Mavrix Fund Management Inc. today reported a net loss for the second quarter ended June 30, as fund assets under management and administation grew to $488.3 million.

This quarter represents Mavrix’s second quarterly report prepared as a public company.

The net loss for the quarter was $464,000, or 6¢ a share, compared with a loss of $3.3 million, or 91¢ a share, for the year ended Dec. 31, 2003.

Revenues for the quarter were $1.4 million compared with $2.8 million for the year ended Dec. 31, 2003.

Company management expects the asset management industry will continue to grow in 2004 and Mavrix plans to continue to outpace industry growth by introducing innovative products, by expanding its business with existing and new dealers, and by gaining new mandates for specialty funds and Administrative Services.

Mavrix forecasts that by Dec. 31, 2004 assets under administration and management will increase to between $660 and $675 million. The key assumptions are capital market appreciation and net inflows to Mavrix products and services.