UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-10267
(Investment Company Act File Number)
ASSETMARK FUNDS
(Exact Name of Registrant as Specified in Charter)
2300 CONTRA COSTA BOULEVARD, SUITE 425, PLEASANT HILL, CA 94523-3967
(Address of Principal Executive Offices)
(800) 664-5345
(Registrant's Telephone Number)
CARRIE HANSEN
ASSETMARK INVESTMENT SERVICES, INC.
2300 CONTRA COSTA BOULEVARD, SUITE 425
PLEASANT HILL, CA 94523-3967
(Name and Address of Agent for Service)
COPIES TO:
MICHAEL P. O'HARE, ESQ. ELAINE RICHARDS, ESQ.
STRADLEY, RONON, STEVENS & YOUNG, LLP U.S. BANCORP FUND SERVICES, LLC
2600 ONE COMMERCE SQUARE 615 EAST MICHIGAN STREET
PHILADELPHIA, PA 19103-7098 MILWAUKEE, WISCONSIN 53202
Date of fiscal year end: June 30
Date of reporting period: December 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
(ASSETMARK FUNDS LOGO)
SEMI-ANNUAL REPORT
December 31, 2003
SEMI-ANNUAL REPORT
December 31, 2003
(ASSETMARK FUNDS LOGO)
INVESTMENT ADVISOR
AssetMark Investment Services, Inc.
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 FUNDS LOGO)
February 2004
Dear Shareholder:
In December, 2003, we were proud to achieve an important milestone in the
AssetMark Funds. For the first time, our total assets in the Funds surpassed $1
billion. We would like to express our sincere appreciation to both the several
thousand individual shareholders of the Funds and the investment advisors who
have recommended the Funds as integral components of a diversified asset
allocation portfolio.
As has been widely reported in the media, several ongoing regulatory
investigations indicate that certain mutual fund companies allowed, or in some
cases facilitated, improper trades in mutual fund shares. This alleged trading
involved both "late trading" and "market timing" of mutual fund shares. We would
like to assure you that we have had policies, procedures and agreements in place
to monitor for abusive trading practices in an effort to protect against this
type of improper trading activity as follows:
LATE TRADING
Shares of the AssetMark Funds can only be purchased through specific
financial intermediaries with whom the Funds have executed a Shareholder
Servicing Agreement. In accordance with applicable securities laws and
regulations, each of these Shareholder Servicing Agreements impose a strict
4:00 EST market closing "cut off" for the receipt of trades by the
intermediary which are to be processed at the current day's net asset value
(NAV). AssetMark is not aware of any trades which have been submitted by any
financial intermediary in violation of this provision, but has nonetheless
formally requested of each intermediary, and received a written certification
confirming that no such late trades have been submitted.
MARKET TIMING
AssetMark strongly discourages market timing in the AssetMark Funds, and
since early 2002 has implemented formal monitoring and corrective procedures
to identify fund investors who may be engaged in market timing activities,
and to enforce the cessation of those activities. Under no circumstances has
AssetMark entered into any agreements with any investor or investment advisor
to encourage or facilitate market timing in the Funds.
At AssetMark, we take our responsibilities to the shareholders and investment
advisors utilizing the AssetMark Funds very seriously. We want you to know
that, together with our independent trustees and our fund counsel, we will
continue to vigorously monitor and enforce the strict compliance policies and
high ethical standards we have established with respect to the management and
administration of the Funds.
In addition, in consultation with Wilshire Associates, we will continue to
research and monitor a broad universe of investment managers to provide
shareholders with the finest institutional investment capabilities available in
the management of the Fund portfolios.
We were pleased with the performance of the Funds in 2003, as the Net Asset
Values of all of our equity funds rebounded strongly following the challenging
markets of 2002. We look forward into 2004 with confidence that the Funds will
continue to be well positioned to meet the challenges and opportunities that lie
ahead.
Sincerely,
/s/ Ronald D. Cordes,
Ronald D. Cordes,
President
AssetMark Funds
AssetMark Large Cap Growth Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
NUMBER OF MARKET
SHARES VALUE
- --------- ------
COMMON STOCK 96.38%
FINANCE, INSURANCE
AND REAL ESTATE 15.79%
DEPOSITORY INSTITUTIONS 0.99%
29,400 Bank of America Corporation $ 2,364,642
------------
INSURANCE CARRIERS 9.00%
143,600 AFLAC Inc. 5,195,448
93,400 American International Group, Inc. 6,190,552
121,350 The Progressive Corporation 10,143,647
------------
21,529,647
------------
NON-DEPOSITORY CREDIT INSTITUTIONS 0.99%
49,000 American Express Company 2,363,270
------------
SECURITY AND COMMODITY
BROKERS, DEALERS, EXCHANGES
AND SERVICES 4.81%
35,300 A.G. Edwards, Inc. 1,278,919
360,215 The Charles Schwab Corporation 4,264,946
44,500 Franklin Resources, Inc. 2,316,670
37,600 Merrill Lynch & Co., Inc. 2,205,240
48,000 SEI Investments Company 1,462,560
------------
11,528,335
------------
Total Finance, Insurance
and Real Estate 37,785,894
------------
MANUFACTURING 50.83%
CHEMICALS AND ALLIED PRODUCTS 15.41%
47,400 Air Products and Chemicals, Inc. 2,504,142
133,250 Amgen Inc. #<F1> 8,234,850
45,100 Ecolab Inc. 1,234,387
78,650 Eli Lilly and Company 5,531,455
45,200 The Estee Lauder Companies Inc. 1,774,552
69,710 Genentech, Inc. #<F1> 6,522,764
102,820 MedImmune, Inc. #<F1> 2,611,628
26,900 Merck & Co., Inc. 1,242,780
111,200 Pfizer Inc. 3,928,696
33,000 Rohm and Haas Company 1,409,430
108,700 Schering-Plough Corporation 1,890,293
------------
36,884,977
------------
ELECTRONIC AND OTHER ELECTRICAL
EQUIPMENT AND COMPONENTS,
EXCEPT COMPUTER EQUIPMENT 16.10%
58,300 American Power
Conversion Corporation 1,425,435
49,500 Emerson Electric Co. 3,205,125
74,050 General Electric Company 2,294,069
206,500 Intel Corporation 6,649,300
27,500 Linear Technology Corporation 1,156,925
123,100 Maxim Integrated Products, Inc. 6,130,380
75,400 Microchip Technology Incorporated 2,515,344
48,100 Molex Incorporated 1,678,209
319,500 Network Appliance, Inc. #<F1> 6,559,335
21,900 QLogic Corporation #<F1> 1,130,040
26,850 QUALCOMM Inc. 1,448,021
111,700 Xilinx, Inc. #<F1> 4,327,258
------------
38,519,441
------------
FABRICATED METAL PRODUCTS,
EXCEPT MACHINERY AND
TRANSPORTATION EQUIPMENT 1.08%
30,800 Illinois Tool Works Inc. 2,584,428
------------
FOOD AND KINDRED PRODUCTS 0.87%
41,000 The Coca-Cola Company 2,080,750
------------
INDUSTRIAL AND COMMERCIAL
MACHINERY AND COMPUTER
EQUIPMENT 11.78%
210,200 Applied Materials, Inc. #<F1> 4,718,990
27,300 CDW Corporation 1,576,848
324,900 Cisco Systems, Inc. #<F1> 7,891,821
212,050 Dell Inc. 7,201,218
65,100 Dover Corporation 2,587,725
66,500 Hewlett-Packard Company 1,527,505
31,400 3M Co. 2,669,942
------------
28,174,049
------------
MEASURING, ANALYZING AND
CONTROLLING INSTRUMENTS;
PHOTOGRAPHIC, MEDICAL AND OPTICAL
GOODS; WATCHES AND CLOCKS 2.50%
16,400 C.R. Bard, Inc. 1,332,500
39,400 Dentsply International Inc. 1,779,698
59,200 Medtronic, Inc. 2,877,712
------------
5,989,910
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES 0.37%
19,800 Tiffany & Co. 894,960
------------
PETROLEUM REFINING AND
RELATED INDUSTRIES 0.78%
45,400 Exxon Mobil Corporation 1,861,400
------------
PRINTING, PUBLISHING AND
ALLIED INDUSTRIES 0.96%
51,900 Viacom Inc. 2,303,322
------------
TRANSPORTATION EQUIPMENT 0.98%
49,200 Harley-Davidson, Inc. 2,338,476
------------
Total Manufacturing 121,631,713
------------
MINING 1.22%
OIL AND GAS EXTRACTION 1.22%
35,985 Apache Corporation 2,918,383
------------
Total Mining 2,918,383
------------
RETAIL TRADE 15.14%
APPAREL AND ACCESSORY STORES 0.75%
40,100 Kohl's Corporation #<F1> 1,802,094
------------
BUILDING MATERIALS, HARDWARE,
GARDEN SUPPLY AND MOBILE
HOME DEALERS 0.93%
40,200 Lowe's Companies, Inc. 2,226,678
------------
EATING AND DRINKING PLACES 0.92%
66,600 Brinker International, Inc. #<F1> 2,208,456
------------
FOOD STORES 1.17%
84,650 Starbucks Corporation 2,798,529
------------
GENERAL MERCHANDISE STORES 1.72%
47,500 Costco Wholesale Corporation 1,766,050
44,000 Wal-Mart Stores, Inc. 2,334,200
------------
4,100,250
------------
HOME FURNITURE, FURNISHINGS
AND EQUIPMENT STORES 0.75%
41,500 Bed Bath & Beyond Inc. #<F1> 1,799,025
------------
MISCELLANEOUS RETAIL 8.90%
173,700 Amazon.com, Inc. #<F1> 9,143,568
83,000 eBay Inc. #<F1> 5,360,970
66,500 Staples, Inc. #<F1> 1,815,450
136,600 Walgreen Co. 4,969,508
------------
21,289,496
------------
Total Retail Trade 36,224,528
------------
SERVICES 9.78%
BUSINESS SERVICES 8.86%
90,800 Concord EFS, Inc. #<F1> 1,347,472
30,500 Fiserv, Inc. #<F1> 1,205,055
206,000 Microsoft Corporation 5,673,240
21,300 Omnicom Group Inc. 1,860,129
50,750 Pixar, Inc. #<F1> 3,516,467
67,600 SunGard Data Systems Inc. #<F1> 1,873,196
127,100 Yahoo! Inc. #<F1> 5,741,107
------------
21,216,666
------------
HEALTH SERVICES 0.92%
91,500 Health Management Associates, Inc. 2,196,000
------------
Total Services 23,412,666
------------
TRANSPORTATION,
COMMUNICATIONS, ELECTRIC,
GAS AND SANITARY SERVICES 1.98%
COMMUNICATIONS 0.73%
37,600 ALLTEL Corporation 1,751,408
------------
TRANSPORTATION BY AIR 1.25%
184,800 Southwest Airlines Co. 2,982,672
------------
Total Transportation, Communications,
Electric, Gas and Sanitary Services 4,734,080
------------
WHOLESALE TRADE 1.64%
WHOLESALE TRADE - DURABLE GOODS 0.65%
30,300 Johnson & Johnson 1,565,298
------------
WHOLESALE TRADE - NON-DURABLE GOODS 0.99%
63,400 Sysco Corporation 2,360,382
------------
Total Wholesale Trade 3,925,680
------------
TOTAL COMMON STOCK
(COST $197,326,479) 230,632,944
------------
SHORT TERM INVESTMENTS 3.00%
MONEY MARKET FUND 3.00%
7,189,142 Federated Prime Obligations Fund 7,189,142
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $7,189,142) 7,189,142
------------
TOTAL INVESTMENTS 99.38%
(COST $204,515,621) 237,822,086
------------
OTHER ASSETS, LESS
LIABILITIES 0.62% 1,481,177
------------
NET ASSETS 100% $239,303,263
------------
------------
#<F1> Non-income producing security.
See notes to financial statements.
AssetMark Large Cap Value Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
NUMBER OF MARKET
SHARES VALUE
- --------- ------
COMMON STOCK 94.63%
FINANCE, INSURANCE AND
REAL ESTATE 30.08%
DEPOSITORY INSTITUTIONS 12.57%
103,900 Bank One Corporation $ 4,736,801
112,800 Citigroup Inc. 5,475,312
22,000 Fifth Third Bancorp 1,300,200
23,400 FleetBoston Financial Corporation 1,021,410
38,500 Golden West Financial Corporation 3,972,815
68,272 HSBC Holdings PLC 5,381,199
41,350 JP Morgan Chase & Co. 1,518,786
38,700 Lloyds TSB Group PLC 1,259,685
88,200 Wells Fargo & Company 5,194,098
------------
29,860,306
------------
HOLDING AND OTHER
INVESTMENT OFFICES 2.44%
2,061 Berkshire Hathaway Inc. #<F2> 5,801,715
------------
INSURANCE AGENTS,
BROKERS AND SERVICE 0.51%
50,100 Aon Corporation 1,199,394
------------
INSURANCE CARRIERS 10.01%
106,700 American International Group, Inc. 7,072,076
2,900 American National
Insurance Company 244,673
22,580 CIGNA Corporation 1,298,350
98,280 Loews Corporation 4,859,946
86,210 The Phoenix Companies, Inc. 1,037,968
57,400 The Progressive Corporation 4,798,066
27,900 Transatlantic Holdings, Inc. 2,254,320
140,060 UnumProvident Corporation 2,208,746
------------
23,774,145
------------
NON-DEPOSITORY CREDIT INSTITUTIONS 3.93%
146,700 American Express Company 7,075,341
62,480 CIT Group Inc. 2,246,156
------------
9,321,497
------------
SECURITY AND COMMODITY BROKERS,
DEALERS, EXCHANGES
AND SERVICES 0.62%
25,600 Morgan Stanley 1,481,472
------------
Total Finance, Insurance,
and Real Estate 71,438,529
------------
MANUFACTURING 32.98%
CHEMICALS AND ALLIED PRODUCTS 6.70%
122,740 Bristol-Myers Squibb Company 3,510,364
30,100 Eli Lilly and Company 2,116,933
43,540 Great Lakes Chemical Corporation 1,183,853
85,430 Merck & Co. Inc. 3,946,866
34,900 Pfizer Inc. 1,233,017
225,060 Schering-Plough Corporation 3,913,793
------------
15,904,826
------------
ELECTRONIC AND OTHER ELECTRICAL
EQUIPMENT AND COMPONENTS,
EXCEPT COMPUTER EQUIPMENT 2.68%
573,830 Lucent Technologies Inc. #<F2> 1,629,677
177,620 Micron Technology, Inc. #<F2> 2,392,541
166,810 Motorola, Inc. 2,347,017
------------
6,369,235
------------
FOOD AND KINDRED PRODUCTS 2.36%
90,430 Archer-Daniels-Midland Company 1,376,345
41,400 Diageo PLC 2,188,404
16,000 Hershey Foods Corporation 1,231,840
24,900 Kraft Foods Inc. 802,278
------------
5,598,867
------------
INDUSTRIAL AND COMMERCIAL
MACHINERY AND
COMPUTER EQUIPMENT 1.46%
65,920 Hewlett-Packard Company 1,514,182
24,700 Lexmark International, Inc. #<F2> 1,942,408
------------
3,456,590
------------
MEASURING, ANALYZING AND
CONTROLLING INSTRUMENTS;
PHOTOGRAPHIC, MEDICAL AND OPTICAL
GOODS; WATCHES AND CLOCKS 2.41%
99,810 Eastman Kodak Company 2,562,123
229,460 Xerox Corporation #<F2> 3,166,548
------------
5,728,671
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES 1.66%
149,200 Tyco International Ltd. 3,953,800
------------
PAPER AND ALLIED PRODUCTS 0.66%
26,570 Kimberly-Clark Corporation 1,570,021
------------
PETROLEUM REFINING AND
RELATED INDUSTRIES 1.35%
48,852 ConocoPhillips 3,203,226
------------
PRINTING, PUBLISHING AND
ALLIED INDUSTRIES 0.80%
37,820 American Greetings Corporation #<F2> 827,123
12,100 Gannett Co., Inc. 1,078,836
------------
1,905,959
------------
RUBBER AND MISCELLANEOUS
PLASTICS PRODUCTS 3.33%
240,330 The Goodyear Tire
& Rubber Company #<F2> 1,888,994
92,400 Sealed Air Corporation #<F2> 5,002,536
58,780 Tupperware Corporation 1,019,245
------------
7,910,775
------------
TOBACCO PRODUCTS 5.69%
178,410 Altria Group, Inc. 9,709,072
32,390 R.J. Reynolds Tobacco
Holdings, Inc. 1,883,479
53,840 UST Inc. 1,921,550
------------
13,514,101
------------
TRANSPORTATION EQUIPMENT 3.88%
51,120 The Boeing Company 2,154,197
169,800 Delphi Corporation 1,733,658
189,530 Ford Motor Company 3,032,480
43,150 General Motors Corporation 2,304,210
------------
9,224,545
------------
Total Manufacturing 78,340,616
------------
MINING 2.54%
MINING AND QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS 0.45%
22,200 Vulcan Materials Company 1,056,054
------------
OIL AND GAS EXTRACTION 2.09%
41,300 Devon Energy Corporation 2,364,838
28,500 EOG Resources, Inc. 1,315,845
30,600 Occidental Petroleum Corporation 1,292,544
------------
4,973,227
------------
Total Mining 6,029,281
------------
RETAIL TRADE 6.85%
BUILDING MATERIALS, HARDWARE,
GARDEN SUPPLY AND MOBILE
HOME DEALERS 0.46%
31,300 The Sherwin-Williams Company 1,087,362
------------
FOOD STORES 3.20%
181,360 Albertson's, Inc. 4,107,804
188,340 The Kroger Co. #<F2> 3,486,173
------------
7,593,977
------------
GENERAL MERCHANDISE STORES 2.48%
116,000 Costco Wholesale Corporation #<F2> 4,312,880
54,560 The May Department
Stores Company 1,586,059
------------
5,898,939
------------
MISCELLANEOUS RETAIL 0.71%
134,610 Toys "R" Us, Inc. #<F2> 1,701,470
------------
Total Retail Trade 16,281,748
------------
SERVICES 7.83%
BUSINESS SERVICES 3.53%
30,700 D&B Corporation #<F2> 1,556,797
65,240 Electronic Data
Systems Corporation 1,600,990
47,500 Microsoft Corporation 1,308,150
473,370 Sun Microsystems, Inc. #<F2> 2,215,231
113,970 Unisys Corporation #<F2> 1,692,455
------------
8,373,623
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT AND RELATED SERVICES 0.69%
27,200 Moody's Corporation 1,646,960
------------
HEALTH SERVICES 1.99%
32,300 HCA Inc. 1,387,608
208,550 Tenet Healthcare Corporation #<F2> 3,347,228
------------
4,734,836
------------
HOTELS, ROOMING HOUSES, CAMPS
AND OTHER LODGING PLACES 0.45%
23,000 Marriott International, Inc. 1,062,600
------------
PERSONAL SERVICES 1.17%
29,900 H&R Block, Inc. 1,655,563
210,440 Service Corporation International #<F2> 1,134,272
------------
2,789,835
------------
Total Services 18,607,854
------------
TRANSPORTATION,
COMMUNICATIONS, ELECTRIC,
GAS AND SANITARY SERVICES 12.66%
COMMUNICATIONS 6.28%
141,020 BellSouth Corporation 3,990,866
149,160 SBC Communications Inc. 3,888,601
178,070 Sprint Corporation 2,923,909
117,280 Verizon Communications Inc. 4,114,182
------------
14,917,558
------------
ELECTRIC, GAS AND SANITARY SERVICES 4.99%
41,700 American Electric
Power Company, Inc. 1,272,267
134,660 Duke Energy Corporation 2,753,797
394,840 EL Paso Corporation 3,233,740
40,790 FirstEnergy Corp. 1,435,808
62,430 PG&E Corporation #<F2> 1,733,681
48,090 Waste Management, Inc. 1,423,464
------------
11,852,757
------------
MOTOR FREIGHT TRANSPORTATION
AND WAREHOUSING 0.50%
16,000 United Parcel Service, Inc. 1,192,800
------------
TRANSPORTATION BY AIR 0.89%
82,540 AMR Corporation #<F2> 1,068,893
87,220 Delta Air Lines, Inc. 1,030,068
------------
2,098,961
------------
Total Transportation, Communications,
Electric, Gas and Sanitary Services 30,062,076
------------
WHOLESALE TRADE 1.69%
WHOLESALE TRADE - NON-DURABLE GOODS 1.69%
183,540 Safeway Inc. #<F2> 4,021,361
------------
Total Wholesale Trade 4,021,361
------------
TOTAL COMMON STOCK
(COST $190,643,777) 224,781,465
------------
SHORT TERM INVESTMENTS 6.34%
MONEY MARKET FUND 6.34%
15,050,182 Federated Prime Obligations Fund 15,050,182
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $15,050,182) 15,050,182
------------
TOTAL INVESTMENTS 100.97%
(COST $205,693,959) 239,831,647
------------
LIABILITIES, LESS OTHER
ASSETS (0.97)% (2,284,073)
------------
NET ASSETS 100% $237,547,574
------------
------------
#<F2> Non-income producing security.
See notes to financial statements.
AssetMark Small/Mid Cap Growth Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
NUMBER OF MARKET
SHARES VALUE
- --------- ------
COMMON STOCK 96.28%
FINANCE, INSURANCE
AND REAL ESTATE 6.62%
INSURANCE CARRIERS 0.24%
2,600 Cincinnati Financial Corporation $ 108,888
1,500 Axis Capital Holdings Limited 43,920
-----------
152,808
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS 2.28%
2,400 CapitalSource Inc. #<F3> 52,032
45,000 Financial Federal Corporation #<F3> 1,374,750
-----------
1,426,782
-----------
SECURITY AND COMMODITY BROKERS,
DEALERS, EXCHANGES AND SERVICES 4.10%
27,000 BlackRock, Inc. 1,433,970
1,800 The Chicago Mercantile Exchange 130,248
11,400 SEI Investments Company 347,358
14,000 T. Rowe Price Group Inc. 663,740
-----------
2,575,316
-----------
Total Finance, Insurance,
and Real Estate 4,154,906
-----------
MANUFACTURING 24.91%
CHEMICALS AND ALLIED PRODUCTS 2.40%
3,200 Eon Labs, Inc. #<F3> 163,040
6,400 Genentech, Inc. #<F3> 598,848
14,400 MedImmune, Inc. #<F3> 365,760
8,400 MGI Pharma, Inc. #<F3> 345,660
2,400 Pharmion Corp. #<F3> 36,600
-----------
1,509,908
-----------
ELECTRONIC AND OTHER ELECTRICAL
EQUIPMENT AND COMPONENTS,
EXCEPT COMPUTER EQUIPMENT 13.14%
18,000 Altera Corporation #<F3> 408,600
39,500 Applied Micro
Circuits Corporation #<F3> 236,210
34,000 CIENA Corporation #<F3> 225,760
180,000 Gemstar-TV Guide
International, Inc. 909,000
25,000 GlobespanVirata, Inc. #<F3> 147,000
11,500 Intersil Corporation 285,775
41,700 Maxim Integrated Products, Inc. 2,076,660
27,000 Network Appliance, Inc. #<F3> 554,310
9,600 Novellus Systems, Inc. #<F3> 403,680
12,800 Research In Motion Limited #<F3> 855,424
55,300 Xilinx, Inc. #<F3> 2,142,322
-----------
8,244,741
-----------
INDUSTRIAL AND COMMERCIAL
MACHINERY AND COMPUTER
EQUIPMENT 0.93%
14,500 Graco Inc. 581,450
-----------
MEASURING, ANALYZING, AND
CONTROLLING INSTRUMENTS;
PHOTOGRAPHIC, MEDICAL AND OPTICAL
GOODS; WATCHES AND CLOCKS 2.41%
40,000 Techne Corporation #<F3> 1,511,200
-----------
PAPER AND ALLIED PRODUCTS 3.64%
70,000 Packaging Corp. of America 1,530,200
31,500 Pactiv Corporation #<F3> 752,850
-----------
2,283,050
-----------
STONE, CLAY, GLASS AND
CONCRETE PRODUCTS 2.39%
34,000 Gentex Corporation 1,501,440
-----------
Total Manufacturing 15,631,789
-----------
MINING 2.43%
OIL AND GAS EXTRACTION 2.43%
33,000 EOG Resources, Inc. 1,523,610
-----------
Total Mining 1,523,610
-----------
RETAIL TRADE 13.90%
EATING AND DRINKING PLACES 2.27%
37,000 IHOP Corp. 1,423,760
-----------
HOME FURNITURE, FURNISHINGS
AND EQUIPMENT STORES 4.68%
33,800 Bed Bath & Beyond Inc. #<F3> 1,465,230
48,000 RadioShack Corporation 1,472,640
-----------
2,937,870
-----------
MISCELLANEOUS RETAIL 6.95%
23,100 Amazon.com, Inc. #<F3> 1,215,984
48,700 eBay Inc. #<F3> 3,145,533
-----------
4,361,517
-----------
Total Retail Trade 8,723,147
-----------
SERVICES 28.95%
AMUSEMENT AND RECREATION SERVICES 1.88%
34,600 Westwood One, Inc. #<F3> 1,183,666
-----------
BUSINESS SERVICES 14.36%
29,600 Agile Software Corporation #<F3> 293,040
14,000 BARRA, Inc. #<F3> 496,860
27,000 BEA Systems, Inc. #<F3> 332,100
10,500 CheckFree Corp. #<F3> 290,325
9,500 Cognex Corporation 268,280
34,000 GTECH Holdings Corporation 1,682,660
47,100 Juniper Networks, Inc. #<F3> 879,828
14,400 Robert Half International Inc. #<F3> 336,096
55,200 Siebel Systems, Inc. #<F3> 765,624
215,000 SkillSoft PLC #<F3> 1,859,750
22,900 webMethods, Inc. #<F3> 209,535
35,300 Yahoo! Inc. #<F3> 1,594,501
-----------
9,008,599
-----------
EDUCATIONAL SERVICES 2.20%
55,000 DeVry, Inc. #<F3> 1,382,150
-----------
ENGINEERING, ACCOUNTING,
RESEARCH, MANAGEMENT AND
RELATED SERVICES 6.76%
24,600 Affymetrix, Inc. #<F3> 605,406
17,000 Moody's Corporation 1,029,350
22,200 Paychex, Inc. 825,840
153,000 The ServiceMaster Company 1,782,450
-----------
4,243,046
-----------
HEALTH SERVICES 0.82%
7,700 Express Scripts, Inc. #<F3> 511,511
-----------
PERSONAL SERVICES 2.93%
48,000 Weight Watchers
International, Inc. #<F3> 1,841,760
-----------
Total Services 18,170,732
-----------
TRANSPORTATION,
COMMUNICATIONS, ELECTRIC,
GAS, AND SANITARY SERVICES 19.47%
COMMUNICATIONS 14.41%
19,000 Cablevision Systems
New York Group #<F3> 444,410
4,500 Citadel Broadcasting Company #<F3> 100,665
12,200 Clear Channel Communications, Inc. 571,326
20,100 Cox Radio, Inc. #<F3> 507,123
44,200 EchoStar Communications
Corporation #<F3> 1,502,800
22,000 Global Payments Inc. 1,036,640
29,765 InterActiveCorp #<F3> 1,009,927
422 InterActiveCorp #<F3> 18,019
77,200 Sprint Corp (PCS Group) #<F3> 433,864
4,800 Telephone and Data Systems, Inc. 300,240
51,700 Time Warner Telecom Inc. #<F3> 523,721
41,512 Univision Communications Inc. #<F3> 1,647,611
36,000 XM Satellite Radio Holdings Inc. #<F3> 948,960
-----------
9,045,306
-----------
TRANSPORTATION SERVICES 5.06%
40,000 C.H. Robinson Worldwide, Inc. 1,516,400
44,000 Expeditors International
of Washington, Inc. 1,657,040
-----------
3,173,440
-----------
Total Transportation,
Communications, Electric,
Gas and Sanitary Services 12,218,746
-----------
TOTAL COMMON STOCK
(COST $52,122,836) 60,422,930
-----------
SHORT TERM INVESTMENTS 5.15%
MONEY MARKET FUND 5.15%
3,235,560 Federated Prime Obligations Fund 3,235,560
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $3,235,560) 3,235,560
-----------
TOTAL INVESTMENTS 101.43%
(COST $55,358,396) 63,658,490
-----------
LIABILITIES, LESS OTHER
ASSETS (1.43)% (894,916)
-----------
NET ASSETS 100% $62,763,574
-----------
-----------
#<F3> Non-income producing security.
See notes to financial statements.
AssetMark Small/Mid Cap Value Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
NUMBER OF MARKET
SHARES VALUE
- --------- ------
COMMON STOCK 93.65%
FINANCE, INSURANCE
AND REAL ESTATE 21.58%
DEPOSITORY INSTITUTIONS 5.03%
16,700 Banknorth Group, Inc. $ 543,251
13,100 GreenPoint Financial Corp. 462,692
11,200 Hibernia Corporation 263,312
20,500 Northern Trust Corporation 951,610
19,500 North Fork Bancorporation, Inc. 789,165
-----------
3,010,030
-----------
HOLDING AND OTHER
INVESTMENT OFFICES 1.93%
16,300 Brascan Corporation 497,802
14,025 The Rouse Company 659,175
-----------
1,156,977
-----------
INSURANCE AGENTS, BROKERS
AND SERVICES 0.89%
15,600 Willis Group Holdings Limited 531,492
-----------
INSURANCE CARRIERS 10.75%
8,600 Ambac Financial Group, Inc. 596,754
12,800 Everest Re Group, Ltd. 1,082,880
20,150 HCC Insurance Holdings, Inc. 640,770
15,400 Horace Mann Educators Corporation 215,138
2,235 Markel Corporation #<F4> 566,595
19,300 MBIA Inc. 1,143,139
10,600 Oxford Health Plans, Inc. 461,100
36,700 The Phoenix Companies, Inc. 441,868
15,100 The St. Paul Companies, Inc. 598,715
8,875 XL Capital Ltd. 688,256
-----------
6,435,215
-----------
SECURITY AND COMMODITY BROKERS,
DEALERS, EXCHANGES AND SERVICES 2.98%
12,500 Franklin Resources, Inc. 650,750
38,900 Janus Capital Group Inc. 638,349
10,425 T. Rowe Price Group Inc. 494,249
-----------
1,783,348
-----------
Total Finance, Insurance,
and Real Estate 12,917,062
-----------
MANUFACTURING 31.49%
CHEMICALS AND ALLIED PRODUCTS 3.58%
237,600 Church & Dwight Co. 237,600
11,400 The Clorox Company 553,584
13,200 The Dial Corporation 296,088
16,000 Georgia Gulf Corporation 462,080
17,100 International Flavors
& Fragrances Inc. 597,132
-----------
2,146,484
-----------
ELECTRONIC AND OTHER ELECTRICAL
EQUIPMENT AND COMPONENTS,
EXCEPT COMPUTER EQUIPMENT 3.58%
111,500 Agere Systems Inc. #<F4> 344,230
31,900 Andrew Corporation #<F4> 367,169
55,100 Arris Group Inc. #<F4> 398,924
15,750 Energizer Holdings, Inc. #<F4> 591,570
8,700 Moog Inc. #<F4> 439,660
-----------
2,141,553
-----------
FABRICATED METAL PRODUCTS,
EXCEPT MACHINERY AND
TRANSPORTATION EQUIPMENT 0.58%
15,500 Watts Water Technologies, Inc. 344,100
-----------
FOOD AND KINDRED PRODUCTS 1.26%
3,200 Adolph Coors Company 61,710
8,100 American Italian Pasta Company #<F4> 347,770
11,550 McCormick &
Company, Incorporated 347,655
-----------
757,135
-----------
FURNITURE AND FIXTURES 1.96%
25,250 Herman Miller, Inc. 612,818
39,250 Steelcase Inc. 563,630
-----------
1,176,448
-----------
INDUSTRIAL AND COMMERCIAL
MACHINERY AND COMPUTER
EQUIPMENT 5.69%
12,425 The Black & Decker Corporation 612,801
16,375 IDEX Corporation 681,036
20,775 Pitney Bowes Inc. 843,881
20,000 The Stanley Works 757,400
13,800 York International Corporation 507,840
-----------
3,402,958
-----------
MEASURING, ANALYZING AND
CONTROLLING INSTRUMENTS;
PHOTOGRAPHIC, MEDICAL AND OPTICAL
GOODS; WATCHES AND CLOCKS 3.37%
19,400 Baxter International Inc. 592,088
7,300 C.R. Bard, Inc. 593,125
15,300 CTI Molecular Imaging, Inc. #<F4> 258,723
14,150 Invacare Corporation 571,235
-----------
2,015,171
-----------
MISCELLANEOUS MANUFACTURING
INDUSTRIES 0.29%
8,225 Hasbro, Inc. 175,028
-----------
PAPER AND ALLIED PRODUCTS 2.62%
26,000 Boise Cascade Corporation 854,360
6,400 Bowater Incorporated 296,384
19,200 Packaging Corp of America 419,712
-----------
1,570,456
-----------
PRINTING, PUBLISHING AND
ALLIED INDUSTRIES 4.94%
17,400 Belo Corp. 493,116
14,800 Harte-Hanks, Inc. 321,900
6,500 Knight-Ridder, Inc. 502,905
8,165 The McClatchy Company 561,752
26,200 Moore Wallace Incorporated #<F4> 513,202
19,250 Valassis Communications, Inc. #<F4> 564,988
-----------
2,957,863
-----------
TRANSPORTATION EQUIPMENT 3.62%
23,500 Goodrich Corporation 694,746
14,500 A.O. Smith Corporation 508,225
19,700 United Defense Industries, Inc. #<F4> 628,036
19,800 Wabtec Corporation 337,392
-----------
2,168,399
-----------
Total Manufacturing 18,855,595
-----------
MINING 1.75%
OIL AND GAS EXTRACTION 1.75%
31,700 Pride International, Inc. #<F4> 590,888
10500 Weatherford International Ltd. #<F4> 457,200
-----------
1,048,088
-----------
Total Mining 1,048,088
-----------
RETAIL TRADE 3.01%
AUTOMOTIVE DEALERS AND GASOLINE
SERVICE STATIONS 0.48%
15,300 CSK Auto Corporation #<F4> 287,181
-----------
GENERAL MERCHANDISE STORES 0.48%
5,325 The Neiman Marcus Group, Inc. #<F4> 285,793
-----------
EATING AND DRINKING PLACES 2.05%
12,400 ARAMARK Corporation 340,008
25,900 Yum! Brands, Inc #<F4> 890,960
-----------
1,230,968
-----------
Total Retail Trade 1,803,942
-----------
SERVICES 21.96%
AMUSEMENT AND
RECREATION SERVICES 0.47%
11,500 Alliance Gaming Corporation #<F4> 283,475
-----------
BUSINESS SERVICES 15.42%
8,150 ADVO, Inc. 239,788
20,600 Amdocs Limited #<F4> 463,088
40,000 The BISYS Group, Inc. #<F4> 595,200
8,200 Brady Corporation 334,150
37,175 Cendant Corporation #<F4> 827,887
10,075 Certegy Inc. 330,460
14,575 D&B Corporation #<F4> 739,098
22,850 Equifax Inc. 559,825
557 Grey Global Group Inc. 380,459
10,900 Hyperion Solutions Corporation #<F4> 328,526
40,850 IMS Health Incorporated 1,015,531
45,910 The Interpublic Group
of Companies, Inc. #<F4> 716,196
6,600 Lamar Advertising Company #<F4> 246,312
10,200 Manpower Inc. 480,216
48,600 Novell, Inc. #<F4> 511,272
30,650 Sotheby's Holdings, Inc. #<F4> 418,679
23,500 SunGard Data Systems Inc. #<F4> 651,185
13,600 Take-Two Interactive
Software, Inc. #<F4> 391,816
-----------
9,229,688
-----------
EDUCATIONAL SERVICES 0.38%
9,050 DeVry, Inc. #<F4> 227,427
-----------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT AND RELATED SERVICES 2.17%
36,350 Accenture Ltd. #<F4> 956,732
29,700 The ServiceMaster Company 346,005
-----------
1,302,737
-----------
HEALTH SERVICES 1.88%
9,800 Kindred Healthcare, Inc. #<F4> 509,404
22,500 Sierra Health Services, Inc. #<F4> 617,625
-----------
1,127,029
-----------
HOTELS, ROOMING HOUSES, CAMPS
AND OTHER LODGING PLACES 0.98%
31,600 Intrawest Corporation 584,284
-----------
MOTION PICTURES 0.66%
28,500 Hollywood Entertainment
Corporation #<F4> 391,875
-----------
Total Service 13,146,515
-----------
TRANSPORTATION,
COMMUNICATIONS, ELECTRIC,
GAS AND SANITARY SERVICES 8.88%
COMMUNICATIONS 3.55%
20,150 Anixter International Inc. #<F4> 521,482
21,855 Cablevision Systems
New York Group #<F4> 511,188
21,400 CenturyTel, Inc. 698,068
7,500 Entercom Communications Corp. #<F4> 397,200
-----------
2,127,938
-----------
ELECTRIC, GAS AND SANITARY SERVICES 2.78%
7,500 Peoples Energy Corporation 315,300
21,200 PG&E Corporation #<F4> 588,724
11,600 PPL Corporation 507,500
34,000 Reliant Resources, Inc. #<F4> 250,240
-----------
1,661,764
-----------
MOTOR FREIGHT TRANSPORTATION
AND WAREHOUSING 1.36%
9,100 CNF Inc. 308,490
14,000 Yellow Roadway Corporation #<F4> 506,380
-----------
814,870
-----------
WATER TRANSPORTATION 1.19%
20,500 Royal Caribbean Cruises Ltd. 713,195
-----------
Total Transportation,
Communications, Electric,
Gas and Sanitary Services 5,317,767
-----------
WHOLESALE TRADE 4.98%
WHOLESALE TRADE-DURABLE GOODS 3.96%
24,400 Apogent Technologies Inc. #<F4> 562,176
21,200 IKON Office Solutions, Inc. 277,524
16,300 Insight Enterprises, Inc. 306,440
30,350 Omnicare, Inc. 1,225,837
-----------
2,371,977
-----------
WHOLESALE TRADE-NON-DURABLE GOODS 1.02%
24,200 Airgas, Inc. 547,740
5,900 Safeway Inc. #<F4> 59,157
-----------
606,897
-----------
Total Wholesale Trade 2,978,874
-----------
TOTAL COMMON STOCK
(COST $47,170,240) 56,067,843
-----------
SHORT TERM INVESTMENTS 5.80%
MONEY MARKET FUND 5.80%
3,473,097 Federated Prime Obligations Fund 3,473,097
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $3,473,097) 3,473,097
-----------
TOTAL INVESTMENTS 99.45%
(COST $50,643,337) 59,540,940
-----------
OTHER ASSETS, LESS LIABILITIES
0.55% 330,145
-----------
NET ASSETS 100% $59,871,085
-----------
-----------
#<F4> Non-income producing security.
See notes to financial statements.
AssetMark International Equity Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
NUMBER OF MARKET
SHARES VALUE
- --------- ------
COMMON STOCK 96.24%
AUSTRALIA 4.21%
100,000 BHP Billiton Limited $ 1,826,000
111,800 Boral Limited 1,711,669
293,400 Coca-Cola Amatil Limited 2,754,439
------------
6,292,108
------------
AUSTRIA 0.74%
17,900 Erste Bank der oesterreichischen
Sparkassen AG 1,105,993
------------
BRAZIL 0.65%
33,400 Petroleo Brasileiro SA - Petrobras #<F5> 976,616
------------
BRITAIN 18.33%
60,000 Anglo American PLC 1,327,200
38,400 AstraZeneca PLC 1,857,792
43,500 BP PLC 2,146,725
57,900 Barclays PLC 2,104,665
21,700 Celltech Group PLC #<F5> 289,912
204,200 Compass Group PLC 1,389,091
31,200 Diageo PLC 1,649,232
146,000 EMI Group PLC 829,835
25,200 Galen Holdings PLC 1,310,375
24,400 HSBC Holdings PLC 1,923,208
44,531 J Sainsbury PLC 997,267
299,800 Pearson PLC 3,360,758
26,200 Rio Tinto PLC 2,916,322
210,200 Vodafone Group PLC 5,263,408
------------
27,365,790
------------
CANADA 0.47%
11,000 Canadian National
Railway Company 696,080
------------
FINLAND 2.14%
187,605 Nokia Oyj 3,189,285
------------
FRANCE 14.81%
80,010 Alcatel SA 1,028,129
187,700 Axa 4,029,919
140,800 BNP Paribas SA 4,432,863
49,500 Dassault Systemes SA 2,272,050
48,100 France Telecom SA 1,375,179
61,100 Groupe Danone 1,985,139
89,750 PernodRicard SA 2,494,781
45,700 Sanofi-Synthelabo SA 1,725,175
30,000 Total SA 2,775,300
------------
22,118,535
------------
GERMANY 7.90%
48,600 Continental AG 1,850,085
195,600 Deutsche Telekom AG 3,546,228
33,400 E.ON AG 2,185,696
6,600 Puma AG Rudolf Dassler Sport 1,165,489
35,900 SAP AG 1,492,004
19,500 Siemens AG 1,558,830
------------
11,798,332
------------
HONG KONG 3.80%
314,600 The Bank of East Asia, Ltd. 966,451
36,400 Hutchison Whampoa Limited 1,342,097
32,000 Shanghai Industrial
Holdings Limited 731,619
926,000 Sino Land Company Limited 2,638,915
------------
5,679,082
------------
INDIA 0.96%
48,400 ICICI Bank Limited 831,512
6,200 Infosys Technologies Limited 593,340
------------
1,424,852
------------
INDONESIA 0.50%
45,800 PT Telekomunikasi Indonesia 752,036
------------
IRELAND 1.33%
39,300 Ryanair Holdings PLC #<F5> 1,990,152
------------
ISRAEL 0.38%
10,000 Teva Pharmaceutical Industries Ltd. 567,100
------------
ITALY 2.57%
22,700 Eni SPA 2,156,046
96,600 Luxottica Group SPA 1,680,840
------------
3,836,886
------------
JAPAN 22.63%
99,000 Advantest Corporation 1,967,130
56,400 Arisawa Mfg. Co., Ltd. 2,283,997
82,700 Canon Inc. 3,939,828
66,500 Funai Electric Co., Ltd. #<F5> 1,825,538
60,600 Honda Motor Co., Ltd. 1,363,500
3,200 Kao Corporation 650,928
21,000 Komatsu Ltd. 532,984
32,000 Konami Corporation 948,480
206,800 Matsushita Electric
Industrial Co., Ltd. 2,882,792
98,800 Mitsubishi Corporation 2,094,560
232,600 Mitsubishi Tokyo Financial
Group, Inc. (MTFG) #<F5> 1,821,258
151,439 NEC Corporation 1,137,155
182,000 NTT DoCoMo, Inc. 4,167,800
125,600 Nintendo Co., Ltd. 1,464,961
55,600 Nippon Telegraph and
Telephone Corporation (NTT) 1,365,536
59,500 Nissan Motor Co., Ltd. 1,336,370
2,000 Nitto Denko Corporation 1,063,731
66,000 Nomura Holdings, Inc. 1,117,380
32,700 Pioneer Corporation 921,159
25,900 Sony Corporation 897,953
------------
33,783,040
------------
MEXICO 0.85%
24,600 America Movil SA de CV 672,564
23,000 Cemex SA de CV 602,600
------------
1,275,164
------------
NETHERLANDS 3.25%
150,478 Aegon NV 2,227,074
30,000 Akzo Nobel NV 1,146,000
63,200 ING Groep NV 1,479,512
------------
4,852,586
------------
SINGAPORE 1.94%
41,000 DBS Group Holdings Limited 1,419,539
95,400 United Overseas Bank Limited 1,482,993
------------
2,902,532
------------
SOUTH AFRICA 0.56%
66,000 ABSA Group Limited 833,329
------------
SOUTH KOREA 0.90%
18,000 Kookmin Bank 681,120
19,300 POSCO 655,621
------------
1,336,741
------------
SWEDEN 2.45%
50,000 AB SKF 1,931,815
32,700 Atlas Copco AB 1,170,245
12,500 Electrolux AB 553,250
------------
3,655,310
------------
SWITZERLAND 3.79%
53,450 Novartis AG 2,452,821
14,000 Roche Holding AG 1,412,169
26,500 Swiss Re 1,789,166
------------
5,654,156
------------
TAIWAN 0.43%
63,288 Taiwan Semiconductor
Manufacturing Company Ltd. #<F5> 648,069
------------
THAILAND 0.65%
248,000 Shin Corporation Public
Company Limited 970,151
------------
TOTAL COMMON STOCK
(COST $116,234,990) 143,703,925
------------
SHORT TERM INVESTMENTS 3.49%
MONEY MARKET FUND 3.49%
5,215,971 Federated Prime Obligations Fund 5,215,971
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $5,215,971) 5,215,971
------------
TOTAL INVESTMENTS 99.73%
(COST $121,450,961) 148,919,896
------------
OTHER ASSETS, LESS
LIABILITIES 0.27% 399,925
------------
NET ASSETS 100% $149,319,821
------------
------------
#<F5> Non-income producing security.
See notes to financial statements.
AssetMark Real Estate Securities Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
NUMBER OF MARKET
SHARES VALUE
- --------- ------
REAL ESTATE INVESTMENT TRUSTS 95.09%
COMMON STOCK 88.10%
APARTMENTS 22.62%
21,180 Apartment Investment &
Management Company $ 730,710
46,715 Archstone-Smith Trust 1,307,085
32,480 Avalonbay Communities, Inc. 1,552,544
17,120 BRE Properties, Inc. 571,808
15,210 Camden Property Trust 673,803
89,940 Equity Residential 2,654,129
18,330 Essex Property Trust, Inc. 1,177,153
7,260 Gables Residential Trust 252,212
25,660 Home Properties, Inc. 1,036,407
80,960 United Dominion Realty Trust, Inc. 1,554,432
-----------
11,510,283
-----------
DIVERSIFIED 9.03%
7,420 Colonial Properties Trust 293,832
30,820 Liberty Property Trust 1,198,898
53,550 Vornado Realty Trust 2,931,863
5,810 Washington Real
Estate Investment Trust 169,652
-----------
4,594,245
-----------
OFFICE PROPERTY 17.05%
8,660 Alexandria Real
Estate Equities, Inc. 501,414
7,400 American Financial Realty Trust 126,170
29,590 Arden Realty, Inc. 897,761
29,280 Boston Properties, Inc. 1,411,003
11,860 Brandywine Realty Trust 317,492
30,200 CarrAmerica Realty Corporation 899,356
6,900 Corporate Office Properties Trust 144,900
8,020 Cousins Properties, Inc. 245,412
30,330 Crescent Real Estate
Equities Company 519,553
39,550 Equity Office Properties Trust 1,133,108
8,800 Glenborough Realty
Trust Incorporated 175,560
3,840 Kilroy Realty Corporation 125,760
8,980 Mack-Cali Realty Corporation 373,747
26,400 Maguire Properties, Inc. 641,520
11,500 Prentiss Properties Trust 379,385
19,040 SL Green Realty Corp. 781,592
-----------
8,673,733
-----------
REGIONAL MALLS 18.56%
8,640 CBL & Associates Properties, Inc. 488,160
59,320 General Growth Properties, Inc. 1,646,130
44,940 The Macerich Company 1,999,830
13,290 The Rouse Company 624,630
87,710 Simon Property Group, Inc. 4,064,481
30,000 Taubman Centers, Inc. 618,000
-----------
9,441,231
-----------
SHOPPING CENTERS 11.13%
14,150 Developers Diversified
Realty Corporation 475,016
26,690 Federal Realty Investment Trust 1,024,629
12,470 Kimco Realty Corporation 558,033
14,830 New Plan Excel Realty Trust 365,856
37,010 Pan Pacific Retail Properties, Inc. 1,763,527
25,020 Regency Centers Corporation 997,047
10,860 Weingarten Realty Investors 481,641
-----------
5,665,749
-----------
WAREHOUSE/INDUSTRIAL 9.71%
42,100 AMB Property Corporation 1,384,248
6,610 CenterPoint Properties Trust 495,089
15,920 Duke Realty Corporation 493,520
72,970 ProLogis 2,341,607
5,450 PS Business Parks, Inc. 224,867
-----------
4,939,331
-----------
TOTAL COMMON STOCK
(COST $37,637,856) 44,824,572
-----------
PREFERRED STOCK 6.99%
DIVERSIFIED 0.68%
12,900 Lexington Corporate
Properties Trust, 8.05% 345,075
-----------
OFFICE PROPERTY 2.28%
42,900 Equity Office Properties Trust, 7.75% 1,161,732
-----------
REGIONAL MALLS 2.92%
47,500 CBL & Associates, 7.75% 1,287,250
7,100 The Mills Corp., 9.00% 196,280
-----------
1,483,530
-----------
SHOPPING CENTERS 1.11%
11,700 Developers Diversified Realty, 8.00% 315,666
9,300 New Plan Excel Realty Trust, 7.625% 248,031
-----------
563,697
-----------
TOTAL PREFERRED STOCK
(COST $3,319,728) 3,554,034
-----------
SHORT TERM INVESTMENTS 5.31%
MONEY MARKET FUND 5.31%
2,700,368 Federated Prime Obligations Fund 2,700,368
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $2,700,368) 2,700,368
-----------
TOTAL INVESTMENTS 100.40%
(COST $43,657,952) 51,078,974
-----------
LIABILITIES, LESS OTHER
ASSETS (0.40)% (201,115)
-----------
NET ASSETS 100% $50,877,859
-----------
-----------
See notes to financial statements.
AssetMark Tax-Exempt Fixed Income Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
PRINCIPAL MARKET
AMOUNT VALUE
- --------- ------
MUNICIPAL BONDS 92.00%
ALABAMA 0.70%
$125,000 Alabama State Public School
& College Authority,
5.00%, 02-01-2012 $ 138,133
195,000 Birmingham, Alabama,
5.00%, 04-01-2008 215,300
-----------
353,433
-----------
ARIZONA 3.17%
135,000 Maricopa County Arizona School
District No. 3 Tempe Elementary,
5.00%, 07-01-2012 152,184
500,000 Maricopa County Arizona Unified
School District No. 48 Scottsdale,
4.75%, 07-01-2010 555,580
300,000 Navajo County Arizona Unified
School District No. 32 Blue Ridge,
5.00%, 07-01-2014 338,931
500,000 Phoenix Arizona Civic
Improvement Corporation,
5.60%, 07-01-2017 549,840
-----------
1,596,535
-----------
CALIFORNIA 3.70%
1,225,000 California State Public Works,
5.80%, 01-01-2013 1,356,614
100,000 Fallbrook California High School
District San Diego County,
5.375%, 09-01-2014 115,585
350,000 Los Angeles County California
Metropolitan Transportation
Authority Sales Tax Revenue,
5.00%, 07-01-2014 389,081
-----------
1,861,280
-----------
CONNECTICUT 3.08%
425,000 Connecticut State,
5.25%, 06-15-2009 481,108
1,025,000 Connecticut State Special Tax
Obligations, 4.00%, 09-01-2005 1,070,613
-----------
1,551,721
-----------
COLORADO 2.17%
935,000 Lower Colorado River Authority,
6.00%, 05-15-2013 1,093,987
-----------
DISTRICT OF COLUMBIA 1.12%
100,000 District of Columbia,
5.50%, 06-01-2007 110,829
200,000 District of Columbia,
5.50%, 06-01-2008 224,774
200,000 District of Columbia,
5.50%, 06-01-2009 227,110
-----------
562,713
-----------
FLORIDA 0.66%
100,000 Dane County Florida Water & Sewer
Systems, 6.25%, 10-01-2007 114,523
100,000 Jacksonville Florida Excise Taxes,
5.65%, 10-01-2005 107,244
100,000 Mary Esther Florida Water &
Sewer, 4.95%, 01-01-2007 108,722
-----------
330,489
-----------
GEORGIA 1.13%
500,000 Atlanta Georgia Water & Wastewater,
5.00%, 11-01-2038 566,265
-----------
HAWAII 0.23%
100,000 Honolulu Hawaii City & County,
6.00%, 01-01-2009 116,311
-----------
IOWA 0.99%
480,000 Polk County Iowa,
4.00%, 06-01-2012 498,696
-----------
ILLINOIS 6.66%
305,000 Chicago Illinois,
5.50%, 01-01-2015 352,400
75,000 Chicago Illinois Park District,
6.25%, 01-01-2016 88,761
750,000 Chicago Illinois Neighborhoods,
5.00%, 01-01-2010 839,040
500,000 Chicago Illinois Wastewater
Transmission, 5.50%, 01-01-2010 573,035
100,000 Chicago Illinois Wastewater
Transmission, 5.375%, 01-01-2013 114,184
100,000 Chicago Illinois Wastewater
Transmission, 6.05%, 12-01-2009 117,626
100,000 Chicago Illinois Metropolitan Water
Reclamation District Greater
Chicago, 5.50%, 12-01-2012 115,961
100,000 Du Page & Cook Counties Illinois,
4.375%, 01-01-2009 108,056
100,000 Illinois State, 5.25%, 08-01-2012 112,822
100,000 Illinois State Sales Tax,
5.375%, 06-15-2007 110,677
220,000 Illinois State Sales Tax,
5.50%, 06-15-2009 251,455
500,000 Regional Transportation Authority
Illinois, 5.375%, 06-01-2014 571,460
-----------
3,355,477
-----------
INDIANA 2.22%
200,000 Purdue University Indiana,
4.25%, 07-01-2008 215,824
500,000 Purdue University Indiana,
5.25%, 07-01-2008 560,715
300,000 Sunman Dearborn Indiana
Intermediate School Building
Corp, 5.375%, 07-15-2012 341,079
-----------
1,117,618
-----------
MARYLAND 0.18%
75,000 Maryland State,
5.50%, 03-01-2013 87,681
-----------
MASSACHUSETTS 3.84%
95,000 Massachusetts Bay Transportation
Authority, 5.50%, 03-01-2012 109,169
1,450,000 Massachusetts State,
5.50%, 11-01-2016 1,682,218
120,000 Massachusetts State Water Resources
Authority, 6.25%, 12-01-2011 145,468
-----------
1,936,855
-----------
MICHIGAN 8.81%
1,175,000 Clarkston Michigan Community
Schools, 5.00%, 05-01-2016 1,280,868
430,000 Detroit Michigan Sewer Disposal
Revenue, 7.10%, 12-15-2009 499,127
150,000 Dundee Michigan Community School
District, 5.375%, 05-01-2010 171,661
600,000 Kalamazoo Michigan Public
Library, 5.40%, 05-01-2014 691,812
1,610,000 Michigan State Building Authority
Revenue, 6.00%, 10-01-2006 1,795,649
-----------
4,439,117
-----------
MINNESOTA 1.53%
400,000 Osseo Minnesota Independent School
District 279, 5.00%, 02-01-2013 446,320
295,000 Prior Lake Minnesota Independent
School District No 719,
4.75%, 02-01-2010 326,898
-----------
773,218
-----------
MISSOURI 0.66%
300,000 Kansas City Missouri Municipal
Assistance Corp, 5.00%, 03-01-2012 334,620
-----------
NEBRASKA 0.23%
100,000 Omaha Nebraska Special Obligations,
5.375%, 02-01-2013 113,609
-----------
NEVADA 0.30%
135,000 Clark County Nevada School
District, 6.00%, 06-15-2007 150,811
-----------
NEW JERSEY 2.37%
420,000 Gateway New Jersey Housing
Development Corporation,
10.50%, 08-01-2025 420,487
700,000 New Jersey State Turnpike Authority,
6.75%, 01-01-2009 775,712
-----------
1,196,199
-----------
NEW MEXICO 2.32%
1,035,000 University New Mexico,
5.25%, 06-01-2014 1,170,161
-----------
NEW YORK 7.37%
560,000 Long Island Power Authority
New York Electric System,
4.00%, 12-01-2010 581,901
300,000 Metropolitan Transportation
Authority New York Service
Contract, 5.25%, 07-01-2007 329,484
100,000 Metropolitan Transportation
Authority New York Dedicated
Tax Fund, 5.25%, 04-01-2009 110,604
350,000 Nassau County New York
Interim Finance Authority,
5.00%, 11-15-2007 387,419
100,000 New York, New York,
5.25%, 08-01-2011 113,108
500,000 New York City Transit Authority,
Metropolitan Transportation
Authority Triborough,
5.625%, 01-01-2012 569,710
600,000 New York State Dormitory
Authority, 5.25%, 11-15-2023 659,520
200,000 New York State Tollway Authority,
5.25%, 01-01-2010 223,282
650,000 Triborough Bridge and Tunnel
Authority, 5.25%, 11-15-2015 738,608
-----------
3,713,636
-----------
NORTH CAROLINA 1.34%
500,000 North Carolina Municipal Power
Agency No 1 Catawba Electric,
5.25%, 01-01-2009 566,085
100,000 North Carolina State,
4.60%, 04-01-2008 109,611
-----------
675,696
-----------
OHIO 5.89%
100,000 Bowling Green State University
of Ohio, 5.00%, 06-01-2008 111,419
305,000 Cleveland Ohio Waterworks,
5.00%, 01-01-2008 337,296
625,000 Ohio State Higher Education
Facility, 5.25%, 10-01-2014 713,131
690,000 Ohio State Infrastructure,
5.75%, 02-01-2010 804,554
935,000 Ohio State Water Development
Authority Revenue,
4.00%, 12-01-2010 999,506
-----------
2,965,906
-----------
OREGON 0.89%
175,000 Oregon State Housing &
Community Services Department,
5.40%, 07-01-2005 179,113
245,000 Portland Oregon Community
College, 5.125%, 06-01-2013 271,433
-----------
450,546
-----------
PENNSYLVANIA 0.70%
100,000 Pennsylvania Housing Finance
Agency, 4.95%, 10-01-2004 102,493
125,000 Pennsylvania State,
5.00%, 02-01-2009 139,456
100,000 Philadelphia Pennsylvania Gas
Works, 5.00%, 08-01-2010 111,590
-----------
353,539
-----------
PUERTO RICO 5.79%
1,000,000 Commonwealth of Puerto Rico,
5.00%, 07-01-2006 1,081,520
1,595,000 Puerto Rico Electric Power
Authority, 5.25%, 07-01-2012 1,835,032
-----------
2,916,552
-----------
SOUTH CAROLINA 0.90%
400,000 Grand Strand South Carolina
Water & Sewer Authority,
5.375%, 06-01-2014 453,868
-----------
TENNESSEE 1.24%
250,000 Knoxville Tennessee Water,
5.00%, 03-01-2009 279,008
300,000 Memphis Tennessee,
5.50%, 11-01-2010 346,929
-----------
625,937
-----------
TEXAS 11.13%
100,000 Austin Texas, 5.25%, 09-01-2007 110,646
515,000 Denton Texas Utility System
Revenue, 5.25%, 12-01-2013 583,835
500,000 Duncanville Texas
Independent School District,
2.50%, 02-15-2007 508,250
100,000 Flower Mound Texas Waterworks
& Sewer, 5.375%, 09-01-2006 109,245
145,000 Frisco Texas, 5.875%, 02-15-2010 169,073
165,000 Frisco Texas, 5.00%, 02-15-2012 182,638
750,000 Harris County Texas,
5.25%, 10-01-2013 844,410
1,075,000 Houston Texas, 2.00%, 03-01-2006 1,083,374
150,000 Mansfield Texas, 5.50%, 02-15-2008 168,962
370,000 Marble Falls Texas Independent
School District, 5.00%, 08-15-2015 411,348
200,000 Round Rock Texas Independent
School District, 4.75%, 08-01-2010 213,136
80,000 San Antonio Texas Electric &
Gas Pre-Refunded - 2002,
5.50%, 02-01-2013 89,352
70,000 San Antonio Texas Electric &
Gas Unrefunded Balance - 2002,
5.50%, 02-01-2013 77,012
200,000 Socorro Texas Independent School
District, 5.375%, 08-15-2013 226,420
125,000 Spring Texas Independent School
District, 5.875%, 08-15-2010 146,721
400,000 Texas State Public Finance
Authority, 5.50%, 10-01-2009 457,460
100,000 Texas State University Systems,
5.25%, 03-15-2010 113,288
100,000 University of Texas,
5.25%, 08-15-2008 111,944
-----------
5,607,114
-----------
UTAH 0.22%
100,000 Jordan Utah School District,
5.125%, 06-15-2008 111,504
-----------
VIRGINIA 3.72%
450,000 Fairfax County Virginia,
5.00%, 06-01-2007 495,594
325,000 Newport News Virginia,
5.00%, 11-01-2014 363,480
100,000 Norfolk Virginia, 5.00%, 01-01-2009 111,552
400,000 Virginia State Housing Development
Authority, 4.85%, 07-01-2009 430,624
450,000 Virginia State Resources Authority,
4.00%, 11-01-2005 471,105
-----------
1,872,355
-----------
WASHINGTON 5.39%
175,000 Bellevue Washington,
5.00%, 01-01-2006 186,302
100,000 King County Washington,
5.50%, 12-01-2010 115,345
100,000 Seattle Washington,
5.00%, 08-01-2012 110,435
200,000 Seattle Washington,
5.00%, 07-01-2013 220,934
100,000 Snohomish County Washington,
5.00%, 12-01-2006 108,624
500,000 Tacoma Washington,
5.00%, 12-01-2014 549,850
700,000 Washington State Motor Vehicle
Fuel Tax, 5.00%, 01-01-2010 779,436
800,000 Washington State Motor Vehicle,
0.00%, 06-01-2010 644,272
-----------
2,715,198
-----------
WEST VIRGINIA 0.63%
300,000 West Virginia Economic
Development, 4.00%, 06-01-2007 319,332
-----------
WISCONSIN 0.72%
75,000 Douglas County Wisconsin,
5.50%, 02-01-2014 85,125
150,000 Wisconsin State, 5.00%, 05-01-2008 165,841
100,000 Wisconsin State, 5.50%, 05-01-2009 113,874
-----------
364,840
-----------
TOTAL MUNICIPAL BONDS
(COST $44,902,987) 46,352,819
-----------
SHORT-TERM INVESTMENTS 4.50%
REVENUE BONDS 4.40%
COLORADO 0.40%
200,000 Denver Colorado Ogden
Residences, 1.33%, 12-01-2009 200,000
-----------
KANSAS 0.23%
120,000 Kansas State Development Finance
Authority, 1.25% 12-01-2034 120,000
-----------
MICHIGAN 0.40%
200,000 Northern Michigan University,
1.25%, 06-01-2031 200,000
-----------
MISSOURI 1.58%
100,000 Kansas City Missouri,
1.25%, 04-01-2027 100,000
100,000 Missouri State Health & Educational
Facilities, 1.30%, 10-01-2032 100,000
200,000 Missouri State Health & Educational
Facilities, 1.30%, 07-01-2032 200,000
100,000 Missouri State Health & Educational
Facilities, 0.85%, 10-01-2024 100,000
300,000 Missouri State Health & Educational
Facilities, 1.30%, 10-01-2024 300,000
-----------
800,000
-----------
MINNESOTA 0.20%
100,000 Arden Hills Minnesota Housing and
Healthcare, 1.30%, 09-01-2029 100,000
-----------
NEW YORK 0.20%
100,000 New York City Municipal
Water Finance Authority,
1.30%, 06-15-2033 100,000
-----------
PENNSYLVANIA 0.99%
500000 Allegheny County Hospital
Development Authority,
1.15%, 07-15-2028 500,000
-----------
WISCONSIN 0.40%
200,000 Wisconsin State Health &
Educational Facilities Authority,
1.30%, 11-01-2017 200,000
-----------
TOTAL REVENUE BONDS
(COST $2,220,000) 2,220,000
-----------
NUMBER
OF SHARES
- ---------
MONEY MARKET FUNDS 0.10%
47,755 First American Tax Free
Obligations Fund 47,755
-----------
TOTAL MONEY MARKET FUNDS
(COST $47,755) 47,755
-----------
TOTAL SHORT-TERM INVESTMENTS 4.50%
(COST $2,267,755) 2,267,755
-----------
TOTAL INVESTMENTS 96.50%
(COST $47,170,742) 48,620,574
-----------
OTHER ASSETS, LESS
LIABILITIES 3.50% 1,760,584
-----------
NET ASSETS 100% $50,381,158
-----------
-----------
See notes to financial statements.
AssetMark Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS
December 31, 2003 (Unaudited)
NUMBER OF MARKET
SHARES VALUE
- --------- ------
INVESTMENT COMPANIES 98.77%
2,862,266 BlackRock Core Bond
Total Return Portfolio $ 27,649,485
220,451 FFTW International Portfolio 1,942,179
2,490,424 PIMCO Total Return Fund II 25,701,180
224,137 Salomon Brothers Institutional
Emerging Markets Debt Fund 1,396,375
355,168 Salomon Brothers Institutional
High Yield Bond Fund 2,440,003
628,338 T. Rowe Price High Yield Fund 4,436,067
1,691,932 T. Rowe Price High Yield Fund -
Advisor Class 11,956,680
7,720,048 Vanguard Total Bond Market
Index Fund 79,593,694
2,442,434 Western Asset Core Portfolio 28,307,816
326,667 Western Asset High Yield Portfolio 3,312,406
------------
TOTAL INVESTMENT COMPANIES
(COST $184,827,121) 186,735,885
------------
MONEY MARKET FUNDS 0.75%
1,410,455 Federated Prime Obligations Fund 1,410,455
------------
TOTAL MONEY MARKET FUNDS
(COST $1,410,455) 1,410,455
------------
TOTAL INVESTMENTS 99.52%
(COST $186,237,576) 188,146,340
------------
OTHER ASSETS, LESS
LIABILITIES 0.48% 899,876
------------
NET ASSETS 100% $189,046,216
------------
------------
See notes to financial statements.
AssetMark Funds
STATEMENTS OF ASSETS & LIABILITIES
December 31, 2003 (Unaudited)
LARGE CAP LARGE CAP SMALL/MID CAP SMALL/MID CAP
GROWTH FUND VALUE FUND GROWTH FUND VALUE FUND
----------- ---------- ----------- ----------
ASSETS:
Investments, at value (cost $204,515,621, $205,693,959,
$55,358,396 and $50,643,337, respectively) $237,822,086 $239,831,647 $63,658,490 $59,540,940
Cash 22,800 -- -- 3,780
Receivable for investment securities sold -- -- -- 1,485,667
Income receivable 130,528 407,043 36,796 62,014
Receivable for fund shares sold 1,882,316 1,976,057 459,058 424,257
Other assets 30,342 30,115 20,878 23,701
------------ ------------ ----------- -----------
Total Assets 239,888,072 242,244,862 64,175,222 61,540,359
------------ ------------ ----------- -----------
LIABILITIES:
Payable to Investment Advisor 194,692 193,137 51,764 46,054
Payable to Custodian 10,066 7,718 4,370 13,638
Payable for securities purchased -- 3,780,324 1,251,906 1,505,424
Payable for fund shares redeemed 172,949 510,989 43,917 45,510
Other accrued expenses 207,102 205,120 59,691 58,648
------------ ------------ ----------- -----------
Total Liabilities 584,809 4,697,288 1,411,648 1,669,274
------------ ------------ ----------- -----------
NET ASSETS $239,303,263 $237,547,574 $62,763,574 $59,871,085
------------ ------------ ----------- -----------
------------ ------------ ----------- -----------
NET ASSETS CONSIST OF:
Capital stock 215,433,073 204,289,805 55,841,556 50,776,747
Unrealized appreciation on investments 33,306,465 34,137,688 8,300,094 8,897,603
Accumulated net investment income/(loss) (661,991) 104,229 (227,988) (87,802)
Accumulated undistributed net realized gain/(loss) (8,774,284) (984,148) (1,150,088) 284,537
------------ ------------ ----------- -----------
Total Net Assets $239,303,263 $237,547,574 $62,763,574 $59,871,085
------------ ------------ ----------- -----------
------------ ------------ ----------- -----------
Shares outstanding (unlimited shares
of no par value authorized) 26,994,397 22,616,188 6,995,426 4,989,155
Net asset value, offering and
redemption price per share $ 8.86 $ 10.50 $ 8.97 $ 12.00
------------ ------------ ----------- -----------
------------ ------------ ----------- -----------
INTERNATIONAL REAL ESTATE TAX-EXEMPT CORE PLUS
EQUITY SECURITIES FIXED INCOME FIXED INCOME
FUND FUND FUND FUND
------------- ----------- ------------ ------------
ASSETS:
Investments, at value (cost $121,450,961, $43,657,952,
$47,170,742 and $186,237,576, respectively) $148,919,896 $51,078,974 $48,620,574 $188,146,340
Cash -- -- 136,976 101,011
Receivable for investment securities sold -- -- -- 10,305
Income receivable 154,726 251,165 656,953 770,313
Receivable for fund shares sold 1,392,369 985,223 1,153,870 1,267,590
Other assets 36,633 9,582 9,608 20,855
------------ ----------- ----------- ------------
Total Assets 150,503,624 52,324,944 50,577,981 190,316,414
------------ ----------- ----------- ------------
LIABILITIES:
Payable to Investment Advisor 135,414 37,371 29,290 124,577
Payable to Custodian 5,037 4,422 1,940 7,880
Payable for securities purchased 341,026 600,393 100,000 780,274
Payable for fund shares redeemed 564,916 752,033 11,417 178,066
Other accrued expenses 137,410 52,866 54,176 179,401
------------ ----------- ----------- ------------
Total Liabilities 1,183,803 1,447,085 196,823 1,270,198
------------ ----------- ----------- ------------
NET ASSETS $149,319,821 $50,877,859 $50,381,158 $189,046,216
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
NET ASSETS CONSIST OF:
Capital stock 131,507,733 43,720,828 48,947,536 184,628,757
Unrealized appreciation on investments 27,468,935 7,421,022 1,449,832 1,908,764
Accumulated net investment income/(loss) (183,618) 33,970 (2) 2,379,488
Accumulated undistributed net realized gain/(loss) (9,473,229) (297,961) (16,208) 129,207
------------ ----------- ----------- ------------
Total Net Assets $149,319,821 $50,877,859 $50,381,158 $189,046,216
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
Shares outstanding (unlimited shares
of no par value authorized) 14,507,416 3,943,354 4,575,238 17,674,573
Net asset value, offering and
redemption price per share $ 10.29 $ 12.90 $ 11.01 $ 10.70
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
See notes to financial statements.
AssetMark Funds
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2003 (Unaudited)
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
$0, $0, $0 and $253, respectively) $ 581,100 $ 1,616,159 $ 108,262 $ 224,420
Interest income 35,201 52,784 9,122 14,109
----------- ----------- ---------- ----------
Total investment income 616,301 1,668,943 117,384 238,529
----------- ----------- ---------- ----------
EXPENSES:
Investment advisory fees 819,855 790,501 211,607 212,693
Distribution (12b-1) fees 215,752 208,027 55,686 53,174
Federal and state registration fees 20,303 19,329 9,930 9,909
Custody fees 19,694 15,766 13,610 35,908
Audit fees 22,108 20,794 5,666 5,258
Shareholder servicing fees 43,150 41,605 11,137 10,635
Fund accounting fees 17,669 17,589 15,316 15,745
Administration fees 41,066 39,629 10,239 10,154
Transfer agent fees and expenses 8,854 8,643 5,301 5,243
Reports to shareholders 4,663 4,494 2,446 1,797
Directors' fees and expenses 8,097 7,755 2,086 2,039
Legal fees 19,131 18,525 4,930 4,716
Insurance fees 4,306 4,160 1,135 954
----------- ----------- ---------- ----------
Total expenses 1,244,648 1,196,817 349,089 368,225
----------- ----------- ---------- ----------
Less securities lending custody expense offset (8,945) (6,478) (6,599) (4,205)
Less directed brokerage expense offset (7,586) (8,641) (8,791) (11,852)
Less fees and expenses reimbursed
to/(from) the advisor 50,175 49,553 11,673 (25,837)
----------- ----------- ---------- ----------
Net expenses 1,278,292 1,231,251 345,372 326,331
----------- ----------- ---------- ----------
Net investment income/(loss) (661,991) 437,692 (227,988) (87,802)
----------- ----------- ---------- ----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on investments (437,855) 4,263,840 2,488,391 1,813,489
Net change in unrealized appreciation
on investments 27,004,114 28,442,476 4,887,596 5,728,142
----------- ----------- ---------- ----------
Net realized and unrealized gain 26,566,259 32,706,316 7,375,987 7,541,631
----------- ----------- ---------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $25,904,268 $33,144,008 $7,147,999 $7,453,829
----------- ----------- ---------- ----------
----------- ----------- ---------- ----------
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 $214,583, $0, $0 and $0, respectively) $ 716,059 $1,160,967 -- $4,247,088
Interest income 27,553 8,755 $565,666 4,674
----------- ---------- -------- ----------
Total investment income 743,612 1,169,722 565,666 4,251,762
----------- ---------- -------- ----------
EXPENSES:
Investment advisory fees 532,056 182,847 152,895 552,044
Distribution (12b-1) fees 140,014 48,118 47,779 184,015
Federal and state registration fees 16,297 9,985 10,335 20,631
Custody fees 7,539 12,476 2,980 14,563
Audit fees 14,822 4,914 4,746 17,498
Shareholder servicing fees 28,003 9,623 9,556 36,803
Fund accounting fees 17,985 14,635 21,612 21,032
Administration fees 26,825 10,093 10,104 35,311
Transfer agent fees and expenses 7,186 5,124 5,205 8,235
Reports to shareholders 3,717 1,766 1,028 3,793
Directors' fees and expenses 6,419 2,017 2,163 7,908
Legal fees 15,619 4,735 5,400 19,247
Insurance fees 2,834 920 974 4,084
----------- ---------- -------- ----------
Total expenses 819,316 307,253 274,777 925,164
----------- ---------- -------- ----------
Less securities lending custody expense offset (26,324) (1,295) -- --
Less directed brokerage expense offset (12,802) -- -- --
Less fees and expenses reimbursed
to/(from) the advisor 97,501 (19,177) (28,234) 24,352
----------- ---------- -------- ----------
Net expenses 877,691 286,781 246,543 949,516
----------- ---------- -------- ----------
Net investment income/(loss) (134,079) 882,941 319,123 3,302,246
----------- ---------- -------- ----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on investments 4,675,840 68,727 (16,162) 626,939
Net change in unrealized appreciation/(depreciation)
on investments 21,723,309 5,080,085 261,167 (2,156,885)
----------- ---------- -------- ----------
Net realized and unrealized gains/(losses) 26,399,149 5,148,812 245,005 (1,529,946)
----------- ---------- -------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $26,265,070 $6,031,753 $564,128 $1,772,300
----------- ---------- -------- ----------
----------- ---------- -------- ----------
See notes to financial statements.
AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS
LARGE CAP GROWTH FUND LARGE CAP VALUE FUND
--------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment income/(loss) $ (661,991) $ (475,918) $ 437,692 $ 466,178
Net realized gain/(loss) on investment transactions (437,855) (5,959,169) 4,263,840 (4,632,059)
Change in unrealized appreciation on investments 27,004,114 14,155,611 28,442,476 8,934,293
------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations 25,904,268 7,720,524 33,144,008 4,768,412
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 113,184,914 87,403,436 104,798,621 85,812,272
Shares issued to holders in reinvestment of dividends -- -- -- 266,539
Shares redeemed (18,149,245) (26,425,348) (17,695,954) (25,881,069)
------------ ------------ ------------ ------------
Net increase 95,035,669 60,978,088 87,102,667 60,197,742
------------ ------------ ------------ ------------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income -- -- (546,348) (340,527)
From net realized gains -- -- -- (95,707)
------------ ------------ ------------ ------------
Total dividends and distributions -- -- (546,348) (436,234)
------------ ------------ ------------ ------------
INCREASE IN NET ASSETS 120,939,937 68,698,612 119,700,327 64,529,920
NET ASSETS:
Beginning of period 118,363,326 49,664,714 117,847,247 53,317,327
------------ ------------ ------------ ------------
End of period (including undistributed net
investment income of $(661,991), $0, $104,229,
and $212,885, respectively) $239,303,263 $118,363,326 $237,547,574 $117,847,247
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
CHANGES IN SHARES OUTSTANDING:
Shares sold 13,603,917 12,829,109 11,106,044 10,993,720
Shares issued to holders in reinvestment of dividends -- -- -- 34,571
Shares redeemed (2,208,340) (4,049,236) (1,908,656) (3,402,574)
------------ ------------ ------------ ------------
Net increase 11,395,577 8,779,873 9,197,388 7,625,717
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
SMALL/MID CAP GROWTH FUND SMALL/MID CAP VALUE FUND
--------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment loss $ (227,988) $ (243,315) $ (87,802) $ (62,169)
Net realized gain/(loss) on investment transactions 2,488,391 (2,286,404) 1,813,489 (1,195,149)
Change in unrealized appreciation on investments 4,887,596 5,300,542 5,728,142 2,910,061
----------- ----------- ----------- -----------
Net increase in net assets resulting from operations 7,147,999 2,770,823 7,453,829 1,652,743
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Shares sold 30,039,104 23,612,052 27,175,447 24,155,354
Shares issued to holders in reinvestment of dividends -- -- -- --
Shares redeemed (5,944,375) (7,779,200) (4,461,561) (9,415,911)
----------- ----------- ----------- -----------
Net increase 24,094,729 15,832,852 22,713,886 14,739,443
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income -- -- -- --
From net realized gains -- -- -- --
----------- ----------- ----------- -----------
Total dividends and distributions -- -- -- --
----------- ----------- ----------- -----------
INCREASE IN NET ASSETS 31,242,728 18,603,675 30,167,715 16,392,186
NET ASSETS:
Beginning of period 31,520,846 12,917,171 29,703,370 13,311,184
----------- ----------- ----------- -----------
End of period (including undistributed net
investment income of ($(227,988), $0, $(87,802),
and $0, respectively) $62,763,574 $31,520,846 $59,871,085 $29,703,370
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
CHANGES IN SHARES OUTSTANDING:
Shares sold 3,590,742 3,563,425 2,472,675 2,697,263
Shares issued to holders in reinvestment of dividends -- -- -- --
Shares redeemed (720,864) (1,231,939) (414,675) (1,077,324)
----------- ----------- ----------- -----------
Net increase 2,869,878 2,331,486 2,058,000 1,619,939
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
INTERNATIONAL EQUITY FUND REAL ESTATE SECURITIES FUND
--------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment income/(loss) $ (134,079) $ 578,558 $ 882,941 $ 873,564
Net realized gain/(loss) on investment transactions 4,675,840 (10,442,783) 68,727 (390,870)
Change in unrealized appreciation on investments 21,723,309 6,033,009 5,080,085 1,091,440
------------ ------------ ----------- -----------
Net increase/(decrease) in net assets
resulting from operations 26,265,070 (3,831,216) 6,031,753 1,574,134
------------ ------------ ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Shares sold 84,874,709 162,199,383 24,345,374 19,161,329
Shares issued to holders in reinvestment of dividends -- 130,931 -- 370,198
Shares redeemed (38,140,040) (138,663,722) (4,429,026) (8,494,953)
------------ ------------ ----------- -----------
Net increase 46,734,669 23,666,592 19,916,348 11,036,574
------------ ------------ ----------- -----------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income (595,314) (221,378) (1,258,850) (493,081)
From net realized gains -- -- -- (115,740)
------------ ------------ ----------- -----------
Total dividends and distributions (595,314) (221,378) (1,258,850) (608,821)
------------ ------------ ----------- -----------
INCREASE IN NET ASSETS 72,404,425 19,613,998 24,689,251 12,001,887
NET ASSETS:
Beginning of period 76,915,396 57,301,398 26,188,608 14,186,721
------------ ------------ ----------- -----------
End of period (including undistributed net
investment income of $(183,618), $545,775,
$33,970 and $409,879, respectively) $149,319,821 $ 76,915,396 $50,877,859 $26,188,608
------------ ------------ ----------- -----------
------------ ------------ ----------- -----------
CHANGES IN SHARES OUTSTANDING:
Shares sold 9,334,573 21,438,768 1,977,973 1,851,300
Shares issued to holders in reinvestment of dividends -- 17,342 -- 37,020
Shares redeemed (4,182,481) (18,495,861) (358,318) (833,112)
------------ ------------ ----------- -----------
Net increase 5,152,092 2,960,249 1,619,655 1,055,208
------------ ------------ ----------- -----------
------------ ------------ ----------- -----------
TAX-EXEMPT FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
--------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment income $ 319,123 $ 427,641 $ 3,302,246 $ 3,628,827
Net realized gain/(loss) on investment transactions (16,162) 86,881 626,939 (310,078)
Change in unrealized appreciation/(depreciation)
on investments 261,167 898,953 (2,156,885) 4,279,623
------------ ----------- ------------ ------------
Net increase in net assets resulting from operations 564,128 1,413,475 1,772,300 7,598,372
------------ ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 31,652,746 25,716,868 114,471,514 118,369,226
Shares issued to holders in reinvestment of dividends 169,172 198,541 542,291 2,116,165
Shares redeemed (7,691,692) (14,891,002) (37,075,330) (66,998,079)
------------ ----------- ------------ ------------
Net increase 24,130,226 11,024,407 77,938,475 53,487,312
------------ ----------- ------------ ------------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS:
Net investment income (326,370) (424,443) (944,591) (3,611,163)
From net realized gains (86,926) (1,884) -- (11,763)
------------ ----------- ------------ ------------
Total dividends and distributions (413,296) (426,327) (944,591) (3,622,926)
------------ ----------- ------------ ------------
INCREASE IN NET ASSETS 24,281,058 12,011,555 78,766,184 57,462,758
NET ASSETS:
Beginning of period 26,100,100 14,088,545 110,280,032 52,817,274
------------ ----------- ------------ ------------
End of period (including undistributed net
investment income of $(2), $7,245, $2,379,488
and $21,833, respectively) $50,381,158 $26,100,100 $189,046,216 $110,280,032
------------ ----------- ------------ ------------
------------ ----------- ------------ ------------
CHANGES IN SHARES OUTSTANDING:
Shares sold 2,903,235 2,374,118 10,853,667 11,317,528
Shares issued to holders in reinvestment of dividends 15,407 18,249 (3,525,507) 202,609
Shares redeemed (705,203) (1,376,854) 51,451 (6,431,139)
------------ ----------- ------------ ------------
Net increase 2,213,439 1,015,513 7,379,611 5,088,998
------------ ----------- ------------ ------------
------------ ----------- ------------ ------------
See notes to financial statements.
AssetMark Funds
FINANCIAL HIGHLIGHTS
LARGE CAP GROWTH FUND LARGE CAP VALUE FUND
----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
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 $ 7.59 $ 7.28 $ 8.78 $ 9.20
Income from investment operations:
Net investment income (loss) (0.02) -- 0.02 0.06
Net realized and unrealized gains/(losses)
on investments 1.29 0.31 1.72 (0.43)
------ ------ ------ ------
Total from investment operations 1.27 0.31 1.74 (0.37)
------ ------ ------ ------
Less distributions:
Dividends from net investment income -- -- (0.02) (0.04)
Dividends from net realized gains -- -- -- (0.01)
------ ------ ------ ------
Total distributions -- -- (0.02) (0.05)
------ ------ ------ ------
Net asset value, end of period $ 8.86 $ 7.59 $10.50 $ 8.78
------ ------ ------ ------
------ ------ ------ ------
Total return 16.73%(1)<F6> 4.26% 19.87%(1)<F6> -3.89%
Supplemental data and ratios:
Net assets, end of period (000's) $239,303 $118,363 $237,548 $117,847
Ratio of expenses to average net assets
Before Expense Reimbursement 1.42%(2)<F7> 1.63% 1.42%(2)<F7> 1.61%
After Expense Reimbursement 1.48%(2)<F7> 1.49% 1.48%(2)<F7> 1.49%
Ratio of net investment income/(loss)
to average net assets
Before Expense Reimbursement -0.83%(2)<F7> -0.84% 0.47%(2)<F7> 0.57%
After Expense Reimbursement -0.77%(2)<F7> -0.70% 0.53%(2)<F7> 0.69%
Portfolio turnover rate 6.47% 30.47% 10.79% 49.79%
(1)<F6> Not Annualized.
(2)<F7> Annualized.
SMALL/MID CAP GROWTH FUND SMALL/MID CAP VALUE FUND
----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
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 $ 7.64 $ 7.20 $10.13 $10.15
Income from investment operations:
Net investment loss (0.03) -- (0.02) --
Net realized and unrealized gains/(losses)
on investments 1.36 0.44 1.89 (0.02)
------ ------ ------ ------
Total from investment operations 1.33 0.44 1.87 (0.02)
------ ------ ------ ------
Less distributions:
Dividends from net investment income -- -- -- --
Dividends from net realized gains -- -- -- --
------ ------ ------ ------
Total distributions -- -- -- --
------ ------ ------ ------
Net asset value, end of period $ 8.97 $ 7.64 $12.00 $10.13
------ ------ ------ ------
------ ------ ------ ------
Total return 17.41%(1)<F8> 6.11% 18.46%(1)<F8> -0.20%
Supplemental data and ratios:
Net assets, end of period (000's) $62,764 $31,521 $59,871 $29,703
Ratio of expenses to average net assets
Before Expense Reimbursement 1.50%(2)<F9> 2.01% 1.65%(2)<F9> 2.20%
After Expense Reimbursement 1.55%(2)<F9> 1.59% 1.53%(2)<F9> 1.59%
Ratio of net investment loss
to average net assets
Before Expense Reimbursement -1.07%(2)<F9> -1.78% -0.29%(2)<F9> -0.97%
After Expense Reimbursement -1.02%(2)<F9> -1.36% -0.41%(2)<F9> -0.36%
Portfolio turnover rate 36.65% 19.02% 39.16% 64.32%
(1)<F8> Not Annualized.
(2)<F9> Annualized.
INTERNATIONAL EQUITY FUND REAL ESTATE SECURITIES FUND
----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
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 $ 8.22 $ 8.96 $11.27 $11.18
Income from investment operations:
Net investment income 0.03 0.09 0.33 0.56
Net realized and unrealized gains/(losses)
on investments 2.08 (0.80) 1.62 (0.06)
------ ------ ------ ------
Total from investment operations 2.11 (0.71) 1.95 0.50
------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.04) (0.03) (0.32) (0.33)
Dividends from net realized gains -- -- -- (0.08)
------ ------ ------ ------
Total distributions (0.04) (0.03) (0.32) (0.41)
------ ------ ------ ------
Net asset value, end of period $10.29 $ 8.22 $12.90 $11.27
------ ------ ------ ------
------ ------ ------ ------
Total return 25.69%(1)<F10> -7.92% 17.33%(1)<F10> 4.87%
Supplemental data and ratios:
Net assets, end of period (000's) $149,320 $76,915 $50,878 $26,189
Ratio of expenses to average net assets
Before Expense Reimbursement 1.39%(2)<F11> 1.61% 1.59%(2)<F11> 2.02%
After Expense Reimbursement 1.57%(2)<F11> 1.59% 1.49%(2)<F11> 1.49%
Ratio of net investment income/(loss)
to average net assets
Before Expense Reimbursement -0.42%(2)<F11> 0.97% 4.69%(2)<F11> 4.61%
After Expense Reimbursement -0.24%(2)<F11> 0.99% 4.59%(2)<F11> 5.14%
Portfolio turnover rate 33.98% 148.87% 4.05% 28.71%
(1)<F10> Not Annualized.
(2)<F11> Annualized.
TAX-EXEMPT FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
2003 2003 2003 2003
------------ -------- ------------ --------
(UNAUDITED) (UNAUDITED)
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 $11.05 $10.46 $10.71 $10.15
Income from investment operations:
Net investment income 0.08 0.22 0.20 0.48
Net realized and unrealized gains/(losses)
on investments (0.02) 0.59 (0.14) 0.56
------ ------ ------ ------
Total from investment operations 0.02 0.81 0.06 1.04
------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.08) (0.22) (0.07) (0.48)
Dividends from net realized gains (0.02) -- -- --
------ ------ ------ ------
Total distributions (0.06) (0.22) (0.07) (0.48)
------ ------ ------ ------
Net asset value, end of period $11.01 $11.05 $10.70 $10.71
------ ------ ------ ------
------ ------ ------ ------
Total return 0.57%(1)<F12> 7.78% 0.58%(1)<F12> 10.47%
Supplemental data and ratios:
Net assets, end of period (000's) $50,381 $26,100 $189,046 $110,280
Ratio of expenses to average net assets
Before Expense Reimbursement 1.44%(2)<F13> 1.82% 1.26%(2)<F13> 1.41%
After Expense Reimbursement 1.29%(2)<F13> 1.29% 1.29%(2)<F13> 1.29%
Ratio of net investment income to average net assets
Before Expense Reimbursement 1.82%(2)<F13> 1.66% 4.45%(2)<F13> 4.69%
After Expense Reimbursement 1.67%(2)<F13> 2.19% 4.48%(2)<F13> 4.81%
Portfolio turnover rate 6.05% 19.18% 4.86% 52.99%
(1)<F12> Not Annualized.
(2)<F13> Annualized.
See notes to financial statements.
AssetMark Funds
NOTES TO FINANCIAL STATEMENTS
December 31, 2003 (Unaudited)
1. ORGANIZATION
AssetMark Funds (the "Trust") was organized as a Delaware business 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 eight non-
diversified funds (the "Funds"): 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 and
AssetMark Core Plus Fixed Income Fund. Each Fund represents a distinct
portfolio with its own investment objectives and policies. The assets of
the AssetMark Core Plus Fixed Income Fund consist of shares of underlying
mutual funds. The assets of each Fund are segregated, and a shareholder's
interest is limited to the Fund in which shares are held. The Funds
commenced operations on June 29, 2001.
2. 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 accounting principles generally
accepted in the United States of America ("GAAP").
(a) Investment Valuation
Portfolio securities which are traded on stock exchanges are valued at
the last sale price as of the close of business on the day the
securities are being valued, or, lacking any sales, at the mean
between the most recent quoted bid and asked price. Each over-the-
counter security for which the last sale price on the day of valuation
is available from NASDAQ and falls within the latest bid and asked
quotations is valued at that price. All other securities traded in
the over-the-counter market are valued at the mean between the most
recent bid and asked price. Securities that are traded on both the
over-the-counter market and on a stock exchange are valued according
to the broadest and most representative market. Investments in open-
end investment companies are valued at the closing net asset value per
share of each mutual fund on the day of valuation. Securities for
which quotations are not readily available will be valued at their
fair market value as determined by the Board of Trustees. Effective
September 15, 2003, 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
will be 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.
(b) Organization and Prepaid Initial Registration Expense
Expenses incurred by the Trust in connection with the organization and
initial public offering were expensed as incurred. These expenses
were advanced by the Advisor, and the Advisor has agreed to reimburse
the Funds for these expenses, subject to potential recovery (see Note
3).
(c) Federal Income Taxes
The Funds intend to comply with the requirements 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 them from all or
substantially all Federal income taxes. Therefore, no Federal income
tax provision is required. The tax character of distributions paid
during the year ended June 30, 2003 were the same for financial
statement and tax purposes. GAAP requires that permanent differences
between financial reporting and tax reporting be reclassified between
various components of net assets. 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:
------------------------
6/30/10 6/30/11
------- -------
Large Cap Growth Fund $858,517 $1,841,558
Large Cap Value Fund -- 3,936,721
Small/Mid Cap Growth Fund 319,848 1,785,504
Small/Mid Cap Value Fund 106,060 320,715
International Equity Fund 410,578 5,891,452
Real Estate Securities Fund -- 70,883
Tax-Exempt Fixed Income Fund -- --
Core Plus Fixed Income Fund -- 163,100
Additionally, at June 30, 2003, the Funds deferred on a tax basis
post-October losses as follows:
Large Cap Growth Fund $5,199,871
Large Cap Value Fund 950,132
Small/Mid Cap Growth Fund 1,245,359
Small/Mid Cap Value Fund 494,371
International Equity Fund 7,441,350
Real Estate Securities Fund 36,633
Tax-Exempt Fixed Income Fund --
Core Plus Fixed Income Fund 199,982
(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.
(e) Indemnifications
Under the Funds' organizational documents, its officers and trustees
are indemnified against certain liability arising out of the
performance of their duties to the Funds. In addition, in the normal
course of business the Funds enter into contracts that contain a
variety of representations and warranties which provide general
indemnifications. The Funds' maximum exposure under these arrangements
are unknown as this would involve future claims that may be made
against the Funds that have not yet occurred. However, the Funds
expect the risk of loss to be remote.
(f) Distribution 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.
The tax components of dividends paid during the fiscal year ended June
30, 2003 are as follows:
JUNE 30, 2003
-----------------------------------
ORDINARY LONG-TERM
INCOME CAPITAL GAINS
DISTRIBUTIONS DISTRIBUTIONS
------------- -------------
Large Cap Growth Fund $ -- $ --
Large Cap Value Fund 435,442 792
Small/Mid Cap
Growth Fund -- --
Small/Mid Cap
Value Fund -- --
International Equity Fund 221,378 --
Real Estate
Securities Fund 595,223 13,598
Tax-Exempt Fixed
Income Fund 426,327 --
Core Plus Fixed
Income Fund 3,616,590 6,336
3. INVESTMENT ADVISOR
The Trust has an Investment Advisory Agreement (the "Agreement") with
AssetMark Investment Services, Inc. (the "Advisor"), with whom certain
officers and directors of the Trust are affiliated, to furnish investment
advisory services to the Funds. Under the terms of the Agreement, the
Trust, on behalf of the Funds, compensates the Advisor for its management
services at the following 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%
The Advisor has agreed to waive, through October 31, 2004, its management
fee and/or reimburse the Fund's other expenses, including organization
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%
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. Waived/reimbursed expenses subject to
potential recovery by year of expiration are as follows:
YEAR OF EXPIRATION
-------------------------------------
6/30/04 6/30/05 6/30/06
------- ------- -------
Large Cap
Growth Fund $22,772 $80,252 $93,927
Large Cap
Value Fund 22,772 93,986 83,388
Small/Mid Cap
Growth Fund 11,898 63,245 76,062
Small/Mid Cap
Value Fund 11,898 72,099 105,333
International
Equity Fund 45,839 46,594 8,702
Real Estate
Securities Fund 10,614 69,912 90,683
Tax-Exempt Fixed
Income Fund 4,751 73,116 103,830
Core Plus Fixed
Income Fund 9,507 94,633 90,706
The waived/reimbursed amounts expiring on June 30, 2004 represent
organization expenses incurred by the Trust, and advanced by the Advisor,
in connection with the organization and initial public offering of the
Funds.
Pursuant to sub-advisory agreements between the Advisor and various sub-
advisors, sub-advisors provide sub-advisory services to the Funds. Under
the terms of these sub-advisory agreements, the Advisor compensates the
sub-advisors based on each Fund's average daily net assets.
4. 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 that
the Funds will pay distribution fees to AssetMark Capital Corporation, an
affiliate of the Advisor, at an annual rate of up to 0.25% of the average
daily net assets of the Funds. Quasar Distributors, LLC serves as sub-
distributor to each of the Funds. Payments under the distribution plan
shall be used to compensate persons who provide support services in
connection with the distribution of the Fund's shares and servicing of the
Fund's shareholders. Quasar Distributors, LLC is an affiliated company of
U.S. Bank, N.A.
5. 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 custody, transfer agency, administrative and accounting
services.
6. SECURITIES LENDING
Effective July 1, 2003 the Funds entered into a securities lending
arrangement with U.S. Bank, N.A. (the "Custodian"). Under the terms of the
agreement, the Custodian is authorized to loan securities on behalf of the
Funds to approved brokers against the receipt of cash collateral at least
102% of the value of the securities loaned. The cash collateral is
invested by the Custodian in a money market pooled account approved by the
Advisor. Although risk is mitigated by the collateral, the Funds could
experience a delay in recovering its securities and possible loss of income
or value if the borrower fails to return them. The agreement provides that
after predetermined rebates to brokers, 60% of the net securities lending
revenue shall be solely paid as credits to the Funds to be used as an
offset against Custody Costs and other charges incurred by the Funds from
the Custodian and shall not, in any event, be paid as cash to the Funds.
The Custodian shall be paid a fee for administering a securities lending
program for the Funds, which shall equal 40% of the net securities lending
revenues generated under the agreement as compensation for its securities
lending services.
As of December 31, 2003, the values of securities loaned and collateral
held were as follows:
MARKET VALUE OF
SECURITIES LOANED COLLATERAL
----------------- ----------
Large Cap
Growth Fund $89,453,418 $92,141,363
Large Cap
Value Fund 88,315,633 91,972,072
Small/Mid Cap
Growth Fund 19,849,271 20,518,282
Small/Mid Cap
Value Fund 16,089,645 16,771,321
International
Equity Fund 53,264,203 54,968,340
Real Estate
Securities Fund 9,524,964 9,865,258
7. BROKERAGE COMMISSION AGREEMENT
The Advisor has entered into a brokerage agreement with Abel/Noser Corp.
("Abel Noser") which allows the Advisor to direct one or more of the
Investment Managers of the Funds to execute all or a portion of the
Investment Manager's equity securities transactions for the Funds through
Abel Noser. In return, Abel Noser agrees to rebate broker commissions paid
on these directed trades in the form of credits. The Funds may only receive
these broker rebates in the form of credits and may not receive cash. These
credits are available for use by the Funds such that the Funds can direct
Abel Noser to use the credits to make payments for all or part of the cost
of certain products or services provided to the Funds that directly and
exclusively benefit the Funds.
8. INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, for the year ended June 30, 2003 are summarized below. There
were no purchases or sales of long-term U.S. Government Securities.
PURCHASES SALES
--------- -----
Large Cap
Growth Fund $103,560,165 $10,690,992
Large Cap
Value Fund 98,420,005 16,970,235
Small/Mid Cap
Growth Fund 38,262,660 15,738,847
Small/Mid Cap
Value Fund 35,888,027 15,663,064
International
Equity Fund 79,941,265 36,029,631
Real Estate
Securities Fund 19,159,260 1,477,965
Tax-Exempt Fixed
Income Fund 24,239,344 2,102,733
Core Plus Fixed
Income Fund 85,919,781 7,043,824
The cost and net unrealized appreciation as of December 31, 2003, and the
components of accumulated earnings/(losses) as of June 30, 2003, on a tax
basis were as follows:
LARGE CAP LARGE CAP SMALL/MID SMALL/MID INTERNATIONAL REAL ESTATE TAX-EXEMPT CORE PLUS
GROWTH VALUE CAP GROWTH CAP VALUE EQUITY SECURITIES FIXED INCOME FIXED INCOME
FUND FUND FUND FUND FUND FUND FUND FUND
--------- --------- ---------- --------- ------------- ----------- ------------ ------------
Cost of
investments $204,952,104 $206,055,094 $55,646,164 $51,251,143 $121,910,414 $43,917,124 $47,170,742 $186,372,226
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
Gross unrealized
appreciation 37,618,303 38,136,528 9,449,806 9,278,656 27,972,592 7,568,634 1,462,021 2,786,634
Gross unrealized
depreciation (4,748,321) (4,359,975) (1,437,480) (988,859) (963,110) (406,784) (12,189) (1,012,520)
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
Net unrealized
appreciation $ 32,869,982 $ 33,776,553 $ 8,012,326 $ 8,289,797 $ 27,009,482 $ 7,161,850 $ 1,449,832 $ 1,774,114
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
Cumulative
tax cost
adjustments $ 436,483 $ 361,135 $ 287,768 $ 607,806 $ 459,453 $ 259,172 $ -- $ 134,650
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
Undistributed
tax-exempt
ordinary
income $ -- $ -- $ -- $ -- $ -- $ -- $ 7,245 $ --
Undistributed
ordinary income -- 212,867 -- -- 599,539 409,879 25,482 21,833
Undistributed
long-term
capital gain -- -- -- -- -- -- 61,398 --
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
Total
distributable
earnings $ -- $ 212,867 $ -- $ -- $ 599,539 $ 409,879 $ 94,125 $ 21,833
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
Other
accumulated
losses $ (8,336,429) $ (5,247,988) $(3,638,479) $(1,528,952) $(14,202,833) $ (366,688) $ -- $ (497,732)
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
Total
accumulated
earnings/
(losses) $ 24,970,036 $ 29,102,567 $ 4,661,615 $ 7,368,651 $ 13,865,641 $ 7,464,213 $ 1,543,957 $ 1,432,865
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
------------ ------------ ----------- ----------- ------------ ----------- ----------- ------------
AssetMark Funds
ADDITIONAL INFORMATION
December 31, 2003 (Unaudited)
1. SHAREHOLDER NOTIFICATION OF FEDERAL TAX STATUS (UNAUDITED)
The Large Cap Value Fund designates fifty-six percent of dividends declared
during the fiscal year ended June 30, 2003 as dividends qualifying for the
dividends received deduction available to corporate shareholders.
2. FOREIGN TAX CREDIT (UNAUDITED)
For the year ended June 30, 2003, 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 Source Income Earned Foreign Taxes Paid
---------------------------- ------------------
Australia $ 21,773 $ --
Brazil 73,513 5,194
Canada 19,550 2,928
Denmark 28,052 8,649
Finland 84,948 12,742
France 266,011 41,036
Germany 5,674 976
Hong Kong 58,447 4,125
India 1,636 301
Ireland 17,549 555
Israel 1,241 239
Italy 54,165 14,624
Japan 79,609 12,683
Mexico 5,267 --
Netherlands 98,451 20,601
Peru 1,718 --
Singapore 18,072 2,514
South Africa 38,558 6,784
South Korea 20,430 3,371
Spain 47,905 --
Sweden 145,562 22,017
Switzerland 35,849 5,377
Thailand 13,399 1,340
United Kingdom 538,088 48,527
---------- --------
Total $1,675,467 $214,583
---------- --------
---------- --------
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, 62 Trustee Indefinite Term President, DeBerry Consulting 8 None
c/o AssetMark since inception (a securities consulting firm)
Investment Services, Inc. (1988-present); Director, Investment
2300 Contra Costa Manager Services Division of Resources
Boulevard, Suite 425 Trust Company (1998-2000).
Pleasant Hill, CA 94523
William J. Klipp, 47 Trustee Indefinite Term Retired; President and Chief Operating 8 Trustee,
c/o AssetMark since inception Officer, Schwab Investment Management, Lend Lease
Investment Services, Inc. Inc. and Executive Vice President, Rosen Funds
2300 Contra Costa Charles Schwab Funds (1993-1999). (2000-present);
Boulevard, Suite 425 Director of
Pleasant Hill, CA 94523 SaveDaily.com
(2000-present).
Leonard H. Rossen, 71 Trustee Indefinite Term President, Len Rossen Consulting (a 8 None
c/o AssetMark since inception legal consulting firm) (1999-present);
Investment Services, Inc. Corporate Counsel, Franklin Templeton
2300 Contra Costa Mutual Funds and Distributors, Inc.
Boulevard, Suite 425 (1996-1999); Regional Counsel and Vice
Pleasant Hill, CA 94523 President, Equitable Life Insurance
Society (1987-1996); Various key legal
positions Securities and Exchange
Commission (1973-1987).
INTERESTED TRUSTEES
Ronald Cordes*<F14>, 44 President, Indefinite Term Principal, AssetMark Investment 8 None
AssetMark Investment Chairperson, since inception Services, Inc. (1994-present).
2300 Contra Costa Trustee
Boulevard, Suite 425
Pleasant Hill, CA 94523
Richard Steiny*<F14>, 46 Trustee Indefinite Term Principal, AssetMark Investment 8 None
AssetMark Investment since inception Services, Inc. (1994-present).
2300 Contra Costa
Boulevard, Suite 425
Pleasant Hill, CA 94523
OFFICERS
John Whittaker, 34 Vice President 1-Year Term Vice President and Chief Operating N/A N/A
AssetMark since inception Officer, AssetMark Investment
Investment Services, Inc. Services, 2000 to present; Director
2300 Contra Costa of Operations, AssetMark Investment
Boulevard, Suite 425 Services, Inc., 1997 to 2000; Regional
Pleasant Hill, CA 94523 Consultant, AssetMark Investment
Services, Inc., 1994 to 1997.
Carrie E. Hansen, 33 Treasurer 1-Year Term Director of Operations, AssetMark N/A N/A
AssetMark since inception Investment Services, Inc., 2000 to
Investment Services, Inc. present; Director of Operations,
2300 Contra Costa Barclays Global Investors, Japan, 1998
Boulevard, Suite 425 to 2000; Principal, Domestic Fund
Pleasant Hill, CA 94523 Accounting, Barclays Global Investors,
1997-1998, Manager, Coopers & Lybrand,
1996 to 1997.
Teresa Escano, 41 Secretary 1-Year Term Director of Advisor Services Group, N/A N/A
AssetMark since inception AssetMark Investment Services, Inc.,
Investment Services, Inc. 2000 to present; Manager of Advisor
2300 Contra Costa Services Group, 1997 to 2000; Portfolio
Boulevard, Suite 425 Manager Administrator for The
Pleasant Hill, CA 94523 Headlands Group, Inc. (an investment
adviser), 1992 to 1997.
The Statement of Additional Information includes additional information about
the Fund's Trustees and is available free of charge upon request by calling the
Fund toll free at (888) 278-5809.
*<F14> Ronald Cordes and Richard Steiny are considered "interested persons"
of the Funds as defined in the 1940 Act due to their relationship with
the Advisor.
4. AVAILABILITY OF PROXY VOTING INFORMATION
Information regarding how the Funds vote proxies relating to portfolio
securities is available without charge upon request by calling (888) 278-
5809 or by accessing the SEC's website at www.sec.gov.
ASSETMARK FUNDS
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
INVESTMENT ADVISOR
AssetMark Investment Services, Inc.
2300 Contra Costa Blvd., Suite 425
Pleasant Hill, CA 94523
LEGAL COUNSEL
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103
INDEPENDENT AUDITORS
PricewaterhouseCoopers LLP
333 Market Street
San Francisco, CA 94105
TRANSFER AGENT, FUND ACCOUNTANT
AND FUND ADMINISTRATOR
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
CUSTODIAN
U.S. Bank, N.A.
425 Walnut Street
Cincinnati, OH 45202
DISTRIBUTOR
AssetMark Capital Corporation
2300 Contra Costa Blvd., Suite 425
Pleasant Hill, CA 94523
ITEM 2. CODE OF ETHICS.
This item is not required at this time; applicable only for annual reports with
periods ending on or after July 15, 2003.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
This item is not required at this time; applicable only for annual reports with
periods ending on or after July 15, 2003.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
This item is not required at this time; applicable only for annual reports with
periods ending on or after December 15, 2003.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is not applicable to the Registrant.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES
FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 8. [RESERVED]
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
This item is not required at this time; applicable for the first reporting
period ending after January 1, 2004.
ITEM 10. 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 last fiscal half-year that have
materially affected or are reasonably likely to materially affect the
Registrant's internal control over financial reporting.
ITEM 11. EXHIBITS.
(a) Any code of ethics or amendments thereto. This item is not required at
this time; applicable only for annual reports with periods ending on or
after July 15, 2003.
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
Filed herewith.
(c) 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/Ronald D. Cordes
------------------------
Ronald D. Cordes
President
Date: 2-27-04
---------------
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.
Registrant: AssetMark Funds
By: /s/ Ronald D. Cordes
------------------------------
Ronald D. Cordes
President (Principal Executive Officer)
AssetMark Funds
Date: 2-27-04
---------------
By: /s/ Carrie E. Hansen
---------------------
Carrie E. Hansen
Treasurer (Principal Financial Officer)
AssetMark Funds
Date: 2-27-04
---------------