the performance of the sub-advisors, recommending that sub-advisors not performing as expected be replaced, and negotiating advantageous fee arrangements that could permit the Funds to realize economies of scale without compromising the quality of services. The Trustees considered the process by which the Advisor reviewed, selected and recommended each sub-advisor for the Board’s approval. These factors and the Board’s conclusions are set forth below.

Nature, Extent and Quality of Services

The Trustees reviewed the nature, extent and quality of the services to be provided to the respective Funds by the sub-advisors. The Trustees considered each sub-advisor’s investment management process, including (a) the experience and capability of the sub-advisor’s management and other personnel; (b) the financial position of the sub-advisor; (c) the quality and commitment of the sub-advisor’s regulatory and legal compliance policies, procedures and systems; and (d) the sub-advisor’s brokerage practices. The Trustees also considered the Advisor’s favorable assessment as to the nature, extent and quality of the sub-advisory services expected to be provided by each sub-advisor. Based on their review and consideration of the foregoing information, the Trustees concluded that the nature, extent and quality of the services to be provided by each sub-advisor would likely benefit each Fund and its shareholders.

Investment Performance

At the time of the Board’s consideration of each sub-advisory agreement, none of the sub-advisors had commenced managing its allocated portion of the respective Funds. Therefore, there was no record of each sub-advisor’s specific performance with respect to the Funds. However, the Board was provided with, and considered, performance information for other accounts managed by each sub-advisor that have similar investment objectives and policies to the applicable Fund. The Trustees also considered each sub-advisor’s investment performance record relative to benchmark indices. The Trustees concluded that each sub-advisor’s performance record supported the approval of the applicable sub-advisory agreement.

Sub-Advisory Fees and Economies of Scale

The Trustees considered the proposed fee schedule for each sub-advisor. The Trustees also considered individual reports prepared for each sub-advisor containing comparative information regarding fees. The Trustees compared the fees in the sub-advisory agreements to those charged by each respective sub-advisor for managing other funds or accounts with comparable investment objectives and policies. In addition, the Trustees compared the proposed fees for each sub-advisor to the fees charged by the present sub-advisors to the respective Funds. The Trustees considered that the sub-advisory fees would be paid by the Advisor from the fees it receives from the Funds, and would not result in additional fees borne by the Funds. The Trustees also considered that, where applicable, breakpoints in the sub-advisory agreement fee schedules represented potential economies of scale that could be shared with Fund shareholders under an agreement between the Advisor and the Funds. The Trustees concluded that the sub-advisory fees to be paid to each of the sub-advisors are reasonable in light of the services to be provided to each Fund.

174

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2009

Ancillary Benefits

The Trustees considered other benefits that each sub-advisor might receive as a result of its relationship with the Funds. The Board observed that, consistent with each sub-advisor’s fiduciary obligations to the Fund for which it serves as a sub-advisor, the sub-advisors may direct Fund brokerage transactions to certain broker-dealers to obtain research and other services.

Conclusions

Based on their full evaluation of the relevant factors, the Board and the Independent Trustees concluded that all of the factors above supported approval of the sub-advisory agreements with Diamond Hill, Mondrian, and Martin Currie. The Board and the Independent Trustees also concluded that each sub-advisory fee is reasonable and that the approval of each sub-advisory agreement is in the best interests of the applicable Fund and its shareholders.

175

[This Page Intentionally Left Blank]

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report that apply to the registrant’s principal executive officer or principal financial officer. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report to the registrant’s principal executive officer or principal financial officer.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dennis Schmal is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

For the fiscal year ended March 31, 2009, the registrant’s principal accountant billed the registrant $289,380 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

For the fiscal year ended March 31, 2008, the registrant’s principal accountant billed the registrant $239,920 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

(b) Audit-Related Fees

None.

For the fiscal year ended March 31, 2009, the registrant’s principal accountant billed the registrant $57,720 for professional services rendered for tax compliance, tax advice and tax planning.

For the fiscal year ended March 31, 2008, the registrant’s principal accountant billed the registrant $57,720 for professional services rendered for tax compliance, tax advice and tax planning.

(d) All Other Fees

None.

(e)(1)

The registrant’s audit committee charter provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of auditors annually to audit and to provide their opinion on the registrant’s financial statements. The audit committee charter also provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the auditor to provide other audit services to the registrant or to provide non-audit services to the registrant, its investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the engagement relates directly to the operations and financial reporting of the Trust.

(e)(2)

There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended March 31, 2009 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2009 and March 31, 2008, was $0 and $0, respectively.

(h)

The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-CSR (the “Report”), the registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effectively designed to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s officers who are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure.

(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) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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) _AssetMark Funds

By /s/ Carrie E. Hansen

Carrie E. Hansen, President

Date 05/27/2009

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 /s/ Carrie E. Hansen

Carrie E. Hansen, President

Date 05/27/2009 ��

By /s/ Danell J. Doty

Danell J. Doty, Treasurer

Date 05/27/2009

GPS Funds I N-CSRCertified annual shareholder report (management investment company)