SUB-ADVISORY AGREEMENT
AGREEMENT made as of the 28th day of August, 2003, by and between AssetMark
Investment Services, Inc., a California corporation (the "Advisor"), and
Transamerica Investment Management, LLC (the "Sub-Advisor").
WHEREAS, the Advisor and the Sub-Advisor are registered investment advisers
under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and
engage in the business of providing investment management services; and
WHEREAS, the Advisor has been retained to act as investment adviser
pursuant to an Investment Advisory Agreement dated May 11, 2001 (the "Advisory
Agreement") with AssetMark Funds (the "Trust"), a Delaware statutory trust
registered with the U.S. Securities and Exchange Commission (the "SEC") as an
open-end management investment company under the Investment Company Act of 1940,
as amended (the "1940 Act"), currently consisting of several separate series of
shares, each having its own investment objectives and policies and which is
authorized to create more series; and
WHEREAS, the Advisory Agreement permits the Advisor, subject to the
supervision and direction of the Trust's Board of Trustees, to delegate certain
of its duties under the Advisory Agreement to other investment advisers, subject
to the requirements of the 1940 Act; and
WHEREAS, the Advisor desires to retain Sub-Advisor to assist it in the
provision of a continuous investment program for that portion of one or more of
the Trust's series' (each a "Fund") assets which the Advisor will assign to the
Sub-Advisor (the "Sub-Advisor Assets"), and the Sub-Advisor is willing to render
such services subject to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of mutual covenants recited below, the
parties agree and promise as follows:
1. Appointment as Sub-Advisor. The Advisor hereby retains the Sub-Advisor
to act as investment adviser for and to manage the Sub-Advisor Assets, subject
to the supervision of the Advisor and the Board of Trustees of, the Trust and
subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such
employment. In such capacity, the Sub-Advisor shall be responsible for the
investment management of the Sub-Advisor Assets. The Sub-Advisor agrees to
exercise the same skill and care in performing its services under this Agreement
as the Sub-Advisor exercises in performing similar services with respect to
other fiduciary accounts for which the Sub-Advisor has investment
responsibilities.
2. Duties of Sub-Advisor.
(a) Investments. The Sub-Advisor is hereby authorized and directed and
hereby agrees, subject to the stated investment objectives, policies and
restrictions of each Fund as set forth in such Fund's prospectus and
statement of additional information as currently in effect and as
supplemented or amended from time to time (collectively referred to as the
"Prospectus") and subject to the directions of the Advisor and the Trust's
Board of Trustees, to purchase, hold and sell investments for the
Sub-Advisor Assets and to monitor on a continuous basis the performance of
the Sub-Advisor Assets. In providing these services, the Sub-Advisor will
conduct a continual program of investment, evaluation and, if appropriate,
sale and reinvestment of the Sub-Advisor Assets. The Advisor agrees to
provide the Sub-Advisor information concerning a Fund, its assets available
or to become available for investment, and generally as to the conditions
of a Fund's or the Trust's affairs.
(b) Compliance with Applicable Laws and Governing Documents. In the
performance of its duties and obligations under this Agreement, the
Sub-Advisor shall with respect to Sub-Advisor Assets, act in conformity
with the Trust's Prospectus[es] and Statement[s] of Additional Information
("SAI") contained in its registration statement on Form N-1A filed with the
SEC, as those documents may be amended from time to time. The Sub-Advisor
shall also conform to and comply with the requirements of the Investment
Company Act of 1940, as amended (the "1940 Act"), the Advisers Act and all
other applicable federal and state laws and regulations that specifically
govern the manner in which the Sub-Advisor must manage the investment and
reinvestment of the Sub-Advisor Assets. The Advisor will provide the
Sub-Advisor with reasonable (30 days) advance notice, in writing, of any
change in a Fund's investment objectives, policies and restrictions as
stated in the Prospectus or SAI, and the Sub-Advisor shall, in the
performance of its duties and obligations under this Agreement, manage the
Sub-Advisor Assets consistent with such changes, provided the Sub-Advisor
has received such prior notice of the effectiveness of such changes from
the Trust or the Advisor. In addition to such notice, the Advisor shall
provide to the Sub-Advisor a copy of any modified Prospectus or SAI
reflecting such changes. The Sub-Advisor will at all times manage the
Sub-Advisor Assets in compliance with the Investment Adviser's Act of 1940
and any other provisions agreed upon in this Agreement.
(c) Voting of Proxies. The Sub-Advisor shall have the power to vote,
either in person or by proxy, all securities in which the Sub-Advisor
Assets may be invested from time to time, and shall not be required to seek
instructions from the Advisor, the Trust or a Fund. At the request of the
Trust, the Sub-Advisor shall provide its recommendations as to the voting
of such proxies. If both the Sub-Advisor and another entity managing assets
of a Fund have invested in the same security, the Sub-Advisor and such
other entity will each have the power to vote its pro rata share of the
security.
(d) Agent. Subject to any other written instructions of the Advisor or
the Trust, the Sub-Advisor is hereby appointed the Advisor's and the
Trust's agent and attorney-in-fact for the limited purposes of executing
account documentation, agreements, contracts and other documents as the
Sub-Advisor shall be requested by brokers, dealers, counterparties and
other persons in connection with its management of the Sub-Advisor Assets,
The Sub-Advisor agrees to provide the Advisor and the Trust with copies of
any such agreements intended to be executed on behalf of the Advisor or the
Trust, prior to the execution thereof, if requested.
(e) Brokerage. The Sub-Advisor will place orders pursuant to the Sub
Advisor's investment determinations for a Fund either directly with the
issuer or with any broker or dealer. In executing portfolio transactions
and selecting brokers or dealers, the Sub-Advisor will use its best efforts
to seek on behalf of a Fund the best overall execution available. In
assessing the best overall terms available for any transaction, the
Sub-Advisor shall consider all factors that it deems relevant, including
the breadth of the market in the security, the price of the security, the
financial condition and execution capability of the broker or dealer, and
the reasonableness of the commission, if any, both for the specific
transaction and on a continuing basis. On that basis, the Sub-Advisor may
aggregate orders to obtain the efficiencies that may be available on larger
transactions when it determines that investment decisions are appropriate
for each participating account. In evaluating the best overall terms
available, and in selecting the broker-dealer to execute a particular
transaction the Sub-Advisor may also consider the brokerage and research
services (as those terms are defined in Section 28(e) of the Securities
Exchange Act of 1934, as amended) provided to a Fund and/or other accounts
over which the Sub-Advisor may exercise investment discretion. The
Sub-Advisor is authorized, to pay to a broker or dealer who provides such
brokerage and research services a commission for executing a portfolio
transaction for any of the Funds that is in excess of the amount of
commission another broker or dealer would have charged for effecting that
transaction if, but only if, the Sub-Advisor determines in good faith that
such commission was reasonable in relation to the value of the brokerage
and research services provided by such broker or dealer , viewed in terms
of that particular transaction or in terms of the overall responsibilities
of the Sub-Advisor to a Fund. In addition, the Sub-Advisor is authorized to
allocate purchase and sale orders for portfolio securities to brokers or
dealers (including brokers and dealers that are affiliated with the
Advisor, the Sub-Advisor, or the Trust's principal underwriter) to take
into account the sale of shares of the Trust if the Sub-Advisor believes
that the quality of the transaction and the commission are comparable to
what they would be with other qualified firms.
(f) Securities Transactions. In no instance, however, will any Fund's
portfolio securities be purchased from or sold to the Advisor, the
Sub-Advisor, the Trust's principal underwriter, or any affiliated person of
either the Trust, the Advisor, the Sub-Advisor or the Trust's principal
underwriter, acting as principal in the transaction, except to the extent
permitted by the SEC and the 1940 Act.
The Sub-Advisor, including its Access Persons (as defined in
subsection (e) of Rule 17j-1 under the 1940 Act), agrees to observe and
comply with Rule 17j-1 and its Code of Ethics (which shall comply in all
material respects with Rule 17j-1), as the same may be amended from time to
time. On at least an annual basis, the Sub-Advisor will comply with the
reporting requirements of Rule 17j-1, which may include either (i)
certifying to the Advisor that the Sub-Advisor and its Access Persons have
complied with the Sub-Advisor's Code of Ethics with respect to the
Sub-Advisor Assets, or (ii) identifying any violations which have occurred
with respect to the Sub-Advisor Assets and (iii) certifying that it has
adopted procedures reasonably necessary to prevent Access Persons from
violating the Sub-Advisor's Code of Ethics. The Sub-Advisor will also
submit its Code of Ethics for its initial approval by the Board of Trustees
and subsequently within six months of any material change of thereto.
(g) Books and Records. The Sub-Advisor shall maintain separate
detailed records of all matters pertaining to the Sub-Advisor Assets,
including, without limitation, brokerage and other records of all
securities transactions. Any records required to be maintained and
preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2
promulgated under the 1940 Act which are prepared or maintained by the
Sub-Advisor on behalf of the Trust are the property of the Trust and will
be surrendered promptly to the Trust on request. The Sub-Advisor further
agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940
Act the records required to be maintained under Rule 31a-1 under the 1940
Act.
(h) Information Concerning Sub-Advisor Assets and the Sub-Advisor.
From time to time as the Advisor, and any consultants designated by the
Advisor, or the Trust may request, the Sub-Advisor will furnish the
requesting party reports on portfolio transactions and reports on
Sub-Advisor Assets held in the portfolio, all in such detail as the
Advisor, its consultant(s) or the Trust may reasonably request. The
Sub-Advisor also will inform the Advisor in a timely manner of material
changes in portfolio managers responsible for Sub-Advisor Assets, any
changes in the ownership or management of the Sub-Advisor, or of material
changes in the control of the Sub-Advisor. Upon reasonable request, the
Sub-Advisor will make available its officers and employees to meet with the
Trust's Board of Trustees to review the Sub-Advisor Assets.
The Sub-Advisor also will provide such information or perform such
additional acts as are customarily performed by a Sub-Advisor and may be
required for a Fund or the Advisor to comply with their respective
obligations under applicable laws, including, without limitation, the Code,
the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the
"Securities Act") and any federal or state securities laws, and any rule or
regulation thereunder.
(i) Custody Arrangements. The Sub-Advisor shall on each business day
provide the Advisor, its consultant(s) and the Trust's custodian such
information as the Advisor and the Trust's custodian may reasonably request
relating to all transactions concerning the Sub-Advisor Assets.
(j) Historical Performance Information. To the extent agreed upon by
the parties, the Sub-Advisor will provide the Trust with historical
performance information on similarly managed investment companies or for
other accounts to be included in the Prospectus or for any other uses
permitted by applicable law.
3. Independent Contractor. In the performance of its duties hereunder, the
Sub-Advisor is and shall be an independent contractor and unless otherwise
expressly provided herein or otherwise authorized in writing, shall have no
authority to act for or represent a Fund, the Trust or the Advisor in any way or
otherwise be deemed an agent of a Fund, the Trust or the Advisor.
4. Expenses. During the term of this Agreement, Sub-Advisor will pay all
expenses incurred by it in connection with its activities under this Agreement
other than the costs of securities, commodities and other investments (including
brokerage commissions and other transaction charges, if any) purchased or
otherwise acquired, or sold or otherwise disposed of for a Fund. The Sub-Advisor
shall, at its sole expense, employ or associate itself with such persons as it
believes to be particularly fitted to assist it in the execution of its duties
under this Agreement. The Trust or the Advisor, as the case may be, shall
reimburse the Sub-Advisor for any expenses as may be reasonably incurred by the
Sub-Advisor, at the request of and on behalf of a Fund or the Advisor. The
Sub-Advisor shall keep and supply to the Trust and the Advisor reasonable
records of all such expenses.
5. Compensation. For the services provided and the expenses assumed with
respect to a Fund pursuant to this Agreement, the Sub-Advisor will be entitled
to the fee listed for the Fund(s) on Exhibit A. Such fees will be computed daily
and payable in arrears no later than the seventh (7th) business day following
the end of each month, from the Trust on behalf of the Fund(s), calculated at an
annual rate based on the Sub-Advisor Assets' average daily net assets.
The Sub-Advisor agrees to reduce the investment management fee for the Fund
should the Sub-Advisor offer a lower fee to a similarly situation client.
Factors the Sub-Advisor shall consider include the following: client type, asset
amount, number of products, and level of service required. Sub-Advisor shall
provide Advisor with prior notice should the fee be reduced in accordance with
this section.
If this Agreement is terminated prior to the end of any calendar month, the
fee shall be prorated for the portion of any month in which this Agreement is in
effect according to the proportion which the number of calendar days, during
which this Agreement is in effect, bears to the number of calendar days in the
month, and shall be payable within 10 days after the date of termination.
6. Representations and Warranties of the Sub-Advisor. The Sub-Advisor
represents and warrants to the Advisor and the Trust as follows:
(a) The Sub-Advisor is registered as an investment Advisor under the
Advisers Act;
(b) The Sub-Advisor is a limited liability corporation duly organized
and validly existing under the laws of the state of Delaware, with the
power to own and possess its assets and carry on its business as it is now
being conducted;
(c) The execution, delivery and performance by the Sub-Advisor of this
Agreement are within the Sub-Advisor's powers and have been duly authorized
by all necessary action on the part of its Board of Directors and no action
by or in respect of, or filing with, any governmental body, agency or
official is required on the part of the Sub-Advisor for the execution,
delivery and performance by the Sub-Advisor of this Agreement, and the
execution, delivery and performance by the Sub-Advisor of this Agreement do
not contravene or constitute a default under (i) any provision of
applicable law, rule or regulation, (ii) the Sub-Advisor's governing
instruments, or (iii) any agreement, judgment, injunction, order, decree or
other instrument binding upon the Sub-Advisor; and
(d) The Form ADV, Part II ("Form ADV") of the Sub-Advisor previously
provided to the Advisor (a copy of which is attached as Exhibit B to this
Agreement) is a true and complete copy of the form as currently filed with
the SEC and the information contained therein is accurate and complete in
all material respects and does not omit to state any material fact
necessary in order to make the statements made, in light of the
circumstances under which they are made, not misleading. The Sub-Advisor
will promptly provide the Advisor and the Trust with a complete copy of all
material subsequent amendments to its Form ADV.
7. Representations and Warranties of the Advisor. The Advisor represents
and warrants to the Sub-Advisor and the Trust as follows:
(a) The Advisor is registered as an investment adviser under the
Advisers Act;
(b) The Advisor is a corporation duly organized and validly existing
under the laws of the State of California with the power to own and possess
its assets and carry on its business as it is now being conducted;
(c) The execution, delivery and performance by the Advisor of this
Agreement are within the Advisor's powers and have been duly authorized by
all necessary action on the part of its Board of Directors, and no action
by or in respect of, or filing with, any governmental body, agency or
official is required on the part of the Advisor for the execution, delivery
and performance by the Advisor of this Agreement, and the execution,
delivery and performance by the Advisor of this Agreement do not contravene
or constitute a default under (i) any provision of applicable law, rule or
regulation, (ii) the Advisor's governing instruments, or (iii) any
agreement, judgment, injunction, order, decree or other instrument binding
upon the Advisor;
(d) The Form ADV of the Advisor as provided to the Sub-Advisor is a
true and complete copy of the form as currently filed with the SEC and the
information contained therein is accurate and complete in all material
respects and does not omit to state any material fact necessary in order to
make the statements made, in light of the circumstances under which they
were made, not misleading;
(e) The Advisor shall provide to the Sub-Advisor a complete copy of
material amendment to its Form ADV.
(f) The Advisor acknowledges that it received a copy of the
Sub-Advisor's Form ADV (a copy of which is attached as Exhibit B) prior to
the execution of this Agreement; and
(g) The Advisor and the Trust have duly entered into the Advisory
Agreement pursuant to which the Trust authorized the Advisor to enter into
this Agreement.
8. Survival of Representations and Warranties; Duty to Update Information.
All representations and warranties made by the Sub-Advisor and the Advisor
pursuant to Sections 6 and 7, respectively, shall survive for the duration of
this Agreement and the parties hereto shall promptly notify each other in
writing upon becoming aware that any of the foregoing representations and
warranties are no longer true.
9. Liability and Indemnification.
(a) Liability. The duties of the Sub-Advisor shall be confined to
those expressly set forth herein, with respect to the Sub-Advisor Assets.
The Sub-Advisor shall not be liable for any loss arising out of any
portfolio investment or disposition hereunder, except a loss resulting from
willful misfeasance, bad faith or negligence in the performance of its
duties, or by reason of reckless disregard of its obligations and duties
hereunder, except as may otherwise be provided under provisions of
applicable state law which cannot be waived or modified hereby.
(b) Indemnification. The Sub-Advisor shall indemnify the Advisor, the
Trust and each Fund, and their respective affiliates and controlling
persons for any liability and expenses, including reasonable attorneys'
fees, which the Advisor, the Trust or a Fund and their respective
affiliates and controlling persons may sustain as a result of the
Sub-Advisor's willful misfeasance, bad faith, negligence, reckless
disregard of its duties hereunder or violation of applicable law; provided,
however, that the Advisor, the Trust and each Fund shall not be indemnified
for any liability or expenses which directly results from their willful
misfeasance, bad faith, negligence, reckless disregard of its duties
hereunder or violation of applicable law.
Notwithstanding any other provision in this Agreement, the Sub-Advisor
will indemnify the Advisor, the Trust and each Fund, and their respective
affiliates and controlling persons for any liability and expenses,
including reasonable attorneys' fees, to which they may be subjected as a
result of their reliance upon and use of the historical performance
calculations provided by the Sub-Advisor concerning the Sub-Advisor's
composite account data or historical performance information on similarly
managed investment companies or accounts, except that the Advisor, the
Trust and each Fund and their respective affiliates and controlling persons
shall not be indemnified for a loss or expense resulting from their
negligence or willful misconduct in using such numbers, or for their
failure to conduct reasonable due diligence with respect to such
information.
The Advisor, Trust and each Fund shall indemnify the Sub-Advisor, its
affiliates and its controlling persons, for any liability and expenses,
including reasonable attorneys' fees, howsoever arising from, or in
connection with, the Advisor's, Trust's or Funds' willful misfeasance, bad
faith, negligence, reckless disregard of its duties hereunder, violation of
applicable law, or breach of this Agreement or their representations and
warranties herein or a violation of applicable law; provided, however, that
the Sub-Advisor shall not be indemnified for any liability or expenses
which directly results from Sub-Advisor's willful misfeasance, bad faith,
negligence, reckless disregard of its duties hereunder or violation of
applicable law.
10. Duration and Termination.
(a) Duration. This Agreement, unless sooner terminated as provided
herein, shall for the Fund(s) listed on Exhibit A attached hereto remain in
effect from the date of execution or, if later, the date the initial
capital to a series of the Trust is first provided (the "Effective Date."),
until two years from the Effective Date, and thereafter, for periods of one
year so long as such continuance thereafter is specifically approved at
least annually (a) by the vote of a majority of those Trustees of the Trust
who are not interested persons of any party to this Agreement, cast in
person at a meeting called for the purpose of voting on such approval, and
(b) by the Trustees of the Trust, or by the vote of a majority of the
outstanding voting securities of each Fund (except as such vote may be
unnecessary pursuant to relief granted by an exemptive order from the SEC).
The foregoing requirement that continuance of this Agreement be
"specifically approved at least annually" shall be construed in a manner
consistent with the 1940 Act and the rules and regulations thereunder.
(b) Termination. This Agreement may be terminated as to any Fund at
any time, without the payment of any penalty by: (1) the vote of a majority
of the Trustees of the Trust or by the Advisor, in each case, on not less
than 30 days nor more than 60 days written notice to the Sub-Advisor, or
(2) by any party hereto immediately upon written notice to the other
parties in the event of a breach of any provision to this Agreement by any
of the parties, or (3) by the Sub-Advisor at any time without the payment
of any penalty, on not less than 30 days nor more than 60 days written
notice to the Advisor and the Trust.
This Agreement shall not be assigned and shall terminate automatically
in the event of its assignment, except as provided otherwise by any rule,
Exemptive Relief, or No Action Letter provided or pursuant to the 1940 Act,
or upon the termination of the Advisory Agreement. In the event that there
is a proposed change in control of the Sub-Advisor which would act to
terminate this Agreement, if a vote of shareholders to approve continuation
of this Agreement is at that time deemed by counsel to the Trust to be
required by the 1940 Act or any rule or regulation thereunder, Sub-Advisor
agrees to assume all reasonable costs associated with soliciting
shareholders of the appropriate Fund(s) of the Trust, to approve
continuation of this Agreement. Such expenses include the costs of
preparation and mailing of a proxy statement, and of soliciting proxies.
This Agreement shall extend to and bind the heirs, executors,
administrators and successors of the parties hereto.
11. Amendment. This Agreement may be amended by mutual consent of the
parties, provided that the terms of any material amendment shall be
approved by: (a) the Trust's Board of Trustees and (b) the vote of a
majority of those Trustees of the Trust who are not interested persons of
any party to this Agreement cast in person at a meeting called for the
purpose of voting on such approval, if such approval is required by
applicable law, and unless otherwise permitted pursuant to exemptive relief
granted by the SEC or No Action position granted by the SEC or its staff,
by a vote of the majority of a Fund's outstanding securities.
12. Confidentiality. Subject to the duties of the Advisor, the Trust
(and each Fund), and the Sub-Advisor to comply with applicable law,
including any demand of any regulatory or taxing authority having
jurisdiction, the parties hereto shall treat as confidential all
information pertaining to a Fund and the actions of the Sub-Advisor, the
Advisor, the Trust, and a Fund in respect thereof. In accordance with
Section 248.11 of Regulation S-P ( 17 CFR 248.1-248.30), Sub-Advisor will
not directly, or indirectly through an affiliate, disclose any non-public
personal information, except as permitted or required by law, as defined in
Reg. S-P, received from the Trust or the Advisor, regarding any
shareholder, to any person that is not affiliated with the Trust or with
Sub-Advisor, and, provided that, any such information disclosed to an
affiliate of Sub-Advisor shall be under the same limitations on
non-disclosure.
13. Notice. Any notice, advice or report to be given pursuant to this
Agreement shall be deemed sufficient if delivered or mailed by registered,
certified or overnight mail, postage prepaid addressed by the party giving
notice to the other party at the last address furnished by the other party:
(a) If to the Advisor:
AssetMark Investment Services, Inc.
0000 Xxxxxx Xxxxx Xxxx., Xxxxx 000
Xxxxxxxx Xxxx, XX 00000-0000
Attn: Xxxxxx X. Xxxxxx
(b) If to the Sub-Advisor:
Transamerica Investment Management, LLC
0000 Xxxxx Xxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, XX 00000
Attn: Client Service
14. Governing Law. This Agreement shall be governed by the internal
laws of the State of Delaware, without regard to conflict of law
principles; provided, however that nothing herein shall be construed as
being inconsistent with the 1940 Act. Where the effect of a requirement of
the 1940 Act reflected in any provision of this Agreement is altered by a
rule, regulation or order of the SEC, whether of special or general
application, such provision shall be deemed to incorporate the effect of
such rule, regulation or order.
15. Entire Agreement. This Agreement embodies the entire agreement and
understanding between the parties hereto, and supersedes all prior
agreements and understandings relating to this Agreement's subject matter.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but such counterparts shall, together,
constitute only one instrument.
16. Non Exclusivity. Sub-Advisor may give advice or exercise
investment responsibility and take action with respect to other Clients
which differ from the advice given or the timing of action taken with
respect to the Sub-Advisor Assets.
17. Severability. If any provision of this Agreement shall be held or
made invalid by a court decision, statute, rule or otherwise, the remainder
of this Agreement shall not be affected thereby.
18. Consent To Use Client Name. The Advisor hereby permits Sub Advisor
to use Advisor's company name in the Sub Advisor's list of Clients.
19. Certain Definitions. For the purposes of this Agreement and except
as otherwise provided herein, "interested person," "affiliated person,"
"affiliates," "controlling persons" and "assignment" shall have their
respective meanings as set forth in the 1940 Act, subject, however, to such
exemptions as may be granted by the SEC, and the term "Fund" or "Funds"
shall refer to those Fund(s) for which the Sub-Advisor provides investment
management services and as are listed on Exhibit A to this Agreement.
20. Captions. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation
hereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
day and year first written above.
ADVISOR
ASSETMARK INVESTMENT SERVICES, INC.
By:__________________________________
Name: Xxxxxx X. Xxxxxx
Title: President
SUB-ADVISOR
TRANSAMERICA INVESTMENT MANAGEMENT, LLC
By:__________________________________
Name: Xxxx X. Xxxxx
Title: President & Chief Investment Officer
EXHIBIT A
SUBADVISORY AGREEMENT
BETWEEN ASSETMARK INVESTMENT SERVICES, INC.
AND TRANSAMERICA INVESTMENT MANAGEMENT, LLC
Effective August 28, 2003
ASSETMARK SMALL/MID CAP GROWTH FUND
FEE SCHEDULE
------------
ASSETS COMPENSATION
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All Assets 40 Basis Points
EXHIBIT B
Transamerica Investment Management, LLC
FORM ADV
(Please attach)
