As filed with the Securities and Exchange Commission on 6/4/2010

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10267

ASSETMARK FUNDS
(Exact name of registrant as specified in charter)

2300 CONTRA COSTA BOULEVARD, SUITE 600,
PLEASANT HILL, CA 94523-3967
(Address of principal executive offices) (Zip code)

STARR E. FROHLICH
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC.
2300 CONTRA COSTA BOULEVARD, SUITE 600
PLEASANT HILL, CA 94523-3967
(Name and address of agent for service)

800-664-5345
Registrant’s telephone number, including area code

Date of fiscal year end: March 31, 2010

Date of reporting period: April 1, 2009 through March 31, 2010

Item 1. Reports to Stockholders.

Investment Advisor

Genworth Financial Wealth Management, Inc.

Annual Report

March 31, 2010

ASSETMARK LARGE CAP GROWTH FUND

ASSETMARK LARGE CAP VALUE FUND

ASSETMARK SMALL/MID CAP GROWTH FUND

ASSETMARK SMALL/MID CAP VALUE FUND

ASSETMARK INTERNATIONAL EQUITY FUND

ASSETMARK REAL ESTATE SECURITIES FUND

ASSETMARK TAX-EXEMPT FIXED INCOME FUND

ASSETMARK CORE PLUS FIXED INCOME FUND

ASSETMARK ENHANCED FUNDAMENTAL INDEX^®

LARGE COMPANY GROWTH FUND

ASSETMARK ENHANCED FUNDAMENTAL INDEX^®

LARGE COMPANY VALUE FUND

ASSETMARK ENHANCED FUNDAMENTAL INDEX^®

SMALL COMPANY GROWTH FUND

ASSETMARK ENHANCED FUNDAMENTAL INDEX^®

SMALL COMPANY VALUE FUND

May 17, 2010

Dear Shareholder,

Enclosed is the Annual Report for the AssetMark Funds covering the one-year period from April 1, 2009 through March 31, 2010.

For the reporting period, the broad market, as measured by the S&P 500^® Index¹, gained 49.8%, reflecting one of the strongest cyclical bull markets in history. The period was characterized by a two-part recovery from the extreme market low reached on March 9, 2009.

The first six months of the reporting period were characterized by a sharp, but relatively narrowly led rally from significantly oversold conditions. This phase of the rally was generally led by lower-quality equities and was considered by many analysts to be rather speculative in nature. Investors were bolstered by the government’s efforts to recapitalize some of the larger and more well-known companies hard hit by the collapse of the housing market and the ensuing global financial crisis.

As the rally progressed into the second half of the reporting period, it changed in nature. As higher-quality equities were perceived as participating in the rally, market leadership was seen in a wider range of sectors. While lower-quality equities continued to outpace the broader market, fundamentals again became a focus in determining values.

Throughout the reporting period, the S&P 500^® Index saw moderate volatility, but continued to trend upward as corporate earnings were stronger than many anticipated in the latter half of 2009. January and early February of 2010 saw another retreat, but this too was short lived, as the market began rallying again and continued gaining strength through the end of the reporting period.

Market Overview

The rising market strength seen during the reporting period was broad in scope. Small-cap stocks (as measured by the Russell 2000^® Index²) rose 62.8%, while large-cap stocks (as measured by the Russell 1000^® Index³) gained 51.6% for the one-year period ended March 31, 2010. While past performance is not indicative of future results, this is in line with historical trends, which show that small-cap stocks tend to outperform mid- and large-caps in the first year of a cyclical bull market.

The international developed equities market (as measured by the MSCI EAFE^® Index⁴) grew 55.2% for the one-year period ended March 31, 2010. Weakness in the U.S. dollar relative to other currencies during most of the reporting period had a significant effect on international returns, adding 10% to returns. In local currency terms, the MSCI EAFE^® Index returned 45.4%, trailing the broad U.S. markets. Emerging markets (as measured by the MSCI Emerging Markets Index⁵) showed particular strength, gaining 81.6% for the reporting period.

The real estate market (as measured by the FTSE NAREIT Equity REIT Index⁶) rode the upward momentum from the market low and achieved an outstanding return of 106.7% for the year ended March 31, 2010.

Within the fixed-income markets, the last 12 months saw a reversal of the prior 12-month period, with credit-related sectors experiencing strong returns and treasuries trailing. Investors’ risk appetite came back and they sought to benefit from the opportunities that were available due to wider than normal spreads and higher yields than those being offered in money markets. High yield (as measured by the Barclays Capital U.S. Corporate High Yield Index⁷) returned 56.2% for the one-year period ended March 31, 2010, as compared to intermediate-term treasuries (as measured by the Barclays Capital U.S. 7-10 Year Treasury Bond Index⁸), which returned -3.32% for the reporting period.

The Current Economy

We believe there are many indications that the recovery that began in the latter part of 2009 continues. The economy added jobs in March 2010, reversing the recent monthly job-loss trend. Additionally, business spending is experiencing an upswing and we feel the Federal Reserve appears committed to keeping interest rates low for the time being.

But, in our opinion, there are several economic factors that may weigh on the recovery. Even with the modest job growth in March, unemployment remains very high. Household spending continues to be constrained by flat income growth and tight credit, and this will likely affect retail sales, as consumers remain cautious. Meanwhile, sales of new single-family homes in the U.S. declined a seasonally adjusted 11.2% in January, which represents the lowest sales pace since these records began being maintained in 1963⁹.

As the market absorbs new data on the strength of the broader economy, we can expect new opportunities to emerge. We will continue to manage the AssetMark Funds in order to capture value as an integral component of your diversified asset allocation portfolio.

We appreciate the trust you and your advisor have placed in us by including the AssetMark Funds as part of your portfolio. We look forward to the rest of 2010 as we face the opportunities and navigate the challenges that lie ahead.

Sincerely,

Carrie E. Hansen
President
AssetMark Funds

1	The S&P 500® Index, a registered trademark of the McGraw Hill Companies, is an unmanaged basket of 500 stocks that are considered to be widely held and thus believed to be a good indicator of overall market performance. You cannot invest directly into an index.
2	The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that Index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
3	The Russell 1000® Index consists of the largest 1,000 companies in the Russell 3000® Index. This index represents the universe of large capitalization stocks from which most active money managers typically select.
4	The MSCI Europe, Australia and Far East Index (MSCI EAFE®) is a free float-adjusted market capitalization Index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.
5	The MSCI Emerging Markets Index is a free float-adjusted market capitalization Index that is designed to measure equity market performance of emerging markets. As of June 2009, the MSCI Emerging Markets Index consisted of the following 22 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
6	The FTSE NAREIT Equity REIT Index is a broad measure of the performance of publicly traded U.S. real estate securities, such as Real Estate Investment Trusts (REITs) and Real Estate Operating Companies.
7	The Barclays Capital U.S. Corporate High-Yield Index covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. The Index excludes emerging markets debt. The Index was created in 1986, with index history backfilled to January 1, 1983.
8	The Barclays Capital U.S. 7-10 Year Treasury Bond Index is market capitalization weighted and includes all of the

2

securities that meet the Index criteria. The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of between 7 and 10 years, are non-convertible, are denominated in U.S. dollars, are rated Baa3 (or better) by Moody’s Investors Service or BBB- (or better) by S&P, are fixed rate, and have more than $250 million par outstanding. Excluded from the Index are certain special issues, such as flower bonds, targeted investor notes (TINs) and state and local government bonds (SLGs), and coupon issues that have been stripped from assets already included.

9

Sara Murray, “New Home Sales Sag to ’63 Levels”, The Wall Street Journal, February 25, 2010.

Past performance is not indicative of future results.

Investments in the Funds will fluctuate, and when redeemed may be worth more or less than originally invested.

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

FINRA 106982 051710

3

AssetMark Large Cap Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Large Cap Growth Fund	48.60%	0.17%	-1.10%
Russell 1000® Growth Index	49.75%	3.42%	0.53%
Lipper Large-Cap Growth Funds Index	50.04%	2.82%	-0.18%

4

AssetMark Large Cap Growth Fund

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

For the 12 months ended March 31, 2010, the Fund returned 48.6%, trailing the Russell 1000^® Growth Index at 49.8% and the Lipper Large-Cap Growth Funds Index at 50.0%.

• Security selection was the primary driver of the underperformance, with exposures to Qualcomm, Inc., Genzyme Corp. and Gilead Sciences being the largest detractors to performance over the full year.

• The Fund benefited from its fundamental factor exposures, specifically, securities with lower price-to-book ratios significantly contributed to returns. Additionally the Fund’s holdings of slightly larger market cap securities with higher beta and greater momentum relative to the Russell 1000^® Growth Index marginally added to performance.

• A general underweight exposure to consumer staples was a large drag on returns and dampened the benefit from fundamental factors.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	Apple, Inc.	4.92
2	Microsoft Corp.	4.13
3	Cisco Systems, Inc.	2.88
4	Google, Inc.	2.71
5	Oracle Corp.	2.56
6	Qualcomm, Inc.	1.99
7	International Business Machines Corp.	1.95
8	Philip Morris International, Inc.	1.63
9	Amazon.com, Inc.	1.58
10	Amgen, Inc.	1.58

5

AssetMark Large Cap Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Large Cap Value Fund	55.37%	-2.33%	0.19%
Russell 1000® Value Index	53.56%	1.05%	2.95%
Lipper Large-Cap Value Funds Index	49.73%	1.57%	1.82%

6

AssetMark Large Cap Value Fund

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

For the 12 months ended March 31, 2010, the Fund returned 55.4%, outperforming the Russell 1000^® Value Index at 53.6% and the Lipper Large-Cap Value Funds Index at 49.7%.

• Over the period, security selection was the largest contributor to performance with positions in American Express Co., Prudential Financial Inc., and Occidental Petroleum Corp. being among the largest contributors.

• Conversely, fundamental factor exposure detracted from the Fund’s performance, specifically exposure to securities with higher price-to-book ratios relative to the Russell 1000^® Value Index.

• While benefiting from overweight exposures to information technology, health care and consumer staples, the Fund was hurt from its underweight exposure to financials, industrials, and consumer discretionary.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	Pfizer, Inc.	2.83
2	Apache Corp.	2.54
3	Occidental Petroleum Corp.	2.51
4	Merck & Co., Inc.	2.38
5	Johnson & Johnson	2.30
6	Microsoft Corp.	2.24
7	JPMorgan Chase & Co.	2.05
8	CVS Caremark Corporation	2.01
9	Chevron Corp.	2.00
10	Wells Fargo & Co.	1.98

7

AssetMark Small/Mid Cap Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Small/Mid Cap Growth Fund	56.53%	2.54%	0.42%
Russell 2500 Growth Index	63.92%	4.65%	3.14%
Russell Midcap® Growth Index	63.00%	4.27%	3.32%
Lipper Small-Cap Growth Funds Index	57.45%	2.71%	1.68%
Lipper Mid-Cap Growth Funds Index	59.86%	5.64%	2.66%

8

AssetMark Small/Mid Cap Growth Fund

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

For the 12 months ended March 31, 2010, the Fund returned 56.5%, trailing the Russell 2500 Growth Index at 63.9%, the Lipper Mid-Cap Growth Funds Index at 59.9% and the Lipper Small-Cap Growth Funds Index at 57.5%.

•	Security selection and sector allocation were the largest drivers of the relative underperformance. The Fund also suffered with its exposure to fundamental factors.
•	Underweight exposure to health care, financials, and consumer staples in addition to owning American Superconductor, Stec, Inc., Thq, Inc., and Huron Consulting Group detracted from returns.
•	Exposure to securities with longer-term momentum and larger market capitalizations relative to the Russell 2500 Growth Index were detrimental to the Fund’s returns.
Components of Portfolio Holdings*
*Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	TransDigm Group, Inc.	2.20
2	Roper Industries, Inc.	1.97
3	Polycom, Inc.	1.97
4	MSCI, Inc.	1.81
5	Affiliated Managers Group	1.64
6	VCA Antech, Inc.	1.58
7	Dendreon Corp.	1.36
8	Alliance Data Systems Corp.	1.27
9	Flowserve Corp.	1.20
10	DeVry, Inc.	1.17

9

AssetMark Small/Mid Cap Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Small/Mid Cap Value Fund	66.39%	0.32%	4.17%
Russell 2500 Value Index	67.17%	3.14%	7.26%
Russell Midcap® Value Index	72.41%	3.71%	7.27%
Lipper Small-Cap Value Funds Index	69.02%	3.65%	7.52%
Lipper Mid-Cap Value Funds Index	67.38%	3.58%	6.23%

10

AssetMark Small/Mid Cap Value Fund

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

For the 12 months ended March 31, 2010, the Fund returned 66.4%, trailing the Russell 2500 Value Index at 67.2%, the Lipper Mid-Cap Value Funds Index at 67.4% and the Lipper Small-Cap Value Funds Index at 69.0%.

•	While benefiting from strong stock selection, the Fund’s returns were dampened from its sector exposure and fundamental factor exposure.
•	Strong stock selection benefited performance as holdings of Oneok, Inc., Sothebys Holdings, Inc. and Solutia, Inc. rebounded from their lows.
•	Underweight exposure to consumer discretionary, health care and consumer staples, in addition to exposure to stocks with higher price-to-book ratios and larger market capitalizations relative to the Russell 2500 Value Index, detracted from returns.
Components of Portfolio Holdings*
*Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	Plum Creek Timber Co., Inc.	1.79
2	White Mountains Insurance Group Ltd.	1.72
3	Denbury Resources, Inc.	1.71
4	Schnitzer Steel Industries, Inc.	1.64
5	Leucadia National Corp.	1.64
6	Foot Locker, Inc.	1.58
7	Avnet, Inc.	1.55
8	CenturyTel, Inc.	1.49
9	Hudson City Bancorp	1.49
10	Vail Resorts, Inc.	1.45

11

AssetMark International Equity Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark International Equity Fund	41.68%	0.44%	2.48%
MSCI EAFE® Index	55.20%	4.24%	5.54%
Lipper International Funds Index	57.29%	5.28%	5.94%

12

AssetMark International Equity Fund

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

For the 12 months ended March 31, 2010, the Fund returned 41.7%, trailing the MSCI EAFE^® Index at 55.2% and the Lipper International Funds Index at 57.3%.

• The largest driver of the lagging returns was exposure to fundamental factors. A bias towards securities with lower momentum, higher price-to-book ratios, larger market capitalization and lower volatility contributed to the significant underperformance.

• Regional and country positioning dampened performance due to the Fund’s underweight exposure to Europe and Asia Pacific ex-Japan. Within Europe, underweight exposure to the UK and Sweden hurt returns as did an underweight exposure to Australia.

• Overweight exposure to more defensive sectors such as telecom and health care hurt returns, as did the large underweight exposure to materials. Owning Japanese stocks, including Toyota Motors Corp. and Sumitomo Mitsui Financial, also dampened returns.

Components of Portfolio Holdings*

*Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

		% of Net
Rank	Security/Holding	Assets
1	BP Plc	3.37
2	Novartis AG	2.14
3	Unilever Plc	2.05
4	Banco Santander Central Hispano, SA	1.99
5	GlaxoSmithKline Plc	1.98
6	Royal Dutch Shell Plc	1.98
7	France Telecom SA	1.94
8	Total SA	1.85
9	Carrefour SA	1.82
10	Canon, Inc.	1.79

13

AssetMark Real Estate Securities Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

FTSE NATIONAL ASSOCIATION OF REITs EQUITY INDEX – The FTSE National Association of REITs Equity Index is an unmanaged index that measures the performance of all publicly traded real estate investment trusts traded on U.S. exchanges. The Fund is discontinuing the use of the Dow Jones U.S. Select REIT Index as the primary index and replacing it with the FTSE National Association of REITs Equity Index in future reports. The Fund believes that use of the FTSE National Association of REITs Equity Index provides a better comparative benchmark than the Dow Jones U.S. Select REIT Index since it is more representative of the universe of securities available for selection and is a broader index representative of the holdings of the Fund.

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year	Five Year	Since Inception (6/29/01)
AssetMark Real Estate Securities Fund	100.30%	0.80%	6.94%
Dow Jones U.S. Select REIT Index	113.71%	3.40%	8.89%
FTSE National Association of REITs Equity Index	106.68%	3.80%	9.11%
Lipper Real Estate Funds Index	98.68%	2.86%	8.66%

14

AssetMark Real Estate Securities Fund

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

For the 12 months ended March 31, 2010, the Fund returned 100.3%, trailing the FTSE NAREIT Equity REIT Index at 106.7% but outperforming the Lipper Real Estate Funds Index at 98.7%.

• Owning mall operators Simon Property Group, Inc. and Macerich Co., in addition to hotel company Host Hotels & Resorts, Inc., contributed to performance over the period.

• Exposure to stocks with higher price-to-book ratios relative to the FTSE NAREIT Equity REIT Index detracted from performance as did exposure to larger market capitalizations.

• On Feb. 17, 2010, Duff & Phelps became the sole sub-advisor on the Fund as Adelante was removed due to the small asset base and preference for broader REIT exposure.

Components of Portfolio Holdings*

*Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

		% of Net
Rank	Security/Holding	Assets
1	Simon Property Group, Inc.	9.93
2	Equity Residential	5.95
3	Public Storage, Inc.	5.39
4	Vornado Realty Trust	5.28
5	Host Hotels & Resorts, Inc.	4.74
6	Boston Properties, Inc.	4.56
7	HCP, Inc.	4.22
8	Digital Realty Trust, Inc.	4.00
9	Ventas, Inc.	3.53
10	Kimco Realty Corp.	3.33

15

AssetMark Tax-Exempt Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year		Five Year		Since Inception (6/29/01)
AssetMark Tax-Exempt Fixed Income Fund	10.06	%	3.05	%	3.46	%
Barclays Capital U.S. Municipal Bond Index	9.69	%	4.58	%	5.07	%
Lipper Intermediate Municipal Bond Funds Index	8.58	%	3.90	%	4.10	%

16

AssetMark Tax-Exempt Fixed Income Fund

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

For the 12 months ended March 31, 2010, the Fund returned 10.1%, outperforming the Barclays Capital U.S. Municipal Bond Index at 9.7% and the Lipper Intermediate Municipal Bond Funds Index at 8.6%.

• Security selection was a large driver of returns for the Fund. The Fund benefited from its exposure to lower quality credit as investors sought higher yielding bonds.

• Exposure to longer dated maturities generally benefited performance as the municipal yield curve steepened over the period.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio.
Top Ten Holdings
Rank	Security/Holding	% of Net Assets
1	Golden West Schools Funding Authority,
	Refunding, GO, AMBAC Insured, 5.500%, 08/01/2019	1.72
2	St. Clair County High School District No. 203,
	Series A, GO, AMBAC Insured, 5.750%, 12/01/2026	1.70
3	Eastern Municipal Power Agency, Series B,
	Refunding Revenue Bond, FGIC Insured, 6.000%, 01/01/2022	1.49
4	Illinois State Toll Highway Authority, Series A,
	Revenue Bond, FSA Insured, 5.000%, 01/01/2026	1.48
5	Chicago, GO, 5.000%, 12/01/2024	1.37
6	North East Independent School District,
	GO, 5.250%, 02/01/2027	1.20
7	San Antonio Electric & Gas, Refunding,
	Revenue Bond, 5.375%, 02/01/2015	1.18
8	Maryland, Refunding, GO, 5.000%, 03/01/2021	1.18
9	Indiana State Finance Authority, Series A, Refunding,
	Revenue Bond, 5.000%, 02/01/2021	1.16
10	Connecticut Health & Educational Facilities Authority,
	Series A, Refunding, Revenue Bond, 5.000%, 07/01/2025	1.13

17

AssetMark Core Plus Fixed Income Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)
	One Year		Five Year		Since Inception (6/29/01)
AssetMark Core Plus Fixed Income Fund	19.21	%	4.37	%	4.79	%
Barclays Capital U.S. Aggregate Bond Index	7.69	%	5.44	%	5.71	%
Lipper Intermediate Investment-Grade Debt Funds Index	16.91	%	4.87	%	5.29	%

18

AssetMark Core Plus Fixed Income Fund

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

For the 12 months ended March 31, 2010, the Fund returned 19.2%, outperforming the Barclays Capital U.S. Aggregate Bond Index at 7.7% and the Lipper Intermediate Investment-Grade Debt Funds Index at 16.9%.

• Overweight exposure to spread sectors and significantly underweight exposure to treasuries were the primary drivers of the outperformance over the period.

• As risk appetite returned to the market and investors sought yield, overweight exposure to high yield and non-agency MBS benefited performance.

Components of Portfolio Holdings*

*Pie chart represents percentages of total portfolio, less securities lending collateral.
Top Ten Holdings
Rank	Security/Holding	% of Net Assets
1	U.S. Treasury Note, 2.500%, 03/31/2015	1.47
2	New Valley Generation Series 2001-1, 5.572%, 05/01/2020	1.41
3	Federal National Mortgage Association Pool# TBA,
	6.000%, 05/15/2037	1.36
4	U.S. Treasury Note, 2.750%, 11/30/2016	1.22
5	Federal National Mortgage Association Pool# 735224,
	5.500%, 02/01/2035	1.14
6	U.S. Treasury Note, 3.625%, 02/15/2020	1.11
7	U.S. Treasury Note, 0.875%, 04/15/2010	1.11
8	U.S. Treasury Bond, 4.500%, 08/15/2039	1.00
9	Federal National Mortgage Association Pool# TBA,
	6.500%, 05/01/2029	0.99
10	Federal National Mortgage Association Pool# TBA,
	5.500%, 04/01/2039	0.98

19

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)

	One Year		Since Inception (8/9/07)
AssetMark Enhanced Fundamental Index® Large Company Growth Fund	46.70	%	-1.94	%
Russell 1000® Growth Index	49.75	%	-2.79	%
Lipper Large-Cap Growth Funds Index	50.04	%	-3.41	%

20

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

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

For the 12 months ended March 31, 2010, the Fund returned 46.7%, underperforming the Russell 1000^® Growth Index at 49.8% and the Lipper Large-Cap Growth Funds Index at 50.0%.

• Sector exposures were the largest drag on returns, specifically, underweight exposure to technology, the best performing sector within the Russell 1000^® Growth Index, was the primary driver of the relative underperformance.

• Security positioning was also detrimental to returns, with the biggest detractors being energy holdings, Exxon Mobil Corp. and Chevron Corp.

• Fundamental factor exposure contributed positively to returns and the Fund benefited from exposure to securities with lower price-to-book ratio and lower long-term momentum relative to the Russell 1000^® Growth Index.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	Microsoft Corp.	3.44
2	AT&T, Inc.	2.76
3	Johnson & Johnson	2.35
4	Procter & Gamble Co.	2.03
5	Google, Inc.	2.00
6	International Business Machines Corp.	1.95
7	Apple, Inc.	1.87
8	Pfizer, Inc.	1.78
9	Cisco Systems, Inc.	1.59
10	Intel Corp.	1.56

21

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)

	One Year	Since Inception (8/9/07)
AssetMark Enhanced Fundamental Index® Large Company Value Fund	78.09%	-7.77%
Russell 1000® Value Index	53.56%	-8.12%
Lipper Large-Cap Value Funds Index	49.73%	-6.69%

22

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

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

For the 12 months ended March 31, 2010, the Fund returned 78.1%, outperforming the Russell 1000^® Value Index at 53.6% and the Lipper Large-Cap Value Funds Index at 49.7%.

• Fundamental factors were the largest driver of returns with exposure to securities with lower price-to-book ratios, lower long-term momentum and smaller market capitalization relative to the Russell 1000^® Value Index being the most significant contributors for the period.

• Security positioning contributed to performance as holdings of Avis Budget Group, Ford Motor Co. and Dow Chemicals Co. proved positive. The Fund had larger active exposure to some of the most depressed securities which rebounded from their lows.

• Sector allocation was also positive and benefited returns overall with overweight exposure to consumer discretionary and underweight exposure to financials. An underweight exposure to energy dampened absolute returns.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	Exxon Mobil Corp.	6.46
2	Wal-Mart Stores, Inc.	3.77
3	Chevron Corp.	2.81
4	General Electric Co.	2.77
5	Bank of America Corporation	1.92
6	Verizon Communications, Inc.	1.75
7	ConocoPhillips	1.61
8	Citigroup, Inc.	1.22
9	Home Depot, Inc.	0.98
10	Altria Group, Inc.	0.97

23

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)

	One Year		Since Inception (8/9/07)
AssetMark Enhanced Fundamental Index® Small Company Growth Fund	75.60	%	0.91	%
Russell 2000® Growth Index	60.32	%	-4.09	%
Lipper Small-Cap Growth Funds Index	57.45	%	-5.87	%

24

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

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

For the 12 months ended March 31, 2010, the Fund returned 75.6%, outperforming the Russell 2000^® Growth Index at 60.3% and the Lipper Small-Cap Growth Funds Index at 57.5%.

• Fundamental factors were the largest driver of returns with exposure to securities with lower long-term momentum and lower price-to-book ratios relative to the Russell 2000^® Growth Index being the most significant contributors for the period.

• Security positioning benefited returns, with positions in Sunrise Senior Living and Alpha Natural Resources being the strongest contributors. Securities more levered to consumer spending including Priceline.com and Bare Escentuals, Inc. also benefited returns.

• Overweight exposure to financials and industrials were beneficial to returns over the period while an underweight exposure to health care and information technology dampened returns.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	First Solar, Inc.	0.97
2	Mead Johnson Nutrition Co.	0.91
3	Intuitive Surgical, Inc.	0.81
4	Mettler-Toledo International, Inc.	0.66
5	Delphi Financial Group, Inc.	0.66
6	Salesforce.com, Inc.	0.64
7	Priceline.com, Inc.	0.58
8	Waters Corp.	0.56
9	TrustCo Bank Corp.	0.54
10	Potlatch Corp.	0.49

25

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

TOTAL RETURN BASED ON A $10,000 INVESTMENT

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

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

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

AVERAGE ANNUAL TOTAL RETURN (for the period ended March 31)

	One Year		Since Inception (8/9/07)
AssetMark Enhanced Fundamental Index® Small Company Value Fund	100.24	%	-6.18	%
Russell 2000® Value Index	65.07	%	-3.96	%
Lipper Small-Cap Value Funds Index	69.02	%	-2.48	%

26

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

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

For the 12 months ended March 31, 2010, the Fund returned 100.2%, outperforming the Russell 2000^® Value Index at 65.1% and the Lipper Small-Cap Value Funds Index at 69.0%.

• Fundamental factors were the largest driver of returns with exposure to securities with lower price-to-book ratios, lower long-term momentum and smaller market capitalization relative to the Russell 2000^® Value Index being the most significant contributors for the period.

• Security positioning within the media and communications industries benefited performance as these securities rebounded from their significant low. Valasis Communication, Radion On, Inc. and Media General, Inc. were among the largest contributors to performance.

• Sector allocation was also positive and benefited returns overall with a large overweight exposure to consumer discretionary. An underweight exposure to financials dampened absolute returns.

Components of Portfolio Holdings*

* Pie chart represents percentages of total portfolio, less securities lending collateral.

Top Ten Holdings

Rank	Security/Holding	% of Net Assets
1	Quiksilver, Inc.	0.60
2	Resources Connection, Inc.	0.53
3	Arkansas Best Corp.	0.53
4	Mine Safety Appliances Co.	0.49
5	USA Mobility, Inc.	0.48
6	Harleysville Group, Inc.	0.46
7	Weight Watchers International, Inc.	0.44
8	The PMI Group, Inc.	0.44
9	HSN, Inc.	0.44
10	Tractor Supply Co.	0.43

27

AssetMark Funds

EXPENSE EXAMPLE (Unaudited)

March 31, 2010

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

The Expense Example is based on an investment of $1,000 invested at the beginning of a six month period and held for the entire period (October 1, 2009 – March 31, 2010) for the AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small/Mid Cap Growth Fund, AssetMark Small/Mid Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund, AssetMark Enhanced Fundamental Index^® Large Company Growth Fund, AssetMark Enhanced Fundamental Index^® Large Company Value Fund, AssetMark Enhanced Fundamental Index^® Small Company Growth Fund and AssetMark Enhanced Fundamental Index^® Small Company Value Fund.

Actual Expenses

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

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

Hypothetical Example for Comparison Purposes

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

28

AssetMark Funds

EXPENSE EXAMPLE (Continued) (Unaudited)

March 31, 2010

			Beginning Account Value October 1, 2009		Ending Account Value March 31, 2010		Annualized Expense Ratio1 based on the period October 1, 2009 – March 31, 2010			Expenses Paid During Period2 October 1, 2009 – March 31, 2010
AssetMark Large Cap		Actual	$	1,000.00	$	1,120.50		1.44	%		$	7.61
Growth Fund		Hypothetical3	$	1,000.00	$	1,017.75		1.44	%		$	7.24
AssetMark Large Cap		Actual	$	1,000.00	$	1,122.00		1.43	%		$	7.57
Value Fund		Hypothetical3	$	1,000.00	$	1,017.80		1.43	%		$	7.19
AssetMark Small/Mid Cap		Actual	$	1,000.00	$	1,155.10		1.67	%		$	8.97
Growth Fund		Hypothetical3	$	1,000.00	$	1,016.60		1.67	%		$	8.40
AssetMark Small/Mid Cap		Actual	$	1,000.00	$	1,149.60		1.72	%		$	9.22
Value Fund		Hypothetical3	$	1,000.00	$	1,016.36		1.72	%		$	8.65
AssetMark International		Actual	$	1,000.00	$	996.10		1.48	%		$	7.37
Equity Fund		Hypothetical3	$	1,000.00	$	1,017.55		1.48	%		$	7.44
AssetMark Real Estate		Actual	$	1,000.00	$	1,196.70		1.55	%		$	8.49
Securities Fund		Hypothetical3	$	1,000.00	$	1,017.20		1.55	%		$	7.80
AssetMark Tax-Exempt		Actual	$	1,000.00	$	1,000.20		1.29	%		$	6.43
Fixed Income Fund		Hypothetical3	$	1,000.00	$	1,018.50		1.29	%		$	6.49
AssetMark Core Plus		Actual	$	1,000.00	$	1,044.40		1.28	%		$	6.52
Fixed Income Fund		Hypothetical3	$	1,000.00	$	1,018.55		1.28	%		$	6.44
AssetMark Enhanced Fundamental		Actual	$	1,000.00	$	1,111.60		1.23	%		$	6.48
Index® Large Company Growth Fund		Hypothetical3	$	1,000.00	$	1,018.80		1.23	%		$	6.19
AssetMark Enhanced Fundamental		Actual	$	1,000.00	$	1,136.40		1.27	%		$	6.76
Index® Large Company Value Fund		Hypothetical3	$	1,000.00	$	1,018.60		1.27	%		$	6.39
AssetMark Enhanced Fundamental		Actual	$	1,000.00	$	1,129.30		1.32	%		$	7.01
Index® Small Company Growth Fund		Hypothetical3	$	1,000.00	$	1,018.35		1.32	%		$	6.64
AssetMark Enhanced Fundamental		Actual	$	1,000.00	$	1,137.60		1.47	%		$	7.83
Index® Small Company Value Fund		Hypothetical3	$	1,000.00	$	1,017.60		1.47	%		$	7.39
1	The expense ratio excludes the securities lending credit.
2	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.
3	5% return before expenses.

29

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 100.71%
		Aerospace & Defense - 4.02%
	24,800	General Dynamics Corp.	$	1,914,560
	20,700	Honeywell International, Inc.		937,089
	19,520	Precision Castparts Corp. (b)		2,473,379
	41,200	United Technologies Corp.		3,032,732
				8,357,760
		Air Freight & Logistics - 0.40%
	10,520	Expeditors International of
		Washington		388,398
	7,000	United Parcel Service, Inc.		450,870
				839,268
		Airlines - 0.22%
	31,900	Delta Air Lines, Inc. (a)		465,421
		Beverages - 2.80%
	17,400	The Coca-Cola Company		957,000
	31,100	Dr Pepper Snapple Group, Inc.		1,093,787
	12,000	Molson Coors Brewing Co.		504,720
	49,350	Pepsico, Inc.		3,264,996
				5,820,503
		Biotechnology - 3.79%
	8,350	Alexion Pharmaceuticals, Inc. (a)		453,989
	54,910	Amgen, Inc. (a)		3,281,422
	19,080	Celgene Corp. (a)		1,182,197
	58,790	Gilead Sciences, Inc. (a)		2,673,769
	7,280	Vertex Pharmaceuticals, Inc. (a)		297,534
				7,888,911
		Capital Markets - 3.75%
	25,400	Ameriprise Financial, Inc.		1,152,144
	4,830	BlackRock, Inc.		1,051,781
	27,900	The Charles Schwab Corp.		521,451
	10,580	Franklin Resources, Inc.		1,173,322
	14,910	Goldman Sachs Group, Inc.		2,544,093
	23,700	Morgan Stanley		694,173
	12,000	Northern Trust Corp. (b)		663,120
				7,800,084
		Chemicals - 1.40%
	6,420	FMC Corp. (b)		388,667
	9,200	Monsanto Co.		657,064
	17,900	Mosaic Co.		1,087,783
	9,460	Praxair, Inc.		785,180
				2,918,694

Number of Shares			Value
		Commercial Banks - 1.47%
	97,900	Wells Fargo & Co.	$	3,046,648
		Commercial Services & Supplies - 0.25%
	9,700	Stericycle, Inc. (a)(b)		528,650
		Communications Equipment - 5.31%
	229,840	Cisco Systems, Inc. (a)		5,982,735
	16,360	Juniper Networks, Inc. (a)(b)		501,925
	98,350	Qualcomm, Inc.		4,129,716
	5,890	Research In Motion Ltd. (a)(b)		435,566
				11,049,942
		Computers & Peripherals - 9.38%
	43,520	Apple, Inc. (a)		10,224,153
	75,600	Dell, Inc. (a)		1,134,756
	54,820	EMC Corp. (a)		988,953
	31,400	Hewlett Packard Co.		1,668,910
	31,580	International Business
		Machines Corp. (b)		4,050,135
	14,700	NetApp, Inc. (a)		478,632
	52,400	Seagate Technology (a)		956,824
				19,502,363
		Construction Materials - 0.08%
	3,500	Vulcan Materials Co. (b)		165,340
		Diversified Consumer Services - 0.37%
	6,800	ITT Educational Services, Inc. (a)		764,864
		Diversified Financial Services - 0.64%
	7,150	IntercontinentalExchange, Inc. (a)		802,087
	11,680	JPMorgan Chase & Co.		522,680
				1,324,767
		Electric Utilities - 0.74%
	39,980	AES Corp. (a)		439,780
	13,600	Entergy Corp.		1,106,360
				1,546,140
		Electrical Equipment - 0.73%
	20,270	ABB Ltd. - ADR (b)		442,697
	10,400	AMETEK, Inc.		431,184
	12,800	Emerson Electric Co. (b)		644,352
				1,518,233
		Electronic Equipment & Instruments - 0.25%
	17,100	Avnet, Inc. (a)		513,000

See notes to financial statements.

30

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Energy Equipment & Services - 2.87%
	19,650	Cameron International Corp. (a)(b)	$	842,199
	27,910	Halliburton Co.		840,928
	50,800	Nabors Industries Ltd. (a)(b)		997,204
	51,500	National-Oilwell Varco, Inc.		2,089,870
	18,900	Schlumberger Ltd.		1,199,394
				5,969,595
		Food & Staples Retailing - 2.65%
	42,400	CVS Caremark Corporation		1,550,144
	27,000	Walgreen Co.		1,001,430
	53,070	Wal-Mart Stores, Inc.		2,950,692
				5,502,266
		Food Products - 1.21%
	36,400	Archer Daniels Midland Co.		1,051,960
	7,740	General Mills, Inc.		547,915
	21,900	Hormel Foods Corp.		920,019
				2,519,894
		Health Care Equipment & Supplies - 3.18%
	31,600	Dentsply International, Inc. (b)		1,101,260
	57,060	Medtronic, Inc.		2,569,412
	35,200	St. Jude Medical, Inc. (a)		1,444,960
	19,700	Stryker Corp.		1,127,234
	6,500	Varian Medical Systems, Inc. (a)		359,645
				6,602,511
		Health Care Providers & Services - 2.60%
	20,400	Aetna, Inc.		716,244
	8,040	Express Scripts, Inc. (a)		818,150
	6,600	Laboratory Corporation of America
		Holdings (a)(b)		499,686
	13,200	Mckesson Corp.		867,504
	52,900	Unitedhealth Group, Inc.		1,728,243
	12,100	Wellpoint, Inc. (a)		778,998
				5,408,825
		Hotels, Restaurants & Leisure - 1.63%
	14,580	Carnival Corp.		566,871
	16,100	Darden Restaurants, Inc.		717,094
	13,700	Marriott International, Inc.		431,824
	12,470	McDonald’s Corp.		831,998
	33,100	Wyndham Worldwide Corp.		851,663
				3,399,450

Number of Shares			Value
		Household Products - 2.17%
	7,420	Church & Dwight, Inc.	$	496,769
	9,820	Colgate Palmolive Co.		837,253
	26,100	Kimberly Clark Corp.		1,641,168
	24,350	Procter & Gamble Co.		1,540,625
				4,515,815
		Industrial Conglomerates - 1.62%
	33,740	3M Co.		2,819,652
	30,300	General Electric Co.		551,460
				3,371,112
		Insurance - 1.00%
	11,850	Aflac, Inc.		643,336
	28,500	Hartford Financial
		Services Group, Inc.		809,970
	10,300	Prudential Financial, Inc.		623,150
				2,076,456
		Internet & Catalog Retail - 1.83%
	24,210	Amazon.com, Inc. (a)(b)		3,286,023
	7,000	Netflix, Inc. (a)(b)		516,180
				3,802,203
		Internet Software & Services - 3.76%
	49,800	Ebay, Inc. (a)		1,342,110
	9,920	Google, Inc. (a)(b)		5,624,739
	2,500	Sohu.com, Inc. (a)(b)		136,500
	27,200	Verisign, Inc. (a)		707,472
				7,810,821
		IT Services - 2.57%
	21,700	Accenture Plc		910,315
	12,530	Cognizant Technology
		Solutions Corp. (a)		638,780
	5,260	Mastercard, Inc. (b)		1,336,040
	16,440	Visa, Inc.		1,496,533
	56,300	The Western Union Co.		954,848
				5,336,516
		Life Sciences Tools & Services - 0.50%
	15,640	QIAGEN N.V. (a)(b)		359,564
	13,200	Thermo Fisher Scientific, Inc. (a)		679,008
				1,038,572

See notes to financial statements.

31

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Machinery - 3.42%
	17,800	Caterpillar, Inc.	$	1,118,730
	15,140	Cummins, Inc.		937,923
	8,700	Danaher Corp.		695,217
	21,550	Deere & Co. (b)		1,281,363
	46,485	Dover Corp.		2,173,174
	13,900	Parker Hannifin Corp.		899,886
				7,106,293
		Media - 1.68%
	18,100	DIRECTV (a)		611,961
	11,030	DreamWorks Animation
		SKG, Inc. (a)		434,472
	13,000	Omnicom Group, Inc.		504,530
	16,700	Scripps Networks Interactive, Inc.		740,645
	18,140	Time Warner, Inc.		567,238
	18,050	The Walt Disney Co. (b)		630,125
				3,488,971
		Metals & Mining - 1.29%
	25,460	Freeport-McMoran
		Copper & Gold, Inc.		2,126,929
	6,060	Walter Energy, Inc.		559,156
				2,686,085
		Multiline Retail - 2.08%
	30,700	Big Lots, Inc. (a)		1,118,094
	10,060	Kohls Corp. (a)		551,087
	38,300	Nordstrom, Inc. (b)		1,564,555
	20,770	Target Corp.		1,092,502
				4,326,238
		Oil & Gas - 2.25%
	12,000	Apache Corp.		1,218,000
	19,175	Hess Corp.		1,199,396
	12,300	Occidental Petroleum Corp.		1,039,842
	14,700	Peabody Energy Corp.		671,790
	28,300	Valero Energy Corp.		557,510
				4,686,538
		Personal Products - 0.23%
	14,030	Avon Products, Inc.		475,196

Number of Shares			Value
		Pharmaceuticals - 6.02%
	59,590	Abbott Laboratories	$	3,139,201
	6,830	Allergan, Inc.		446,136
	25,200	Forest Labs, Inc. (a)		790,272
	8,400	Genzyme Corp. (a)		435,372
	11,600	Johnson & Johnson		756,320
	45,810	Eli Lilly & Co.		1,659,238
	71,569	Merck & Co., Inc.		2,673,102
	18,000	Mylan Laboratories, Inc. (a)(b)		408,780
	8,060	Shire PLC - ADR (b)		531,638
	26,530	Teva Pharmaceutical
		Industries, Ltd. - ADR		1,673,512
				12,513,571
		Professional Services - 0.39%
	14,195	Manpower, Inc.		810,818
		Road & Rail - 1.25%
	11,580	CSX Corp. (b)		589,422
	33,100	J.B. Hunt Transport Services, Inc.		1,187,628
	11,100	Union Pacific Corp.		813,630
				2,590,680
		Semiconductor & Semiconductor
		Equipment - 3.41%
	13,690	Broadcom Corp.		454,234
	60,160	Intel Corp.		1,339,162
	20,400	Linear Technology Corp. (b)		576,912
	39,990	Marvell Technology Group Ltd. (a)		814,996
	43,800	Maxim Integrated Products, Inc.		849,282
	17,890	NVIDIA Corp. (a)(b)		310,928
	128,900	ON Semiconductor Corp. (a)(b)		1,031,200
	69,700	Texas Instruments, Inc.		1,705,559
				7,082,273
		Software - 7.90%
	69,700	Activision Blizzard, Inc.		840,582
	21,960	Adobe Systems, Inc. (a)		776,725
	15,780	Check Point Software
		Technologies Ltd. (a)(b)		553,247
	7,280	Citrix Systems, Inc. (a)(b)		345,582
	293,340	Microsoft Corp.		8,586,062
	207,580	Oracle Corp.		5,332,730
				16,434,928

See notes to financial statements.

32

AssetMark Large Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail - 3.37%
	25,900	Best Buy Co., Inc.	$	1,101,786
	83,300	The Gap, Inc.		1,925,063
	24,800	Limited Brands, Inc. (b)		610,576
	48,700	Lowe’s Companies, Inc.		1,180,488
	87,900	Office Depot, Inc. (a)		701,442
	17,300	Ross Stores, Inc.		925,031
	11,650	Tiffany & Co.		553,259
				6,997,645
		Textiles, Apparel & Luxury Goods - 0.94%
	17,150	Nike, Inc. (b)		1,260,525
	8,700	VF Corp.		697,305
				1,957,830
		Tobacco - 2.86%
	125,100	Altria Group, Inc.		2,567,052
	64,990	Philip Morris International, Inc.		3,389,878
				5,956,930
		Wireless Telecommunication Services - 0.43%
	20,970	American Tower Corp. (a)(b)		893,532
		Total Common Stocks
		(Cost $164,809,641)		209,412,152
		MANAGEMENT INVESTMENT
		COMPANIES - 0.42%
		Exchange Traded Fund - 0.42%
	16,700	iShares Russell 1000 Growth
		Index Fund		867,565
		Total Management Investment
		Companies (Cost $841,493)		867,565
		SHORT TERM INVESTMENTS - 1.51%
		Money Market Funds - 1.51%
	3,131,418	Federated Prime Obligations Fund
		Effective Yield, 0.11%		3,131,418
		Total Short Term Investments
		(Cost $3,131,418)		3,131,418

Principal Amount			Value
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 13.30%
		Corporate Paydown Securities - 3.27%
$	5,699,000	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/11 (c)	$	3,522,631
	6,526,035	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/11 (c)		3,277,003
		Total Corporate Paydown Securities
		(Cost $12,225,035)		6,799,634
Number of Shares
		Money Market Funds - 10.03%
	20,861,263	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%		20,861,263
	113,979	Reserve Primary Fund (c)		—
		Total Money Market Funds
		(Cost $20,975,242)		20,861,263

Principal Amount
		Cash - 0.00%
$	6,079	Cash		6,079
		Total Cash (Cost $6,079)		6,079
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $33,206,356)		27,666,976
		Total Investments
		(Cost $201,988,908) - 115.94%		241,078,111
		Liabilities in Excess of Other
		Assets - (15.94)%		(33,149,888	)
		TOTAL NET ASSETS - 100.00%	$	207,928,223

Percentages are stated as a percent of net assets. ADR - American Depositary Receipt
(a)	Non-income producing.
(b)	All or a portion of this security is on loan.
(c)	As of March 31, 2010, the Advisor has fair valued this security and deemed it illiquid. The value of these securities were $6,799,634 which represent 3.27% of total net assets.

See notes to financial statements.

33

AssetMark Large Cap Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 96.79%
		Aerospace & Defense - 2.80%
	44,600	Northrop Grumman Corp. (b)	$	2,924,422
	13,990	Raytheon Co. (b)		799,109
	25,865	United Technologies Corp.		1,903,923
				5,627,454
		Air Freight & Logistics - 0.69%
	11,100	FedEx Corp. (b)		1,036,740
	5,260	United Parcel Service, Inc.		338,797
				1,375,537
		Auto Components - 0.50%
	30,400	Johnson Controls, Inc.		1,002,896
		Automobiles - 0.37%
	26,320	Harley Davidson, Inc. (b)		738,802
		Beverages - 1.84%
	7,420	The Coca-Cola Company		408,100
	11,620	Diageo PLC - ADR		783,769
	21,100	Molson Coors Brewing Co.		887,466
	24,495	Pepsico, Inc.		1,620,589
				3,699,924
		Capital Markets - 2.68%
	11,960	Ameriprise Financial, Inc.		542,505
	71,460	The Bank of New York
		Mellon Corp.		2,206,685
	5,800	Goldman Sachs Group, Inc.		989,654
	28,400	Morgan Stanley		831,836
	18,000	State Street Corp.		812,520
				5,383,200
		Chemicals - 0.66%
	3,960	Monsanto Co.		282,823
	15,900	PPG Industries, Inc.		1,039,860
				1,322,683
		Commercial Banks - 2.68%
	31,205	Suntrust Banks, Inc. (b)		835,982
	21,355	U.S. Bancorp		552,667
	127,890	Wells Fargo & Co.		3,979,937
				5,368,586
		Commercial Services & Supplies - 0.49%
	36,045	Iron Mountain, Inc. (a)		987,633
		Communications Equipment - 0.26%
	20,305	Cisco Systems, Inc. (a)		528,539

Number of Shares			Value
		Computers & Peripherals - 2.41%
	56,280	Dell, Inc. (a)	$	844,763
	37,310	Hewlett Packard Co.		1,983,026
	15,700	International Business
		Machines Corp.		2,013,525
				4,841,314
		Construction & Engineering - 0.27%
	11,690	Fluor Corp.		543,702
		Construction Materials - 0.16%
	6,841	Vulcan Materials Co. (b)		323,169
		Consumer Finance - 1.28%
	62,330	American Express Co.		2,571,736
		Containers & Packaging - 0.57%
	53,850	Sealed Air Corp.		1,135,158
		Diversified Financial Services - 2.80%
	57,400	Bank of America Corporation		1,024,590
	91,763	JPMorgan Chase & Co.		4,106,394
	16,100	Moodys Corp. (b)		478,975
				5,609,959
		Diversified Telecommunication Services - 3.42%
	112,600	AT&T, Inc. (b)		2,909,584
	57,400	CenturyTel, Inc. (b)		2,035,404
	61,700	Verizon Communications, Inc.		1,913,934
				6,858,922
		Electric Utilities - 1.49%
	87,700	Edison International (b)		2,996,709
		Electrical Equipment - 0.52%
	20,600	Emerson Electric Co. (b)		1,037,004
		Electronic Equipment & Instruments - 0.41%
	24,180	Agilent Technologies, Inc. (a)		831,550
		Energy Equipment & Services - 2.50%
	33,600	Diamond Offshore Drilling, Inc. (b)		2,984,016
	32,500	Halliburton Co.		979,225
	12,162	Transocean Ltd. (a)		1,050,554
				5,013,795
		Food & Staples Retailing - 5.39%
	44,230	Costco Wholesale Corp.		2,640,973
	110,187	CVS Caremark Corporation		4,028,437
	79,900	Safeway, Inc. (b)		1,986,314
	36,965	SYSCO Corp.		1,090,468
	19,275	Wal-Mart Stores, Inc.		1,071,690
				10,817,882

See notes to financial statements.

34

AssetMark Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Food Products - 2.01%
	119,700	Conagra Foods, Inc.	$	3,000,879
	14,600	General Mills, Inc.		1,033,534
				4,034,413
		Health Care Equipment & Supplies - 2.31%
	18,280	Baxter International, Inc.		1,063,896
	7,270	Becton Dickinson & Co.		572,367
	6,025	CareFusion Corp. (a)		159,241
	62,950	Medtronic, Inc.		2,834,638
				4,630,142
		Health Care Providers & Services - 2.42%
	63,780	Cardinal Health, Inc.		2,297,994
	29,500	CIGNA Corp.		1,079,110
	4,000	Express Scripts, Inc. (a)		407,040
	32,900	UnitedHealth Group, Inc.		1,074,843
				4,858,987
		Hotels, Restaurants & Leisure - 1.04%
	31,165	McDonald’s Corp.		2,079,329
		Household Durables - 0.53%
	22,000	Fortune Brands, Inc.		1,067,220
		Household Products - 2.86%
	49,690	Kimberly Clark Corp.		3,124,507
	41,405	Procter & Gamble Co.		2,619,695
				5,744,202
		Industrial Conglomerates - 0.98%
	19,255	3M Co.		1,609,140
	9,212	Tyco International Ltd.		352,359
				1,961,499
		Insurance - 10.03%
	78,990	Allstate Corp.		2,552,167
	35,160	Berkshire Hathaway, Inc. (a)		2,857,453
	67,880	Loews Corp.		2,530,566
	74,995	Marsh & McLennan Cos., Inc.		1,831,378
	46,200	Metlife, Inc.		2,002,308
	71,050	Progressive Corp.		1,356,344
	54,075	Prudential Financial, Inc.		3,271,538
	12,511	Transatlantic Holdings, Inc.		660,581
	56,685	Travelers Companies, Inc. (b)		3,057,589
				20,119,924

Number of Shares			Value
		Internet Software & Services - 0.26%
	930	Google, Inc. (a)	$	527,319
		IT Services - 0.23%
	7,060	Alliance Data Systems Corp. (a)(b)		451,769
		Machinery - 1.62%
	22,895	Dover Corp.		1,070,341
	23,220	Illinois Tool Works, Inc.		1,099,699
	16,690	Parker Hannifin Corp.		1,080,511
				3,250,551
		Media - 2.78%
	67,600	CBS Corp. (b)		942,344
	17,600	Grupo Televisa, SA - ADR (b)		369,952
	49,390	News Corporation		711,710
	95,000	Time Warner, Inc.		2,970,650
	16,690	The Walt Disney Co. (b)		582,648
				5,577,304
		Metals & Mining - 1.03%
	12,000	Freeport-McMoran Copper &
		Gold, Inc.		1,002,480
	23,400	Nucor Corp. (b)		1,061,892
				2,064,372
		Multi-Utilities - 1.20%
	58,365	Dominion Resources, Inc.		2,399,385
		Office Electronics - 0.96%
	197,800	Xerox Corp.		1,928,550
		Oil & Gas - 16.57%
	29,770	Anadarko Petroleum Corp.		2,168,149
	50,245	Apache Corp.		5,099,868
	18,820	Canadian Natural Resource Ltd.		1,393,433
	75,900	Chesapeake Energy Corp. (b)		1,794,276
	53,000	Chevron Corp.		4,018,990
	61,872	ConocoPhillips		3,165,990
	59,085	Devon Energy Corp.		3,806,847
	21,400	EOG Resources, Inc.		1,988,916
	94,600	Marathon Oil Corp.		2,993,144
	59,560	Occidental Petroleum Corp.		5,035,202
	49,900	Valero Energy Corp.		983,030
	17,055	XTO Energy, Inc.		804,655
				33,252,500

See notes to financial statements.

35

AssetMark Large Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Pharmaceuticals - 9.27%
	29,040	Abbott Laboratories	$	1,529,827
	70,835	Johnson & Johnson		4,618,442
	55,100	Eli Lilly & Co.		1,995,722
	128,050	Merck & Co., Inc.		4,782,668
	330,890	Pfizer, Inc.		5,674,763
				18,601,422
		Professional Services - 0.53%
	14,150	The Dun & Bradstreet Corporation		1,053,043
		Semiconductor & Semiconductor Equipment - 1.03%
	37,670	KLA-Tencor Corp. (b)		1,164,756
	36,800	Texas Instruments, Inc.		900,496
				2,065,252
		Software - 2.24%
	153,445	Microsoft Corp.		4,491,335
		Specialty Retail - 1.42%
	19,180	Bed Bath & Beyond, Inc. (a)		839,317
	44,600	The Gap, Inc.		1,030,706
	30,500	Home Depot, Inc. (b)		986,675
				2,856,698
		Tobacco - 1.28%
	94,700	Altria Group, Inc.		1,943,244
	11,920	Philip Morris International, Inc.		621,747
				2,564,991
		Total Common Stocks (Cost $153,325,359)		194,196,361
		REAL ESTATE INVESTMENT TRUSTS - 1.93%
		Real Estate Investment Trusts - 1.93%
	162,100	Annaly Capital Management, Inc. (b)		2,784,878
	13,031	Simon Property Group, Inc. (b)		1,093,301
				3,878,179
		Total Real Estate Investment Trusts (Cost $3,310,903)		3,878,179
		SHORT TERM INVESTMENTS - 3.71%
		Money Market Funds - 3.71%
	7,439,284	Federated Prime Obligations Fund Effective Yield, 0.11%		7,439,284
		Total Short Term Investments (Cost $7,439,284)		7,439,284

Principal Amount			Value
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 14.10%
		Corporate Paydown Securities - 3.11%
$	5,225,114	KKR Atlantic East Holding Group Trust, 3.059%, 03/25/11 (c)	$	3,229,716
	5,983,378	KKR Pacific West Holding Group Trust, 3.059%, 03/25/11 (c)		3,004,512
		Total Corporate Paydown Securities (Cost $11,208,492)		6,234,228
Number of Shares
		Money Market Funds - 10.99%
	22,034,458	Mount Vernon Prime Portfolio Effective Yield, 0.24%		22,034,458
	130,420	Reserve Primary Fund (c)		—
		Total Money Market Funds (Cost $22,164,878)		22,034,458
Principal Amount
		Cash - 0.00%
$	6,421	Cash		6,421
		Total Cash (Cost $6,421)		6,421
		Total Investments Purchased as Securities Lending Collateral (Cost $33,379,791)		28,275,107
		Total Investments (Cost $197,455,337) - 116.53%		233,788,931
		Liabilities in Excess of Other Assets - (16.53)%		(33,160,992	)
		TOTAL NET ASSETS - 100.00%	$	200,627,939

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)	Non-income producing.
(b)	All or a portion of this security is on loan.
(c)	As of March 31, 2010, the Advisor has fair valued this security and deemed it illiquid. The value of these securities were $6,234,228 which represent 3.11% of total net assets.

See notes to financial statements.

36

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 100.39%
		Aerospace & Defense - 3.23%
	1,400	Alliant Techsystems, Inc. (a)	$	113,820
	1,600	American Science & Engineering, Inc.		119,872
	9,475	Orbital Sciences Corp. (a)		180,120
	16,683	TransDigm Group, Inc.		884,866
				1,298,678
		Air Freight & Logistics - 0.35%
	4,980	Hub Group, Inc. (a)		139,340
		Airlines - 0.23%
	2,200	Alaska Air Group, Inc. (a)		90,706
		Biotechnology - 4.91%
	3,462	Alexion Pharmaceuticals, Inc. (a)		188,229
	7,067	Biomarin Pharmaceutical, Inc. (a)(b)		165,156
	6,900	Cubist Pharmaceuticals, Inc. (a)		155,526
	14,980	Dendreon Corp. (a)(b)		546,321
	10,867	Human Genome Sciences, Inc. (a)(b)		328,183
	5,010	Onyx Pharmaceuticals, Inc. (a)		151,703
	2,957	OSI Pharmaceuticals, Inc. (a)		176,089
	4,734	Regeneron Pharmaceuticals (a)		125,404
	2,544	United Therapeutics Corp. (a)		140,759
				1,977,370
		Capital Markets - 2.27%
	8,349	Affiliated Managers Group (a)(b)		659,571
	3,088	Greenhill & Co, Inc.		253,494
				913,065
		Chemicals - 3.45%
	5,200	Ashland, Inc.		274,404
	6,400	International Flavors & Fragrances, Inc. (b)		305,088
	1,700	Lubrizol Corp.		155,924
	28,197	Solutia, Inc. (a)		454,254
	6,700	Valspar Corp.		197,516
				1,387,186
		Commercial Banks - 0.48%
	5,255	Signature Bank (a)		194,698

Number of Shares			Value
		Commercial Services & Supplies - 2.92%
	3,100	ATC Technology Corp. (a)	$	53,196
	5,100	Avery Dennison Corp.		185,691
	2,200	Cintas Corp.		61,798
	2,100	Consolidated Graphics, Inc. (a)		86,961
	12,966	Miller Herman, Inc.		234,166
	11,200	R.R. Donnelley & Sons Co.		239,120
	13,827	Sykes Enterprises, Inc. (a)(b)		315,809
				1,176,741
		Communications Equipment - 4.35%
	26,671	Emulex Corp. (a)		354,191
	5,203	F5 Networks, Inc. (a)(b)		320,037
	14,243	Finisar Corp. (a)(b)		223,757
	3,200	Oplink Communications, Inc. (a)(b)		59,328
	25,886	Polycom, Inc. (a)		791,594
				1,748,907
		Computers & Peripherals - 0.84%
	2,900	Lexmark International, Inc. (a)		104,632
	5,000	Synaptics, Inc. (a)(b)		138,050
	3,300	Teradata Corp. (a)		95,337
				338,019
		Construction & Engineering - 0.71%
	8,300	Shaw Group, Inc. (a)		285,686
		Construction Materials - 0.33%
	1,588	Martin Marietta Materials, Inc.		132,677
		Consumer Finance - 0.25%
	8,000	SLM Corp. (a)		100,160
		Containers & Packaging - 1.73%
	7,300	Bemis, Inc.		209,656
	4,900	Crown Holdings, Inc. (a)		132,104
	4,500	Sonoco Products Co.		138,555
	10,600	Temple Inland, Inc.		216,558
				696,873
		Diversified Consumer Services - 2.67%
	2,067	Capella Education Company (a)		191,900
	7,200	DeVry, Inc. (b)		469,440
	5,188	Sotheby’s (b)		161,295
	1,032	Strayer Education, Inc. (b)		251,313
				1,073,948

See notes to financial statements.

37

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Diversified Financial Services - 2.36%
	20,140	MSCI, Inc. (a)(b)	$	727,054
	4,032	Portfolio Recovery Associates,
		Inc. (a)(b)		221,236
				948,290
		Electrical Equipment - 3.12%
	6,282	American Superconductor
		Corp. (a)(b)		181,550
	4,400	Hubbell, Inc.		221,892
	1,000	Regal Beloit Corp.		59,410
	13,724	Roper Industries, Inc. (b)		793,796
				1,256,648
		Electronic Equipment & Instruments - 1.02%
	8,200	Arrow Electronics, Inc. (a)		247,066
	3,900	Tech Data Corp. (a)		163,410
				410,476
		Energy Equipment & Services - 1.68%
	3,100	Atwood Oceanics, Inc. (a)		107,353
	2,299	Dril-Quip, Inc. (a)(b)		139,871
	2,900	Oil States International, Inc. (a)		131,486
	10,224	Rowan Companies, Inc. (a)(b)		297,621
				676,331
		Food & Staples Retailing - 0.34%
	3,822	Whole Foods Market, Inc. (a)(b)		138,165
		Food Products - 2.63%
	21,000	Del Monte Foods Co.		306,600
	4,483	Green Mountain Coffee
		Roasters, Inc. (a)(b)		434,044
	1,200	Lancaster Colony Corp. (b)		70,752
	12,900	Tyson Foods, Inc.		247,035
				1,058,431
		Health Care Equipment &
		Supplies - 5.67%
	9,595	Align Technology, Inc. (a)(b)		185,567
	16,400	American Medical Systems
		Holdings, Inc. (a)(b)		304,712
	3,777	Beckman Coulter, Inc.		237,196
	15,726	Conceptus, Inc. (a)(b)		313,891
	2,146	Edwards Lifesciences Corp. (a)(b)		212,196
	9,760	EV3, Inc. (a)(b)		154,794

Number of Shares			Value
		Health Care Equipment & Supplies (Continued)
	8,800	Hologic, Inc. (a)	$	163,152
	7,700	Invacare Corp.		204,358
	3,568	Nuvasive, Inc. (a)(b)		161,274
	11,200	Symmetry Medical, Inc. (a)(b)		112,448
	6,989	Thoratec Corp. (a)(b)		233,782
				2,283,370
		Health Care Providers & Services - 6.20%
	1,100	Amedisys, Inc. (a)(b)		60,742
	7,012	Catalyst Health Solutions, Inc. (a)(b)		290,157
	1,954	Cerner Corp. (a)(b)		166,207
	7,700	Coventry Health Care, Inc. (a)		190,344
	2,600	Gentiva Health Services, Inc. (a)(b)		73,528
	7,800	HealthSpring, Inc. (a)		137,280
	4,501	IPC The Hospitalist Co, Inc. (a)		158,030
	4,000	LHC Group, Inc. (a)(b)		134,120
	4,439	Lincare Holdings, Inc. (a)(b)		199,222
	2,100	Magellan Health Services, Inc. (a)		91,308
	9,800	Omnicare, Inc.		277,242
	2,900	RehabCare Group, Inc. (a)(b)		79,083
	22,750	VCA Antech, Inc. (a)(b)		637,683
				2,494,946
		Health Care Technology - 0.41%
	2,452	SXC Health Solutions Corp. (a)		164,971
		Hotels, Restaurants & Leisure - 1.34%
	1,989	Chipotle Mexican Grill, Inc. (a)(b)		224,100
	1,900	Cracker Barrel Old Country Store,
		Inc.		88,122
	595	Steak N Shake Co. (a)(b)		226,856
				539,078
		Household Durables - 0.89%
	2,900	Jarden Corp.		96,541
	8,659	Tempur Pedic International,
		Inc. (a)(b)		261,156
				357,697
		Industrial Conglomerates - 0.45%
	4,700	Carlisle Companies, Inc.		179,070
		Insurance - 0.64%
	1,700	Reinsurance Group of America		89,284
	1,900	Transatlantic Holdings, Inc.		100,320
	2,500	Validus Holdings Ltd.		68,825
				258,429

See notes to financial statements.

38

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Internet & Catalog Retail - 0.77%
	708	Priceline.com, Inc. (a)(b)	$	180,540
	5,380	Shutterfly, Inc. (a)(b)		129,604
				310,144
		Internet Software & Services - 2.30%
	2,900	Akamai Technologies, Inc. (a)		91,089
	7,014	DealerTrack Holdings, Inc. (a)		119,799
	11,002	Rackspace Hosting, Inc. (a)(b)		206,067
	10,100	Verisign, Inc. (a)		262,701
	4,287	Vistaprint NV (a)(b)		245,431
				925,087
		IT Services - 4.75%
	6,899	Acxiom Corp. (a)		123,768
	7,987	Alliance Data Systems Corp. (a)(b)		511,088
	13,500	Broadridge Financial Solutions, Inc.		288,630
	7,835	Cybersource Corp. (a)		138,209
	9,025	Gartner, Inc. (a)		200,716
	1,400	ManTech International Corp. (a)		68,362
	26,135	SAIC, Inc. (a)		462,590
	3,100	Syntel, Inc.		119,257
				1,912,620
		Leisure Equipment & Products - 0.55%
	4,350	Polaris Industries, Inc. (b)		222,546
		Life Sciences Tools & Services - 0.24%
	900	Millipore Corp. (a)(b)		95,040
		Machinery - 2.16%
	4,371	Flowserve Corp.		481,990
	1,800	Joy Global, Inc.		101,880
	7,100	Oshkosh Corp. (a)		286,414
				870,284
		Media - 3.24%
	7,200	Discovery Communications, Inc. (a)		243,288
	11,600	Dish Network Corp.		241,512
	18,000	Gannett Co., Inc. (b)		297,360
	6,600	New York Times Co. (a)		73,458
	5,000	Scripps Networks Interactive, Inc.		221,750
	8,200	Valassis Communications,
		Inc. (a)(b)		228,206
				1,305,574

Number of Shares			Value
		Metals & Mining - 0.93%
	8,400	Steel Dynamics, Inc.	$	146,748
	2,474	Walter Energy, Inc.		228,276
				375,024
		Multiline Retail - 0.96%
	7,100	99 Cents Only Stores (a)		115,730
	4,600	Dollar Tree, Inc. (a)		272,412
				388,142
		Oil & Gas - 2.42%
	7,204	Arena Resources, Inc. (a)		240,614
	3,032	Concho Resources, Inc. (a)(b)		152,691
	14,800	EXCO Resources, Inc.		272,024
	3,526	Massey Energy Corp. (b)		184,375
	2,900	Stone Energy Corp. (a)		51,475
	2,700	World Fuel Services Corp. (b)		71,928
				973,107
		Paper & Forest Products - 0.29%
	9,700	Kapstone Paper and
		Packaging Corp. (a)(b)		115,139
		Pharmaceuticals - 3.06%
	4,062	Auxilium Pharmaceuticals, Inc. (a)(b)		126,572
	10,900	Endo Pharmaceuticals Holdings,
		Inc. (a)		258,221
	5,800	Mylan Laboratories, Inc. (a)(b)		131,718
	3,400	Par Pharmaceutical Cos., Inc. (a)		84,320
	7,468	Perrigo Co. (b)		438,521
	4,500	Valeant Pharmaceuticals
		International (a)(b)		193,095
				1,232,447
		Professional Services - 1.26%
	15,300	Navigant Consulting, Inc. (a)		185,589
	10,565	Robert Half International, Inc. (b)		321,493
				507,082

See notes to financial statements.

39

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Semiconductor & Semiconductor
		Equipment - 4.02%
	9,464	Advanced Energy Industries, Inc. (a)	$	156,724
	10,700	Advanced Micro Devices, Inc. (a)		99,189
	2,356	Cree, Inc. (a)		165,438
	19,100	Cypress Semiconductor Corp. (a)		219,650
	7,280	NetLogic Microsystems, Inc. (a)(b)		214,250
	9,800	PMC-Sierra, Inc. (a)		87,416
	30,600	RF Microdevices, Inc. (a)		152,388
	3,298	Silicon Laboratories, Inc. (a)		157,216
	14,525	Skyworks Solutions, Inc. (a)		226,590
	19,900	TriQuint Semiconductor, Inc. (a)		139,300
				1,618,161
		Software - 6.38%
	9,058	CommVault Systems, Inc. (a)		193,389
	11,185	Informatica Corp. (a)(b)		300,429
	10,881	MICROS Systems, Inc. (a)(b)		357,767
	9,200	Red Hat, Inc. (a)		269,284
	8,500	Rovi Corp. (a)		315,605
	11,600	SonicWALL, Inc. (a)		100,804
	5,805	SuccessFactors, Inc. (a)(b)		110,527
	15,076	Tivo, Inc. (a)		258,101
	10,757	Ultimate Software Group, Inc. (a)		354,443
	8,366	VanceInfo Technologies, Inc. - ADR (a)(b)		186,478
	2,300	VMware, Inc. (a)		122,590
				2,569,417
		Specialty Retail - 7.60%
	11,550	Aeropostale (a)(b)		332,987
	3,000	AutoNation, Inc. (a)(b)		54,240
	5,400	Cabelas, Inc. (a)(b)		94,446
	19,000	Chico’s FAS, Inc.		273,980
	8,000	DSW, Inc. (a)(b)		204,240
	3,900	Genesco, Inc. (a)		120,939
	4,938	Guess?, Inc.		231,987
	5,491	Gymboree Corp. (a)(b)		283,500
	5,111	J.Crew Group, Inc. (a)(b)		234,595
	4,600	Kirklands, Inc. (a)(b)		96,600
	10,200	Limited Brands, Inc.		251,124
	33,200	Pier 1 Imports, Inc. (a)(b)		211,484

Number of Shares			Value
		Specialty Retail (Continued)
	21,600	Select Comfort Corp. (a)	$	172,152
	5,030	Tiffany & Co.		238,875
	6,780	Urban Outfitters, Inc. (a)		257,843
				3,058,992
		Textiles, Apparel & Luxury Goods - 3.08%
	1,800	Deckers Outdoor Corp. (a)(b)		248,400
	2,900	Fossil, Inc. (a)(b)		109,446
	3,700	Hanesbrands, Inc. (a)		102,934
	8,500	Perry Ellis International, Inc. (a)(b)		192,525
	4,800	Skechers U.S.A., Inc. (a)		174,336
	1,700	UniFirst Corp.		87,550
	6,820	Warnaco Group, Inc. (a)		325,382
				1,240,573
		Wireless Telecommunication Services - 0.91%
	10,206	SBA Communications Corp. (a)(b)		368,130
		Total Common Stocks (Cost $32,945,814)		40,407,465
		MANAGEMENT INVESTMENT COMPANIES - 0.58%
		Exchange Traded Funds - 0.58%
	1,115	iShares Russell 2000 Growth (b)		81,662
	3,144	iShares Russell MidCap Growth (b)		152,547
				234,209
		Total Management Investment Companies (Cost $229,523)		234,209
		REAL ESTATE INVESTMENT TRUSTS - 1.82%
		Real Estate Investment Trusts - 1.82%
	2,190	Digital Realty Trust, Inc. (b)		118,698
	27,100	MFA Financial, Inc.		199,456
	2,600	Nationwide Health Properties, Inc.		91,390
	7,300	Realty Income Corp. (b)		224,037
	5,700	UDR, Inc.		100,548
				734,129
		Total Real Estate Investment Trusts (Cost $702,047)		734,129

See notes to financial statements.

40

AssetMark Small/Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		SHORT TERM INVESTMENTS - 0.45%
		Money Market Funds - 0.45%
	179,307	Federated Prime Obligations Fund
		Effective Yield, 0.11%	$	179,307
		Total Short Term Investments (Cost $179,307)		179,307
Principal Amount
		INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 28.26%
		Corporate Paydown Securities - 4.13%
$	1,392,814	KKR Atlantic East Holding Group Trust, 3.059%, 03/25/11 (c)		860,917
	1,594,938	KKR Pacific West Holding Group Trust, 3.059%, 03/25/11 (c)		800,887
		Total Corporate Paydown Securities (Cost $2,987,752)		1,661,804
Number of Shares
		Money Market Funds - 24.12%
	9,708,659	Mount Vernon Prime Portfolio Effective Yield, 0.24%		9,708,659
	35,043	Reserve Primary Fund (c)		—
		Total Money Market Funds (Cost $9,743,702)		9,708,659

Principal Amount			Value
		Cash - 0.01%
$	2,829	Cash	$	2,829
		Total Cash (Cost $2,829)		2,829
		Total Investments Purchased as Securities Lending Collateral (Cost $12,734,283)		11,373,292
		Total Investments (Cost $46,790,974) - 131.50%		52,928,402
		Liabilities in Excess of Other Assets - (31.50)%		(12,678,216	)
		TOTAL NET ASSETS - 100.00%	$	40,250,186

Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
(a)	Non-income producing.
(b)	All or a portion of this security is on loan.
(c)	As of March 31, 2010, the Advisor has fair valued this security and deemed it illiquid. The value of these securities were $1,661,804 which represent 4.13% of total net assets.

See notes to financial statements.

41

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 92.93%
		Aerospace & Defense - 1.73%
	9,665	BE Aerospace, Inc. (a)	$	294,299
	18,163	Hexcel Corp. (a)		262,274
	2,570	Triumph Group, Inc.		180,131
				736,704
		Airlines - 0.36%
	6,975	Continental Airlines, Inc. (a)		153,241
		Auto Components - 1.44%
	7,892	ArvinMeritor, Inc. (a)(b)		105,358
	5,886	Cooper Tire & Rubber Co. (b)		111,952
	7,591	Tenneco, Inc. (a)		179,527
	7,550	TRW Automotive Holdings Corp. (a)(b)		215,779
				612,616
		Building Products - 0.86%
	5,820	Ameron International, Inc.		366,020
		Capital Markets - 2.54%
	19,670	Jefferies Group, Inc. (b)		465,589
	2,880	KBW, Inc. (a)		77,472
	8,920	Knight Capital Group, Inc. (a)(b)		136,030
	15,070	Raymond James Financial, Inc. (b)		402,972
				1,082,063
		Chemicals - 3.56%
	5,091	Albemarle Corp.		217,029
	3,752	Ashland, Inc.		197,993
	6,837	Celanese Corp.		217,759
	1,439	CF Industries Holdings, Inc. (b)		131,208
	8,868	Innophos Holdings, Inc.		247,417
	4,021	Intrepid Potash, Inc. (a)(b)		121,957
	7,368	Rockwood Holdings, Inc. (a)		196,136
	11,608	Solutia, Inc. (a)		187,005
				1,516,504
		Commercial Banks - 10.65%
	14,340	Associated Banc Corp. (b)		197,892
	14,216	Cardinal Financial Corp. (b)		151,827
	32,430	Fifth Third Bancorp (b)		440,724
	14,272	First Financial Bancorp (b)		253,899
	7,013	FirstMerit Corp.		151,270

Number of Shares			Value
		Commercial Banks (Continued)
	4,616	Hancock Holding Co.	$	192,995
	31,610	Investors Bancorp, Inc. (a)		417,252
	26,500	KeyCorp (b)		205,375
	33,587	National Penn Bancshares, Inc. (b)		231,750
	58,730	Regions Financial Corporation (b)		461,031
	25,328	Susquehanna Bancshares, Inc. (b)		248,468
	8,415	Trustmark Corp. (b)		205,578
	15,160	UMB Financial Corp. (b)		615,496
	35,424	Western Alliance Bancorp (a)(b)		201,563
	21,820	Whitney Holding Corp.		300,898
	12,131	Zions Bancorporation (b)		264,698
				4,540,716
		Commercial Services & Supplies - 0.65%
	4,889	ABM Industries, Inc.		103,647
	3,893	Consolidated Graphics, Inc. (a)		161,209
	642	Tetra Tech, Inc. (a)		14,792
				279,648
		Communications Equipment - 2.72%
	77,347	ADC Telecommunications (a)(b)		565,407
	4,331	Commscope, Inc. (a)		121,355
	4,590	Comtech Telecommunications Corp. (a)		146,834
	42,950	Tellabs, Inc.		325,131
				1,158,727
		Computers & Peripherals - 0.38%
	5,051	Diebold, Inc. (b)		160,420
		Construction & Engineering - 0.86%
	13,783	Dycom Industries, Inc. (a)		120,877
	3,290	Granite Construction, Inc. (b)		99,424
	27,805	Great Lakes Dredge & Dock Corp.		145,976
				366,277
		Consumer Finance - 1.25%
	22,530	AmeriCredit Corp. (a)(b)		535,313
		Containers & Packaging - 0.43%
	8,901	Temple Inland, Inc.		181,847
		Diversified Consumer Services - 0.98%
	13,410	Sotheby’s (b)		416,917

See notes to financial statements.

42

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Diversified Financial Services - 3.01%
	7,560	CIT Group, Inc. (a)	$	294,538
	28,250	Leucadia National Corp. (a)(b)		700,882
	7,984	World Acceptance Corp. (a)(b)		288,063
				1,283,483
		Diversified Telecommunication Services - 1.78%
	17,896	CenturyTel, Inc.		634,592
	36,769	Cincinnati Bell, Inc. (a)		125,382
				759,974
		Electric Utilities - 1.55%
	5,796	Cleco Corp. (b)		153,884
	12,839	Northeast Utilities		354,870
	12,334	PNM Resources, Inc.		154,545
				663,299
		Electrical Equipment - 1.83%
	1,680	A.O. Smith Corp.		88,318
	5,100	Baldor Electric Co. (b)		190,740
	24,070	Encore Wire Corp. (b)		500,656
				779,714
		Electronic Equipment & Instruments - 3.69%
	22,080	Avnet, Inc. (a)		662,400
	8,882	Benchmark Electronics, Inc. (a)		184,213
	10,510	Ingram Micro, Inc. (a)		184,450
	17,030	Molex, Inc.		300,579
	4,625	Plexus Corp. (a)		166,639
	8,625	TTM Technologies, Inc. (a)(b)		76,590
				1,574,871
		Energy Equipment & Services - 1.10%
	4,833	Hornbeck Offshore Services, Inc. (a)		89,749
	27,927	Key Energy Services, Inc. (a)		266,703
	4,661	T-3 Energy Services, Inc. (a)		114,474
				470,926
		Food & Staples Retailing - 2.00%
	12,960	Casey’s General Stores, Inc. (b)		406,944
	35,780	Winn Dixie Stores, Inc. (a)		446,892
				853,836
		Food Products - 0.77%
	1,729	The J.M. Smucker Co.		104,189
	5,094	TreeHouse Foods, Inc. (a)(b)		223,474
				327,663

Number of Shares			Value
		Gas Utilities - 2.38%
	5,029	New Jersey Resources Corp.	$	188,889
	13,210	Oneok, Inc.		603,037
	8,434	UGI Corp. (b)		223,838
				1,015,764
		Health Care Equipment & Supplies - 0.46%
	4,108	Kinetic Concepts, Inc. (a)(b)		196,403
		Health Care Providers & Services - 3.25%
	4,105	Amerigroup Corp. (a)		136,450
	9,908	Assisted Living Concepts, Inc. (a)		325,379
	19,534	Health Management Associates, Inc. (a)		167,992
	4,103	Magellan Health Services, Inc. (a)		178,398
	12,652	PerkinElmer, Inc.		302,383
	7,808	Universal Health Services, Inc.		273,983
				1,384,585
		Hotels, Restaurants & Leisure - 4.32%
	16,009	Callaway Golf Co. (b)		141,199
	5,473	CEC Entertainment, Inc. (a)		208,467
	2,700	Hyatt Hotels Corp. (a)		105,192
	14,481	MGM MIRAGE (a)(b)		173,772
	12,113	Penn National Gaming, Inc. (a)(b)		336,741
	5,589	Starwood Hotels & Resorts Worldwide, Inc. (b)		260,671
	15,400	Vail Resorts, Inc. (a)(b)		617,386
				1,843,428
		Household Durables - 0.68%
	12,450	D.R. Horton, Inc. (b)		156,870
	5,996	Ryland Group, Inc. (b)		134,550
				291,420
		Independent Power Producers & Energy Traders - 0.19%
	21,873	RRI Energy, Inc. (a)		80,711
		Insurance - 4.52%
	9,988	American Financial Group, Inc.		284,159
	4,392	Arch Capital Group Ltd. (a)(b)		334,890
	6,090	The Hanover Insurance Group, Inc.		265,585
	11,870	W.R. Berkley Corp.		309,688
	2,070	White Mountains Insurance Group Ltd.		734,850
				1,929,172

See notes to financial statements.

43

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services - 0.36%
	16,700	Sapient Corp. (a)	$	152,638
		Machinery - 2.98%
	7,881	Actuant Corp.		154,073
	4,400	Joy Global, Inc.		249,040
	8,545	Manitowoc, Inc.		111,085
	45,892	Mueller Water Products, Inc. -
		Class A		219,364
	27,030	Trinity Industries, Inc. (b)		539,519
				1,273,081
		Media - 0.72%
	8,848	Entercom Communications
		Corp. (a)(b)		105,203
	12,110	Gannett Co., Inc. (b)		200,057
				305,260
		Metals & Mining - 5.58%
	7,091	AK Steel Holding Corp.		162,100
	7,610	Allegheny Technologies, Inc.		410,864
	6,772	Carpenter Technology Corp. (b)		247,855
	22,860	Commercial Metals Co.		344,272
	8,380	Kaiser Aluminum Corp. (b)		323,217
	13,351	Schnitzer Steel Industries, Inc. (b)		701,328
	10,862	Steel Dynamics, Inc. (b)		189,759
				2,379,395
		Multi-Utilities - 1.58%
	11,603	MDU Resources Group, Inc.		250,393
	5,651	Vectren Corp. (b)		139,692
	5,724	Wisconsin Energy Corp. (b)		282,823
				672,908
		Oil & Gas - 8.60%
	4,677	Berry Petroleum Co.		131,704
	21,644	BPZ Resources, Inc. (a)(b)		159,083
	14,970	Cabot Oil & Gas Corp. (b)		550,896
	4,849	Carrizo Oil & Co, Inc. (a)(b)		111,285
	1,330	CNX Gas Corp. (a)		50,607
	43,266	Denbury Resources, Inc. (a)(b)		729,897
	7,730	Overseas Shipholding Group,
		Inc. (b)		303,248
	14,900	Petrohawk Energy Corp. (a)		302,172
	9,220	Plains All American Pipeline, L.P.		524,618

Number of Shares			Value
		Oil & Gas (Continued)
	4,920	Range Resources Corp. (b)	$	230,600
	6,450	Ultra Petroleum Corp. (a)		300,764
	7,886	Venoco, Inc. (a)		101,177
	2,138	Whiting Petroleum Corp. (a)		172,836
				3,668,887
		Pharmaceuticals - 0.73%
	26,471	King Pharmaceuticals, Inc. (a)		311,299
		Road & Rail - 1.23%
	5,720	AMERCO (a)(b)		310,539
	2,508	J.B. Hunt Transport Services, Inc.		89,987
	3,673	Old Dominion Freight Lines, Inc. (a)		122,641
				523,167
		Semiconductor & Semiconductor
		Equipment - 2.21%
	22,379	Atmel Corp. (a)		112,566
	8,878	Diodes, Inc. (a)(b)		198,867
	32,190	Entegris, Inc. (a)		162,238
	8,920	Fairchild Semiconductor
		International (a)		94,998
	33,931	Integrated Device Technology,
		Inc. (a)		207,997
	8,416	MKS Instrument, Inc. (a)(b)		164,870
				941,536
		Software - 1.33%
	5,920	JDA Software Group, Inc. (a)		164,694
	12,890	Parametric Technology Corp. (a)		232,665
	5,402	Progress Software Corp. (a)		169,785
				567,144
		Specialty Retail - 3.67%
	11,520	Brown Shoe Co., Inc.		178,329
	44,868	Foot Locker, Inc. (b)		674,815
	6,220	Genesco, Inc. (a)(b)		192,882
	16,400	Mens Wearhouse, Inc. (b)		392,616
	7,830	OfficeMax, Inc. (a)(b)		128,569
				1,567,211
		Textiles, Apparel & Luxury
		Goods - 0.42%
	9,426	Jones Apparel Group, Inc.		179,283

See notes to financial statements.

44

AssetMark Small/Mid Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Thrifts & Mortgage Finance - 3.58%
	11,760	Capitol Federal Financial (b)	$	440,530
	44,790	Hudson City Bancorp		634,226
	18,454	MGIC Investment Corp. (a)(b)		202,440
	16,107	Radian Group, Inc. (b)		251,914
				1,529,110
		Total Common Stocks
		(Cost $31,707,792)		39,633,181
		REAL ESTATE INVESTMENT TRUSTS - 8.16%
		Real Estate Investment Trusts - 8.16%
	15,130	Cedar Shopping Centers, Inc.		119,678
	11,120	Colonial Properties Trust		143,226
	16,648	Developers Diversified Realty Corp.		202,606
	2,880	Digital Realty Trust, Inc. (b)		156,096
	25,480	Education Realty Trust, Inc.		146,255
	1,630	Federal Realty Investment Trust		118,680
	4,000	Health Care REIT, Inc.		180,920
	6,550	Highwoods Properties, Inc.		207,832
	12,236	Inland Real Estate Corp. (b)		111,959
	17,261	Lexington Realty Trust		112,369
	6,734	National Retail Properties, Inc. (b)		153,737
	19,640	Plum Creek Timber Co., Inc. (b)		764,192
	5,532	Post Properties, Inc. (b)		121,815
	8,900	SL Green Realty Corp.		509,703
	27,226	Sunstone Hotel Investors, Inc. (a)(b)		304,115
	17,480	U-Store-It Trust		125,856
				3,479,039
		Total Real Estate Investment Trusts
		(Cost $3,077,555)		3,479,039
		SHORT TERM INVESTMENTS - 1.51%
		Money Market Funds - 1.51%
	645,606	Federated Prime Obligations Fund
		Effective Yield, 0.11%		645,606
		Total Short Term Investments
		(Cost $645,606)		645,606

Principal Amount			Value
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 29.98%
		Corporate Paydown
		Securities - 2.27%
$	813,849	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/11 (c)	$	503,052
	931,954	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/11 (c)		467,974
		Total Corporate Paydown Securities
		(Cost $1,745,803)		971,026
Number of Shares
		Money Market Funds - 27.70%
	11,813,025	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%		11,813,025
	35,476	Reserve Primary Fund (c)		—
		Total Money Market Funds
		(Cost $11,848,501)		11,813,025
Principal Amount
		Cash - 0.01%
$	3,442	Cash		3,442
		Total Cash
		(Cost $3,442)		3,442
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $13,597,746)		12,787,493
		Total Investments
		(Cost $49,028,699) - 132.58%		56,545,319
		Liabilities in Excess of Other
		Assets - (32.58)%		(13,895,831	)
		TOTAL NET ASSETS - 100.00%	$	42,649,488

Percentages are stated as a percent of net assets.

(a)	Non-income producing.
(b)	All or a portion of this security is on loan.
(c)	As of March 31, 2010, the Advisor has fair valued this security and deemed it illiquid. The value of these securities were $971,026 which represent 2.27% of total net assets.

See notes to financial statements.

45

AssetMark International Equity Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 97.67%
		Australia - 5.68%
	727,021	Incitec Pivot Ltd.	$	2,309,705
	48,531	Leighton Holdings		1,733,406
	189,264	QBE Insurance Group Ltd.		3,613,048
	1,460,222	Telstra Corp. Ltd.		4,003,836
	125,726	Wesfarmers Ltd.		3,663,497
				15,323,492
		Austria - 0.62%
	85,920	Wienerberger AG (a)		1,668,497
		Canada - 1.41%
	20,900	First Quantum Minerals Ltd.		1,719,700
	64,200	Suncor Energy, Inc. (a)		2,087,851
				3,807,551
		China - 1.42%
	4,828,000	Bank of China Ltd.		2,568,151
	34,700	Mindray Medical International
		Ltd. - ADR		1,263,774
				3,831,925
		Denmark - 0.99%
	31,850	Carlsberg AS		2,670,155
		Finland - 0.47%
	95,520	UPM-Kymmene Corp.		1,266,600
		France - 9.93%
	101,942	Carrefour SA		4,911,828
	218,045	France Telecom SA		5,222,794
	68,594	Saint-Gobain SA		3,294,153
	44,094	Sanofi-Aventis SA		3,290,681
	35,378	Societe Generale SA		2,220,324
	35,216	Technip		2,858,627
	85,869	Total SA		4,983,687
				26,782,094
		Germany - 5.96%
	27,352	Adidas-Salomon AG		1,462,319
	57,363	Aixtron AG		2,061,781
	149,850	Deutsche Telekom AG		2,025,039
	26,679	MAN SE		2,231,558
	50,716	RWE AG		4,499,147
	37,927	Siemens AG		3,789,573
				16,069,417

Number of Shares			Value
		Hong Kong - 2.74%
	9,400	CNOOC Ltd. - ADR	$	1,551,752
	4,253,000	GOME Electrical Appliances
		Holding Ltd. (a)		1,426,505
	330,500	Hongkong Electric Holdings Ltd.		1,960,325
	163,000	Sun Hung Kai Properties Ltd.		2,445,977
				7,384,559
		Israel - 0.71%
	30,100	Teva Pharmaceutical
		Industries, Ltd. - ADR		1,898,708
		Italy - 0.93%
	671,825	Intesa Sanpaolo SpA		2,501,934
		Japan - 18.95%
	376,000	The Bank of Yokohama Ltd.		1,845,024
	136,900	Bridgestone Corp.		2,342,896
	104,600	Canon, Inc.		4,838,299
	1,027	Dai-ichi Life Insurance (a)(b)		1,537,919
	188,400	Kao Corp.		4,778,128
	683	KDDI Corp.		3,535,765
	121,000	Mitsui Fudosan Co., Ltd.		2,059,523
	107,000	Nikon Corp.		2,339,345
	517,000	Nippon Yusen Kabushiki Kaisha		2,044,735
	279,200	Nomura Holdings, Inc.		2,048,671
	168,100	Panasonic Corp.		2,577,147
	144,000	Ricoh Co.		2,255,392
	164,700	Seven & i Holdings Co., Ltd.		3,984,272
	49,200	Shin-etsu Chemical Co., Ltd.		2,863,268
	109,100	Takeda Pharmaceutical Co., Ltd.		4,804,102
	120,900	Tokio Marine Holdings, Inc.		3,408,313
	95,200	Toyota Motor Corp.		3,827,932
				51,090,731
		Netherlands - 6.14%
	75,842	ASML Holding NV		2,688,993
	55,725	Heineken NV		2,861,944
	219,891	Reed Elsevier NV		2,668,573
	184,529	Royal Dutch Shell Plc		5,336,316
	99,273	Unilever NV		3,003,303
				16,559,129
		Norway - 1.26%
	179,200	DNB NOR ASA (a)		2,049,572
	171,048	Storebrand ASA (a)		1,353,507
				3,403,079

See notes to financial statements.

46

AssetMark International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Republic of Korea - 1.67%
	92,300	KT Corp. - ADR (a)	$	1,916,148
	7,036	Samsung Electronic (a)		2,584,873
				4,501,021
		Singapore - 3.84%
	226,000	DBS Group Holdings Ltd.		2,304,241
	487,698	Oversea-Chinese Banking
		Corp. Ltd.		3,030,908
	1,050,000	Singapore Telecommunications Ltd.		2,375,150
	193,000	United Overseas Bank Ltd.		2,644,778
				10,355,077
		Spain - 5.36%
	404,342	Banco Santander Central
		Hispano, SA		5,363,228
	376,056	Iberdrola Renovables		1,559,635
	475,778	Iberdrola SA		4,028,751
	147,901	Telefonica SA		3,504,462
				14,456,076
		Switzerland - 7.51%
	158,167	ABB Ltd.		3,457,637
	46,034	Credit Suisse Group AG		2,369,481
	106,455	Novartis AG		5,758,572
	86,514	Petroplus Holdings AG		1,609,888
	24,791	Roche Holdings AG		4,026,320
	11,827	Zurich Financial Services AG		3,033,551
				20,255,449
		Taiwan - 1.90%
	1,804,504	Taiwan Semiconductor
		Manufacturing Co., Ltd.		3,496,662
	154,653	Taiwan Semiconductor
		Manufacturing Co., Ltd. - ADR		1,622,310
				5,118,972
		Thailand - 0.50%
	316,300	Bangkok Bank		1,343,290
		United Kingdom - 19.68%
	396,250	Aviva Plc		2,314,833
	542,680	Barclays Plc		2,954,989
	960,387	BP Plc		9,090,195
	106,453	British American Tobacco Plc		3,670,012
	299,418	Compass Group Plc		2,390,310

Number of Shares			Value
		United Kingdom (Continued)
	278,698	GlaxoSmithKline Plc	$	5,349,534
	431,284	HSBC Holdings Plc		4,370,585
	177,302	Pearson Plc		2,779,581
	292,990	Persimmon Plc (a)		2,074,043
	65,654	Rio Tinto Plc		3,881,376
	189,192	Unilever Plc		5,538,521
	1,524,051	Vodafone Group Plc		3,524,999
	578,761	Wm Morrison Supermarkets Plc		2,576,437
	134,448	Xstrata Plc		2,544,601
				53,060,016
		Total Common Stocks
		(Cost $235,813,051)		263,347,772
		PREFERRED STOCKS - 0.91%
		Brazil - 0.91%
	88,200	Vale SA		2,448,432
		Total Preferred Stocks
		(Cost $2,241,323)		2,448,432
		SHORT TERM INVESTMENTS - 1.38%
		Money Market Funds - 1.38%
	3,710,512	Federated Prime Obligations Fund
		Effective Yield, 0.11%		3,710,512
		Total Short Term Investments
		(Cost $3,710,512)		3,710,512
Principal Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 0.36%
		Corporate Paydown Securities - 0.36%
$	824,150	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/11 (b)		509,419
	943,750	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/11 (b)		473,898
		Total Corporate Paydown Securities
		(Cost $1,767,900)		983,317

See notes to financial statements.

47

AssetMark International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		Money Market Funds - 0.00%
	31,072	Reserve Primary Fund (b)		—
		Total Money Market Funds
		(Cost $31,072)		—
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $1,798,972)		983,317
		Total Investments
		(Cost $243,563,858) - 100.32%		270,490,033
		Liabilities in Excess of Other
		Assets - (0.32)%		(868,464	)
		TOTAL NET ASSETS - 100.00%	$	269,621,569

Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
(a)	Non-income producing.
(b)	As of March 31, 2010 the Advisor has fair valued this security and deemed it illiquid. The value of these securities were $2,521,236 which represent 0.94% of total net assets.

See notes to financial statements.

48

AssetMark Real Estate Securities Fund
SCHEDULE OF INVESTMENTS
March 31, 2010

Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS,
		COMMON STOCKS - 98.71%
		Apartments - 15.55%
	31,277	Apartment Investment &
		Management Co. (a)	$	575,809
	17,571	AvalonBay Communities, Inc. (a)		1,517,256
	18,052	BRE Properties, Inc.		645,359
	77,487	Equity Residential		3,033,616
	10,259	Essex Property Trust, Inc.		922,797
	9,350	Home Properties, Inc. (a)		437,580
	45,040	UDR, Inc.		794,506
				7,926,923
		Diversified - 14.28%
	6,630	American Campus
		Communities, Inc. (a)		183,386
	37,660	Digital Realty Trust, Inc. (a)		2,041,172
	23,081	Duke Realty Corp.		286,204
	11,422	Entertainment Properties Trust (a)		469,787
	9,450	Equity Lifestyle Properties, Inc.		509,166
	32,415	Liberty Property Trust		1,100,165
	35,557	Vornado Realty Trust (a)		2,691,665
				7,281,545
		Forestry - 2.46%
	15,666	Plum Creek Timber Co., Inc. (a)		609,564
	14,130	Rayonier, Inc. (a)		641,926
				1,251,490
		Health Care - 12.56%
	65,231	HCP, Inc. (a)		2,152,623
	29,767	Health Care REIT, Inc.		1,346,361
	31,520	Nationwide Health Properties, Inc.		1,107,928
	37,862	Ventas, Inc. (a)		1,797,688
				6,404,600
		Hotels & Motels - 6.42%
	164,951	Host Hotels & Resorts, Inc. (a)		2,416,532
	36,785	Lasalle Hotel Properties		857,091
				3,273,623

Number of Shares			Value
		Office Property - 12.94%
	10,639	Alexandria Real Estate
		Equities, Inc. (a)	$	719,196
	41,829	Biomed Realty Trust, Inc.		691,852
	30,828	Boston Properties, Inc.		2,325,664
	14,681	Corporate Office Properties Trust		589,149
	6,322	Douglas Emmett, Inc. (a)		97,169
	22,148	Highwoods Properties, Inc.		702,756
	21,375	Mack Cali Realty Corp.		753,469
	12,528	SL Green Realty Corp.		717,479
				6,596,734
		Regional Malls - 12.50%
	29,302	Macerich Co. (a)		1,122,560
	60,346	Simon Property Group, Inc. (a)		5,063,029
	4,695	Taubman Centers, Inc. (a)		187,424
				6,373,013
		Shopping Centers - 10.20%
	42,504	Developers Diversified
		Realty Corp.		517,274
	14,509	Federal Realty Investment Trust		1,056,400
	108,467	Kimco Realty Corp.		1,696,424
	16,303	National Retail Properties, Inc. (a)		372,197
	5,175	Regency Centers Corp. (a)		193,907
	19,710	Tanger Factory Outlet
		Centers, Inc. (a)		850,684
	23,650	Weingarten Realty Investors (a)		509,894
				5,196,780
		Storage - 7.31%
	77,326	Extra Space Storage, Inc.		980,494
	29,860	Public Storage		2,746,821
				3,727,315
		Warehouse/Industrial - 4.49%
	28,529	AMB Property Corp.		777,130
	5,140	EastGroup Properties, Inc.		193,983
	99,704	ProLogis (a)		1,316,093
				2,287,206
		Total Real Estate Investment Trusts,
		Common Stocks
		(Cost $33,997,779)		50,319,229

See notes to financial statements.

49

AssetMark Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Number of Shares			Value
		SHORT TERM INVESTMENTS - 2.74%
		Money Market Funds - 2.74%
	1,397,431	Federated Prime Obligations Fund
		Effective Yield, 0.11%	$	1,397,431
		Total Short Term Investments
		(Cost $1,397,431)		1,397,431

Principal Amount
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 20.38%
		Corporate Paydown Securities - 1.79%
$	766,460	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/11 (b)	473,759
	877,688	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/11 (b)	440,725
		Total Corporate Paydown Securities
		(Cost $1,644,148)	914,484

Number of Shares
		Money Market Funds - 18.58%
	9,473,870	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%	9,473,870
	19,901	Reserve Primary Fund (b)	—
		Total Money Market Funds
		(Cost $9,493,771)	9,473,870

Principal Amount			Value
		Cash - 0.01%
$	2,761	Cash	$	2,761
		Total Cash
		(Cost $2,761)		2,761
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $11,140,680)		10,391,115
		Total Investments
		(Cost $46,535,890) - 121.83%		62,107,775
		Liabilities in Excess of Other
		Assets - (21.83)%		(11,129,618	)
		TOTAL NET ASSETS - 100.00%	$	50,978,157

Percentages are stated as a percent of net assets.
(a)	All or a portion of this security is on loan.
(b)	As of March 31, 2010, the Advisor has fair valued this security and deemed it illiquid. The value of these securities were $914,484 which represent 1.79% of total net assets.

See notes to financial statements.

50

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS - 97.53%
		Alabama - 0.55%
$	1,000,000	Mobile Industrial Development Board Pollution Control, Revenue Bond, 4.875%, 06/01/2034	$	1,079,640
		Alaska - 0.50%
	1,000,000	Northern Tobacco Securitization Corp., Series A, Refunding, Revenue Bond, 4.625%, 06/01/2023		982,060
		Arizona - 3.29%
	135,000	Maricopa County Elementary School District, Refunding, GO, FSA Insured, 5.000%, 07/01/2012		145,256
	585,000	Maricopa County Industrial Development Authority Health Facilities, Series A, Refunding, Revenue Bond, 6.000%, 07/01/2039		615,420
	955,000	Maricopa County Industrial Development Authority Senior Living Facilities, Refunding, Revenue Bond, 3.650%, 09/15/2035		969,659
	1,000,000	Phoenix Civic Improvement Corp., Revenue Bond, 5.500%, 07/01/2028		940,260
	1,000,000	Phoenix Civic Improvement Wastewater System, Refunding, Revenue Bond, 5.000%, 07/01/2020		1,086,440
	1,000,000	Pinal County Industrial Development Authority Correctional Facilities, Revenue Bond, ACA Insured, 5.250%, 10/01/2015		1,012,810
	1,500,000	Salt River Project, Series A, Revenue Bond, 5.000%, 01/01/2021		1,657,680
				6,427,525

Principal Amount			Value
		California - 8.57%
$	1,000,000	California Communities Development Authority, Revenue Bond, 5.500%, 07/01/2037	$	795,180
	445,000	California Economic Recovery, Series A, Refunding, GO, 5.250%, 07/01/2021		489,091
	860,000	California Statewide Communities Development Authority, Refunding, Revenue Bond, 6.125%, 07/01/2046		837,339
	600,000	California Statewide Communities Development Authority, Series A, Revenue Bond, ACA Insured, 5.625%, 08/01/2034		577,278
	1,000,000	California, GO, 6.500%, 04/01/2033		1,096,130
	5,000,000	Chabot-Las Positas CA Community College, Series C, GO, AMBAC Insured, 0.000%, 08/01/2036 (a)		886,950
	1,000,000	Gilroy Unified School District, GO, Assured Guaranty Insured, 6.000%, 08/01/2025		1,134,260
	700,000	Golden State Tobacco Securitization, Series A, Revenue Bond, 5.000%, 06/01/2017		700,210
	2,970,000	Golden West Schools Funding Authority, Refunding, GO, AMBAC Insured, 5.500%, 08/01/2019		3,367,950
	1,000,000	Los Angeles Department of Airports, Series A, Refunding, Revenue Bond, 5.250%, 05/15/2029		1,053,960
	145,000	Los Angeles Unified School District, Series A, Refunding, GO, FGIC Insured, 4.250%, 01/01/2028		131,598
	580,000	Los Angeles Unified School District, Series F, GO, FGIC Insured, 5.000%, 07/01/2021		612,921
	905,000	Manteca Financing Authority, Revenue Bond, 5.250%, 12/01/2028		946,784

See notes to financial statements.

51

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		California (Continued)
		M-S-R Energy Authority, Series A,
		Revenue Bond,
$	295,000	6.125%, 11/01/2029	$	305,764
	605,000	6.500%, 11/01/2039		645,729
	1,250,000	Palo Alto Unified School
		District, GO,
		0.000%, 08/01/2026 (a)		556,562
	500,000	Roseville Westpark Community
		Facilities, Special Tax,
		5.250%, 09/01/2037		384,525
	1,175,000	San Francisco Steinhart Aquarium,
		Series F, GO,
		5.000%, 06/15/2023		1,241,293
	500,000	San Mateo Joint Powers Financing
		Authority, Series A, Refunding,
		Revenue Bond,
		5.250%, 07/15/2025		533,845
	500,000	San Mateo Union High School
		District, Series A, Refunding,
		Certificate Participation,
		AMBAC Insured,
		5.000%, 12/15/2030		450,685
				16,748,054
		Connecticut - 1.67%
	1,000,000	Connecticut Health & Educational
		Facilities Authority, Revenue Bond,
		4.700%, 07/01/2029		1,045,470
	2,000,000	Connecticut Health & Educational
		Facilities Authority, Series A,
		Refunding, Revenue Bond,
		5.000%, 07/01/2025		2,211,440
				3,256,910
		Delaware - 0.42%
	1,000,000	New Castle County, Revenue Bond,
		5.000%, 09/01/2036		822,640
		Florida - 2.71%
	315,000	Beacon Lakes Community
		Development, Series A,
		Special Assessment,
		6.000%, 05/01/2038		264,427

Principal Amount			Value
		Florida (Continued)
$	245,000	Boynton Village Community
		Development District, Series A,
		Special Assessment,
		5.750%, 05/01/2037	$	170,763
	300,000	Brevard County Health Facilities
		Authority, Revenue Bond,
		7.000%, 04/01/2039		328,674
	2,000,000	Broward County Professional Sports
		Facilities, Series A, Refunding,
		Revenue Bond,
		5.000%, 09/01/2019		2,037,180
	500,000	Gulf Breeze, Series J, Refunding,
		Revenue Bond,
		2.600%, 12/01/2020		500,500
	1,250,000	Miami-Dade County Educational
		Facilities, Series A, Revenue Bond,
		5.000%, 04/01/2034		1,416,587
	625,000	Tolomato Community Development
		District, Special Assessment,
		6.375%, 05/01/2017		575,656
				5,293,787
		Georgia - 2.70%
	1,000,000	Atlanta Water & Wastewater,
		Revenue Bond,
		6.250%, 11/01/2039		1,052,900
	440,000	Atlanta Water & Wastewater,
		Series A, Refunding, Revenue Bond,
		6.000%, 11/01/2024		478,707
	350,000	Chatham County Hospital Authority,
		Revenue Bond,
		6.125%, 01/01/2024		348,834
	545,000	Clayton County Development
		Authority, Series A, Revenue Bond,
		8.750%, 06/01/2029		574,501
	1,000,000	Fulton County School District,
		Refunding, GO,
		5.250%, 01/01/2014		1,127,180
	1,400,000	Gainesville Educational Facilities
		Redevelopment Authority,
		Refunding, Revenue Bond,
		5.125%, 03/01/2037		881,790

See notes to financial statements.

52

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		Georgia (Continued)
$	870,000	Marietta Development Authority,
		Revenue Bond,
		7.000%, 06/15/2039		814,738
				5,278,650
		Hawaii - 0.46%
	825,000	Hawaii State Department of
		Budget & Finance, Revenue Bond,
		6.500%, 07/01/2039		890,851
		Idaho - 0.58%
	1,000,000	Boise-Kuna District, Revenue Bond,
		7.375%, 06/01/2034		1,125,960
		Illinois - 9.29%
	1,250,000	Chicago Board of Education,
		Series B, Refunding, GO,
		5.000%, 12/01/2023		1,314,800
	100,000	Chicago Wastewater Transmission,
		Refunding, Revenue Bond,
		FGIC Insured,
		5.375%, 01/01/2013		105,273
	500,000	Chicago Water, Refunding,
		Revenue Bond,
		5.000%, 11/01/2022		540,105
		Chicago, GO,
	2,500,000	5.000%, 12/01/2024		2,668,725
	1,000,000	5.000%, 01/01/2026		1,045,330
	850,000	Illinois Financial Authority,
		Revenue Bond,
		7.000%, 08/15/2044		884,008
	1,000,000	Illinois State Sales Tax,
		Revenue Bond,
		5.250%, 06/15/2024		1,051,740
	2,500,000	Illinois State Toll Highway Authority,
		Series A, Revenue Bond,
		FSA Insured,
		5.000%, 01/01/2026		2,891,550
	600,000	Markham, Series C, GO,
		4.750%, 02/01/2017		601,602
	1,000,000	Metropolitan Pier & Exposition
		Authority, Refunding, Revenue
		Bond, FGIC Insured,
		5.500%, 12/15/2024		1,013,300

Principal Amount			Value
		Illinois (Continued)
$	500,000	Northlake, GO, FGIC Insured,
		5.000%, 12/01/2029		513,340
	2,000,000	Southwestern Illinois Development
		Authority, Revenue Bond,
		5.750%, 02/01/2029		2,201,600
	3,030,000	St. Clair County High School
		District No. 203, Series A, GO,
		AMBAC Insured,
		5.750%, 12/01/2026		3,324,092
				18,155,465
		Indiana - 5.94%
	1,500,000	Fishers, Revenue Bond,
		5.250%, 07/15/2034		1,512,435
	2,000,000	Indiana State Finance Authority,
		Series A, Refunding,
		Revenue Bond,
		5.000%, 02/01/2021		2,270,520
	1,500,000	Indianapolis Local Public
		Improvement Bond Bank, Series B,
		Revenue Bond,
		5.000%, 01/15/2017		1,683,600
	305,000	Noblesville Redevelopment
		Authority, Revenue Bond,
		4.500%, 08/01/2012		321,619
	820,000	Portage Economic Development,
		Revenue Bond,
		5.000%, 07/15/2023		758,344
	1,155,000	Sheridan Community School’s
		Building Corporation, Revenue
		Bond, FSA Insured,
		5.500%, 07/15/2020		1,337,629
	1,285,000	Tri-Creek Middle School Building
		Corporation, Revenue Bond,
		FSA Insured,
		5.250%, 07/15/2021		1,430,629
	1,000,000	Vincennes University Indiana,
		Series J, Refunding, Revenue Bond,
		3.000%, 06/01/2013		1,036,920
	1,135,000	Wayne Township Marion County
		School Building Corporation,
		Revenue Bond, MBIA Insured,
		5.500%, 07/15/2023		1,256,377
				11,608,073

See notes to financial statements.

53

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		Iowa - 0.92%
$	600,000	Iowa Finance Authority Pollution
		Control, Revenue Bond,
		FGIC Insured,
		5.000%, 07/01/2014	$	659,154
	1,000,000	Iowa Finance Authority,
		Revenue Bond,
		5.000%, 08/01/2018		1,134,430
				1,793,584
		Kansas - 0.26%
	715,000	Wyandotte County, Revenue Bond,
		4.875%, 10/01/2028		509,295
		Kentucky - 0.28%
	500,000	Kentucky Economic Development
		Finance Authority, Revenue Bond,
		5.750%, 12/01/2028		544,005
		Louisiana - 1.36%
	800,000	Louisiana Citizens Property,
		Revenue Bond,
		6.750%, 06/01/2026		908,784
	1,500,000	Louisiana Public Facilities Authority,
		Revenue Bond,
		5.500%, 05/15/2032		1,743,810
				2,652,594
		Maine - 0.21%
	410,000	South Berwick Education,
		Revenue Bond,
		5.250%, 08/01/2013		413,067
		Maryland - 3.61%
	1,160,000	Maryland Department of
		Transportation County T
		Construction, Revenue Bond,
		5.500%, 02/01/2017		1,363,383
	720,000	Maryland Economic Development
		Corporation, Series A,
		Revenue Bond,
		5.750%, 06/01/2035		732,679
	820,000	Maryland Health & Higher
		Education Facilities Authority,
		Refunding, Revenue Bond,
		5.000%, 07/01/2013		820,139

Principal Amount			Value
		Maryland (Continued)
		Maryland Health & Higher
		Education Facilities Authority,
		Revenue Bond,
$	750,000	5.200%, 01/01/2024	$	702,998
	245,000	5.000%, 05/15/2048		269,135
	2,000,000	Maryland, Refunding, GO,
		5.000%, 03/01/2021		2,303,420
	860,000	Maryland Student Housing
		Economic Development,
		Revenue Bond,
		5.750%, 06/01/2033		867,164
				7,058,918
		Massachusetts - 2.47%
	95,000	Massachusetts Bay Transportation
		Authority, Series C, Revenue Bond,
		5.500%, 03/01/2012		103,263
	430,000	Massachusetts Development Finance
		Agency, Series A, Revenue Bond,
		5.450%, 04/15/2014		438,540
	785,000	Massachusetts Health & Educational
		Facilities Authority, Series A,
		Refunding, Revenue Bond,
		5.500%, 11/15/2036		872,425
	1,000,000	Massachusetts Health & Educational
		Facilities Authority, Series A,
		Revenue Bond,
		5.000%, 07/15/2036		1,040,320
	1,000,000	Massachusetts Health & Educational
		Facilities Authority, Series B,
		Revenue Bond,
		5.000%, 10/01/2038		1,052,900
	800,000	Massachusetts Health & Educational
		Facilities Authority, Series C,
		Revenue Bond,
		6.125%, 10/01/2029		756,984
	120,000	Massachusetts State Water Resources
		Authority, Series B, Revenue Bond,
		6.250%, 12/01/2011		131,050
	370,000	Massachusetts State, Series C,
		Refunding, GO,
		5.500%, 11/01/2015		433,877
				4,829,359

See notes to financial statements.

54

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		Michigan - 0.89%
$	150,000	Dundee Community School District,
		GO, Q-SBLF Insured,
		5.375%, 05/01/2010	$	150,243
	800,000	Lansing School District, Refunding,
		GO, Q-SBLF Insured,
		5.000%, 05/01/2017		853,256
	730,000	Michigan Building Authority,
		Series I, Refunding, Revenue Bond,
		4.750%, 10/15/2025		729,197
				1,732,696
		Minnesota - 1.49%
	1,280,000	Minneapolis & St Paul Housing
		and Redevelopment Authority
		Health Care, Revenue Bond,
		4.000%, 08/15/2015		1,350,029
	1,500,000	Osseo Independent School
		District 279, GO,
		4.000%, 02/01/2022		1,558,740
				2,908,769
		Missouri - 3.12%
	465,000	Manchester Tax Increment &
		Transportation, Refunding,
		Tax Allocation,
		6.875%, 11/01/2039		457,750
	900,000	Missouri Development Finance
		Board, Revenue Bond,
		5.750%, 06/01/2034		934,866
	1,000,000	Missouri Health & Educational
		Facilities Authority, Series A,
		Revenue Bond,
		5.375%, 03/15/2039		1,087,770
	1,000,000	Missouri Highway & Transportation
		Commission, Series B,
		Revenue Bond,
		5.000%, 05/01/2024		1,097,400
	1,090,000	St Louis Airport, Revenue Bond,
		6.625%, 07/01/2034		1,163,924
	1,330,000	St. Joseph Industrial Development
		Authority, Revenue Bond,
		5.000%, 04/01/2027		1,359,872
				6,101,582

Principal Amount			Value
		Nebraska - 1.40%
$	1,500,000	Lincoln Electric Systems,
		Revenue Bond,
		5.000%, 09/01/2031	$	1,558,140
	1,000,000	Omaha, Refunding, GO,
		5.250%, 04/01/2026		1,185,780
				2,743,920
		Nevada - 0.54%
	1,000,000	Clark County High Way
		Improvement, Refunding,
		Revenue Bond, AMBAC Insured,
		5.000%, 07/01/2020		1,057,080
		New Hampshire - 0.77%
	1,750,000	New Hampshire Health & Education
		Facilities, Revenue Bond,
		5.250%, 06/01/2036		1,511,772
		New Jersey - 0.57%
	1,000,000	New Jersey Transportation Trust
		Fund Authority, Series A,
		Revenue Bond,
		5.875%, 12/15/2038		1,107,790
		New York - 7.98%
	850,000	Brooklyn Arena Local Development
		Corporation, Revenue Bond,
		6.500%, 07/15/2030		905,301
	1,000,000	East Rochester Housing Authority
		Senior Living, Revenue Bond,
		5.500%, 08/01/2033		829,670
	1,765,000	Metropolitan Transportation
		Authority, Series F, Revenue Bond,
		5.000%, 11/15/2014		1,947,801
	500,000	New York City Transit Authority,
		Series A, CP, AMBAC Insured,
		5.625%, 01/01/2012		505,995
	1,100,000	New York City Transitional Finance
		Authority, Series C, Revenue Bond,
		5.000%, 02/01/2022		1,166,132
	1,250,000	New York City, Series A, GO,
		5.000%, 08/01/2020		1,354,138
		New York Dormitory Authority,
		Revenue Bond,
	1,000,000	5.500%, 05/15/2025		1,127,510
	500,000	6.125%, 12/01/2029		490,715

See notes to financial statements.

55

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		New York (Continued)
$	500,000	New York Dormitory Authority,
		Revenue Bond, JP Morgan Chase
		Bank Insured,
		0.140%, 07/01/2031	$	500,000
	1,000,000	New York Dormitory Authority,
		Series B, Revenue Bond,
		5.250%, 11/15/2023		1,076,220
	500,000	New York Environmental Facilities,
		Revenue Bond,
		5.500%, 10/15/2027		601,590
	1,000,000	New York, GO,
		5.375%, 04/01/2036		1,071,720
		Sales Tax Asset Receivable Corp.,
		Series A, Revenue Bond,
	500,000	5.000%, 10/15/2017		559,525
	1,500,000	5.250%, 10/15/2019		1,682,955
		Tobacco Settlement Financing,
		Revenue Bond,
	650,000	5.000%, 06/01/2012		703,339
	1,000,000	5.250%, 06/01/2021		1,064,680
				15,587,291
		North Carolina - 4.48%
	2,500,000	Eastern Municipal Power Agency,
		Series B, Refunding, Revenue
		Bond, FGIC Insured,
		6.000%, 01/01/2022		2,905,850
	1,480,000	North Carolina Capital Facilities
		Finance Agency, Series B,
		Refunding, Revenue Bond,
		5.000%, 10/01/2038		1,541,968
	1,000,000	North Carolina Grant, Revenue
		Bond, MBIA Insured,
		5.000%, 03/01/2015		1,129,440
	700,000	North Carolina Medical Care
		Community, Revenue Bond,
		5.500%, 10/01/2017		699,146
	1,500,000	North Carolina Municipal Power
		Agency, Series C, Revenue Bond,
		5.250%, 01/01/2019		1,682,955
	750,000	Raleigh North Carolina Comb
		Enterprise, Series A, Revenue Bond,
		5.000%, 03/01/2031		789,862
				8,749,221

Principal Amount			Value
		North Dakota - 0.33%
$	685,000	Williams County Sales Tax,
		Revenue Bond,
		5.000%, 11/01/2026	$	644,496
		Ohio - 2.05%
	1,490,000	Buckeye Ohio Tobacco Settlement
		Financial Authority, Series A,
		Revenue Bond,
		5.875%, 06/01/2047		1,085,152
	750,000	Lorain, Refunding, GO,
		6.750%, 12/01/2023		817,020
	690,000	Ohio Air Quality Development
		Authority, Series A, Revenue Bond,
		5.700%, 08/01/2020		744,689
	1,000,000	Ohio, Series A, GO,
		5.000%, 09/01/2015		1,145,720
	250,000	Toledo-Lucas County Port Authority,
		Special Assessment,
		5.375%, 12/01/2035		207,535
				4,000,116
		Oklahoma - 0.94%
	650,000	Tulsa Industrial Authority, Series A,
		Refunding, Revenue Bond,
		NATL-RE Insured,
		5.000%, 10/01/2022		651,885
	1,000,000	Tulsa Airports Improvement Trust,
		Refunding, Revenue Bond,
		7.050%, 06/01/2017		1,176,280
				1,828,165
		Oregon - 0.52%
	1,000,000	Clackamas County School
		District, GO,
		5.000%, 06/15/2021		1,014,590
		Pennsylvania - 6.71%
	1,250,000	Allegheny County Hospital
		Development Authority, Series A,
		Revenue Bond,
		5.000%, 09/01/2014		1,399,988
	370,000	Allegheny County Industrial
		Development Authority, Refunding,
		Revenue Bond,
		6.500%, 05/01/2017		393,861

See notes to financial statements.

56

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		Pennsylvania (Continued)
$	900,000	Butler County Hospital Authority,
		Revenue Bond,
		7.125%, 07/01/2029		1,014,435
	2,000,000	Lackawanna County, Series B,
		Refunding, GO,
		6.000%, 09/15/2032		2,065,360
	500,000	Lancaster County Hospital Authority,
		Series A, Refunding,
		Revenue Bond,
		5.200%, 07/01/2012		503,520
	1,000,000	Pennsylvania Economic
		Development Authority Allegheny
		Energy Supply, Revenue Bond,
		7.000%, 07/15/2039		1,104,670
	1,250,000	Pennsylvania Economic
		Development Authority Financing
		Authority Health System, Series A,
		Refunding, Revenue Bond,
		6.250%, 10/15/2023		1,335,000
	1,000,000	Pennsylvania, Refunding, GO,
		5.250%, 02/01/2014		1,135,490
	1,000,000	Pennsylvania, Series A, GO,
		5.000%, 08/01/2023		1,093,370
	1,000,000	Philadelphia Gas Works, Refunding,
		Revenue Bond,
		5.250%, 08/01/2017		1,041,830
	500,000	St Mary Hospital Authority,
		Series A, Refunding, Revenue Bond,
		5.000%, 11/15/2040		482,390
	1,500,000	Warwick School District, GO,
		4.375%, 02/01/2025		1,527,285
				13,097,199
		Puerto Rico - 4.19%
	1,250,000	Puerto Rico Commonwealth,
		Series A, GO,
		5.250%, 07/01/2022		1,270,487
	1,000,000	Puerto Rico Commonwealth,
		Series A, Refunding, GO,
		5.500%, 07/01/2017		1,061,740

Principal Amount			Value
		Puerto Rico (Continued)
$	625,000	Puerto Rico Commonwealth,
		Series A, Rerefunding, Revenue
		Bond, Assured Guaranty Insured,
		5.000%, 07/01/2016	$	683,675
	620,000	Puerto Rico Commonwealth,
		Series B, Prerefunded,
		Refunding, GO,
		5.250%, 07/01/2032		726,851
	380,000	Puerto Rico Commonwealth,
		Series B, Unrefunded,
		Refunding, GO,
		5.250%, 07/01/2032		369,288
	570,000	Puerto Rico Commonwealth,
		Series C, Refunding, GO,
		6.000%, 07/01/2039		597,092
	1,000,000	Puerto Rico Electric Power
		Authority, Revenue Bond,
		5.750%, 07/01/2036		1,065,210
		Puerto Rico Sales Tax Financing,
		Series A, Revenue Bond,
	790,000	5.750%, 08/01/2037		839,699
	1,500,000	5.000%, 08/01/2039		1,568,910
				8,182,952
		South Carolina - 0.28%
	500,000	South Carolina Educational
		Facilities Authority for Private
		Nonprofit Institutions,
		Refunding, Revenue Bond,
		5.000%, 10/01/2012		541,145
		Tennessee - 0.55%
	1,000,000	Memphis-Shelby County Airport
		Authority Special Facilities,
		Refunding, Revenue Bond,
		5.050%, 09/01/2012		1,068,750
		Texas - 6.96%
	45,000	Dallas, GO,
		5.000%, 02/15/2018		45,009
	635,000	Forney Independent School District,
		GO, PSF-GTD Insured,
		0.000%, 08/15/2025 (a)		294,037
	425,000	Harris County Industrial
		Development, Revenue Bond,
		5.000%, 02/01/2023		424,571

See notes to financial statements.

57

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		Texas (Continued)
$	1,280,000	La Porte Independent School
		District, GO,
		5.250%, 02/15/2024	$	1,407,283
	200,000	Lower Colorado River Authority
		Texas, Series B, Refunding,
		Revenue Bond, FSA Insured,
		6.000%, 05/15/2013		201,044
	2,000,000	North East Independent School
		District, GO,
		5.250%, 02/01/2027		2,338,780
	700,000	North Texas Tollway Authority,
		Series A, Refunded,
		Revenue Bond,
		6.000%, 01/01/2019		787,360
	770,000	North Texas Tollway Authority,
		Series E, Refunding, Revenue Bond,
		5.750%, 01/01/2038		853,376
	2,000,000	San Antonio Electric & Gas,
		Refunding, Revenue Bond,
		5.375%, 02/01/2015		2,313,580
	15,000	Socorro Independent School District,
		Unrefunded, GO,
		PSF-GTD Insured,
		5.375%, 08/15/2013		15,837
	850,000	Texas Private Activity Surface
		Transportation Corp.,
		Revenue Bond,
		7.500%, 12/31/2031		929,101
	500,000	Texas Transportation Commission,
		Revenue Bond,
		5.000%, 04/01/2018		566,645
	750,000	Texas Turnpike Authority, Series A,
		Revenue Bond, AMBAC Insured,
		5.500%, 08/15/2039		752,572
	1,000,000	Texas Water Development Board,
		Series B, Revenue Bond,
		5.250%, 07/15/2027		1,088,700
	1,000,000	Texas, GO,
		5.000%, 04/01/2016		1,144,170
	400,000	Texas, Series A, GO,
		5.000%, 04/01/2022		438,196
				13,600,261

Principal Amount			Value
		Utah - 0.37%
$	630,000	Sandy City Utah Sales Tax Revenue,
		Refunding, Revenue Bond,
		5.000%, 09/15/2016	$	719,139
		Virgin Islands - 0.26%
	500,000	Virgin Islands Public Finance
		Authority, Series C, Refunding,
		Revenue Bond,
		5.000%, 10/01/2022		507,925
		Virginia - 2.07%
	1,000,000	Arlington County Industrial
		Development Authority Hospital
		Facility Revenue, Refunding,
		Revenue Bond,
		4.000%, 07/01/2014		1,068,220
	1,000,000	Henry County Public Service
		Authority Water & Sewer,
		Refunding, Revenue Bond,
		FSA Insured,
		5.500%, 11/15/2019		1,142,660
	870,000	Tobacco Settlement Financing,
		Series B, Revenue Bond,
		5.000%, 06/01/2047		586,302
	1,000,000	Virginia College Building Authority
		Educational Facilities,
		Revenue Bond,
		5.750%, 01/01/2034		1,236,560
				4,033,742
		Washington - 2.08%
	1,000,000	Clark County School District,
		Refunding, GO, FGIC Insured,
		5.500%, 12/01/2017		1,056,920
	1,000,000	Energy Northwest, Series A,
		Revenue Bond, FSA Insured,
		5.500%, 07/01/2017		1,059,110
	500,000	King County Hospital, Refunding,
		GO, MBIA Insured,
		5.000%, 12/01/2021		524,165
	1,250,000	Washington, Series A, GO,
		5.000%, 07/01/2016		1,431,700
				4,071,895

See notes to financial statements.

58

AssetMark Tax-Exempt Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS (Continued)
		Wisconsin - 3.19%
$	315,000	Badger Tobacco Asset Securitization,
		Revenue Bond,
		6.125%, 06/01/2027	$	339,003
	1,500,000	Southeast Wisconsin Professional
		Baseball Park Sales Tax, Series A,
		Revenue Bond, MBIA Insured,
		5.500%, 12/15/2026		1,660,530
	660,000	Wisconsin Health & Educational
		Facilities Authority, Refunding,
		Revenue Bond,
		5.125%, 02/15/2026		624,037
	400,000	Wisconsin Health & Educational
		Facilities, Series A, Revenue Bond,
		5.000%, 02/15/2018		398,692
	1,000,000	Wisconsin Transportation, Series A,
		Revenue Bond, FGIC Insured,
		5.500%, 07/01/2016		1,012,360
	2,000,000	Wisconsin, Series A, Refunding,
		Revenue Bond,
		6.000%, 05/01/2033		2,193,220
				6,227,842
		Total Municipal Bonds
		(Cost $185,515,708)		190,508,775
Number of Shares
		SHORT TERM INVESTMENTS - 3.01%
		Money Market Funds - 3.01%
	5,882,000	Fidelity Tax Exempt Portfolio
		Effective Yield, 0.08%		5,882,000
		Total Short Term Investments
		(Cost $5,882,000)		5,882,000
		Total Investments
		(Cost $191,397,708) - 100.54%		196,390,775
		Liabilities in Excess of Other
		Assets - (0.54)%		(1,061,824)
		TOTAL NET ASSETS - 100.00%	$	195,328,951

Percentages are stated as a percent of net assets.
(a) Zero coupon bond
Glossary of Terms
AMBAC	- American Municipal Bond Assurance Corp.
ACA	- American Capital Access
CP	- Certificate of Participation
FGIC	- Financial Guaranty Insurance Corp.
FSA	- Financial Security Assurance, Inc.
GO	- General Obligation
MBIA	- Municipal Bond Investors Assurance Corp.
NATL-RE	- National Public Finance Guarantee Corporation
PSF-GTD	- Permanent School Fund Guaranteed
Q-SBLF	- Qualified School Board Loan Fund

See notes to financial statements.

59

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 0.00%
		Oil & Gas - 0.00%
	259	Semgroup Corporation (a)	$	2,368
		Total Common Stocks
		(Cost $98,745)		2,368
		CONVERTIBLE PREFERRED
		STOCKS - 0.02%
		Automobiles - 0.02%
	12,000	General Motors Corporation (b)		103,710
	1,800	General Motors Corporation		15,467
				119,177
		Total Convertible Preferred Stocks
		(Cost $304,161)		119,177
		PREFERRED STOCKS - 0.28%
		Banks - 0.13%
	800,000	HSBC Capital Funding LP
		4.610%, 12/31/2049 (c)(e)		738,212
		Diversified Financial Services - 0.15%
	14,200	Citigroup Capital XII (a)		364,514
	12,000	Corts Trust for Ford
		Motor Company		284,160
	44,650	FHLMC (a)		56,705
	1,300	FNMA (a)		2,178
	32,350	FNMA (a)		41,085
	74	GMAC - Preferred
		Blocker, Inc. (c)		56,411
				805,053
		Total Preferred Stocks
		(Cost $3,303,979)		1,543,265
Principal Amount
		ASSET BACKED SECURITIES - 3.72%
$	350,000	AESOP Funding II LLC
		Series 2010-3A,
		4.640%, 05/20/2016 (c)		341,974
	80,716	Conseco Finance
		Securitizations Corp.
		Series 2000-4,
		8.310%, 05/01/2032 (e)		60,944

Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
$	191,664	Countrywide Asset-Backed
		Certificiates
		Series 2005-4,
		4.456%, 10/25/2035 (e)	$	182,264
		Countrywide Home Equity
		Loan Trust
	245,288	Series 2004-R,
		0.480%, 03/15/2030
		(Acquired 12/03/2004,
		Cost $245,288) (d)(e)		79,612
	319,039	Series 2004-N,
		0.510%, 02/15/2034 (e)		140,302
	348,122	Series 2004-O,
		0.510%, 02/15/2034 (e)		153,122
	327,735	Series 2005-F,
		0.472%, 12/15/2035 (e)		113,872
	337,079	Delta Air Lines, Inc.
		Pool #081022,
		6.821%, 08/10/2022		337,079
	450,000	Hertz Vehicle Financing LLC
		Series 2009-2A,
		5.290%, 03/25/2016 (c)		470,192
	1,483,238	Household Home Equity Loan Trust
		Series 2007-3,
		1.440%, 11/20/2036 (e)		1,345,709
		JetBlue Airways Corporation
	620,787	Series 2004-2, G-1,
		0.625%, 02/15/2018 (e)		479,376
	900,000	Series 2004-2, G-2,
		0.723%, 05/15/2018 (e)		639,000
	822,163	Morgan Stanley
		Series M-1,
		1.249%, 10/25/2033 (e)		639,457
	830,000	Nelnet, Inc.
		Series 2008-4,
		1.729%, 04/25/2024 (e)		874,279
		New Valley Generation
	2,807,151	Series 2000-1,
		7.299%, 03/15/2019		3,249,277
	7,259,432	Series 2001-1,
		5.572%, 05/01/2020		7,741,216

See notes to financial statements.

60

AssetMark Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Principal Amount			Value
		ASSET BACKED SECURITIES (Continued)
$	161,577	Residential Asset Mortgage
		Products, Inc.
		Series FLT,
		0.709%, 03/25/2034 (e)	$	100,019
	550,000	SLC Student Loan Trust
		Series 2008-1,
		1.854%, 12/15/2032 (e)		579,759
	400,000	SLM Private Loan Trust
		Series 2003-7,
		1.454%, 12/15/2033 (c)(e)		405,258
	1,500,000	SLM Student Loan Trust
		Series 2006-7,
		0.319%, 04/25/2022 (e)		1,488,304
	1,000,000	South Carolina Student Loan Corporation
		Series 2005-A,
		0.352%, 12/01/2018 (e)		983,541
		Total Asset Backed Securities
		(Cost $20,956,710)		20,404,556
		COLLATERALIZED MORTGAGE OBLIGATIONS - 12.76%
	423,253	Accredited Mortgage Loan Trust
		Series 2005-3,
		0.469%, 09/25/2035 (e)		375,401
	30,368	Adjustable Rate Mortgage Trust
		Series 2004-5,
		3.175%, 04/25/2035 (e)		25,296
		Bank of America Corporation
	589,556	Series 2005-B,
		4.010%, 04/20/2035 (e)		407,467
	2,500,000	Series 2005-6,
		5.179%, 09/10/2047 (e)		2,605,516
	110,000	Series 2007-5,
		5.620%, 02/10/2051		113,979
	149,314	BCAP LLC Trust
		Series 2006-RR1,
		0.886%, 11/25/2036 (e)		132,441
		Bear Stearns Trust
	52,667	Series 2004-1,
		3.059%, 04/25/2034 (e)		47,337
	432,889	Series 2004-9,
		2.623%, 09/25/2034 (e)		344,245

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
$	771,393	Series 2005-2,
		3.074%, 04/25/2035 (e)	$	577,390
	1,736,431	Series 2006-4,
		3.428%, 10/25/2036 (e)		1,024,554
	3,014,057	Series FLT,
		5.905%, 09/25/2047 (e)		1,738,369
		Chase Mortgage Financial Trust
	311,926	Series 2007-A1,
		3.545%, 02/25/2037 (e)		289,846
	1,158,413	Series 2007-A1,
		3.642%, 02/25/2037 (e)		1,089,316
	1,530,226	Series 2007-A1,
		3.824%, 02/25/2037 (e)		1,391,013
	1,463,216	Series 2007-A1,
		4.125%, 02/25/2037 (e)		1,391,058
	965,336	Series 2007-A1,
		4.562%, 02/25/2037 (e)		966,541
		CIT Mortgage Loan Trust
	745,111	Pool #2007A1,
		1.246%, 10/25/2037
		(Acquired 10/05/2007,
		Cost $745,111) (d)(e)		503,752
	550,000	Pool #2007A2,
		1.479%, 10/25/2037
		(Acquired 10/05/2007,
		Cost $550,000) (d)(e)		140,240
	1,000,000	Pool #2007A3,
		1.679%, 10/25/2037
		(Acquired 10/05/2007,
		Cost $1,000,000) (d)(e)		268,201
	2,000,000	Commercial Mortgage Pass Through
		2005-LP5, 4.982%, 05/10/2043 (e)		2,071,739
		Countrywide Alternative Loan Trust
	1,267,433	Series 2005-27,
		2.031%, 08/25/2035 (e)		699,654
	618,520	Series 2005-36,
		4.794%, 08/25/2035 (e)		390,726
	301,803	Series 2005-38,
		1.963%, 09/25/2035 (e)		176,432
	591,876	Series 2005-51,
		0.024%, 11/20/2035 (e)		343,460

See notes to financial statements.

61

AssetMark Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
$	1,791,052	Series 2005-62,
		0.546%, 12/25/2035 (e)	$	954,406
	1,183,213	Series 2005-63,
		5.257%, 12/25/2035 (e)		790,785
	2,298,473	Series 2007-16CB,
		6.000%, 08/25/2037		1,581,194
	1,397,535	Series 2006-OA10,
		0.436%, 08/25/2046 (e)		683,023
		Countrywide Home Loans, Inc.
	131,532	Series 2003-52,
		3.421%, 02/19/2034 (e)		115,330
	47,435	Series 2004-HYB6,
		3.527%, 11/20/2034 (e)		38,918
	321,728	Series 2005-11,
		0.546%, 03/25/2035 (e)		181,554
	750,239	Series 2005-R1,
		0.606%, 03/25/2035 (c)(e)		600,258
	472,175	Series 2005-11,
		3.791%, 04/25/2035 (e)		232,810
	27,898	First Horizon Mortgage Trust
		Series FLT,
		3.007%, 12/25/2034 (e)		26,830
	1,726,014	First Union National Bank
		Commercial Mortgage
		Series 2000-C2,
		7.202%, 10/15/2032		1,745,378
		GMAC Mortgage, LLC
	1,947,761	Series FLT,
		0.979%, 02/25/2031 (c)(e)		1,406,571
	1,290,000	Series 1998-C2,
		6.500%, 05/15/2035		1,348,448
	605,401	Series 2007-HE3,
		7.000%, 09/25/2037		316,053
	2,500,000	Series 2002-C1,
		6.278%, 11/15/2039		2,633,982
	646,442	Granite Master Issuer Plc
		Series 2007-2,
		0.320%, 12/17/2054 (e)		596,878
	773,813	GS Mortgage Securities Corporation
		Series 2005-GG4,
		4.680%, 07/10/2039		801,166

Principal Amount			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
$	895,675	GSMPS Mortgage Loan Trust
		Series 2005-RP1,
		0.596%, 01/25/2035 (c)(e)	$	742,783
		Harborview Mortgage Loan Trust
	1,168,091	Series 2005-10,
		0.547%, 11/19/2035 (e)		706,637
	222,836	Series 2005-16,
		0.477%, 01/19/2036 (e)		122,173
		IMPAC Secured Assets Corp.
	846,106	Series 2005-6,
		0.496%, 10/25/2035 (e)		492,066
	985,262	Series 2005-2,
		0.549%, 03/25/2036 (e)		483,184
		IndyMac Mortgage Loan Trust
	371,072	Series 2005-AR15,
		5.099%, 09/25/2035 (e)		279,799
	1,724,574	Series 2007-AR15,
		5.552%, 08/25/2037 (e)		843,889
	1,128,274	Series 2007-AR7,
		6.143%, 11/25/2037 (e)		829,325
	565,624	Series 2005-AR16IP,
		0.566%, 07/25/2045 (e)		317,264
	1,500,000	JPMorgan Commercial Mortgage
		Series 2005-LDP2,
		4.738%, 07/15/2042		1,518,338
		JPMorgan Mortgage Trust
	523,465	Series 2007-A1,
		3.441%, 07/25/2035 (e)		490,186
	535,602	Series 2007-A1,
		4.011%, 07/25/2035 (e)		488,122
	485,961	Series 2007-A1,
		4.071%, 07/25/2035 (e)		454,662
		Lehman Brothers Trust
	1,602,624	Series 2005-5N,
		0.546%, 11/25/2035 (e)		1,016,157
	193,667	Series 2005-7N,
		0.516%, 12/25/2035 (e)		124,813
	2,557,867	Series 2007-16N,
		1.096%, 09/25/2047 (e)		1,389,354

See notes to financial statements.

62

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		COLLATERALIZED MORTGAGE
		OBLIGATIONS (Continued)
$	600,000	Lehman Brothers-UBS Commercial
		Mortgage Trust
		Series 2005-C3,
		4.664%, 07/15/2030	$	621,212
	3,100,000	Master Adjustable Rate Mortgages
		Series 2004-13,
		3.096%, 11/21/2034 (e)		2,736,085
	419,625	Master Reperforming Loan Trust
		Series 2005-1,
		7.000%, 08/25/2034 (c)		398,788
	1,000,000	Merrill Lynch Mortgage Trust
		Series 2006-C1,
		5.656%, 05/12/2039 (e)		1,041,056
		MLCC Mortgage Investors, Inc.
	605,688	Series 2004-A3,
		5.050%, 05/25/2034 (e)		593,924
	716,459	Series 2005-1,
		2.479%, 04/25/2035 (e)		637,993
	1,000,000	Series 2007-7,
		5.747%, 06/12/2050 (e)		918,728
	2,000,000	Morgan Stanley
		Series 2005-HQ7,
		5.208%, 11/14/2042 (e)		2,055,229
		Prime Mortgage Trust
	1,027,793	Series 2006-DR1,
		5.500%, 05/25/2035 (c)		997,654
	2,033,589	Series 2006-DR1,
		5.500%, 05/25/2035 (c)		1,882,305
	426,274	Series 2006-DR1,
		6.000%, 05/25/2035 (c)		417,174
	2,063,988	Series 2006-DR1,
		6.000%, 05/25/2035 (c)		1,741,884
		Residential Accredit Loans, Inc.
	3,588,426	Series 2007-QH9,
		6.454%, 11/25/2037 (e)		1,673,401
	1,127,524	Series 2005-QO4,
		0.526%, 12/25/2045 (e)		615,043
	1,407,663	Series 2005-QO5,
		1.463%, 01/25/2046 (e)		789,265

Principal Amount			Value
		COLLATERALIZED MORTGAGE
		OBLIGATIONS (Continued)
$	437,607	Residential Asset Mortgage
		Products, Inc.
		Series 2004-SL4,
		7.500%, 07/25/2032	$	425,262
	1,144,996	Residential Funding Mortgage
		Series FLT,
		5.200%, 09/25/2035 (e)		966,835
		Structured Adjustable Rate
		Mortgage Loan
	85,211	Series FLT,
		2.915%, 05/25/2034 (e)		76,978
	25,436	Series FLT,
		2.582%, 09/25/2034 (e)		21,790
		Washington Mutual
	106,117	Series 2004-AR3,
		3.080%, 06/25/2034 (e)		99,061
	1,700,000	Series 2005-AR4,
		4.160%, 04/25/2035 (e)		1,239,218
	1,025,096	Series 2007-HY4,
		5.508%, 09/25/2036 (e)		831,443
	1,816,539	Series 2007-HY2,
		5.558%, 12/25/2036 (e)		1,272,322
	978,349	Series 2005-AR8,
		0.536%, 07/25/2045 (e)		756,925
	1,046,101	Series 2005-AR13,
		0.536%, 10/25/2045 (e)		808,061
	1,103,388	Series 2005-AR15,
		0.509%, 11/25/2045 (e)		741,090
	1,093,701	Series 2005-AR17,
		0.516%, 12/25/2045 (e)		836,357
	856,068	Series 2005-AR19,
		0.516%, 12/25/2045 (e)		654,037
		Wells Fargo Company
	662,225	Series 2005-AR16,
		3.305%, 10/25/2035 (e)		638,587
	2,826,081	Series 2007-PA6,
		6.462%, 12/28/2037 (e)		1,982,417
		Total Collateralized Mortgage
		Obligations (Cost $89,496,864)		69.936,433

See notes to financial statements.

63

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CONVERTIBLE BONDS - 0.29%
		Metals & Mining - 0.29%
$	1,625,000	Transocean, Inc.
		1.500%, 12/15/2037	$	1,594,531
		Total Convertible Bonds
		(Cost $1,582,214)		1,594,531
		CORPORATE BONDS - 30.92%
		Aerospace & Defense - 0.07%
		Boeing Co.
	240,000	6.000%, 03/15/2019		265,231
	110,000	4.875%, 02/15/2020		112,765
				377,996
		Airlines - 0.04%
	180,000	United Airlines, Inc.
		9.750%, 01/15/2017		189,450
		Auto Components - 0.05%
	250,000	The Goodyear Tire &
		Rubber Company
		9.000%, 07/01/2015 (b)		259,375
		Automobiles - 0.11%
	260,000	DaimlerChrysler N.A.
		5.875%, 03/15/2011		270,563
		General Motors Corporation
	2,420,000	8.250%, 07/15/2023 (f)		299,371
	250,000	8.375%, 07/05/2033 (f)		40,766
	30,000	8.375%, 07/15/2033 (f)		3,241
				613,941
		Banks - 6.63%
	2,400,000	Achmea Hypotheekbank NV
		3.200%, 11/03/2014 (c)		2,433,180
	270,000	AIFUL Corporation
		5.000%, 08/10/2010 (c)		259,200
	750,000	ANZ Capital Trust
		5.360%, 12/15/2053 (c)		743,799
	2,800,000	ANZ National Bank Ltd.
		3.250%, 04/02/2012 (c)		2,900,251
	30,000	BAC Capital Trust
		5.630%, 12/31/2099 (e)		22,800
	270,000	Bank of Tokyo-Mitsubishi UFJ
		3.850%, 01/22/2015 (c)		273,115

Principal Amount			Value
		Banks (Continued)
		Barclays Bank Plc
$	340,000	5.200%, 07/10/2014	$	363,412
	160,000	6.050%, 12/04/2017 (c)		165,255
	980,000	Credit Agricole SA
		8.375%, 12/31/2049 (c)(e)		1,065,750
	1,200,000	Dexia Credit Local
		2.750%, 01/10/2014 (c)		1,211,695
	500,000	Fifth Third Bancorp
		0.360%, 05/17/2013 (e)		467,324
		Glitnir Bank
	370,000	6.330%, 07/28/2011
		(Acquired 07/21/2006,
		Cost $370,000) (d)(f)		26,477
	760,000	6.693%, 06/15/2016
		(Acquired 06/14/2006 and
		06/21/2006, Cost $758,848) (d)(f)		685
		ICICI Bank Ltd.
	254,000	6.375%, 04/30/2022 (c)(e)		239,814
	140,000	6.375%, 04/30/2022 (e)		131,998
		Kaupthing Bank Hf
	130,000	5.750%, 10/04/2011
		(Acquired 09/28/2006,
		Cost $129,288) (d)(f)		8,820
	1,990,000	7.625%, 02/28/2015
		(Acquired 02/25/2008,
		Cost $1,708,395) (d)(f)		156,436
	250,000	7.125%, 05/19/2016
		(Acquired 05/12/2006,
		Cost $248,680) (d)(f)		461
	2,200,000	Kreditanstalt Fur Wiederaufbau
		1.875%, 01/14/2013		2,209,528
	1,080,000	Landsbanki Islands Hf
		6.100%, 08/25/2011
		(Acquired 08/22/2006,
		Cost $1,079,719) (d)(f)		6,451
		Lloyds TSB Bank Plc
	1,055,000	4.375%, 01/12/2015 (c)		1,041,107
	430,000	5.800%, 01/13/2020 (c)		420,316
	1,500,000	Macquarie Bank Ltd.
		3.300%, 07/17/2014 (c)		1,521,830
		Nordea Bank AB
	430,000	3.700%, 11/13/2014 (c)		433,707
	250,000	4.875%, 01/27/2020 (c)		248,386

See notes to financial statements.

64

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Banks (Continued)
$	1,100,000	North American Development Bank
		4.375%, 02/11/2020	$	1,075,554
	650,000	PNC Bank N.A.
		6.875%, 04/01/2018		721,980
	470,000	Rabobank Nederland
		11.000%, 12/31/2049 (c)(e)		606,597
		Resona Bank
	525,000	5.850%, 09/29/2049
		(Acquired 09/08/2005,
		Cost $524,633) (d)(e)		496,175
	450,000	4.125%, 12/31/2049
		(Acquired 10/05/2005,
		Cost $536,375) (d)(e)		589,562
	410,000	Resona Preferred Global Securities
		7.191%, 12/31/2049 (c)(e)		384,719
		Royal Bank of Scotland Group PLC
	3,000,000	1.500%, 03/30/2012 (c)		2,998,887
	1,100,000	2.625%, 05/11/2012 (c)		1,123,635
	140,000	5.000%, 11/12/2013		136,117
	625,000	4.875%, 08/25/2014 (c)		629,628
	50,000	5.000%, 10/01/2014		47,897
	220,000	4.875%, 03/16/2015		220,185
	530,000	6.400%, 10/21/2019 (b)		530,803
	200,000	7.640%, 03/31/2049 (e)		127,000
	990,000	9.118%, 03/31/2049		908,325
	140,000	Russian Agriculture Bank
		6.299%, 05/15/2017 (c)		145,936
	560,000	Santander Issuances SA
		5.805%, 06/20/2016 (c)(e)		558,915
	600,000	Shinsei Finance Cayman Ltd.
		6.418%, 07/20/2048 (c)(e)		416,567
	300,000	Sovereign Bank
		1.959%, 08/01/2013 (e)		296,409
	280,000	Suntrust Capital
		6.100%, 12/01/2066 (e)		231,123
	300,000	U.S. Bank, N.A.
		4.375%, 02/28/2017 (e)		410,874
		U.S. Central Federal Credit
	1,200,000	1.250%, 10/19/2011		1,207,645
	800,000	1.900%, 10/19/2012		807,870
	360,000	UBS AG, Stamford Branch
		3.875%, 01/15/2015		355,535

Principal Amount			Value
		Banks (Continued)
		Wells Fargo Company
$	840,000	9.750%, 09/26/2013 (e)	$	945,000
	400,000	7.700%, 12/29/2049 (e)		415,000
	440,000	5.950%, 12/01/2086		405,608
	1,900,000	Westpac Banking Corp.
		1.900%, 12/14/2012 (c)		1,925,019
		Zurich Financial Services
	675,000	6.150%, 12/15/2065 (c)(e)		664,875
	575,000	6.450%, 12/15/2065 (c)(e)		554,875
				36,290,112
		Beverages - 0.73%
		Anheuser-Busch InBev NV
	675,000	7.200%, 01/15/2014 (c)		773,947
	875,000	4.125%, 01/15/2015		901,260
	450,000	5.375%, 01/15/2020		465,093
	140,000	5.000%, 04/15/2020 (c)		140,706
	960,000	Diageo Plc
		7.375%, 01/15/2014		1,117,350
	470,000	PepsiCo, Inc.
		7.900%, 11/01/2018		583,065
				3,981,421
		Business Services - 0.01%
	46,000	Dyncorp International LLC
		9.500%, 02/15/2013		46,805
	10,000	Lamar Media Corp.
		6.625%, 08/15/2015		9,662
				56,467
		Capital Markets - 2.01%
	500,000	Ameriprise Financial, Inc.
		5.300%, 03/15/2020		506,792
		Bear Stearns Companies, Inc.
	620,000	6.400%, 10/02/2017		685,953
	2,705,000	7.250%, 02/01/2018		3,130,910
		Goldman Sachs Group, Inc.
	200,000	4.500%, 06/15/2010		201,502
	80,000	5.450%, 11/01/2012		86,532
	1,240,000	5.375%, 03/15/2020		1,230,871
	50,000	5.793%, 12/31/2099 (e)		42,625

See notes to financial statements.

65

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Capital Markets (Continued)
		Lehman Brothers Holdings, Inc.
$	120,000	5.250%, 02/06/2012 (f)	$	20,086
	1,820,000	6.750%, 12/28/2017 (f)		9
	370,000	3.019%, 08/19/2065 (f)		2
	270,000	5.857%, 12/29/2099 (f)		2
		Merrill Lynch Co.
	550,000	6.400%, 08/28/2017		580,513
	1,075,000	6.875%, 04/25/2018		1,160,295
		Morgan Stanley
	340,000	5.625%, 01/09/2012		360,268
	500,000	5.750%, 08/31/2012		536,744
	230,000	0.701%, 10/18/2016 (e)		210,626
	600,000	5.950%, 12/28/2017		617,373
	1,250,000	6.625%, 04/01/2018		1,335,298
	380,000	Wachovia Capital Trust
		5.800%, 03/15/2042 (e)		325,850
				11,032,251
		Chemicals - 0.23%
		Dow Chemical Co.
	800,000	7.600%, 05/15/2014		914,090
	300,000	5.900%, 02/15/2015		325,132
	40,000	Westlake Chemical Corp.
		6.625%, 01/15/2016		39,200
				1,278,422
		Commercial Services & Supplies - 0.14%
	375,000	Allied Waste North America, Inc.
		7.125%, 05/15/2016		407,851
	325,000	Waste Management, Inc.
		6.375%, 11/15/2012		360,322
				768,173
		Communications - 0.10%
	295,000	British Telecommunications Plc
		9.125%, 12/15/2010		311,581
	40,000	News America Marketing, Inc.
		6.650%, 11/15/2037		42,204
	110,000	Rogers Cable, Inc.
		6.750%, 03/15/2015		125,368
	50,000	Verizon Global Funding Corp.
		7.375%, 09/01/2012		56,653
				535,806

Principal Amount			Value
		Containers & Packaging - 0.04%
$	220,000	Ball Corp.
		6.750%, 09/15/2020	$	224,950
		Diversified Consumer Services - 0.36%
	1,800,000	Leaseplan Corp. NV
		3.000%, 05/07/2012 (c)		1,860,912
	130,000	Service Corporation International
		7.500%, 04/01/2027		119,600
				1,980,512
		Diversified Financial Services - 5.49%
		American Express Co.
	60,000	8.125%, 05/20/2019 (b)		72,794
	440,000	6.800%, 09/01/2066 (e)		432,300
		American Express Credit Corp.
	60,000	5.875%, 05/02/2013		65,040
	10,000	5.125%, 08/25/2014		10,628
	210,000	American General Finance
		6.900%, 12/15/2017		184,204
		Bank of America Corporation
	360,000	7.400%, 01/15/2011		376,775
	1,100,000	4.500%, 04/01/2015		1,110,404
	330,000	5.420%, 03/15/2017		326,587
	550,000	8.000%, 01/30/2018 (e)		561,991
	110,000	7.625%, 06/01/2019 (b)		126,037
	14,000	8.125%, 12/29/2049 (e)		14,302
	160,000	Boeing Capital Corp.
		4.700%, 10/27/2019		161,176
	690,000	Caterpillar Financial Services Corp.
		6.200%, 09/30/2013		779,886
		Citigroup Funding, Inc.
	3,100,000	1.875%, 10/22/2012		3,126,669
	400,000	1.875%, 11/15/2012		403,155
		Citigroup, Inc.
	575,000	5.850%, 07/02/2013		604,702
	1,030,000	6.500%, 08/19/2013		1,111,195
	1,920,000	5.000%, 09/15/2014		1,919,184
	950,000	6.875%, 03/05/2038		962,958
	350,000	Deutsche Telekom International Finance B.V.
		5.750%, 03/23/2016		376,727
	550,000	Discover Bank
		8.700%, 11/18/2019		603,396

See notes to financial statements.

66

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Diversified Financial Services (Continued)
$	350,000	First Niagara Financial Group, Inc.
		6.750%, 03/19/2020	$	354,330
		Ford Motor Credit Company LLC
	190,000	7.500%, 08/01/2012		196,845
	540,000	12.000%, 05/15/2015		645,770
		GE Capital Corp.
	650,000	0.514%, 09/15/2014 (e)		618,479
	1,160,000	6.375%, 11/15/2067 (e)		1,096,200
	1,700,000	General Motors Acceptance Corporation
		6.875%, 09/15/2011		1,724,225
	956,000	GMAC LLC
		6.625%, 05/15/2012		975,120
	4,270,000	GMAC Mortgage, LLC
		1.750%, 10/30/2012		4,297,392
		JPMorgan Chase & Co.
	500,000	6.125%, 06/27/2017		539,022
	575,000	6.000%, 01/15/2018		625,256
	500,000	JPMorgan Chase Cap XXV
		6.800%, 10/01/2037		499,251
	925,000	Prudential Financial, Inc.
		3.875%, 01/14/2015		924,259
		SLM Corp.
	1,750,000	5.000%, 10/01/2013		1,673,189
	260,000	4.246%, 04/01/2014 (e)		225,358
	1,140,000	5.375%, 05/15/2014		1,080,770
	120,000	5.050%, 11/14/2014		111,158
	20,000	5.000%, 04/15/2015		18,230
	100,000	5.625%, 08/01/2033		77,383
	1,214,000	UBS AG
		0.000%, 12/31/2017 (credit linked
		to a Republic of Brazil Treasury
		Security and IPCA Index Units)
		(Acquired 12/01/2007,
		Cost $327,072) (d)(j)		393,273
	675,000	Westfield Capital Corp.
		4.375%, 11/15/2010 (c)		685,606
				30,091,226

Principal Amount				Value
		Diversified Telecommunication Services - 1.55%
		America Movil S.A.B. de C.V.
$	200,000	5.625%, 11/15/2017	$		212,276
	100,000	5.000%, 03/30/2020 (c)			99,087
		AT&T, Inc.
	310,000	5.500%, 02/01/2018			329,635
	40,000	5.800%, 02/15/2019 (b)			42,832
	320,000	6.550%, 02/15/2039			337,516
	30,000	BellSouth Corp.
		4.750%, 11/15/2012			32,008
	195,000	Cricket Communications, Inc.
		7.750%, 05/15/2016			203,287
	100,000	Intelsat Corp.
		9.250%, 08/15/2014			103,000
		Intelsat Ltd.
	30,000	9.500%, 06/15/2016			32,100
	75,000	8.500%, 11/01/2019 (c)			79,125
	520,000	KPN Mobile NV
		8.375%, 10/01/2030			647,240
	425,000	Qwest Corp.
		8.375%, 05/01/2016			480,250
	70,000	Rogers Communications, Inc.
		6.800%, 08/15/2018			79,758
	240,000	Rogers Wireless Communications, Inc.
		6.375%, 03/01/2014			266,576
	410,000	SBC Communications, Inc.
		5.100%, 09/15/2014			444,039
		Sprint Capital Corp.
	830,000	8.375%, 03/15/2012			867,350
	40,000	8.750%, 03/15/2032			37,300
		Telecom Italia Capital
	450,000	6.200%, 07/18/2011			472,641
	200,000	4.950%, 09/30/2014			205,371
	190,000	5.250%, 10/01/2015			194,770
	430,000	6.999%, 06/04/2018 (b)			465,771
	875,000	Telefonica Emisiones SAU
		6.421%, 06/20/2016			973,312
		Verizon Communications, Inc.
	80,000	5.500%, 02/15/2018			84,926
	140,000	8.950%, 03/01/2039			190,444
	740,000	Verizon New York, Inc.
		6.875%, 04/01/2012			806,126
	40,000	Verizon Wireless Cap LLC
		8.500%, 11/15/2018			49,986

See notes to financial statements.

67

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Diversified Telecommunication
		Services (Continued)
$	200,000	VIP Finance Vipelcom
		9.125%, 04/30/2018	$	227,800
	515,000	Windstream Corp.
		8.625%, 08/01/2016		529,163
				8,493,689
		Electric Utilities - 1.61%
		AES Corp.
	47,000	7.750%, 03/01/2014		48,293
	190,000	7.750%, 10/15/2015		194,275
	860,000	8.000%, 06/01/2020 (b)		861,075
	675,000	Arizona Pubic Service Co.
		8.750%, 03/01/2019		819,343
		Commonwealth Edison Co.
	425,000	5.400%, 12/15/2011		452,213
	250,000	6.950%, 07/15/2018		276,295
		Energy Future Holdings Corp.
	10,000	10.875%, 11/01/2017		7,475
	3,865,184	11.250%, 11/01/2017		2,647,651
	270,000	6.500%, 11/15/2024		141,750
	575,000	6.550%, 11/15/2034		299,000
	75,000	Exelon Corp.
		5.625%, 06/15/2035		69,873
		FirstEnergy Corp.
	9,000	6.450%, 11/15/2011		9,550
	1,265,000	7.375%, 11/15/2031		1,312,707
	375,000	Nevada Power Co.
		5.875%, 01/15/2015		408,920
		Pacific Gas & Electric Co.
	470,000	5.625%, 11/30/2017		506,773
	290,000	5.800%, 03/01/2037		288,729
	400,000	Progress Energy, Inc.
		7.750%, 03/01/2031		473,002
				8,816,924
		Electrical Equipment - 0.16%
	100,000	L-3 Communications Holdings, Inc.
		6.375%, 10/15/2015 (b)		103,125
		Tyco International Group
	130,000	6.750%, 02/15/2011		136,334
	455,000	6.375%, 10/15/2011		490,408

Principal Amount			Value
		Electrical Equipment (Continued)
$	105,000	Tyco International Ltd.
		6.875%, 01/15/2021	$	120,218
				850,085
		Electronic Equipment & Instruments - 0.17%
	850,000	Agilent Technologies, Inc.
		5.500%, 09/14/2015		912,239
	10,000	Freescale Semiconductor, Inc.
		8.875%, 12/15/2014		9,600
				921,839
		Energy Equipment & Services - 0.20%
	500,000	Baker Hughes, Inc.
		7.500%, 11/15/2018 (b)		598,735
	190,000	Complete Production Services
		8.000%, 12/15/2016		189,050
		Geophysique
	155,000	7.500%, 05/15/2015		156,163
	90,000	7.750%, 05/15/2017		90,450
	50,000	Pride International, Inc.
		7.375%, 07/15/2014		51,750
				1,086,148
		Food & Staples Retailing - 0.25%
		CVS Caremark Corporation
	500,000	6.600%, 03/15/2019		559,967
	764,172	6.943%, 01/10/2030		812,508
				1,372,475
		Food Products - 0.42%
	375,000	Dean Foods Co.
		7.000%, 06/01/2016		369,375
		Kraft Foods, Inc.
	400,000	6.125%, 08/23/2018		436,624
	1,100,000	5.375%, 02/10/2020		1,120,116
	375,000	6.500%, 02/09/2040		389,908
				2,316,023
		Health Care Equipment & Supplies - 0.15%
		Boston Scientific Corp.
	375,000	4.500%, 01/15/2015		359,768
	150,000	6.000%, 01/15/2020		141,960
	125,000	7.000%, 11/15/2035		112,766
	200,000	Medtronic, Inc.
		4.450%, 03/15/2020		199,439
				813,933

See notes to financial statements.

68

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Health Care Providers & Services - 0.58%
$	180,000	Community Health Systems, Inc.
		8.875%, 07/15/2015	$	186,750
	205,000	Davita, Inc.
		6.625%, 03/15/2013		207,306
	250,000	FMC Finance III SA
		6.875%, 07/15/2017		261,250
		HCA, Inc.
	13,000	6.300%, 10/01/2012		13,049
	234,000	6.250%, 02/15/2013		233,415
	460,000	6.750%, 07/15/2013		462,300
	40,000	9.125%, 11/15/2014		42,350
	340,000	9.250%, 11/15/2016		362,312
	72,579	9.625%, 11/15/2016		77,932
	500,000	7.875%, 02/15/2020 (c)		524,687
	542,000	Tenet Healthcare Corp.
		9.250%, 02/01/2015		571,133
	160,000	UnitedHealth Group, Inc.
		6.000%, 02/15/2018		171,100
	50,000	WellPoint, Inc.
		5.875%, 06/15/2017		53,763
				3,167,347
		Hotels, Restaurants & Leisure - 0.07%
		Boyd Gaming Corp.
	65,000	6.750%, 04/15/2014 (b)		57,037
	160,000	7.125%, 02/01/2016 (b)		134,400
	60,000	Inn of the Mountain Gods
		Resort & Casino
		12.000%, 11/15/2010
		(Acquired 03/01/2005 and
		05/18/2005, Cost $61,343) (f)(n)		17,940
		MGM Mirage, Inc.
	20,000	8.500%, 09/15/2010		20,225
	20,000	10.375%, 05/15/2014 (c)		22,150
	20,000	6.625%, 07/15/2015		16,650
	30,000	7.625%, 01/15/2017 (b)		25,125
	50,000	11.125%, 11/15/2017 (c)		56,500
		Station Casinos, Inc.
	25,000	6.875%, 03/01/2016
		(Acquired 12/13/2006,
		Cost $25,577) (f)(n)		486

Principal Amount			Value
		Hotels, Restaurants & Leisure (Continued)
$	190,000	7.750%, 08/15/2016
		(Acquired 05/02/2007,
		Cost $193,093) (f)(n)	$	42,574
				393,087
		Household Durables - 0.09%
		Whirlpool Corp.
	200,000	8.000%, 05/01/2012		219,918
	250,000	8.600%, 05/01/2014		290,387
				510,305
		Industrials - 0.14%
	340,000	Reed Elsevier Capital
		8.625%, 01/15/2019		424,854
	310,000	Roche Holding, Inc.
		6.000%, 03/01/2019 (c)		343,187
				768,041
		Insurance - 1.24%
		American International Group, Inc.
	130,000	5.850%, 01/16/2018		120,976
	390,000	8.250%, 08/15/2018		409,837
	150,000	6.250%, 03/15/2087		111,750
	400,000	Arch Capital Group Ltd.
		7.350%, 05/01/2034		402,130
	80,000	ASIF Global Financing XIX
		4.900%, 01/17/2013 (c)		80,944
	200,000	AXA Group
		6.463%, 12/31/2049 (b)(c)(e)		176,000
	490,000	Berkshire Hathaway Inc.
		3.200%, 02/11/2015		494,734
	250,000	Endurance Specialty Holdings Ltd.
		6.150%, 10/15/2015		267,222
	300,000	Hartford Financial Services
		Group, Inc.
		6.625%, 03/30/2040		296,135
	1,200,000	Metlife, Inc.
		6.400%, 12/15/2066		1,092,000
	1,025,000	Northwestern Mutual Life
		Insurance Co.
		6.063%, 03/30/2040
		(Acquired 03/23/2010,
		Cost $1,025,000) (d)		1,032,208

See notes to financial statements.

69

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Insurance (Continued)
$	450,000	QBE Insurance Group Ltd.
		5.647%, 07/01/2023
		(Acquired 08/23/2004,
		Cost $441,198) (d)(e)	$	419,564
	300,000	Reinsurance Group of America, Inc.
		6.750%, 12/15/2065 (e)		275,956
	360,000	Teachers Insurance &
		Annuity Association
		6.850%, 12/16/2039 (c)		391,800
	375,000	Transatlantic Holdings, Inc.
		8.000%, 11/30/2039		384,352
	840,000	Travelers Companies, Inc.
		6.250%, 03/15/2067 (e)		828,006
				6,783,614
		IT Services - 0.11%
	575,000	Fiserv, Inc.
		6.125%, 11/20/2012		626,186
		Machinery - 0.00%
	20,000	American Achievement Corp.
		8.250%, 04/01/2012 (c)		19,900
		Media - 1.29%
		Comcast Cable Communications
		Holdings, Inc.
	320,000	8.875%, 05/01/2017		387,586
	500,000	9.455%, 11/15/2022		669,439
		Comcast Corp.
	220,000	6.500%, 01/15/2015		247,900
	50,000	6.500%, 01/15/2017		55,662
	20,000	5.875%, 02/15/2018		21,409
	650,000	Comcast Holdings Corp.
		10.625%, 07/15/2012		763,043
		CSC Holdings, Inc.
	125,000	7.625%, 04/01/2011 (b)		131,094
	30,000	8.625%, 02/15/2019 (c)		33,000
	525,000	DIRECTV Holdings LLC
		6.350%, 03/15/2040 (c)		522,881
	95,000	Dish DBS Corp.
		7.875%, 09/01/2019		99,275
		EchoStar DBS Corporation
	40,000	6.625%, 10/01/2014		40,400
	125,000	7.750%, 05/31/2015		131,250
	500,000	7.125%, 02/01/2016		511,875

Principal Amount			Value
		Media (Continued)
$	285,000	The Reynolds Group, Inc.
		7.750%, 10/15/2016 (c)	$	294,262
	70,000	Sun Media Corp.
		7.625%, 02/15/2013		69,037
		Time Warner Cable, Inc.
	310,000	6.875%, 05/01/2012		341,153
	540,000	5.850%, 05/01/2017		579,045
	150,000	8.750%, 02/14/2019 (b)		186,328
	530,000	8.250%, 04/01/2019		642,406
	210,000	6.750%, 06/15/2039		221,011
	750,000	Time Warner, Inc.
		4.875%, 03/15/2020		734,199
	90,000	TL Acquisitions, Inc.
		10.500%, 01/15/2015 (c)		86,850
	251,000	WPP Finance UK
		8.000%, 09/15/2014		288,670
				7,057,775
		Metals & Mining - 1.04%
	260,000	Alcoa, Inc.
		6.000%, 07/15/2013 (b)		277,540
		Anglo American Capital Plc
	144,000	9.375%, 04/08/2014 (c)		173,124
	350,000	9.375%, 04/08/2019 (c)		446,517
	650,000	ArcelorMittal SA
		6.125%, 06/01/2018		683,405
	200,000	Barrick Gold Corp.
		6.950%, 04/01/2019 (b)		229,231
	640,000	BHP Billiton Ltd.
		6.500%, 04/01/2019		732,980
	100,000	Codelco
		4.750%, 10/15/2014 (c)		105,188
		Freeport-McMoRan Copper &
		Gold, Inc.
	10,000	8.250%, 04/01/2015		10,899
	895,000	8.375%, 04/01/2017		997,022
	670,000	Rio Tinto Ltd.
		6.500%, 07/15/2018		755,357
		Steel Dynamics, Inc.
	5,000	7.375%, 11/01/2012		5,225
	150,000	6.750%, 04/01/2015 (b)		151,875
	60,000	7.625%, 03/15/2020 (c)		61,800

See notes to financial statements.

70

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Metals & Mining (Continued)
		Teck Resources Ltd
$	25,000	9.750%, 05/15/2014	$	29,750
	20,000	10.250%, 05/15/2016		23,900
	540,000	10.750%, 05/15/2019		664,200
	300,000	Vedanta Resources Plc
		8.750%, 01/15/2014 (c)		330,750
				5,678,763
		Multi-Utilities - 0.40%
	225,000	Calpine Construction Finance
		Co. LP
		8.000%, 06/01/2016 (c)		231,187
		CenterPoint Energy, Inc.
	50,000	7.250%, 09/01/2010		51,108
	475,000	7.875%, 04/01/2013		544,270
		Dominion Resources, Inc.
	80,000	4.750%, 12/15/2010		82,202
	300,000	5.700%, 09/17/2012		325,260
	260,000	8.875%, 01/15/2019 (b)		328,538
	25,000	Duke Energy Corp.
		5.625%, 11/30/2012		27,396
		Edison Mission Energy
	90,000	7.750%, 06/15/2016		66,150
	70,000	7.000%, 05/15/2017		49,175
	220,000	7.200%, 05/15/2019		152,900
	80,000	7.625%, 05/15/2027		51,600
		NRG Energy, Inc.
	225,000	7.250%, 02/01/2014		227,250
	30,000	7.375%, 02/01/2016		29,850
	20,000	7.375%, 01/15/2017		19,850
				2,186,736
		Oil & Gas - 3.85%
		Amerada Hess Corp.
	160,000	7.875%, 10/01/2029		192,221
	350,000	7.300%, 08/15/2031		399,963
	130,000	Anadarko Petroleum Corp.
		6.450%, 09/15/2036		132,911
	480,000	Apache Corp.
		6.000%, 09/15/2013		538,217
	700,000	Boardwalk Pipelines LP
		5.875%, 11/15/2016		751,464

Principal Amount			Value
		Oil & Gas (Continued)
		BP Capital PLC
$	680,000	5.250%, 11/07/2013	$	748,905
	210,000	3.875%, 03/10/2015		218,345
	25,000	Canadian Natural Resources Ltd.
		5.150%, 02/01/2013		26,860
		Chesapeake Energy Corp.
	60,000	6.375%, 06/15/2015		59,250
	80,000	6.250%, 01/15/2018		76,600
	155,000	7.250%, 12/15/2018		155,775
	70,000	Conoco Funding Co.
		6.350%, 10/15/2011		75,538
		ConocoPhillips
	350,000	6.000%, 01/15/2020		389,513
	490,000	6.500%, 02/01/2039		549,246
	180,000	Consol Energy, Inc.
		8.250%, 04/01/2020 (c)		185,850
	386,100	Dolphin Energy Ltd.
		5.888%, 06/15/2019 (c)		397,419
	55,000	Dynegy, Inc.
		7.750%, 06/01/2019		41,800
		El Paso Corp.
	275,000	7.000%, 06/15/2017		282,037
	217,000	7.800%, 08/01/2031		214,358
	355,000	7.750%, 01/15/2032		350,602
		El Paso Natural Gas Co.
	400,000	7.500%, 11/15/2026		437,231
	59,000	8.375%, 06/15/2032		69,346
	1,070,000	El Paso Performance Linked Trust
		7.750%, 07/15/2011 (c)		1,113,094
	1,150,000	Energy Transfer Partners LP
		5.950%, 02/01/2015		1,250,753
		Enterprise Products Operating LP
	375,000	8.375%, 08/01/2066 (e)		381,088
	450,000	7.034%, 01/15/2068 (e)		428,689
	400,000	Hess Corp.
		8.125%, 02/15/2019		488,382
	1,085,000	Kerr Mcgee Corp.
		7.875%, 09/15/2031		1,263,887
		Kinder Morgan Energy Partners
	360,000	6.750%, 03/15/2011		378,326
	110,000	5.850%, 09/15/2012		119,578
	60,000	6.000%, 02/01/2017		64,527
	410,000	Noble Energy, Inc.
		8.250%, 03/01/2019		497,367

See notes to financial statements.

71

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Oil & Gas (Continued)
$	790,000	Occidental Petroleum Corp.
		7.000%, 11/01/2013	$	915,828
	425,000	Oneok Partners LP
		6.650%, 10/01/2036		444,489
		OPTI Canada, Inc.
	40,000	7.875%, 12/15/2014		37,600
	20,000	8.250%, 12/15/2014		18,900
	50,000	Peabody Energy Corp.
		5.875%, 04/15/2016		50,000
	781,000	Pemex Project Funding Master Trust
		6.625%, 06/15/2035 (b)		770,406
		Petrobras International Finance Co.
	180,000	6.125%, 10/06/2016		194,801
	162,000	5.750%, 01/20/2020		166,777
	980,000	Petroleos Mexicanos
		8.000%, 05/03/2019		1,153,950
		Sandridge Energy, Inc.
	200,000	9.875%, 05/15/2016 (c)		206,500
	5,000	8.750%, 01/15/2020 (c)		4,900
	550,000	Shell International Finance BV
		4.375%, 03/25/2020		546,350
	45,000	Southern Natural Gas Co.
		8.000%, 03/01/2032		50,953
	425,000	Suncor Energy, Inc.
		6.100%, 06/01/2018		458,671
		Tennessee Gas Pipeline Co.
	250,000	7.500%, 04/01/2017		283,277
	140,000	7.625%, 04/01/2037		155,502
		Williams Companies, Inc.
	267,000	7.875%, 09/01/2021		314,987
	570,000	7.500%, 01/15/2031		628,021
	437,000	7.750%, 06/15/2031		491,580
	450,000	8.750%, 03/15/2032		549,732
		Oil & Gas (Continued)
	425,000	Williams Partners LP
		5.250%, 03/15/2020 (c)		426,684
		XTO Energy, Inc.
	800,000	7.500%, 04/15/2012		896,702
	30,000	5.650%, 04/01/2016		33,257
				21,079,009

Principal Amount			Value
		Paper & Forest Products - 0.04%
$	175,000	International Paper Co.
		7.950%, 06/15/2018	$	204,776
		Pharmaceuticals - 0.35%
	820,000	Abbott Laboratories
		5.125%, 04/01/2019		865,286
	550,000	Pfizer, Inc.
		6.200%, 03/15/2019		622,299
	420,000	Wyeth
		5.950%, 04/01/2037		441,236
				1,928,821
		Pipelines - 0.20%
	225,000	DCP Midstream LLC
		9.750%, 03/15/2019 (c)		288,903
	275,000	El Paso Pipeline Partners, L.P.
		6.500%, 04/01/2020		279,733
	550,000	TransCanada PipeLines Ltd.
		6.350%, 05/15/2067 (e)		524,054
				1,092,690
		Real Estate - 0.42%
	450,000	Developers Diversified Realty Corp.
		7.500%, 04/01/2017		455,866
	29,000	Forest City Enterprises, Inc.
		6.500%, 02/01/2017		23,490
	450,000	ProLogis
		1.875%, 11/15/2037		426,375
	550,000	Realogy Corp.
		10.500%, 04/15/2014 (b)		477,125
	600,000	Simon Property Group LP
		10.350%, 04/01/2019		755,590
		Ventas Realty LP
	90,000	9.000%, 05/01/2012		96,092
	70,000	6.750%, 04/01/2017		71,968
				2,306,506
		Retail - 0.01%
	40,000	J.C. Penney Co., Inc.
		7.400%, 04/01/2037		40,200

See notes to financial statements.

72

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		CORPORATE BONDS (Continued)
		Road & Rail - 0.13%
$	165,000	Kansas City Southern de Mexico,
		S.A. de C.V.
		12.500%, 04/01/2016	$	195,937
	270,000	Railamerica, Inc.
		9.250%, 07/01/2017		289,238
	3,000	TFM S.A. de C.V.
		9.375%, 05/01/2012		3,090
	230,000	Union Pacific Corp.
		5.375%, 05/01/2014		248,098
				736,363
		Semiconductor & Semiconductor
		Equipment - 0.01%
	60,000	National Semiconductor Corp.
		6.600%, 06/15/2017		65,238
		Special Purpose Entity - 0.24%
	375,000	Hellas Telecom V
		4.684%, 10/15/2012 (e)		364,677
	280,000	ILFC E-Capital Trust II
		6.250%, 12/21/2065 (c)(e)		218,400
	330,000	MUFG Capital Finance 1 Ltd.
		6.346%, 07/29/2049 (e)		327,630
	390,000	TNK-BP
		7.500%, 07/18/2016 (c)		426,575
				1,337,282
		Tobacco - 0.11%
	240,000	Altria Group, Inc.
		9.250%, 08/06/2019		292,109
		Reynolds American, Inc.
	70,000	7.250%, 06/01/2012		76,511
	230,000	6.750%, 06/15/2017		246,702
				615,322
		Transportation - 0.08%
	446,000	Vale Overseas Ltd.
		6.875%, 11/21/2036		462,524
		Total Corporate Bonds
		(Cost $173,158,966)		169,411,703

Principal Amount			Value
		FOREIGN GOVERNMENT
		NOTE/BONDS - 3.66%
$	550,000	Hellenic Republic
		6.100%, 08/20/2015	$	744,073
		United Mexican States
	14,000	5.625%, 01/15/2017		15,050
	156,000	6.750%, 09/27/2034		172,380
		Province of Ontario
	500,000	4.100%, 06/16/2014		534,660
	1,660,000	2.950%, 02/05/2015		1,666,285
	4,240,000	Republic Of Argentina
		3.169%, 12/15/2035 (e)		339,200
		Societe de Financement de
		l’Economie Francaise’s
	2,400,000	3.375%, 05/05/2014 (b)(c)		2,492,443
	2,500,000	2.875%, 09/22/2014 (b)(c)		2,517,730
	570,000	Republic of Peru
		7.125%, 03/30/2019		663,195
	710,000	Republic of Indonesia
		5.875%, 03/13/2020 (c)		740,175
	3,500,000	Bundesrepublik Deutschland
		4.250%, 07/04/2039		5,087,702
	1,120,000	Japan Finance Corporation
		2.875%, 02/02/2015		1,122,985
	17,960,000	Mexican Bonos
		9.000%, 12/20/2012		1,565,213
	73,600	Russia Foreign Bond
		7.500%, 03/31/2030		85,015
		State of Qatar
	1,600,000	5.250%, 01/20/2020 (c)		1,668,800
	140,000	5.150%, 04/09/2014		150,514
	500,000	Swedish Housing Finance Corp.
		3.125%, 03/23/2012 (c)		515,551
		Total Foreign Government
		Note/Bonds (Cost $19,952,457)		20,080,971
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY - 29.97%
		Federal Home Loan Mortgage Corp.
	1,000,000	Series 2590,
		5.000%, 03/15/2018		1,078,383
	1,080,688	Series 2329,
		6.500%, 06/15/2031		1,181,986

See notes to financial statements.

73

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
		Federal Home Loan Mortgage Corp.
$	604,532	Series 2338,
		6.500%, 07/15/2031	$	660,594
	2,722,788	Pool #1G-0058,
		3.829%, 01/01/2035 (e)		2,836,966
	1,216,756	Pool #1H-2524,
		3.390%, 08/01/2035 (e)		1,268,154
	29,266	Series 3013, 0.000%, 08/15/2035
		(Acquired 05/01/2007,
		Cost $29,790) (d)(e)		28,489
	1,798,222	Pool #1Q-0160,
		5.056%, 09/01/2035 (e)		1,881,794
	1,188	Pool #A4-3129,
		5.500%, 02/01/2036		1,257
	8,353	Series 3167,
		0.000%, 06/15/2036
		(Acquired 04/13/2007,
		Cost $7,780) (d)(e)		8,324
	454,875	Pool #1N-1582,
		5.907%, 05/01/2037 (e)		482,682
	1,693,296	Pool #1G-2201,
		6.079%, 09/01/2037 (e)		1,808,001
	86,915	Pool #GO-5335,
		5.000%, 03/01/2039		89,869
	34,455	Pool #A8-6141,
		5.000%, 05/01/2039		35,626
	563,525	Pool #A8-6245,
		5.000%, 05/01/2039		582,677
	939,041	Pool #A8-6862,
		5.000%, 06/01/2039		970,957
	666,748	Pool #A8-7059,
		5.000%, 06/01/2039		689,408
	1,244,335	Pool #A8-7062,
		5.000%, 06/01/2039		1,286,626
	289,381	Pool #A8-7438,
		5.000%, 07/01/2039		299,216
	291,836	Pool #A8-7443,
		5.000%, 07/01/2039		301,754
	222,089	Pool #G0-5529,
		5.000%, 07/01/2039		229,659

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	33,850	Pool #A8-7625,
		5.000%, 08/01/2039	$	35,000
	28,939	Pool #A8-7706,
		5.000%, 08/01/2039		29,922
	29,212	Pool #A8-8050,
		5.000%, 08/01/2039		30,205
	32,808	Pool #A8-8118,
		5.000%, 08/01/2039		33,923
	49,626	Pool #A8-8153,
		5.000%, 08/01/2039		51,313
	978,062	Pool #C0-3404,
		4.500%, 09/01/2039		981,700
	418,634	Pool #A8-8640,
		5.000%, 09/01/2039		432,862
	230,876	Pool #A8-8642,
		5.000%, 09/01/2039		238,723
	43,792	Pool #A8-9012,
		5.000%, 09/01/2039		45,281
	48,776	Pool #A8-9014,
		5.000%, 09/01/2039		50,434
	80,634	Pool #A8-9211,
		5.000%, 10/01/2039		83,374
	1,558,483	Pool #C03425,
		5.000%, 10/01/2039		1,611,607
	571,465	Pool #A8-9843,
		5.000%, 11/01/2039		590,887
	195,163	Pool #A9-0206,
		5.000%, 12/01/2039		201,796
	1,878,485	Pool #A9-0317,
		5.000%, 12/01/2039		1,942,329
	264,555	Pool #A9-0690,
		5.000%, 01/01/2040		273,547
	58,062	Pool #A9-0815,
		5.000%, 01/01/2040		60,035
	37,704	Pool #A9-0844,
		5.000%, 01/01/2040		38,985
		Federal Home Loan Mortgage
		Corp. - Gold
	15,926	Pool #B1-2301,
		4.000%, 02/01/2014		16,368

See notes to financial statements.

74

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	29,700	Pool #B1-2730,
		4.000%, 03/01/2014	$	30,525
	32,566	Pool #B1-2772,
		4.000%, 03/01/2014		33,479
	23,871	Pool #B1-2818,
		4.000%, 03/01/2014		24,534
	28,578	Pool #B1-2819,
		4.000%, 03/01/2014		29,365
	25,660	Pool #B1-2883,
		4.000%, 03/01/2014		26,367
	19,899	Pool #B1-2910,
		4.000%, 03/01/2014		20,447
	21,666	Pool #B1-2911,
		4.000%, 03/01/2014		22,268
	99,709	Pool #B1-3066,
		4.000%, 03/01/2014		102,482
	13,383	Pool #B1-3343,
		4.000%, 04/01/2014		13,765
	18,048	Pool #B1-3344,
		4.000%, 04/01/2014		18,554
	21,740	Pool #B1-3360,
		4.000%, 04/01/2014		22,350
	45,450	Pool #E9-6247,
		4.500%, 05/01/2018		47,872
	48,306	Pool #E9-6248,
		4.500%, 05/01/2018		50,881
	56,441	Pool #E9-7034,
		4.500%, 06/01/2018		59,431
	21,192	Pool #E9-9763,
		4.500%, 09/01/2018		22,315
	21,282	Pool #E9-9764,
		4.500%, 09/01/2018		22,410
	15,508	Pool #E9-9765,
		4.500%, 09/01/2018		16,330
	44,657	Pool #E9-9769,
		4.500%, 09/01/2018		47,023
	30,864	Pool #E9-9770,
		4.500%, 09/01/2018		32,500
	48,439	Pool #B1-0170,
		4.500%, 10/01/2018		51,005

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	63,660	Pool #B1-0207,
		4.500%, 10/01/2018	$	67,032
	59,536	Pool #E0-1481,
		4.500%, 10/01/2018		62,455
	292,565	Pool #B1-0178,
		5.000%, 10/01/2018		312,534
	490,517	Pool #E0-1538,
		5.000%, 12/01/2018		521,419
	68,427	Pool #B1-1801,
		4.500%, 01/01/2019		72,052
	61,935	Pool #G1-1526,
		4.500%, 03/01/2019		65,216
	798,826	Pool #G1-1719,
		5.000%, 06/01/2020		851,851
	780,094	Pool #G1-1733,
		5.000%, 07/01/2020		830,901
	551,672	Pool #D9-6291,
		4.500%, 09/01/2023		573,705
	806,436	Pool #78-0447,
		2.844%, 04/01/2033 (e)		824,765
	2,546,843	Pool #G0-8085,
		5.000%, 10/01/2035		2,637,381
	186,839	Pool #1N-1447,
		5.679%, 02/01/2037 (e)		198,079
	486,565	Pool #1N-1463,
		5.879%, 05/01/2037 (e)		515,197
		Federal National Mortgage Association
	4,000,000	Pool #TBA,
		4.500%, 09/11/2016 (g)		4,009,414
	51,717	Pool #357273,
		5.000%, 09/01/2017		55,231
	6,184	Pool #254684,
		5.000%, 03/01/2018		6,600
	7,380	Pool #555361,
		4.500%, 04/01/2018		7,772
	5,872	Pool #656564,
		5.000%, 04/01/2018		6,267
	79,505	Pool #695826,
		5.000%, 04/01/2018		84,857
	9,283	Pool #357378,
		4.500%, 05/01/2018		9,777

See notes to financial statements.

75

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	6,808	Pool #685505,
		5.000%, 05/01/2018	$	7,267
	5,547	Pool #685506,
		5.000%, 05/01/2018		5,921
	8,251	Pool #705709,
		5.000%, 05/01/2018		8,806
	9,285	Pool #555549,
		5.000%, 06/01/2018		9,910
	18,000	Pool #357413,
		5.000%, 07/01/2018		19,211
	2,638,533	Pool #734788,
		4.000%, 09/01/2018		2,737,963
	39,637	Pool #713830,
		4.500%, 10/01/2018		41,743
	91,708	Pool #734743,
		4.500%, 10/01/2018		96,580
	43,977	Pool #740468,
		4.500%, 10/01/2018		46,313
	29,415	Pool #743133,
		5.000%, 10/01/2018		31,395
	36,701	Pool #769278,
		4.500%, 11/01/2018		38,651
	65,969	Pool #752853,
		4.500%, 12/01/2018		69,474
	41,318	Pool #254987,
		5.000%, 12/01/2018		44,099
	9,208	Pool #357478,
		5.000%, 12/01/2018		9,827
	504,944	Pool #745387,
		5.000%, 04/01/2019		538,935
	17,789	Pool #776276,
		5.000%, 04/01/2019		18,987
	15,216	Pool #775653,
		4.500%, 05/01/2019		16,001
	86,087	Pool #775688,
		4.500%, 05/01/2019		90,526
	45,966	Pool #777358,
		4.500%, 05/01/2019		48,336
	73,688	Pool #735985,
		5.000%, 06/01/2019		78,649

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	45,891	Pool #788275,
		5.000%, 07/01/2019	$	48,894
	23,742	Pool #790397,
		5.000%, 08/01/2019		25,296
	10,806	Pool #761496,
		5.000%, 09/01/2019		11,513
	834,679	Pool #735439,
		6.000%, 09/01/2019		903,908
	19,831	Pool #930637,
		4.500%, 10/01/2019		20,885
	156,162	Pool #811034,
		5.000%, 10/01/2019		166,674
	1,036,465	Pool #745238,
		6.000%, 12/01/2020		1,122,430
	384,000	Pool #888104,
		5.000%, 05/01/2021		409,130
	2,623,122	Pool #981272,
		4.500%, 04/01/2023		2,728,459
	1,363,756	Pool #889428,
		5.000%, 05/01/2023		1,444,905
	1,096,495	Pool #981644,
		4.500%, 06/01/2023		1,139,851
	525,304	Pool #966689,
		5.000%, 06/01/2023		554,808
	5,000,000	Pool #TBA,
		6.500%, 05/01/2029 (g)		5,403,910
	673,437	Pool #544859,
		3.581%, 08/01/2029 (e)		697,598
	769,153	Pool #786848,
		7.000%, 10/01/2031		863,468
	58,261	Pool #727181,
		5.000%, 08/01/2033		60,460
	15,431	Pool #730727,
		5.000%, 08/01/2033		16,014
	3,896	Pool #741862,
		5.500%, 09/01/2033		4,135
	25,126	Pool #745944,
		5.000%, 12/01/2033		26,054
	4,997	Pool #766197,
		5.500%, 02/01/2034		5,293

See notes to financial statements.

76

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	453,664	Pool #888504,
		2.594%, 04/01/2034 (e)	$	466,815
	803	Pool #776974,
		5.500%, 04/01/2034		850
	440,364	Series 2004-71,
		0.000%, 04/25/2034
		(Acquired 04/07/2006,
		Cost $39,505) (d)(e)(i)		1,117
	32,545	Pool #775776,
		5.500%, 05/01/2034		34,473
	879,088	Pool #725705,
		5.000%, 08/01/2034		910,726
	1,301,777	Pool #782284,
		6.000%, 09/01/2034		1,412,854
	956,735	Pool #791563,
		6.000%, 09/01/2034		1,032,392
	34,039	Pool #794371,
		6.000%, 09/01/2034		36,731
	484,606	Pool #802783,
		3.041%, 10/01/2034 (e)		500,117
	1,002,124	Pool #802493,
		6.000%, 11/01/2034		1,081,370
	52,657	Pool #781629,
		5.500%, 12/01/2034		55,776
	2,474	Pool #806098,
		6.000%, 12/01/2034		2,670
	5,869,526	Pool #735224,
		5.500%, 02/01/2035		6,230,040
	2,460,019	Pool #808057,
		6.000%, 02/01/2035		2,633,026
	54,765	Pool #822815,
		5.500%, 04/01/2035		57,906
	714,463	Pool #735504,
		6.000%, 04/01/2035		776,319
	592,316	Pool #773306,
		6.000%, 05/01/2035		633,972
	42,725	Series 2007-27,
		0.000%, 05/25/2035
		(Acquired 05/29/2007,
		Cost $40,429) (d)(e)		41,304

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	59,082	Pool #820242,
		5.000%, 07/01/2035	$	61,127
	15,173	Pool #833958,
		5.000%, 07/01/2035		15,699
	16,159	Pool #835738,
		5.000%, 07/01/2035		16,718
	43,862	Pool #357850,
		5.500%, 07/01/2035		46,378
	17,614	Pool #834513,
		5.000%, 08/01/2035		18,224
	859,869	Pool #829334,
		3.454%, 09/01/2035 (e)		892,302
	4,073,794	Pool #820345,
		5.000%, 09/01/2035		4,214,796
	16,660	Pool #840696,
		5.000%, 09/01/2035		17,236
	6,576	Pool #838452,
		5.500%, 09/01/2035		6,953
	894,856	Pool #836852,
		2.410%, 10/01/2035 (e)		912,833
	1,282,283	Pool #836464,
		2.447%, 10/01/2035 (e)		1,312,113
	105,250	Pool #745000,
		6.000%, 10/01/2035		112,968
	98,506	Pool #844052,
		2.414%, 11/01/2035 (e)		100,501
	94,718	Pool #844237,
		2.418%, 11/01/2035 (e)		96,666
	564,553	Pool #843823,
		2.429%, 11/01/2035 (e)		576,441
	100,714	Pool #844789,
		2.432%, 11/01/2035 (e)		102,885
	99,075	Pool #843997,
		2.444%, 11/01/2035 (e)		101,193
	89,422	Pool #844148,
		2.436%, 11/01/2035 (e)		91,385
	2,644,486	Pool #844158,
		5.000%, 11/01/2035		2,736,017
	1,143,045	Pool #745755,
		5.000%, 12/01/2035		1,184,394

See notes to financial statements.

77

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	171,174	Pool #848939,
		6.500%, 01/01/2036	$	186,529
	40,266	Pool #851639,
		6.500%, 01/01/2036		43,765
	480,652	Pool #888022,
		5.000%, 02/01/2036		497,288
	227,789	Pool #852263,
		5.000%, 03/01/2036		235,389
	55,650	Pool #865854,
		6.000%, 03/01/2036		59,407
	2,368,423	Pool #256219,
		5.500%, 04/01/2036		2,484,660
	68,336	Pool #891474,
		6.000%, 04/01/2036		72,949
	2,720,749	Pool #872236,
		2.786%, 05/01/2036 (e)		2,841,559
	2,424,609	Pool #868993,
		2.925%, 05/01/2036 (e)		2,532,715
	2,899,424	Pool #885961,
		2.835%, 07/01/2036 (e)		3,030,577
	3,011,783	Pool #886376,
		2.929%, 08/01/2036 (e)		3,148,344
	2,994,712	Pool #886891,
		2.791%, 09/01/2036 (e)		3,142,774
	983,872	Pool #831808,
		6.000%, 09/01/2036		1,050,299
	406,632	Pool #897776,
		6.500%, 09/01/2036		441,965
	34,738	Series 2006-81,
		0.000%, 09/25/2036
		(Acquired 05/29/2007,
		Cost $34,456) (d)(e)		33,974
	801,335	Pool #893681,
		6.000%, 10/01/2036		855,437
	1,782,700	Pool #893923,
		6.000%, 10/01/2036		1,903,059
	2,218,777	Pool #894005,
		6.000%, 10/01/2036		2,368,578
	270,150	Pool #905857,
		3.712%, 12/01/2036 (e)		281,277

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	212,481	Pool #905110,
		6.000%, 12/01/2036	$	226,826
	187,795	Pool #905111,
		6.000%, 12/01/2036		200,474
	406,439	Pool #897505,
		6.500%, 12/01/2036		441,754
	190,061	Pool #906055,
		6.000%, 01/01/2037		202,893
	852	Pool #928062,
		5.500%, 02/01/2037		900
	1,533	Pool #899119,
		5.500%, 04/01/2037		1,617
	1,578	Pool #938488,
		5.500%, 05/01/2037		1,665
	7,000,000	Pool #TBA,
		6.000%, 05/15/2037 (g)		7,469,224
	5,000,000	Pool #TBA,
		5.500%, 06/01/2037 (g)		5,246,875
	51,898	Series 2007-56,
		0.000%, 06/25/2037
		(Acquired 06/11/2007,
		Cost $55,950) (d)(e)		51,559
	469,443	Pool #945069,
		6.500%, 08/01/2037		509,500
	13,184	Pool #933376,
		5.000%, 02/01/2038		13,621
	1,855	Pool #970131,
		5.500%, 03/01/2038		1,958
	721,360	Pool #982817,
		5.000%, 05/01/2038		745,273
	1,270	Pool #981313,
		5.500%, 06/01/2038		1,340
	41,892	Pool #986758,
		5.000%, 07/01/2038		43,280
	1,807	Pool #985108,
		5.500%, 07/01/2038		1,907
	137,868	Pool #889697,
		6.000%, 07/01/2038		146,638
	982	Pool #964930,
		5.500%, 08/01/2038		1,036

See notes to financial statements.

78

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	1,563	Pool #987032,
		5.500%, 08/01/2038	$	1,650
	1,261	Pool #968371,
		5.500%, 09/01/2038		1,331
	796	Pool #993050,
		5.500%, 12/01/2038		840
	285	Pool #MC0018,
		5.500%, 12/01/2038		301
	262,454	Pool #930559,
		5.000%, 02/01/2039		271,155
	109,567	Pool #930671,
		4.500%, 03/01/2039		109,993
	90,303	Pool #AA3920,
		4.500%, 03/01/2039		90,639
	51,297	Pool #AA4983,
		4.500%, 03/01/2039		51,488
	364,078	Pool #930677,
		5.000%, 03/01/2039		376,147
	106,230	Pool #AA4221,
		4.500%, 04/01/2039		106,626
	2,000,000	Pool #TBA,
		5.000%, 04/01/2039 (g)		2,063,438
	5,000,000	Pool #TBA,
		5.500%, 04/01/2039 (g)		5,348,440
	1,900,000	Pool #TBA,
		6.500%, 04/01/2039 (g)		2,059,421
	129,997	Pool #993588,
		4.500%, 05/01/2039		130,481
	81,661	Pool #931147,
		5.000%, 05/01/2039		84,368
	44,188	Pool #931154,
		5.000%, 05/01/2039		45,653
	96,670	Pool #935221,
		5.000%, 05/01/2039		99,865
	60,204	Pool #AA5414,
		5.000%, 05/01/2039		62,193
	52,589	Pool #AA5804,
		5.000%, 05/01/2039		54,327
	94,910	Pool #AA6024,
		5.000%, 05/01/2039		98,056

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	96,540	Pool #AA6061,
		5.000%, 05/01/2039	$	99,741
	25,789	Pool #AA6579,
		5.000%, 05/01/2039		26,641
	44,540	Pool #AA6580,
		5.000%, 05/01/2039		46,012
	75,365	Pool #AA6852,
		5.000%, 05/01/2039		77,856
	36,567	Pool #931378,
		4.500%, 06/01/2039		36,703
	36,004	Pool #AA8422,
		4.500%, 06/01/2039		36,137
	106,002	Pool #AA7412,
		5.000%, 06/01/2039		109,506
	29,116	Pool #AA9296,
		5.000%, 06/01/2039		30,081
	32,616	Pool #AA8222,
		4.500%, 07/01/2039		32,738
	30,741	Pool #AA8965,
		4.500%, 07/01/2039		30,856
	27,337	Pool #AA9006,
		4.500%, 07/01/2039		27,439
	25,646	Pool #AA4106,
		5.000%, 07/01/2039		26,494
	26,323	Pool #AA8232,
		5.000%, 07/01/2039		27,193
	53,271	Pool #AA8979,
		5.000%, 07/01/2039		55,032
	24,598	Pool #AA9010,
		5.000%, 07/01/2039		25,411
	98,376	Pool #AA9386,
		5.000%, 07/01/2039		101,628
	95,937	Pool #AA9391,
		5.000%, 07/01/2039		99,108
	82,632	Pool #AA9794,
		5.000%, 07/01/2039		85,363
	46,997	Pool #AC2141,
		5.000%, 07/01/2039		48,555
	33,310	Pool #AC2142,
		5.000%, 07/01/2039		34,414

See notes to financial statements.

79

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	31,913	Pool #AA9132,
		4.500%, 08/01/2039	$	32,032
	25,613	Pool #AA9133,
		4.500%, 08/01/2039		25,708
	23,980	Pool #AA9154,
		4.500%, 08/01/2039		24,069
	48,534	Pool #AC2861,
		4.500%, 08/01/2039		48,715
	27,386	Pool #935541,
		5.000%, 08/01/2039		28,291
	24,911	Pool #AA9142,
		5.000%, 08/01/2039		25,734
	91,642	Pool #AC0166,
		5.000%, 08/01/2039		94,670
	70,673	Pool #AC0169,
		5.000%, 08/01/2039		73,009
	431,242	Pool #AC1259,
		5.000%, 08/01/2039		445,494
	25,241	Pool #AC3503,
		5.000%, 08/01/2039		26,075
	195,808	Pool #AC3246,
		4.500%, 09/01/2039		196,536
	368,505	Pool #AC1441,
		5.000%, 09/01/2039		380,684
	370,642	Pool #AC3234,
		5.000%, 09/01/2039		382,891
	923,232	Pool #AC3235,
		5.000%, 09/01/2039		953,744
	394,743	Pool #AC3247,
		4.500%, 10/01/2039		396,211
	196,200	Pool #AC3310,
		4.500%, 10/01/2039		196,930
	395,979	Pool #AC3311,
		4.500%, 10/01/2039		397,452
	393,825	Pool #AC3304,
		5.000%, 10/01/2039		406,840
	492,354	Pool #AC3316,
		5.000%, 10/01/2039		508,626
	434,316	Pool #AC3661,
		5.000%, 10/01/2039		448,670

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	97,227	Pool #AC6121,
		4.500%, 11/01/2039	$	97,589
	49,892	Pool #AC5504,
		5.000%, 11/01/2039		51,541
	62,084	Pool #AC5505,
		5.000%, 11/01/2039		64,136
	33,643	Pool #AC8372,
		4.500%, 12/01/2039		33,769
	894,995	Pool #AD0586,
		4.500%, 12/01/2039		898,414
	126,046	Pool #AC3891,
		5.000%, 12/01/2039		130,211
	195,534	Pool #AC3892,
		5.000%, 12/01/2039		201,997
	27,827	Pool #AC5515,
		5.000%, 12/01/2039		28,747
	297,439	Pool #AC8630,
		4.500%, 01/01/2040		298,545
	65,738	Pool #AC8794,
		4.500%, 01/01/2040		65,982
	298,915	Pool #AC9528,
		4.500%, 01/01/2040		300,027
	199,063	Pool #AC9548,
		4.500%, 01/01/2040		199,804
	199,130	Pool #AC9550,
		4.500%, 01/01/2040		199,871
	54,204	Pool #AD1356,
		4.500%, 01/01/2040		54,406
	1,692,320	Pool #AC8570,
		5.000%, 01/01/2040		1,748,250
	2,384,860	Pool #AC8571,
		5.000%, 01/01/2040		2,463,679
	44,386	Pool #AD1274,
		5.000%, 01/01/2040		45,853
	79,403	Pool #AD1276,
		5.000%, 01/01/2040		82,027
	28,893	Pool #AD1187,
		4.500%, 02/01/2040		29,001
	25,770	Pool #AD1188,
		4.500%, 02/01/2040		25,866

See notes to financial statements.

80

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	50,754	Pool #AD2204,
		5.000%, 02/01/2040	$	52,432
	28,275	Pool #AD2206,
		5.000%, 02/01/2040		29,209
	1,000,000	Pool #TBA,
		5.500%, 04/15/2040 (g)		1,054,063
	2,082,400	Pool #200822,
		1.086%, 04/25/2048 (e)		2,088,506
		Government National
		Mortgage Association
	61,447	Pool #614436X,
		5.000%, 08/15/2033		64,385
	996,645	Pool #618907X,
		5.000%, 09/15/2033		1,044,313
	163,230	Pool #605098X,
		5.000%, 03/15/2034		170,884
	179,943	Pool #081116M,
		2.750%, 10/20/2034 (e)		182,594
	124,143	Pool #520279X,
		5.000%, 11/15/2034		129,964
	622,610	Pool #081153M,
		2.750%, 11/20/2034 (e)		631,793
	267,217	Pool #081150M,
		2.750%, 11/20/2034 (e)		271,272
	2,142,908	Pool #644812X,
		6.000%, 05/15/2035		2,303,442
	27,212	Pool #716855X,
		5.000%, 04/15/2039		28,352
	24,362	Pool #716807X,
		5.000%, 04/15/2039		25,382
	126,409	Pool#717087X,
		5.000%, 05/15/2039		131,704
	586,212	Pool #720103X,
		4.500%, 06/15/2039		594,541
	235,759	Pool #698214X,
		5.000%, 06/15/2039		245,635
	146,216	Pool #698210X,
		5.000%, 06/15/2039		152,341
	86,874	Pool #698197X,
		5.000%, 06/15/2039		90,513

Principal Amount			Value
		MORTGAGE BACKED SECURITIES - U.S.
		GOVERNMENT AGENCY (Continued)
$	61,131	Pool #720063X,
		5.000%, 06/15/2039	$	63,692
	58,398	Pool #698194X,
		5.000%, 06/15/2039		60,844
	794,147	Pool #710923,
		5.000%, 10/15/2039		827,414
	784,983	Pool #723248,
		5.000%, 10/15/2039		817,866
	297,463	Pool #723244,
		5.000%, 10/15/2039		309,923
	296,630	Pool #710922,
		5.000%, 10/15/2039		309,056
	296,304	Pool #726382,
		5.000%, 10/15/2039		308,716
	197,644	Pool #726381,
		5.000%, 10/15/2039		205,924
	2,800,000	Pool #TBA,
		6.50%, 04/01/2029 (g)		3,015,468
	1,150,000	Pool #TBA,
		6.00%, 04/01/2039 (g)		1,228,524
		Total Mortgage Backed Securities -
		U.S. Government Agency
		(Cost $159,252,795)		164,197,740
		MUNICIPAL BONDS - 1.19%
		California, GO,
	725,000	7.500%, 04/01/2034 (b)		748,816
	175,000	7.950%, 03/01/2036		179,433
	600,000	7.550%, 04/01/2039		620,922
	260,000	7.300%, 10/01/2039		261,180
	925,000	7.625%, 03/01/2040		964,007
	1,000,000	Missouri Higher Education Loan
		Authority, Series A-1, Revenue Bond,
		1.224%, 11/26/2032 (e)		999,530
		Municipal Electric Authority of
		Georgia, Refunding, Revenue Bond,
	160,000	6.637%, 04/01/2057		158,859
	80,000	6.655%, 04/01/2057		79,616
	1,000,000	South Carolina Student Loan Corp.,
		Series A-1, Revenue Bond,
		0.342%, 12/02/2019 (e)		960,500

See notes to financial statements.

81

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Principal Amount			Value
		MUNICIPAL BONDS - (Continued)
$	1,546,644	Virginia Housing Development
		Authority, Series C, Revenue Bond,
		6.000%, 06/25/2034	$	1,550,635
		Total Municipal Bonds
		(Cost $6,398,630)		6,523,498
		SUPRANATIONAL OBLIGATIONS - 1.27%
	2,500,000	African Development Bank
		0.500%, 02/27/2014		2,337,228
		Commonwealth Bank of Australia
	300,000	3.750%, 10/15/2014 (c)		304,430
	130,000	5.000%, 10/15/2019 (c)		130,899
	500,000	Swedish Export Credit
		3.250%, 09/16/2014		511,334
	4,000,000	Inter-American Development Bank
		0.500%, 05/29/2014		3,655,548
		Total Supranational Obligations
		(Cost $6,345,426)		6,939,439
		U.S. GOVERNMENT AGENCY ISSUES - 1.88%
	1,400,000	Federal Farm Credit Banks
		5.125%, 04/19/2017 (c)		1,466,535
	290,000	Federal Home Loan Bank
		1.500%, 01/16/2013 (b)		289,682
		Federal Home Loan Mortgage Corp.
	1,550,000	2.875%, 02/09/2015 (b)		1,561,276
	880,000	5.625%, 11/23/2035		892,427
		Federal National Mortgage Association
	600,000	1.750%, 03/23/2011 (b)		606,982
	1,000,000	0.000%, 10/09/2019 (l)		586,446
	570,000	6.250%, 05/15/2029		645,870
	560,000	7.125%, 01/15/2030 (b)		705,779
		Tennessee Valley Authority
	1,200,000	4.375%, 06/15/2015		1,277,843
	830,000	5.980%, 04/01/2036		904,175
	250,000	5.250%, 09/15/2039		248,138
	1,100,000	5.375%, 04/01/2056		1,104,676
		Total U.S. Government Agency Issues
		(Cost $10,168,727)		10,289,829

Principal Amount			Value
		U.S. TREASURY
		OBLIGATIONS - 12.05%
		U.S. Treasury Bond - 4.64%
$	1,230,019	2.375%, 01/15/2025 (h)	$	1,289,886
	360,278	2.000%, 01/15/2026 (b)(h)		359,124
	999,276	2.375%, 01/15/2027 (h)		1,043,306
	1,551,480	1.750%, 01/15/2028 (h)(m)		1,471,846
	1,130,371	2.500%, 01/15/2029 (h)		1,197,487
	5,290,000	3.500%, 02/15/2039 (b)		4,282,424
	4,000,000	4.250%, 05/15/2039 (b)		3,707,504
	5,670,000	4.500%, 08/15/2039 (b)		5,476,868
	4,040,000	4.375%, 11/15/2039 (b)		3,821,590
	802,024	2.125%, 02/15/2040 (h)		797,325
	2,000,000	4.625%, 02/15/2040 (b)		1,971,876
				25,419,235
		U.S. Treasury Note - 6.91%
	6,062,140	0.875%, 04/15/2010 (b)(h)		6,066,836
	40,000	1.375%, 02/15/2013 (b)		39,825
	320,000	1.375%, 03/15/2013 (b)		318,225
	50,000	2.375%, 09/30/2014		50,031
	8,100,000	2.500%, 03/31/2015		8,078,484
	1,091,750	2.000%, 01/15/2016 (b)(h)		1,159,472
	230,000	3.250%, 05/31/2016 (b)		232,965
	965,664	2.500%, 07/15/2016 (h)		1,056,195
	6,870,000	2.750%, 11/30/2016 (b)		6,682,690
	2,230,000	3.125%, 01/31/2017 (b)		2,214,845
	1,290,000	3.250%, 03/31/2017		1,288,791
	4,750,000	3.375%, 11/15/2019 (b)		4,584,866
	6,180,000	3.625%, 02/15/2020		6,076,683
				37,849,908
		U.S. Treasury Strip - 0.50%
	4,600,000	0.000%, 11/15/2021 (b)(l)		2,758,712
		Total U.S. Treasury Obligations
		(Cost $66,510,212)		66,027,856
Number of Shares
		WARRANTS - 0.00%
		Warrant - 0.00%
	272	Semgroup
		Expiration: November, 2014,
		Exercise Price: $1.00
		(Acquired 12/07/2009,
		Cost $0) (a)(n)		0
		Total Warrants (Cost $0)		0

See notes to financial statements.

82

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		SHORT TERM INVESTMENTS - 7.28%
		Money Market Funds - 0.13%
	692,165	Federated Prime Obligations Fund
		Effective Yield, 0.11%	$	692,165
Principal Amount
		Repurchase Agreement - 7.15%
$	14,000,000	Morgan Stanley Repurchase
		Agreement 04/01/2010 at 0.010%
		(Collateralized by a U.S.
		Government Agency Issue,
		value $14,277,396,
		2.100%, 10/05/2012)		14,000,000
	25,200,000	UBS Warburg Repurchase
		Agreement 04/01/2010 at 0.020%
		(Collateralized by various U.S.
		Government Agency Issues,
		value $25,704,178, 0.000%)		25,200,000
				39,200,000
		Total Short Term Investments
		(Cost $39,892,165)		39,892,165
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 8.40%
		Corporate Paydown Securities - 1.28%
	5,882,373	KKR Atlantic East Holding Group
		Trust, 3.059%, 03/25/11 (k)		3,635,977
	6,736,019	KKR Pacific West Holding Group
		Trust, 3.059%, 03/25/11 (k)		3,382,445
		Total Corporate Paydown Securities
		(Cost $12,618,392)		7,018,422
Number of Shares
		Money Market Funds - 7.12%
	38,985,033	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%		38,985,033
	27,413	Reserve Primary Fund (k)		—
		Total Money Market Funds
		(Cost $39,012,446)		38,985,033

Principal Amount			Value
		Cash - 0.00%
$	11,360	Cash	$	11,360
		Total Cash
		(Cost $11,360)		11,360
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $51,642,198)		46,014,815
		Total Investments
		(Cost $649,064,249) - 113.69%		622,978,346
		Liabilities in Excess of
		Other Assets - (13.69)%		(75,014,595	)
		TOTAL NET
		ASSETS - 100.00%	$	547,963,751

	Percentages are stated as a percent of net assets.
(a)	Non-income producing.
(b)	All or a portion of this security is on loan.
(c)	Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $53,811,520, which represents 9.82% of total net assets.
(d)	Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as illiquid securities according to the Fund’s liquidity guidelines. The value of these securities total $4,286,684, which represents 0.78% of total net assets.
(e)	Variable Rate Security. The rate shown is the rate in effect on March 31, 2010.
(f)	Non-income producing. Item identified as in default as to payment of interest.
(g)	Security purchased on a when-issued basis. On March 31, 2010, the total value of the investments purchased on a when-issued basis was $36,898,777 or 6.73% of total net assets.
(h)	Represents a U.S. Treasury Inflation Protected Security.
(i)	Represents an interest only security that entitles holders to receive only interest payments on the underlying mortgages. The yield to maturity of an interest only security is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying mortgage. Interest rate disclosed represents yield upon the estimated timing and amount of future cash flows at March 31, 2010. The security is illiquid and represents less than 0.01% of net assets.

See notes to financial statements.

83

AssetMark Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

(j)	Credit linked note. Investment performance is wholly or partially derived from an underlying source.
(k)	As of March 31, 2010, the Advisor has fair valued this security and deemed it illiquid. The value of these securities were $7,018,422 which represent 1.28% of total net assets.
(l)	Zero coupon bond.
(m)	Partially assigned as collateral for certain futures and options contracts.
(n)	Investments are treated illiquid according to the Fund’s liquidity guidelines. The value of these securities total $61,000, which represents 0.01% of total net assets.

See notes to financial statements.

84

AssetMark Core Plus Fixed Income Fund
SCHEDULE OF FORWARD SALE COMMITMENTS
March 31, 2010

Description	Principal Amount	Settlement Date	Proceeds Received	Value
Government National Mortgage Association, Pool #TBA, 6.00%, 04/01/2039	$800,000	4/20/10	$856,453	$854,626

AssetMark Core Plus Fixed Income Fund
SCHEDULE OF OPTIONS WRITTEN
March 31, 2010

Number of Contracts			Value
		CALL OPTIONS
	11	Eurodollar 90 Day Future
		Expiration: September, 2010,
		Exercise Price: $99.25	$	7,769
	9	Eurodollar 90 Day Future
		Expiration: June, 2010,
		Exercise Price: $99.38		5,962
			$	13,731
		Total Options Written
		(Premiums received $11,060)	$	13,731

See notes to financial statements.

85

AssetMark Core Plus Fixed Income Fund
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
March 31, 2010

Forward expiration date	Currency to be received	Amount of Currency to be received	Currency to be delivered	Amount of Currency to be delivered	Unrealized Appreciation
4/12/10	U.S. Dollars	211,252	Brazil Real	374,000		$	1,463
4/30/10	U.S. Dollars	6,673,649	European Monetary Unit	4,933,492			10,009
5/18/10	U.S. Dollars	756,777	European Monetary Unit	546,365			18,800
						$	30,272

AssetMark Core Plus Fixed Income Fund
SCHEDULE OF OPEN FUTURES CONTRACTS
March 31, 2010

Description	Number of Contracts Purchased (Sold)		Notional Value			Settlement Month	Unrealized Appreciation (Depreciation)
Euro-Bobl Future	29		$	4,585,915		Jun-10		$	8,147
Euro-Bund Future	46			7,663,766		Jun-10			28,618
Euro-Bund Future	(19	)		(3,165,468	)	Jun-10			(16,845	)
Eurodollar 90 Day Futures	5			1,245,375		Jun-10			14,408
Eurodollar 90 Day Futures	3			745,988		Sep-10			10,803
Eurodollar 90 Day Futures	4			991,700		Dec-10			1,879
Eurodollar 90 Day Futures	5			1,235,250		Mar-11			19,931
Eurodollar 90 Day Futures	5			1,230,563		Jun-11			19,306
Eurodollar 90 Day Futures	5			1,226,000		Sep-11			18,295
Eurodollar 90 Day Futures	5			1,221,563		Dec-11			17,267
Long Gilt Future	53			9,229,038		Jun-10			51,742
U.S. Treasury 2 Year Note Futures	117			25,383,524		Jun-10			3,302
U.S. Treasury 5 Year Note Futures	210			24,117,198		Jun-10			(74,699	)
U.S. Treasury 5 Year Note Futures	(178	)		(20,442,196	)	Jun-10			68,070
U.S. Treasury 10 Year Note Futures	341			39,641,250		Jun-10			9,577
U.S. Treasury Long Bond Futures	127			14,747,875		Jun-10			(58,434	)
U.S. Treasury Long Bond Futures	(91	)		(10,567,375	)	Jun-10			(89,850	)
U.S. Treasury Ultra Bond Futures	8			959,750		Jun-10			(3,026	)
								$	28,491

See notes to financial statements.

86

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund
SCHEDULE OF INVESTMENTS
March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 90.75%
		Aerospace & Defense - 2.66%
	116	BE Aerospace, Inc. (a)	$	3,532
	3,019	General Dynamics Corp.		233,067
	1,453	Goodrich Corp.		102,465
	2,000	ITT Corp.		107,220
	1,266	L-3 Communications Holdings, Inc.		116,004
	3,234	Lockheed Martin Corp.		269,133
	545	Precision Castparts Corp. (b)		69,057
	5,198	Raytheon Co.		296,910
	1,178	Rockwell Collins, Inc.		73,731
	8,270	United Technologies Corp.		608,755
				1,879,874
		Air Freight & Logistics - 1.48%
	1,105	C.H. Robinson Worldwide, Inc.		61,714
	1,318	Expeditors International of
		Washington		48,661
	2,758	FedEx Corp. (b)		257,597
	9,714	United Parcel Service, Inc.		625,679
	3,372	UTI Worldwide, Inc.		51,659
				1,045,310
		Airlines - 0.21%
	11,219	Southwest Airlines Co. (b)		148,315
		Auto Components - 0.01%
	225	Gentex Corp.		4,369
		Automobiles - 0.03%
	678	Thor Industries, Inc.		20,482
		Beverages - 3.00%
	679	Brown-Forman Corp. (b)		40,367
	19,708	The Coca-Cola Company		1,083,940
	2,298	Molson Coors Brewing Co.		96,654
	13,651	Pepsico, Inc.		903,150
				2,124,111
		Biotechnology - 1.19%
	6,603	Amgen, Inc. (a)		394,595
	1,739	Biogen Idec, Inc. (a)		99,749
	729	Celgene Corp. (a)		45,169
	91	Cephalon, Inc. (a)(b)		6,168
	3,382	Gilead Sciences, Inc. (a)		153,813
	23,436	PDL BioPharma, Inc. (b)		145,538
				845,032

Number of Shares			Value
		Capital Markets - 3.95%
	355	Affiliated Managers Group (a)(b)	$	28,045
	1,793	Ameriprise Financial, Inc.		81,330
	10,042	The Bank of New York Mellon Corp.		310,097
	930	Blackrock, Inc.		202,517
	9,498	The Charles Schwab Corp. (b)		177,518
	370	Eaton Vance Corp. (b)		12,410
	258	Federated Investors, Inc. (b)		6,806
	1,693	Franklin Resources, Inc.		187,754
	5,164	Goldman Sachs Group, Inc.		881,133
	5,852	Invesco Ltd.		128,217
	849	Janus Capital Group, Inc. (b)		12,132
	1,212	Jefferies Group, Inc. (b)		28,688
	1,416	Northern Trust Corp. (b)		78,248
	2,516	Raymond James Financial, Inc. (b)		67,278
	1,169	SEI Investments Co.		25,683
	5,500	State Street Corp.		248,270
	1,136	T. Rowe Price Group, Inc.		62,401
	13,415	TD Ameritrade Holding Corp. (a)		255,690
				2,794,217
		Chemicals - 1.44%
	1,646	Air Products & Chemicals, Inc.		121,722
	144	Airgas, Inc.		9,161
	686	Albemarle Corp.		29,244
	1,765	Celanese Corp.		56,215
	319	CF Industries Holdings, Inc. (b)		29,086
	1,569	Ecolab, Inc.		68,958
	505	FMC Corp.		30,573
	841	International Flavors &
		Fragrances, Inc. (b)		40,090
	382	Lubrizol Corp.		35,037
	2,614	Monsanto Co.		186,692
	1,565	Mosaic Co.		95,105
	1,794	Praxair, Inc.		148,902
	1,130	The Scotts Miracle-Gro Co.		52,376
	230	Sigma Aldrich Corp.		12,342
	1,096	Terra Industries, Inc.		50,153
	1,505	Valspar Corp.		44,367
	262	Westlake Chemical Corp.		6,757
				1,016,780
		Commercial Banks - 3.94%
	1,584	BancorpSouth, Inc. (b)		33,201
	982	Bank Hawaii Corp.		44,141
	12,003	BB&T Corp. (b)		388,777

See notes to financial statements.

87

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Commercial Banks (Continued)
	984	BOK Financial Corp.	$	51,601
	1,203	City National Corp.		64,926
	989	Commerce Bancshares, Inc.		40,687
	993	Cullen Frost Bankers, Inc.		55,409
	3,780	F.N.B. Corp. (b)		30,656
	460	First Citizens BancShares, Inc. (b)		91,430
	1,183	FirstMerit Corp.		25,517
	1,432	M & T Bank Corp. (b)		113,672
	3,468	PNC Financial Services Group, Inc.		207,040
	19,572	U.S. Bancorp		506,523
	3,584	Valley National Bancorp (b)		55,086
	34,773	Wells Fargo & Co.		1,082,136
				2,790,802
		Commercial Services & Supplies - 0.28%
	1,974	ABM Industries, Inc. (b)		41,849
	3,411	Cintas Corp.		95,815
	107	Corrections Corporation of
		America (a)		2,125
	614	Covanta Holding Corp. (a)		10,229
	1,552	Iron Mountain, Inc. (a)		42,525
	86	Republic Services, Inc. (b)		2,496
				195,039
		Communications Equipment - 2.48%
	43,143	Cisco Systems, Inc. (a)		1,123,012
	1,043	Commscope, Inc. (a)		29,225
	318	Echostar Corp. (a)		6,449
	438	Harris Corp.		20,801
	4,059	Juniper Networks, Inc. (a)(b)		124,530
	8,890	Qualcomm, Inc.		373,291
	9,946	Tellabs, Inc.		75,291
				1,752,599
		Computers & Peripherals - 6.10%
	5,622	Apple, Inc. (a)		1,320,776
	1,889	Diebold, Inc. (b)		59,995
	17,199	EMC Corp. (a)		310,270
	20,678	Hewlett Packard Co.		1,099,036
	10,764	International Business Machines
		Corp. (b)		1,380,483
	1,199	NetApp, Inc. (a)		39,039
	228	Sandisk Corp. (a)		7,896

Number of Shares			Value
		Computers & Peripherals (Continued)
	698	Teradata Corp. (a)	$	20,165
	2,048	Western Digital Corp. (a)		79,852
				4,317,512
		Construction & Engineering - 0.90%
	1,589	AECOM Technology Corp. (a)		45,080
	4,131	Fluor Corp.		192,133
	2,319	Jacobs Engineering Group,
		Inc. (a)(b)		104,796
	4,469	KBR, Inc.		99,033
	1,649	Quanta Services, Inc. (a)(b)		31,595
	2,301	Shaw Group, Inc. (a)		79,200
	1,759	URS Corp. (a)		87,264
				639,101
		Construction Materials - 0.05%
	13	Martin Marietta Materials, Inc. (b)		1,086
	774	Vulcan Materials Co. (b)		36,564
				37,650
		Consumer Finance - 0.14%
	6,514	Discover Financial Services		97,059
		Containers & Packaging - 0.16%
	448	AptarGroup, Inc.		17,629
	1,484	Ball Corp.		79,216
	131	Greif, Inc.		7,195
	183	Rock-Tenn Co. (b)		8,339
				112,379
		Diversified Consumer Services - 0.14%
	468	Apollo Group, Inc. (a)		28,684
	3,974	H&R Block, Inc.		70,737
				99,421
		Diversified Financial Services - 1.96%
	118	CME Group, Inc.		37,301
	2,280	Interactive Brokers Group, Inc. (a)		36,822
	11	IntercontinentalExchange, Inc. (a)		1,234
	23,884	JPMorgan Chase & Co.		1,068,809
	505	Leucadia National Corp. (a)(b)		12,529
	753	Moodys Corp. (b)		22,402
	2,583	MSCI, Inc. (a)		93,246
	3,910	NYSE Euronext		115,775
				1,388,118

See notes to financial statements.

88

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Diversified Telecommunication Services - 2.94%
	75,700	AT&T, Inc. (b)	$	1,956,088
	1,112	Centurytel, Inc.		39,431
	8,138	Windstream Corp. (b)		88,623
				2,084,142
		Electric Utilities - 1.47%
	222	Allete, Inc.		7,433
	528	Cleco Corp. (b)		14,018
	1,450	DPL, Inc.		39,426
	8,067	Exelon Corp.		353,415
	5,375	FPL Group, Inc.		259,774
	11,001	Southern Co.		364,793
				1,038,859
		Electrical Equipment - 0.69%
	97	AMETEK, Inc.		4,021
	947	Brady Corp.		29,471
	6,397	Emerson Electric Co. (b)		322,025
	290	Regal Beloit Corp.		17,229
	2,017	Rockwell Automation, Inc.		113,678
	33	Roper Industries, Inc. (b)		1,909
				488,333
		Electronic Equipment & Instruments - 0.47%
	2,721	Agilent Technologies, Inc. (a)		93,575
	190	Amphenol Corp.		8,016
	3,682	AVX Corp.		52,284
	6,040	Corning, Inc.		122,069
	2,830	Molex, Inc.		59,034
				334,978
		Energy Equipment & Services - 1.83%
	2,963	Baker Hughes, Inc.		138,787
	1,622	BJ Services Co.		34,711
	1,675	Cameron International Corp. (a)		71,790
	464	Diamond Offshore Drilling, Inc. (b)		41,208
	670	Ensco International Ltd. - ADR		30,003
	489	FMC Technologies, Inc. (a)		31,604
	7,096	Halliburton Co.		213,802
	70	Helmerich & Payne, Inc.		2,666
	2,061	National-Oilwell Varco, Inc.		83,635
	2,132	Pride International, Inc. (a)		64,194
	1,581	Rowan Companies, Inc. (a)		46,023

Number of Shares			Value
		Energy Equipment & Services (Continued)
	8,345	Schlumberger Ltd.	$	529,574
	218	Tidewater, Inc. (b)		10,305
				1,298,302
		Food & Staples Retailing - 1.84%
	2,582	Casey’s General Stores, Inc. (b)		81,075
	5,530	Costco Wholesale Corp.		330,196
	11,693	CVS Caremark Corporation		427,496
	10,773	Walgreen Co.		399,571
	1,688	Whole Foods Market, Inc. (a)(b)		61,021
				1,299,359
		Food Products - 1.12%
	3,158	Campbell Soup Co.		111,635
	403	Flowers Foods, Inc. (b)		9,970
	1,971	General Mills, Inc.		139,527
	3,501	H.J. Heinz Co.		159,681
	2,593	Hershey Co.		111,006
	1,626	Hormel Foods Corp.		68,308
	233	The J.M. Smucker Co.		14,041
	2,911	Kellogg Co.		155,535
	101	McCormick & Co, Inc. (b)		3,875
	267	Ralcorp Holdings, Inc. (a)		18,097
				791,675
		Gas Utilities - 0.13%
	726	Energen Corp.		33,781
	83	EQT Corp.		3,403
	955	National Fuel Gas Co.		48,275
	187	Questar Corp.		8,078
				93,537
		Health Care Equipment & Supplies - 1.44%
	4,494	Baxter International, Inc.		261,551
	476	Beckman Coulter, Inc.		29,893
	1,227	Becton Dickinson & Co.		96,602
	15,280	Boston Scientific Corp. (a)		110,322
	382	C.R. Bard, Inc.		33,089
	295	Dentsply International, Inc.		10,281
	1,285	Hologic, Inc. (a)		23,824
	747	Hospira, Inc. (a)		42,318
	40	Inverness Medical Innovations,
		Inc. (a)		1,558
	189	Kinetic Concepts, Inc. (a)		9,036

See notes to financial statements.

89

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund
SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Equipment & Supplies (Continued)
	4,346	Medtronic, Inc.	$	195,700
	570	St. Jude Medical, Inc. (a)		23,398
	1,906	Stryker Corp.		109,061
	434	Varian Medical Systems, Inc. (a)		24,013
	801	Zimmer Holdings, Inc. (a)		47,419
				1,018,065
		Health Care Providers & Services - 3.32%
	6,753	Aetna, Inc.		237,098
	10,547	Amerisourcebergen Corp.		305,019
	113	Brookdale Senior Living, Inc. (a)		2,354
	116	Cerner Corp. (a)(b)		9,867
	4,558	CIGNA Corp.		166,732
	1,589	Express Scripts, Inc. (a)		161,697
	981	Henry Schein, Inc. (a)		57,781
	624	Laboratory Corporation of America
		Holdings (a)		47,243
	4,325	McKesson Corp.		284,239
	4,650	Medco Health Solutions, Inc. (a)		300,204
	2,745	Omnicare, Inc.		77,656
	664	Owens & Minor, Inc.		20,551
	991	Patterson Companies, Inc. (a)(b)		30,770
	1,454	PerkinElmer, Inc.		34,751
	1,194	Quest Diagnostics, Inc.		69,598
	15,364	UnitedHealth Group, Inc.		501,942
	1,273	Universal Health Services, Inc.		44,669
				2,352,171
		Hotels, Restaurants & Leisure - 1.44%
	7,004	Carnival Corp.		272,316
	2,875	International Game Technology		53,044
	243	Las Vegas Sands Corp. (a)(b)		5,139
	2,140	Marriott International, Inc.		67,453
	8,488	McDonald’s Corp.		566,319
	1,990	Starbucks Corp. (a)		48,297
	259	Wendy’s Arby’s Group, Inc.		1,295
	108	Wynn Resorts, Limited (b)		8,190
				1,022,053

Number of Shares			Value
		Household Durables - 0.18%
	1,899	Garmin Ltd. (b)	$	73,074
	457	Harman International Industries,
		Inc. (a)		21,378
	661	Tupperware Brands Corp.		31,873
				126,325
		Household Products - 2.85%
	11	Church & Dwight, Inc.		737
	3,655	Colgate Palmolive Co.		311,625
	24	Energizer Holdings, Inc. (a)		1,506
	4,180	Kimberly Clark Corp.		262,838
	22,739	Procter & Gamble Co.		1,438,697
				2,015,403
		Industrial Conglomerates - 0.87%
	6,157	3M Co.		514,540
	779	Carlisle Companies, Inc.		29,680
	2,250	Mcdermott International, Inc. (a)		60,570
	11	Seaboard Corp.		14,290
				619,080
		Insurance - 2.38%
	4,113	Aflac, Inc.		223,295
	159	Alleghany Corp. (a)		46,272
	1,092	Allied World Assurance
		Holdings, Ltd.		48,976
	2,174	Aon Corp.		92,851
	2,450	Arthur J. Gallagher & Co.		60,147
	2,796	Aspen Insurance Holdings Ltd.		80,637
	3,684	Axis Capital Holdings Ltd.		115,162
	704	Brown & Brown, Inc.		12,616
	2,019	CNA Financial Corp. (a)(b)		53,948
	1,260	Erie Indemnity Co. (b)		54,344
	455	Everest Re Group, Ltd. (b)		36,823
	1,384	The Hanover Insurance Group, Inc.		60,356
	1,116	HCC Insurance Holdings, Inc.		30,802
	62	Markel Corp. (a)		23,229
	9,014	Marsh & McLennan Cos., Inc.		220,122
	471	Mercury General Corp.		20,592
	3,424	Montpelier Re Holdings Ltd.		57,557
	909	PartnerRe Ltd. (b)		72,465
	1,368	Platinum Underwriters Holdings Ltd.		50,725
	1,641	Reinsurance Group of America		86,185
	1,118	Renaissancere Holdings Ltd. (b)		63,458
	2,062	Transatlantic Holdings, Inc.		108,874

See notes to financial statements.

90

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Insurance (Continued)
	1,569	Validus Holdings Ltd.	$	43,195
	58	Wesco Financial Corp.		22,359
	3	White Mountains Insurance
		Group Ltd.		1,065
				1,686,055
		Internet & Catalog Retail - 0.43%
	1,684	Amazon.com, Inc. (a)(b)		228,569
	2,979	Expedia, Inc. (a)		74,356
				302,925
		Internet Software & Services - 2.51%
	9,749	Ebay, Inc. (a)		262,736
	2,503	Google, Inc. (a)(b)		1,419,226
	5,800	Yahoo, Inc. (a)		95,874
				1,777,836
		IT Services - 1.67%
	82	Alliance Data Systems Corp. (a)(b)		5,247
	2,102	Amdocs Ltd. (a)		63,291
	4,576	Automatic Data Processing, Inc.		203,495
	1,855	Broadridge Financial
		Solutions, Inc.		39,660
	316	Cognizant Technology
		Solutions Corp. (a)		16,110
	1,688	Fidelity National
		Information Services (b)		39,567
	983	Fiserv, Inc. (a)		49,897
	100	Global Payments, Inc. (b)		4,555
	1,092	Hewitt Associates, Inc. (a)		43,440
	14	Lender Processing Services, Inc.		528
	325	Mastercard, Inc. (b)		82,550
	3,023	Paychex, Inc.		92,806
	5,492	SAIC, Inc. (a)		97,208
	3,192	Total System Services, Inc. (b)		49,987
	3,159	Visa, Inc.		287,564
	3,638	Wright Express Corp. (a)(b)		109,576
				1,185,481
		Leisure Equipment & Products - 0.29%
	1,808	Hasbro, Inc.		69,210
	6,013	Mattel, Inc.		136,736
				205,946

Number of Shares			Value
		Life Sciences Tools & Services - 0.44%
	1,187	Charles River Laboratories (a)(b)	$	46,661
	337	Covance, Inc. (a)		20,688
	259	Life Technologies Corp. (a)		13,538
	99	Millipore Corp. (a)		10,454
	1,189	Pharmaceutical Product
		Development, Inc.		28,239
	3,668	Thermo Fisher Scientific, Inc. (a)		188,682
				308,262
		Machinery - 1.35%
	2,387	Cummins, Inc.		147,875
	2,029	Danaher Corp.		162,137
	625	Donaldson Company, Inc.		28,200
	2,094	Dover Corp.		97,895
	867	Flowserve Corp.		95,604
	28	IDEX Corp.		927
	4,618	Illinois Tool Works, Inc.		218,708
	372	Joy Global, Inc.		21,055
	810	Lincoln Electric Holdings, Inc.		44,007
	1,136	Oshkosh Corp. (a)		45,826
	1,183	Pall Corp.		47,900
	1,255	Pentair, Inc.		44,703
				954,837
		Marine - 0.01%
	370	Genco Shipping &
		Trading Ltd. (a)(b)		7,811
		Media - 2.93%
	35,997	Comcast Corp. (b)		677,464
	6,793	DIRECTV (a)		229,671
	312	Discovery Communications (a)		9,176
	895	Interactive Data Corp.		28,640
	654	Lamar Advertising Co. (a)		22,465
	34,035	News Corporation		490,445
	318	Scripps Networks Interactive, Inc.		14,103
	17,341	The Walt Disney Co. (b)		605,374
				2,077,338
		Metals & Mining - 1.02%
	48	Cliffs Natural Resources, Inc. (b)		3,406
	3,182	Freeport-McMoran Copper &
		Gold, Inc.		265,824
	2,704	Newmont Mining Corp.		137,715
	265	Reliance Steel & Aluminum Co.		13,046
	74	Schnitzer Steel Industries, Inc.		3,887

See notes to financial statements.

91

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Metals & Mining (Continued)
	8,668	Southern Copper Corp.	$	274,516
	1,299	Titanium Metals Corp. (a)(b)		21,550
				719,944
		Multiline Retail - 0.29%
	1,831	Dollar Tree, Inc. (a)		108,432
	1,812	Kohls Corp. (a)		99,261
				207,693
		Oil & Gas - 3.69%
	5,227	Anadarko Petroleum Corp.		380,682
	2,190	Apache Corp.		222,285
	185	Arch Coal, Inc.		4,227
	283	Cabot Oil & Gas Corp.		10,414
	2,062	Chesapeake Energy Corp.		48,746
	1,223	Cimarex Energy Co.		72,622
	866	Consol Energy, Inc. (b)		36,944
	281	Continental Resources, Inc. (a)		11,957
	53	Denbury Resources, Inc. (a)(b)		894
	5,211	Devon Energy Corp.		335,745
	938	EOG Resources, Inc.		87,178
	465	EXCO Resources, Inc.		8,547
	507	Massey Energy Corp. (b)		26,511
	1,478	Newfield Exploration Co. (a)		76,930
	593	Noble Energy, Inc. (b)		43,289
	110	Nordic American Tanker
		Shipping Ltd. (b)		3,330
	7,246	Occidental Petroleum Corp.		612,577
	1,092	Peabody Energy Corp.		49,904
	37	Petrohawk Energy Corp. (a)		750
	1,029	Pioneer Natural Resources Co.		57,953
	2,667	Plains Exploration &
		Production Co. (a)		79,983
	267	Range Resources Corp. (b)		12,514
	13	Southwestern Energy Co. (a)		529
	8,219	Spectra Energy Corp. (b)		185,174
	665	St Mary Land & Exploration Co. (b)		23,149
	42	Whiting Petroleum Corp. (a)		3,395
	3,521	World Fuel Services Corp. (b)		93,799
	2,647	XTO Energy, Inc.		124,886
				2,614,914

Number of Shares			Value
		Personal Products - 0.45%
	815	Alberto-Culver Co.	$	21,312
	4,108	Avon Products, Inc.		139,138
	1,863	The Estee Lauder Cos., Inc.		120,853
	797	Herbalife Ltd.		36,758
	27	NBTY, Inc. (a)		1,295
				319,356
		Pharmaceuticals - 7.73%
	10,905	Abbott Laboratories		574,475
	877	Allergan, Inc.		57,286
	16,498	Bristol Myers Squibb Co. (b)		440,497
	1,618	Endo Pharmaceuticals
		Holdings, Inc. (a)		38,330
	2,927	Forest Labs, Inc. (a)		91,791
	999	Genzyme Corp. (a)		51,778
	25,506	Johnson & Johnson		1,662,991
	9,974	Eli Lilly & Co.		361,258
	23,510	Merck & Co., Inc.		878,099
	351	Mylan Laboratories, Inc. (a)(b)		7,971
	105	Perrigo Co. (b)		6,166
	73,454	Pfizer, Inc.		1,259,736
	962	Watson Pharmaceuticals, Inc. (a)		40,183
				5,470,561
		Professional Services - 0.12%
	119	The Dun & Bradstreet Corporation		8,856
	666	Equifax, Inc.		23,843
	1,674	Robert Half International, Inc. (b)		50,940
				83,639
		Real Estate - 0.04%
	409	Forest City Enterprises, Inc. (a)(b)		5,893
	329	Jones Lang Lasalle, Inc.		23,981
				29,874
		Road & Rail - 1.06%
	3,327	CSX Corp. (b)		169,344
	877	J.B. Hunt Transport Services, Inc.		31,467
	114	Kansas City Southern (a)(b)		4,124
	4,052	Norfolk Southern Corp.		226,466
	4,381	Union Pacific Corp.		321,127
				752,528

See notes to financial statements.

92

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Semiconductor & Semiconductor
		Equipment - 2.87%
	690	Altera Corp. (b)	$	16,774
	2,162	Analog Devices, Inc.		62,309
	7,727	Applied Materials, Inc.		104,160
	2,460	Broadcom Corp.		81,623
	49,705	Intel Corp.		1,106,433
	1,672	Intersil Corp.		24,679
	293	KLA-Tencor Corp.		9,059
	519	Lam Research Corp. (a)(b)		19,369
	649	Linear Technology Corp. (b)		18,354
	697	LSI Corp. (a)		4,266
	1,799	Marvell Technology Group Ltd. (a)		36,663
	4,678	Maxim Integrated Products, Inc.		90,706
	5,090	MEMC Electronic
		Materials, Inc. (a)(b)		78,030
	1,329	Microchip Technology, Inc. (b)		37,425
	2,626	National Semiconductor Corp. (b)		37,946
	681	NVIDIA Corp. (a)		11,836
	9,465	Texas Instruments, Inc.		231,608
	2,261	Xilinx, Inc.		57,655
				2,028,895
		Software - 5.48%
	1,922	Activision Blizzard, Inc.		23,179
	1,288	Adobe Systems, Inc. (a)		45,557
	913	Autodesk, Inc. (a)		26,861
	685	BMC Software, Inc. (a)		26,030
	2,144	CA, Inc.		50,320
	414	Citrix Systems, Inc. (a)(b)		19,653
	3,617	Electronic Arts, Inc. (a)		67,493
	1,903	Intuit, Inc. (a)		65,349
	557	McAfee, Inc. (a)		22,352
	83,236	Microsoft Corp.		2,436,318
	35,574	Oracle Corp.		913,896
	6,982	Symantec Corp. (a)		118,135
	1,402	Synopsys, Inc. (a)		31,363
	571	VMware, Inc. (a)		30,434
				3,876,940
		Specialty Retail - 1.66%
	666	Aarons, Inc. (b)		22,204
	1,495	Advance Auto Parts, Inc. (b)		62,670
	6,676	American Eagle Outfitters		123,640
	2,226	Bed Bath & Beyond, Inc. (a)(b)		97,410

Number of Shares			Value
		Specialty Retail (Continued)
	1,311	CarMax, Inc. (a)	$	32,932
	2,238	Dicks Sporting Goods, Inc. (a)		58,434
	1,818	GameStop Corp. (a)(b)		39,832
	9,604	The Gap, Inc.		221,949
	475	Guess?, Inc.		22,316
	74	O’Reilly Automotive, Inc. (a)(b)		3,087
	1,348	Petsmart, Inc.		43,082
	1,194	Ross Stores, Inc.		63,843
	1,712	Sherwin Williams Co.		115,868
	3,585	Staples, Inc.		83,853
	576	Tiffany & Co.		27,354
	3,750	The TJX Companies, Inc.		159,450
				1,177,924
		Textiles, Apparel & Luxury
		Goods - 0.73%
	318	Coach, Inc.		12,567
	4,067	Nike, Inc.		298,925
	817	Phillips-Van Heusen Corp. (b)		46,863
	605	Polo Ralph Lauren Corp. (b)		51,449
	1,362	VF Corp.		109,164
				518,968
		Thrifts & Mortgage Finance - 0.41%
	933	First Niagara Financial Group, Inc.		13,267
	4,013	Hudson City Bancorp		56,824
	5,908	New York Community
		Bancorp, Inc. (b)		97,718
	4,054	People’s United Financial, Inc.		63,405
	948	TFS Financial Corp.		12,656
	2,385	Washington Federal, Inc.		48,463
				292,333
		Tobacco - 2.16%
	2,525	Lorillard, Inc.		189,981
	20,820	Philip Morris International, Inc.		1,085,971
	4,716	Reynolds American, Inc.		254,570
				1,530,522
		Trading Companies &
		Distributors - 0.17%
	4,839	Aircastle Ltd.		45,825
	378	Fastenal Co. (b)		18,140
	1	MSC Industrial Direct Co., Inc.		51
	508	W.W. Grainger, Inc. (b)		54,925
				118,941

See notes to financial statements.

93

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Water Utilities - 0.02%
	634	Aqua America, Inc. (b)	$	11,139
		Wireless Telecommunication Services - 0.13%
	173	American Tower Corp. (a)(b)		7,372
	218	Crown Castle
		International Corp. (a)		8,334
	1,828	NII Holdings, Inc. (a)		76,154
				91,860
		Total Common Stocks
		(Cost $54,359,653)		64,242,974
		MANAGEMENT INVESTMENT
		COMPANIES - 0.09%
		Capital Markets - 0.09%
	56	ARES Capital Corp. (b)	$	831
	4,818	Apollo Investment Corp.		61,333
		Total Management Investment
		Companies (Cost $48,483)		62,164
		REAL ESTATE INVESTMENT TRUSTS - 1.17%
		Real Estate Investment Trusts - 1.17%
	181	Alexandria Real Estate
		Equities, Inc. (b)		12,236
	8	AMB Property Corp.		218
	1,457	Annaly Capital
		Management, Inc. (b)		25,031
	103	AvalonBay Communities, Inc. (b)		8,894
	82	Biomed Realty Trust, Inc.		1,356
	934	Boston Properties, Inc.		70,461
	33	Brandywine Realty Trust		403
	317	BRE Properties, Inc.		11,333
	8	Camden Property Trust (b)		333
	197	Cousins Properties, Inc. (b)		1,637
	338	DCT Industrial Trust, Inc.		1,768
	166	Diamondrock Hospitality Co.		1,678
	399	Douglas Emmett, Inc. (b)		6,133
	1,209	Duke Realty Corp.		14,992
	624	Entertainment Properties Trust (b)		25,665
	8	Equity One		151
	274	Equity Residential		10,727
	90	Essex Property Trust, Inc.		8,096
	223	Federal Realty Investment Trust		16,237

Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	3,593	First Industrial Realty Trust (a)	$	27,882
	2,038	Hatteras Financial Corp. (b)		52,519
	482	HCP, Inc. (b)		15,906
	6	Health Care REIT, Inc. (b)		140
	52	Health Care REIT, Inc.		2,352
	190	Highwoods Properties, Inc.		6,029
	16	Home Properties, Inc.		749
	821	Hospitality Property Trust		19,663
	3,376	Host Hotels & Resorts, Inc. (b)		49,458
	50	HRTP Properties Trust		389
	1,094	Kimco Realty Corp.		17,110
	4,840	Lexington Realty Trust (b)		31,508
	266	Liberty Property Trust		9,028
	256	Macerich Co. (b)		9,807
	858	Mack Cali Realty Corp.		30,245
	479	MFA Financial, Inc.		3,525
	66	National Retail Properties, Inc. (b)		1,507
	367	Nationwide Health Properties, Inc.		12,900
	48	Plum Creek Timber Co., Inc. (b)		1,868
	68	Post Properties, Inc. (b)		1,497
	558	Public Storage		51,330
	536	Rayonier, Inc.		24,351
	755	Realty Income Corp. (b)		23,171
	4,883	Redwood Trust, Inc. (b)		75,296
	301	Regency Centers Corp. (b)		11,278
	47	Senior Housing Properties Trust		1,041
	590	Simon Property Group, Inc. (b)		49,501
	139	SL Green Realty Corp.		7,961
	110	UDR, Inc.		1,940
	263	Ventas, Inc.		12,487
	530	Vornado Realty Trust (b)		40,121
	883	Weingarten Realty Investors (b)		19,037
				828,945
		Total Real Estate Investment Trusts
		(Cost $698,163)		828,945

See notes to financial statements.

94

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		SHORT TERM INVESTMENTS - 7.22%
		Money Market Funds - 7.22%
	5,112,400	Federated Prime Obligations Fund
		Effective Yield, 0.11%	$	5,112,400
		Total Short Term Investments
		(Cost $5,112,400)		5,112,400
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 17.07%
		Money Market Funds - 17.07%
	12,083,657	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%		12,083,657
		Total Mutual Funds
		(Cost $12,083,657)		12,083,657
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $12,083,657)		12,083,657
		Total Investments
		(Cost $72,302,356) - 116.30%		82,330,140
		Liabilities in Excess of
		Other Assets - (16.30)%		(11,538,494	)
		TOTAL NET
		ASSETS - 100.00%	$	70,791,646

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a) Non-income producing.

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

See notes to financial statements.

95

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2010

Description	Number of Contracts Purchased	Notional Value	Settlement Month	Unrealized Appreciation
S&P 500 Index Mini Futures	94	$5,476,440	Jun-10	$110,732

See notes to financial statements.

96

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 91.03%
		Aerospace & Defense - 2.05%
	417	Alliant Techsystems, Inc. (a)	$	33,902
	6,396	Boeing Co.		464,414
	7,178	Honeywell International, Inc.		324,948
	4,191	Northrop Grumman Corp. (b)		274,804
	2,363	Spirit AeroSystems
		Holdings, Inc. (a)(b)		55,247
				1,153,315
		Airlines - 0.49%
	167	Alaska Air Group, Inc. (a)		6,885
	5,251	AMR Corp. (a)		47,837
	1,110	Continental Airlines, Inc. (a)(b)		24,387
	3,078	Delta Air Lines, Inc. (a)(b)		44,908
	1,046	JetBlue Airways Corp. (a)		5,837
	1,843	Skywest, Inc.		26,318
	3,664	UAL Corp. (a)		71,631
	6,311	US Airways Group, Inc. (a)(b)		46,386
				274,189
		Auto Components - 1.43%
	4,448	ArvinMeritor, Inc. (a)(b)		59,381
	1,401	Autoliv, Inc. (a)		72,194
	648	Borgwarner, Inc. (a)(b)		24,741
	262	Cooper Tire & Rubber Co. (b)		4,983
	3,774	Dana Holding Corp. (a)(b)		44,835
	3,098	Federal Mogul Corp. (a)		56,879
	6,963	Goodyear Tire & Rubber Co. (a)		88,012
	7,556	Johnson Controls, Inc.		249,272
	2,372	Tenneco, Inc. (a)		56,098
	4,393	TRW Automotive
		Holdings Corp. (a)		125,552
	722	WABCO Holdings, Inc.		21,602
				803,549
		Automobiles - 0.46%
	20,257	Ford Motor Co. (a)(b)		254,631
	228	Harley Davidson, Inc. (b)		6,400
				261,031
		Beverages - 0.44%
	3,700	Coca Cola Enterprises, Inc.		102,342
	3,459	Constellation Brands, Inc. (a)		56,866
	2,584	Dr Pepper Snapple Group, Inc.		90,879
				250,087

Number of Shares			Value
		Building Products - 0.65%
	2,306	Armstrong World Industries, Inc. (a)	$	83,731
	598	Lennox International, Inc. (b)		26,503
	9,421	Masco Corp.		146,214
	2,867	Owens Corning (a)		72,936
	2,028	USG Corp. (a)(b)		34,801
				364,185
		Capital Markets - 0.79%
	8,645	American Capital Ltd.		43,916
	14,544	E Trade Financial Corp. (a)		23,998
	2,423	Legg Mason, Inc.		69,467
	5,828	MF Global Holdings Ltd. (a)(b)		47,032
	8,865	Morgan Stanley		259,656
				444,069
		Chemicals - 2.04%
	939	Ashland, Inc.		49,551
	893	Cabot Corp.		27,147
	964	Cytec Industries, Inc. (b)		45,057
	11,845	The Dow Chemical Co. (b)		350,257
	7,411	E.I. du Pont de Nemours & Co.		275,986
	1,135	Eastman Chemical Co.		72,277
	4,590	Huntsman Corp.		55,309
	867	Nalco Holding Company		21,094
	1,747	Olin Corp.		34,276
	1,935	PPG Industries, Inc.		126,549
	1,574	Rockwood Holdings, Inc. (a)		41,900
	2,275	RPM International, Inc.		48,549
				1,147,952
		Commercial Banks - 3.15%
	2,693	Associated Banc Corp. (b)		37,163
	9,411	CapitalSource, Inc.		52,608
	69,683	Citizens Republic Bancorp, Inc. (a)		82,226
	754	Comerica, Inc. (b)		28,682
	476	East West Bancorp, Inc. (b)		8,292
	14,988	Fifth Third Bancorp (b)		203,687
	23,706	First Bancorp (b)		57,131
	3,156	First Horizon National Corp. (a)		44,346
	0	FirstMerit Corp.		0
	3,674	Fulton Financial Corp. (b)		37,438
	8,137	Huntington Bancshares, Inc.		43,696
	285	International Bancshares Corp. (b)		6,552
	21,734	KeyCorp (b)		168,439
	14,260	Marshall & Ilsley Corp.		114,793

See notes to financial statements.

97

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Commercial Banks (Continued)
	39,999	Popular, Inc.	$	116,397
	11,091	Regions Financial Corporation (b)		87,064
	53,895	The South Financial Group (b)		37,258
	9,489	SunTrust Banks, Inc. (b)		254,210
	5,816	Susquehanna Bancshares, Inc. (b)		57,055
	32,246	Synovus Financial Corp.		106,089
	3,565	TCF Financial Corp. (b)		56,826
	336	Trustmark Corp. (b)		8,209
	624	Webster Financial Corp. (b)		10,914
	3,868	Whitney Holding Corp.		53,340
	1,702	Wilmington Trust Corp. (b)		28,202
	3,266	Zions Bancorporation (b)		71,264
				1,771,881
		Commercial Services & Supplies - 1.04%
	1,764	Avery Dennison Corp.		64,227
	357	Brinks Co.		10,078
	1,079	Deluxe Corp.		20,954
	951	HNI Corp.		25,325
	3,939	Pitney Bowes, Inc. (b)		96,309
	4,247	R.R. Donnelley & Sons Co.		90,673
	9,521	Steelcase, Inc.		61,601
	556	United Stationers, Inc. (a)		32,721
	5,406	Waste Management, Inc.		186,129
				588,017
		Communications Equipment - 0.22%
	17,713	Motorola, Inc. (a)(b)		124,345
		Computers & Peripherals - 0.79%
	18,457	Dell, Inc. (a)		277,039
	2,045	Lexmark International, Inc. (a)		73,784
	4,207	NCR Corp. (a)		58,057
	1,975	Seagate Technology (a)		36,063
				444,943
		Construction & Engineering - 0.21%
	2,286	EMCOR Group, Inc. (a)		56,304
	946	Granite Construction, Inc. (b)		28,588
	1,569	Tutor Perini Corp. (a)(b)		34,126
				119,018
		Consumer Finance - 0.98%
	7,012	American Express Co.		289,315
	2,027	AmeriCredit Corp. (a)(b)		48,162

Number of Shares			Value
		Consumer Finance (Continued)
	3,563	Capital One Financial Corp. (b)	$	147,544
	10,888	CompuCredit Holdings Corp. (b)		56,182
	105	Nelnet, Inc.		1,949
	352	SLM Corp. (a)		4,407
	78	Student Loan Corp.		2,771
				550,330
		Containers & Packaging - 0.87%
	2,572	Bemis, Inc.		73,868
	2,133	Crown Holdings, Inc. (a)		57,506
	1,736	Graphic Packaging Holding Co. (a)		6,267
	2,249	Owens-Illinois, Inc. (a)		79,929
	1,341	Packaging Corp. of America		33,002
	1,502	Pactiv Corp. (a)		37,820
	2,331	Sealed Air Corp.		49,138
	296	Silgan Holdings, Inc.		17,828
	1,781	Sonoco Products Co.		54,837
	3,880	Temple Inland, Inc.		79,268
				489,463
		Distributors - 0.40%
	2,288	Core-Mark Holding Co., Inc. (a)		70,036
	3,641	Genuine Parts Co.		153,796
				223,832
		Diversified Consumer Services - 0.15%
	458	Career Education Corp. (a)		14,491
	1,510	Regis Corp. (b)		28,207
	4,794	Service Corp International (b)		44,009
				86,707
		Diversified Financial Services - 3.20%
	60,538	Bank of America Corporation		1,080,604
	169,360	Citigroup, Inc. (a)(b)		685,908
	1,567	PHH Corp. (a)(b)		36,934
				1,803,446
		Diversified Telecommunication Services - 2.27%
	12,550	Frontier Communications Corp. (b)		93,372
	7,070	Level 3 Communications, Inc. (a)		11,453
	36,711	Qwest Communications International,
		Inc. (b)		191,632
	31,743	Verizon Communications, Inc.		984,668
				1,281,125

See notes to financial statements.

98

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Electric Utilities - 3.48%
	11,616	AES Corp. (a)	$	127,776
	1,752	Allegheny Energy, Inc.		40,296
	6,294	American Electric Power
		Company, Inc.		215,129
	18,583	Duke Energy Corp.		303,275
	5,851	Edison International		199,929
	2,377	Entergy Corp.		193,369
	3,670	FirstEnergy Corp. (b)		143,460
	623	Great Plains Energy, Inc.		11,569
	4,443	Hawaiian Electric Industries, Inc. (b)		99,745
	1,297	IDACORP, Inc. (b)		44,902
	2,220	Northeast Utilities		61,361
	1,392	NV Energy, Inc.		17,163
	5,078	Pepco Holdings, Inc.		87,088
	1,770	Pinnacle West Capital Corp.		66,782
	1,190	PNM Resources, Inc.		14,911
	1,333	Portland General Electric Co.		25,740
	3,763	PPL Corp.		104,273
	4,006	Progress Energy, Inc.		157,676
	316	UniSource Energy Corp.		9,935
	1,610	Westar Energy, Inc.		35,903
				1,960,282
		Electrical Equipment - 0.23%
	534	A.O. Smith Corp.		28,072
	374	Acuity Brands, Inc.		15,787
	1,499	General Cable Corp. (a)(b)		40,473
	291	Hubbell, Inc.		14,675
	747	Thomas & Betts Corp. (a)		29,312
				128,319
		Electronic Equipment & Instruments - 1.39%
	842	Anixter International, Inc. (a)(b)		39,448
	3,911	Arrow Electronics, Inc. (a)		117,839
	4,061	Avnet, Inc. (a)		121,830
	1,973	Benchmark Electronics, Inc. (a)		40,920
	6,609	Ingram Micro, Inc. (a)		115,988
	4,222	Insight Enterprises, Inc. (a)		60,628
	3,049	Jabil Circuit, Inc.		49,363
	1,555	Synnex Corp. (a)(b)		45,966
	3,228	Tech Data Corp. (a)		135,253
	5,275	Vishay Intertechnology, Inc. (a)		53,963
				781,198

Number of Shares			Value
		Energy Equipment & Services - 0.43%
	2,326	Exterran Holdings, Inc. (a)(b)	$	56,219
	2,831	Helix Energy Solutions
		Group, Inc. (a)		36,888
	3,093	Key Energy Services, Inc. (a)		29,538
	1,818	Nabors Industries Ltd. (a)		35,687
	166	Oil States International, Inc. (a)(b)		7,527
	740	Patterson-UTI Energy, Inc.		10,338
	414	Seacor Holdings, Inc. (a)(b)		33,393
	402	Smith International, Inc.		17,214
	145	Superior Energy Services, Inc. (a)		3,048
	233	Unit Corp. (a)(b)		9,851
				239,703
		Food & Staples Retailing - 6.20%
	1,965	BJ’s Wholesale Club, Inc. (a)		72,685
	7,875	The Great Atlantic & Pacific
		Tea Co. (a)(b)		60,401
	12,386	Kroger Co.		268,281
	1,122	Nash Finch Co. (b)		37,755
	43,539	Rite Aid Corp. (a)		65,308
	747	Ruddick Corp. (b)		23,635
	11,930	Safeway, Inc. (b)		296,580
	11,397	Supervalu, Inc.		190,102
	8,014	SYSCO Corp.		236,413
	38,206	Wal-Mart Stores, Inc.		2,124,254
	561	Weis Markets, Inc. (b)		20,398
	7,826	Winn Dixie Stores, Inc. (a)(b)		97,747
				3,493,559
		Food Products - 2.90%
	9,990	Archer Daniels Midland Co.		288,711
	2,781	Bunge Limited		171,393
	2,598	Chiquita Brands
		International, Inc. (a)(b)		40,867
	5,302	Conagra Foods, Inc.		132,921
	646	Corn Products
		International, Inc. (b)		22,390
	12,151	Dean Foods Co. (a)		190,649
	1,537	Del Monte Foods Co.		22,440
	284	Fresh Del Monte Produce, Inc. (a)		5,751
	16,893	Kraft Foods, Inc.		510,844
	6,410	Sara Lee Corp.		89,291
	2,279	Smithfield Foods, Inc. (a)(b)		47,267
	5,891	Tyson Foods, Inc.		112,813
				1,635,337

See notes to financial statements.

99

AssetMark Enhanced Fundamental Index^® Large Company Value Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Gas Utilities - 0.64%
	934	AGL Resources, Inc.	$	36,099
	1,510	Atmos Energy Corp.		43,141
	719	New Jersey Resources Corp.		27,006
	2,061	Nicor, Inc.		86,397
	725	Oneok, Inc.		33,096
	777	Piedmont Natural Gas, Inc. (b)		21,430
	1,024	Southwest Gas Corp.		30,638
	1,932	UGI Corp. (b)		51,275
	994	WGL Holdings, Inc.		34,442
				363,524
		Health Care Equipment & Supplies - 0.21%
	3,075	CareFusion Corp. (a)		81,272
	1,251	Hill-Rom Holdings, Inc. (b)		34,040
	76	Teleflex, Inc.		4,869
				120,181
		Health Care Providers & Services - 2.29%
	1,375	Amerigroup Corp. (a)		45,705
	6,376	Cardinal Health, Inc.		229,727
	1,329	Community Health
		Systems, Inc. (a)		49,080
	3,947	Coventry Health Care, Inc. (a)		97,570
	649	Davita, Inc. (a)(b)		41,147
	3,157	Health Management
		Associates, Inc. (a)		27,150
	2,969	Health Net, Inc. (a)(b)		73,839
	3,129	Humana, Inc. (a)		146,343
	4,029	Kindred Healthcare, Inc. (a)		72,723
	441	Lifepoint Hospitals, Inc. (a)(b)		16,220
	499	Lincare Holdings, Inc. (a)(b)		22,395
	4,430	Tenet Healthcare Corp. (a)		25,340
	3,143	Universal American Corp. (a)		48,402
	582	Wellcare Health Plans, Inc. (a)		17,344
	5,850	Wellpoint, Inc. (a)		376,623
				1,289,608
		Hotels, Restaurants & Leisure - 1.21%
	11,605	AFC Enterprises, Inc. (a)		124,522
	2,488	Boyd Gaming Corp. (a)(b)		24,581
	1,672	Brinker International, Inc. (b)		32,236
	449	Burger King Holdings, Inc. (b)		9,546
	732	Darden Restaurants, Inc. (b)		32,603

Number of Shares			Value
		Hotels, Restaurants & Leisure (Continued)
	4,998	Domino’s Pizza, Inc. (a)(b)	$	68,173
	6,114	MGM MIRAGE (a)(b)		73,368
	470	Penn National Gaming, Inc. (a)		13,066
	1,425	Royal Caribbean Cruises Ltd. (a)(b)		47,011
	1,948	Starwood Hotels & Resorts
		Worldwide, Inc. (b)		90,855
	1,573	Wyndham Worldwide Corp.		40,473
	3,253	Yum Brands, Inc. (b)		124,687
				681,121
		Household Durables - 1.73%
	13,168	Beazer Homes USA, Inc. (a)(b)		59,783
	3,371	D.R. Horton, Inc. (b)		42,475
	2,024	Fortune Brands, Inc.		98,184
	16,013	Hovnanian Enterprises, Inc. (a)(b)		69,657
	1,121	Jarden Corp.		37,318
	3,754	KB Home		62,879
	2,577	Leggett & Platt, Inc. (b)		55,766
	2,477	Lennar Corp.		42,629
	255	M.D.C Holdings, Inc.		8,826
	1,555	Mohawk Industries, Inc. (a)		84,561
	3,551	Newell Rubbermaid, Inc.		53,975
	83	NVR, Inc. (a)(b)		60,299
	765	Pulte Homes, Inc. (a)		8,606
	1,883	Ryland Group, Inc. (b)		42,255
	1,753	Stanley Black & Decker, Inc.		100,640
	1,115	Toll Brothers, Inc. (a)(b)		23,192
	1,446	Whirlpool Corp. (b)		126,163
				977,208
		Household Products - 0.10%
	845	Clorox Co.		54,198
		Independent Power Producers &
		Energy Traders - 0.43%
	6,044	Calpine Corp. (a)		71,863
	1,159	Constellation Energy Group, Inc.		40,693
	37,950	Dynegy, Inc. (a)(b)		47,817
	5,897	Mirant Corp. (a)		64,041
	5,462	RRI Energy, Inc. (a)		20,155
				244,569
		Industrial Conglomerates - 2.95%
	85,865	General Electric Co.		1,562,743
	4,677	Textron, Inc. (b)		99,293
				1,662,036

See notes to financial statements.

100

AssetMark Enhanced Fundamental Index^® Large Company Value Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Insurance - 6.66%
	4,266	Allstate Corp.	$	137,834
	2,367	American Financial Group, Inc.		67,341
	3,859	American International
		Group, Inc. (a)(b)		131,746
	959	American National Insurance
		Company		108,885
	1,514	Arch Capital Group Ltd. (a)		115,443
	2,713	Assurant, Inc.		93,273
	6,287	Chubb Corp.		325,981
	3,488	Cincinnati Financial Corp. (b)		100,803
	10,893	Conseco, Inc. (a)		67,754
	1,197	Endurance Specialty Holdings Ltd.		44,469
	3,769	Fidelity National Financial, Inc.		55,857
	2,556	First American Corp. (b)		86,495
	2,363	Hartford Financial Services
		Group, Inc.		67,156
	4,092	Lincoln National Corp.		125,624
	5,613	Loews Corp.		209,253
	9,800	Metlife, Inc.		424,732
	2,300	Old Republic International Corp.		29,164
	672	OneBeacon Insurance Group, Ltd.		11,592
	6,406	The Phoenix Companies, Inc. (a)(b)		15,503
	3,108	Principal Financial Group, Inc.		90,785
	4,081	Progressive Corp.		77,906
	2,324	Protective Life Corp.		51,105
	4,171	Prudential Financial, Inc.		252,345
	2,490	Selective Insurance Group, Inc.		41,334
	846	StanCorp Financial Group, Inc.		40,295
	1,265	Torchmark Corp.		67,690
	7,602	Travelers Companies, Inc. (b)		410,052
	1,458	Unitrin, Inc.		40,897
	8,108	Unum Group		200,835
	2,601	W.R. Berkley Corp.		67,860
	6,571	XL Capital Ltd. (b)		124,192
	1,836	Zenith National Insurance Corp.		70,356
				3,754,557
		Internet Software & Services - 0.04%
	884	IAC/InterActiveCorp (a)		20,102
		IT Services - 0.46%
	449	CACI International, Inc. (a)		21,934
	3,107	Computer Sciences Corp. (a)		169,300
	2,431	Convergys Corp. (a)		29,804
	603	DST Systems, Inc. (a)		24,994

Number of Shares			Value
		IT Services (Continued)
	753	The Western Union Co.	$	12,771
				258,803
		Leisure Equipment & Products - 0.22%
	4,406	Brunswick Corp. (b)		70,364
	5,774	Eastman Kodak Co. (a)(b)		33,431
	435	Polaris Industries, Inc. (b)		22,255
				126,050
		Machinery - 2.62%
	2,079	AGCO Corp. (a)		74,574
	2,260	Briggs & Stratton Corp. (b)		44,070
	5,059	Caterpillar, Inc.		317,958
	955	Crane Co.		33,902
	2,822	Deere & Co. (b)		167,796
	1,508	Eaton Corp.		114,261
	157	Gardner Denver, Inc.		6,914
	1,140	Harsco Corp.		36,412
	856	Kennametal, Inc.		24,071
	193	Manitowoc, Inc.		2,509
	1,883	Mueller Industries, Inc.		50,446
	3,707	Mueller Water Products, Inc. -
		Class A		17,719
	409	NACCO Industries, Inc. (b)		30,327
	1,244	Navistar International Corp. (a)		55,644
	4,384	Paccar, Inc. (b)		190,003
	1,314	Parker Hannifin Corp.		85,068
	550	Snap On, Inc.		23,837
	972	SPX Corp. (b)		64,463
	2,446	Terex Corp. (a)(b)		55,549
	2,254	Timken Co.		67,643
	628	Trinity Industries, Inc. (b)		12,535
				1,475,701
		Marine - 0.04%
	605	Alexander & Baldwin, Inc.		19,995
		Media - 4.26%
	5,014	Belo Corp. (b)		34,195
	583	Cablevision Systems Corp.		14,074
	14,578	CBS Corp. (b)		203,217
	925	Cinemark Holdings, Inc. (b)		16,965
	1,505	Clear Channel Outdoor
		Holdings, Inc. (a)		15,968
	3,691	Dish Network Corp.		76,847
	7,765	The E.W. Scripps Co. (a)		65,614
	7,810	Gannett Co., Inc. (b)		129,021

See notes to financial statements.

101

AssetMark Enhanced Fundamental Index^® Large Company Value Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Media (Continued)
	7,182	Interpublic Group Cos., Inc. (a)(b)	$	59,754
	2,656	Liberty Global, Inc. (a)(b)		77,449
	7,965	Liberty Media Corporation -
		Interactive (a)		121,944
	2,057	Live Nation, Inc. (a)		29,827
	145	Madison Square Garden, Inc. (a)		3,151
	3,125	McGraw-Hill Companies, Inc.		111,406
	879	Meredith Corp. (b)		30,246
	2,215	New York Times Co. (a)		24,653
	3,321	Omnicom Group, Inc.		128,888
	3,908	RCN Corp. (a)		58,933
	4,494	Regal Entertainment Group (b)		78,960
	773	Scholastic Corp.		21,644
	4,936	Time Warner Cable, Inc.		263,138
	17,390	Time Warner, Inc.		543,785
	5,124	Viacom, Inc. (a)		176,163
	246	Virgin Media, Inc.		4,246
	8,041	Warner Music Group Corp. (a)		55,563
	125	The Washington Post Company		55,523
				2,401,174
		Metals & Mining - 1.18%
	2,069	AK Steel Holding Corp.		47,297
	17,695	Alcoa, Inc. (b)		251,977
	936	Allegheny Technologies, Inc.		50,535
	2,455	Century Aluminum Co. (a)(b)		33,781
	2,310	Commercial Metals Co.		34,789
	1,880	Nucor Corp.		85,314
	175	Steel Dynamics, Inc.		3,057
	2,184	United States Steel Corp. (b)		138,728
	1,081	Worthington Industries, Inc.		18,690
				664,168
		Multiline Retail - 2.10%
	1,235	Big Lots, Inc. (a)		44,979
	1,457	Dillard’s, Inc.		34,385
	1,486	Family Dollar Stores, Inc.		54,402
	4,822	J.C. Penney Co., Inc.		155,124
	7,736	Macy’s, Inc. (b)		168,413
	1,448	Nordstrom, Inc. (b)		59,151
	4,113	Saks, Inc. (a)		35,372
	2,070	Sears Holdings Corp. (a)(b)		224,450
	7,734	Target Corp.		406,808
				1,183,084

Number of Shares			Value
		Multi-Utilities - 4.09%
	1,721	Alliant Energy Corp.	$	57,240
	8,021	Ameren Corp.		209,188
	1,030	Avista Corp.		21,331
	176	Black Hills Corp. (b)		5,342
	6,338	CenterPoint Energy, Inc.		91,014
	5,488	CMS Energy Corp. (b)		84,844
	6,437	Consolidated Edison, Inc.		286,704
	4,368	Dominion Resources, Inc.		179,568
	2,984	DTE Energy Co.		133,086
	1,190	Integrys Energy Group, Inc. (b)		56,382
	1,725	MDU Resources Group, Inc.		37,226
	6,046	NiSource, Inc.		95,527
	601	Northwestern Corp. (b)		16,113
	2,053	NRG Energy, Inc. (a)		42,908
	1,570	NSTAR		55,609
	1,034	OGE Energy Corp.		40,264
	4,905	PG&E Corp.		208,070
	6,469	Public Services Enterprise
		Group, Inc.		190,965
	1,502	SCANA Corp.		56,460
	3,283	Sempra Energy		163,822
	2,865	Teco Energy, Inc.		45,525
	1,314	Vectren Corp. (b)		32,482
	1,143	Wisconsin Energy Corp. (b)		56,476
	6,392	Xcel Energy, Inc. (b)		135,510
				2,301,656
		Office Electronics - 0.15%
	8,548	Xerox Corp.		83,343
		Oil & Gas - 14.75%
	727	Alon USA Energy, Inc. (b)		5,271
	20,850	Chevron Corp.		1,581,055
	17,672	ConocoPhillips		904,276
	3,518	Crosstex Energy, Inc. (a)(b)		30,571
	4,337	CVR Energy, Inc. (a)(b)		37,949
	4,649	Delek US Holdings, Inc.		33,845
	1,816	El Paso Corp.		19,685
	54,299	Exxon Mobil Corp.		3,636,947
	1,023	Forest Oil Corp. (a)		26,414
	1,413	Frontier Oil Corp.		19,076
	551	Frontline Ltd. (b)		16,877
	3,656	General Maritime Corp.		26,287
	5,992	Hess Corp.		374,800
	592	Holly Corp.		16,523
	11,972	Marathon Oil Corp.		378,794

See notes to financial statements.

102

AssetMark Enhanced Fundamental Index^® Large Company Value Fund
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Oil & Gas (Continued)
	856	Mariner Energy, Inc. (a)	$	12,814
	2,443	Murphy Oil Corp.		137,272
	821	Overseas Shipholding
		Group, Inc. (b)		32,208
	46	Ship Finance International Ltd. (b)		817
	212	Southern Union Co.		5,378
	6,052	Sunoco, Inc.		179,805
	1,355	Teekay Corporation (b)		30,813
	9,348	Tesoro Corp. (b)		129,937
	7,624	USEC, Inc. (a)(b)		43,990
	19,835	Valero Energy Corp.		390,750
	3,529	W & T Offshore, Inc. (b)		29,644
	13,032	Western Refining, Inc. (a)(b)		71,676
	5,972	Williams Companies, Inc.		137,953
				8,311,427
		Paper & Forest Products - 0.67%
	1,571	Domtar Corp. (a)		101,188
	5,447	International Paper Co.		134,051
	2,478	Louisiana-Pacific Corp. (a)		22,426
	1,351	MeadWestvaco Corp. (b)		34,518
	1,903	Weyerhaeuser Co.		86,149
				378,332
		Pharmaceuticals - 0.01%
	513	King Pharmaceuticals, Inc. (a)		6,033
		Professional Services - 0.43%
	3,968	Kelly Services, Inc. (a)(b)		66,107
	3,127	Manpower, Inc.		178,614
				244,721
		Real Estate - 0.04%
	1,497	CB Richard Ellis Group, Inc. (a)		23,727
		Road & Rail - 0.92%
	1,519	AMERCO (a)(b)		82,466
	8,428	Avis Budget Group (a)		96,922
	1,146	Con-Way, Inc.		40,248
	1,325	Dollar Thrifty Automotive
		Group, Inc. (a)(b)		42,572
	6,934	Hertz Global Holdings, Inc. (a)(b)		69,271
	1,841	Ryder Systems, Inc. (b)		71,357
	2,776	Werner Enterprises, Inc. (b)		64,320
	94,919	YRC Worldwide, Inc. (a)		51,617
				518,773

Number of Shares			Value
		Semiconductor & Semiconductor
		Equipment - 0.25%
	1,970	Advanced Micro Devices, Inc. (a)	$	18,262
	6,862	Amkor Technology, Inc. (a)(b)		48,514
	2,950	Fairchild Semiconductor
		International (a)		31,418
	1,452	Micron Technology, Inc. (a)		15,086
	1,052	Novellus Systems, Inc. (a)		26,300
				139,580
		Specialty Retail - 3.88%
	364	Abercrombie & Fitch Co. (b)		16,613
	2,172	Asbury Automotive Group, Inc. (a)		28,888
	5,640	AutoNation, Inc. (a)(b)		101,971
	337	AutoZone, Inc. (a)		58,331
	3,097	Barnes & Noble, Inc. (b)		66,957
	3,817	Best Buy Co., Inc.		162,375
	37,005	Borders Group, Inc. (a)(b)		63,649
	1,547	Collective Brands, Inc. (a)		35,179
	5,149	Foot Locker, Inc. (b)		77,441
	1,296	Group 1 Automotive, Inc. (a)(b)		41,291
	17,053	Home Depot, Inc.		551,664
	4,974	Limited Brands, Inc.		122,460
	14,564	Lowe’s Companies, Inc.		353,031
	773	Mens Wearhouse, Inc.		18,506
	7,510	Office Depot, Inc. (a)		59,930
	4,324	OfficeMax, Inc. (a)(b)		71,000
	4,618	The Pantry, Inc. (a)		57,679
	3,500	Penske Automotive Group, Inc. (a)		50,470
	2,234	Radioshack Corp.		50,555
	2,041	Rent-A-Center, Inc. (a)(b)		48,270
	1,836	Signet Jewelers Limited (a)		59,376
	3,961	Sonic Automotive, Inc. (a)		43,571
	1,826	Williams Sonoma, Inc. (b)		48,005
				2,187,212
		Textiles, Apparel & Luxury Goods - 0.19%
	993	Hanesbrands, Inc. (a)		27,625
	2,024	Jones Apparel Group, Inc.		38,497
	5,407	Liz Claiborne, Inc. (a)(b)		40,174
				106,296
		Thrifts & Mortgage Finance - 0.08%
	1,458	Astoria Financial Corp.		21,141
	1,976	MGIC Investment Corp. (a)(b)		21,677
				42,818

See notes to financial statements.

103

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Tobacco - 1.02%
	26,729	Altria Group, Inc.	$	548,479
	499	Universal Corp. (b)		26,292
				574,771
		Trading Companies & Distributors - 0.48%
	17,391	BlueLinx Holdings, Inc. (a)(b)		66,260
	605	GATX Corp.		17,333
	4,792	RSC Holdings, Inc. (a)(b)		38,144
	10,041	United Rentals, Inc. (a)		94,185
	1,585	Wesco International, Inc. (a)(b)		55,015
				270,937
		Water Utilities - 0.09%
	2,228	American Water Works Co., Inc.		48,481
		Wireless Telecommunication Services - 0.58%
	7	Leap Wireless
		International, Inc. (a)		115
	4,784	MetroPCS
		Communications, Inc. (a)(b)		33,871
	39,014	Sprint Nextel Corp. (a)		148,253
	2,539	Telephone & Data Systems, Inc.		85,945
	1,467	United States Cellular Corp. (a)		60,704
				328,888
		Total Common Stocks
		(Cost $41,210,777)		51,282,956
		MANAGEMENT INVESTMENT
		COMPANIES - 0.11%
		Capital Markets - 0.11%
	12,182	Allied Capital Corp.		60,544
		Total Management
		Investment Companies
		(Cost $29,318)		60,544
		REAL ESTATE INVESTMENT TRUSTS - 0.40%
		Real Estate Investment Trusts - 0.40%
	432	Apartment Investment &
		Management Co. (b)		7,953
	865	Ashford Hospitality Trust, Inc. (a)(b)		6,202
	48	CBL & Associates Properties, Inc.		658
	176	Colonial Properties Trust		2,267
	1,347	Developers Diversified Realty Corp.		16,393

Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	5,933	Felcor Lodging Trust, Inc. (a)	$	33,818
	8,820	iStar Financial, Inc. (a)(b)		40,484
	7,336	NorthStar Realty Finance Corp. (b)		30,884
	312	Pennsylvania Real Estate
		Investment Trust (b)		3,891
	1,594	ProLogis (b)		21,041
	26,176	RAIT Financial Trust (a)(b)		51,828
	861	Sunstone Hotel
		Investors, Inc. (a)(b)		9,617
				225,036
		Total Real Estate Investment Trusts
		(Cost $158,996)		225,036
		SHORT TERM INVESTMENTS - 7.63%
		Money Market Funds - 7.63%
	4,298,080	Federated Prime Obligations Fund
		Effective Yield, 0.11%		4,298,080
		Total Short Term Investments
		(Cost $4,298,080)		4,298,080
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 19.56%
		Money Market Funds - 19.56%
	11,019,836	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%		11,019,836
		Total Mutual Funds
		(Cost $11,019,836)		11,019,836
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $11,019,836)		11,019,836
		Total Investments
		(Cost $56,717,007) - 118.73%		66,886,452
		Liabilities in Excess of
		Other Assets - (18.73)%		(10,552,510)
		TOTAL NET
		ASSETS - 100.00%	$	56,333,942

Percentages are stated as a percent of net assets.

(a) Non-income producing.

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

See notes to financial statements.

104

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2010

Description	Number of Contracts Purchased	Notional Value	Settlement Month	Unrealized Appreciation
S&P 500 Index Mini Futures	80	$4,369,500	Jun-10	$90,163

See notes to financial statements.

105

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 91.90%
		Aerospace & Defense - 0.72%
	617	AeroVironment, Inc. (a)	$	16,110
	147	American Science &
		Engineering, Inc.		11,013
	564	Cubic Corp.		20,304
	1,013	Curtiss Wright Corp.		35,252
	393	Ducommun, Inc.		8,257
	164	TransDigm Group, Inc.		8,699
	128	Triumph Group, Inc.		8,972
				108,607
		Airlines - 0.46%
	211	Allegiant Travel Co. (a)(b)		12,208
	661	Copa Holdings, SA (b)		40,189
	2,213	Hawaiian Holdings, Inc. (a)(b)		16,310
				68,707
		Beverages - 0.31%
	282	Central European District Corp. (a)		9,873
	859	Hansen Natural Corp. (a)		37,263
				47,136
		Biotechnology - 0.11%
	646	Alkermes, Inc. (a)		8,378
	370	Cubist Pharmaceuticals, Inc. (a)		8,340
				16,718
		Building Products - 0.52%
	399	Ameron International, Inc.		25,093
	983	Simpson Manufacturing Co, Inc. (b)		27,288
	668	Universal Forest Products, Inc. (b)		25,732
				78,113
		Capital Markets - 3.73%
	3,397	BGC Partners, Inc. (b)		20,756
	3,458	Calamos Asset Management, Inc.		49,588
	1,248	Cohen & Steers, Inc. (b)		31,150
	815	Epoch Holding Corp. (b)		9,201
	25	Fifth Street Finance Corp. (b)		290
	786	Gamco Investors, Inc.		35,763
	501	Greenhill & Co, Inc.		41,127
	523	Hercules Technology Growth
		Capital, Inc.		5,539
	2,172	Investment Technology Group (a)		36,251
	550	KBW, Inc. (a)		14,795
	1,947	Knight Capital Group, Inc. (a)		29,692
	2,697	Kohlberg Capital Corp. (b)		15,265

Number of Shares			Value
		Capital Markets (Continued)
	1,483	Lazard Ltd.	$	52,943
	1,448	Main Street Capital Corp. (b)		22,603
	1,532	optionsXpress Holdings, Inc.		24,956
	465	Piper Jaffray Cos. (a)		18,740
	512	RiskMetrics Group, Inc. (a)		11,576
	467	Stifel Financial Corp. (a)		25,101
	3,261	Thomas Weisel Partners
		Group, Inc. (a)(b)		12,783
	1,512	Tradestation Group, Inc. (a)(b)		10,599
	458	Triangle Capital Corp. (b)		6,430
	1,217	U.S. Global Investors, Inc. (b)		12,036
	2,040	Waddell & Reed Financial, Inc.		73,522
				560,706
		Chemicals - 1.17%
	676	Calgon Carbon Corp. (a)(b)		11,573
	326	Hawkins, Inc. (b)		7,889
	2,441	Innospec, Inc. (a)		27,730
	1,196	Koppers Holdings, Inc.		33,871
	909	Minerals Technologies, Inc.		47,123
	212	Newmarket Corp. (b)		21,834
	1,790	Omnova Solutions, Inc. (a)(b)		14,051
	565	Zep, Inc. (b)		12,362
				176,433
		Commercial Banks - 10.39%
	1,253	American National
		Bankshares, Inc. (b)		25,248
	903	Ames National Corp. (b)		18,105
	616	Arrow Financial Corp. (b)		16,564
	1,123	BancFirst Corp. (b)		47,065
	2,662	Banco Latinoamericano de
		Exportaciones, SA		38,226
	1,314	Bancorp, Inc. (a)(b)		11,695
	255	Bank of the Ozarks, Inc. (b)		8,973
	884	Bridge Bancorp, Inc. (b)		20,686
	664	Bryn Mawr Bank Corp. (b)		12,052
	503	Camden National Corp. (b)		16,151
	2,439	Center Bancorp, Inc. (b)		20,268
	905	Chicopee Bancorp, Inc. (a)(b)		11,493
	412	Citizens Holding Co. (b)		10,168
	991	City Holding Co. (b)		33,981
	667	CNB Financial Corp.		10,298
	1,034	Columbia Banking System, Inc.		21,001
	1,167	Community Trust Bancorp, Inc. (b)		31,614

See notes to financial statements.

106

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Commercial Banks (Continued)
	4,541	CVB Financial Corp. (b)	$	45,092
	881	First Bancorp, Inc. (b)		14,043
	1,465	First Bancorp (b)		19,807
	1,658	First Financial Bancorp (b)		29,496
	360	First Financial Bankshares (b)		18,558
	1,340	First Financial Corp. (b)		38,806
	778	First Long Island Corp. (b)		18,750
	2,745	Glacier Bancorp, Inc. (b)		41,806
	733	Great Southern Bancorp, Inc. (b)		16,449
	1,095	Hancock Holding Co.		45,782
	768	Heritage Financial Corp. (a)		11,589
	271	Home Bancshares, Inc.		7,165
	432	Iberiabank Corp. (b)		25,924
	889	Independent Bank Corp.		21,923
	1,652	Investors Bancorp, Inc. (a)		21,806
	712	Lakeland Financial Corp.		13,564
	1,936	MB Financial, Inc.		43,618
	440	National Bankshares, Inc. (b)		11,990
	1,823	NBT Bancorp, Inc.		41,656
	612	Norwood Financial Corp.		16,524
	935	Pacific Continental Corp. (b)		9,818
	1,961	PacWest Bancorp (b)		44,750
	476	Penns Woods Bancorp, Inc. (b)		15,970
	544	Peoples Financial Corp. (b)		8,144
	1,322	Pinnacle Financial Partners, Inc. (a)		19,975
	1,514	PrivateBancorp, Inc.		20,742
	949	Prosperity Bancshares, Inc.		38,909
	958	Republic Bancorp, Inc. (b)		18,049
	631	S.Y. Bancorp, Inc. (b)		14,355
	837	SCBT Financial Corp. (b)		31,002
	2,041	Shore Bancshares, Inc. (b)		29,084
	597	Signature Bank (a)		22,119
	862	Simmons 1st National Corp. (b)		23,765
	668	Southside Bancshares, Inc. (b)		14,409
	1,422	StellarOne Corp. (b)		19,012
	6,437	Sterling Bancshares, Inc. (b)		35,918
	970	Suffolk Bancorp (b)		29,789
	863	SVB Financial Group (a)(b)		40,268
	1,089	Texas Capital Bancshares, Inc. (a)		20,680
	590	Tompkins Financial Corp.		21,523
	1,404	TowneBank (b)		19,600
	745	UMB Financial Corp.		30,247
	3,983	Umpqua Holdings Corp. (b)		52,815

Number of Shares			Value
		Commercial Banks (Continued)
	1,081	United Security
		Bancshares, Inc. (b)	$	16,183
	1,014	Univest Corp. of PA		18,952
	560	WestAmerica Bancorporation (b)		32,284
	3,952	Western Alliance Bancorp (a)(b)		22,487
	959	Wintrust Financial Corp. (b)		35,684
				1,564,469
		Commercial Services &
		Supplies - 2.56%
	1,833	APAC Customer
		Services, Inc. (a)(b)		10,540
	869	Clean Harbors, Inc. (a)(b)		48,282
	892	Copart, Inc. (a)		31,755
	842	G & K Services, Inc.		21,791
	423	The Geo Group, Inc. (a)		8,384
	649	Healthcare Services Group, Inc.		14,531
	4,217	Knoll, Inc.		47,441
	366	McGrath RentCorp		8,868
	2,614	Miller Herman, Inc.		47,209
	1,209	Rollins, Inc.		26,211
	770	Standard Parking Corp. (a)		12,643
	419	Stericycle, Inc. (a)(b)		22,835
	976	Sykes Enterprises, Inc. (a)		22,292
	1,200	Tetra Tech, Inc. (a)		27,648
	1,155	US Ecology, Inc. (b)		18,596
	471	Waste Connections, Inc. (a)		15,995
				385,021
		Communications Equipment - 2.85%
	817	ADTRAN, Inc. (b)		21,528
	1,605	Airvana, Inc. (a)		12,294
	3,183	Arris Group, Inc. (a)		38,228
	1,164	Bel Fuse, Inc.		23,455
	4,338	Brocade Communications
		Systems, Inc. (a)(b)		24,770
	1,290	Ciena Corp. (a)(b)		19,660
	738	Comtech Telecommunications
		Corp. (a)		23,609
	2,241	Emulex Corp. (a)		29,760
	383	F5 Networks, Inc. (a)(b)		23,558
	513	InterDigital, Inc. (a)(b)		14,292
	1,249	Ixia (a)		11,578
	1,520	JDS Uniphase Corp. (a)		19,046

See notes to financial statements.

107

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Communications Equipment (Continued)
	288	Loral Space &
		Communications Ltd. (a)	$	10,114
	1,738	Plantronics, Inc.		54,365
	1,164	Polycom, Inc. (a)		35,595
	1,153	Seachange International, Inc. (a)(b)		8,278
	4,329	Sonus Networks, Inc. (a)(b)		11,299
	679	Sycamore Networks, Inc.		13,655
	1,169	Tekelec (a)		21,229
	374	ViaSat, Inc. (a)		12,944
				429,257
		Computers & Peripherals - 0.42%
	631	Netezza Corp. (a)(b)		8,071
	2,150	QLogic Corp. (a)		43,645
	423	Synaptics, Inc. (a)(b)		11,679
				63,395
		Construction & Engineering - 0.28%
	1,462	Great Lakes Dredge & Dock Corp.		7,675
	393	Insituform Technologies, Inc. (a)		10,458
	1,854	Primoris Services Corp. (b)		14,350
	284	Texas Industries, Inc.		9,704
				42,187
		Construction Materials - 0.22%
	1,253	Eagle Materials, Inc.		33,255
		Consumer Finance - 0.07%
	127	Cash America International, Inc. (b)		5,014
	139	Credit Acceptance Corp. (a)(b)		5,732
				10,746
		Containers & Packaging - 0.02%
	106	AEP Industries, Inc. (a)		2,758
		Distributors - 0.09%
	645	LKQ Corp. (a)		13,094
		Diversified Consumer Services - 2.30%
	744	Brink’s Home Security
		Holdings, Inc. (a)		31,657
	196	Coinstar, Inc. (a)		6,370
	2,128	Corinthian Colleges, Inc. (a)(b)		37,432
	1,642	CPI Corp. (b)		22,758
	233	DeVry, Inc. (b)		15,192
	1,594	Hillenbrand, Inc.		35,052
	404	ITT Educational Services, Inc. (a)		45,442

Number of Shares			Value
		Diversified Consumer Services (Continued)
	228	Lincoln Educational
		Services Corp. (a)(b)	$	5,768
	415	Matthews International Corp.		14,732
	401	Pre-Paid Legal Services, Inc. (a)(b)		15,178
	1,592	Sotheby’s (b)		49,495
	421	Steiner Leisure Ltd. (a)(b)		18,659
	149	Strayer Education, Inc. (b)		36,284
	513	Universal Technical
		Institute, Inc. (a)		11,707
				345,726
		Diversified Telecommunication Services - 0.83%
	232	AboveNet, Inc. (a)		11,769
	2,008	Alaska Communications Systems
		Group, Inc. (b)		16,305
	150	Atlantic Tele-Network, Inc.		6,740
	1,456	Cbeyond, Inc. (a)(b)		19,918
	1,876	Consolidated Communications
		Holdings, Inc. (b)		35,569
	1,909	TW Telecom, Inc. (a)		34,648
				124,949
		Electric Utilities - 0.11%
	293	ITC Holdings Corp. (b)		16,115
		Electrical Equipment - 2.55%
	1,849	Belden, Inc.		50,774
	1,357	Encore Wire Corp.		28,226
	1,185	First Solar, Inc. (a)(b)		145,340
	545	Franklin Electric Co., Inc.		16,345
	2,020	Graftech International Ltd. (a)		27,613
	14,086	GT Solar International, Inc. (a)(b)		73,670
	297	II-VI, Inc. (a)		10,050
	808	SunPower Corp. (a)(b)		15,271
	872	Vicor Corp. (a)(b)		12,042
	156	Woodward Governor Co.		4,989
				384,320
		Electronic Equipment & Instruments - 2.52%
	1,483	Cognex Corp.		27,421
	1,402	Daktronics, Inc. (b)		10,683
	704	Dolby Laboratories, Inc. (a)		41,304
	2,042	Electro Rent Corp.		26,811
	1,055	Electro Scientific Industries (a)		13,515

See notes to financial statements.

108

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Electronic Equipment & Instruments (Continued)
	1,340	FLIR Systems, Inc. (a)	$	37,788
	464	Itron, Inc. (a)		33,672
	987	L-1 Identity Solutions, Inc. (a)		8,814
	345	MTS Systems Corp.		10,015
	655	Multi Fineline Electronix, Inc. (a)		16,873
	1,433	National Instruments Corp.		47,791
	617	Park Electrochemical Corp. (b)		17,733
	802	Rofin Sinar Technologies, Inc. (a)		18,141
	1,364	Trimble Navigation Ltd. (a)(b)		39,174
	1,007	Zebra Technologies Corp. (a)		29,807
				379,542
		Energy Equipment & Services - 1.65%
	445	Atwood Oceanics, Inc. (a)		15,410
	2,615	Cal Dive International, Inc. (a)		19,168
	260	Carbo Ceramics, Inc.		16,208
	1,686	Dresser-Rand Group, Inc. (a)		52,974
	565	Dril-Quip, Inc. (a)		34,375
	255	Gulfmark Offshore, Inc. (a)(b)		6,770
	304	Hornbeck Offshore
		Services, Inc. (a)		5,645
	278	Lufkin Industries, Inc.		22,004
	956	Oceaneering International,
		Inc. (a)(b)		60,697
	1,337	RPC, Inc. (b)		14,881
				248,132
		Food & Staples Retailing - 0.46%
	1,163	Andersons, Inc.		38,937
	281	Arden Group, Inc.		29,865
				68,802
		Food Products - 1.21%
	314	Alico, Inc. (b)		7,928
	202	American Italian Pasta Co. (a)(b)		7,852
	3,746	B&G Foods, Inc.		39,258
	1,585	Darling International, Inc. (a)		14,202
	20	Diamond Foods, Inc. (b)		841
	349	Farmer Brothers Co.		6,540
	251	J & J Snack Foods Corp.		10,911
	656	Lancaster Colony Corp.		38,678
	820	Lance, Inc.		18,966
	1,356	Tootsie Roll Industries, Inc. (b)		36,650
				181,826

Number of Shares			Value
		Health Care Equipment & Supplies - 3.48%
	592	Align Technology, Inc. (a)(b)		11,449
	394	Analogic Corp.		16,836
	286	The Cooper Companies, Inc.		11,120
	553	Edwards Lifesciences Corp. (a)(b)		54,681
	328	Haemonetics Corporation (a)		18,745
	458	IDEXX Laboratories, Inc. (a)(b)		26,358
	576	Immucor, Inc. (a)		12,897
	351	Intuitive Surgical, Inc. (a)		122,194
	927	Invacare Corp.		24,602
	848	Masimo Corp. (a)		22,514
	403	Meridian Bioscience, Inc.		8,209
	459	Orthofix International NV (a)		16,698
	1,141	ResMed, Inc. (a)(b)		72,625
	440	Sirona Dental Systems, Inc. (a)		16,733
	251	Sonosite, Inc. (a)		8,060
	1,065	Steris Corp.		35,848
	674	West Pharmaceutical Services, Inc.		28,274
	508	Wright Medical Group, Inc. (a)(b)		9,027
	252	Zoll Medical Corp. (a)		6,643
				523,513
		Health Care Providers & Services - 1.80%
	239	Air Methods Corp. (a)		8,126
	3,715	Alliance Healthcare
		Services, Inc. (a)		20,878
	371	AmSurg Corp. (a)		8,010
	142	Bio-Reference Labs, Inc. (a)(b)		6,244
	606	Catalyst Health Solutions, Inc. (a)		25,076
	585	Chemed Corp.		31,812
	207	Corvel Corp. (a)		7,400
	618	Emdeon, Inc. (a)		10,210
	758	Emergency Medical
		Services Corp. (a)(b)		42,865
	588	The Ensign Group, Inc.		10,190
	335	Landauer, Inc.		21,849
	337	Mednax, Inc. (a)		19,610
	1,234	PSS World Medical, Inc. (a)(b)		29,011
	485	Psychiatric Solutions, Inc. (a)		14,453
	519	VCA Antech, Inc. (a)(b)		14,548
				270,282

See notes to financial statements.

109

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Technology - 0.38%
	210	Computer Programs &
		Systems, Inc. (b)	$	8,207
	689	Omnicell, Inc. (a)		9,666
	425	Quality Systems, Inc. (b)		26,112
	851	Vital Images, Inc. (a)(b)		13,761
				57,746
		Hotels, Restaurants & Leisure - 1.76%
	636	Bally Technologies, Inc. (a)		25,783
	228	BJ’s Restaurants, Inc. (a)(b)		5,312
	579	CEC Entertainment, Inc. (a)(b)		22,054
	215	Chipotle Mexican Grill, Inc. (a)(b)		24,224
	341	Churchill Downs, Inc. (b)		12,788
	780	DineEquity, Inc. (a)(b)		30,833
	1,455	International Speedway Corp.		37,495
	1,646	Interval Leisure Group, Inc. (a)(b)		23,966
	243	Life Time Fitness, Inc. (a)(b)		6,828
	449	Orient-Express Hotels Ltd. (a)(b)		6,367
	352	Panera Bread Co. (a)(b)		26,925
	414	Papa Johns International, Inc. (a)(b)		10,644
	683	Scientific Games Corp. (a)		9,617
	531	WMS Industries, Inc. (a)		22,270
				265,106
		Household Durables - 0.50%
	1,964	M/I Homes, Inc. (a)		28,773
	112	National Presto Industries, Inc.		13,318
	1,100	Tempur Pedic
		International, Inc. (a)(b)		33,176
				75,267
		Household Products - 0.22%
	990	WD-40 Co.		32,502
		Industrial Conglomerates - 0.08%
	421	Raven Industries, Inc. (b)		12,415
		Insurance - 5.16%
	4,062	American Equity Investment
		Life Holding (b)		43,260
	554	American Physicians Capital		17,700
	1,434	Amtrust Financial Services, Inc. (b)		20,004
	969	Argo Group International
		Holdings, Ltd. (b)		31,580
	1,894	Assured Guaranty Ltd.		41,611
	2,130	CNA Surety Corp. (a)(b)		37,893

Number of Shares			Value
		Insurance (Continued)
	3,943	Delphi Financial Group, Inc.	$	99,206
	2,469	Employers Holdings, Inc.		36,665
	639	Enstar Group Ltd. (a)		44,193
	1,092	First Mercury Financial Corp.		14,229
	1,444	Flagstone Reinsurance
		Holdings Ltd. (b)		16,548
	774	Greenlight Capital Re, Ltd. (a)		20,650
	3,041	Maiden Holdings Ltd. (b)		22,473
	1,678	Max Capital Group Ltd.		38,577
	2,799	Meadowbrook Insurance
		Group, Inc.		22,112
	1,075	Mercer Insurance Group, Inc. (b)		19,350
	1,586	National Interstate Corp.		32,846
	182	National Western Life Insurance Co.		33,552
	1,242	Navigators Group, Inc. (a)(b)		48,848
	1,015	ProAssurance Corp. (a)		59,418
	818	RLI Corp.		46,643
	542	Tower Group, Inc. (b)		12,016
	3,498	Universal Insurance
		Holdings, Inc. (b)		17,700
				777,074
		Internet & Catalog Retail - 0.96%
	642	Netflix, Inc. (a)		47,341
	340	Priceline.com, Inc. (a)		86,700
	1,043	Stamps.com, Inc. (a)		10,534
				144,575
		Internet Software & Services - 1.62%
	731	Akamai Technologies, Inc. (a)(b)		22,961
	710	DealerTrack Holdings, Inc. (a)(b)		12,127
	1,102	Dice Holdings, Inc. (a)(b)		8,375
	866	Digital River, Inc. (a)		26,240
	132	Equinix, Inc. (a)(b)		12,849
	471	GSI Commerce, Inc. (a)(b)		13,033
	646	J2 Global Communications, Inc. (a)		15,116
	2,119	NIC, Inc. (b)		16,676
	697	SAVVIS, Inc. (a)		11,500
	321	Sohu.com, Inc. (a)(b)		17,527
	2,394	Valueclick, Inc. (a)		24,275
	2,434	Verisign, Inc. (a)		63,308
				243,987
		IT Services - 2.15%
	280	Cass Information Systems, Inc. (b)		8,722
	765	CSG Systems International, Inc. (a)		16,034

See notes to financial statements.

110

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		IT Services (Continued)
	1,292	Euronet Worldwide, Inc. (a)(b)	$	23,812
	825	ExlService Holdings, Inc. (a)(b)		13,761
	3,128	Genpact Limited (a)		52,457
	1,853	Global Cash Access
		Holdings, Inc. (a)		15,139
	391	ManTech International Corp. (a)		19,092
	408	Maximus, Inc.		24,859
	1,141	Neustar, Inc. (a)		28,753
	1,640	Sapient Corp. (a)		14,990
	838	Syntel, Inc.		32,238
	2,286	TNS, Inc. (a)		50,978
	676	Verifone Holdings, Inc. (a)(b)		13,662
	886	Virtusa Corp. (a)		9,135
				323,632
		Leisure Equipment & Products - 0.29%
	1,480	Pool Corporation		33,507
	826	Sturm, Ruger & Company, Inc. (b)		9,904
				43,411
		Life Sciences Tools & Services - 2.48%
	2,403	Affymetrix, Inc. (a)		17,638
	425	Bio-Rad Laboratories, Inc. (a)		43,996
	1,697	Bruker Corp. (a)(b)		24,861
	224	Dionex Corp. (a)(b)		16,751
	1,310	eResearchTechnology, Inc. (a)		9,052
	314	Illumina, Inc. (a)(b)		12,215
	909	Mettler-Toledo
		International, Inc. (a)		99,263
	532	Techne Corp.		33,883
	619	Varian, Inc. (a)		32,052
	1,245	Waters Corp. (a)		84,087
				373,798
		Machinery - 3.02%
	1,293	Actuant Corp.		25,278
	574	Bucyrus International, Inc.		37,878
	1,212	Circor International, Inc.		40,251
	202	Clarcor, Inc. (b)		6,967
	1,122	Freightcar America, Inc.		27,108
	687	Gorman Rupp Co.		17,477
	1,414	Graco, Inc.		45,248
	884	Kaydon Corp.		33,238
	92	K-Tron International, Inc. (a)		13,797

Number of Shares			Value
		Machinery (Continued)
	633	Met-Pro Corp.	$	6,203
	671	Nordson Corp.		45,574
	958	Robbins & Myers, Inc.		22,820
	451	Sun Hydraulics Corp.		11,717
	1,496	Titan International Inc. (b)		13,060
	1,157	Toro Co. (b)		56,890
	110	Valmont Industries, Inc. (b)		9,111
	231	Wabtec Corp.		9,730
	1,026	Watts Water Technologies, Inc.		31,868
				454,215
		Marine - 0.37%
	4,399	Eagle Bulk Shipping, Inc. (a)(b)		23,359
	847	Kirby Corp. (a)(b)		32,313
				55,672
		Media - 2.26%
	661	Central European Media
		Enterprises Ltd. (a)		19,374
	2,182	CKX, Inc. (a)(b)		13,376
	900	CTC Media, Inc. (a)		15,498
	951	DreamWorks Animation
		SKG, Inc. (a)		37,460
	1,383	Global Sources Ltd. (a)(b)		9,003
	410	Liberty Media
		Corporation - Capital (a)		14,912
	563	Morningstar, Inc. (a)		27,075
	1,187	National CineMedia, Inc.		20,488
	4,787	Playboy Enterprises, Inc. (a)(b)		17,520
	1,182	Valassis Communications, Inc. (a)		32,895
	741	Value Line, Inc. (b)		17,110
	1,420	Wiley John & Sons, Inc.		61,457
	3,105	World Wrestling Entertainment, Inc.		53,716
				339,884
		Metals & Mining - 0.93%
	1,522	Carpenter Technology Corp.		55,705
	567	Coeur D’Alene Mines Corp. (a)(b)		8,494
	441	Compass Minerals International, Inc.		35,381
	639	RTI International Metals, Inc. (a)(b)		19,381
	229	Walter Energy, Inc.		21,130
				140,091
		Multiline Retail - 0.28%
	3,561	Freds, Inc. (b)		42,661

See notes to financial statements.

111

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Oil & Gas - 3.18%
	1,442	Alpha Natural Resources, Inc. (a)	$	71,941
	848	ATP Oil & Gas Corp. (a)		15,951
	338	Barrett Bill Corp. (a)		10,380
	357	Berry Petroleum Co.		10,053
	1,001	CNX Gas Corp. (a)		38,088
	1,386	Comstock Resources, Inc. (a)		44,075
	188	Concho Resources, Inc. (a)(b)		9,468
	210	Contango Oil & Gas Company (a)		10,741
	1,195	Golar LNG Ltd. (b)		13,982
	1,598	Gulfport Energy Corp. (a)		17,962
	3,167	Harvest Natural
		Resources, Inc. (a)(b)		23,848
	359	James River Coal Co. (a)(b)		5,708
	2,513	McMoRan Exploration Co. (a)(b)		36,765
	951	Penn Virginia Corp.		23,299
	2,169	PetroQuest Energy, Inc. (a)(b)		10,910
	947	Quicksilver Resources, Inc. (a)		13,324
	1,141	Rosetta Resources, Inc. (a)		26,871
	1,881	Sandridge Energy, Inc. (a)(b)		14,484
	1,388	Swift Energy Co. (a)		42,667
	3,943	Vaalco Energy, Inc.		19,478
	7,123	Warren Resources, Inc. (a)(b)		17,950
				477,945
		Paper & Forest Products - 0.06%
	192	Schweitzer-Mauduit
		International, Inc. (b)		9,132
		Personal Products - 1.47%
	833	Inter Parfums, Inc.		12,345
	2,641	Mead Johnson Nutrition Co.		137,411
	2,065	Nu Skin Enterprises, Inc. (b)		60,092
	342	Usana Health Sciences, Inc. (a)(b)		10,742
				220,590
		Pharmaceuticals - 0.22%
	343	Medicis Pharmaceutical Corp.		8,630
	585	Valeant Pharmaceuticals
		International (a)(b)		25,102
				33,732
		Professional Services - 1.54%
	274	The Advisory Board Co. (a)		8,631
	1,794	Corporate Executive Board Co.		47,703
	238	Costar Group, Inc. (a)		9,882

Number of Shares			Value
		Professional Services (Continued)
	296	Exponent, Inc. (a)	$	8,442
	420	FTI Consulting, Inc. (a)		16,514
	364	IHS, Inc. (a)		19,463
	3,269	Monster Worldwide, Inc. (a)(b)		54,298
	1,184	Towers Watson & Co. (a)(b)		56,240
	271	VSE Corp.		11,154
				232,327
		Real Estate - 0.14%
	1,779	Hilltop Holdings, Inc. (a)		20,903
		Real Estate Management & Development - 0.30%
	1,392	The St. Joe Co. (a)		45,031
		Road & Rail - 0.72%
	2,688	Heartland Express, Inc. (b)		44,352
	907	Knight Transportation, Inc. (b)		19,129
	1,085	Landstar Systems, Inc.		45,548
				109,029
		Semiconductor & Semiconductor
		Equipment - 4.50%
	529	Actel Corp. (a)(b)		7,327
	883	Advanced Energy
		Industries, Inc. (a)		14,622
	479	Atheros Communications,
		Inc. (a)(b)		18,542
	10,873	Atmel Corp. (a)		54,691
	673	ATMI, Inc. (a)(b)		12,996
	443	Cabot Microelectronics Corp. (a)		16,759
	628	Cree, Inc. (a)		44,098
	703	Cymer, Inc. (a)		26,222
	2,296	Cypress Semiconductor Corp. (a)		26,404
	515	FEI Co. (a)		11,799
	1,107	FormFactor, Inc. (a)		19,660
	1,450	Hittite Microwave Corp. (a)		63,756
	4,711	Integrated Device
		Technology, Inc. (a)		28,878
	1,510	IXYS Corp. (a)		12,895
	2,773	Lattice Semiconductor Corp. (a)		10,177
	2,022	Micrel, Inc.		21,555
	675	Microsemi Corp. (a)(b)		11,705
	1,216	MKS Instrument, Inc. (a)		23,821
	1,322	Omnivision Technologies, Inc. (a)		22,712
	3,158	ON Semiconductor Corp. (a)(b)		25,264

See notes to financial statements.

112

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Semiconductor & Semiconductor
		Equipment (Continued)
	1,739	PMC-Sierra, Inc. (a)	$	15,512
	311	Power Integrations, Inc. (b)		12,813
	1,618	RF Micro Devices, Inc. (a)		8,058
	647	Semtech Corp. (a)		11,277
	676	Sigma Designs, Inc. (a)(b)		7,929
	503	Silicon Laboratories, Inc. (a)		23,978
	1,381	Skyworks Solutions, Inc. (a)		21,544
	560	Standard Microsystems Corp. (a)		13,037
	3,694	Teradyne, Inc. (a)(b)		41,262
	992	Varian Semiconductor
		Equipment (a)		32,855
	356	Veeco Instruments, Inc. (a)(b)		15,486
				677,634
		Software - 5.75%
	815	ACI Worldwide, Inc. (a)(b)		16,797
	4,661	American Software, Inc.		27,080
	334	ANSYS, Inc. (a)		14,409
	667	Ariba, Inc. (a)		8,571
	401	Blackbaud, Inc.		10,101
	3,918	Cadence Design System, Inc. (a)(b)		26,094
	365	CommVault Systems, Inc. (a)		7,793
	6,335	Compuware Corp. (a)		53,214
	723	Factset Research Systems, Inc. (b)		53,046
	388	Fair Isaac Corp.		9,832
	648	Informatica Corp. (a)		17,405
	1,438	Jack Henry & Associates, Inc.		34,598
	391	JDA Software Group, Inc. (a)		10,878
	649	Kenexa Corp. (a)		8,924
	4,441	Lawson Software, Inc. (a)(b)		29,355
	526	Manhattan Associates, Inc. (a)		13,402
	1,311	MICROS Systems, Inc. (a)		43,106
	168	MicroStrategy, Inc. (a)		14,292
	554	Net 1 UEPs Technologies, Inc. (a)		10,188
	6,694	Novell, Inc. (a)		40,097
	1,302	Nuance Communications,
		Inc. (a)(b)		21,665
	2,271	Parametric Technology Corp. (a)		40,992
	700	Progress Software Corp. (a)		22,001
	1,833	Quest Software, Inc. (a)		32,609
	2,020	Red Hat, Inc. (a)		59,125
	1,837	S1 Corporation (a)		10,838

Number of Shares			Value
		Software (Continued)
	1,302	Salesforce.com, Inc. (a)(b)	$	96,934
	545	Solera Holdings, Inc.		21,064
	969	Sonicwall, Inc. (a)		8,421
	1,274	Sybase, Inc. (a)(b)		59,394
	1,883	Symyx Technologies (a)		8,455
	3,254	Tibco Software, Inc. (a)(b)		35,111
				865,791
		Specialty Retail - 3.31%
	1,881	Aeropostale (a)(b)		54,229
	1,713	The Buckle, Inc. (b)		62,970
	2,223	Chico’s FAS, Inc.		32,056
	294	Citi Trends, Inc. (a)(b)		9,537
	2,676	The Finish Line, Inc. (b)		43,672
	674	Gymboree Corp. (a)		34,799
	762	hhgregg, Inc. (a)		19,233
	1,288	Hibbett Sports, Inc. (a)(b)		32,947
	823	J.Crew Group, Inc. (a)(b)		37,776
	363	Jos. A. Bank Clothiers, Inc. (a)(b)		19,838
	509	Kirklands, Inc. (a)(b)		10,689
	462	Lumber Liquidators
		Holdings, Inc. (a)(b)		12,321
	1,236	Midas Group, Inc. (a)		13,942
	168	Monro Muffler Brake, Inc. (b)		6,008
	1,120	Ulta Salon, Cosmetics &
		Fragrance, Inc. (a)		25,334
	1,736	Urban Outfitters, Inc. (a)		66,020
	810	Zumiez, Inc. (a)(b)		16,597
				497,968
		Textiles, Apparel & Luxury Goods - 2.37%
	887	Carter, Inc. (a)(b)		26,743
	1,897	Cherokee, Inc. (b)		34,146
	1,406	Columbia Sportswear Co.		73,857
	2,188	Crocs, Inc. (a)		19,189
	57	Deckers Outdoor Corp. (a)(b)		7,866
	1,001	Fossil, Inc. (a)		37,778
	435	Steven Madden Ltd. (a)		21,228
	726	Under Armour, Inc. (a)(b)		21,352
	503	UniFirst Corp.		25,904
	503	Volcom, Inc. (a)(b)		9,818
	1,164	Warnaco Group, Inc. (a)		55,534
	265	Weyco Group, Inc. (b)		6,233
	566	Wolverine World Wide, Inc.		16,505
				356,153

See notes to financial statements.

113

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Thrifts & Mortgage Finance - 3.35%
	1,461	Abington Bancorp, Inc. (b)	$	11,542
	4,661	Bank Mutual Corp.		30,297
	1,570	BankFinancial Corp.		14,397
	1,323	Beneficial Mutual Bancorp, Inc. (a)		12,542
	886	Berkshire Hills Bancorp, Inc. (b)		16,240
	4,432	Brookline Bancorp, Inc.		47,157
	1,560	Capitol Federal Financial (b)		58,438
	1,703	Flushing Financial Corp. (b)		21,560
	566	Home Federal Bancorp, Inc.		8,213
	919	Kearny Financial Corp. (b)		9,585
	3,582	NewAlliance Bancshares, Inc.		45,205
	2,757	Northwest Bancshares, Inc.		32,367
	1,329	Ocwen Financial Corp. (a)		14,739
	1,950	Provident New York Bancorp (b)		18,486
	2,766	Radian Group, Inc. (b)		43,260
	1,281	Rockville Financial, Inc. (b)		15,615
	13,138	TrustCo Bank Corp. (b)		81,061
	532	United Financial Bancorp, Inc.		7,437
	1,695	Westfield Financial, Inc.		15,577
				503,718
		Tobacco - 0.48%
	4,723	Vector Group Ltd. (b)		72,876
		Trading Companies & Distributors - 0.31%
	595	Textainer Group Holdings Ltd. (b)		12,822
	585	Watsco, Inc. (b)		33,275
				46,097
		Water Utilities - 0.55%
	575	American States Water Co. (b)		19,952
	765	California Water Service Group		28,772
	430	Connecticut Water Service, Inc. (b)		10,006
	458	Middlesex Water Co. (b)		7,809
	659	SJW Corp.		16,752
				83,291
		Wireless Telecommunication Services - 0.36%
	1,421	NTELOS Holdings Corp.		25,280
	278	SBA Communications Corp. (a)(b)		10,027
	941	Syniverse Holdings, Inc. (a)		18,321
				53,628
		Total Common Stocks
		(Cost $11,046,767)		13,831,690

Number of Shares			Value
		MANAGEMENT INVESTMENT
		COMPANIES - 0.69%
		Capital Markets - 0.69%
	1,715	Gladstone Capital Corp.	$	20,237
	5,161	MCG Capital Corp. (b)		26,889
	345	MVC Capital, Inc.		4,682
	3,608	NGP Capital Resources Co. (b)		30,740
	3,151	TICC Capital Corp. (b)		20,765
				103,313
		Total Management Investment
		Companies (Cost $83,804)		103,313
		REAL ESTATE INVESTMENT TRUSTS - 3.62%
		Real Estate Investment Trusts - 3.62%
	210	Acadia Realty Trust		3,750
	208	Agree Realty Corp.		4,755
	156	American Campus Communities, Inc.		4,315
	1,100	Anworth Mortgage Asset Corp.		7,414
	1,091	Cedar Shopping Centers, Inc.		8,630
	414	Corporate Office Properties Trust		16,614
	426	Digital Realty Trust, Inc. (b)		23,089
	294	EastGroup Properties, Inc.		11,095
	2,243	Education Realty Trust, Inc.		12,875
	801	Extra Space Storage, Inc.		10,157
	285	First Potomac Realty Trust		4,283
	1,487	Franklin Street Properties Corp. (b)		21,457
	643	Getty Realty Corp.		15,046
	1,805	Inland Real Estate Corp. (b)		16,516
	1,604	Investors Real Estate Trust		14,468
	1,032	Kilroy Realty Corp.		31,827
	743	Lasalle Hotel Properties		17,312
	323	LTC Properties, Inc.		8,740
	1,002	Medical Properties Trust, Inc. (b)		10,501
	484	Mid-American Apartment
		Communities, Inc.		25,066
	1,089	National Health Investors, Inc. (b)		42,210
	840	Omega Healthcare Investors, Inc.		16,372
	2,117	Potlatch Corp.		74,180
	391	PS Business Parks, Inc.		20,879
	324	Saul Centers, Inc.		13,414
	151	Sovran Self Storage, Inc.		5,264
	210	Tanger Factory Outlet Centers, Inc.		9,064
	855	UMH Properties, Inc.		6,985

See notes to financial statements.

114

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		Real Estate Investment Trusts (Continued)
	159	Universal Health Realty
		Income Trust	$	5,619
	2,105	Urstadt Biddle Properties, Inc.		33,280
	3,305	U-Store-It Trust		23,796
	563	Washington Real Estate Investment
		Trust (b)		17,200
	740	Winthrop Realty Trust		8,910
				545,083
		Total Real Estate Investment Trusts
		(Cost $444,590)		545,083
		SHORT TERM INVESTMENTS - 3.12%
		Money Market Funds - 3.12%
	469,237	Federated Prime Obligations Fund
		Effective Yield, 0.11%		469,237
		Total Short Term Investments
		(Cost $469,237)		469,237

Number of Shares			Value
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 34.04%
		Money Market Funds - 34.04%
	5,124,065	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%	$	5,124,065
		Total Mutual Funds
		(Cost $5,124,065)		5,124,065
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $5,124,065)		5,124,065
		Total Investments
		(Cost $17,168,463) - 133.37%		20,073,388
		Liabilities in Excess of
		Other Assets - (33.37)%		(5,022,132	)
		TOTAL NET
		ASSETS - 100.00%	$	15,051,256

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

See notes to financial statements.

115

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2009

Description	Number of Contracts Purchased	Notional Value	Settlement Month	Unrealized Appreciation
Russell 2000 Index Mini Futures	8	$541,680	Jun-10	$3,607

See notes to financial statements.

116

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2010

Number of Shares			Value
		COMMON STOCKS - 92.39%
		Aerospace & Defense - 1.47%
	512	AAR Corp. (a)	$	12,708
	503	Ceradyne, Inc. (a)		11,413
	1,460	DynCorp International, Inc. (a)		16,775
	197	Esterline Technologies Corp. (a)(b)		9,738
	692	Gencorp, Inc. (a)		3,986
	572	Hexcel Corp. (a)		8,260
	286	Moog, Inc. (a)		10,130
	1,383	Orbital Sciences Corp. (a)		26,291
	391	Teledyne Technologies, Inc. (a)(b)		16,136
				115,437
		Air Freight & Logistics - 1.00%
	5,933	Air Transport Services
		Group, Inc. (a)(b)		19,994
	284	Atlas Air Worldwide
		Holdings, Inc. (a)		15,066
	264	Dynamex, Inc. (a)		4,541
	712	Hub Group, Inc. (a)		19,922
	3,210	Pacer International, Inc. (a)		19,324
				78,847
		Airlines - 0.28%
	3,080	AirTran Holdings, Inc. (a)(b)		15,646
	1,037	Republic Airways Holdings, Inc. (a)		6,139
				21,785
		Auto Components - 1.52%
	1,386	American Axle & Manufacturing
		Holdings, Inc. (a)		13,832
	250	Drew Industries, Inc. (a)(b)		5,505
	4,447	Exide Technologies (a)		25,570
	315	Hawk Corp. (a)		6,143
	1,926	Modine Manufacturing Co. (a)(b)		21,648
	1,066	Spartan Motors, Inc. (b)		5,970
	1,020	Standard Motor Products, Inc.		10,118
	1,387	Stoneridge, Inc. (a)(b)		13,718
	1,061	Superior Industries
		International, Inc.		17,061
				119,565
		Automobiles - 0.17%
	911	Winnebago Industries, Inc. (a)(b)		13,310
		Beverages - 0.53%
	200	Coca-Cola Bottling Co.		11,732
	1,313	Heckmann Corp. (a)(b)		7,615

Number of Shares			Value
		Beverages (Continued)
	1,999	National Beverage Corp. (b)	$	22,229
				41,576
		Biotechnology - 0.19%
	292	Abraxis BioScience, Inc. (a)		15,111
		Building Products - 1.42%
	564	American Woodmark Corp. (b)		10,936
	786	Apogee Enterprises, Inc.		12,427
	6,301	Builders FirstSource, Inc. (a)		19,848
	1,486	Griffon Corp. (a)(b)		18,516
	2,734	NCI Building Systems, Inc. (a)		30,183
	1,206	Quanex Building Products Corp. (b)		19,935
				111,845
		Capital Markets - 0.96%
	3,617	GFI Group, Inc.		20,906
	934	LaBranche & Co., Inc. (a)		4,913
	468	Oppenheimer Holdings, Inc. (b)		11,939
	179	PennantPark Investment Corp.		1,855
	834	Penson Worldwide, Inc. (a)(b)		8,398
	579	Sanders Morris Harris Group (b)		3,584
	2,047	SWS Group, Inc.		23,602
				75,197
		Chemicals - 3.37%
	864	A. Schulman, Inc.		21,142
	654	Arch Chemicals, Inc.		22,491
	2,472	Ferro Corp. (a)		21,729
	1,033	H.B. Fuller Co.		23,976
	697	ICO, Inc.		5,632
	313	Innophos Holdings, Inc.		8,733
	648	Landec Corp. (a)		4,296
	343	LSB Industries, Inc. (a)		5,227
	557	OM Group, Inc. (a)		18,871
	2,229	PolyOne Corp. (a)		22,825
	670	Quaker Chemical Corp.		18,164
	409	Sensient Technologies Corp.		11,885
	869	Solutia, Inc. (a)		14,000
	1,890	Spartech Corp. (a)		22,113
	195	Stepan Co. (b)		10,899
	1,174	W.R. Grace & Co. (a)		32,590
				264,573
		Commercial Banks - 9.99%
	848	1st Source Corp. (b)		14,882
	163	Alliance Financial Corp.		4,805

See notes to financial statements.

117

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Commercial Banks (Continued)
	1,050	Ameris Bancorp (b)	$	9,482
	309	Bancorp Rhode Island, Inc. (b)		8,451
	4,396	Banner Corp. (b)		16,881
	1,661	Boston Private Financial
		Holdings, Inc. (b)		12,242
	967	Capital City Bank Group, Inc. (b)		13,780
	2,325	Cathay General Bancorp (b)		27,086
	15,714	Central Pacific
		Financial Corp. (a)(b)		26,399
	1,398	Chemical Financial Corp. (b)		33,021
	606	Citizens & Northern Corp. (b)		7,605
	1,055	CoBiz Financial, Inc. (b)		6,573
	729	Community Bank Systems, Inc.		16,607
	596	Enterprise Financial
		Services Corp. (b)		6,592
	564	Financial Institutions, Inc. (b)		8,246
	3,084	First Busey Corp.		13,631
	3,988	First Commonwealth Financial Corp.		26,759
	868	First Community
		Bancshares, Inc. (b)		10,737
	2,408	First Merchants Corp. (b)		16,760
	2,337	First Midwest Bancorp, Inc.		31,666
	2,380	Harleysville National Corp. (b)		15,946
	583	Heartland Financial U.S.A., Inc. (b)		9,310
	1,186	Lakeland Bancorp, Inc. (b)		10,496
	1,567	Mainsource Financial Group, Inc.		10,546
	261	Merchants Bancshares (b)		5,666
	1,303	Nara Bancorp, Inc. (a)		11,414
	3,447	National Penn Bancshares, Inc. (b)		23,784
	325	Northrim Bancorp, Inc. (b)		5,551
	2,490	Old National Bancorp		29,755
	323	Old Point Financial Corp.		4,767
	617	Oriental Financial Group, Inc. (b)		8,329
	18,018	Pacific Capital Bancorp (a)(b)		32,613
	474	Park National Corp. (b)		29,535
	356	Peapack-Gladstone Financial Corp. (b)		5,593
	349	Peoples Bancorp, Inc. (b)		5,752
	693	Renasant Corp. (b)		11,213
	1,015	Republic First Bancorp, Inc. (a)(b)		3,928
	1,042	S & T Bancorp, Inc. (b)		21,778
	975	Sandy Spring Bancorp, Inc.		14,625
	1,735	Santander Bancorp (a)(b)		21,288
	648	Sierra Bancorp (b)		8,353

Number of Shares			Value
		Commercial Banks (Continued)
	1,134	Southwest Bancorp, Inc. (b)	$	9,378
	986	State Bancorp, Inc. (b)		7,760
	1,155	Sterling Bancorp (b)		11,608
	31,675	Sterling Financial Corp. (a)(b)		18,055
	2,959	Sun Bancorp, Inc. (a)		11,658
	432	TriCo Bancshares		8,597
	1,227	Union First Market
		Bankshares Corporation		18,528
	1,157	United Bankshares, Inc. (b)		30,337
	3,739	United Community Banks, Inc. (a)		16,489
	508	Washington Banking Co. (b)		6,396
	480	Washington Trust Bancorp		8,947
	1,118	Wesbanco, Inc. (b)		18,179
	1,447	Wilshire Bancorp, Inc. (b)		15,960
				784,339
		Commercial Services &
		Supplies - 3.30%
	2,220	ACCO Brands Corp. (a)(b)		17,005
	537	American Reprographics Co. (a)		4,817
	362	ATC Technology Corp. (a)		6,212
	491	Barrett Business Services, Inc.		6,658
	839	Bowne & Co, Inc.		9,363
	2,053	Cenveo, Inc. (a)		17,779
	1,098	Comfort Systems U.S.A., Inc.		13,714
	262	Consolidated Graphics, Inc. (a)		10,850
	329	Courier Corp.		5,432
	2,138	EnergySolutions, Inc.		13,747
	538	Ennis, Inc.		8,753
	1,411	Interface, Inc.		16,339
	3,043	Kimball International, Inc.		21,149
	419	M & F Worldwide Corp. (a)		12,821
	1,386	Mine Safety Appliances Co.		38,753
	388	Schawk, Inc.		7,035
	3,289	Standard Register Co.		17,596
	1,197	Viad Corp.		24,598
	627	Waste Services, Inc. (a)(b)		6,201
				258,822
		Communications Equipment - 1.61%
	3,283	3Com Corp. (a)		25,246
	3,171	ADC Telecommunications (a)(b)		23,180
	716	Aviat Networks, Inc. (a)		4,747
	139	Black Box Corp.		4,276
	539	Cogo Group, Inc. (a)		3,768

See notes to financial statements.

118

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Communications Equipment (Continued)
	229	Communications Systems, Inc. (b)	$	2,961
	3,084	Extreme Networks, Inc. (a)(b)		9,468
	312	Hughes Communications, Inc. (a)		8,689
	397	Netgear, Inc. (a)		10,362
	1,735	Opnext, Inc. (a)		4,095
	790	PC-TEL, Inc. (a)		4,882
	4,965	Powerwave Technologies,
		Inc. (a)(b)		6,206
	795	Symmetricom, Inc. (a)		4,635
	5,098	UTStarcom, Inc. (a)		14,223
				126,738
		Computers & Peripherals - 1.03%
	862	Avid Technology, Inc. (a)		11,878
	964	Electronics For Imaging, Inc. (a)		11,211
	2,574	Imation Corp. (a)		28,340
	958	Intermec, Inc. (a)		13,585
	3,246	Quantum Corp. (a)		8,537
	410	Super Micro Computer, Inc. (a)		7,085
				80,636
		Construction & Engineering - 0.85%
	257	Baker Michael Corp. (a)		8,861
	2,168	Dycom Industries, Inc. (a)		19,013
	1,584	Furmanite Corporation (a)		8,221
	314	Layne Christensen Co. (a)		8,387
	222	Mastec, Inc. (a)		2,800
	554	MYR Group, Inc. (a)		9,036
	860	Pike Electric Corp. (a)		8,015
	167	Sterling Construction Co., Inc. (a)		2,625
				66,958
		Construction Materials - 0.24%
	2,918	Headwaters, Inc. (a)(b)		13,394
	13,458	U.S. Concrete, Inc. (a)(b)		5,114
				18,508
		Consumer Finance - 0.44%
	2,311	Advance America, Cash Advance
		Centers, Inc.		13,450
	347	Cardtronics, Inc. (a)		4,362
	298	Dollar Financial Corp. (a)(b)		7,170
	738	QC Holdings, Inc. (b)		3,815
	409	Rewards Network, Inc. (b)		5,481
				34,278

Number of Shares			Value
		Containers & Packaging - 0.39%
	1,753	Boise, Inc. (a)	$	10,746
	691	Bway Holding Company (a)		13,889
	578	Myers Industries, Inc.		6,057
				30,692
		Distributors - 0.11%
	1,078	Audiovox Corp. (a)		8,387
		Diversified Consumer Services - 0.74%
	2,617	Jackson Hewitt Tax
		Services, Inc. (a)(b)		5,234
	2,873	Stewart Enterprises, Inc. (b)		17,956
	1,355	Weight Watchers International, Inc.		34,593
				57,783
		Diversified Financial Services - 0.58%
	964	Compass Diversified Holdings (b)		14,711
	7,745	First Marblehead Corp. (a)(b)		21,996
	1,452	Resource America, Inc. (b)		6,969
	55	World Acceptance Corp. (a)(b)		1,984
				45,660
		Diversified Telecommunication Services - 0.90%
	5,765	Cincinnati Bell, Inc. (a)		19,659
	267,701	Fairpoint Communications,
		Inc. (a)(b)		7,763
	1,004	General Communication, Inc. (a)		5,793
	775	Global Crossing Ltd. (a)(b)		11,741
	478	Hickory Tech Corp.		4,221
	609	Iowa Telecommunications
		Services, Inc.		10,170
	688	PAETEC Holding Corp. (a)		3,220
	667	Premiere Global Services, Inc. (a)		5,510
	299	SureWest Communications (a)(b)		2,568
				70,645
		Electric Utilities - 0.99%
	473	Central Vermont Public
		Service Corp.		9,541
	1,057	El Paso Electric Co. (a)		21,774
	486	Empire District Electric Co.		8,758
	559	MGE Energy, Inc.		19,766
	660	UIL Holdings Corp.		18,150
				77,989

See notes to financial statements.

119

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Electrical Equipment - 0.95%
	499	Baldor Electric Co. (b)	$	18,663
	1,038	EnerSys (a)(b)		25,597
	920	LSI Industries, Inc. (b)		6,274
	457	Polypore International, Inc. (a)		7,979
	176	Powell Industries, Inc. (a)		5,725
	1,486	Power-One, Inc. (a)(b)		6,271
	110	Preformed Line Products Co. (b)		4,197
				74,706
		Electronic Equipment & Instruments - 2.43%
	751	Agilysys, Inc.		8,389
	3,364	Brightpoint, Inc. (a)		25,331
	702	Checkpoint Systems, Inc. (a)		15,528
	381	Coherent, Inc. (a)(b)		12,177
	369	CPI International, Inc. (a)		4,893
	870	CTS Corp.		8,195
	232	Mercury Computer Systems (a)		3,183
	1,123	Methode Electronics, Inc.		11,118
	767	Newport Corp. (a)		9,587
	192	OSI Systems, Inc. (a)		5,386
	491	Plexus Corp. (a)		17,691
	967	Radisys Corp. (a)		8,664
	195	Rogers Corp. (a)		5,657
	754	ScanSource, Inc. (a)(b)		21,700
	2,028	Smart Modular
		Technologies Inc. (a)		15,636
	1,513	Technitrol, Inc. (b)		7,989
	700	TTM Technologies, Inc. (a)		6,216
	388	Zygo Corp. (a)		3,581
				190,921
		Energy Equipment & Services - 1.70%
	488	Allis Chalmers Energy, Inc. (a)		1,728
	730	Basic Energy Services, Inc. (a)		5,628
	230	Bristow Group, Inc. (a)		8,678
	686	Bronco Drilling Co, Inc. (a)(b)		3,224
	811	Complete Production Services (a)		9,367
	232	Dawson Geophysical Co. (a)		6,784
	2,451	Global Industries Ltd. (a)		15,735
	211	Gulf Island Fabrication, Inc.		4,589
	5,463	Hercules Offshore, Inc. (a)		23,546
	563	ION Geophysical Corp. (a)		2,770
	761	Matrix Service Co. (a)		8,188

Number of Shares			Value
		Energy Equipment & Services (Continued)
	604	Newpark Resources, Inc. (a)	$	3,171
	2,050	Parker Drilling Co. (a)		10,107
	97	PHI, Inc. (a)(b)		2,054
	230	Pioneer Drilling Co. (a)(b)		1,619
	97	Superior Well Services, Inc. (a)(b)		1,298
	871	Tetra Technologies, Inc. (a)		10,644
	473	Union Drilling, Inc. (a)		2,914
	931	Willbros Group, Inc. (a)		11,181
				133,225
		Environmental Services - 0.03%
	143	Team, Inc. (a)		2,372
		Food & Staples Retailing - 1.31%
	1,173	Ingles Markets, Inc.		17,630
	276	PriceSmart, Inc.		6,417
	867	Spartan Stores, Inc.		12,502
	1,859	Susser Holdings Corp. (a)		15,709
	1,035	United Natural Foods, Inc. (a)		29,114
	753	Village Super Market, Inc.		21,107
				102,479
		Food Products - 0.77%
	250	Cal Maine Foods, Inc. (b)		8,472
	627	The Hain Celestial Group, Inc. (a)		10,878
	903	Imperial Sugar Co. (b)		14,006
	155	Sanderson Farms, Inc.		8,310
	252	Seneca Foods Corp. (a)		7,338
	269	TreeHouse Foods, Inc. (a)		11,801
				60,805
		Gas Utilities - 0.82%
	863	The Laclede Group, Inc.		29,101
	387	Northwest Natural Gas Co.		18,034
	402	South Jersey Industries, Inc.		16,880
				64,015
		Health Care Equipment & Supplies - 0.13%
	2,795	Cardiac Science Corp. (a)		5,227
	200	CONMED Corp. (a)(b)		4,762
				9,989
		Health Care Providers & Services - 4.11%
	1,832	Allied Healthcare
		International, Inc. (a)		4,983

See notes to financial statements.

120

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Health Care Providers & Services (Continued)
	374	America Service Group, Inc.	$	6,018
	241	American Dental Partners (a)		3,145
	1,214	AMN Healthcare Services, Inc. (a)		10,683
	1,375	BioScrip, Inc. (a)		10,973
	403	Capital Senior Living Corp. (a)		2,120
	1,274	Centene Corp. (a)		30,627
	729	Cross Country Healthcare, Inc. (a)		7,370
	311	Gentiva Health Services, Inc. (a)(b)		8,795
	151	Hanger Orthopedic Group, Inc. (a)		2,745
	897	HealthSouth Corp. (a)		16,774
	1,279	HealthSpring, Inc. (a)		22,510
	662	inVentiv Health, Inc. (a)		14,869
	1,089	LCA-Vision, Inc. (a)		9,060
	764	Magellan Health Services, Inc. (a)		33,219
	1,198	MedCath Corp. (a)		12,543
	1,049	Molina Healthcare, Inc. (a)		26,403
	116	MWI Veterinary Supply, Inc. (a)(b)		4,686
	358	National Healthcare Corp. (b)		12,666
	1,155	Nighthawk Radiology
		Holdings, Inc. (a)(b)		3,673
	906	Pharmerica Corp. (a)(b)		16,507
	273	Providence Service Corp. (a)		4,147
	197	RehabCare Group, Inc. (a)(b)		5,372
	520	Res-Care, Inc. (a)		6,235
	541	Skilled Healthcare Group, Inc. (a)		3,338
	1,041	Sun Healthcare Group, Inc. (a)		9,931
	2,800	Sunrise Senior Living, Inc. (a)(b)		14,336
	1,045	Triple-S Management Corp. (a)		18,549
				322,277
		Health Care Technology - 0.05%
	482	Medquist, Inc. (b)		3,764
		Hotels, Restaurants & Leisure - 4.51%
	823	Ameristar Casinos, Inc. (b)		14,995
	479	Benihana, Inc. (a)(b)		3,113
	1,230	Bluegreen Corp. (a)		4,022
	524	Bob Evans Farms, Inc.		16,197
	356	California Pizza Kitchen, Inc. (a)		5,977
	1,225	Callaway Golf Co. (b)		10,804
	1,182	Carrols Restaurant Group, Inc. (a)		8,038
	695	Cheesecake Factory, Inc. (a)(b)		18,807
	755	Choice Hotels International, Inc. (b)		26,282

Number of Shares			Value
		Hotels, Restaurants & Leisure (Continued)
	1,229	CKE Restaurants, Inc.	$	13,605
	456	Cracker Barrel Old Country
		Store, Inc. (b)		21,149
	6,880	Denny’s Corp. (a)		26,419
	1,220	Dover Downs Gaming &
		Entertainment, Inc.		4,831
	201	Gaylord Entertainment Co. (a)		5,887
	1,418	Isle of Capri Casinos, Inc. (a)(b)		11,032
	1,070	Jack in the Box, Inc. (a)		25,199
	498	Landry’s Restaurants, Inc. (a)(b)		8,924
	2,290	Lubys, Inc. (a)		9,023
	413	Marcus Corp.		5,365
	1,433	McCormick & Schmick’s
		Seafood Restaurants (a)		14,430
	732	Morgans Hotel Group Co. (a)(b)		4,692
	977	O’Charleys, Inc. (a)		8,734
	191	P.F. Chang’s China
		Bistro, Inc. (a)(b)		8,429
	1,135	Pinnacle Entertainment, Inc. (a)		11,055
	622	RC2 Corp. (a)		9,311
	95	Red Robin Gourmet
		Burgers, Inc. (a)(b)		2,322
	1,184	Ruby Tuesday, Inc. (a)		12,515
	772	Sonic Corp. (a)(b)		8,531
	434	Speedway Motorsports, Inc.		6,775
	16	Steak N Shake Co. (a)(b)		6,100
	166	Texas Roadhouse, Inc. (a)		2,306
	469	Vail Resorts, Inc. (a)(b)		18,802
				353,671
		Household Durables - 2.43%
	1,112	American Greetings Corp. (b)		23,174
	668	Blyth, Inc.		20,875
	282	CSS Industries, Inc.		5,668
	606	Ethan Allen Interiors, Inc. (b)		12,502
	3,622	Furniture Brands
		International, Inc. (a)(b)		23,290
	324	Helen of Troy Ltd. (a)		8,443
	279	Hooker Furniture Corp.		4,486
	1,956	La-Z-Boy, Inc. (a)		24,528
	963	Meritage Homes Corp. (a)(b)		20,223
	4,686	Sealy Corp. (a)(b)		16,401
	202	Skyline Corp.		3,757

See notes to financial statements.

121

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Household Durables (Continued)
	3,869	Standard Pacific Corp. (a)	$	17,488
	585	Stanley Furniture, Inc. (a)(b)		5,944
	167	Universal Electronics, Inc. (a)		3,731
				190,510
		Household Products - 0.25%
	1,328	Central Garden & Pet Co. (a)		12,165
	368	Oil-Dri Corporation of America (b)		7,113
				19,278
		Industrial Conglomerates - 0.56%
	732	Otter Tail Corp. (b)		16,075
	481	Standex International Corp.		12,395
	891	Tredegar Corp.		15,218
				43,688
		Insurance - 4.47%
	719	American Safety Insurance
		Holdings Ltd. (a)(b)		11,928
	431	Amerisafe, Inc. (a)		7,055
	696	Baldwin & Lyons, Inc. (b)		16,767
	388	Eastern Insurance Holdings, Inc.		3,934
	756	EMC Insurance Group, Inc. (b)		17,025
	781	FBL Financial Group, Inc. (b)		19,119
	657	FPIC Insurance Group, Inc. (a)		17,811
	799	Hallmark Financial
		Services, Inc. (a)(b)		7,191
	1,074	Harleysville Group, Inc.		36,258
	1,428	Horace Mann Educators Corp.		21,506
	402	Infinity Property & Casuality Corp.		18,267
	1,197	National Financial
		Partners Corp. (a)(b)		16,878
	1,848	PMA Capital Corp. (a)		11,347
	1,461	Presidential Life Corp.		14,566
	843	Safety Insurance Group, Inc.		31,756
	1,692	Seabright Insurance Holdings, Inc.		18,629
	1,056	State Auto Financial Corp.		18,955
	1,517	Stewart Information Services Corp.		20,935
	1,381	United America Indemnity, Ltd. (a)		13,216
	1,519	United Fire & Casualty Co.		27,327
				350,470
		Internet & Catalog Retail - 0.90%
	4,082	1-800-Flowers.Com, Inc. (a)		10,246
	1,166	HSN, Inc. (a)		34,327

Number of Shares			Value
		Internet & Catalog Retail (Continued)
	670	NutriSystem, Inc. (b)	$	11,933
	1,976	Orbitz Worldwide, Inc. (a)		14,049
				70,555
		Internet Software & Services - 0.68%
	2,497	EarthLink, Inc.		21,324
	549	iMERGENT, Inc.		3,695
	495	InfoSpace, Inc. (a)		5,470
	900	InterNAP Network
		Services Corp. (a)(b)		5,040
	5,077	iPass, Inc.		5,839
	1,692	RealNetworks, Inc. (a)		8,172
	516	United Online, Inc.		3,860
				53,400
		IT Services - 2.23%
	1,206	Acxiom Corp. (a)		21,636
	2,871	CIBER, Inc. (a)		10,737
	545	Computer Task Group, Inc. (a)		3,951
	774	Gartner, Inc. (a)(b)		17,214
	482	Heartland Payment
		Systems, Inc. (b)		8,965
	1,203	infoGROUP, Inc. (a)		9,383
	1,516	Lionbridge Technologies, Inc. (a)		5,503
	1,537	ModusLink Global
		Solutions, Inc. (a)		12,957
	1,131	Ness Technologies, Inc. (a)		7,137
	781	SRA International, Inc. (a)		16,237
	1,502	StarTek, Inc. (a)		10,439
	1,174	Teletech Holdings, Inc. (a)		20,052
	889	Unisys Corp. (a)(b)		31,017
				175,228
		Leisure Equipment & Products - 0.14%
	833	JAKKS Pacific, Inc. (a)		10,871
		Life Sciences Tools & Services - 0.58%
	450	Albany Molecular Research, Inc. (a)		3,758
	7,617	Cambrex Corp. (a)		30,849
	244	Kendle International, Inc. (a)		4,265
	288	Parexel International Corp. (a)		6,713
				45,585
		Machinery - 3.39%
	220	Alamo Group, Inc.		4,398
	633	Albany International Corp. (b)		13,628
	507	Altra Holdings, Inc. (a)		6,961

See notes to financial statements.

122

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	1,143	American Railcar
		Industries, Inc. (b)	$	13,899
	290	Ampco-Pittsburgh Corp.		7,198
	246	Astec Industries, Inc. (a)(b)		7,124
	825	Barnes Group, Inc.		16,046
	1,580	Blount International, Inc. (a)		16,369
	202	Cascade Corp.		6,506
	423	Chart Industries, Inc. (a)		8,460
	994	Colfax Corp. (a)(b)		11,699
	729	Columbus McKinnon
		Corporation (a)		11,569
	628	Enpro Industries, Inc. (a)		18,262
	1,772	Federal Signal Corp.		15,966
	1,201	Force Protection, Inc. (a)		7,230
	1,159	The Greenbrier Companies, Inc. (a)		12,761
	263	Hurco Companies, Inc. (a)		4,426
	569	John Bean Technologies Corp.		9,980
	595	Kadant, Inc. (a)		8,574
	231	L.B. Foster Co. (a)		6,674
	772	Miller Industries, Inc. (a)		9,596
	1,585	Sauer-Danfoss, Inc. (a)		21,049
	1,198	Tecumseh Products Co. (a)		14,699
	217	Tennant Co.		5,944
	566	Twin Disc, Inc.		6,917
				265,935
		Marine - 0.47%
	403	American Commercial Lines (a)		10,115
	2,531	Horizon Lines, Inc.		13,769
	118	International Shipholding Corp.		3,468
	603	TBS International Plc (a)		4,402
	895	Ultrapetrol Bahamas Ltd. (a)		4,913
				36,667
		Media - 1.63%
	393	Arbitron, Inc.		10,477
	152	Ascent Media Corp. (a)(b)		4,142
	601	Carmike Cinemas, Inc. (a)		8,336
	1,500	Fisher Communications, Inc. (a)		21,150
	1,191	Harte-Hanks, Inc.		15,316
	4,412	Journal Communications, Inc. (a)		18,531
	1,634	LIN TV Corp. (a)		9,396
	744	Lodgenet Interactive Corp. (a)(b)		5,186

Number of Shares			Value
		Media (Continued)
	2,652	Mediacom Communications
		Corp. (a)(b)	$	15,779
	3,851	Sinclair Broadcast
		Group, Inc. (a)(b)		19,563
				127,876
		Metals & Mining - 1.01%
	843	A.M. Castle & Co. (a)		11,026
	180	AMCOL International Corp. (b)		4,896
	378	Brush Engineered Materials, Inc. (a)		8,532
	745	Gibraltar Industries, Inc. (a)		9,394
	313	Haynes International, Inc. (b)		11,121
	1,117	Horsehead Holding Corp. (a)		13,225
	319	Kaiser Aluminum Corp.		12,304
	519	Stillwater Mining Co. (a)		6,737
	684	Sutor Tech Group Ltd. (a)		1,984
				79,219
		Multiline Retail - 0.59%
	500	99 Cents Only Stores (a)		8,150
	2,341	Retail Ventures, Inc. (a)(b)		22,263
	2,465	Tuesday Morning Corp. (a)(b)		16,244
				46,657
		Multi-Utilities - 0.23%
	441	CH Energy Group, Inc.		18,010
		Oil & Gas - 1.90%
	769	Atlas Energy, Inc. (a)		23,931
	159	Chesapeake Utilities Corp.		4,738
	1,808	DHT Maritime, Inc. (b)		7,087
	3,637	Endeavour International Corp. (a)		4,619
	2,059	International Coal Group, Inc. (a)		9,410
	1,168	Knightsbridge Tankers Ltd.		19,786
	455	Patriot Coal Corp. (a)		9,309
	179	Petroleum Development Corp. (a)		4,148
	396	PrimeEnergy Corp. (a)(b)		10,664
	741	Stone Energy Corp. (a)		13,153
	2,310	Teekay Tankers Ltd. (b)		29,037
	418	Venoco, Inc. (a)		5,363
	216	Williams Clayton Energy, Inc. (a)		7,556
				148,801
		Paper & Forest Products - 1.07%
	914	Buckeye Technologies, Inc. (a)		11,955
	333	Clearwater Paper Corp. (a)		16,400
	1,988	P.H. Glatfelter Co.		28,806

See notes to financial statements.

123

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Paper & Forest Products (Continued)
	727	Neenah Paper, Inc.	$	11,516
	1,801	Wausau Paper Corp. (a)		15,381
				84,058
		Personal Products - 0.41%
	545	Elizabeth Arden, Inc. (a)		9,810
	2,070	Mannatech, Inc.		6,914
	996	Prestige Brands Holdings, Inc. (a)		8,964
	437	Revlon, Inc. (a)(b)		6,489
				32,177
		Pharmaceuticals - 0.16%
	1,125	K-V Pharmaceutical Co. (a)		1,980
	422	Par Pharmaceutical Cos., Inc. (a)		10,466
				12,446
		Professional Services - 3.16%
	1,299	Administaff, Inc.		27,721
	624	CBIZ, Inc. (a)		4,100
	1,918	CDI Corp. (b)		28,118
	316	CRA International, Inc. (a)		7,243
	1,536	Diamond Management. &
		Technology Consultants, Inc.		12,057
	439	Franklin Covey Co. (a)(b)		3,486
	300	GP Strategies Corp. (a)		2,508
	335	Heidrick & Struggles
		International, Inc. (b)		9,390
	121	ICF International, Inc. (a)		3,006
	716	Kforce, Inc. (a)		10,890
	715	Korn Ferry International (a)		12,620
	739	Navigant Consulting, Inc. (a)		8,964
	461	On Assignment, Inc. (a)		3,287
	2,172	Resources Connection, Inc. (a)		41,637
	253	School Specialty, Inc. (a)(b)		5,745
	2,361	SFN Group, Inc. (a)		18,911
	1,852	TrueBlue, Inc. (a)		28,706
	1,951	Volt Information
		Sciences, Inc. (a)(b)		19,920
				248,309
		Real Estate Management &
		Development - 0.20%
	727	Avatar Holdings, Inc. (a)(b)		15,805

Number of Shares			Value
		Road & Rail - 1.26%
	1,379	Arkansas Best Corp. (b)	$	41,205
	449	Celadon Group, Inc. (a)(b)		6,259
	349	Marten Transport, Ltd. (a)		6,879
	247	Old Dominion Freight
		Lines, Inc. (a)		8,247
	1,038	Saia, Inc. (a)		14,407
	737	U.S.A. Truck, Inc. (a)		11,910
	550	Universal Truckload
		Services, Inc. (a)		9,669
				98,576
		Semiconductor & Semiconductor
		Equipment - 1.07%
	1,133	Brooks Automation, Inc. (a)		9,993
	778	DSP Group, Inc. (a)		6,481
	1,685	Entegris, Inc. (a)		8,492
	684	International Rectifier Corp. (a)		15,664
	1,713	Microtune, Inc. (a)		4,676
	1,754	Photronics, Inc. (a)(b)		8,928
	3,128	Silicon Image, Inc. (a)		9,446
	1,972	Silicon Storage Technology Inc. (a)		5,995
	2,517	Trident Microsystems, Inc. (a)		4,380
	962	Zoran Corp. (a)		10,351
				84,406
		Software - 0.67%
	1,279	Mentor Graphics Corp. (a)		10,258
	719	QAD, Inc.		3,775
	1,730	Take-Two Interactive
		Software, Inc. (a)		17,040
	3,094	THQ, Inc. (a)		21,689
				52,762
		Specialty Retail - 8.01%
	1,553	AnnTaylor Stores Corp. (a)		32,147
	1,455	Bebe Stores, Inc.		12,950
	1,269	Big 5 Sporting Goods Corp. (b)		19,314
	2,026	Books-A-Million, Inc. (b)		14,668
	1,675	Brown Shoe Co., Inc.		25,929
	1,824	Build-A-Bear Workshop, Inc. (a)		12,987
	1,803	Cabelas, Inc. (a)(b)		31,534
	717	Cato Corp.		15,373
	4,091	Charming Shoppes, Inc. (a)		22,337
	603	Children’s Place Retail
		Stores, Inc. (a)		26,864

See notes to financial statements.

124

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		COMMON STOCKS (Continued)
		Specialty Retail (Continued)
	1,383	Christopher & Banks Corp.	$	11,064
	2,680	Coldwater Creek, Inc. (a)(b)		18,599
	494	Conns, Inc. (a)(b)		3,868
	429	Destination Maternity Corp. (a)		11,008
	1,000	Dress Barn, Inc. (a)		26,160
	491	DSW, Inc. (a)(b)		12,535
	508	Genesco, Inc. (a)		15,753
	769	Haverty Furniture, Inc.		12,550
	3,243	Hot Topic, Inc. (a)		21,080
	408	Jo-Ann Stores, Inc. (a)(b)		17,128
	1,449	Lithia Motors, Inc. (a)		9,274
	3,472	New York & Co, Inc. (a)		16,631
	2,567	Pacific Sunwear Of
		California, Inc. (a)(b)		13,631
	1,825	PEP Boys		18,341
	1,987	Pier 1 Imports, Inc. (a)		12,657
	187	Rex Stores Corp. (a)(b)		3,029
	2,124	Sally Beauty Holdings, Inc. (a)		18,946
	657	Shoe Carnival, Inc. (a)		15,019
	1,303	Stage Stores, Inc.		20,053
	1,935	Stein Mart, Inc. (a)		17,473
	1,443	Systemax, Inc.		31,371
	1,172	Talbots, Inc. (a)(b)		15,189
	583	Tractor Supply Co.		33,843
	529	West Marine, Inc. (a)(b)		5,740
	1,775	The Wet Seal, Inc. (a)		8,449
	9,253	Zale Corp. (a)(b)		25,353
				628,847
		Textiles, Apparel & Luxury Goods - 1.95%
	101	G-III Apparel Group, Ltd. (a)(b)		2,784
	1,097	Kenneth Cole Productions, Inc. (a)		14,053
	1,027	K-Swiss, Inc. (a)		10,742
	215	Maidenform Brands, Inc. (a)		4,698
	518	Movado Group, Inc. (a)		5,843
	775	Oxford Industries, Inc.		15,756
	173	Perry Ellis International, Inc. (a)		3,918
	9,967	Quiksilver, Inc. (a)		47,144
	441	Skechers U.S.A., Inc. (a)		16,017
	1,260	Timberland Co. (a)		26,888
	1,377	Unifi, Inc. (a)		5,012
				152,855

Number of Shares			Value
		Thrifts & Mortgage Finance - 1.98%
	1,095	Dime Community Bancshares	$	13,830
	1,561	Doral Financial Corp. (a)		6,728
	220	ESB Financial Corp.		2,836
	915	First Defiance Financial Corp. (b)		9,260
	784	First Financial Holdings, Inc. (b)		11,807
	1,018	First Financial Northwest, Inc. (b)		6,953
	20,646	Flagstar Bancorp, Inc. (a)(b)		12,388
	705	NASB Financial, Inc. (b)		16,299
	695	OceanFirst Financial Corp.		7,895
	6,374	The PMI Group, Inc. (a)(b)		34,547
	1,640	Provident Financial
		Services, Inc. (b)		19,516
	717	Tree.com, Inc. (a)		6,560
	183	WSFS Financial Corp.		7,137
				155,756
		Tobacco - 0.16%
	2,473	Alliance One International, Inc. (a)		12,588
		Trading Companies & Distributors - 1.46%
	1,203	Aceto Corp.		7,266
	696	Applied Industrial
		Technologies, Inc.		17,296
	624	Beacon Roofing Supply, Inc. (a)(b)		11,937
	2,125	H&E Equipment Services, Inc. (a)		22,907
	278	Interline Brands, Inc. (a)		5,321
	457	Kaman Corp.		11,430
	708	Lawson Products, Inc.		10,953
	967	Rush Enterprises, Inc. (a)(b)		12,774
	741	TAL International Group, Inc. (b)		14,805
				114,689
		Wireless Telecommunication Services - 0.48%
	2,951	USA Mobility, Inc.		37,389
		Total Common Stocks
		(Cost $5,770,724)		7,250,318
		MANAGEMENT INVESTMENT
		COMPANIES - 0.08%
		Capital Markets - 0.08%
	393	Kayne Anderson Energy
		Development Co.		6,351
		Total Management Investment
		Companies (Cost $5,473)		6,351

See notes to financial statements.

125

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2010

Number of Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 1.16%
		Real Estate Investment Trusts - 1.16%
	207,469	Anthracite Capital, Inc. (a)(b)	$	3,216
	247	CapLease, Inc. (b)		1,371
	1,530	Glimcher Realty Trust (b)		7,757
	2,742	Gramercy Capital Corp. (a)		7,650
	1,598	Hersha Hospitality Trust		8,278
	1,085	Kite Realty Group Trust		5,132
	440	Mission West Properties, Inc.		3,027
	236	Parkway Properties, Inc.		4,432
	341	Ramco-Gershenson Properties Trust		3,840
	1,227	Resource Capital Corp.		8,294
	4,643	Strategic Hotels &
		Resorts, Inc. (a)(b)		19,733
	166	Sun Communities, Inc.		4,183
	349	Taubman Centers, Inc. (b)		13,932
				90,845
		Total Real Estate Investment Trusts
		(Cost $104,456)		90,845
		SHORT TERM INVESTMENTS - 5.66%
		Money Market Funds - 5.66%
	444,022	Federated Prime Obligations Fund
		Effective Yield, 0.11%		444,022
		Total Short Term Investments
		(Cost $444,022)		444,022

Number of Shares			Value
		INVESTMENTS PURCHASED
		AS SECURITIES LENDING
		COLLATERAL - 28.79%
		Money Market Funds - 28.79%
	2,259,561	Mount Vernon Prime Portfolio
		Effective Yield, 0.24%	$	2,259,561
		Total Mutual Funds
		(Cost $2,259,561)		2,259,561
		Total Investments Purchased as
		Securities Lending Collateral
		(Cost $2,259,561)		2,259,561
		Total Investments
		(Cost $8,584,236) - 128.08%		10,051,097
		Liabilities in Excess of
		Other Assets - (28.08)%		(2,203,492	)
		TOTAL NET
		ASSETS - 100.00%	$	7,847,605

Percentages are stated as a percent of net assets.

(a) Non-income producing.

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

See notes to financial statements.

126

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

SCHEDULE OF OPEN FUTURES CONTRACTS

March 31, 2010

Description	Number of Contracts Purchased	Notional Value	Settlement Month	Unrealized Appreciation
Russell 2000 Index Mini Futures	7	$473,970	Jun-10	$3,130

See notes to financial statements.

127

AssetMark Funds

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2010

	Large Cap Growth Fund			Large Cap Value Fund			Small/Mid Cap Growth Fund			Small/Mid Cap Value Fund
ASSETS:
Investments, at value (cost $201,988,908, $197,455,337, $46,790,974, and $49,028,699, respectively)1	$	241,078,111		$	233,788,931		$	52,928,402		$	56,545,319
Cash		—			—			550			9,358
Income receivable		243,267			413,254			23,193			29,912
Receivable for investment securities sold		879,984			271,801			103,982			315,985
Receivable for fund shares sold		412,498			432,300			66,989			71,887
Receivable from securities lending agent (See Note 6)		—			—			812,528			2,885,357
Other assets		13,131			10,715			31,304			13,405
Total Assets		242,626,991			234,917,001			53,966,948			59,871,223
LIABILITIES:
Payable for collateral on securities loaned (See Note 6)		29,108,406			30,745,404			13,546,811			16,483,103
Payable to securities lending agent (See Note 6)		4,097,950			2,634,387			—			—
Payable for investment securities purchased		841,905			251,506			—			569,512
Payable for fund shares redeemed		324,786			320,223			68,645			65,662
Payable to Investment Advisor		157,969			166,948			34,926			38,507
Payable to Custodian		8,222			5,062			6,810			4,556
Payable for dividend withholding tax		—			413			—			—
Other accrued expenses		159,530			165,119			59,570			60,395
Total Liabilities		34,698,768			34,289,062			13,716,762			17,221,735
NET ASSETS	$	207,928,223		$	200,627,939		$	40,250,186		$	42,649,488
NET ASSETS CONSIST OF:
Capital stock		283,383,317			375,024,616			57,675,028			72,061,077
Unrealized appreciation on investments		39,089,203			36,333,618			6,137,428			7,516,620
Accumulated undistributed net investment income		3,154			592,543			—			124,604
Accumulated undistributed net realized loss		(114,547,451	)		(211,322,838	)		(23,562,270	)		(37,052,813	)
Total Net Assets	$	207,928,223		$	200,627,939		$	40,250,186		$	42,649,488
Shares outstanding (unlimited shares of no par value authorized)		24,714,998			26,956,863			5,250,602			4,507,206
Net asset value, offering and redemption price per share	$	8.41		$	7.44		$	7.67		$	9.46
1  Includes loaned securities with a value of:	$	28,188,619		$	29,707,432		$	13,035,057		$	15,709,513

See notes to financial statements.

128

AssetMark Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2010

	International Equity Fund			Real Estate Securities Fund			Tax-Exempt Fixed Income Fund			Core Plus Fixed Income Fund
ASSETS:
Investments, at value (cost $243,563,858, $46,535,890,
$191,397,708 and $609,864,249, respectively)1	$	270,490,033		$	62,107,775		$	196,390,775		$	583,778,346
Repurchase Agreements (cost $0, $0,
$0 and $39,200,000, respectively)		—			—			—			39,200,000
Appreciation of forward foreign currency contracts		—			—			—			30,272
Variation margin on futures contracts		—			—			—			198,976
Foreign currencies (cost $2,189,703, $0, $0 and
$0, respectively)		2,213,014			—			—			—
Foreign currencies due from brokers for futures
(cost $0, $0, $0 and $534,326, respectively)		—			—			—			521,155
Cash		64,696			—			—			—
Income receivable		955,027			141,484			2,469,266			4,759,778
Receivable for dividend reclaims		818,801			—			—			—
Receivable for investment securities and foreign
currencies sold		330,996			269,784			148,666			79,914,192
Receivable for fund shares sold		599,136			62,567			519,340			1,495,644
Deposits with brokers for futures and options		—			—			—			383,843
Receivable from securities lending agent (See Note 6)		—			2,078,522			—			2,754,902
Other assets		13,163			17,095			18,519			78,732
Total Assets		275,484,866			64,677,227			199,546,566			713,115,840
LIABILITIES:
Options written, at value (Premium received $0,
$0, $0 and $11,060, respectively)		—			—			—			13,731
Forward sale commitments (Proceeds received $0, $0,
$0 and $856,453, respectively)		—			—			—			854,626
Payable for collateral on securities loaned (See Note 6)		—			13,219,202			—			54,397,100
Payable to securities lending agent (See Note 6)		1,798,972			—			—			—
Payable for investment securities purchased		3,186,269			287,850			3,443,408			107,868,276
Payable for fund shares redeemed		390,714			91,976			470,797			1,162,607
Payable to Investment Advisor		211,586			37,289			135,236			350,397
Payable to Custodian		43,270			2,870			4,726			27,948
Payable for dividend withholding tax		45,182			—			—			—
Other accrued expenses		187,304			59,883			163,448			477,404
Total Liabilities		5,863,297			13,699,070			4,217,615			165,152,089
NET ASSETS	$	269,621,569		$	50,978,157		$	195,328,951		$	547,963,751
NET ASSETS CONSIST OF:
Capital stock		467,081,160			47,289,660			197,716,120			575,574,134
Unrealized appreciation (depreciation) on:
Investments		26,926,175			15,571,885			4,993,067			(26,085,903	)
Written options		—			—			—			(2,671	)
Foreign currencies		23,811			—			—			(13,171	)
Forward currency exchange contracts		—			—			—			30,272
Forward sale commitments		—			—			—			1,827
Futures contracts		—			—			—			28,491
Accumulated undistributed net investment income		4,075,917			35,538			218,410			2,289,729
Accumulated undistributed net realized loss		(228,485,494	)		(11,918,926	)		(7,598,646	)		(3,858,957	)
Total Net Assets	$	269,621,569		$	50,978,157		$	195,328,951		$	547,963,751
Shares outstanding (unlimited shares of no
par value authorized)		33,648,236			5,043,096			17,851,657			60,203,361
Net asset value, offering and redemption price per share	$	8.01		$	10.11		$	10.94		$	9.10
1Includes loaned securities with a value of:	$	—		$	12,623,115		$	—		$	53,203,166

See notes to financial statements.

129

AssetMark Funds

STATEMENTS OF ASSETS & LIABILITIES (Continued)

March 31, 2010

	Enhanced Fundamental Index® Large Company Growth Fund			Enhanced Fundamental Index® Large Company Value Fund			Enhanced Fundamental Index® Small Company Growth Fund			Enhanced Fundamental Index® Small Company Value Fund
ASSETS:
Investments, at value (cost $72,302,356,
$56,717,007, $17,168,463 and
$8,584,236, respectively)1	$	82,330,140		$	66,886,452		$	20,073,388		$	10,051,097
Cash		741			1,097			—			—
Income receivable		98,896			79,202			15,191			6,219
Receivable for investment securities sold		19			32,724			—			5,255
Receivable for fund shares sold		231,303			160,731			52,234			22,900
Receivable from Investment Advisor		—			—			1,198			—
Deposits with brokers for futures contracts		445,000			365,000			80,000			55,000
Other assets		13,305			17,591			10,622			9,431
Total Assets		83,119,404			67,542,797			20,232,633			10,149,902
LIABILITIES:
Variation margin on futures contracts		19,740			16,800			4,160			3,640
Payable for collateral on securities loaned
(See Note 6)		12,083,657			11,019,836			5,124,065			2,259,561
Payable for fund shares redeemed		99,623			64,356			14,941			11
Payable to Investment Advisor		36,652			34,339			—			7,255
Payable to Custodian		1,984			1,730			2,399			352
Other accrued expenses		86,102			71,794			35,812			31,478
Total Liabilities		12,327,758			11,208,855			5,181,377			2,302,297
NET ASSETS	$	70,791,646		$	56,333,942		$	15,051,256		$	7,847,605
NET ASSETS CONSIST OF:
Capital stock		82,790,614			72,521,833			13,896,657			8,098,357
Unrealized appreciation on:
Investments		10,027,784			10,169,445			2,904,925			1,466,861
Futures contracts		110,732			90,163			3,607			3,130
Accumulated undistributed net investment
income		127,297			126,000			203			2,321
Accumulated undistributed net realized loss		(22,264,781	)		(26,573,499	)		(1,754,136	)		(1,723,064	)
Total Net Assets	$	70,791,646		$	56,333,942		$	15,051,256		$	7,847,605
Shares outstanding (unlimited shares of no
par value authorized)		7,635,925			7,295,332			1,472,537			948,551
Net asset value, offering and redemption
price per share	$	9.27		$	7.72		$	10.22		$	8.27
1 Includes loaned securities with a value of:	$	11,619,048		$	10,397,156		$	4,838,150		$	1,843,901

See notes to financial statements.

130

AssetMark Funds

STATEMENTS OF OPERATIONS

For the Year Ended March 31, 2010

	Large Cap Growth Fund			Large Cap Value Fund			Small/Mid Cap Growth Fund			Small/Mid Cap Value Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of
$14,330, $2,045, $0 and $0, respectively)	$	3,491,362		$	5,742,062		$	515,952		$	841,407
Interest income		4,032			24,745			2,502			4,560
Total investment income		3,495,394			5,766,807			518,454			845,967
EXPENSES:
Investment advisory fees		2,130,675			1,999,561			476,987			521,755
Distribution (12b-1) fees		563,968			531,804			125,722			131,588
Shareholder servicing fees		135,353			127,633			30,174			31,581
Administration fees		86,970			81,518			19,379			20,334
Legal fees		84,450			76,727			23,094			32,677
Custody fees		52,674			26,882			43,321			30,515
Directors’ fees and expenses		50,493			47,684			9,745			10,398
Reports to shareholders		48,116			37,317			18,862			14,657
Fund accounting fees		42,696			38,157			17,134			16,905
Audit and tax fees		33,033			33,029			28,609			29,733
Federal and state registration fees		26,510			29,963			21,048			21,345
Transfer agent fees and expenses		15,842			15,804			12,845			13,099
Insurance fees		13,963			13,328			2,346			3,039
Compliance fees		7,665			6,570			1,825			1,825
Total expenses		3,292,408			3,065,977			831,091			879,451
Less securities lending credit (See Note 6)		(109,362	)		(78,347	)		(77,307	)		(43,828	)
Net expenses		3,183,046			2,987,630			753,784			835,623
Net investment income (loss)		312,348			2,779,177			(235,330	)		10,344
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on investments		4,409,401			(2,108,925	)		12,129,280			(3,476,667	)
Net change in unrealized appreciation on investments		83,338,456			91,198,734			10,338,185			29,747,497
Net realized and unrealized gain		87,747,857			89,089,809			22,467,465			26,270,830
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS	$	88,060,205		$	91,868,986		$	22,232,135		$	26,281,174

See notes to financial statements.

131

AssetMark Funds

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended March 31, 2010

	International Equity Fund			Real Estate Securities Fund			Tax-Exempt Fixed Income Fund			Core Plus Fixed Income Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of
$943,609, $0, $0 and $2,723, respectively)	$	9,167,322		$	1,284,550		$	—		$	44,182
Interest income		7,434			1,903			8,734,075			26,852,931
Total investment income		9,174,756			1,286,453			8,734,075			26,897,113
EXPENSES:
Investment advisory fees		2,459,938			341,535			1,518,425			4,043,222
Distribution (12b-1) fees		647,352			89,878			474,508			1,347,758
Shareholder servicing fees		155,365			21,570			113,882			323,462
Administration fees		96,434			13,304			72,625			208,789
Legal fees		87,015			5,334			67,858			169,491
Custody fees		223,648			17,782			28,209			129,595
Directors’ fees and expenses		55,551			3,295			32,466			104,871
Reports to shareholders		44,524			7,938			24,541			87,320
Fund accounting fees		95,603			8,601			48,213			338,266
Audit and tax fees		31,876			27,519			27,508			37,412
Federal and state registration fees		28,145			23,499			33,278			38,529
Transfer agent fees and expenses		15,740			12,630			15,913			21,499
Insurance fees		15,039			2,072			10,595			29,444
Compliance fees		8,030			1,825			6,360			16,790
Total expenses		3,964,260			576,782			2,474,381			6,896,448
Expense reimbursement by Advisor (See Note 3)		—			—			(25,920	)		—
Less securities lending credit (See Note 6)		—			(42,240	)		—			(181,943	)
Net expenses		3,964,260			534,542			2,448,461			6,714,505
Net investment income		5,210,496			751,911			6,285,614			20,182,608
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on:
Investments		9,560,850			(675,534	)		277,209			(4,432,262	)
Written options		—			—			—			445,294
Foreign currencies		(888,988	)		—			—			(163,322	)
Forward currency contracts		—			—			—			466,570
Futures contracts		—			—			—			1,896,226
Total		8,671,862			(675,534	)		277,209			(1,787,494	)
Net change in unrealized appreciation (depreciation) on:
Investments		74,626,047			27,080,180			11,510,912			76,556,628
Written options		—			—			—			(95,887	)
Foreign currencies		61,071			—			—			169,281
Forward currency contracts		—			—			—			91,248
Forward sale commitments		—			—			—			153,776
Futures contracts		—			—			—			(1,197,405	)
Total		74,687,118			27,080,180			11,510,912			75,677,641
Net realized and unrealized gain		83,358,980			26,404,646			11,788,121			73,890,147
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS	$	88,569,476		$	27,156,557		$	18,073,735		$	94,072,755

See notes to financial statements.

132

AssetMark Funds
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended March 31, 2010
	Enhanced Fundamental Index® Large Company Growth Fund			Enhanced Fundamental Index® Large Company Value Fund			Enhanced Fundamental Index® Small Company Growth Fund			Enhanced Fundamental Index® Small Company Value Fund
INVESTMENT INCOME:
Dividend income (net of withholding tax of $0, $45, $0 and $11, respectively)	$	1,298,873		$	1,097,627		$	170,445		$	100,221
Interest income		7,994			23,083			1,585			834
Total investment income		1,306,867			1,120,710			172,030			101,055
EXPENSES:
Investment advisory fees		445,790			369,541			107,277			61,933
Distribution (12b-1) fees		148,597			123,180			35,759			20,644
Shareholder servicing fees		35,663			29,564			8,582			4,955
Administration fees		79,654			66,047			19,347			11,170
Legal fees		20,205			17,098			7,593			2,596
Custody fees		10,458			9,533			2,640			1,928
Directors’ fees and expenses		12,961			10,847			2,979			1,764
Reports to shareholders		11,230			9,918			10,772			2,006
Fund accounting fees		63,396			52,479			15,371			8,878
Audit and tax fees		21,998			21,986			22,097			21,991
Federal and state registration fees		23,033			22,551			18,661			17,650
Transfer agent fees and expenses		13,017			12,809			12,518			12,490
Insurance fees		3,011			2,527			730			365
Compliance fees		2,662			1,460			365			365
Total expenses		891,675			749,540			264,691			168,735
Expense (reimbursement)/recapture by Advisor (See Note 3)		(150,369	)		14,292			(76,154	)		(44,443	)
Less securities lending credit (See Note 6)		(16,154	)		(162,712	)		(14,033	)		(23,547	)
Net expenses		725,152			601,120			174,504			100,745
Net investment income (loss)		581,715			519,590			(2,474	)		310
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments		(5,275,738	)		(3,098,806	)		1,287,511			836,350
Futures contracts		1,301,353			991,383			364,731			166,111
Total		(3,974,385	)		(2,107,423	)		1,652,242			1,002,461
Net change in unrealized appreciation (depreciation) on:
Investments		24,932,679			28,158,386			5,994,891			4,374,858
Futures contracts		(23,696	)		(10,239	)		(45,402	)		(6,583	)
Total		24,908,983			28,148,147			5,949,489			4,368,275
Net realized and unrealized gain		20,934,598			26,040,724			7,601,731			5,370,736
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,516,313		$	26,560,314		$	7,599,257		$	5,371,046

See notes to financial statements.

133

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS
	Large Cap Growth Fund						Large Cap Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2010			Year Ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	312,348		$	(101,958	)	$	2,779,177		$	6,847,863
Net realized gain (loss) on investment transactions		4,409,401			(101,077,784	)		(2,108,925	)		(196,277,402	)
Change in unrealized appreciation (depreciation) on investments		83,338,456			(80,048,610	)		91,198,734			(42,850,671	)
Net increase (decrease) in net assets resulting from operations		88,060,205			(181,228,352	)		91,868,986			(232,280,210	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		44,507,131			115,002,964			47,486,766			132,367,268
Shares issued to holders in reinvestment of dividends		436,737			21,374			3,205,994			4,035,189
Shares redeemed		(128,118,332	)		(379,582,696	)		(118,909,177	)		(290,318,553	)
Net decrease		(83,174,464	)		(264,558,358	)		(68,216,417	)		(153,916,096	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(312,348	)		—			(3,205,994	)		(8,006,947	)
From net realized gains		—			(41,523	)		—			(3,972	)
Return of capital		(124,389	)		—			—			—
Total dividends and distributions		(436,737	)		(41,523	)		(3,205,994	)		(8,010,919	)
INCREASE (DECREASE) IN NET ASSETS		4,449,004			(445,828,233	)		20,446,575			(394,207,225	)
NET ASSETS:
Beginning of year	$	203,479,219		$	649,307,452		$	180,181,364		$	574,388,589
End of year (including undistributed net investment income (loss) of (($119,204), $5,185, $592,601 and $1,019,418, respectively)	$	207,928,223		$	203,479,219		$	200,627,939		$	180,181,364
CHANGES IN SHARES OUTSTANDING
Shares sold		6,098,350			15,129,303			7,400,493			17,638,533
Shares issued to holders in reinvestment of dividends		54,456			3,783			449,019			732,339
Shares redeemed		(17,316,881	)		(52,990,271	)		(18,007,928	)		(39,585,341	)
Net decrease		(11,164,075	)		(37,857,185	)		(10,158,416	)		(21,214,469	)

See notes to financial statements.

134

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Small/Mid Cap Growth Fund						Small/Mid Cap Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2010			Year Ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	(235,330	)	$	(602,469	)	$	10,344		$	692,982
Net realized gain (loss) on investment transactions		12,129,280			(25,626,820	)		(3,476,667	)		(17,333,806	)
Change in unrealized appreciation (depreciation) on investments		10,338,185			(8,542,911	)		29,747,497			(16,861,051	)
Net increase (decrease) in net assets resulting from operations		22,232,135			(34,772,200	)		26,281,174			(33,501,875	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		8,347,866			35,335,158			10,261,480			40,458,584
Shares issued to holders in reinvestment of dividends		—			68,972			132,181			340,873
Shares redeemed		(36,927,371	)		(80,436,506	)		(39,072,820	)		(61,005,517	)
Net decrease		(28,579,505	)		(45,032,376	)		(28,679,159	)		(20,206,060	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			—			(10,573	)		(629,649	)
From net realized gains		—			(132,673	)		—			—
Return of capital		—			—			(121,608	)		(31,146	)
Total dividends and distributions		—			(132,673	)		(132,181	)		(660,795	)
DECREASE IN NET ASSETS		(6,347,370	)		(79,937,249	)		(2,530,166	)		(54,368,730	)
NET ASSETS:
Beginning of year	$	46,597,556		$	126,534,805		$	45,179,654		$	99,548,384
End of year (including undistributed net investment income (loss) of (($188,935), $88,037, $2,996 and $64,600, respectively)	$	40,250,186		$	46,597,556		$	42,649,488		$	45,179,654
CHANGES IN SHARES OUTSTANDING
Shares sold		1,323,101			5,246,578			1,379,226			5,003,895
Shares issued to holders in reinvestment of dividends		—			13,658			15,388			53,681
Shares redeemed		(5,581,633	)		(11,469,038	)		(4,821,360	)		(7,900,445	)
Net decrease		(4,258,532	)		(6,208,802	)		(3,426,746	)		(2,842,869	)

See notes to financial statements.

135

AssetMark Funds
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	International Equity Fund						Real Estate Securities Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2010			Year Ended March 31, 2009
OPERATIONS:
Net investment income	$	5,210,496		$	8,932,734		$	751,911		$	1,351,488
Net realized gain (loss) on investment transactions		8,671,862			(234,065,611	)		(675,534	)		(7,077,632	)
Change in unrealized appreciation (depreciation) on investments		74,687,118			(78,554,201	)		27,080,180			(29,505,120	)
Net increase (decrease) in net assets resulting from operations		88,569,476			(303,687,078	)		27,156,557			(35,231,274	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		80,322,291			194,365,038			19,760,246			76,749,848
Shares issued to holders in reinvestment of dividends		6,512,687			3,227,760			744,733			285,858
Shares redeemed		(122,609,399	)		(345,996,813	)		(42,120,324	)		(77,204,383	)
Net decrease		(35,774,421	)		(148,404,015	)		(21,615,345	)		(168,677	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(6,512,687	)		(2,826,522	)		(744,733	)		(543,149	)
From net realized gains		—			(3,365,214	)		—			—
Total dividends and distributions		(6,512,687	)		(6,191,736	)		(744,733	)		(543,149	)
INCREASE (DECREASE) IN NET ASSETS		46,282,368			(458,282,829	)		4,796,479			(35,943,100	)
NET ASSETS:
Beginning of year	$	223,339,201		$	681,622,030		$	46,181,678		$	82,124,778
End of year (including undistributed net investment income of $5,210,496, $6,512,687, $7,178 and $0, respectively)	$	269,621,569		$	223,339,201		$	50,978,157		$	46,181,678
CHANGES IN SHARES OUTSTANDING
Shares sold		10,502,217			22,784,286			2,206,056			10,505,784
Shares issued to holders in reinvestment of dividends		806,026			489,054			79,993			39,703
Shares redeemed		(16,141,843	)		(41,762,653	)		(6,204,761	)		(7,519,879	)
Net increase (decrease)		(4,833,600	)		(18,489,313	)		(3,918,712	)		3,025,608

See notes to financial statements.

136

AssetMark Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Tax-Exempt Fixed Income Fund						Core Plus Fixed Income Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2010			Year Ended March 31, 2009
OPERATIONS:
Net investment income	$	6,285,614		$	7,027,668		$	20,182,608		$	28,686,142
Net realized gain (loss) on investment transactions		277,209			(4,975,869	)		(1,787,494	)		2,761,832
Change in unrealized appreciation (depreciation) on investments		11,510,912			(2,952,074	)		75,677,641			(84,215,994	)
Net increase (decrease) in net assets resulting from operations		18,073,735			(900,275	)		94,072,755			(52,768,020	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		85,249,245			151,089,362			229,127,655			367,493,809
Shares issued to holders in reinvestment of dividends		6,165,984			3,578,566			19,827,926			20,027,049
Shares redeemed		(101,573,939	)		(210,502,796	)		(279,687,960	)		(594,635,630	)
Net decrease		(10,158,710	)		(55,834,868	)		(30,732,379	)		(207,114,772	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(6,165,984	)		(7,125,080	)		(19,828,054	)		(28,304,294	)
From net realized gains		—			—			—			(11,447,403	)
Total dividends and distributions		(6,165,984	)		(7,125,080	)		(19,828,054	)		(39,751,697	)
INCREASE (DECREASE) IN NET ASSETS		1,749,041			(63,860,223	)		43,512,322			(299,634,489	)
NET ASSETS:
Beginning of year	$	193,579,910		$	257,440,133		$	504,451,429		$	804,085,918
End of year (including undistributed net investment income of $218,410, $98,780, $2,289,729 and $947,533, respectively)	$	195,328,951		$	193,579,910		$	547,963,751		$	504,451,429
CHANGES IN SHARES OUTSTANDING
Shares sold		7,880,178			14,687,220			26,228,305			43,769,031
Shares issued to holders in reinvestment of dividends		569,272			349,712			2,270,155			2,431,720
Shares redeemed		(9,440,467	)		(20,388,213	)		(31,956,596	)		(69,936,071	)
Net decrease		(991,017	)		(5,351,281	)		(3,458,136	)		(23,735,320	)

See notes to financial statements.

137

AssetMark Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Enhanced Fundamental Index® Large Company Growth Fund						Enhanced Fundamental Index® Large Company Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2010			Year Ended March 31, 2009
OPERATIONS:
Net investment income	$	581,715		$	686,466		$	519,590		$	1,290,388
Net realized loss on investment transactions		(3,974,385	)		(17,524,240	)		(2,107,423	)		(23,944,567	)
Change in unrealized appreciation (depreciation) on investments		24,908,983			(11,795,162	)		28,148,147			(12,030,246	)
Net increase (decrease) in net assets resulting from operations		21,516,313			(28,632,936	)		26,560,314			(34,684,425	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		31,166,944			69,899,546			22,705,815			67,799,021
Shares issued to holders in reinvestment of dividends		630,394			354,616			671,533			694,237
Shares redeemed		(27,721,788	)		(62,727,279	)		(29,880,501	)		(50,345,840	)
Net increase (decrease)		4,075,550			7,526,883			(6,503,153	)		18,147,418
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(630,394	)		(610,709	)		(671,533	)		(1,211,759	)
Total dividends and distributions		(630,394	)		(610,709	)		(671,533	)		(1,211,759	)
INCREASE (DECREASE) IN NET ASSETS		24,961,469			(21,716,762	)		19,385,628			(17,748,766	)
NET ASSETS:
Beginning of year	$	45,830,177		$	67,546,939		$	36,948,314		$	54,697,080
End of year (including undistributed net investment income of $127,195, $175,874, $126,000 and $277,943, respectively)	$	70,791,646		$	45,830,177		$	56,333,942		$	36,948,314
CHANGES IN SHARES OUTSTANDING
Shares sold		3,781,334			8,530,402			3,437,719			10,406,162
Shares issued to holders in reinvestment of dividends		70,751			52,849			94,316			139,686
Shares redeemed		(3,400,284	)		(8,410,471	)		(4,659,346	)		(8,564,241	)
Net increase (decrease)		451,801			172,780			(1,127,311	)		1,981,607

See notes to financial statements.

138

AssetMark Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Enhanced Fundamental Index® Small Company Growth Fund						Enhanced Fundamental Index® Small Company Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2010			Year Ended March 31, 2009
OPERATIONS:
Net investment income (loss)	$	(2,474	)	$	(19,208	)	$	310		$	68,294
Net realized gain (loss) on investment transactions		1,652,242			(3,308,536	)		1,002,461			(2,593,564	)
Change in unrealized appreciation (depreciation) on investments		5,949,489			(2,340,903	)		4,368,275			(2,497,329	)
Net increase (decrease) in net assets resulting from operations		7,599,257			(5,668,647	)		5,371,046			(5,022,599	)
CAPITAL SHARE TRANSACTIONS:
Shares sold		6,273,047			15,292,704			3,034,857			11,270,413
Shares issued to holders in reinvestment of dividends		—			—			—			56,966
Shares redeemed		(9,421,747	)		(11,634,256	)		(6,402,256	)		(6,403,312	)
Net increase (decrease)		(3,148,700	)		3,658,448			(3,367,399	)		4,924,067
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			—			—			(86,041	)
Return of capital		—			—			—			(16,930	)
Total dividends and distributions		—			—			—			(102,971	)
INCREASE (DECREASE) IN NET ASSETS		4,450,557			(2,010,199	)		2,003,647			(201,503	)
NET ASSETS:
Beginning of year	$	10,600,699		$	12,610,898		$	5,843,958		$	6,045,461
End of year (including undistributed net investment income (loss) of ($2,091), $383, $889 and $579, respectively)	$	15,051,256		$	10,600,699		$	7,847,605		$	5,843,958
CHANGES IN SHARES OUTSTANDING
Shares sold		735,301			2,072,271			449,545			1,875,381
Shares issued to holders in reinvestment of dividends		—			—			—			12,043
Shares redeemed		(1,083,105	)		(1,637,721	)		(915,553	)		(1,198,319	)
Net increase (decrease)		(347,804	)		434,550			(466,008	)		689,105

See notes to financial statements.

139

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Large Cap Growth Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
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		$ 5.67			$ 8.81			$ 9.62			$ 9.95			$ 9.20
Income from investment operations:
Net investment income (loss)		0.01			0.00			(0.01	)		(0.02	)		(0.03	)
Net realized and unrealized gains (losses) on investments		2.75			(3.14	)		(0.30	)		(0.06	)		0.78
Total from investment operations		2.76			(3.14	)		(0.31	)		(0.08	)		0.75
Less distributions:
Dividends from net investment income		(0.01	)		—			—			—			—
Dividends from net realized gains		—			—	*		(0.50	)		(0.25	)		—
Return of capital		(0.01	)		—			—			—			—
Total distributions		(0.02	)		—			(0.50	)		(0.25	)		—
Net asset value, end of period		$ 8.41			$ 5.67			$ 8.81			$ 9.62			$ 9.95
Total return		48.60	%		–35.63	%		–3.88	%		–0.80	%		8.15	% (1)
Supplemental data and ratios:
Net assets, end of period		$207,928,223			$203,479,219			$649,307,452			$753,638,303			$653,921,538
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.46	%		1.40	%		1.33	%		1.33	%		1.35	%(2)
After expense reimbursement (recapture) and securities lending credit		1.41	%		1.27	%		1.28	%		1.31	%		1.32	%(2)
Ratio of net investment income (loss) to average net assets
Before expense reimbursement, including (recapture)		0.09	%		–0.15	%		–0.15	%		–0.27	%		–0.38	%(2)
After expense reimbursement (recapture)		0.14	%		–0.02	%		–0.10	%		–0.25	%		–0.35	%(2)
Portfolio turnover rate		69.83	%		98.67	%		62.86	%		142.66	%		72.34	%

(1)	Not Annualized.
(2)	Annualized.
*	Amount represents less than $0.01 per share.

See notes to financial statements.

140

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Large Cap Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
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		$  4.85			$  9.85			$12.34			$11.77			$ 11.24
Income from investment operations:
Net investment income		0.10			0.19			0.15			0.14			0.07
Net realized and unrealized gains (losses) on investments		2.60			(4.99	)		(1.55	)		1.67			0.79
Total from investment operations		2.70			(4.80	)		(1.40	)		1.81			0.86
Less distributions:
Dividends from net investment income		(0.11	)		(0.20	)		(0.14	)		(0.14	)		(0.07	)
Dividends from net realized gains		—			—	*		(0.95	)		(1.10	)		(0.26	)
Total distributions		(0.11	)		(0.20	)		(1.09	)		(1.24	)		(0.33	)
Net asset value, end of period		$  7.44			$  4.85			$  9.85			$12.34			$11.77
Total return		55.37	%		–48.85	%		–12.23	%		15.32	%		7.85	%(1)
Supplemental data and ratios:
Net assets, end of period		$200,627,939			$180,181,364			$574,388,589			$682,408,978			$660,129,983
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.44	%		1.38	%		1.33	%		1.32	%		1.36	%(2)
After expense reimbursement (recapture) and securities lending credit		1.40	%		1.22	%		1.28	%		1.28	%		1.30	%(2)
Ratio of net investment income to average net assets
Before expense reimbursement, including (recapture)		1.27	%		1.60	%		1.16	%		1.00	%		0.86	%(2)
After expense reimbursement (recapture)		1.31	%		1.76	%		1.21	%		1.04	%		0.92	%(2)
Portfolio turnover rate		26.85	%		58.45	%		40.54	%		30.25	%		64.61	%

(1)	Not Annualized.
(2)	Annualized.
*	Amount represents less than $0.01 per share.

See notes to financial statements.

141

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Small/Mid Cap Growth Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
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		$  4.90			$  8.05			$10.65			$10.60			$  9.56
Income from investment operations:
Net investment loss		(0.04	)		(0.06	)		(0.09	)		(0.07	)		(0.06	)
Net realized and unrealized gains (losses) on investments		2.81			(3.08	)		(0.69	)		0.56			1.95
Total from investment operations		2.77			(3.14	)		(0.78	)		0.49			1.89
Less distributions:
Dividends from net realized gains		—			(0.01	)		(1.82	)		(0.44	)		(0.85	)
Total distributions		—			(0.01	)		(1.82	)		(0.44	)		(0.85	)
Net asset value, end of period		$  7.67			$  4.90			$  8.05			$10.65			$ 10.60
Total return		56.53	%		–38.98	%		–10.31	%		4.84	%		20.82	%(1)
Supplemental data and ratios:
Net assets, end of period		$40,250,186			$46,597,556			$126,534,805			$171,403,932			$215,514,988
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.65	%		1.54	%		1.44	%		1.43	%		1.43	%(2)
After expense reimbursement (recapture) and securities lending credit		1.50	%		1.26	%		1.29	%		1.37	%		1.38	%(2)
Ratio of net investment (loss) to average net assets
Before expense reimbursement, including (recapture)		–0.62	%		–1.01	%		–0.99	%		–0.75	%		–0.92	%(2)
After expense reimbursement (recapture)		–0.47	%		–0.73	%		–0.84	%		–0.69	%		–0.87	%(2)
Portfolio turnover rate		209.03	%		219.24	%		209.64	%		213.08	%		180.64	%

(1)	Not Annualized.
(2)	Annualized.

See notes to financial statements.

142

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Small/Mid Cap Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
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		$  5.69			$  9.24			$11.95			$14.41			$13.89
Income from investment operations:
Net investment income (loss)		0.01			0.08			0.08			0.31			(0.04	)
Net realized and unrealized gains (losses) on investments		3.78			(3.56	)		(2.36	)		0.81			1.52
Total from investment operations		3.79			(3.48	)		(2.28	)		1.12			1.48
Less distributions:
Dividends from net investment income		—	*		(0.07	)		(0.08	)		(0.31	)		—
Dividends from net realized gains		—			—			(0.35	)		(3.27	)		(0.96	)
Return of capital		(0.02	)		—	*		—	*		—			—
Total distributions		(0.02	)		(0.07	)		(0.43	)		(3.58	)		(0.96	)
Net asset value, end of period		$  9.46			$  5.69			$  9.24			$11.95			$14.41
Total return		66.39	%		–37.59	%		–19.47	%		7.63	%		11.18	%(1)
Supplemental data and ratios:
Net assets, end of period		$42,649,488			$45,179,654			$99,548,384			$110,079,540			$185,589,680
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.67	%		1.59	%		1.48	%		1.47	%		1.55	%(2)
After expense reimbursement (recapture) and securities lending credit		1.59	%		1.28	%		1.40	%		1.41	%		1.53	%(2)
Ratio of net investment income (loss) to average net assets
Before expense reimbursement, including (recapture)		–0.06	%		0.58	%		0.61	%		1.68	%		–0.45	%(2)
After expense reimbursement (recapture)		0.02	%		0.89	%		0.69	%		1.75	%		–0.43	%(2)
Portfolio turnover rate		52.31	%		65.97	%		127.62	%		174.94	%		72.42	%

(1)	Not Annualized.
(2)	Annualized.
*	Amount represents less than $0.01 per share.

See notes to financial statements.

143

AssetMark Funds

FINANCIAL HIGHLIGHTS

	International Equity Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
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		$  5.80			$11.96			$14.73			$14.06			$11.79
Income from investment operations:
Net investment income (loss)		0.20			0.25			0.13			0.16			(0.01	)
Net realized and unrealized gains
(losses) on investments		2.22			(6.26	)		(0.44	)		2.24			3.40
Total from investment operations		2.42			(6.01	)		(0.31	)		2.40			3.39
Less distributions:
Dividends from net investment
income		(0.21	)		(0.07	)		(0.14	)		(0.18	)		(0.15	)
Dividends from net realized gains		—			(0.08	)		(2.32	)		(1.55	)		(0.97	)
Total distributions		(0.21	)		(0.15	)		(2.46	)		(1.73	)		(1.12	)
Net asset value, end of period		$  8.01			$  5.80			$11.96			$14.73			$14.06
Total return		41.68	%		–50.42	%		–3.85	%		17.65	%		29.75	%(1)
Supplemental data and ratios:
Net assets, end of period		$269,621,569			$223,339,201			$681,622,030			$779,422,324			$612,288,218
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.53	%		1.53	%		1.43	%		1.39	%		1.38	%(2)
After expense reimbursement (recapture) and securities lending credit		1.53	%		1.52	%		1.42	%		1.37	%		1.34	%(2)
Ratio of net investment income
(loss) to average net assets
Before expense reimbursement, including (recapture)		2.01	%		1.94	%		0.87	%		0.95	%		–0.16	%(2)
After expense reimbursement (recapture)		2.01	%		1.95	%		0.88	%		0.97	%		–0.12	%(2)
Portfolio turnover rate		65.33	%		144.98	%		119.13	%		89.16	%		66.98	%

(1)	Not Annualized.
(2)	Annualized.

See notes to financial statements.

144

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Real Estate Securities Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
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		$  5.15			$13.83			$20.91			$18.46			$17.31
Income from investment operations:
Net investment income		0.19			0.15			0.43			0.16			0.33
Net realized and unrealized gains
(losses) on investments		4.96			(8.77	)		(4.58	)		3.84			3.27
Total from investment operations		5.15			(8.62	)		(4.15	)		4.00			3.60
Less distributions:
Dividends from net investment
income		(0.19	)		(0.06	)		(0.21	)		(0.25	)		(0.32	)
Dividends from net realized gains		—			—			(2.68	)		(1.30	)		(2.13	)
Return of capital		—			—			(0.04	)		—			—
Total distributions		(0.19	)		(0.06	)		(2.93	)		(1.55	)		(2.45	)
Net asset value, end of period		$10.11			$  5.15			$13.83			$20.91			$18.46
Total return		100.30	%		–62.46	%		–19.74	%		21.96	%		22.94	%(1)
Supplemental data and ratios:
Net assets, end of period		$50,978,157			$46,181,678			$82,124,778			$117,462,121			$89,616,046
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.61	%		1.69	%		1.52	%		1.49	%		1.51	%(2)
After expense reimbursement (recapture) and securities lending credit		1.49	%		1.49	%		1.46	%		1.46	%		1.49	%(2)
Ratio of net investment income to
average net assets
Before expense reimbursement, including (recapture)		1.97	%		2.52	%		0.99	%		0.67	%		2.46	%(2)
After expense reimbursement (recapture)		2.09	%		2.72	%		1.05	%		0.70	%		2.48	%(2)
Portfolio turnover rate		78.39	%		126.60	%		81.59	%		43.86	%		41.09	%

(1)	Not Annualized.
(2)	Annualized.

See notes to financial statements.

145

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Tax-Exempt Fixed Income Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period		$10.27			$10.64			$10.92			$10.77			$11.01
Income from investment operations:
Net investment income		0.36			0.34			0.31			0.27			0.17
Net realized and unrealized gains
(losses) on investments		0.66			(0.37	)		(0.28	)		0.15			(0.24	)
Total from investment operations		1.02			(0.03	)		0.03			0.42			(0.07	)
Less distributions:
Dividends from net investment
income		(0.35	)		(0.34	)		(0.31	)		(0.27	)		(0.17	)
Dividends from net realized gains		—			—			—			—			—
Total distributions		(0.35	)		(0.34	)		(0.31	)		(0.27	)		(0.17	)
Net asset value, end of period		$10.94			$10.27			$10.64			$10.92			$10.77
Total return		10.06	%		–0.25	%		0.28	%		3.92	%		–0.64	%(1)
Supplemental data and ratios:
Net assets, end of period		$195,328,951			$193,579,910			$257,440,133			$247,841,846			$213,170,198
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture)		1.30	%		1.30	%		1.23	%		1.28	%		1.29	%(2)
After expense reimbursement (recapture)		1.29	%		1.29	%		1.23	%		1.28	%		1.29	%(2)
Ratio of net investment income to
average net assets
Before expense reimbursement, including (recapture)		3.30	%		3.09	%		2.93	%		2.53	%		2.15	%(2)
After expense reimbursement (recapture)		3.31	%		3.10	%		2.93	%		2.53	%		2.15	%(2)
Portfolio turnover rate		57.44	%		44.37	%		66.26	%		50.36	%		14.61	%

(1)	Not Annualized.
(2)	Annualized.

See notes to financial statements.

146

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Core Plus Fixed Income Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			Year Ended March 31, 2008			Year Ended March 31, 2007			Period Ended March 31, 2006
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		$  7.92			$  9.20			$  9.27			$  9.11			$10.73
Income from investment operations:
Net investment income		0.33			0.41			0.41			0.38			0.34
Net realized and unrealized gains
(losses) on investments		1.17			(1.11	)		(0.06	)		0.15			(0.39	)
Total from investment operations		1.50			(0.70	)		0.35			0.53			(0.05	)
Less distributions:
Dividends from net investment
income		(0.32	)		(0.40	)		(0.41	)		(0.37	)		(0.26	)
Dividends from net realized gains		—			(0.18	)		(0.01	)		—			(0.08	)
Return of Capital		—			—			—			—			(1.23	)
Total distributions		(0.32	)		(0.58	)		(0.42	)		(0.37	)		(1.57	)
Net asset value, end of period		$  9.10			$  7.92			$  9.20			$  9.27			$  9.11
Total return		19.21	%		–7.57	%		3.87	%		5.96	%		–0.48	%(1)
Supplemental data and ratios:
Net assets, end of period		$547,963,751			$504,451,429			$804,085,918			$716,017,829			$612,841,433
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.28	%		1.26	%		1.18	%		1.16	%		1.19	%(2)
After expense reimbursement (recapture) and securities lending credit		1.25	%		1.18	%		1.13	%		1.14	%		1.16	%(2)
Ratio of net investment income to
average net assets
Before expense reimbursement, including (recapture)		3.71	%		4.54	%		4.37	%		4.14	%		3.43	%(2)
After expense reimbursement (recapture)		3.74	%		4.62	%		4.42	%		4.16	%		3.47	%(2)
Portfolio turnover rate		224.89	%		261.77	%		307.52	%		280.55	%		261.52	%

(1)	Not Annualized.
(2)	Annualized.

See notes to financial statements.

147

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Enhanced Fundamental Index® Large Company Growth Fund									Enhanced Fundamental Index® Large Company Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			August 9, 2007(1) through March 31, 2008			Year Ended March 31, 2010			Year Ended March 31, 2009			August 9, 2007(1) through March 31, 2008
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period		$  6.38			$  9.63			$10.00			$  4.39			$  8.49			$10.00
Income from investment operations:
Net investment income		0.08			0.09			0.04			0.07			0.14			0.07
Net realized and unrealized gains
(losses) on investments		2.90			(3.26	)		(0.38	)		3.35			(4.10	)		(1.53	)
Total from investment operations		2.98			(3.17	)		(0.34	)		3.42			(3.96	)		(1.46	)
Less distributions:
Dividends from net investment income		(0.09	)		(0.08	)		(0.02	)		(0.09	)		(0.14	)		(0.04	)
Dividends from net realized gains		—			—			(0.01	)		—			—			(0.01	)
Total distributions		(0.09	)		(0.08	)		(0.03	)		(0.09	)		(0.14	)		(0.05	)
Net asset value, end of period		$  9.27			$  6.38			$  9.63			$  7.72			$  4.39			$  8.49
Total return		46.70	%		–32.99	%		–3.40	%(2)		78.09	%		–46.83	%		–14.73	%(2)
Supplemental data and ratios:
Net assets, end of period	$	70,791,646		$	45,830,177			$67,546,939		$	56,333,942		$	36,948,314			$54,697,080
Ratio of expenses to average net assets
Before expense reimbursement, including (recapture) and securities lending credit		1.50	%		1.50	%		1.82	%(3)		1.52	%		1.51	%		1.92	%(3)
After expense reimbursement (recapture) and before securities lending credit		1.25	%		1.26	%		1.22	%(3)		1.55	%		1.40	%		1.22	%(3)
After expense reimbursement (recapture) and securities lending credit		1.22	%		1.22	%		1.22	%(3)		1.22	%		1.22	%		1.22	%(3)
Ratio of net investment income to
average net assets
Before expense reimbursement (recapture)		0.70	%		0.73	%		0.28	%(3)		0.75	%		2.03	%		1.21	%(3)
After expense reimbursement (recapture)		0.98	%		1.01	%		0.88	%(3)		1.05	%		2.32	%		1.91	%(3)
Portfolio turnover rate		78.10	%		98.22	%		22.70	%		83.43	%		104.24	%		7.67	%

(1)	Commencement of operations.
(2)	Not Annualized.
(3)	Annualized.

See notes to financial statements.

148

AssetMark Funds

FINANCIAL HIGHLIGHTS

	Enhanced Fundamental Index® Small Company Growth Fund									Enhanced Fundamental Index® Small Company Value Fund
	Year Ended March 31, 2010			Year Ended March 31, 2009			August 9, 2007(1) through March 31, 2008			Year Ended March 31, 2010			Year Ended March 31, 2009			August 9, 2007(1) through March 31, 2008
Per share data for a share of capital
stock outstanding for the entire period
and selected information for the period
are as follows:
Net asset value, beginning of period		$  5.82			$  9.10			$10.00			$  4.13			$  8.33			$10.00
Income from investment operations:
Net investment income (loss)		—			(0.01	)		(0.01	)		—			0.05			0.05
Net realized and unrealized gains
(losses) on investments		4.40			(3.27	)		(0.87	)		4.14			(4.17	)		(1.67	)
Total from investment operations		4.40			(3.28	)		(0.88	)		4.14			(4.12	)		(1.62	)
Less distributions:
Dividends from net investment income		—			—			—			—			(0.07	)		(0.03	)
Dividends from net realized gains		—			—			(0.02	)		—			—			(0.02	)
Return of Capital		—			—			—	*		—			(0.01	)		—
Total distributions		—			—			(0.02	)		—			(0.08	)		(0.05	)
Net asset value, end of period		$10.22			$  5.82			$  9.10			$  8.27			$  4.13			$  8.33
Total return		75.60	%		–36.04	%		–8.80	%(2)		100.24	%		–49.62	%		–16.27	%(2)
Supplemental data and ratios:
Net assets, end of period	$	15,051,256		$	10,600,699			$12,610,898			$7,847,605		$	5,843,958			$6,045,461
Ratio of expenses to average net assets
Before expense reimbursement and securities lending credit		1.85	%		1.85	%		3.55	%(3)		2.04	%		2.15	%		6.30	%(3)
After expense reimbursement and before securities lending credit		1.32	%		1.36	%		1.22	%(3)		1.51	%		1.42	%		1.22	%(3)
After expense reimbursement and securities lending credit		1.22	%		1.22	%		1.22	%(3)		1.22	%		1.22	%		1.22	%(3)
Ratio of net investment income (loss) to average net assets
Before expense reimbursement		–0.65	%		–0.79	%		–2.62	%		–0.82	%(3)		0.06	%		–3.72	%(3)
After expense reimbursement		–0.02	%		–0.16	%		–0.29	%(3)		0.00	%		0.99	%		1.36	%(3)
Portfolio turnover rate		90.34	%		122.95	%		11.86	%		110.46	%		112.49	%		16.18	%

(1)	Commencement of operations.
(2)	Not Annualized.
(3)	Annualized.
*	Amount represents less than $0.01 per share.

See notes to financial statements.

149

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2010

1.	Organization
	AssetMark Funds (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated January 2, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with thirteen funds (the “Funds”). The following funds are diversified: AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small/Mid Cap Growth Fund, AssetMark Small/Mid Cap Value Fund, AssetMark International Equity Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund, AssetMark Enhanced Fundamental Index® Large Company Growth Fund, AssetMark Enhanced Fundamental Index® Large Company Value Fund, AssetMark Enhanced Fundamental Index® Small Company Growth Fund, AssetMark Enhanced Fundamental Index® Small Company Value Fund, and AssetMark Enhanced Fundamental Index® International Equity Fund, which has not commenced operations as of the date of this Annual Report. The AssetMark Real Estate Securities Fund is non-diversified. Each fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Enhanced Fundamental Index® Funds commenced operations on August 9, 2007. The other eight Funds commenced operations on June 29, 2001.
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 U.S. generally accepted accounting principals (“GAAP”).
	(a)	Investment Valuation
		Portfolio securities listed on a national or foreign securities exchange, except those listed on NASDAQ, for which market quotations are available are valued at the last quoted sale price on each business day. Portfolio securities traded on

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

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

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

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

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

150

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

Valuation Measurements

The Trust has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

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

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with the 1940 Act. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value determinations are required for securities whose value is affected by a significant event that will materially affect the value of a domestic or foreign security and which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades but prior to the calculation of the Fund’s NAV.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2010:

151

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

AssetMark Large Cap Growth Fund

	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	24,737,200		$—	$	—	$	24,737,200
Consumer Staples		24,790,604		—		—		24,790,604
Energy		10,656,134		—		—		10,656,134
Financials		15,115,521		—		—		15,115,521
Health Care		33,452,390		—		—		33,452,390
Industrials		25,588,235		—		—		25,588,235
Information Technology		67,729,843		—		—		67,729,843
Materials		5,770,118		—		—		5,770,118
Telecommunication Services		893,532		—		—		893,532
Utilities		1,546,140						1,546,140
Total Equity		210,279,717		—		—		210,279,717
Short Term Investments		3,131,418		—		—		3,131,418
Investments Purchased as Securities Lending Collateral		20,867,342		—		6,799,634		27,666,976
Total Investments in Securities	$	234,278,477		$—	$	6,799,634	$	241,078,111

Level 3 Reconciliation Disclosure

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

Description	Investments in Securities
Balance as of March 31, 2009	$	8,138,893
Accrued discounts/(amortization of premiums), net		—
Realized gain (loss)		—
Change in unrealized appreciation		2,161,612
Net sales		(3,500,871	)
Transfers in and/or (out) of Level 3		—
Balance as of March 31, 2010	$	6,799,634
Change in unrealized appreciation during the period
for Level 3 investments held at March 31, 2010.	$	2,161,612

152

AssetMark Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010

AssetMark Large Cap Value Fund
	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	13,322,249		$—	$	—	$	13,322,249
Consumer Staples		26,861,411		—		—		26,861,411
Energy		38,266,294		—		—		38,266,294
Financials		42,931,585		—		—		42,931,585
Health Care		28,090,551		—		—		28,090,551
Industrials		15,836,422		—		—		15,836,422
Information Technology		15,665,630		—		—		15,665,630
Materials		4,845,382		—		—		4,845,382
Telecommunication Services		6,858,922		—		—		6,858,922
Utilities		5,396,094		—		—		5,396,094
Total Equity		198,074,540		—		—		198,074,540
Short Term Investments		7,439,284		—		—		7,439,284
Investments Purchased as Securities Lending Collateral		22,040,879		—		6,234,228		28,275,107
Total Investments in Securities	$	227,554,703		$—	$	6,234,228	$	233,788,931

Level 3 Reconciliation Disclosure

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

Description	Investments in Securities
Balance as of March 31, 2009	$	7,716,178
Accrued discounts/(amortization of premiums), net		—
Realized gain (loss)		—
Change in unrealized appreciation		1,996,796
Net sales		(3,478,746	)
Transfers in and/or (out) of Level 3		—
Balance as of March 31, 2010	$	6,234,228
Change in unrealized appreciation during the period for Level 3 investments held at March 31, 2010.	$	1,996,796

153

AssetMark Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010

AssetMark Small/Mid Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	8,496,694		$—	$	—	$	8,496,694
Consumer Staples		1,196,596		—		—		1,196,596
Energy		1,649,438		—		—		1,649,438
Financials		3,382,980		—		—		3,382,980
Health Care		8,248,143		—		—		8,248,143
Industrials		5,804,235		—		—		5,804,235
Information Technology		9,522,688		—		—		9,522,688
Materials		2,706,899		—		—		2,706,899
Telecommunication Services		368,130		—		—		368,130
Total Equity		41,375,803		—		—		41,375,803
Short Term Investments		179,307		—		—		179,307
Investments Purchased as Securities Lending Collateral		9,711,488		—		1,661,804		11,373,292
Total Investments in Securities	$	51,266,598		$—	$	1,661,804	$	52,928,402

Level 3 Reconciliation Disclosure

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

Description	Investments in Securities
Balance as of March 31, 2009	$	2,059,566
Accrued discounts/(amortization of premiums), net		—
Realized gain (loss)		—
Change in unrealized appreciation		532,429
Net sales		(930,191	)
Transfers in and/or (out) of Level 3		—
Balance as of March 31, 2010	$	1,661,804
Change in unrealized appreciation during the period for Level 3 investments held at March 31, 2010.	$	532,429

154

AssetMark Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010

AssetMark Small/Mid Cap Value Fund
	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	5,216,135		$—	$	—	$	5,216,135
Consumer Staples		1,181,500		—		—		1,181,500
Energy		4,139,813		—		—		4,139,813
Financials		14,378,895		—		—		14,378,895
Health Care		1,892,288		—		—		1,892,288
Industrials		4,477,851		—		—		4,477,851
Information Technology		4,555,335		—		—		4,555,335
Materials		4,077,746		—		—		4,077,746
Telecommunication Services		759,974		—		—		759,974
Utilities		2,432,683		—		—		2,432,683
Total Equity		43,112,220		—		—		43,112,220
Short Term Investments		645,606		—		—		645,606
Investments Purchased as Securities Lending Collateral		11,816,467		—		971,026		12,787,493
Total Investments in Securities	$	55,574,293		$—	$	971,026	$	56,545,319

Level 3 Reconciliation Disclosure

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

Description	Investments in Securities
Balance as of March 31, 2009	$	1,350,476
Accrued discounts/(amortization of premiums), net		—
Realized gain (loss)		—
Change in unrealized appreciation		319,747
Net sales		(699,197	)
Transfers in and/or (out) of Level 3		—
Balance as of March 31, 2010	$	971,026
Change in unrealized appreciation during the period for Level 3 investments held at March 31, 2010.	$	319,747

155

AssetMark Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
March 31, 2010

AssetMark International Equity Fund
	Level 1		Level 2		Level 3		Total
Equity
Asia	$	8,252,692	$	77,271,591	$	—	$	85,524,283
Australia		—		15,323,492		—		15,323,492
Europe		—		158,692,446		—		158,692,446
North America		3,807,551		—		—		3,807,551
South America		2,448,432		—		—		2,448,432
Total Equity		14,508,675		251,287,529		—		265,796,204
Short Term Investments		3,710,512		—		—		3,710,512
Investments Purchased as Securities Lending Collateral		—		—		983,317		983,317
Total Investments in Securities	$	18,219,187	$	251,287,529	$	983,317	$	270,490,033

Level 3 Reconciliation Disclosure

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

Description	Investments in Securities
Balance as of March 31, 2009	$	1,319,989
Accrued discounts/(amortization of premiums), net		—
Realized gain (loss)		—
Change in unrealized appreciation		320,999
Net sales		(657,671	)
Transfers in and/or (out) of Level 3		—
Balance as of March 31, 2010	$	983,317
Change in unrealized appreciation during the period for Level 3 investments held at March 31, 2010.	$	320,999

156

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

AssetMark Real Estate Securities Fund
	Level 1			Level 2		Level 3		Total
Equity
Real Estate Investment Trusts	$	50,319,229		$	—	$	—	$	50,319,229
Total Equity		50,319,229			—		—		50,319,229
Short Term Investments		1,397,431			—		—		1,397,431
Investments Purchased as Securities Lending Collateral		9,476,631			—		914,484		10,391,115
Total Investments in Securities	$	61,193,291		$	—	$	914,484	$	62,107,775
Level 3 Reconciliation Disclosure
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description	Investments in Securities
Balance as of March 31, 2009	$	1,139,419
Accrued discounts/(amortization of premiums), net		—
Realized gain (loss)		—
Change in unrealized appreciation		293,348
Net sales		(518,283	)
Transfers in and/or (out) of Level 3		—
Balance as of March 31, 2010	$	914,484
Change in unrealized appreciation during the period for Level 3 investments held at March 31, 2010.	$	293,348
AssetMark Tax-Exempt Fixed Income Fund
	Level 1			Level 2		Level 3		Total
Fixed Income
Municipal Bonds	$	—		$   190,508,775			$ —	$	190,508,775
Total Fixed Income		—		190,508,775			—		190,508,775
Short Term Investments		5,882,000			—		—		5,882,000
Total Investments in Securities	$	5,882,000		$   190,508,775			$ —	$	196,390,775

157

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

AssetMark Core Plus Fixed Income Fund	Level 1			Level 2			Level 3		Total
Equity
Convertible Preferred Stock		119,177			—			—		119,177
Preferred Stock		746,464			796,801			—		1,543,265
Common Stock		2,368								2,368
Total Equity		868,009			796,801			—		1,664,810
Fixed Income
Asset Backed Securities	$	—		$	19,925,180		$	479,376	$	20,404,556
Collateralized Mortgage Obligations		—			69,024,240			912,193		69,936,433
Corporate Bonds		—			169,385,153			26,550		169,411,703
Mortgage Backed Securities - U.S. Government Agency		—			164,197,740			—		164,197,740
Municipal Bonds		—			6,523,498			—		6,523,498
Foreign Government Note/Bond		—			20,080,971			—		20,080,971
Supranational Obligation		—			6,939,439			—		6,939,439
U.S. Government Agency Issues		—			10,289,829			—		10,289,829
U.S. Treasury Obligations		—			66,027,856			—		66,027,856
Convertible Bond		—			1,594,531			—		1,594,531
Total Fixed Income		—			533,988,437			1,418,119		535,406,556
Short Term Investments		692,165			39,200,000			—		39,892,165
Investments Purchased as Securities Lending Collateral		38,996,393			—			7,018,422		46,014,815
Total Investments in Securities	$	40,556,567		$	573,985,238		$	8,436,541	$	622,978,346
Other Financial Instruments*
Forward Currency Contracts	$	—		$	30,272		$	—	$	30,272
Forward Sale Commitments and Securities Sold Short		—			(854,626	)		—		(854,626	)
Futures, net		28,491			—			—		28,491
Options Written		(13,731	)		—			—		(13,731	)
Total	$	14,760		$	(824,354	)	$	—	$	(809,594	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward sale commitments, securities sold short, written options, forward currency contracts, and futures, which are reflected at the unrealized appreciation (depreciation) on the instrument. All derivatives, except for forward sale commitments, securities sold short and written options are reflected at the unrealized appreciation on the instrument. Forward sale commitments, securities sold short and written options are reflected at market value.

158

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

Level 3 Reconciliation Disclosure
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
Description	Investments in Securities
Balance as of March 31, 2009	$	17,566,887
Accreted discounts, net		42,630
Realized loss		(1,356,663	)
Change in unrealized appreciation		9,015,604
Net sales		(7,787,722	)
Transfers in and/or (out) of Level 3		(9,044,196	)
Balance as of March 31, 2010	$	8,436,540
Change in unrealized appreciation during the period for Level 3 investments held at March 31, 2010.	$	2,340,285
AssetMark Enhanced Fundamental Index® Large Company Growth Fund
	Level 1			Level 2		Level 3		Total
Equity
Consumer Discretionary	$	5,762,151		$	—	$	—	$	5,762,151
Consumer Staples		8,081,720			—		—		8,081,720
Energy		3,913,216			—		—		3,913,216
Financials		9,969,567			—		—		9,969,567
Health Care		9,994,090			—		—		9,994,090
Industrials		6,932,808			—		—		6,932,808
Information Technology		15,274,241			—		—		15,274,241
Materials		1,886,752			—		—		1,886,752
Telecommunication Services		2,176,003			—		—		2,176,003
Utilities		1,143,535			—		—		1,143,535
Total Equity		65,134,083			—		—		65,134,083
Short Term Investments		5,112,400			—		—		5,112,400
Investments Purchased as Securities Lending Collateral		12,083,657			—		—		12,083,657
Total Investments in Securities	$	82,330,140		$	—	$	—	$	82,330,140
Other Financial Instruments*
Futures	$	110,732		$	—	$	—	$	110,732

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

159

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	9,037,263	$	—	$	—	$	9,037,263
Consumer Staples		6,007,953		—		—		6,007,953
Energy		8,551,130		—		—		8,551,130
Financials		8,676,408		—		—		8,676,408
Health Care		1,415,822		—		—		1,415,822
Industrials		6,819,205		—		—		6,819,205
Information Technology		1,852,315		—		—		1,852,315
Materials		2,679,915		—		—		2,679,915
Telecommunication Services		1,610,013		—		—		1,610,013
Utilities		4,918,512		—		—		4,918,512
Total Equity		51,568,536		—		—		51,568,536
Short Term Investments		4,298,080		—		—		4,298,080
Investments Purchased as Securities Lending Collateral		11,019,836		—		—		11,019,836
Total Investments in Securities	$	66,886,452	$	—	$	—	$	66,886,452
Other Financial Instruments*
Futures	$	90,163	$	—	$	—	$	90,163

*	Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are reflected at the unrealized appreciation on the instrument.
AssetMark Enhanced Fundamental Index® Small Company Growth Fund

	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	2,123,845	$	—	$	—	$	2,123,845
Consumer Staples		623,732		—		—		623,732
Energy		726,077		—		—		726,077
Financials		4,131,044		—		—		4,131,044
Health Care		1,275,789		—		—		1,275,789
Industrials		1,967,006		—		—		1,967,006
Information Technology		2,983,238		—		—		2,983,238
Materials		371,372		—		—		371,372
Telecommunication Services		178,577		—		—		178,577
Utilities		99,406		—		—		99,406
Total Equity		14,480,086		—		—		14,480,086
Short Term Investments		469,237		—		—		469,237
Investments Purchased as Securities Lending Collateral		5,124,065		—		—		5,124,065
Total Investments in Securities	$	20,073,388	$	—	$	—	$	20,073,388
Other Financial Instruments*
Futures	$	3,607	$	—	$	—	$	3,607

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

160

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

	Level 1		Level 2		Level 3		Total
Equity
Consumer Discretionary	$	1,780,887	$	—	$	—	$	1,780,887
Consumer Staples		268,903		—		—		268,903
Energy		277,287		—		—		277,287
Financials		1,558,701		—		—		1,558,701
Health Care		409,172		—		—		409,172
Industrials		1,548,033		—		—		1,548,033
Information Technology		764,090		—		—		764,090
Materials		467,655		—		—		467,655
Telecommunication Services		108,034		—		—		108,034
Utilities		164,752		—		—		164,752
Total Equity		7,347,514		—		—		7,347,514
Short Term Investments		444,022		—		—		444,022
Investments Purchased as Securities Lending Collateral		2,259,561		—		—		2,259,561
Total Investments in Securities	$	10,051,097	$	—	$	—	$	10,051,097
Other Financial Instruments*
Futures	$	3,130	$	—	$	—	$	3,130

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

Derivative Instruments and Hedging Activities

The Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

AssetMark Core Plus Fixed Income Fund

The Fund uses money market and fixed income derivatives contracts including futures, forwards, and options for a variety of hedging and investment purposes such as duration management and the pursuit of relative value opportunities. In general, the use of fixed income derivatives may increase the risk within the Fund. The use of over-the-counter derivatives involves the risk that the counterparty to the contract will fail to make required payments or otherwise comply with the terms of the contract. The investment results achieved by the use of fixed income derivatives by the Fund may not match or fully offset changes in the value of the underlying financial asset they were attempting to hedge or the investment opportunity the Fund was attempting to pursue, thereby failing to achieve, to an extent, the original purpose for using the derivatives. Certain types of derivatives may create leverage insofar as a Fund may receive returns (or suffer losses) that exceed the initial amounts that the Fund invested in connection with the derivatives. The use of derivatives can result in losses or gains to a Fund that exceed the amount the Fund would have experienced in the absence of using derivatives. A relatively small price movement in a derivative may result in an immediate and substantial loss, or gain, to the Fund.

The Fund uses currency futures, currency forwards and currency option contracts for the purpose of hedging exposures within the Funds to non-dollar-denominated assets. In general, the use of currency derivative contracts for hedging may reduce the overall risk level of the Fund, albeit at a cost that may lower overall performance. In addition, the use of currency derivatives

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March 31, 2010

may not match or fully offset changes in the value of the underlying non-dollar-denominated assets, thereby failing to achieve, to an extent, the original purpose for using the currency derivatives. The use of over-the-counter currency derivatives involves the risk that the counterparty to the currency derivative will fail to make required payments or otherwise comply with the terms of the contract. In general the use of currency derivatives for hedging purposes will not lead to leverage within the Fund.

Balance Sheet — Values of Derivative Instruments as of March 31, 2010

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments	Balance Sheet Location	Value		Balance Sheet Location	Value
Foreign Exchange Contracts—Forward Currency Contracts	Appreciation of forward foreign currency contracts		$30,272			—
Interest Rate Contracts—Futures*	Variation margin on futures contracts		271,345	Variation margin on futures contracts		$242,854
Interest Rate Contracts—Options			—	Options Written, at value		13,731
Total			$301,617			$256,585
*Includes cumulative appreciation/depreciation as reported in Schedule of Investments/footnotes. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2010
Amount of Realized Gain on Derivatives Recognized in Income
	Written Options			Futures			Forward Currency Contracts		Total
Interest Rate Contracts		$445,294			$1,896,226			—		$2,341,520
Foreign Exchange Contracts		—			—			$466,570		$   466,570
Total		$445,294			$1,896,226			$466,570		$2,808,090
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Written Options			Futures			Forward Currency Contracts		Total
Interest Rate Contracts		$(95,887	)		$(1,197,405	)		—		$(1,293,292	)
Foreign Exchange Contracts		—			—			$91,248		$91,248
Total		$(95,887	)		$(1,197,405	)		$91,248		$(1,202,044	)

AssetMark Enhanced Fundamental Index^® Large Company Growth Fund

The Fund uses exchange-traded stock index futures for the purposes of equitizing the ongoing cash holdings so as to fully maintain the Fund’s exposure to its benchmark. In general, the use of stock index futures for this purpose does not significantly increase the Fund’s risk and does not lead to leverage within the Fund.

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March 31, 2010

Balance Sheet — Values of Derivative Instruments as of March 31, 2010

	Asset Derivatives
Derivatives not accounted for as hedging instruments	Balance Sheet Location	Value
Equity Contracts—Futures*	Variation margin on
	futures contracts	$110,732
Total		$110,732

*Includes cumulative appreciation/depreciation as reported in Schedule of Investments/footnotes. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2010
Amount of Realized Gain on Derivatives Recognized in Income					Change in Unrealized Depreciation on Derivatives Recognized in Income
	Futures		Total			Futures			Total
Equity Contracts	$	1,301,353	$	1,301,353	Equity Contracts	$	(23,696	)	$	(23,696	)
Total	$	1,301,353	$	1,301,353	Total	$	(23,696	)	$	(23,696	)

AssetMark Enhanced Fundamental Index^® Large Company Value Fund

The Fund uses exchange-traded stock index futures for the purposes of equitizing the ongoing cash holdings so as to fully maintain the Fund’s exposure to its benchmark. In general, the use of stock index futures for this purpose does not significantly increase the Fund’s risk and does not lead to leverage within the Fund.

Balance Sheet — Values of Derivative Instruments as of March 31, 2010

	Asset Derivatives
Derivatives not accounted for as hedging instruments	Balance Sheet Location	Value
Equity Contracts—Futures*	Variation margin on
	futures contracts	$90,163
Total		$90,163

*Includes cumulative appreciation/depreciation as reported in Schedule of Investments/footnotes. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2010
Amount of Realized Gain on Derivatives Recognized in Income					Change in Unrealized Depreciation on Derivatives Recognized in Income
	Futures		Total				Futures		Total
Equity Contracts	$	991,383	$	991,383	Equity Contracts	$	(10,239	)	$	(10,239	)
Total	$	991,383	$	991,383	Total	$	(10,239	)	$	(10,239	)

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March 31, 2010

AssetMark Enhanced Fundamental Index^® Small Company Growth Fund

The Fund uses exchange-traded stock index futures for the purposes of equitizing the ongoing cash holdings so as to fully maintain the Fund’s exposure to its benchmark. In general, the use of stock index futures for this purpose does not significantly increase the Fund’s risk and does not lead to leverage within the Fund.

Balance Sheet—Values of Derivative Instruments as of March 31, 2010

Derivatives not accounted for as hedging instruments	Asset Derivatives
	Balance Sheet Location	Value
Equity Contracts—Futures*	Variation margin on
	futures contracts	$3,607
Total		$3,607

*Includes cumulative appreciation/depreciation as reported in Schedule of Investments/footnotes. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2010

Amount of Realized Gain on Derivatives Recognized in Income			Change in Unrealized Depreciation on Derivatives Recognized in Income
	Futures	Total		Futures			Total
Equity Contracts	$364,731	$364,731	Equity Contracts		$ (45,402	)		$ (45,402	)
Total	$364,731	$364,731	Total		$ (45,402	)		$ (45,402	)

AssetMark Enhanced Fundamental Index^® Small Company Value Fund

The Fund uses exchange-traded stock index futures for the purposes of equitizing the ongoing cash holdings so as to fully maintain the Fund’s exposure to its benchmark. In general, the use of stock index futures for this purpose does not significantly increase the Fund’s risk and does not lead to leverage within the Fund.

Balance Sheet — Values of Derivative Instruments as of March 31, 2010

Derivatives not accounted for as hedging instruments	Asset Derivatives
	Balance Sheet Location	Value
Equity Contracts—Futures*	Variation margin on
	futures contracts	$3,130
Total		$3,130

*Includes cumulative appreciation/depreciation as reported in Schedule of Investments/footnotes. Only the current day’s variation margin is reported within the Statement of Assets & Liabilities.

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March 31, 2010

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended March 31, 2010

Amount of Realized Gain on Derivatives Recognized in Income			Change in Unrealized Depreciation on Derivatives Recognized in Income
	Futures	Total		Futures			Total
Equity Contracts	$166,111	$166,111	Equity Contracts		$(6,583	)		$(6,583	)
Total	$166,111	$166,111	Total		$(6,583	)		$(6,583	)

Average Balance Information

The average monthly market value of purchased and written options during the year ended March 31, 2010 for the Core Plus Fixed Income Fund were $6,128 and ($113,935) respectively.

The average monthly notional amount of futures and forwards during the year ended March 31, 2010 for were as follows:

Long Positions	AssetMark Core Plus Fixed Income Fund				AssetMark Fundamental Index™ Large Company Growth Fund			AssetMark Fundamental Index™ Large Company Value Fund			AssetMark Fundamental Index™ Small Company Growth Fund			AssetMark Fundamental Index™ Small Company Value Fund
Futures		$	149,823,115			$	3,444,952		$	2,523,793		$	673,843		$	345,797
Forwards		$	4,752,526			$	—		$	—		$	—		$	—
Short Positions	AssetMark Core Plus Fixed Income Fund				AssetMark Fundamental Index™ Large Company Growth Fund			AssetMark Fundamental Index™ Large Company Value Fund			AssetMark Fundamental Index™ Small Company Growth Fund			AssetMark Fundamental Index™ Small Company Value Fund
Futures		$	(40,607,921	)		$	—		$	—		$	—		$	—
Forwards		$	(628,719	)		$	—		$	—		$	—		$	—

Derivative Risks

The risks of using the various types of derivatives in which the Funds may engage include the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Advisor; the risk that the counterparty to a derivative contract may fail to comply with their obligations to the Fund; the risk that the derivative may not possess a liquid secondary market at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Fund may induce leverage in the Fund, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Fund.

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March 31, 2010

(b)	Subsequent Events Evaluation
	In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated financial statement disclosures and/or adjustments. The corporate paydown securities denoted as illiquid in the AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small/Mid Cap Growth Fund, AssetMark Small/Mid Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, and AssetMark Core Plus Fixed Income Fund were liquidated on April 29, 2010 and are no longer held in each of the Funds’ portfolios.
(c)	Repurchase Agreements
	Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to sell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as an investment by the Fund, collateralized by securities, which are delivered to the Fund’s Custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest. The Core Plus Fixed Income Fund entered into repurchase agreements at March 31, 2010.
(d)	Federal Income Taxes
	The Funds intend to continue to comply with the requirements of sub chapter M of the Internal Revenue Code necessary to qualify as regulated investment companies and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve the Funds from all or substantially all Federal income taxes. Therefore, no Federal income tax provision is required.
	The Trust has adopted financial reporting rules regarding recognition and measurement of tax

	positions taken or expected to be taken on a tax return. The Trust has reviewed all open tax years and major jurisdictions and concluded that no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
(e)	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 reported period. Actual results could differ from those estimates.
(f)	Indemnifications
	Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of their performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust’s maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust expects the risk of loss to be remote.
(g)	Expenses
	Many expenses of the Trust can be directly attributed to a specific Fund. Expenses that cannot be directly attributed to a specific Fund are apportioned among all the Funds in the Trust based on relative net assets.
(h)	Security Transactions and Income Recognition Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and the interest income recorded using the effective yield method is accrued daily.

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March 31, 2010

	Realized gains and losses on investment transactions are determined using the high cost method. Return of capital distributions received from REIT securities are recorded as an adjustment to the cost of the security and thus may impact unrealized or realized gains or losses on the security. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.
(i)	Distributions to shareholders
	The Funds, with the exception of the Tax-Exempt 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.
(j)	Derivatives
	Each Fund may invest in derivative securities including call and put options, futures, forward currency contracts and swaps. These instruments may be used by a Fund for hedging purposes as well as direct investment.
	Forward Currency Contracts
	The Funds may enter into forward currency contracts, obligating the Funds to deliver and receive currency at a specified future date. Transactions involving forward currency contracts may serve as long hedges (for example, if a Fund seeks to buy a security denominated in a foreign security, it may purchase a forward currency contract to lock in the U.S. dollar price of the security) or as short hedges (if a Fund anticipates selling a security denominated in a foreign currency, it may sell a forward currency contract to lock in the U.S. dollar equivalent of the anticipated sales proceeds). Forward contracts are valued daily and unrealized appreciation or depreciation is

recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract.

Options

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

The premium that a Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. The premium is the value of an option at the date of purchase. A purchaser (holder) of a put option pays a non-refundable premium to the seller (writer) of a put option to obtain the right to sell a specified amount of a security at a fixed price (the exercise price) during a specified period (exercise period). Conversely, the seller (writer) of a put option, upon payment by the holder of the premium, has the obligation to buy the security from the holder of the put option at the exercise price during the exercise period.

As of March 31, 2010, the Core Plus Fixed Income Fund has entered into written call options, for which sufficient collateral was set aside, as disclosed in the Schedule of Investments.

Futures

Each actively managed Fund has the ability to buy and sell stock index futures contracts traded on domestic stock exchanges to hedge the value of its portfolio against changes in market conditions. Each Enhanced Fundamental Index^® Fund will typically invest net cash inflows in stock index futures over the short term until the Fund can invest

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March 31, 2010

its assets in common stock in a cost effective manner in accordance with its principal investment strategies. A stock index futures contract is an agreement between two parties to take or make delivery of an amount of cash equal to a specified dollar amount, times the difference between stock index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. A stock index futures contract does not involve the physical delivery of the underlying stocks in the index. Although stock index futures contracts call for the actual taking of delivery of cash, in most cases a Fund expects to liquidate its stock index futures positions through offsetting transactions, which may result in a gain or loss, before cash settlement is required.

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

Futures contracts are valued at the daily quoted settlement prices.

Swaps

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

	portfolio investments and its swap, cap, floor and collar positions.
	Swap agreements are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.
	During the period ended March 31, 2010, the Funds had no open or outstanding swap contracts.
(k)	Securities Purchased or Sold on a Forward-Commitment Basis
	The Funds may enter into when-issued or other purchase or sale transactions that specify forward delivery of a financial security. In connection with this ability, the Funds may enter into mortgage “dollar rolls” in which a Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The party that is obligated to buy a security in the future will retain the use of their funds, and will benefit from any interest that is earned on those funds from the day that they enter into the forward contract until the day that they take delivery and pay for the security.
(l)	Foreign Currency Translation
	The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respected transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
(m)	Restricted and Illiquid Securities
	Each Fund may invest up to 15% of its net assets in securities that are illiquid at the time of purchase,

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March 31, 2010

	which includes securities with legal or contractual restrictions on their disposition, and securities for which there are no readily available market quotations. The Board of Trustees, with the assistance of the Advisor, sub-advisors and/or pricing services, will determine the value of such securities in good faith in accordance with the provisions of the 1940 Act. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund’s ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under procedures adopted by the Board of Trustees.
(n)	Auction Rate Securities
	The Tax-Exempt Fixed Income Fund and the Core Plus Fixed Income Fund each may invest in auction rate municipal securities. Auction rate securities usually permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this progress is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities. Neither Fund was invested in any auction rate securities at March 31, 2010.
(o)	Short Sales
	Although not currently part of any of the Funds’ investment strategies, each Fund has the ability to make short sales. Short sales are transactions where a Fund sells securities it does not own in anticipation of a decline in the value of the securities.

	(p)	Trustee and Other Compensation
		For their services as Trustees of the Trust, the Independent Trustees receive a retainer fee of $45,000 per year and $4,500 per in person meeting attended, as well as reimbursement for expenses incurred in connection with attendance at such meetings. The Lead Independent Trustee receives an additional retainer fee of $10,000 per year. The Audit Committee Chair receives an additional retainer fee of $5,000 per year. Telephonic meeting fees are determined according to the length of the meeting as follows: $2,000 for one to two hours, $3,000 for two to three hours and $4,000 for three hours or longer. The “interested persons” who serve as Trustees of the Trust receive no compensation from the Trust for their services as Trustees. The Funds reimburse the Advisor an allocated amount for the compensation and related expenses of certain officers of the Trust who provide compliance services to the Funds. The aggregate amount of all such reimbursements is determined by the Trustees. No other compensation or retirement benefits are received by any Trustee or officer from the Funds.
3.	Investment Advisor
	The Trust has an Investment Advisory Agreement (the “Agreement”) with Genworth Financial Wealth Management, Inc. (the “Advisor”), with whom certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Advisor for its management services at the following contractual rates, based on each Fund’s average daily net assets:

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

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March 31, 2010

Enhanced Fundamental Index® Large Company Growth Fund	0.75	%
Enhanced Fundamental Index® Large Company Value Fund	0.75	%
Enhanced Fundamental Index® Small Company Growth Fund	0.75	%
Enhanced Fundamental Index® Small Company Value Fund	0.75	%

In addition, the Trust and the Advisor have also entered into a Fee Waiver Agreement designed to provide Fund shareholders with the economic benefits of economies of scale that may be realized as Fund assets increase. Under the Fee Waiver Agreement, the Advisor has contractually agreed to: (1) waive 0.025% of each Fund’s annual advisory fee on Trust assets in excess of $6 billion, and an additional 0.025% of each Fund’s annual advisory fee on Trust assets in excess of $12 billion, and (2) waive portions of its advisory fee monthly on aggregate average assets of the Large Cap Growth Fund, Large Cap Value Fund, Small/Mid Cap Growth Fund, Small/Mid Cap Value Fund, International Equity Fund, Real Estate Securities Fund, Tax-Exempt Fixed Income Fund and Core Plus Fixed Income Fund in excess of $2.5 billion to pass on certain savings in the underlying sub-advisory fee arrangements.

The Trust and Advisor have also entered into an Expense Waiver and Reimbursement Agreement under which the Advisor has agreed to waive, through July 31, 2010, its management fee and/or reimburse each Fund’s other expenses to the extent necessary to ensure that the Fund’s operating expenses (net of securities lending credit) do not exceed the following rates, based on each Fund’s average daily net assets:

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

Enhanced Fundamental Index® Large Company Value Fund	1.22	%
Enhanced Fundamental Index® Small Company Growth Fund	1.22	%
Enhanced Fundamental Index® Small Company Value Fund	1.22	%
Any such waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s expense limitation cap, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years from the date such amount was waived or reimbursed. As of March 31, 2010, the Large Cap Growth Fund, Large Cap Value Fund, Small/Mid Cap Growth Fund, Small/Mid Cap Value Fund, International Equity Fund, Real Estate Securities Fund, and Core Plus Fixed Income Fund have recouped all potential recoverable waivers or reimbursed expenses.
The Advisor is currently waiving expenses in the Tax-Exempt Fixed Income Fund, Enhanced Fundamental Index® Large Company Growth Fund, Enhanced Fundamental Index® Large Company Value Fund, Enhanced Fundamental Index® Small Company Growth Fund and Enhanced Fundamental Index® Small Company Value Fund to keep these Funds at their expense cap. Waived expenses subject to potential recovery are as follows:

	Year of Expiration 03/31/2011		Year of Expiration 03/31/2012		Year of Expiration 03/31/2013
Tax-Exempt Fixed Income Fund	$	—	$	26,066	$	32,625
Enhanced Fundamental Index® Large Company Growth Fund		132,884		162,651		150,369
Enhanced Fundamental Index® Large Company Value Fund		20,406		77,621		66,824

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March 31, 2010

		Year of Expiration 03/31/2011		Year of Expiration 03/31/2012		Year of Expiration 03/31/2013
	Enhanced Fundamental Index® Small Company Growth Fund		85,646		59,941		76,154
	Enhanced Fundamental Index® Small Company Value Fund		79,554		50,363		46,323
	Sub-advisory services are provided to the Funds, pursuant to agreements between the Advisor and various sub-advisors. Under the terms of these sub-advisory agreements, the Advisor, not the Fund, compensates each sub-advisor based on the portion of each Fund’s average daily net assets that is allocated to the sub-advisor.
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 for each Fund to pay distribution fees at an annual rate of 0.25% of the average daily net assets of the Funds. Payments under the 12b-1 Plan shall be used to compensate persons (including affiliates of the Trust) who provide support services in connection with the distribution of the Fund’s shares and servicing of the Fund’s shareholders. For example, these amounts are paid to financial intermediaries that perform back office shareholder servicing and recordkeeping services that facilitate the operation of the Genworth Financial Wealth Management Program through which the Funds are primarily distributed. The Advisor (and its affiliates) similarly receive portions of such payments for their services provided that facilitate the operation of the program. These financial intermediaries and affiliates of the Trust also receive payments from the Trust outside of the 12b-1 Plan for shareholder services that are unrelated to distribution services. Capital Brokerage Corp., an affiliate of the Advisor, serves as principal underwriter and distributor for the Funds.

	Quasar Distributors, LLC serves as sub-distributor for the Funds. Quasar Distributors, LLC is an affiliated company of U.S. Bank, N.A.
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 transfer agency, administrative, accounting and custody services.
6.	Securities Lending
	Effective July 1, 2003 the actively managed Funds entered into a collective securities lending arrangement with U.S. Bank, N.A. (the “Custodian”). Effective September 17, 2008, the Enhanced Fundamental Index® Funds entered into a collective securities lending arrangement with the custodian. Under the term of the agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned. The cash collateral is invested in short term instruments as noted in the Schedule of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against custody costs and other charges incurred by the Funds. The Custodian is paid a fee for administering a securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement. A portion of the fee to be paid to the Custodian in the fiscal year ended March 31, 2010 was waived.
	As of March 31, 2010, the Funds (excluding the International Equity Fund and Tax-Exempt Fixed Income Fund) had loaned securities which were

171

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion

of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending offset.

As of March 31, 2010, the values of securities loaned and collateral received were as follows:

	Value of Securities Loaned		Payable for Collateral on Securities Loaned		Collateral Excess (Deficit) due to (from) Securities Lending Agent			Cost of Securities Purchased as Securities Lending Collateral		Unrealized Depreciation			Value of Securities Purchased as Securities Lending Collateral
Large Cap
Growth Fund	$	28,188,619	$	29,108,406	$	4,097,950		$	33,206,356	$	(5,539,380	)	$	27,666,976
Large Cap
Value Fund		29,707,432		30,745,404		2,634,387			33,379,791		(5,104,684	)		28,275,107
Small/Mid Cap
Growth Fund		13,035,057		13,546,811		(812,528	)		12,734,283		(1,360,991	)		11,373,292
Small/Mid Cap
Value Fund		15,709,513		16,483,103		(2,885,357	)		13,597,746		(810,253	)		12,787,493
International
Equity Fund		—		—		1,798,972			1,798,972		(815,655	)		983,317
Real Estate
Securities Fund		12,623,115		13,219,202		(2,078,522	)		11,140,680		(749,565	)		10,391,115
Core Plus Fixed
Income Fund		53,203,166		54,397,100		(2,754,902	)		51,642,198		(5,627,383	)		46,014,815
Enhanced Fundamental
Index® Large
Company Growth Fund		11,619,048		12,083,657		—			12,083,657		—			12,083,657
Enhanced Fundamental
Index® Large
Company Value Fund		10,397,156		11,019,836		—			11,019,836		—			11,019,836
Enhanced Fundamental
Index® Small
Company Growth Fund		4,838,150		5,124,065		—			5,124,065		—			5,124,065
Enhanced Fundamental
Index® Small
Company Value Fund		1,843,901		2,259,561		—			2,259,561		—			2,259,561
	$	181,165,157	$	187,987,145	$	—		$	187,987,145	$	(20,007,911	)	$	167,979,234

172

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

7.	Investment Transactions
	The aggregate purchases and sales of securities, excluding short-term investments, for the year ended March 31, 2010 are summarized below.

	Purchases		Sales
Large Cap Growth Fund	$	159,020,042	$	243,886,731
Large Cap Value Fund		56,311,267		125,965,534
Small/Mid Cap
Growth Fund		105,255,214		133,225,187
Small/Mid Cap Value Fund		26,962,239		55,380,709
International Equity Fund		165,281,519		204,316,535
Real Estate Securities Fund		28,673,818		50,299,320
Tax-Exempt Fixed
Income Fund		106,166,458		116,106,527
Core Plus Fixed
Income Fund*		1,165,315,870		1,227,680,903
Enhanced Fundamental
Index® Large Company
Growth Fund		45,986,631		43,308,102
Enhanced Fundamental
Index® Large Company
Value Fund		38,434,020		46,380,191
Enhanced Fundamental
Index® Small Company
Growth Fund		12,090,533		14,890,017
Enhanced Fundamental
Index® Small Company
Value Fund		8,453,285		11,691,694

*	Included in these amounts were $199,012,777 of purchases and $146,822,134 of sales of U.S. Government Securities.
8. Option Contracts Written
	The premium amount and number of option contracts written during the year ended March 31, 2010 in the Core Plus Fixed Income Fund, were as follows:

	Amount of Premiums			Number of Contracts
Outstanding at 3/31/09	$	(182,450	)		(85	)
Options written		(741,227	)		(1,299	)
Options expired		87,682			242
Options exercised		—			—
Options closed		824,935			1,122
Outstanding at 3/31/10	$	(11,060	)		(20	)

9. Other Tax Information
	Net Investment Income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.
	These differences are primarily due to net operating losses, foreign currency, sales of partnerships, paydowns and return of capital. On the Statement of Assets & Liabilities, the following adjustments were made:

	Accumulated Net Investment Income or (Loss)			Accumulated Realized Gain or (Loss)			Capital Stock
Large Cap
Growth
Fund	$	(2,031	)	$	2,031		$	—
Large Cap
Value Fund		(58	)		58			—
Small/Mid
Cap Growth
Fund		188,935			175,841			(364,776	)
Small/Mid
Cap Value
Fund		—			—			—
International
Equity
Fund		(1,134,579	)		1,134,579			—
Real Estate
Securities
Fund		28,360			(28,360	)		—
Tax-Exempt
Fixed
Income
Fund		—			—			—
Core Plus
Fixed
Income
Fund		987,642			(987,641	)		(1	)

173

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

	Accumulated Net Investment Income or (Loss)		Accumulated Realized Gain or (Loss)			Capital Stock
Enhanced
Fundamental
Index®
Large
Company
Growth
Fund		102		(102	)		—
Enhanced
Fundamental
Index®
Large
Company
Value
Fund		—		—			—
Enhanced
Fundamental
Index®
Small
Company
Growth
Fund		2,294		—			(2,294	)
Enhanced
Fundamental
Index®
Small
Company
Value
Fund		1,432		212			(1,644	)

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:

174

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

	Capital losses expiring:
	3/31/12			3/31/13			3/31/14			3/31/15			3/31/16			3/31/17			3/31/18
Large Cap Growth
Fund		—			—			—			—			—		$	(46,208,208	)	$	(59,171,144	)
Large Cap Value
Fund		—			—			—			—			—			(55,440,627	)		(146,948,668	)
Small/Mid Cap
Growth Fund		—			—			—			—			—			(12,388,825	)		(10,611,067	)
Small/Mid Cap
Value Fund		—			—			—			—			—			(23,189,121	)		(12,877,160	)
International Equity
Fund		—			—			—			—			—			(85,366,736	)		(139,582,037	)
Real Estate Securities
Fund		—			—			—			—			—			—			(7,762,765	)
Tax-Exempt Fixed
Income Fund	$	(16,163	)	$	(128,240	)	$	(10,395	)	$	(573,575	)	$	(1,190,258	)		(3,325,230	)		(2,354,785	)
Core Plus Fixed
Income Fund		—			—			—			—			—			—			(3,523,058	)
Enhanced Fundamental
Index® Large Company
Growth Fund		—			—			—			—			—			(9,014,711	)		(10,963,181	)
Enhanced Fundamental
Index® Large Company
Value Fund		—			—			—			—			—			(11,944,558	)		(12,646,580	)
Enhanced Fundamental
Index® Small Company
Growth Fund		—			—			—			—			—			(1,103,169	)		(106,012	)
Enhanced Fundamental
Index® Small Company
Value Fund		—			—			—			—			—			(879,255	)		(547,558	)

175

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

Additionally, at March 31, 2010, the Funds deferred on a tax basis post-October 2009 losses as follows:

Large Cap Growth Fund	—
Large Cap Value Fund	—
Small/Mid Cap Growth Fund	—
Small/Mid Cap Value Fund	$385,542
International Equity Fund	—
Real Estate Securities Fund	—
Tax-Exempt Fixed Income Fund	—
Core Plus Fixed Income Fund	174,771
Enhanced Fundamental Index® Large
Company Growth Fund	—
Enhanced Fundamental Index® Large
Company Value Fund	—
Enhanced Fundamental Index® Small
Company Growth Fund	—
Enhanced Fundamental Index® Small
Company Value Fund	212

The tax components of distributions paid during the fiscal years ended March 31, 2010 and March 31, 2009 are as follows:

	Year Ended March 31, 2010
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap
Growth Fund	$	312,348		—	$124,389
Large Cap
Value Fund		3,205,994		—		—
Small/Mid Cap
Growth Fund		—		—		—
Small/Mid Cap
Value Fund		10,573		—	$121,608
International
Equity Fund		6,512,687		—		—
Real Estate
Securities Fund		744,733		—		—
Tax-Exempt Fixed
Income Fund*		6,165,984		—		—
Core Plus Fixed
Income Fund		19,828,054		—		—

	Year Ended March 31, 2010
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Enhanced
Fundamental
Index® Large
Company
Growth Fund	$	630,394		—		—
Enhanced
Fundamental
Index® Large
Company
Value Fund		671,533		—		—
Enhanced
Fundamental
Index® Small
Company
Growth Fund		—		—		—
Enhanced
Fundamental
Index® Small
Company
Value Fund		—		—		—

* Contains $6,036,958 of tax-exempt income for year ended 3/31/2010.

	Year Ended March 31, 2009
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
Large Cap
Growth Fund	$	41,523		—		—
Large Cap
Value Fund		8,006,993		$    3,926		—
Small/Mid Cap
Growth Fund		—		132,673		—
Small/Mid Cap
Value Fund		629,649		—	$	31,146

176

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

	Year Ended March 31, 2009
	Ordinary Income Distributions		Long-Term Capital Gain Distributions		Return of Capital
International
Equity Fund	$	2,924,385	$	3,267,351		—
Real Estate
Securities Fund		543,149		—		—
Tax-Exempt Fixed
Income Fund*		7,125,080		—		—
Core Plus Fixed
Income Fund		31,691,278		8,060,419		—
Enhanced
Fundamental
Index® Large
Company
Growth Fund		610,544		165		—
Enhanced
Fundamental
Index® Large
Company
Value Fund		1,211,740		19		—
Enhanced
Fundamental
Index® Small
Company
Growth Fund		—		—		—
Enhanced
Fundamental
Index® Small
Company
Value Fund		86,041		—		16,930

* Contains $7,125,080 of tax-exempt income for year ended 3/31/2009.

The Core Plus Fixed Income Fund and Real Estate Securities Fund had additional earnings and profits of $388,073 and $1,276,355, respectively, distributed to shareholders on redemptions. The Funds designated as long-term capital gain and ordinary income dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain and ordinary income to zero for the tax year ended 3/31/2009.

177

AssetMark Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2010

At March 31, 2010 the components of accumulated earnings (losses) on a tax basis were as follows:

	Large Cap Growth Fund			Large Cap Value Fund			Small/Mid Cap Growth Fund			Small/Mid Cap Value Fund			International Equity Fund			Real Estate Securities Fund
Cost of
Investments		211,153,853			206,388,880			47,353,352			49,434,223			247,100,579			50,692,051
Gross Unrealized
Appreciation		41,955,093			39,940,538			6,494,321			9,128,890			39,615,222			15,571,885
Gross Unrealized
Depreciation		(12,030,835	)		(12,540,463	)		(919,271	)		(2,017,794	)		(16,225,768	)		(4,156,161	)
Net Unrealized
Appreciation
(Depreciation)		29,924,258			27,400,075			5,575,050			7,111,096			23,389,454			11,415,724
Undistributed
Tax-Exempt
Ordinary Income		—			—			—			—			—			—
Undistributed
Ordinary Income		—			592,543			—			—			4,263,692			35,538
Undistributed
Long-Term
Cap Gains		—			—			—			—			—			—
Total Distributable
Earnings		—			592,543			—			—			4,263,692			35,538
Other Accumulated
Losses		(105,379,352	)		(202,389,295	)		(22,999,892	)		(36,522,685	)		(225,112,737	)		(7,762,765	)
Total Accumulated
Earnings (Losses)		(75,455,094	)		(174,396,677	)		(17,424,842	)		(29,411,589	)		(197,459,591	)		3,688,497

178

Tax-Exempt Fixed Income Fund		Core Plus Fixed Income Fund			Enhanced Fundamental Index® Large Company Growth Fund			Enhanced Fundamental Index® Large Company Value Fund			Enhanced Fundamental Index® Small Company Growth Fund			Enhanced Fundamental Index® Small Company Value Fund
191,397,708			610,071,219			74,478,513			58,609,205			17,709,608			8,874,824
7,325,337			17,763,937			10,900,518			10,998,694			3,208,516			1,766,610
(2,332,270	)		(44,056,810	)		(3,048,891	)		(2,721,447	)		(844,736	)		(590,337	)
4,993,067			(26,292,873	)		7,851,627			8,277,247			2,363,780			1,176,273
192,537			—			—			—			—			—
25,873			2,320,001			127,297			126,000			—			—
—			—			—			—			—			—
218,410			2,320,001			127,297			126,000			—			—
(7,598,646	)		(3,637,511	)		(19,977,892	)		(24,591,138	)		(1,209,181	)		(1,427,025	)
(2,387,169	)		(27,610,383	)		(11,998,968	)		(16,187,891	)		1,154,599			(250,752	)

179

AssetMark Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Trustees of the AssetMark Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small Mid/Cap Growth Fund, AssetMark Small Mid/Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund, AssetMark Enhanced Fundamental Index Large Company Growth Fund, AssetMark Enhanced Fundamental Index Large Company Value Fund, AssetMark Enhanced Fundamental Index Small Company Growth Fund, and AssetMark Enhanced Fundamental Index Small Company Value Fund as of March 31, 2010, and the related statements of operations for the year then ended, statements of changes in net assets for the two years then ended, and the financial highlights for each of the periods presented in the four year period then ended. These financial statements and financial highlights are the responsibility of fund management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through March 31, 2006, were audited by other auditors whose report dated May 26, 2006, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of March 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AssetMark Large Cap Growth Fund, AssetMark Large Cap Value Fund, AssetMark Small Mid/Cap Growth Fund, AssetMark Small Mid/Cap Value Fund, AssetMark International Equity Fund, AssetMark Real Estate Securities Fund, AssetMark Tax-Exempt Fixed Income Fund, AssetMark Core Plus Fixed Income Fund, AssetMark Enhanced Fundamental Index Large Company Growth Fund, AssetMark Enhanced Fundamental Index Large Company Value Fund, AssetMark Enhanced Fundamental Index Small Company Growth Fund, and AssetMark Enhanced Fundamental Index Small Company Value Fund as of March 31, 2010, and the results of their operations, the changes in their net assets and the financial highlights for each of the periods described in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

[Signed] KPMG LLP

Milwaukee, WI
May 28, 2010

180

AssetMark Funds

ADDITIONAL INFORMATION

March 31, 2010

1.	Shareholder Notification of Federal Tax Status (Unaudited)
	The Large Cap Growth Fund, Large Cap Value Fund, Small/Mid Cap Value Fund, International Equity Fund, Real Estate Securities Fund, Core Fixed Income Fund, Enhanced Fundamental Index® Large Company Growth Fund and Enhanced Fundamental Index® Large Company Value Fund designated 100%, 100%, 100%, 0%, 0%, 0%, 100% and 100%, respectively, of dividends during the fiscal year ended March 31, 2010, as dividends qualifying for the dividends received deduction available to corporate shareholders.
	The Large Cap Growth Fund, Large Cap Value Fund, Small/Mid Cap Value Fund, International Equity Fund, Real Estate Securities Fund, Core Plus Fixed Income Fund, Enhanced Fundamental Index® Large Company Growth Fund and Enhanced Fundamental Index® Large Company Value Fund designated 100%, 100%, 100%, 100%, 1%, 0%, 100% and 100%, respectively, of dividends declared from net investment income during the fiscal year ended March 31, 2010, as qualified income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.
2.	Foreign Tax Credit Pass Through (Unaudited)
	For the year ended March 31, 2010, the International Equity Fund earned foreign source income and paid foreign taxes, which it intends to pass through to its shareholders pursuant to section 853 of the Internal Revenue Code as follows:

	Foreign Sourced Income Earned		Taxes Paid
Australia	$	816,312		—
Brazil		56,427		—
Canada		5,818	$	872
China		102,638		10,264
Czech		130,591		19,589
Denmark		19,897		2,985
Finland		61,927		9,289
France		1,649,199		247,380
Germany		999,870		134,029
Hong Kong		164,918		—
Indonesia		5,861		879
Israel		12,381		1,977
Italy		149,979		22,497
Japan		858,859		60,120
Korea		16,928		2,793
Luxembourg		54,441		8,166
Netherlands		598,136		89,721
Singapore		384,190		—
Spain		828,411		124,262
Sweden		152,969		22,945
Switzerland		790,724		118,609
Taiwan		250,141		50,132
United Kingdom		2,169,694		—

181

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2010

3. Disclosure Regarding Fund Trustees and Officers (Unaudited)

Name, Age and Address	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation During Past Five Years	# of Portfolios in Fund Complex Overseen by Trustee	Other Director/ Trustee Positions
Independent Trustees
R. Thomas DeBerry	Trustee	Indefinite Term	Retired, President, DeBerry Consulting	13	None
c/o Genworth Financial		since January	(a securities consulting firm)
Wealth Management, Inc.		2001.	(1998-present).
2300 Contra Costa
Boulevard Ste 600
Pleasant Hill, CA 94523
Year of Birth: 1941
William J. Klipp	Trustee	Indefinite Term	Retired; President and Chief Operating	13	Trustee of
c/o Genworth Financial		since January	Officer, Charles Schwab Investment		Adelante
Wealth Management, Inc.		2001, Lead	Management, Inc. and Executive Vice		Funds
2300 Contra Costa		Independent	President, Schwab Funds (1993-1999).		(2000-present).
Boulevard Ste 600		Trustee since
Pleasant Hill, CA 94523		May 2007.
Year of Birth: 1955
Leonard H. Rossen	Trustee	Indefinite Term	President, Len Rossen Consulting (a legal	13	None
c/o Genworth Financial		since January	consulting firm) (1999-present).
Wealth Management, Inc.		2001.
2300 Contra Costa
Boulevard Ste 600
Pleasant Hill, CA 94523
Year of Birth: 1932
Dennis G. Schmal	Trustee	Indefinite Term	Self-employed consultant	13	Trustee, Grail
c/o Genworth Financial		since July 2007.	(2003-present).		Advisors ETF Trust
Wealth Management, Inc.					(2009-present);
2300 Contra Costa					Trustee, Wells Fargo
Boulevard Ste 600					Multi-Strategy 100
Pleasant Hill, CA 94523					Fund (closed-end
Year of Birth: 1947					hedge fund) (2008-
					present); Director/
					Chairman, Pacific
					Metrics Corp.
					(Educational
					Services) (2005-
					present); Director,
					Varian Semiconductor
					Equipment Associates,
					Inc. (2004-present);
					Director, Merriman
					Curhan Ford Group,
					Inc. (Financial
					Services) (2003-
					present).

182

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2010

Name, Age and Address	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation During Past Five Years	# of Portfolios in Fund Complex Overseen by Trustee	Other Director/ Trustee Positions
Interested Trustees
Ronald Cordes*	Chairperson,	Indefinite Term	Principal, Genworth Financial Wealth	13	ThinkImpact (non-profit
Genworth Financial	Trustee	since January	Management (“GFWM”) (1994-present);		organization) (2010-
Wealth Management, Inc.		2001.	President, AssetMark Funds (2001-2008).		present); Transfair, USA
2300 Contra Costa					(non-profit organization)
Boulevard Ste 600					(2010-present); Sarona
Pleasant Hill, CA 94523					Frontier General Partner,
Year of Birth: 1959					Inc. (investment fund)
					(2010-present); Microvest
					Fund I, Investment
					Committee (investment
					fund) (2009-present);
					University of the Pacific
					(2009-present); East Bay
					Community Foundation
					(2007-present); Katalysis
					Bootstrap Fund (non-
					profit organization)
					(2005-present); Boys and
					Girls Clubs of Oakland
					(2002-present).
Officers
Carrie E. Hansen	President	Renewed	President, Genworth Financial Asset	N/A	N/A
Genworth Financial		1-Year Term	Management (“GFAM”) Funds (2008-
Wealth Management, Inc.		since 2007	present) and Genworth Variable Insurance
2300 Contra Costa			Trust (“GVIT”) (2008-present); Senior Vice
Boulevard Ste 600			President and Chief Operations Officer,
Pleasant Hill, CA 94523			GFWM (2008-present); Chairman, Genworth
Year of Birth: 1970			Financial Trust Company (2008-present);
			Senior Vice President and Managing
			Director, AssetMark Funds (2007-2008);
			Treasurer and Chief Compliance Officer,
			GFAM Funds (2007-2008); Chief Compliance
			Officer, AssetMark Funds (2005-2008);
			Treasurer, AssetMark Funds (2001-2008);
			Senior Vice President, Chief Financial Officer
			and Chief Compliance Officer, GFWM,
			formerly, AssetMark Investment Services,
			Inc. (2004-2007).
Deborah Djeu	Vice President,	Renewed	Vice President, Chief Compliance Officer	N/A	N/A
Genworth Financial	Chief	1-Year Term	and AML Compliance Officer, GFAM Funds
Wealth Management, Inc.	Compliance	since May	(2008-present) and GVIT (2008-present);
2300 Contra Costa	Officer and	2008	Deputy Chief Compliance Officer, AssetMark
Boulevard Ste 600	AML		Funds (2007-2008); Compliance Manager,
Pleasant Hill, CA 94523	Compliance		GE Money (2006-2007); Vice President,
Year of Birth: 1962	Officer		Wells Fargo Investments LLC (2004-2006).

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AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2010

Name, Age and Address	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation During Past Five Years	# of Portfolios in Fund Complex Overseen by Trustee	Other Director/ Trustee Positions
Starr E. Frohlich	Vice	Since	Vice President and Treasurer, GFAM	N/A	N/A
Genworth Financial	President,	2010	Funds and GVIT (2010-present);
Wealth Management, Inc.	Treasurer		Director of Fund Administration, GFWM
2300 Contra Costa			(2010-present); Vice President, U.S.
Boulevard Ste 600			Bancorp Fund Services, LLC (1997-2010).
Pleasant Hill, CA 94523
Year of Birth: 1972
Chris Villas-Chernak	Deputy Chief	Renewed	Secretary, GFAM Funds (2009-present);	N/A	N/A
Genworth Financial	Compliance	1-Year Term	Deputy Chief Compliance Officer, Secretary,
Wealth Management, Inc.	Officer,	since September	GVIT (2008-present); Senior Compliance
2300 Contra Costa	Secretary	2006	Officer, Genworth Financial Wealth
Boulevard Ste 600			Management, Inc., (2005-2009); Fund
Pleasant Hill, CA 94523			Administration & Compliance Manager,
Year of Birth: 1968			GFWM, formerly, AssetMark Investment
			Services, Inc. (2004-2005); Fund
			Administration & Compliance Specialist,
			GFWM, formerly, AssetMark Investment
			Services, Inc. (2002-2004).

*	Ronald Cordes is an “interested person” of the Funds as defined in the 1940 Act due to his relationship with the Advisor.
The Statement of Additional Information includes additional information about the Funds’ Trustees and is available free of charge upon request by calling the Funds toll free at (888) 278-5809.
4.	Proxy Voting Policies and Procedures and Proxy Voting Record (Unaudited)
	A description of the policies and procedures that the Funds use to determine how to vote proxies related to the Funds’ portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (888) 278-5809. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.
5.	Availability of Quarterly Portfolio Holdings Schedules (Unaudited)
	The Funds file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Once filed, the Funds’ Form N-Q is available without charge, upon request on the SEC’s website (http://www.sec.gov) and is available by calling (888) 278-5809. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, D.C. (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, D.C. 20549-0102; or (iii) sending your request electronically to publicinfosec.gov.
6.	Statement Regarding the Basis for Approval of Sub-Advisory Agreement (Unaudited)
	During the six-month period ended March 31, 2010, the Board of Trustees (the “Board” or the “Trustees”) of AssetMark Funds (the “Trust”) approved a new sub-advisory agreement between the Trust’s investment advisor, Genworth Financial Wealth Management, Inc. (the “Advisor”), on behalf of one of the Trust’s series, the AssetMark Small/Mid Cap Value Fund (the “Small/Mid Cap Value Fund”).

184

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2010

At a meeting held on January 29, 2010, the Board considered and approved a new sub-advisory agreement between Advisory Research, Inc. (“ARI”) and the Advisor, on behalf of the Small/Mid Cap Value Fund, in the expectation that ARI, a current sub-advisor of the Small/Mid Cap Value Fund, would undergo a change in ownership during the first calendar quarter of 2010. Specifically, it was anticipated that ARI would be acquired by the Piper Jaffray Companies, a Minneapolis-based investment bank and investment securities firm (the “Transaction”), which would constitute an assignment of, and result in the termination of, the existing sub-advisory agreement under its terms. The terms of the proposed new sub-advisory agreement with ARI, other than the date, were identical in all respects to the sub-advisory agreement that had been considered and approved by the Board at the meeting held on May 20, 2009 (the “Existing Sub-Advisory Agreement”), and that was currently in effect. In order to permit ARI to continue to provide investment advisory services to the Small/Mid Cap Value Fund following the Transaction, the Board considered and approved a new sub-advisory agreement for the Small/Mid Cap Value Fund at the meeting held on January 29, 2010 (the “New ARI Sub-Advisory Agreement”), to become effective following the Transaction. The New ARI Sub-Advisory Agreement was not submitted to a vote of shareholders, in accordance with the terms of an exemptive order that the Advisor and the Funds have received from the U.S. Securities and Exchange Commission.

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

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

Materials Reviewed and the Review Process

In considering the approval of the New ARI Sub-Advisory Agreement for the Small/Mid Cap Value Fund, the Board was able to draw on its knowledge of the Trust, the Fund and the Advisor, as well as ARI. At the meeting held on May 20, 2009, the Board had considered the approval of the Existing Sub-Advisory Agreement with ARI, and had considered the nature, extent and quality of services provided by ARI, ARI’s investment performance with regard to the management of its portion of the Small/Mid Cap Value Fund, and the relevant sub-advisory fees.

The Board reviewed a copy of the New ARI Sub-Advisory Agreement. The Board considered that the New ARI Sub-Advisory Agreement provided for the same services and fees as the Existing Sub-Advisory Agreement, and, most importantly, that the New ARI Sub-Advisory Agreement was in all respects identical to the Existing Sub-Advisory Agreement, except for the effective date. Given that the services and fees provided under the New ARI Sub-Advisory Agreement were identical to the services and fees under the Existing Sub-Advisory Agreement, the Board’s deliberations at the meeting held on May 20, 2009, when the Existing Sub-Advisory Agreement was approved, remained relevant.

At a meeting held on January 29, 2010, the Trustees considered and reached conclusions on a number of factors in making the decision to approve the New ARI Sub-Advisory Agreement. The Trustees reviewed the nature, extent and quality of the services to be provided to the Small/Mid Cap Value Fund by ARI. The Trustees considered ARI’s investment management process, including (i) the experience and capability of ARI’s management and other personnel; (ii) the financial position of ARI; (iii) the quality and commitment of the ARI’s regulatory and legal compliance policies,

185

AssetMark Funds

ADDITIONAL INFORMATION (Continued)

March 31, 2010

procedures and systems; and (iv) ARI’s brokerage practices. The Trustees also considered the Advisor’s favorable assessment as to the nature, extent and quality of the sub-advisory services expected to be provided by ARI. Based on their review and consideration of the foregoing information, the Trustees concluded that the nature, extent and quality of the services to be provided by ARI would likely benefit the Small/Mid Cap Value Fund and its shareholders. The Trustees also considered ARI’s performance record in managing the Small/Mid Cap Value Fund, and concluded that ARI’s continued management would benefit the Fund and its shareholders. The Trustees also considered the proposed fee schedule for ARI, and concluded that the sub-advisory fees to be paid to ARI are reasonable and that the Fund and its shareholders receive reasonable value in return for those fees. Based on their evaluation of the relevant factors, the Board, including the independent Trustees, concluded that each of the factors discussed above favored approval of the New ARI Sub-Advisory Agreement.

The Advisor recommended the approval of the New ARI Sub-Advisory Agreement, pursuant to which ARI would continue to serve as a sub-advisor of the Small/Mid Cap Value Fund following the Transaction. The approval of the New ARI Sub-Advisory Agreement was recommended by the Advisor because, among other factors, (i) the Transaction was not expected to have a material effect on the nature, extent or quality of the services provided by ARI to the Small/Mid Cap Value Fund; (ii) the ARI personnel who have been responsible for managing ARI’s allocated portion of the Small/Mid Cap Value Fund would continue to serve in their respective capacities following the Transaction; and (iii) the terms of the New ARI Sub-Advisory Agreement were identical, in all respects other than the effective date, to the Existing Sub-Advisory Agreement that was approved by the Board at the meeting held on May 20, 2009, as described above.

The Board considered that the Transaction was expected to result in a change of control of ARI, and hence, the assignment and termination of the Existing Sub-Advisory Agreement between ARI and the Advisor, on behalf of the Small/Mid Cap Value Fund. Because of the anticipated assignment and resulting termination of the Existing Sub-Advisory Agreement with ARI, the Trustees, and by a separate vote, the independent Trustees, approved the New ARI Sub-Advisory Agreement between the Advisor and ARI, to become effective following the Transaction.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, including all of the independent Trustees, with the assistance of independent counsel, concluded that the approval of the New ARI Sub-Advisory Agreement was in the best interests of the Small/Mid Cap Value Fund and its shareholders, and approved the New ARI Sub-Advisory Agreement with respect to the Small/Mid Cap Value Fund.

186

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
AssetMark Enhanced Fundamental Index® Large Company Growth Fund
AssetMark Enhanced Fundamental Index® Large Company Value Fund
AssetMark Enhanced Fundamental Index® Small Company Growth Fund
AssetMark Enhanced Fundamental Index® Small Company Value Fund
Investment Advisor
Genworth Financial Wealth Management, Inc.
2300 Contra Costa Blvd., Suite 600
Pleasant Hill, CA 94523
Legal Counsel
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103
Independent Registered Public Accounting Firm
KPMG LLP
777 East Wisconsin Avenue
Milwaukee, WI 53202
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.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Distributor Capital Brokerage Corporation	Annual Report
(dba Genworth Financial Brokerage Corporation in Indiana)	March 31, 2010
6620 West Broad Street Building 2
Richmond, VA 23230
Member FINRA

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

For the fiscal year ended March 31, 2010, the registrant’s principal accountant billed the registrant $285,029 for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements.

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

(b) Audit-Related Fees

None.

(c) Tax Fees

For the fiscal year ended March 31, 2010, the registrant’s principal accountant billed the registrant $51,000 for professional services rendered for tax compliance, tax advice and tax planning.

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

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(d) All Other Fees

None.

(e)(1)

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

(e)(2)

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

(f)	None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended March 31, 2010 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g)	The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2010 and March 31, 2009, was $0 and $0, respectively.
(h)	The registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

None.

Item 11. Controls and Procedures.

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.
	(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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SIGNATURES

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

(Registrant)	AssetMark Funds
By	/s/ Carrie E. Hansen
	Carrie E. Hansen, Principal Executive Officer/President
Date	5/27/2010

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

By	/s/ Carrie E. Hansen
	Carrie E. Hansen, Principal Executive Officer/President
Date	5/27/2010
By	/s/ Starr E. Frohlich
	Starr E. Frohlich, Principal Financial Officer/Treasurer
Date	5/27/2010

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