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 811-21475
Tamarack Funds Trust
(Exact name of registrant as specified in charter)
100 South Fifth Street, Suite 2300, | 55402-1240 |
(Address of principal executive offices) | (Zip code) |
Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code: | (800) 422-2766 |
Date of fiscal year end: | September 30 |
Date of reporting period: | September 30, 2007 |
Item 1. Reports to Stockholders.
![]() | |
![]() | ANNUAL REPORT September 30, 2007 |
Large Cap Growth Fund Mid Cap Growth Fund SMID Cap Growth Fund Enterprise Fund Small Cap Core Fund Value Fund Microcap Value Fund |
Tamarack Funds
About Your Annual Report
This annual report includes detailed information about your Fund including year-end financial statements, performance, and a complete list of its holdings.
The Tamarack Funds compare their performance against various Russell Equity indices. Each of these indices is a widely recognized measure of return for the underlying category of securities. However, the indices are unmanaged, do not include fees, and cannot be invested in directly.
We hope the financial information presented, as well as the discussion and analysis from your portfolio manager(s), will help you evaluate your investment in the Tamarack Funds. We also encourage you to read your Fund’s prospectus for further detail as to your Fund’s investment policies and risk profile. Tamarack Funds prospectuses and performance information subsequent to the date of this report are available on our website at www.voyageur.net.
A description of the policies and procedures that your Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1 800-422-2766; (ii) on the Fund’s website at www.voyageur.net; and (iii) on the Securities and Exchange Commission’s (the “Commission”) website at http://www.sec.gov.
Information regarding how your Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2007 is available (i) on the Fund’s website at www.voyageur.net; and (ii) on the Commission’s website at http://www.sec.gov.
A schedule of each Fund’s portfolio holdings will be filed with the Commission for the first and third quarters of each fiscal year on Form N-Q. This information is available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room is available by calling 1-800-SEC-0330.
LETTER FROM THE CIO OF EQUITIES
Winds of Change…
U.S. equity markets continue to trade a bit like a rollercoaster, with meaningful upward and downward movements. Consequently, major indices have shown a large variance in returns over the past year. For example, the S&P 500 hit a record level in mid-July, only to tumble nearly 10% in August. It rose 2.0% for the most recent quarter but is still almost 2% below its mid-July record close of 1553.08. These seemingly oversized, almost exaggerated moves have been based on both events and news flow as investors moved their portfolios to address two major changes. First, the credit markets have been altered dramatically by sub-prime mortgage contagion. Second, the increased volatility has forced investors to rethink their more aggressive investment strategies.
The abrupt shifts in the financial markets culminated with the Federal Reserve policymakers surprising markets, on September 18, with a 50 basis point reduction in the funds rate and a further 50 basis point reduction of the discount rate. This move was in some respects a logical culmination of events that have been unfolding for many months. The initial impression that the problems in the housing market were small and contained gave way to the reality of a continuous rise in defaults and delinquencies, mortgage-company losses and failures, and the fear that other financial assets might also be at risk.
During the past twelve months, there were some indications of a change in investors’ attitudes towards risk. This caused volatility in the equity and bond markets to rise and overall financial conditions globally to tighten. VIX, often referred to as “Wall Street’s fear gauge”, is a closely watched index of option volatility. On August 16, when selling of stocks intensified amid credit and money market worries, the VIX peaked at 37.5, a level not seen since the 1998-2002 time period. At its current level, VIX is almost 50% higher than at the start of the year.
Sharp and sudden shifts in sentiment in the financial markets are not unusual. They often follow a period when the financial markets appear almost immune to growing risks. Then, when the adjustment comes, it tends to be fast and furious as fear grips the financial markets and investors seek safe haven assets, indiscriminately dumping other securities.
Although the nature of these financial market crises is always different, they are all rooted in a dramatic and quick disengagement of risk-taking and an increased demand for liquidity protection. Importantly, history shows that these so-called “fear cycles” tend to be temporary, although the shock media headlines often fog prospects of recovery anytime soon.
Going Forward
The stock market has been grappling with increased concerns about credit risk, the health of the financial sector and incremental effects to the consumer and broader economy. Notwithstanding recent developments, our view of the economy remains supportive of equities and valuations remain reasonable.
1
LETTER FROM THE CIO OF EQUITIES
While there is a good historical pattern for a positive stock market for the three and twelve-month periods following an initial Fed easing, the very short-term reaction is not as clear. Since the market has usually rallied in anticipation of such cuts, there is frequently a correction immediately after the news (buy-on-the-rumor-sell-on-the-news syndrome). But that depends on the difference between expectations and reality. In this case, the third quarter finished strongly with the broad market S&P 500 experiencing its fifth straight quarter of gains. Nevertheless, downside risks to the U.S. economy and stock markets have clearly increased. Productivity growth remains cyclically sluggish, labor compensation may continue to catch up to the robust productivity gains of previous years, and competitive pressures may prevent firms from passing accelerating unit labor costs through to higher prices. Prior to the impact of the recent tightening of financial conditions, the underlying job and income dynamic was moderating slightly. With the recent tightening of financial conditions, the cost and availability of credit deteriorated further for a broader range of borrowers and has begun to weigh on demand. In addition, the U.S. economy still relies on the consumer, who provides more than two thirds of domestic Gross Domestic Product (GDP). Record high financial obligations and a worrisome housing market are threats to U.S. consumer spending. As a result, even if a “soft landing” scenario pans out for the U.S. economy, we would expect corporate profit growth to slow further.
Despite this, an important counter-balance to the weaker U.S. position is the strength of the global economy. Directly and indirectly, through exports and investment, the robust global economic cycle is expected to keep the U.S. economy on a modest growth path of around 2.0% to 2.5%. Approximately 33% of the sales of large cap companies originate outside the U.S. A falling dollar has made U.S. goods more competitive, and the translation effects of a weaker dollar boost the non-U.S. earnings of U.S. multinationals. This growth, together with the flow of global liquidity, should along with the Fed easing, lessen investor fears about the turmoil in the U.S. financial markets.
Going forward, the sharp change in volatility and credit markets is forcing a renewed emphasis on good old fashioned fundamentals, with superior earnings growth and consistency providing a good starting point. At this advanced stage of the economic expansion, we believe that earnings of stable, high-quality corporations can continue to grow even if overall economic growth remains modest.
![]() Nancy M. Scinto Chief Investment Officer, Equity Products | ![]() Nancy M. Scinto Tamarack Funds Chief Investment Officer Equity Products |
2
Voyageur Asset Management Inc. (“Voyageur”), the investment advisor to the Tamarack Funds, employs a team approach to the management of the Tamarack Equity Funds, with no individual team member being solely responsible for the investment decisions.
Nancy M. Scinto Chief Investment Officer Equity Products, Managing Director, Director of Equity Research, Senior Portfolio Manager Nancy Scinto is responsible for portfolio management of the Large Cap Growth, Mid Cap Growth, and the Microcap Value Funds and directing the Voyageur growth equity research efforts. She joined Voyageur in 1999 from Chicago Trust Company where she managed institutional accounts and was co-manager of the five-star Alleghany / Chicago Growth and Income Fund. Nancy has held various positions including personal trust, equity trader, senior equity analyst and senior portfolio manager. She began her career in the investment industry in 1984. Nancy received a BA from Governors State University and an MBA from DePaul University. She is a member of the CFA Society of Chicago. | ![]() Nancy M. Scinto |
David J. Cox, CFA Senior Managing Director, Director of Equity Investments, Senior Portfolio Manager David Cox is responsible for portfolio management of the Mid Cap Growth and the Microcap Value Funds and directing the Voyageur growth equity efforts. He joined Voyageur in 1999 from Chicago Trust Company where he held positions as director of equity research, portfolio manager and senior equity analyst. While at Chicago Trust, David co-managed the Alleghany/Chicago Trust Balanced Fund, which held a Morningstar five-star rating in the Domestic Hybrid category. Prior to his experience at Voyageur and Chicago Trust, David held analyst positions at Driehaus Securities and at Kirr, Marbach & Company. David began his career in the investment industry in 1984. He received a BS from the University of Illinois and an MBA from the Kelley School of Business at Indiana University. He is a CFA charterholder and member of the CFA Society of Chicago and the CFA Institute. David is also a member of the Reese Fund Advisory Board. | ![]() David J. Cox, CFA |
Steven A. Rusnak, CFA Vice President, Senior Portfolio Manager, Senior Equity Analyst Steven Rusnak is a member of the growth equity team and co-portfolio manager for the Large Cap Growth Fund. He conducts fundamental equity research for a diverse group of industries, including financials and health care. He joined Voyageur in 1999 from Chicago Trust Company where he was a senior equity analyst and portfolio manager. Previously Steve held positions with Mesirow Financial as senior equity analyst, the State Teachers Retirement System of Ohio as an analyst and at Feldman Securities Corporation as a portfolio analyst. Steve has been in the investment industry since 1985. He earned a BA in Economics and an MBA from The Stephen M. Ross School of Business at the University of Michigan. Steve is CFA charterholder and a member of the CFA Society of Chicago and CFA Institute. | ![]() Steven A. Rusnak, CFA |
3
EQUITY PORTFOLIO MANAGERS
![]() Forbes L. Watson | Forbes L. Watson Vice President, Senior Portfolio Manager Forbes Watson is responsible for the SMID Cap Growth Fund portfolio management. He joined Voyageur in 2002 from RBC Centura Bank where he managed separate accounts and the five-star RBC Mid Cap Equity Fund. Forbes held portfolio management positions with Trustmark National Bank and ParkSouth Corporation, a registered investment advisor, before joining RBC Centura Bank in 1998. He began his career with May, Cullum, Ragland & Brittain, Inc., a Dallas-based investment boutique, and also worked in the Dallas NASDAQ trading office of Shearson/Lehman Brothers. Forbes began his career in the investment industry in 1981. He received a BA in Finance from the University of North Texas and an MBA from Millsaps College. Forbes is a member of the CFA Society of North Carolina and CFA Institute. |
![]() Lance F. James | Lance F. James Managing Director, Senior Portfolio Manager Lance James is responsible for portfolio management of the Small Cap Core Fund and Enterprise Fund. Prior to joining Voyageur in 2006, Lance was an equity analyst and portfolio manager for OFI Institutional and Babson Capital Management, affiliated companies of Mass Mutual Life Insurance Company. During his tenure he served as head of the firm’s small/mid cap value investment team. Prior to joining Babson Capital in 1986, Lance worked at Rockwell International Corporation, EBF Associates of Boston and Hewitt Associates. Lance began his career in the investment industry in 1980. He received an AB in Economics from Princeton University and an MBA in Finance from the Wharton School of Business at the University of Pennsylvania. |
![]() George Prince | George Prince Portfolio Manager, Senior Equity Analyst George Prince serves as the co-portfolio manager for the Enterprise Fund. George also provides research support for the Small Cap Core Fund. He joined Voyageur in 2006 from Eagle Asset Management, where he was a senior equity analyst. Prior to his experience at Eagle Asset Management, George was an analyst at Babson Capital Management. George also has a great deal of entrepreneurial experience and founded SignStorey, a leader in place-based digital communications in retail stores and co-founded Cutting Edge Inc., a global CAD-CAM technology company. George has over 10 years of investment industry experience. He received a BA from Yale University. |
![]() Bruce W. Kaser, CFA | Bruce W. Kaser, CFA Senior Portfolio Manager Bruce Kaser is responsible for the Value Fund portfolio management and is a member of Voyageur’s large cap value and concentrated large cap value team. Bruce joined Voyageur in 2007 from Freedom Capital where he served as a senior large cap value portfolio manager for six years. Prior to his experience at Voyageur and Freedom Capital, Bruce was a portfolio manager for value equity clients at Loomis Sayles. Bruce began his career in the investment industry in 1985. He received a BS from Miami University (Ohio) and an MBA from the University of Chicago’s Graduate School of Business. Bruce is a CFA charterholder and member of the CFA Institute. Bruce is also a member of the Petroleum Analysts of Boston and is the Treasurer for the Boston charity, Strike Out Cancer. |
4
EQUITY PORTFOLIO MANAGERS
Stuart A. (“Sam”) Lippe Senior Portfolio Manager Sam Lippe is responsible for the Value Fund portfolio management and is a member of Voyageur’s large cap value and concentrated large cap value team. Sam joined Voyageur in 2007 from Freedom Capital where he served as a senior large cap value portfolio manager for over five years. Prior to his experience at Voyageur and Freedom Capital, Sam was a portfolio manager and analyst for the Endowment Fund at Howard Hughes Medical Institute. He also worked as an analyst for value-oriented portfolios at Legg Mason Capital Management. Sam began his career in the investment industry in 1978. He received a BS from Cornell University and an MBA from New York University. Sam is a member of the Association of Insurance and Financial Analysts. | ![]() Stuart A. Lippe |
Gordon Telfer Managing Director, Senior Portfolio Manager Gordon Telfer is a senior portfolio manager on Voyageur’s growth equity team and the Tamarack SMID Cap Growth Fund. He joined Voyageur in 2003 from Alliance Capital Management where he was a senior portfolio manager and a member of Alliance’s Investment Policy Group. Prior to Alliance, he worked for Scudder Kemper Investments as senior vice president and global strategist and spokesperson for Scudder Kemper’s U.S. and International Portfolio Management Group. Gordon began his career in the investment industry in 1986 at Murray Johnstone International in portfolio management. He has spoken at numerous regional and national conferences on portfolio management and been a guest on CNBC. A native of Glasgow, Scotland, Gordon received his Stock Exchange Diploma from the Herriott Watt University, Edinburgh, Scotland. | ![]() Gordon Telfer |
5
Average Annual Total Returns as of September 30, 2007
Tamarack Large Cap Growth Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (a) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (g) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 5.75% | 7.99 | % | 5.85 | % | 9.09 | % | 1.96 | % | 7.41 | % | ||||||||||||||||||||
- At Net Asset Value | 14.56 | % | 7.95 | % | 10.38 | % | 2.56 | % | 7.78 | % | 1.25 | % | 1.68 | % | ||||||||||||||||
Class C (h) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 12.71 | % | 7.13 | % | 9.55 | % | 1.79 | % | 6.98 | % | ||||||||||||||||||||
- At Net Asset Value | 13.71 | % | 7.13 | % | 9.55 | % | 1.79 | % | 6.98 | % | 2.00 | % | 2.18 | % | ||||||||||||||||
Class I (g) | 14.85 | % | 8.23 | % | 10.64 | % | 2.82 | % | 8.14 | % | 1.00 | % | 1.18 | % | ||||||||||||||||
Class R (h) | 14.30 | % | 7.66 | % | 10.10 | % | 2.30 | % | 7.51 | % | 1.50 | % | 1.68 | % | ||||||||||||||||
Class S (i) | 14.85 | % | 8.23 | % | 10.64 | % | 2.82 | % | 8.14 | % | 1.10 | % | 1.18 | % | ||||||||||||||||
Russell 1000 Growth Index** | 19.35 | % | 12.20 | % | 13.84 | % | 4.06 | % | 10.17 | % |
Tamarack Mid Cap Growth Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (a) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (g) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 5.75% | 7.95 | % | 10.63 | % | 12.39 | % | 8.23 | % | 12.78 | % | ||||||||||||||||||||
- At Net Asset Value | 14.52 | % | 12.84 | % | 13.73 | % | 8.87 | % | 13.18 | % | 1.35 | % | 1.73 | % | ||||||||||||||||
Class C (h) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 12.73 | % | 12.02 | % | 12.90 | % | 8.07 | % | 12.34 | % | ||||||||||||||||||||
- At Net Asset Value | 13.73 | % | 12.02 | % | 12.90 | % | 8.07 | % | 12.34 | % | 2.10 | % | 2.23 | % | ||||||||||||||||
Class I (g) | 14.89 | % | 13.16 | % | 14.03 | % | 9.17 | % | 13.53 | % | 1.10 | % | 1.23 | % | ||||||||||||||||
Class R (h) | 14.30 | % | 12.58 | % | 13.45 | % | 8.60 | % | 12.90 | % | 1.60 | % | 1.73 | % | ||||||||||||||||
Class S (i) | 14.88 | % | 13.19 | % | 14.05 | % | 9.18 | % | 13.53 | % | 1.10 | % | 1.23 | % | ||||||||||||||||
Russell Midcap Growth Index | 21.22 | % | 17.01 | % | 20.39 | % | 7.47 | % | 12.40 | % |
6
PERFORMANCE SUMMARY
Tamarack SMID Cap Growth Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (b) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (g) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 5.75% | 4.31 | % | 7.54 | % | 12.75 | % | 6.65 | % | 10.88 | % | ||||||||||||||||||||
- At Net Asset Value | 10.64 | % | 9.68 | % | 14.08 | % | 7.28 | % | 11.39 | % | 1.68 | % | 3.08 | % | ||||||||||||||||
Class C (h) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 8.77 | % | 8.83 | % | 13.22 | % | 6.48 | % | 10.55 | % | ||||||||||||||||||||
- At Net Asset Value | 9.77 | % | 8.83 | % | 13.22 | % | 6.48 | % | 10.55 | % | 2.43 | % | 3.58 | % | ||||||||||||||||
Class I (g) | 10.87 | % | 9.94 | % | 14.36 | % | 7.53 | % | 11.69 | % | 1.43 | % | 2.58 | % | ||||||||||||||||
Class R (h) | 10.34 | % | 9.38 | % | 13.77 | % | 7.00 | % | 11.10 | % | 1.93 | % | 3.08 | % | ||||||||||||||||
Class S (i) | 10.88 | % | 9.92 | % | 14.34 | % | 7.53 | % | 11.69 | % | 1.43 | % | 2.58 | % | ||||||||||||||||
Russell 2500 Growth Index** | 21.27 | % | 16.06 | % | 19.82 | % | 5.96 | % | 10.13 | % | ||||||||||||||||||||
Russell 2000 Growth Index** | 18.94 | % | 14.10 | % | 18.70 | % | 3.65 | % | 7.68 | % |
Tamarack Enterprise Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (c) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (j) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 5.75% | 5.94 | % | 9.59 | % | 16.88 | % | 8.75 | % | 12.31 | % | ||||||||||||||||||||
- At Net Asset Value | 12.40 | % | 11.77 | % | 18.28 | % | 9.40 | % | 12.59 | % | 1.33 | % | 1.77 | % | ||||||||||||||||
Class C (j) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 10.50 | % | 10.91 | % | 17.39 | % | 8.58 | % | 11.75 | % | ||||||||||||||||||||
- At Net Asset Value | 11.50 | % | 10.91 | % | 17.39 | % | 8.58 | % | 11.75 | % | 2.08 | % | 2.27 | % | ||||||||||||||||
Class I (k) | 12.62 | % | 12.04 | % | 18.58 | % | 9.68 | % | 12.87 | % | 1.08 | % | 1.27 | % | ||||||||||||||||
Class R (j) | 12.06 | % | 11.48 | % | 17.98 | % | 9.12 | % | 12.31 | % | 1.58 | % | 1.77 | % | ||||||||||||||||
Class S | 12.62 | % | 12.03 | % | 18.58 | % | 9.67 | % | 12.87 | % | 1.08 | % | 1.27 | % | ||||||||||||||||
Russell 2000 Index ** | 12.34 | % | 13.36 | % | 18.75 | % | 7.22 | % | 10.29 | % | ||||||||||||||||||||
Russell 2000 Value Index ** | 6.09 | % | 12.51 | % | 18.70 | % | 10.07 | % | 12.74 | % |
7
PERFORMANCE SUMMARY
Tamarack Small Cap Core Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (d) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (j) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 5.75% | 5.42 | % | 9.26 | % | 15.81 | % | 8.00 | % | 11.66 | % | ||||||||||||||||||||
- At Net Asset Value | 11.86 | % | 11.44 | % | 17.20 | % | 8.64 | % | 12.06 | % | 1.55 | % | 2.15 | % | ||||||||||||||||
Class C (j) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 10.01 | % | 10.62 | % | 16.32 | % | 7.84 | % | 11.23 | % | ||||||||||||||||||||
- At Net Asset Value | 11.01 | % | 10.62 | % | 16.32 | % | 7.84 | % | 11.23 | % | 2.30 | % | 2.65 | % | ||||||||||||||||
Class I (l) | 12.07 | % | 11.69 | % | 12.47 | % | 8.90 | % | 12.34 | % | 1.30 | % | 1.65 | % | ||||||||||||||||
Class R (j) | 11.52 | % | 11.14 | % | 16.88 | % | 8.36 | % | 11.78 | % | 1.80 | % | 2.15 | % | ||||||||||||||||
Class S | 12.10 | % | 11.70 | % | 17.48 | % | 8.91 | % | 12.34 | % | 1.30 | % | 1.65 | % | ||||||||||||||||
Russell 2000 Index ** | 12.34 | % | 13.36 | % | 18.75 | % | 7.22 | % | 11.50 | % |
Tamarack Value Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (e) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (j) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 5.75% | 7.35 | % | 9.09 | % | 11.09 | % | 4.85 | % | 11.53 | % | ||||||||||||||||||||
- At Net Asset Value | 13.91 | % | 11.27 | % | 12.42 | % | 5.47 | % | 11.82 | % | 1.28 | % | 1.72 | % | ||||||||||||||||
Class C (j) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 12.03 | % | 10.44 | % | 11.57 | % | 4.68 | % | 10.98 | % | ||||||||||||||||||||
- At Net Asset Value | 13.03 | % | 10.44 | % | 11.57 | % | 4.68 | % | 10.98 | % | 2.03 | % | 2.22 | % | ||||||||||||||||
Class R (j) | 13.63 | % | 10.99 | % | 12.13 | % | 5.21 | % | 11.54 | % | 1.53 | % | 1.72 | % | ||||||||||||||||
Class S | 14.19 | % | 11.55 | % | 12.70 | % | 5.73 | % | 12.09 | % | 1.03 | % | 1.22 | % | ||||||||||||||||
Russell 1000 Value Index ** | 14.45 | % | 15.25 | % | 18.07 | % | 8.80 | % | 13.69 | % |
8
PERFORMANCE SUMMARY
Tamarack Microcap Value Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (f) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (j) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 5.75% | 1.50 | % | 11.00 | % | 18.10 | % | 10.51 | % | 10.49 | % | ||||||||||||||||||||
- At Net Asset Value | 7.68 | % | 13.22 | % | 19.50 | % | 11.17 | % | 10.82 | % | 1.32 | % | 1.73 | % | ||||||||||||||||
Class C (j) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 5.89 | % | 12.38 | % | 18.62 | % | 10.35 | % | 9.99 | % | ||||||||||||||||||||
- At Net Asset Value | 6.89 | % | 12.38 | % | 18.62 | % | 10.35 | % | 9.99 | % | 2.07 | % | 2.23 | % | ||||||||||||||||
Class R (j) | 7.42 | % | 12.93 | % | 19.20 | % | 10.89 | % | 10.54 | % | 1.57 | % | 1.73 | % | ||||||||||||||||
Class S | 7.95 | % | 13.50 | % | 19.81 | % | 11.45 | % | 11.09 | % | 1.07 | % | 1.23 | % | ||||||||||||||||
Russell 2000 Value Index ** | 6.09 | % | 12.51 | % | 18.70 | % | 10.07 | % | 11.79 | % |
Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. For performance data current to the most recent month-end go to www.voyageur.net.
*The expense ratios are from the Funds’ prospectus dated January 29, 2007. Additional information pertaining to the Funds’ expense ratios as of September 30, 2007 can be found in the financial highlights.
**Each of the comparative indices is a widely recognized market value weighted measure of the return of securities, but do not include sales fees or operating expenses. You cannot invest directly in indices.
(a) | The since inception date (commencement of operations) of the Fund is December 31, 1990. |
(b) | The since inception date (commencement of operations) of the Fund is January 1, 1995. |
(c) | The since inception date (commencement of operations) of the Fund is December 2, 1983. |
(d) | The since inception date (commencement of operations) of the Fund is August 5, 1991. |
(e) | The since inception date (commencement of operations) of the Fund is September 30, 1984. |
(f) | The since inception date (commencement of operations) of the Fund is September 10, 1987. |
(g) | The performance in the table reflects the performance of the former RBC Funds, the predecessors to the Tamarack Funds. The quoted performance of the Funds include the performance of a common trust fund (“CTF”) account advised by the Adviser (including its predecessor) and managed the same as the Fund in all material respects, for periods dating prior to the Fund’s commencement of operations (October 1, 1996 for the Large Cap Growth Fund, June 1, 1994 for the Mid Cap Growth Fund, and May 2, 1997 for the SMID Cap Growth Fund), as adjusted to reflect the full contractual rate of expenses associated with the Fund at its inception. Each CTF account was not registered with the SEC under the 1940 Act and therefore was not subject to the investment restrictions imposed by law on registered mutual funds. If each CTF account had been registered, the CTF account’s performance may have been adversely affected. Fund performance reflects applicable fee waivers/expense reimbursements (which, if excluded, would cause performance to be lower). |
(h) | The inception date for Class C and Class R Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class A Shares of the Fund, adjusted to reflect the fees and expenses of Class C and Class R Shares, as applicable (and where applicable, the maximum sales charges of the Class C Shares). |
(i) | The inception date for Class S Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class I Shares of the Fund, adjusted to reflect the fees and expenses of Class S Shares. |
(j) | The inception date for Class A, Class C and Class R Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class S Shares of the Fund, adjusted to reflect the fees and expenses of Class A, Class C and Class R Shares, as applicable (and where applicable, the maximum sales charges of the Class A and Class C Shares). |
(k) | The inception date for Class I Shares of the Fund is September 30, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class S Shares of the Fund, adjusted to reflect the fees and expenses of Class I Shares, as applicable. |
9
PERFORMANCE SUMMARY
(l) | The inception date for Class I Shares of the Fund is August 2, 2007. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class S Shares of the Fund, adjusted to reflect the fees and expenses of Class I Shares, as applicable. |
The Russell Midcap Growth Index is an unmanaged index that measures the performance of U.S. mid cap companies in the Russell 3000 Index, which have higher price-to-book ratios and higher forecasted growth rates.
The Russell 1000 Growth Index is an unmanaged index that measures the performance of U.S. large cap companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.
The Russell 1000 Value Index is an unmanaged index that measures the performance of U.S. large cap companies in the Russell 3000 Index, which have lower price-to-book ratios and lower forecasted growth rates.
The Russell 2000 Growth Index is an unmanaged index that measures the performance of U.S. small cap companies in the Russell 2000 Index, which have higher price-to-book ratios and higher forecasted growth rates.
The Russell 2000 Value Index is an unmanaged index that measures the performance of small cap companies in the Russell 3000 Index with lower price-to-book ratios and lower forecasted growth rates.
The Russell 2000 Index is an unmanaged index that measures the performance of U.S. small cap companies in the Russell 3000 Index.
The Russell 2500 Growth Index is an unmanaged index that measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
10
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11
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Large Cap Growth Fund
Investment Objective
Seeks long-term growth by purchasing high-quality, larger capitalization companies that display consistent earnings growth and superior financial characteristics. Utilizing fundamental research, the Fund employs a bottom-up approach and strict risk controls to build a diversified portfolio of stocks that offer above average expected growth with lower than average market risk.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 14.56% (Class A, at net asset value). That compares to a total return of 19.35% for the Russell 1000 Growth Index, the Fund’s primary benchmark.
Factors That Made Positive Contributions
• | Stock selection in the Industrials sector (United Technologies, Danaher, General Electric, Precision Castparts) and Information Technology sector (Cisco Systems, Apple, eBay, Adobe Systems, Paychex) made a positive contribution. | |
• | The top three individual stocks, ranked by return contribution, were Cisco Systems (computer network products), 44.2%, Apple (information technology), 99.4% and Johnson Controls (building efficiency, automotive and power solutions), 64.6%. | |
• | A slight overweight allocation to the Energy sector, the second best performing sector with a return of 45.4%, delivered a positive contribution. |
Factors That Detracted From Relative Returns
• | The first six months of the period continued to be a challenging environment for our investment approach. However more recently, consistent growth companies that we own in the Fund began to be rewarded as fundamentals and increased volatility forced investors to rethink their more aggressive investment strategies. | |
• | In addition to the market headwinds, portfolio returns were hurt by a small number of stocks primarily in the Materials and Consumer Discretionary sectors. | |
• | Stock selection in Materials was the largest detractor to returns. Ecolab (specialty chemicals) with a return of 10.2% lagged both its sector and the Russell 1000 Growth benchmark. | |
• | In the Consumer Discretionary sector, Starbucks (restaurants), -23.1%, and McGraw Hill (financial services, education, business services), -12.3%, underperformed. |
12
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Large Cap Growth Fund
Investment Objective
Long-term capital appreciation.
Benchmark
Russell 1000 Growth Index
Asset Allocation
(% of fund’s investments excluding securities lending collateral) & Top Five Industries (% of fund’s net assets)
Top Five Industries | |
---|---|
Information Technology | 24.1% |
Industrials | 19.1% |
Healthcare | 14.2% |
Consumer Discretionary | 11.0% |
Consumer Staples | 11.0% |
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
Cisco Systems, Inc. | 4.73% | |
General Electric Co. | 4.10% | |
Proctor & Gamble Co. | 4.09% | |
Danaher Corp. | 3.99% | |
PepsiCo, Inc. | 3.65% | |
United Technologies Corp. | 3.52% | |
Adobe Systems, Inc. | 3.51% | |
CME Group, Inc. | 3.29% | |
Paychex, Inc. | 3.24% | |
Walgreen Co. | 3.22% |
*A listing of all portfolio holdings can be found on page 62.
Growth of $10,000 Initial Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class A shares including the maximum sales charge of 5.75%. The quoted performance of the Fund includes performance of certain collective trust funds (“Commingled Accounts”) advised by Centura Bank prior to the establishment of the Fund on October 1, 1996. On that date, the assets of the Commingled Accounts were equivalent in all material aspects to those of the Fund. During that time, the Commingled Accounts were not registered under the Investment Company Act of 1940 (the “1940 Act”), and therefore were not subject to certain investment restrictions that are imposed under the 1940 Act. If the Commingled Accounts had been registered under the 1940 Act, the Commingled Accounts’ performance may have been adversely affected. Because the Commingled Accounts did not charge any expenses, their performance has been adjusted to reflect the Fund’s estimated expenses at the time of its inception, which was 1.00% of average daily net assets for Class A. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
13
MANAGEMENT DISCUSSION AND ANALYSIS
Investment Objective
Seeks long-term growth by primarily investing in high quality, mid capitalization companies that display consistent earnings growth and superior financial characteristics. Utilizing fundamental research, the Fund employs a bottom-up approach and strict risk controls to build a diversified portfolio of stocks that offer above average expected growth with lower than average market risk.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 14.52% (Class A, at net asset value). That compares to a total return of 21.22% for the Russell Midcap Growth Index, the Fund’s primary benchmark.
Factors That Made Positive Contributions
• | Stock selection in the Information Technology sector (FactSet Research, CDW, Ansys, DST Systems) and Materials (Albemarle) made the greatest contribution to total returns. | |
• | The top three individual stocks, ranked by return contribution, were Roper Industries (industrial products), 46.4%, Precision Castparts (aerospace products), 134.3% and Smith International (oil well equipment), 84.0%. | |
• | An overweight allocation to the Industrials sector, an outperforming sector with a return of 31.6%, added 70 basis points to total returns. In addition, an underweight allocation to Consumer Staples, an underperforming sector, delivered a positive contribution. |
Factors That Detracted From Relative Returns
• | The Fund’s investment approach continued to face a challenging environment during the first six months of the period. However more recently, consistent growth companies that we own in the Fund began to be rewarded as fundamentals and increased volatility forced investors to rethink their more aggressive investment strategies. | |
• | On reviewing the twelve month period, stock selection in Health Care (Varian Medical Systems, Omnicare), Financials (Legg Mason, East West Bancorp, Zions Bancorp) and Consumer Discretionary (Coldwater Creek, E.W. Scripps, Pool, Chico’s FAS) negatively impacted Fund returns. | |
• | Through stock selection, the Fund had an underweight allocation to the Energy sector which produced the strongest sector returns, 45.9%. The Fund’s underweighting detracted 78 basis points from total returns. |
14
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Mid Cap Growth Fund
Investment Objective
Long-term capital appreciation.
Benchmark
Russell Midcap Growth Index
Asset Allocation
(% of fund’s investments excluding securities lending collateral) & Top Five Industries (% of fund’s net assets)
Top Five Industries | |
---|---|
Industrials | 27.0% |
Information Technology | 20.8% |
Healthcare | 17.8% |
Consumer Discretionary | 17.2% |
Financials | 5.3% |
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
Roper Industries, Inc. | 4.53% | |
Stericycle, Inc. | 3.65% | |
Chattem, Inc. | 3.50% | |
FactSet Research Systems, Inc. | 3.28% | |
ANSYS, Inc. | 3.25% | |
Smith International, Inc. | 3.10% | |
LKQ Corp. | 2.96% | |
VCA Antech, Inc. | 2.89% | |
Expeditors International of Washington, Inc. | 2.79% | |
Precision Castparts Corp. | 2.76% |
*A listing of all portfolio holdings can be found on page 63.
Growth of $10,000 Initial
Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class A shares including the maximum sales charge of 5.75%. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
15
MANAGEMENT DISCUSSION AND ANALYSIS
Investment Objective
Invests in a diversified portfolio of high-quality, small and mid capitalization companies. Utilizing fundamental research, the Fund seeks to identify profitable companies, selling at reasonable valuations with the most potential for long-term capital appreciation and less than average market risk.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 10.63% (Class A, at net asset value). That compares to a total return of 21.27% for the Russell 2500 Growth Index, the Fund’s primary benchmark.
As of March 9, 2007, the Fund expanded its Portfolio Management team and its allowable universe of eligible securities. The following commentary refers to the period following March 9, 2007 through the end of the fiscal year on September 30, 2007.
Factors That Made Positive Contributions
• | The Fund’s relative performance was strongest due to stock selection in the Energy, Industrials and Consumer Staples sectors. | |
• | Stock selection in the Energy sector made the greatest contribution to total returns, adding 100 basis points. | |
• | In the Industrials sector, stock selection helped contribute 90 basis points to returns. | |
• | Stock selection in the Consumer Staples sector added 46 basis points to Fund performance. |
Factors That Detracted From Relative Returns
• | An overweight allocation as well as stock selection in the Financials sector detracted 109 basis points from the Fund’s relative performance. | |
• | Stock selection in the Information Technology sector detracted 71 basis points from performance. | |
• | The Fund’s overweight sector allocation and stock selection in the Consumer Discretionary sector detracted 68 basis points from total returns. |
16
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack SMID Cap Growth Fund
Investment Objective
Long-term capital appreciation.
Benchmark
Russell 2500 Growth Index
Asset Allocation
(% of fund’s investmentsexcluding securities lending collateral) & Top Five Industries (% of fund’s net assets)
Top Five Industries | |
---|---|
Information Technology | 23.9% |
Healthcare | 21.1% |
Industrials | 18.3% |
Consumer Discretionary | 17.6% |
Financials | 7.7% |
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
Stericycle, Inc. | 3.41% | |
DST Systems, Inc. | 3.30% | |
FactSet Research Systems, Inc. | 3.30% | |
ANSYS, Inc. | 3.25% | |
Smith International, Inc. | 3.23% | |
Express Scripts, Inc. | 3.06% | |
Dick’s Sporting Goods, Inc. | 2.97% | |
Chattem, Inc. | 2.92% | |
Roper Industries, Inc. | 2.83% | |
Expeditors International of Washington, Inc. | 2.82% |
*A listing of all portfolio holdings can be found beginning on page 64.
Growth of $10,000 Initial Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a ten year period and is based on Class A shares including the maximum sales charge of 5.75%. The quoted performance of the Fund includes performance of certain collective trust funds (“Commingled Accounts”) advised by Centura Bank prior to the establishment of the Fund on May 2, 1997. On that date, the assets of the Commingled Accounts were equivalent in all material aspects to those of the Fund. During that time, the Commingled Accounts were not registered under the Investment Company Act of 1940 (the “1940 Act”), and therefore were not subject to certain investment restrictions that are imposed under the 1940 Act. If the Commingled Accounts had been registered under the 1940 Act, the Commingled Accounts’ performance may have been adversely affected. Because the Commingled Accounts did not charge any expenses, their performance has been adjusted to reflect the Fund’s estimated expenses at the time of its inception, which was 1.50% of average daily net assets for Class A. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
17
MANAGEMENT DISCUSSION AND ANALYSIS
Investment Objective
Invests in profitable, established small companies that are dominant in their industries. By selecting undervalued companies with small market capitalizations, this Fund strives to achieve growth with greater price stability than many other small stock funds.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 12.40% (Class A, at net asset value). That compares to a total return of 12.34% for the Russell 2000 Index, the Fund’s primary benchmark.
Factors That Made Positive Contributions
• | During the period, an overweight sector allocation in Industrials and Materials, the two strongest performing sectors, contributed approximately 100 basis points each in positive performance versus the Fund’s benchmark (Russell 2000 Index). An underweight sector allocation in Financials, the worst performing economic sector in the Russell 2000 Index, also contributed about 100 basis points to relative performance. | |
• | Stock selection in the Information Technology sector added slightly over 200 basis points to relative performance. The largest contributors to performance were Covansys, up 98%, which was acquired by another company and Comtech Telecommunications, up 60%, a maker of telecommunications equipment for commercial and defense markets. | |
• | Stock selection in the Health Care sector added approximately 150 basis points to relative performance. HMS Holdings, a health care cost containment service provider, gained 95% and was the strongest stock in the sector. |
Factors That Detracted From Relative Returns
• | Overweight sector allocation in the underperforming Consumer Discretionary sector detracted approximately 50 basis points in relative performance, while adverse stock selection detracted about 150 basis points relative to the Fund’s benchmark. Casual Male Retail Group, an apparel retailer, lost 35% and McCormick & Schmick’s Seafood Restaurants, down 23%, were among the portfolio’s weaker holdings in the sector. | |
• | Stock selection in the Industrials sector detracted about 150 basis points in relative performance. Within the sector, SAIA, a trucking company, lost 49% and was among the weakest performers as transport volumes slowed. | |
• | Stock selection in the Financials sector hurt relative performance by approximately 70 basis points. Banks were particularly weak performers and Dearborn Bancorp, a Michigan bank, was down 43% and among the weakest holdings in the sector. |
18
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Enterprise Fund
Investment Objective
Long-term growth of capital.
Benchmark
Russell 2000 Index
Asset Allocation
(% of fund’s investments excluding securities lending collateral) & Top Five Industries (% of fund’s net assets)
Top Five Industries | |
---|---|
Industrials | 25.1% |
Consumer Discretionary | 19.3% |
Information Technology | 13.8% |
Financials | 12.6% |
Materials | 10.4% |
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
Movado Group, Inc. | 4.49% | |
Steinway Musical Instruments, Inc. | 3.91% | |
EDO Corp. | 3.74% | |
HMS Holdings Corp. | 3.43% | |
Comtech Telecommunications Corp. | 3.22% | |
EMS Technologies, Inc. | 2.89% | |
Penford Corp. | 2.56% | |
ASTA Funding, Inc. | 2.56% | |
Universal Stainless & Alloy Products, Inc. | 2.22% | |
Columbus McKinnon Corp. | 2.20% |
*A listing of all portfolio holdings can be found beginning on page 65.
Growth of $10,000 Initial
Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class A shares including the maximum sales charge of 5.75%. The inception date for Class A shares of the Fund is April 19, 2004. All performance shown for Class A shares prior to the inception date is based on the performance of the Class S shares of the Fund, adjusted to reflect the fees, expenses and maximum sales charges of Class A shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
19
MANAGEMENT DISCUSSION AND ANALYSIS
Investment Objective
Invests in profitable, established small companies that are dominant in their industries. By selecting undervalued growth companies with small to mid-size market capitalizations, this Fund strives to achieve growth with greater price stability than many other small stock funds.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 11.86% (Class A, at net asset value). That compares to a total return of 12.34% for the Russell 2000 Index, the Fund’s primary benchmark.
Factors That Made Positive Contributions
• | An underweight sector allocation in Financials, the worst performing economic sector in the Russell 2000 Index for the period, contributed approximately 140 basis points to portfolio performance. A decision to underweight exposure to banks in the portfolio boosted performance throughout the fiscal year. | |
• | Overweight sector allocation in the Industrials sector contributed approximately 100 basis points to performance. Exposure to international as well as domestic markets helped the performance of many portfolio holdings in the sector. | |
• | Stock selection in the Health Care sector added almost 100 basis points in relative performance. Inverness Medical, a medical diagnostics company, produced a return of 59% during the period and added approximately 150 basis points to portfolio performance. | |
• | Stock selection in the Telecommunications Services sector added approximately 50 basis points to relative performance. Premiere Global Services was the strongest holding in the sector, gaining 46% during the period. |
Factors That Detracted From Relative Returns
• | Stock selection in the Consumer Discretionary sector detracted almost 190 basis points in relative performance versus the Fund’s benchmark. Two retailers, Stein Mart and Casual Male Retail Group, cost the portfolio a combined 140 basis points in performance over the period. | |
• | Stock selection in the Materials sector, the best performing sector in the Russell 2000 Index, detracted approximately 200 basis points from performance. The Fund had less exposure to raw commodity producers than the Index which was among the best performing stocks in the sector. Also, Intertape Polymer Group, which makes packaging products, lost 55% and detracted almost 100 basis points in performance. | |
• | Stock selection in the strong Energy sector detracted approximately 90 basis points in relative performance. Basic Energy, an oil and gas services company, lost 14% in a sector that was up 24% for the period. |
20
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Small Cap Core Fund
Investment Objective
Long-term growth of capital.
Benchmark
Russell 2000 Index
Asset Allocation
(% of fund’s investments excluding securities lending collateral) & Top Five Industries (% of fund’s net assets)
Top Five Industries | |
---|---|
Industrials | 20.8% |
Consumer Discretionary | 18.7% |
Financials | 15.5% |
Healthcare | 14.1% |
Information Technology | 9.7% |
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
Inverness Medical Innovations, Inc. | 4.04% | |
Interface, Inc. | 3.95% | |
Gardner Denver, Inc. | 3.81% | |
Steinway Musical Instruments, Inc. | 3.59% | |
Movado Group, Inc. | 3.44% | |
Carlisle Co. | 3.12% | |
Polymedica Corp. | 2.72% | |
Comtech Telecommunications Corp. | 2.59% | |
Manitowoc Co., Inc. (The) | 2.43% | |
ASTA Funding, Inc. | 2.27% |
*A listing of all portfolio holdings can be found beginning on page 67.
Growth of $10,000 Initial Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class A shares including the maximum sales charge of 5.75%. The inception date for Class A shares of the Fund is April 19, 2004. All performance shown for Class A shares prior to the inception date is based on the performance of the Class S shares of the Fund, adjusted to reflect the fees, expenses and maximum sales charges of Class A shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
21
MANAGEMENT DISCUSSION AND ANALYSIS
Investment Objective
Seeks long-term growth by purchasing larger capitalization companies that are unpopular and undervalued based on their earnings, assets and/or dividends. The Fund’s goal is to invest in stocks that offer above-average potential for growth in principal and income based on their fundamental characteristics.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 13.91% (Class A, at net asset value). That compares to a total return of 14.45% for the Russell 1000 Value Index, the Fund’s primary benchmark.
On January 5, 2007, Voyageur acquired Freedom Capital Management, LLC. This acquisition allowed Voyageur to gain a new expanded team of portfolio managers to manage the Tamarack Value Fund. The following commentary refers to the time period from February 2007, when the new team took over the portfolio management, through September 2007.
Factors That Made Positive Contributions
• | During the period, strong stock selection along with the Fund’s sector neutral approach, made positive contributions to performance. | |
• | Stock selection was strongest in the Materials (Alcoa, gain of 69% and Freeport-McMoran, gain of 43%) and Financials (Aflac, gain of 24%) sectors. | |
• | A defensive sector allocation in Financials and Consumer Discretionary added to the Fund’s relative allocation performance. | |
• | Additional Fund holdings with strong performance during the period included Goodrich, up 23%, Exelon, up 29% and Apache, up 29%. |
Factors That Detracted From Relative Returns
• | In the Information Technology sector, stock selection (Tellabs) detracted from relative selection returns. Tellabs was sold from the portfolio. | |
• | Stock selection (Macy’s) in the Consumer Discretionary sector detracted from Fund performance. | |
• | Another stock selection which negatively impacted performance was CBL & Associates. This holding was hurt by the tightening in real estate financing and was sold from the portfolio. |
22
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Value Fund
Investment Objective
Long-term growth of capital and income.
Benchmark
Russell 1000 Value Index
Asset Allocation
(% of fund’s investments excluding securities lending collateral) & Top Five Industries (% of fund’s net assets)
Top Five Industries | |
---|---|
Financials | 31.5% |
Energy | 14.5% |
Industrials | 12.4% |
Consumer Staples | 9.6% |
Consumer Discretionary | 5.8% |
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
General Electric Co. | 5.66% | |
Exxon Mobil Corp. | 4.47% | |
Bank of America Corp. | 3.42% | |
AFLAC, Inc. | 2.57% | |
AT & T, Inc. | 2.57% | |
Coca-Cola Co. | 2.57% | |
Apache Corp. | 2.54% | |
Citigroup, Inc. | 2.52% | |
JPMorgan Chase & Co. | 2.12% | |
U.S. Bancorp | 2.11% |
*A listing of all portfolio holdings can be found beginning on page 69.
Growth of $10,000 Initial Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class A shares including the maximum sales charge of 5.75%. The inception date for Class A shares of the Fund is April 19, 2004. All performance shown for Class A shares prior to the inception date is based on the performance of the Class S shares of the Fund, adjusted to reflect the fees, expenses and maximum sales charges of Class A shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
23
MANAGEMENT DISCUSSION AND ANALYSIS
Investment Objective
Invests in a diversified portfolio of the smallest companies that have been neglected by institutional shareholders. Utilizing a quantitative process to identify value-oriented investments, the Fund strives to achieve long-term growth while offering shareholders some protection from market declines and fluctuations.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 7.68% (Class A, at net asset value). That compares to a total return of 6.09% for the Russell 2000 Value Index, the Fund’s primary benchmark.
Factors That Made Positive Contributions
• | Both stock selection and sector allocation contributed strongly to relative returns versus the Fund’s benchmark (Russell 2000 Value Index). Total contribution to relative returns from selection and allocation during the period was 322 basis points. | |
• | Overall, the top three sectors were Industrials, Financials and Consumer Staples. Both allocation and stock selection in each of these sectors made a positive contribution versus the benchmark. | |
• | Including both allocation and selection, Industrials added 226 basis points, Financials added 184 basis points and Consumer Staples added 95 basis points during the period. |
Factors That Detracted From Relative Returns
• | Overall, including both selection and allocation, Consumer Discretionary and Materials were the weakest groups in the Fund’s portfolio. | |
• | An overweight allocation in the Consumer Discretionary, the second poorest performing sector, detracted from performance. | |
• | An underweight allocation to Materials, the best performing sector, detracted slightly from relative returns. |
24
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Microcap Value Fund
Investment Objective
Long-term growth of capital.
Benchmark
Russell 2000 Value Index
Asset Allocation
(% of fund’s investments excluding securities lending collateral) & Top Five Industries (% of fund’s net assets)
Top Five Industries | |
---|---|
Consumer Discretionary | 17.7% |
Financials | 19.4% |
Industrials | 17.4% |
Consumer Staples | 8.5% |
Information Technology | 9.4% |
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
iShares Russell Microcap Index Fund | 2.03% | |
Excel Maritime Carriers Ltd. ADR | 0.94% | |
HEICO Corp., Class A | 0.87% | |
Credit Acceptance Corp. | 0.78% | |
EDO Corp. | 0.77% | |
AMCOL International Corp. | 0.77% | |
Midland Co. | 0.75% | |
DJ Orthopedics, Inc. | 0.70% | |
Consolidated Graphics, Inc. | 0.67% | |
Robbins & Myers, Inc. | 0.66% |
*A listing of all portfolio holdings can be found beginning on page 71.
Growth of $10,000 Initial Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class A shares including the maximum sales charge of 5.75%. The inception date for Class A shares of the Fund is April 19, 2004. All performance shown for Class A shares prior to the inception date is based on the performance of the Class S shares of the Fund, adjusted to reflect the fees, expenses and maximum sales charges of Class A shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
25
Statements of Assets and Liabilities
September 30, 2007
Tamarack Large Cap Growth Fund | Tamarack Mid Cap Growth Fund | Tamarack SMID Cap Growth Fund | Tamarack Enterprise Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||||||||||
Investments, at value (cost $96,640,157; $86,076,459; $8,591,953 and $257,779,888, respectively) | $ | 120,060,659 | $ | 113,608,491 | $ | 10,462,289 | $ | 348,622,567 | ||||||||||
Interest and dividends receivable | 83,636 | 11,636 | 3,376 | 157,892 | ||||||||||||||
Receivable for capital shares issued | 6,794 | 154,798 | 33,831 | 206,438 | ||||||||||||||
Receivable for investments sold | - | 1,916,514 | 102,503 | 504,064 | ||||||||||||||
Prepaid expenses | 22,168 | 22,510 | 20,194 | 26,153 | ||||||||||||||
Total Assets | 120,173,257 | 115,713,949 | 10,622,193 | 349,517,114 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payable for capital shares redeemed | 101,325 | 9,364 | 15,296 | 82,240 | ||||||||||||||
Payable for investments purchased | 1,182,825 | 2,729,908 | 146,006 | 2,692,788 | ||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||
Investment advisory fees | 86,833 | 93,004 | 12,755 | 247,794 | ||||||||||||||
Administration fees | 9,569 | 9,098 | 847 | 28,389 | ||||||||||||||
Trustee fees | 83 | 83 | 83 | 83 | ||||||||||||||
Distribution fees | 926 | 8,149 | 1,119 | 5,855 | ||||||||||||||
Other | 102,837 | 101,387 | 49,118 | 155,441 | ||||||||||||||
Total Liabilities | 1,484,398 | 2,950,993 | 225,224 | 3,212,590 | ||||||||||||||
Net Assets | $ | 118,688,859 | $ | 112,762,956 | $ | 10,396,969 | $ | 346,304,524 | ||||||||||
Net Assets Consist Of: | ||||||||||||||||||
Capital | $ | 122,341,783 | $ | 76,709,270 | $ | 7,295,720 | $ | 215,650,929 | ||||||||||
Undistributed net investment income (loss) | - | - | - | 1,044,983 | ||||||||||||||
Accumulated net realized gains (losses) from investment transactions | (27,073,426 | ) | 8,521,654 | 1,230,913 | 38,765,933 | |||||||||||||
Net unrealized appreciation (depreciation) on investments | 23,420,502 | 27,532,032 | 1,870,336 | 90,842,679 | ||||||||||||||
Net Assets | $ | 118,688,859 | $ | 112,762,956 | $ | 10,396,969 | $ | 346,304,524 | ||||||||||
Net Assets: | ||||||||||||||||||
Class A | $ | 4,458,056 | $ | 33,887,092 | $ | 5,048,653 | $ | 18,932,857 | ||||||||||
Class I | 1,033,541 | 75,721,480 | 4,884,773 | 43,096,270 | ||||||||||||||
Class C | 38,643 | 1,264,841 | 31,502 | 2,355,612 | ||||||||||||||
Class R | 11,358 | 11,737 | 70,560 | 53,200 | ||||||||||||||
Class S | 113,147,261 | 1,877,806 | 361,481 | 281,866,585 | ||||||||||||||
Total | $ | 118,688,859 | $ | 112,762,956 | $ | 10,396,969 | $ | 346,304,524 | ||||||||||
Shares Outstanding (Unlimited number of shares authorized, no par value): | ||||||||||||||||||
Class A | 358,775 | 2,438,341 | 469,869 | 732,264 | ||||||||||||||
Class I | 81,959 | 5,271,369 | 437,999 | 1,651,151 | ||||||||||||||
Class C | 3,190 | 93,473 | 3,034 | 93,892 | ||||||||||||||
Class R | 922 | 852 | 6,652 | 2,079 | ||||||||||||||
Class S | 8,971,563 | 130,616 | 32,454 | 10,802,844 | ||||||||||||||
Total | 9,416,409 | 7,934,651 | 950,008 | 13,282,230 | ||||||||||||||
26
FINANCIAL STATEMENTS
Statements of Assets and Liabilities (cont.)
Tamarack Large Cap Growth Fund | Tamarack Mid Cap Growth Fund | Tamarack SMID Cap Growth Fund | Tamarack Enterprise Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Values and Redemption Price per Share: | ||||||||||||||||||
Class A (a) | $ | 12.43 | $ | 13.90 | $ | 10.74 | $ | 25.86 | ||||||||||
Class I | $ | 12.61 | $ | 14.36 | $ | 11.15 | $ | 26.10 | ||||||||||
Class C (b) | $ | 12.11 | $ | 13.53 | $ | 10.38 | $ | 25.09 | ||||||||||
Class R | $ | 12.31 | (c) | $ | 13.77 | (d) | $ | 10.61 | $ | 25.59 | ||||||||
Class S | $ | 12.61 | $ | 14.38 | $ | 11.14 | $ | 26.09 | ||||||||||
Maximum Offering Price Per Share: | ||||||||||||||||||
Class A | $ | 13.19 | $ | 14.75 | $ | 11.40 | $ | 27.44 | ||||||||||
Maximum Sales Charge - Class A | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||||
(a) | For Class A shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase (applicable on purchases of $1 million or more on which no initial sales charge was paid). Such reduction is not reflected. |
(b) | For Class C shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase. Such reduction is not reflected. |
(c) | Net asset value is calculated using unrounded net assets of $11,357.55 divided by the unrounded shares of 922.37. |
(d) | Net asset value is calculated using unrounded net assets of $11,737.06 divided by the unrounded shares of 852.20. |
See notes to financial statements.
27
FINANCIAL STATEMENTS
Statements of Assets and Liabilities (cont.)
September 30, 2007
Tamarack Small Cap Core Fund | Tamarack Value Fund | Tamarack Microcap Value Fund | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||||||
Investments, at value (cost $48,180,008; $233,213,299 and $302,792,691, respectively) | $ | 68,047,683 | $ | 272,505,835 | $ | 368,063,197 | ||||||||
Interest and dividends receivable | 47,484 | 468,179 | 266,155 | |||||||||||
Receivable for capital shares issued | 27,799 | 33,724 | 942,429 | |||||||||||
Receivable for investments sold | 82,700 | - | - | |||||||||||
Prepaid expenses | 25,891 | 22,816 | 23,211 | |||||||||||
Total Assets | 68,231,557 | 273,030,554 | 369,294,992 | |||||||||||
Liabilities: | ||||||||||||||
Payable for capital shares redeemed | 1,887 | 64,682 | 2,499,529 | |||||||||||
Payable for investments purchased | 233,499 | 2,702,176 | - | |||||||||||
Accrued expenses and other payables: | ||||||||||||||
Investment advisory fees | 65,224 | 164,007 | 148,160 | |||||||||||
Administration fees | 5,537 | 21,827 | 30,098 | |||||||||||
Trustee fees | 83 | 84 | 84 | |||||||||||
Distribution fees | 766 | 119 | 12,225 | |||||||||||
Other | 64,751 | 177,994 | 141,042 | |||||||||||
Total Liabilities | 371,747 | 3,130,889 | 2,831,138 | |||||||||||
Net Assets | $ | 67,859,810 | $ | 269,899,665 | $ | 366,463,854 | ||||||||
Net Assets Consist Of: | ||||||||||||||
Capital | $ | 38,137,349 | $ | 148,532,652 | $ | 276,655,373 | ||||||||
Undistributed net investment income (loss) | 84,225 | 3,787,112 | 444,496 | |||||||||||
Accumulated net realized gains (losses) from investment transactions | 9,770,561 | 78,287,365 | 24,093,479 | |||||||||||
Net unrealized appreciation (depreciation) on investments | 19,867,675 | 39,292,536 | 65,270,506 | |||||||||||
Net Assets | $ | 67,859,810 | $ | 269,899,665 | $ | 366,463,854 | ||||||||
Net Assets: | ||||||||||||||
Class A | $ | 1,401,312 | $ | 506,702 | $ | 43,003,559 | ||||||||
Class I | 102,052 | - | - | |||||||||||
Class C | 570,082 | 19,943 | 3,981,198 | |||||||||||
Class R | 15,795 | 4,547 | 532,349 | |||||||||||
Class S | 65,770,569 | 269,368,473 | 318,946,748 | |||||||||||
Total | $ | 67,859,810 | $ | 269,899,665 | $ | 366,463,854 | ||||||||
Shares Outstanding (Unlimited number of shares authorized, no par value): | ||||||||||||||
Class A | 44,173 | 11,776 | 1,924,807 | |||||||||||
Class I | 3,195 | - | - | |||||||||||
Class C | 18,472 | 470 | 182,483 | |||||||||||
Class R | 502 | 106 | 23,964 | |||||||||||
Class S | 2,058,935 | 6,246,313 | 14,195,567 | |||||||||||
Total | 2,125,277 | 6,258,665 | 16,326,821 | |||||||||||
28
FINANCIAL STATEMENTS
Statements of Assets and Liabilities (cont.)
Tamarack Small Cap Core Fund | Tamarack Value Fund | Tamarack Microcap Value Fund | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Values and Redemption Price per Share: | ||||||||||||||
Class A (a) | $ | 31.72 | $ | 43.03 | $ | 22.34 | ||||||||
Class I | $ | 31.94 | $ | - | $ | - | ||||||||
Class C (b) | $ | 30.86 | $ | 42.41 | (d) | $ | 21.82 | |||||||
Class R | $ | 31.44 | (c) | $ | 42.90 | $ | 22.21 | |||||||
Class S | $ | 31.94 | $ | 43.12 | $ | 22.47 | ||||||||
Maximum Offering Price Per Share: | ||||||||||||||
Class A | $ | 33.66 | $ | 45.66 | $ | 23.70 | ||||||||
Maximum Sales Charge - Class A | 5.75 | % | 5.75 | % | 5.75 | % | ||||||||
(a) | For Class A shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase (applicable on purchases of $1 million or more on which no initial sales charge was paid). Such reduction is not reflected. |
(b) | For Class C shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase. Such reduction is not reflected. |
(c) | Net asset value is calculated using unrounded net assets of $15,794.96 divided by the unrounded shares of 502.40. |
(d) | Net asset value is calculated using unrounded net assets of $19,943.42 divided by the unrounded shares of 470.25. |
See notes to financial statements.
29
FINANCIAL STATEMENTS
For the Year Ended September 30, 2007
Tamarack Large Cap Growth Fund | Tamarack Mid Cap Growth Fund | Tamarack SMID Cap Growth Fund | Tamarack Enterprise Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||||||||||
Interest income | $ | 62,253 | $ | 52,667 | $ | 858 | $ | 570,220 | ||||||||||
Dividend income | 1,141,892 | 584,296 | 47,527 | 4,228,110 | ||||||||||||||
Securities lending income (a) | 10,618 | 31,468 | - | 314,578 | ||||||||||||||
Total Investment Income | 1,214,763 | 668,431 | 48,385 | 5,112,908 | ||||||||||||||
Expenses: | ||||||||||||||||||
Investment advisory fees | 856,700 | 813,790 | 73,462 | 3,394,630 | ||||||||||||||
Administration fees | 122,384 | 116,255 | 10,494 | 360,511 | ||||||||||||||
Distribution fees - Class A | 22,894 | 200,694 | 27,101 | 98,154 | ||||||||||||||
Distribution fees - Class C | 338 | 19,860 | 333 | 24,946 | ||||||||||||||
Distribution fees - Class R | 53 | 54 | 226 | 261 | ||||||||||||||
Accounting fees | 91,117 | 87,023 | 13,540 | 258,442 | ||||||||||||||
Custodian fees | 4,014 | 2,926 | 4,188 | 9,825 | ||||||||||||||
Insurance fees | 8,195 | 7,839 | 3,036 | 19,303 | ||||||||||||||
Legal fees | 3,064 | 2,835 | 253 | 8,843 | ||||||||||||||
Audit fees | 32,709 | 32,709 | 32,709 | 32,709 | ||||||||||||||
Registration and filing fees | 32,176 | 35,838 | 34,439 | 37,319 | ||||||||||||||
Shareholder reports | 65,543 | 28,506 | 13,919 | 97,938 | ||||||||||||||
Transfer agent fees | 199,588 | 258,834 | 65,904 | 445,430 | ||||||||||||||
Trustees’ fees | 22,417 | 22,417 | 22,417 | 22,417 | ||||||||||||||
Other fees | 4,788 | 4,845 | 2,112 | 10,552 | ||||||||||||||
Total expenses before fee reductions | 1,465,980 | 1,634,425 | 304,133 | 4,821,280 | ||||||||||||||
Expenses reduced by: | ||||||||||||||||||
Adviser | (219,411 | ) | (134,998 | ) | (126,304 | ) | (804,604 | ) | ||||||||||
Distributor | (11,447 | ) | (100,347 | ) | (13,551 | ) | (49,077 | ) | ||||||||||
Net Expenses | 1,235,122 | 1,399,080 | 164,278 | 3,967,599 | ||||||||||||||
Net Investment Income (Loss) | (20,359 | ) | (730,649 | ) | (115,893 | ) | 1,145,309 | |||||||||||
Realized/Unrealized Gains (Losses) from Investment Transactions: | ||||||||||||||||||
Net realized gains (losses) from investment transactions | 6,927,557 | 8,568,754 | 1,376,842 | 40,636,549 | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 9,960,006 | 8,098,332 | (210,375 | ) | 1,256,799 | |||||||||||||
Net realized/unrealized gains (losses) from investments | 16,887,563 | 16,667,086 | 1,166,467 | 41,893,348 | ||||||||||||||
Change in net assets resulting from operations | $ | 16,867,204 | $ | 15,936,437 | $ | 1,050,574 | $ | 43,038,657 | ||||||||||
(a) | For more information on Securities Lending, please see Footnote 2 in the Notes to Financial Statements. |
See notes to financial statements.
30
FINANCIAL STATEMENTS
Statements of Operations (cont.)
For the Year Ended September 30, 2007
Tamarack Small Cap Core Fund | Tamarack Value Fund | Tamarack Microcap Value Fund | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||||||
Interest income | $ | 82,482 | $ | 183,724 | $ | 743,769 | ||||||||
Dividend income | 1,270,147 | 6,528,150 | 4,450,246 | |||||||||||
Securities lending income (a) | 51,220 | 17,998 | - | |||||||||||
Total Investment Income | 1,403,849 | 6,729,872 | 5,194,015 | |||||||||||
Expenses: | ||||||||||||||
Investment advisory fees | 782,216 | 2,397,318 | 3,219,175 | |||||||||||
Administration fees | 70,245 | 282,034 | 357,682 | |||||||||||
Distribution fees - Class A | 12,226 | 2,832 | 196,155 | |||||||||||
Distribution fees - Class C | 5,261 | 234 | 34,381 | |||||||||||
Distribution fees - Class R | 79 | 22 | 2,457 | |||||||||||
Accounting fees | 55,694 | 202,936 | 268,084 | |||||||||||
Custodian fees | 4,729 | 8,624 | 6,802 | |||||||||||
Insurance fees | 5,407 | 15,747 | 14,105 | |||||||||||
Legal fees | 1,839 | 7,276 | 10,423 | |||||||||||
Audit fees | 29,884 | 32,708 | 32,708 | |||||||||||
Registration and filing fees | 39,037 | 30,964 | 68,203 | |||||||||||
Shareholder reports | 27,471 | 126,756 | 83,776 | |||||||||||
Transfer agent fees | 97,101 | 411,215 | 461,382 | |||||||||||
Trustees’ fees | 22,417 | 22,417 | 22,417 | |||||||||||
Other fees | 3,682 | 8,459 | 9,407 | |||||||||||
Total expenses before fee reductions | 1,157,288 | 3,549,542 | 4,787,157 | |||||||||||
Expenses reduced by: | ||||||||||||||
Adviser | (226,504 | ) | (642,307 | ) | (726,642 | ) | ||||||||
Distributor | (6,113 | ) | (1,416 | ) | (98,078 | ) | ||||||||
Net Expenses | 924,671 | 2,905,819 | 3,962,437 | |||||||||||
Net Investment Income (Loss) | 479,178 | 3,824,053 | 1,231,578 | |||||||||||
Realized/Unrealized Gains (Losses) from Investment Transactions: | ||||||||||||||
Net realized gains (losses) from investment transactions | 10,289,064 | 92,851,729 | 24,542,918 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,756,144 | ) | (58,909,477 | ) | (2,895,030 | ) | ||||||||
Net realized/unrealized gains (losses) from investments | 7,532,920 | 33,942,252 | 21,647,888 | |||||||||||
Change in net assets resulting from operations | $ | 8,012,098 | $ | 37,766,305 | $ | 22,879,466 | ||||||||
(a) | For more information on Securities Lending, please see Footnote 2 in the Notes to Financial Statements. |
See notes to financial statements.
31
FINANCIAL STATEMENTS
Statements of Changes in Net Assets
Tamarack Large Cap Growth Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | (20,359 | ) | $ | (43,633 | ) | ||||
Net realized gains (losses) from investment transactions | 6,927,557 | 7,321,698 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 9,960,006 | (3,758,766 | ) | |||||||
Change in net assets resulting from operations | 16,867,204 | 3,519,299 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | - | - | ||||||||
Distributions to Class I Shareholders: | ||||||||||
From net investment income | - | (928 | ) | |||||||
From net realized gains from investment transactions | - | - | ||||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | - | - | ||||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | - | - | ||||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | - | (62,129 | ) | |||||||
From net realized gains from investment transactions | - | - | ||||||||
Change in net assets resulting from shareholder distributions | - | (63,057 | ) | |||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 1,497,179 | 1,940,383 | ||||||||
Dividends reinvested | - | 56,446 | ||||||||
Cost of shares redeemed | (31,342,377 | ) | (29,390,661 | ) | ||||||
Change in net assets resulting from capital transactions | (29,845,198 | ) | (27,393,832 | ) | ||||||
Net increase (decrease) in net assets | (12,977,994 | ) | (23,937,590 | ) | ||||||
Net Assets: | ||||||||||
Beginning of period | 131,666,853 | 155,604,443 | ||||||||
End of period | $ | 118,688,859 | $ | 131,666,853 | ||||||
Undistributed net investment income (loss) | $ | - | $ | - | ||||||
Share Transactions: | ||||||||||
Issued | 130,073 | 175,817 | ||||||||
Reinvested | - | 4,982 | ||||||||
Redeemed | (2,713,452 | ) | (2,658,951 | ) | ||||||
Change in shares resulting from capital transactions | (2,583,379 | ) | (2,478,152 | ) | ||||||
See notes to financial statements.
32
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Mid Cap Growth Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | (730,649 | ) | $ | (608,782 | ) | ||||
Net realized gains (losses) from investment transactions | 8,568,754 | 4,228,187 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 8,098,332 | 4,591,148 | ||||||||
Change in net assets resulting from operations | 15,936,437 | 8,210,553 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (1,156,808 | ) | (855,699 | ) | ||||||
Distributions to Class I Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (1,923,501 | ) | (1,192,053 | ) | ||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (59,163 | ) | (7,302 | ) | ||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (287 | ) | (186 | ) | ||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (44,185 | ) | (28,062 | ) | ||||||
Change in net assets resulting from shareholder distributions | (3,183,944 | ) | (2,083,302 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 12,165,419 | 27,231,648 | ||||||||
Dividends reinvested | 3,121,844 | 2,033,557 | ||||||||
Cost of shares redeemed | (35,880,188 | ) | (24,717,145 | ) | ||||||
Change in net assets resulting from capital transactions | (20,592,925 | ) | 4,548,060 | |||||||
Net increase (decrease) in net assets | (7,840,432 | ) | 10,675,311 | |||||||
Net Assets: | ||||||||||
Beginning of period | 120,603,388 | 109,928,077 | ||||||||
End of period | $ | 112,762,956 | $ | 120,603,388 | ||||||
Undistributed net investment income (loss) | $ | - | $ | - | ||||||
Share Transactions: | ||||||||||
Issued | 912,312 | 2,065,479 | ||||||||
Reinvested | 250,032 | 158,873 | ||||||||
Redeemed | (2,724,755 | ) | (1,970,247 | ) | ||||||
Change in shares resulting from capital transactions | (1,562,411 | ) | 254,105 | |||||||
See notes to financial statements.
33
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack SMID Cap Growth Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | (115,893 | ) | $ | (138,004 | ) | ||||
Net realized gains (losses) from investment transactions | 1,376,842 | 767,278 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (210,375 | ) | (167,322 | ) | ||||||
Change in net assets resulting from operations | 1,050,574 | 461,952 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (366,850 | ) | (1,942,958 | ) | ||||||
Distributions to Class I Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (289,387 | ) | (922,615 | ) | ||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (2,627 | ) | (14,323 | ) | ||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (2,033 | ) | (8,748 | ) | ||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (17,047 | ) | (58,989 | ) | ||||||
Change in net assets resulting from shareholder distributions | (677,944 | ) | (2,947,633 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 1,950,641 | 2,960,531 | ||||||||
Dividends reinvested | 654,225 | 2,776,551 | ||||||||
Cost of shares redeemed | (3,297,864 | ) | (4,653,751 | ) | ||||||
Change in net assets resulting from capital transactions | (692,998 | ) | 1,083,331 | |||||||
Net increase (decrease) in net assets | (320,368 | ) | (1,402,350 | ) | ||||||
Net Assets: | ||||||||||
Beginning of period | 10,717,337 | 12,119,687 | ||||||||
End of period | $ | 10,396,969 | $ | 10,717,337 | ||||||
Undistributed net investment income (loss) | $ | - | $ | - | ||||||
Share Transactions: | ||||||||||
Issued | 180,180 | 263,232 | ||||||||
Reinvested | 64,054 | 266,407 | ||||||||
Redeemed | (310,747 | ) | (402,959 | ) | ||||||
Change in shares resulting from capital transactions | (66,513 | ) | 126,680 | |||||||
See notes to financial statements.
34
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Enterprise Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 1,145,309 | $ | 189,125 | ||||||
Net realized gains (losses) from investment transactions | 40,636,549 | 31,052,535 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,256,799 | (2,900,464 | ) | |||||||
Change in net assets resulting from operations | 43,038,657 | 28,341,196 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (1,650,953 | ) | (1,714,562 | ) | ||||||
Distributions to Class I Shareholders: | ||||||||||
From net investment income | (31,267 | ) | - | |||||||
From net realized gains from investment transactions | (3,012,968 | ) | (3,431,576 | ) | ||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (213,776 | ) | (106,524 | ) | ||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (4,695 | ) | (6,998 | ) | ||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | (258,184 | ) | - | |||||||
From net realized gains from investment transactions | (24,883,699 | ) | (37,704,988 | ) | ||||||
Change in net assets resulting from shareholder distributions | (30,055,542 | ) | (42,964,648 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 38,549,804 | 42,750,442 | ||||||||
Dividends reinvested | 27,256,559 | 38,814,292 | ||||||||
Cost of shares redeemed | (91,926,578 | ) | (78,409,731 | ) | ||||||
Change in net assets resulting from capital transactions | (26,120,215 | ) | 3,155,003 | |||||||
Net increase (decrease) in net assets | (13,137,100 | ) | (11,468,449 | ) | ||||||
Net Assets: | ||||||||||
Beginning of period | 359,441,624 | 370,910,073 | ||||||||
End of period | $ | 346,304,524 | $ | 359,441,624 | ||||||
Undistributed net investment income (loss) | $ | 1,044,983 | $ | 189,125 | ||||||
Share Transactions: | ||||||||||
Issued | 1,499,406 | 1,687,288 | ||||||||
Reinvested | 1,111,333 | 1,675,630 | ||||||||
Redeemed | (3,542,803 | ) | (3,113,691 | ) | ||||||
Change in shares resulting from capital transactions | (932,064 | ) | 249,227 | |||||||
See notes to financial statements.
35
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Small Cap Core Fund
For the Year Ended September 30, 2007 (a) | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 479,178 | $ | (167,598 | ) | |||||
Net realized gains (losses) from investment transactions | 10,289,064 | 7,438,440 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,756,144 | ) | 2,164,571 | |||||||
Change in net assets resulting from operations | 8,012,098 | 9,435,413 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | (8,590 | ) | - | |||||||
From net realized gains from investment transactions | (258,301 | ) | (446,947 | ) | ||||||
Distributions to Class I Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | - | - | ||||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (46,286 | ) | (95,246 | ) | ||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | (20 | ) | - | |||||||
From net realized gains from investment transactions | (1,661 | ) | (2,727 | ) | ||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | (386,343 | ) | - | |||||||
From net realized gains from investment transactions | (6,777,480 | ) | (10,203,874 | ) | ||||||
Change in net assets resulting from shareholder distributions | (7,478,681 | ) | (10,748,794 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 2,721,354 | 3,271,484 | ||||||||
Dividends reinvested | 6,965,827 | 10,265,969 | ||||||||
Cost of shares redeemed | (9,873,633 | ) | (16,066,758 | ) | ||||||
Change in net assets resulting from capital transactions | (186,452 | ) | (2,529,305 | ) | ||||||
Net increase (decrease) in net assets | 346,965 | (3,842,686 | ) | |||||||
Net Assets: | ||||||||||
Beginning of period | 67,512,845 | 71,355,531 | ||||||||
End of period | $ | 67,859,810 | $ | 67,512,845 | ||||||
Undistributed net investment income (loss) | $ | 84,225 | $ | - | ||||||
Share Transactions: | ||||||||||
Issued | 85,874 | 104,355 | ||||||||
Reinvested | 234,154 | 365,085 | ||||||||
Redeemed | (308,727 | ) | (513,998 | ) | ||||||
Change in shares resulting from capital transactions | 11,301 | (44,558 | ) | |||||||
(a) | The Tamarack Small Cap Core Fund Class I Shares are for the period from August 2, 2007 (commencement of operations) to September 30, 2007. |
See notes to financial statements.
36
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Value Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 3,824,053 | $ | 4,318,258 | ||||||
Net realized gains (losses) from investment transactions | 92,851,729 | 32,266,673 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (58,909,477 | ) | (8,051,450 | ) | ||||||
Change in net assets resulting from operations | 37,766,305 | 28,533,481 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | (6,777 | ) | (25,171 | ) | ||||||
From net realized gains from investment transactions | (51,226 | ) | (346,127 | ) | ||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | (143 | ) | (127 | ) | ||||||
From net realized gains from investment transactions | (2,125 | ) | (4,337 | ) | ||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | (42 | ) | (31 | ) | ||||||
From net realized gains from investment transactions | (348 | ) | (571 | ) | ||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | (4,197,693 | ) | (4,711,754 | ) | ||||||
From net realized gains from investment transactions | (24,181,519 | ) | (54,587,535 | ) | ||||||
Change in net assets resulting from shareholder distributions | (28,439,873 | ) | (59,675,653 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 3,775,506 | 10,321,320 | ||||||||
Dividends reinvested | 27,177,009 | 57,708,479 | ||||||||
Cost of shares redeemed | (62,633,370 | ) | (113,751,128 | ) | ||||||
Change in net assets resulting from capital transactions | (31,680,855 | ) | (45,721,329 | ) | ||||||
Net increase (decrease) in net assets | (22,354,423 | ) | (76,863,501 | ) | ||||||
Net Assets: | ||||||||||
Beginning of period | 292,254,088 | 369,117,589 | ||||||||
End of period | $ | 269,899,665 | $ | 292,254,088 | ||||||
Undistributed net investment income (loss) | $ | 3,787,112 | $ | 4,167,714 | ||||||
Share Transactions: | ||||||||||
Issued | 91,465 | 252,465 | ||||||||
Reinvested | 674,035 | 1,481,233 | ||||||||
Redeemed | (1,508,974 | ) | (2,795,287 | ) | ||||||
Change in shares resulting from capital transactions | (743,474 | ) | (1,061,589 | ) | ||||||
See notes to financial statements.
37
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Microcap Value Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 1,231,578 | $ | 569,330 | ||||||
Net realized gains (losses) from investment transactions | 24,542,918 | 24,703,831 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (2,895,030 | ) | 5,136,261 | |||||||
Change in net assets resulting from operations | 22,879,466 | 30,409,422 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | - | (22,835 | ) | |||||||
From net realized gains from investment transactions | (2,208,456 | ) | (998,432 | ) | ||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (170,812 | ) | (48,522 | ) | ||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | - | - | ||||||||
From net realized gains from investment transactions | (23,707 | ) | (8,965 | ) | ||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | (425,045 | ) | (815,624 | ) | ||||||
From net realized gains from investment transactions | (19,181,515 | ) | (19,223,939 | ) | ||||||
Change in net assets resulting from shareholder distributions | (22,009,535 | ) | (21,118,317 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 149,173,257 | 77,607,462 | ||||||||
Dividends reinvested | 20,913,603 | 19,966,985 | ||||||||
Cost of shares redeemed | (97,510,505 | ) | (57,736,917 | ) | ||||||
Change in net assets resulting from capital transactions | 72,576,355 | 39,837,530 | ||||||||
Net increase (decrease) in net assets | 73,446,286 | 49,128,635 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 293,017,568 | 243,888,933 | ||||||||
End of period | $ | 366,463,854 | $ | 293,017,568 | ||||||
Undistributed net investment income (loss) | $ | 444,496 | $ | (362,037 | ) | |||||
Share Transactions: | ||||||||||
Issued | 6,453,723 | 3,569,091 | ||||||||
Reinvested | 929,897 | 993,498 | ||||||||
Redeemed | (4,222,123 | ) | (2,695,012 | ) | ||||||
Change in shares resulting from capital transactions | 3,161,497 | 1,867,577 | ||||||||
See notes to financial statements.
38
Tamarack Large Cap Growth Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Investment Income | Total Distributions | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.85 | (0.03 | ) | 1.61 | (a | ) | 1.58 | — | — | ||||||||||||||||||||
Year Ended September 30, 2006 | 10.65 | (0.03 | ) | 0.23 | (a | ) | 0.20 | — | — | |||||||||||||||||||||
Year Ended September 30, 2005 | 9.88 | 0.01 | 0.76 | (a | ) | 0.77 | — | — | ||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 10.02 | (0.01 | ) | (0.13 | ) | (a | ) | (0.14 | ) | — | — | |||||||||||||||||||
Year Ended April 30, 2004 | 8.33 | (0.07 | ) | 1.76 | — | 1.69 | — | — | ||||||||||||||||||||||
Year Ended April 30, 2003 | 9.87 | — | (1.53 | ) | — | (1.53 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.98 | (a | ) | 1.63 | (a | ) | 1.63 | — | — | ||||||||||||||||||||
Year Ended September 30, 2006 | 10.75 | (0.01 | ) | 0.24 | (a | ) | 0.23 | (a | ) | (a | ) | |||||||||||||||||||
Year Ended September 30, 2005 | 9.97 | 0.05 | 0.75 | (a | ) | 0.80 | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 10.11 | (a | ) | (0.14 | ) | (a | ) | (0.14 | ) | — | — | |||||||||||||||||||
Year Ended April 30, 2004 | 8.38 | (0.07 | ) | 1.80 | — | 1.73 | — | — | ||||||||||||||||||||||
Year Ended April 30, 2003 | 9.92 | 0.03 | (1.55 | ) | — | (1.52 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.65 | (0.10 | ) | 1.56 | (a | ) | 1.46 | — | — | ||||||||||||||||||||
Year Ended September 30, 2006 | 10.53 | (0.10 | ) | 0.22 | (a | ) | 0.12 | — | — | |||||||||||||||||||||
Year Ended September 30, 2005 | 9.85 | (0.02 | ) | 0.70 | (a | ) | 0.68 | — | — | |||||||||||||||||||||
Period Ended September 30, 2004 (e) | 10.02 | (0.04 | ) | (0.13 | ) | (a | ) | (0.17 | ) | — | — | |||||||||||||||||||
Period Ended April 30, 2004 (f) | 10.28 | — | (0.26 | ) | — | (0.26 | ) | — | — | |||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.78 | (0.06 | ) | 1.59 | (a | ) | 1.53 | — | — | ||||||||||||||||||||
Year Ended September 30, 2006 | 10.60 | (0.05 | ) | 0.23 | (a | ) | 0.18 | — | — | |||||||||||||||||||||
Year Ended September 30, 2005 | 9.87 | (0.15 | ) | 0.89 | (a | ) | 0.74 | (0.01 | ) | (0.01 | ) | |||||||||||||||||||
Period Ended September 30, 2004 (e) | 10.02 | — | (0.15 | ) | (a | ) | (0.15 | ) | — | — | ||||||||||||||||||||
Period Ended April 30, 2004 (f) | 10.28 | — | (0.26 | ) | — | (0.26 | ) | — | — | |||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.98 | (a | ) | 1.63 | (a | ) | 1.63 | — | — | ||||||||||||||||||||
Year Ended September 30, 2006 | 10.75 | (a | ) | 0.23 | (a | ) | 0.23 | (a | ) | (a | ) | |||||||||||||||||||
Year Ended September 30, 2005 | 9.97 | 0.02 | 0.78 | (a | ) | 0.80 | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 10.11 | — | (0.14 | ) | (a | ) | (0.14 | ) | — | — | ||||||||||||||||||||
Period Ended April 30, 2004 (f) | 10.37 | — | (0.26 | ) | — | (0.26 | ) | — | — |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate *** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.43 | 14.56 | % | $ | 4,458 | 1.25 | % | (0.26 | %) | 1.68 | % | 25 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.85 | 1.88 | % | 5,175 | 1.25 | % | (0.27 | %) | 1.68 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 10.65 | 7.79 | % | 6,280 | 1.15 | % | 0.06 | % | 1.74 | % | 28 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.88 | (1.40 | %)(b) | 10,614 | 1.10 | %(c) | (0.27 | %)(c) | 1.63 | %(c) | 16 | % | ||||||||||||||||||
Year Ended April 30, 2004 | 10.02 | 20.29 | % | 10,864 | 1.54 | % | (0.85 | %) | 1.79 | % | 264 | % | ||||||||||||||||||
Year Ended April 30, 2003 | 8.33 | (15.53 | %) | 7,686 | 1.46 | % | (0.07 | %) | 1.71 | % | 90 | % | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.61 | 14.85 | % | $ | 1,034 | 1.00 | % | (0.01 | %) | 1.18 | % | 25 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.98 | 2.18 | % | 1,204 | 1.00 | % | (0.08 | %) | 1.19 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 10.75 | 8.04 | % | 3,636 | 0.89 | % | 0.35 | % | 1.22 | % | 28 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.97 | (1.38 | %)(b) | 19,556 | 0.85 | %(c) | (0.03 | %)(c) | 1.11 | %(c) | 16 | % | ||||||||||||||||||
Year Ended April 30, 2004 | 10.11 | 20.64 | % | 28,454 | 1.29 | % | (0.60 | %) | 1.29 | % | 264 | % | ||||||||||||||||||
Year Ended April 30, 2003 | 8.38 | (15.34 | %) | 35,379 | 1.21 | % | 0.20 | % | (d | ) | 90 | % | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.11 | 13.71 | % | $ | 39 | 2.00 | % | (1.00 | %) | 2.16 | % | 25 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.65 | 1.14 | % | 25 | 2.00 | % | (1.01 | %) | 2.17 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 10.53 | 6.90 | % | 25 | 1.93 | % | (0.88 | %) | 2.26 | % | 28 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.85 | (1.70 | %)(b) | 3 | 1.81 | %(c) | (0.98 | %)(c) | 2.13 | %(c) | 16 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 10.02 | (2.53 | %)(b) | 3 | 1.88 | %(c) | (1.15 | %)(c) | (d | ) | 264 | % | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.31 | 14.30 | % | $ | 11 | 1.50 | % | (0.51 | %) | 1.66 | % | 25 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.78 | 1.60 | % | 10 | 1.50 | % | (0.53 | %) | 1.66 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 10.60 | 7.46 | % | 15 | 1.41 | % | (0.27 | %) | 1.75 | % | 28 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.87 | (1.50 | %)(b) | 65 | 1.34 | %(c) | 0.12 | %(c) | 2.00 | %(c) | 16 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 10.02 | (2.53 | %)(b) | 3 | 1.32 | %(c) | (0.63 | %)(c) | (d | ) | 264 | % | ||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.61 | 14.85 | % | $ | 113,147 | 1.00 | % | (0.01 | %) | 1.18 | % | 25 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.98 | 2.18 | % | 125,253 | 1.00 | % | (0.02 | %) | 1.18 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 10.75 | 8.04 | % | 145,649 | 0.91 | % | 0.24 | % | 1.25 | % | 28 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.97 | (1.38 | %)(b) | 168,756 | 0.85 | %(c) | (0.02 | %)(c) | 1.13 | %(c) | 16 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 10.11 | (2.51 | %)(b) | 190,737 | 0.85 | %(c) | (0.27 | %)(c) | (d | ) | 264 | % |
* | Excludes sales charge. | ||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Less than $0.01 or $(0.01) per share. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | There were no waivers or reimbursements during the period. | ||||
(e) | For the period from May 1, 2004 to September 30, 2004. | ||||
(f) | For the period from April 19, 2004 (commencement of operations) to April 30, 2004. |
See notes to financial statements.
39
FINANCIAL HIGHLIGHTS
Tamarack Mid Cap Growth Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Realized Gains | Total Distributions | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.47 | (0.10 | )(a) | 1.88 | (g | ) | 1.78 | (0.35 | ) | (0.35 | ) | ||||||||||||||||||
Year Ended September 30, 2006 | 11.71 | (0.08 | )(a) | 1.07 | (g | ) | 0.99 | (0.23 | ) | (0.23 | ) | |||||||||||||||||||
Year Ended September 30, 2005 | 11.57 | (0.14 | ) | 1.86 | (g | ) | 1.72 | (1.58 | ) | (1.58 | ) | |||||||||||||||||||
Period Ended September 30, 2004 (e) | 12.17 | (0.04 | ) | (0.56 | ) | (g | ) | (0.60 | ) | — | — | |||||||||||||||||||
Year Ended April 30, 2004 | 9.46 | (0.08 | ) | 2.79 | — | 2.71 | — | — | ||||||||||||||||||||||
Year Ended April 30, 2003 | 11.73 | (0.03 | ) | (2.15 | ) | — | (2.18 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.85 | (0.07 | )(a) | 1.93 | (g | ) | 1.86 | (0.35 | ) | (0.35 | ) | ||||||||||||||||||
Year Ended September 30, 2006 | 12.03 | (0.05 | )(a) | 1.10 | (g | ) | 1.05 | (0.23 | ) | (0.23 | ) | |||||||||||||||||||
Year Ended September 30, 2005 | 11.81 | (0.04 | ) | 1.84 | (g | ) | 1.80 | (1.58 | ) | (1.58 | ) | |||||||||||||||||||
Period Ended September 30, 2004 (e) | 12.41 | (0.04 | ) | (0.56 | ) | (g | ) | (0.60 | ) | — | — | |||||||||||||||||||
Year Ended April 30, 2004 | 9.62 | (0.08 | ) | 2.87 | — | 2.79 | — | — | ||||||||||||||||||||||
Year Ended April 30, 2003 | 11.91 | (0.01 | ) | (2.19 | ) | — | (2.20 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.24 | (0.19 | )(a) | 1.83 | (g | ) | 1.64 | (0.35 | ) | (0.35 | ) | ||||||||||||||||||
Year Ended September 30, 2006 | 11.59 | (0.17 | )(a) | 1.05 | (g | ) | 0.88 | (0.23 | ) | (0.23 | ) | |||||||||||||||||||
Year Ended September 30, 2005 | 11.53 | (0.11 | ) | 1.75 | (g | ) | 1.64 | (1.58 | ) | (1.58 | ) | |||||||||||||||||||
Period Ended September 30, 2004 (e) | 12.16 | (0.05 | ) | (0.58 | ) | (g | ) | (0.63 | ) | — | — | |||||||||||||||||||
Period Ended April 30, 2004 (f) | 12.51 | — | (0.35 | ) | — | (0.35 | ) | — | — | |||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.39 | (0.13 | )(a) | 1.86 | (g | ) | 1.73 | (0.35 | ) | (0.35 | ) | ||||||||||||||||||
Year Ended September 30, 2006 | 11.67 | (0.12 | )(a) | 1.07 | (g | ) | 0.95 | (0.23 | ) | (0.23 | ) | |||||||||||||||||||
Year Ended September 30, 2005 | 11.55 | (0.30 | ) | 2.00 | (g | ) | 1.70 | (1.58 | ) | (1.58 | ) | |||||||||||||||||||
Period Ended September 30, 2004 (e) | 12.17 | (0.01 | ) | (0.61 | ) | (g | ) | (0.62 | ) | — | — | |||||||||||||||||||
Period Ended April 30, 2004 (f) | 12.51 | — | (0.34 | ) | — | (0.34 | ) | — | — | |||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 12.86 | (0.07 | )(a) | 1.94 | (g | ) | 1.87 | (0.35 | ) | (0.35 | ) | ||||||||||||||||||
Year Ended September 30, 2006 | 12.03 | (0.05 | )(a) | 1.11 | (g | ) | 1.06 | (0.23 | ) | (0.23 | ) | |||||||||||||||||||
Year Ended September 30, 2005 | 11.81 | (0.02 | ) | 1.82 | (g | ) | 1.80 | (1.58 | ) | (1.58 | ) | |||||||||||||||||||
Period Ended September 30, 2004 (e) | 12.41 | (0.01 | ) | (0.59 | ) | (g | ) | (0.60 | ) | — | — | |||||||||||||||||||
Period Ended April 30, 2004 (f) | 12.76 | — | (0.35 | ) | — | (0.35 | ) | — | — |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate *** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 13.90 | 14.52 | % | $ | 33,887 | 1.35 | % | (0.78 | %) | 1.72 | % | 31 | % | ||||||||||||||||
Year Ended September 30, 2006 | 12.47 | 8.52 | % | 43,803 | 1.35 | % | (0.66 | %) | 1.73 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 11.71 | 15.62 | % | 45,359 | 1.32 | % | (0.80 | %) | 1.75 | % | 22 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 11.57 | (4.93 | %)(b) | 69,979 | 1.27 | %(c) | (0.88 | %)(c) | 1.58 | %(c) | 15 | % | ||||||||||||||||||
Year Ended April 30, 2004 | 12.17 | 28.65 | % | 74,150 | 1.38 | % | (0.78 | %) | 1.64 | % | 93 | % | ||||||||||||||||||
Year Ended April 30, 2003 | 9.46 | (18.58 | %) | 48,806 | 1.40 | % | (0.37 | %) | 1.65 | % | 28 | % | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 14.36 | 14.89 | % | $ | 75,721 | 1.10 | % | (0.53 | %) | 1.21 | % | 31 | % | ||||||||||||||||
Year Ended September 30, 2006 | 12.85 | 8.71 | % | 72,866 | 1.10 | % | (0.41 | %) | 1.23 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 12.03 | 16.02 | % | 62,652 | 1.07 | % | (0.54 | %) | 1.25 | % | 22 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 11.81 | (4.83 | %)(b) | 47,778 | 1.02 | %(c) | (0.62 | %)(c) | 1.07 | %(c) | 15 | % | ||||||||||||||||||
Year Ended April 30, 2004 | 12.41 | 29.00 | % | 66,039 | 1.15 | % | (0.50 | %) | 1.16 | % | 93 | % | ||||||||||||||||||
Year Ended April 30, 2003 | 9.62 | (18.46 | %) | 94,472 | 1.15 | % | (0.12 | %) | (d | ) | 28 | % | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 13.53 | 13.73 | % | $ | 1,265 | 2.10 | % | (1.52 | %) | 2.23 | % | 31 | % | ||||||||||||||||
Year Ended September 30, 2006 | 12.24 | 7.56 | % | 2,054 | 2.10 | % | (1.40 | %) | 2.22 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 11.59 | 14.91 | % | 370 | 2.09 | % | (1.53 | %) | 2.28 | % | 22 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 11.53 | (5.18 | %)(b) | 13 | 2.02 | %(c) | (1.65 | %)(c) | 2.12 | %(c) | 15 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 12.16 | (2.80 | %)(b) | 3 | 1.28 | %(c) | (1.01 | %)(c) | (d | ) | 93 | % | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 13.77 | 14.30 | % | $ | 12 | 1.60 | % | (1.03 | %) | 1.70 | % | 31 | % | ||||||||||||||||
Year Ended September 30, 2006 | 12.39 | 8.12 | % | 10 | 1.60 | % | (0.95 | %) | 1.73 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 11.67 | 15.47 | % | 32 | 1.57 | % | (1.04 | %) | 1.76 | % | 22 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 11.55 | (5.09 | %)(b) | 72 | 1.52 | %(c) | (1.20 | %)(c) | 1.78 | %(c) | 15 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 12.17 | (2.72 | %)(b) | 3 | 0.79 | %(c) | (0.56 | %)(c) | (d | ) | 93 | % | ||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 14.38 | 14.88 | % | $ | 1,878 | 1.10 | % | (0.53 | %) | 1.21 | % | 31 | % | ||||||||||||||||
Year Ended September 30, 2006 | 12.86 | 8.79 | % | 1,870 | 1.10 | % | (0.41 | %) | 1.23 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 12.03 | 16.02 | % | 1,515 | 1.08 | % | (0.52 | %) | 1.27 | % | 22 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 11.81 | (4.83 | %)(b) | 225 | 1.03 | %(c) | (0.71 | %)(c) | 1.15 | %(c) | 15 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 12.41 | (2.74 | %)(b) | 4 | 0.25 | %(c) | (0.06 | %)(c) | (d | ) | 93 | % |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | There were no waivers or reimbursements during the period. | ||||
(e) | For the period from May 1, 2004 to September 30, 2004. | ||||
(f) | For the period from April 19, 2004 (commencement of operations) to April 30, 2004. | ||||
(g) | Less than $0.01 or $(0.01) per share. |
See notes to financial statements.
40
FINANCIAL HIGHLIGHTS
Tamarack SMID Cap Growth Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Loss | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Realized Gains | Total Distributions | |||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.39 | (0.12 | )(a) | 1.17 | (g | ) | 1.05 | (0.70 | ) | (0.70 | ) | |||||||||||||||||||
Year Ended September 30, 2006 | 13.51 | (0.14 | )(a) | 0.68 | (g | ) | 0.54 | (3.66 | ) | (3.66 | ) | ||||||||||||||||||||
Year Ended September 30, 2005 | 13.78 | (0.19 | ) | 2.11 | (g | ) | 1.92 | (2.19 | ) | (2.19 | ) | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.19 | (0.07 | ) | 0.66 | (g | ) | 0.59 | — | — | ||||||||||||||||||||||
Year Ended April 30, 2004 | 10.11 | (0.15 | ) | 3.23 | — | 3.08 | — | — | |||||||||||||||||||||||
Year Ended April 30, 2003 | 12.32 | (0.12 | ) | (2.09 | ) | — | (2.21 | ) | — | — | |||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.73 | (0.10 | )(a) | 1.22 | (g | ) | 1.12 | (0.70 | ) | (0.70 | ) | |||||||||||||||||||
Year Ended September 30, 2006 | 13.81 | (0.12 | )(a) | 0.70 | (g | ) | 0.58 | (3.66 | ) | (3.66 | ) | ||||||||||||||||||||
Year Ended September 30, 2005 | 14.01 | (0.21 | ) | 2.20 | (g | ) | 1.99 | (2.19 | ) | (2.19 | ) | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.40 | (0.08 | ) | 0.69 | (g | ) | 0.61 | — | — | ||||||||||||||||||||||
Year Ended April 30, 2004 | 10.25 | (0.17 | ) | 3.32 | — | 3.15 | — | — | |||||||||||||||||||||||
Year Ended April 30, 2003 | 12.45 | (0.09 | ) | (2.11 | ) | — | (2.20 | ) | — | — | |||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.13 | (0.20 | )(a) | 1.15 | (g | ) | 0.95 | (0.70 | ) | (0.70 | ) | |||||||||||||||||||
Year Ended September 30, 2006 | 13.34 | (0.22 | )(a) | 0.67 | (g | ) | 0.45 | (3.66 | ) | (3.66 | ) | ||||||||||||||||||||
Year Ended September 30, 2005 | 13.74 | (1.00 | ) | 2.79 | (g | ) | 1.79 | (2.19 | ) | (2.19 | ) | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.19 | (0.09 | ) | 0.64 | (g | ) | 0.55 | — | — | ||||||||||||||||||||||
Period Ended April 30, 2004 (f) | 13.63 | (0.02 | ) | (0.42 | ) | — | (0.44 | ) | — | — | |||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.29 | (0.14 | )(a) | 1.16 | (g | ) | 1.02 | (0.70 | ) | (0.70 | ) | |||||||||||||||||||
Year Ended September 30, 2006 | 13.44 | (0.17 | )(a) | 0.68 | (g | ) | 0.51 | (3.66 | ) | (3.66 | ) | ||||||||||||||||||||
Year Ended September 30, 2005 | 13.76 | (0.17 | ) | 2.04 | (g | ) | 1.87 | (2.19 | ) | (2.19 | ) | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.19 | (0.02 | ) | 0.59 | (g | ) | 0.57 | — | — | ||||||||||||||||||||||
Period Ended April 30, 2004 (f) | 13.63 | (0.02 | ) | (0.42 | ) | — | (0.44 | ) | — | — | |||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.72 | (0.10 | )(a) | 1.22 | (g | ) | 1.12 | (0.70 | ) | (0.70 | ) | |||||||||||||||||||
Year Ended September 30, 2006 | 13.80 | (0.12 | )(a) | 0.70 | (g | ) | 0.58 | (3.66 | ) | (3.66 | ) | ||||||||||||||||||||
Year Ended September 30, 2005 | 14.01 | (0.08 | ) | 2.06 | (g | ) | 1.98 | (2.19 | ) | (2.19 | ) | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.40 | (0.02 | ) | 0.63 | (g | ) | 0.61 | — | — | ||||||||||||||||||||||
Period Ended April 30, 2004 (f) | 13.84 | (0.02 | ) | (0.42 | ) | — | (0.44 | ) | — | — |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Loss to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate *** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.74 | 10.64 | % | $ | 5,049 | 1.68 | % | (1.23 | %) | 3.14 | % | 92 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.39 | 4.12 | % | 5,728 | 1.68 | % | (1.28 | %) | 3.07 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 13.51 | 14.56 | % | 7,476 | 1.68 | % | (1.34 | %) | 2.80 | % | 23 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.78 | 4.47 | %(b) | 8,140 | 1.68 | %(c) | (1.28 | %)(c) | 2.76 | %(c) | 11 | % | ||||||||||||||||||
Year Ended April 30, 2004 | 13.19 | 30.46 | % | 7,488 | 1.81 | % | (1.52 | %) | 2.06 | % | 40 | % | ||||||||||||||||||
Year Ended April 30, 2003 | 10.11 | (17.94 | %) | 4,359 | 1.70 | % | (1.12 | %) | 1.95 | % | 120 | % | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 11.15 | 10.87 | % | $ | 4,885 | 1.43 | % | (0.97 | %) | 2.62 | % | 92 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.73 | 4.36 | % | 4,604 | 1.43 | % | (1.03 | %) | 2.58 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 13.81 | 14.85 | % | 4,363 | 1.43 | % | (1.10 | %) | 2.26 | % | 23 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 14.01 | 4.55 | %(b) | 9,952 | 1.43 | %(c) | (1.04 | %)(c) | 2.13 | %(c) | 11 | % | ||||||||||||||||||
Year Ended April 30, 2004 | 13.40 | 30.73 | % | 14,094 | 1.55 | % | (1.23 | %) | (d | ) | 40 | % | ||||||||||||||||||
Year Ended April 30, 2003 | 10.25 | (17.67 | %) | 16,621 | 1.45 | % | (0.87 | %) | (d | ) | 120 | % | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.38 | 9.77 | % | $ | 32 | 2.43 | % | (1.99 | %) | 3.63 | % | 92 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.13 | 3.41 | % | 41 | 2.43 | % | (2.04 | %) | 3.59 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 13.34 | 13.55 | % | 54 | 2.43 | % | (2.11 | %) | 3.26 | % | 23 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.74 | 4.17 | %(b) | 214 | 2.43 | %(c) | (2.01 | %)(c) | 3.39 | %(c) | 11 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 13.19 | (3.23 | %)(b) | 3 | 2.49 | %(c) | (5.27 | %)(c) | (d | ) | 40 | % | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 10.61 | 10.34 | % | $ | 71 | 1.93 | % | (1.43 | %) | 3.06 | % | 92 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.29 | 3.86 | % | 28 | 1.93 | % | (1.50 | %) | 3.09 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 13.44 | 14.18 | % | 70 | 1.93 | % | (1.60 | %) | 2.89 | % | 23 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 13.76 | 4.32 | %(b) | 22 | 1.93 | %(c) | (1.48 | %)(c) | 3.22 | %(c) | 11 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 13.19 | (3.23 | %)(b) | 5 | 1.94 | %(c) | (5.14 | %)(c) | (d | ) | 40 | % | ||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 11.14 | 10.88 | % | $ | 361 | 1.43 | % | (0.97 | %) | 2.62 | % | 92 | % | ||||||||||||||||
Year Ended September 30, 2006 | 10.72 | 4.37 | % | 316 | 1.43 | % | (1.02 | %) | 2.58 | % | 23 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 13.80 | 14.77 | % | 156 | 1.43 | % | (1.07 | %) | 2.45 | % | 23 | % | ||||||||||||||||||
Period Ended September 30, 2004 (e) | 14.01 | 4.55 | %(b) | 21 | 1.42 | %(c) | (0.94 | %)(c) | 3.19 | %(c) | 11 | % | ||||||||||||||||||
Period Ended April 30, 2004 (f) | 13.40 | (3.18 | %)(b) | 3 | 1.47 | %(c) | (4.34 | %)(c) | (d | ) | 40 | % |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | There were no waivers or reimbursements during the period. | ||||
(e) | For the period from May 1, 2004 to September 30, 2004. | ||||
(f) | For the period from April 19, 2004 (commencement of operations) to April 30, 2004. | ||||
(g) | Less than $0.01 or $(0.01) per share. |
See notes to financial statements.
41
FINANCIAL HIGHLIGHTS
Tamarack Enterprise Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 25.12 | 0.03(a | ) | 2.95 | (h | ) | 2.98 | — | (2.24 | ) | (2.24 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 26.46 | (0.04 | )(a) | 1.80 | (h | ) | 1.76 | — | (3.10 | ) | (3.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 23.81 | (0.06 | ) | 3.66 | (h | ) | 3.60 | — | (0.95 | ) | (0.95 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.89 | (0.02 | ) | (0.06 | ) | (h | ) | (0.08 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 24.01 | — | (0.12 | ) | — | (0.12 | ) | — | — | — | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 25.31 | 0.09(a | ) | 2.96 | (h | ) | 3.05 | (0.02 | ) | (2.24 | ) | (2.26 | ) | ||||||||||||||||||||
Year Ended September 30, 2006 | 26.57 | 0.02(a | ) | 1.82 | (h | ) | 1.84 | — | (3.10 | ) | (3.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 23.85 | (0.02 | ) | 3.69 | (h | ) | 3.67 | — | (0.95 | ) | (0.95 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (f) | 23.85 | — | — | (h | ) | — | — | — | — | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 24.62 | (0.16 | )(a) | 2.87 | (h | ) | 2.71 | — | (2.24 | ) | (2.24 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 26.17 | (0.21 | )(a) | 1.76 | (h | ) | 1.55 | — | (3.10 | ) | (3.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 23.74 | (0.15 | ) | 3.53 | (h | ) | 3.38 | — | (0.95 | ) | (0.95 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.85 | (0.04 | ) | (0.07 | ) | (h | ) | (0.11 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 24.01 | (0.01 | ) | (0.15 | ) | — | (0.16 | ) | — | — | — | |||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 24.95 | (0.04 | )(a) | 2.92 | (h | ) | 2.88 | — | (2.24 | ) | (2.24 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 26.35 | (0.11 | )(a) | 1.81 | (h | ) | 1.70 | — | (3.10 | ) | (3.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 23.78 | (0.12 | ) | 3.64 | (h | ) | 3.52 | — | (0.95 | ) | (0.95 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.87 | (0.02 | ) | (0.07 | ) | (h | ) | (0.09 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 24.01 | (0.02 | ) | (0.12 | ) | — | (0.14 | ) | — | — | — | |||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 25.30 | 0.09(a | ) | 2.96 | (h | ) | 3.05 | (0.02 | ) | (2.24 | ) | (2.26 | ) | ||||||||||||||||||||
Year Ended September 30, 2006 | 26.56 | 0.02(a | ) | 1.82 | (h | ) | 1.84 | — | (3.10 | ) | (3.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 23.85 | (0.02 | ) | 3.68 | (h | ) | 3.66 | — | (0.95 | ) | (0.95 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.91 | (0.01 | ) | (0.05 | ) | (h | ) | (0.06 | ) | — | — | — | ||||||||||||||||||||||
Year Ended June 30, 2004 (g) | 17.66 | (0.02 | ) | 6.27 | — | 6.25 | — | — | — | |||||||||||||||||||||||||
Year Ended June 30, 2003 | 17.98 | 0.04 | (0.31 | ) | — | (0.27 | ) | (0.03 | ) | (0.02 | ) | (0.05 | ) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate *** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 25.86 | 12.40 | % | $ | 18,933 | 1.33 | % | 0.09 | % | 1.80 | % | 22 | % | ||||||||||||||||
Year Ended September 30, 2006 | 25.12 | 7.72 | % | 17,586 | 1.33 | % | (0.17 | %) | 1.77 | % | 27 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 26.46 | 15.34 | % | 12,856 | 1.33 | % | (0.29 | %) | 1.88 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.81 | (0.33 | %)(b) | 3,359 | 1.33 | %(c) | (0.35 | %)(c) | 1.73 | %(c) | 7 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 23.89 | (0.50 | %)(b) | 1,872 | 1.33 | %(c) | (0.07 | %)(c) | 1.72 | %(c) | 28 | % | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 26.10 | 12.62 | % | $ | 43,096 | 1.08 | % | 0.35 | % | 1.30 | % | 22 | % | ||||||||||||||||
Year Ended September 30, 2006 | 25.31 | 8.02 | % | 34,478 | 1.08 | % | 0.08 | % | 1.27 | % | 27 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 26.57 | 15.61 | % | 29,554 | 1.08 | % | (0.08 | %) | 1.36 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (f) | 23.85 | 0.00 | %(b) | 26,707 | 0.00 | %(c) | 0.00 | %(c) | 0.00 | %(c) | 7 | % | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 25.09 | 11.50 | % | $ | 2,356 | 2.08 | % | (0.66 | %) | 2.30 | % | 22 | % | ||||||||||||||||
Year Ended September 30, 2006 | 24.62 | 6.93 | % | 2,366 | 2.08 | % | (0.86 | %) | 2.26 | % | 27 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 26.17 | 14.43 | % | 801 | 2.08 | % | (1.01 | %) | 2.39 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.74 | (0.46 | %)(b) | 75 | 2.08 | %(c) | (1.09 | %)(c) | 2.25 | %(c) | 7 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 23.85 | (0.67 | %)(b) | 23 | 2.07 | %(c) | (0.67 | %)(c) | 2.22 | %(c) | 28 | % | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 25.59 | 12.06 | % | $ | 53 | 1.58 | % | (0.18 | %) | 1.80 | % | 22 | % | ||||||||||||||||
Year Ended September 30, 2006 | 24.95 | 7.50 | % | 52 | 1.58 | % | (0.44 | %) | 1.77 | % | 27 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 26.35 | 15.01 | % | 59 | 1.58 | % | (0.54 | %) | 1.88 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.78 | (0.38 | %)(b) | 6 | 1.57 | %(c) | (0.61 | %)(c) | 1.77 | %(c) | 7 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 23.87 | (0.58 | %)(b) | 3 | 1.54 | %(c) | (0.38 | %)(c) | 1.61 | %(c) | 28 | % | ||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 26.09 | 12.62 | % | $ | 281,867 | 1.08 | % | 0.33 | % | 1.30 | % | 22 | % | ||||||||||||||||
Year Ended September 30, 2006 | 25.30 | 8.02 | % | 304,960 | 1.08 | % | 0.06 | % | 1.27 | % | 27 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 26.56 | 15.57 | % | 327,641 | 1.08 | % | (0.08 | %) | 1.36 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 23.85 | (0.21 | %)(b) | 345,451 | 1.08 | %(c) | (0.12 | %)(c) | 1.21 | %(c) | 7 | % | ||||||||||||||||||
Year Ended June 30, 2004 (g) | 23.91 | 35.35 | % | 365,930 | 1.08 | % | (0.09 | %) | 1.22 | % | 28 | % | ||||||||||||||||||
Year Ended June 30, 2003 | 17.66 | (1.48 | %) | 208,651 | 1.08 | % | 0.21 | % | 1.14 | % | 13 | % |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from July 1, 2004 to September 30, 2004. | ||||
(e) | For the period from April 19, 2004 (commencement of operations) to June 30, 2004. | ||||
(f) | For the period from September 30, 2004 (commencement of operations) to September 30, 2004. | ||||
(g) | The existing class of shares was designated Class S shares as of April 19, 2004. | ||||
(h) | Less than $0.01 or $(0.01) per share. |
See notes to financial statements.
42
FINANCIAL HIGHLIGHTS
Tamarack Small Cap Core Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 31.74 | 0.16(a | ) | 3.34 | (g | ) | 3.50 | (0.11 | ) | (3.41 | ) | (3.52 | ) | ||||||||||||||||||||
Year Ended September 30, 2006 | 32.96 | (0.15 | )(a) | 4.03 | (g | ) | 3.88 | — | (5.10 | ) | (5.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 32.59 | (0.24 | ) | 3.10 | (g | ) | 2.86 | — | (2.49 | ) | (2.49 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.69 | (0.05 | ) | (0.05 | ) | (g | ) | (0.10 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 32.36 | (0.03 | ) | 0.36 | — | 0.33 | — | — | — | |||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||
Period Ended September 30, 2007 (h) | 31.30 | (0.02 | )(a) | 0.66 | (g | ) | 0.64 | — | — | — | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 31.08 | (0.12 | )(a) | 3.31 | (g | ) | 3.19 | — | (3.41 | ) | (3.41 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 32.59 | (0.38 | )(a) | 3.97 | (g | ) | 3.59 | — | (5.10 | ) | (5.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 32.47 | (0.24 | ) | 2.85 | (g | ) | 2.61 | — | (2.49 | ) | (2.49 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.63 | (0.12 | ) | (0.04 | ) | (g | ) | (0.16 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 32.36 | (0.06 | ) | 0.33 | — | 0.27 | — | — | — | |||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 31.50 | 0.07(a | ) | 3.32 | (g | ) | 3.39 | (0.04 | ) | (3.41 | ) | (3.45 | ) | ||||||||||||||||||||
Year Ended September 30, 2006 | 32.81 | (0.23 | )(a) | 4.02 | (g | ) | 3.79 | — | (5.10 | ) | (5.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 32.54 | (0.28 | ) | 3.04 | (g | ) | 2.76 | — | (2.49 | ) | (2.49 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.66 | (0.08 | ) | (0.04 | ) | (g | ) | (0.12 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 32.36 | (0.06 | ) | 0.36 | — | 0.30 | — | — | — | |||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 31.95 | 0.23(a | ) | 3.36 | (g | ) | 3.59 | (0.19 | ) | (3.41 | ) | (3.60 | ) | ||||||||||||||||||||
Year Ended September 30, 2006 | 33.06 | (0.07 | )(a) | 4.06 | (g | ) | 3.99 | — | (5.10 | ) | (5.10 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 32.62 | (0.19 | ) | 3.12 | (g | ) | 2.93 | — | (2.49 | ) | (2.49 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.70 | (0.05 | ) | (0.03 | ) | (g | ) | (0.08 | ) | — | — | — | ||||||||||||||||||||||
Year Ended June 30, 2004 (f) | 23.78 | (0.14 | ) | 9.06 | — | 8.92 | — | — | — | |||||||||||||||||||||||||
Year Ended June 30, 2003 | 25.62 | (0.04 | ) | (1.29 | ) | — | (1.33 | ) | — | (0.51 | ) | (0.51 | ) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate *** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 31.72 | 11.86 | % | $ | 1,401 | 1.55 | % | 0.49 | % | 2.13 | % | 44 | % | ||||||||||||||||
Year Ended September 30, 2006 | 31.74 | 13.85 | % | 2,382 | 1.55 | % | (0.49 | %) | 2.15 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 32.96 | 8.67 | % | 2,793 | 1.55 | % | (0.77 | %) | 2.13 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.59 | (0.31 | %)(b) | 1,771 | 1.55 | %(c) | (0.80 | %)(c) | 1.94 | %(c) | 8 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 32.69 | 1.02 | %(b) | 882 | 1.54 | %(c) | (1.08 | %)(c) | 2.64 | %(c) | 33 | % | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Period Ended September 30, 2007 (h) | 31.94 | 2.04 | % | $ | 102 | 1.30 | %(c) | (0.35 | %)(c) | 1.46 | %(c) | 44 | % | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 30.86 | 11.01 | % | $ | 570 | 2.30 | % | (0.41 | %) | 2.62 | % | 44 | % | ||||||||||||||||
Year Ended September 30, 2006 | 31.08 | 13.01 | % | 366 | 2.30 | % | (1.24 | %) | 2.65 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 32.59 | 7.89 | % | 473 | 2.30 | % | (1.47 | %) | 2.64 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.47 | (0.49 | %)(b) | 196 | 2.30 | %(c) | (1.58 | %)(c) | 2.52 | %(c) | 8 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 32.63 | 0.83 | %(b) | 202 | 2.30 | %(c) | (1.88 | %)(c) | 3.18 | %(c) | 33 | % | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 31.44 | 11.52 | % | $ | 16 | 1.80 | % | 0.21 | % | 2.12 | % | 44 | % | ||||||||||||||||
Year Ended September 30, 2006 | 31.50 | 13.61 | % | 15 | 1.80 | % | (0.73 | %) | 2.15 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 32.81 | 8.36 | % | 18 | 1.80 | % | (1.01 | %) | 2.15 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.54 | (0.37 | %)(b) | 3 | 1.76 | %(c) | (1.05 | %)(c) | 1.95 | %(c) | 8 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 32.66 | 0.93 | %(b) | 3 | 1.82 | %(c) | (0.98 | %)(c) | 2.38 | %(c) | 33 | % | ||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 31.94 | 12.10 | % | $ | 65,771 | 1.30 | % | 0.70 | % | 1.62 | % | 44 | % | ||||||||||||||||
Year Ended September 30, 2006 | 31.95 | 14.18 | % | 64,750 | 1.30 | % | (0.22 | %) | 1.65 | % | 35 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 33.06 | 8.89 | % | 68,071 | 1.30 | % | (0.53 | %) | 1.63 | % | 33 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 32.62 | (0.24 | %)(b) | 74,165 | 1.30 | %(c) | (0.57 | %)(c) | 1.53 | %(c) | 8 | % | ||||||||||||||||||
Year Ended June 30, 2004 (f) | 32.70 | 37.57 | % | 76,036 | 1.30 | % | (0.48 | %) | 1.54 | % | 33 | % | ||||||||||||||||||
Year Ended June 30, 2003 | 23.78 | (5.22 | %) | 53,261 | 1.30 | % | (0.18 | %) | 1.38 | % | 25 | % |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from July 1, 2004 to September 30, 2004. | ||||
(e) | For the period from April 19, 2004 (commencement of operations) to June 30, 2004. | ||||
(f) | The existing class of shares was designated Class S shares as of April 19, 2004. | ||||
(g) | Less than $0.01 or $(0.01) per share. | ||||
(h) | For the period August 2, 2007 (commencement of operations) to September 30, 2007. |
See notes to financial statements.
43
FINANCIAL HIGHLIGHTS
Tamarack Value Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | ||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 41.61 | 0.48(a | ) | 5.03 | (g | ) | 5.51 | (0.48 | ) | (3.61 | ) | (4.09 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 45.66 | 0.41(a | ) | 3.10 | (g | ) | 3.51 | (0.51 | ) | (7.05 | ) | (7.56 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 45.01 | 0.43 | 4.53 | (g | ) | 4.96 | (0.41 | ) | (3.90 | ) | (4.31 | ) | |||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 44.18 | (0.01 | ) | 0.84 | (g | ) | 0.83 | — | — | — | |||||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 44.16 | 0.08 | (0.06 | ) | — | 0.02 | — | — | — | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 41.13 | 0.17(a | ) | 4.96 | (g | ) | 5.13 | (0.24 | ) | (3.61 | ) | (3.85 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 45.22 | 0.13(a | ) | 3.04 | (g | ) | 3.17 | (0.21 | ) | (7.05 | ) | (7.26 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 44.85 | 0.02 | 4.58 | (g | ) | 4.60 | (0.33 | ) | (3.90 | ) | (4.23 | ) | |||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 44.11 | (g | ) | 0.74 | (g | ) | 0.74 | — | — | — | |||||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 44.16 | 0.04 | (0.09 | ) | — | (0.05 | ) | — | — | — | |||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 41.56 | 0.37(a | ) | 5.02 | (g | ) | 5.39 | (0.44 | ) | (3.61 | ) | (4.05 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 45.59 | 0.35(a | ) | 3.05 | (g | ) | 3.40 | (0.38 | ) | (7.05 | ) | (7.43 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 44.95 | 0.44 | 4.40 | (g | ) | 4.84 | (0.30 | ) | (3.90 | ) | (4.20 | ) | |||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 44.16 | 0.08 | 0.71 | (g | ) | 0.79 | — | — | — | ||||||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 44.16 | 0.09 | (0.09 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 41.74 | 0.58(a | ) | 5.04 | (g | ) | 5.62 | (0.63 | ) | (3.61 | ) | (4.24 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 45.78 | 0.55(a | ) | 3.07 | (g | ) | 3.62 | (0.61 | ) | (7.05 | ) | (7.66 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 45.05 | 0.74 | 4.35 | (g | ) | 5.09 | (0.46 | ) | (3.90 | ) | (4.36 | ) | |||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 44.20 | 0.14 | 0.71 | (g | ) | 0.85 | — | — | — | ||||||||||||||||||||||||||
Year Ended June 30, 2004 (f) | 37.98 | 0.56 | 6.47 | — | 7.03 | (0.41 | ) | (0.40 | ) | (0.81 | ) | ||||||||||||||||||||||||
Year Ended June 30, 2003 | 42.85 | 0.45 | (4.88 | ) | — | (4.43 | ) | (0.44 | ) | — | (0.44 | ) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate *** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 43.03 | 13.91 | % | $ | 507 | 1.28 | % | 1.11 | % | 1.76 | % | 136 | % | ||||||||||||||||
Year Ended September 30, 2006 | 41.61 | 8.84 | % | 565 | 1.31 | % | 0.98 | % | 1.73 | % | 38 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 45.66 | 11.12 | % | 2,136 | 1.28 | % | 1.16 | % | 1.77 | % | 35 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 45.01 | 1.88 | %(b) | 717 | 1.21 | %(c) | 1.08 | %(c) | 1.65 | %(c) | 5 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 44.18 | 0.05 | %(b) | 295 | 1.21 | %(c) | 1.43 | %(c) | 1.72 | %(c) | 14 | % | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 42.41 | 13.03 | % | $ | 20 | 2.03 | % | 0.37 | % | 2.25 | % | 136 | % | ||||||||||||||||
Year Ended September 30, 2006 | 41.13 | 8.04 | % | 23 | 2.05 | % | 0.32 | % | 2.21 | % | 38 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 45.22 | 10.29 | % | 27 | 2.02 | % | 0.43 | % | 2.26 | % | 35 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 44.85 | 1.68 | %(b) | 5 | 1.96 | %(c) | 0.21 | %(c) | 2.17 | %(c) | 5 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 44.11 | (0.11 | %)(b) | 5 | 1.97 | %(c) | 0.57 | %(c) | 2.20 | %(c) | 14 | % | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 42.90 | 13.63 | % | $ | 5 | 1.54 | % | 0.84 | % | 1.80 | % | 136 | % | ||||||||||||||||
Year Ended September 30, 2006 | 41.56 | 8.56 | % | 4 | 1.53 | % | 0.85 | % | 1.68 | % | 38 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 45.59 | 10.85 | % | 4 | 1.52 | % | 0.99 | % | 1.77 | % | 35 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 44.95 | 1.79 | %(b) | 3 | 1.44 | %(c) | 0.74 | %(c) | 1.65 | %(c) | 5 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 44.16 | 0.00 | %(b) | 3 | 1.45 | %(c) | 1.08 | %(c) | 1.72 | %(c) | 14 | % | ||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 43.12 | 14.19 | % | $ | 269,368 | 1.03 | % | 1.36 | % | 1.26 | % | 136 | % | ||||||||||||||||
Year Ended September 30, 2006 | 41.74 | 9.10 | % | 291,662 | 1.05 | % | 1.33 | % | 1.22 | % | 38 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 45.78 | 11.42 | % | 366,952 | 1.01 | % | 1.52 | % | 1.25 | % | 35 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 45.05 | 1.92 | %(b) | 379,023 | 0.96 | %(c) | 1.22 | %(c) | 1.15 | %(c) | 5 | % | ||||||||||||||||||
Year Ended June 30, 2004 (f) | 44.20 | 18.60 | % | 386,932 | 0.96 | % | 1.30 | % | 1.14 | % | 14 | % | ||||||||||||||||||
Year Ended June 30, 2003 | 37.98 | (10.26 | %) | 373,781 | 0.96 | % | 1.24 | % | 0.99 | % | 78 | % |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from July 1, 2004 to September 30, 2004. | ||||
(e) | For the period from April 19, 2004 (commencement of operations) to June 30, 2004. | ||||
(f) | The existing class of shares was designated Class S shares as of April 19, 2004. | ||||
(g) | Less than $0.01 or $(0.01) per share. |
See notes to financial statements.
44
FINANCIAL HIGHLIGHTS
Tamarack Microcap Value Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 22.17 | 0.03(a | ) | 1.68 | (g | ) | 1.71 | — | (1.54 | ) | (1.54 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 21.52 | 0.00(a | ) | 2.53 | (g | ) | 2.53 | (0.04 | ) | (1.84 | ) | (1.88 | ) | |||||||||||||||||||||
Year Ended September 30, 2005 | 18.83 | 0.07 | 3.57 | (g | ) | 3.64 | (0.15 | ) | (0.80 | ) | (0.95 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 19.12 | (0.01 | ) | (0.28 | ) | (g | ) | (0.29 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 19.04 | — | 0.08 | — | 0.08 | — | — | — | ||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 21.84 | (0.13 | )(a) | 1.65 | (g | ) | 1.52 | — | (1.54 | ) | (1.54 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 21.33 | (0.16 | )(a) | 2.51 | (g | ) | 2.35 | — | (1.84 | ) | (1.84 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 18.77 | (0.08 | ) | 3.54 | (g | ) | 3.46 | (0.10 | ) | (0.80 | ) | (0.90 | ) | |||||||||||||||||||||
Period Ended September 30, 2004 (d) | 19.09 | (0.02 | ) | (0.30 | ) | (g | ) | (0.32 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 19.04 | (0.02 | ) | 0.07 | — | 0.05 | — | — | — | |||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 22.11 | (0.02 | )(a) | 1.66 | (g | ) | 1.64 | — | (1.54 | ) | (1.54 | ) | |||||||||||||||||||||
Year Ended September 30, 2006 | 21.47 | (0.06 | )(a) | 2.54 | (g | ) | 2.48 | — | (1.84 | ) | (1.84 | ) | ||||||||||||||||||||||
Year Ended September 30, 2005 | 18.81 | (0.03 | ) | 3.60 | (g | ) | 3.57 | (0.11 | ) | (0.80 | ) | (0.91 | ) | |||||||||||||||||||||
Period Ended September 30, 2004 (d) | 19.11 | (0.01 | ) | (0.29 | ) | (g | ) | (0.30 | ) | — | — | — | ||||||||||||||||||||||
Period Ended June 30, 2004 (e) | 19.04 | — | 0.07 | — | 0.07 | — | — | — | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 22.27 | 0.09(a | ) | 1.68 | (g | ) | 1.77 | (0.03 | ) | (1.54 | ) | (1.57 | ) | ||||||||||||||||||||
Year Ended September 30, 2006 | 21.59 | 0.05(a | ) | 2.55 | (g | ) | 2.60 | (0.08 | ) | (1.84 | ) | (1.92 | ) | |||||||||||||||||||||
Year Ended September 30, 2005 | 18.86 | 0.04 | 3.65 | (g | ) | 3.69 | (0.16 | ) | (0.80 | ) | (0.96 | ) | ||||||||||||||||||||||
Period Ended September 30, 2004 (d) | 19.14 | 0.01 | (0.29 | ) | (g | ) | (0.28 | ) | — | — | — | |||||||||||||||||||||||
Year Ended June 30, 2004 (f) | 13.60 | 0.05 | 5.60 | — | 5.65 | (0.05 | ) | (0.06 | ) | (0.11 | ) | |||||||||||||||||||||||
Year Ended June 30, 2003 | 14.60 | 0.05 | (0.72 | ) | — | (0.67 | ) | (0.04 | ) | (0.29 | ) | (0.33 | ) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate *** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 22.34 | 7.68 | % | $ | 43,004 | 1.32 | % | 0.14 | % | 1.78 | % | 17 | % | ||||||||||||||||
Year Ended September 30, 2006 | 22.17 | 12.67 | % | 29,186 | 1.33 | % | 0.01 | % | 1.74 | % | 20 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 21.52 | 19.62 | % | 10,328 | 1.33 | % | (0.04 | %) | 1.73 | % | 8 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 18.83 | (1.52 | %)(b) | 1,522 | 1.28 | %(c) | 0.04 | %(c) | 1.63 | %(c) | 3 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 19.12 | 0.42 | %(b) | 405 | 1.26 | %(c) | 0.00 | %(c) | 1.91 | %(c) | 11 | % | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 21.82 | 6.89 | % | $ | 3,981 | 2.07 | % | (0.60 | %) | 2.28 | % | 17 | % | ||||||||||||||||
Year Ended September 30, 2006 | 21.84 | 11.86 | % | 2,073 | 2.08 | % | (0.73 | %) | 2.25 | % | 20 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 21.33 | 18.72 | % | 506 | 2.08 | % | (0.77 | %) | 2.22 | % | 8 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 18.77 | (1.68 | %)(b) | 167 | 2.03 | %(c) | (0.70 | %)(c) | 2.06 | %(c) | 3 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 19.09 | 0.26 | %(b) | 4 | 2.03 | %(c) | (0.62 | %)(c) | 2.22 | %(c) | 11 | % | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 22.21 | 7.42 | % | $ | 532 | 1.57 | % | (0.08 | %) | 1.78 | % | 17 | % | ||||||||||||||||
Year Ended September 30, 2006 | 22.11 | 12.42 | % | 164 | 1.59 | % | (0.27 | %) | 1.73 | % | 20 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 21.47 | 19.27 | % | 143 | 1.57 | % | (0.27 | %) | 1.72 | % | 8 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 18.81 | (1.57 | %)(b) | 94 | 1.53 | %(c) | (0.29 | %)(c) | 1.67 | %(c) | 3 | % | ||||||||||||||||||
Period Ended June 30, 2004 (e) | 19.11 | 0.37 | %(b) | 104 | 1.49 | %(c) | 0.15 | %(c) | 2.17 | %(c) | 11 | % | ||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 22.47 | 7.95 | % | $ | 318,947 | 1.07 | % | 0.39 | % | 1.27 | % | 17 | % | ||||||||||||||||
Year Ended September 30, 2006 | 22.27 | 12.97 | % | 261,594 | 1.09 | % | 0.24 | % | 1.23 | % | 20 | % | ||||||||||||||||||
Year Ended September 30, 2005 | 21.59 | 19.89 | % | 232,912 | 1.07 | % | 0.23 | % | 1.22 | % | 8 | % | ||||||||||||||||||
Period Ended September 30, 2004 (d) | 18.86 | (1.46 | %)(b) | 218,871 | 1.03 | %(c) | 0.22 | %(c) | 1.16 | %(c) | 3 | % | ||||||||||||||||||
Year Ended June 30, 2004 (f) | 19.14 | 41.63 | % | 234,956 | 1.03 | % | 0.31 | % | 1.20 | % | 11 | % | ||||||||||||||||||
Year Ended June 30, 2003 | 13.60 | (4.55 | %) | 92,202 | 1.03 | % | 0.36 | % | 1.08 | % | 17 | % |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Per share net investments income (loss) has been calculated using the average daily shares method. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from July 1, 2004 to September 30, 2004. | ||||
(e) | For the period from April 19, 2004 (commencement of operations) to June 30, 2004. | ||||
(f) | The existing class of shares was designated Class S shares as of April 19, 2004. | ||||
(g) | Less than $0.01 or $(0.01) per share. |
See notes to financial statements.
45
September 30, 2007
1. Organization
Tamarack Funds Trust (“Tamarack”) is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. Tamarack was organized as a Delaware statutory trust on December 16, 2003. Predecessor funds to Tamarack were reorganized as portfolios of Tamarack effective April 16, 2004. This annual report includes the following seven investment portfolios (“Funds”):
- Tamarack Large Cap Growth Fund (“Large Cap Growth Fund”)
- Tamarack Mid Cap Growth Fund (“Mid Cap Growth Fund”)
- Tamarack SMID Cap Growth Fund (“SMID Cap Growth Fund”) (formerly known as the “Tamarack Small Cap Growth Fund”)
- Tamarack Enterprise Fund (“Enterprise Fund”)
- Tamarack Small Cap Core Fund (“Small Cap Core Fund”) (formerly known as the “Tamarack Enterprise Small Cap Fund”)
- Tamarack Value Fund (“Value Fund”)
- Tamarack Microcap Value Fund (“Microcap Value Fund”)
The Large Cap Growth, Mid Cap Growth, SMID Cap Growth, Enterprise and Small Cap Core Funds offer five share classes: Class A, Class C, Class R, Class I and Class S shares. The Value and Microcap Value Funds offer four share classes: Class A, Class C, Class R and Class S shares. Class A shares are offered with a 5.75% maximum front-end sales charge and a 1.00% contingent deferred sales charge (“CDSC”) for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class C shares are offered at net asset value (i.e. no front-end sales charge), but are subject to a CDSC of 1.00% for redemptions within 12 months of purchase. Class R shares (available to certain 401(k) and other employer-sponsored retirement plans), Class I shares (intended for investors meeting certain investment minimum thresholds) and Class S shares are not subject to either a front-end sales charge or a CDSC.
Voyageur Asset Management Inc. (“Voyageur”) acts as the investment adviser for Tamarack. The officers of Tamarack (“Fund Management”) are also employees of Voyageur or its affiliates.
2. Significant Accounting Policies
Summarized below are the significant accounting policies of the Funds. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”). Fund management follows these policies when preparing financial statements. Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
New Accounting Standard:
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those
46
NOTES TO FINANCIAL STATEMENTS
fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. The Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.
Security Valuation:
Equity securities are generally valued on the basis of prices furnished by pricing services approved by Tamarack’s Board of Trustees (the “Board”). Equity securities traded on one or more U.S. exchanges shall be valued at the last available quoted sale price on the primary trading exchange as of the (“Valuation Time”). Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Standard Time). If there was no sale on the primary exchange on the day the net asset value is calculated (“Value Date”), the most recent bid quotation generally will be used. In cases where neither closing prices nor bid prices are available, or where those prices do not accurately reflect the value of the security, a security will be valued in accordance with the Fund’s approved pricing and valuation procedures to determine a security’s fair value. These procedures are also used to determine the fair value of a security if a significant event occurs that materially affects the value of the security. Investments in open-end investment companies are valued at net asset value. Short-term securities with less than 60 days to maturity at time of purchase are valued at amortized cost.
Repurchase Agreements:
The Funds may enter into repurchase agreements with primary dealers that report to the Federal Reserve Bank of New York or the 100 largest U.S. commercial banks (as measured by domestic deposits) who are deemed creditworthy under guidelines approved by the Board. These repurchase agreements are subject to the seller’s agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the Funds plus interest negotiated on the basis of current short-term rates.
Securities pledged as collateral for repurchase agreements are held by the Funds’ custodian bank until maturity of the repurchase agreement. The Funds have procedures to secure additional collateral, if needed, to ensure that the daily market value of the collateral remains in excess of the repurchase agreement in the event of a default.
Investment Transactions and Income:
Investment transactions are recorded on one business day after trade date, except on the last day of each fiscal quarter end, when they are recorded on trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated based on the costs of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method.
Expense, Investment Income and Gain/Loss Allocation:
Each Fund pays the expenses that are directly related to its operations, such as custodian fees or portfolio management fees. Expenses incurred by Tamarack, such as trustee or
47
NOTES TO FINANCIAL STATEMENTS
legal fees, are allocated among each of the Funds either proportionately based upon each relative net assets or using another reasonable basis such as equally across all Funds, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based on relative net assets.
Financial Instruments:
The Funds may enter into futures contracts in an effort to hedge against market risk. A futures contract on a securities index is an agreement obligating one party to pay, and entitling the other party to receive, during the term of the contract, cash payments based on the level of a specified securities index. Futures transactions involve brokerage costs and require a Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if a Fund had not entered into any futures transactions.
Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. Subsequent payments are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying index. A Fund would recognize an unrealized gain or loss each day equal to these daily payments. The Funds did not enter into futures contracts during the fiscal year ended September 30, 2007.
Real Estate Investment Trusts
The Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.
Distributions to Shareholders:
Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends and capital gains on each Fund are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from GAAP. These “book/tax” differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g., net operating loss, expiring capital loss carry forward and foreign currency transactions), they are reclassified within a Fund’s capital accounts based on their federal tax basis treatment. Such differences are not reflected in the calculation of the Financial Highlights. The Value Fund utilizes earnings and profits distributed to shareholders on redemption of shares as a part of the dividends paid deduction for income tax purposes.
Securities Lending:
Prior to August 2007, the Funds lent their portfolio securities to brokers, dealers and financial institutions, provided: (1) the loan was secured continuously by collateral
48
NOTES TO FINANCIAL STATEMENTS
consisting of U.S. Government securities, cash or letters of credit maintained on a daily mark-to-market basis in an amount at least equal to 100% of the current market value of the securities loaned; (2) the Funds may at any time call the loan and obtain the return of the securities loaned within five business days; (3) the Funds received any interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities loaned will not at any time exceed 331⁄313% of the total assets of a particular Fund. The Funds did not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances.
The Funds earned income for lending their securities from fees paid by borrowers and from the investment of cash collateral. The Funds paid the lending agent (Wells Fargo Bank) a percentage of the lending income. Securities lending income is presented net of such payments to the lending agent in the financial statements. Loans of securities involve a risk that the borrower may fail to return the securities or may fail to provide additional collateral. In the event that a borrower fails to return the lent security, the lending agent will indemnify the Funds based on the difference in value between the closing market value of the security on the date it should have been returned and the value of the cash collateral. The Funds assumed all risk of loss from a decline in the value of the collateral investment and any resulting collateral deficiencies. In an effort to reduce these risks, Voyageur and Wells Fargo Bank monitored the creditworthiness of the borrowers to which the Funds lent securities.
As of September 30, 2007, the Funds had discontinued their securities lending program.
3. Agreements and Other Transactions with Affiliates
Tamarack has entered into investment advisory agreements with Voyageur under which Voyageur manages each Fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreements require each Fund to pay Voyageur a monthly fee based upon average daily net assets. Under the terms of the advisory contracts, Voyageur is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:
Average Daily Net Assets of Fund | Annual Rate | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Large Cap Growth Fund | All Net Assets | 0.70 | % | |||||||
Mid Cap Growth Fund | All Net Assets | 0.70 | % | |||||||
SMID Cap Growth Fund | All Net Assets | 0.70 | % | |||||||
Enterprise Fund | Up to $30 million | 1.40 | % | |||||||
Over $30 million | 0.90 | % | ||||||||
Small Cap Core Fund | Up to $30 million | 1.40 | % | |||||||
Over $30 million | 0.90 | % | ||||||||
Value Fund | All Net Assets | 0.85 | % | |||||||
Microcap Value Fund | All Net Assets | 0.90 | % |
Effective January 29, 2007, Voyageur has contractually agreed to waive fees and/or make payments in order to keep total operating expenses of the Class S and Class I shares of each fund to the following levels:
49
NOTES TO FINANCIAL STATEMENTS
Annual Rate | ||||||
---|---|---|---|---|---|---|
Large Cap Growth Fund | 1.00 | % | ||||
Mid Cap Growth Fund | 1.10 | % | ||||
SMID Cap Growth Fund | 1.43 | % | ||||
Enterprise Fund | 1.08 | % | ||||
Small Cap Core Fund | 1.30 | % | ||||
Value Fund | 1.03 | % | ||||
Microcap Value Fund | 1.07 | % |
Classes A, C, and R vary from these limits only by the addition of class- specific 12b-1 fees. These expense limitation agreements are in place until January 31, 2008. Voyageur may also voluntarily waive and/or reimburse operating expenses of any Fund from time to time. Any such voluntary program may be changed or eliminated at any time without notice.
Voyageur serves as administrator to the Funds and Citi Fund Services Ohio, Inc. (formerly BISYS Fund Services Ohio, Inc.) (“Citi”) serves as sub-administrator. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under the terms of the administrative services contract, Voyageur receives from each Fund a fee, payable monthly, at the annual rate of 0.10% of each Fund’s average daily net assets. For its services as sub-administrator, Citi receives a fee payable by Voyageur out of Voyageur’s own resources.
Certain Officers and Trustees of the Funds are affiliated with the adviser or the administrator. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.
4. Fund Distribution
Each of the Funds has adopted a Master Distribution 12b-1 Plan (the “Plan”) in which Tamarack Distributors Inc. (the “Distributor”) acts as the Funds’ distributor. The Distributor is an affiliate of Voyageur. The Plan permits each Fund to make payments for or to reimburse the Distributor monthly for distribution-related costs and expenses of marketing shares of each share class covered under the Plan; and/or for providing shareholder services. The following chart shows the current Plan fee rate for each class.
Class A | Class C | Class R | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
12b-1 Plan Fee | 0.25 | %* | 1.00 | % | 0.50 | % |
*The maximum Plan fee rate for Class A shares is 0.50%.The Distributor is contractually waiving 0.25% of the total 0.50% Plan fee for Class A through January 31, 2008.
Plan fees are based on average annual daily net assets of the applicable class. The Distributor, subject to applicable legal requirements, may waive a Plan fee voluntarily, in whole or in part.
For the fiscal year ended September 30, 2007, the Distributor received commissions of $83,487 from front-end sales charges of Class A shares of the Funds, of which $21,748 was paid to affiliated broker-dealers, the remainder was either paid to unaffiliated broker-dealers or retained by the Distributor. The Distributor also received $4,822 from CDSC fees from Class C shares of the Funds. The Distributor received no CDSC fees from Class A shares of the Funds during the fiscal year ended September 30, 2007.
50
NOTES TO FINANCIAL STATEMENTS
5. Securities Transactions
The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the fiscal year ended September 30, 2007 were as follows:
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Large Cap Growth Fund | $ | 30,387,443 | $ | 59,899,439 | ||||||
Mid Cap Growth Fund | 35,680,360 | 60,647,009 | ||||||||
SMID Cap Growth Fund | 9,462,266 | 11,496,808 | ||||||||
Enterprise Fund | 76,650,395 | 120,862,758 | ||||||||
Small Cap Core Fund | 29,686,627 | 35,507,567 | ||||||||
Value Fund | 376,606,338 | 424,115,129 | ||||||||
Microcap Value Fund | 106,465,731 | 55,466,786 |
Within the guidelines, established by the Funds, to always seek best execution when entering into portfolio transactions, certain of the funds use directed brokerage transactions through LJR Recapture Services (“LJR”) and its correspondent brokers. A portion of the commissions paid for portfolio transactions under this program are reimbursed to the Funds and are recorded as realized gains and losses from investment transactions in the financial statements.
6. Capital Share Transactions
Tamarack is authorized to issue an unlimited number of shares of beneficial interest (“shares outstanding”) without par value. Transactions in shares of the Funds are summarized on the following pages:
51
NOTES TO FINANCIAL STATEMENTS
Tamarack Large Cap Growth Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 628,900 | $ | 428,205 | ||||||
Dividends reinvested | - | - | ||||||||
Cost of shares redeemed | (1,957,230 | ) | (1,677,100 | ) | ||||||
Change in Class A | $ | (1,328,330 | ) | $ | (1,248,895 | ) | ||||
Class I | ||||||||||
Proceeds from shares issued | $ | 57,836 | $ | 74,609 | ||||||
Dividends reinvested | - | 751 | ||||||||
Cost of shares redeemed | (388,159 | ) | (2,591,178 | ) | ||||||
Change in Class I | $ | (330,323 | ) | $ | (2,515,818 | ) | ||||
Class C | ||||||||||
Proceeds from shares issued | $ | 9,000 | $ | - | ||||||
Dividends reinvested | - | - | ||||||||
Cost of shares redeemed | (17 | ) | - | |||||||
Change in Class C | $ | 8,983 | $ | - | ||||||
Class R | ||||||||||
Proceeds from shares issued | $ | - | $ | 229 | ||||||
Dividends reinvested | - | - | ||||||||
Cost of shares redeemed | - | (4,988 | ) | |||||||
Change in Class R | $ | - | $ | (4,759 | ) | |||||
Class S | ||||||||||
Proceeds from shares issued | $ | 801,443 | $ | 1,437,340 | ||||||
Dividends reinvested | - | 55,695 | ||||||||
Cost of shares redeemed | (28,996,971 | ) | (25,117,395 | ) | ||||||
Change in Class S | $ | (28,195,528 | ) | $ | (23,624,360 | ) | ||||
Change in net assets resulting from capital transactions | $ | (29,845,198 | ) | $ | (27,393,832 | ) | ||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 54,866 | 39,158 | ||||||||
Reinvested | - | - | ||||||||
Redeemed | (173,165 | ) | (152,059 | ) | ||||||
Change in Class A | (118,299 | ) | (112,901 | ) | ||||||
Class I | ||||||||||
Issued | 5,116 | 6,795 | ||||||||
Reinvested | - | 66 | ||||||||
Redeemed | (32,869 | ) | (235,328 | ) | ||||||
Change in Class I | (27,753 | ) | (228,467 | ) | ||||||
Class C | ||||||||||
Issued | 819 | - | ||||||||
Reinvested | - | - | ||||||||
Redeemed | - | - | ||||||||
Change in Class C | 819 | - | ||||||||
Class R | ||||||||||
Issued | - | 21 | ||||||||
Reinvested | - | - | ||||||||
Redeemed | - | (483 | ) | |||||||
Change in Class R | - | (462 | ) | |||||||
Class S | ||||||||||
Issued | 69,272 | 129,843 | ||||||||
Reinvested | - | 4,916 | ||||||||
Redeemed | (2,507,418 | ) | (2,271,081 | ) | ||||||
Change in Class S | (2,438,146 | ) | (2,136,322 | ) | ||||||
Change in shares resulting from capital transactions | (2,583,379 | ) | (2,478,152 | ) | ||||||
52
NOTES TO FINANCIAL STATEMENTS
Tamarack Mid Cap Growth Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 2,072,854 | $ | 6,944,468 | ||||||
Dividends reinvested | 1,144,886 | 849,667 | ||||||||
Cost of shares redeemed | (17,325,889 | ) | (12,006,567 | ) | ||||||
Change in Class A | $ | (14,108,149 | ) | $ | (4,212,432 | ) | ||||
Class I | ||||||||||
Proceeds from shares issued | $ | 9,765,209 | $ | 18,030,328 | ||||||
Dividends reinvested | 1,874,960 | 1,149,878 | ||||||||
Cost of shares redeemed | (16,967,814 | ) | (12,305,131 | ) | ||||||
Change in Class I | $ | (5,327,645 | ) | $ | 6,875,075 | |||||
Class C | ||||||||||
Proceeds from shares issued | $ | 62,580 | $ | 1,661,440 | ||||||
Dividends reinvested | 58,278 | 6,280 | ||||||||
Cost of shares redeemed | (1,087,113 | ) | (40,763 | ) | ||||||
Change in Class C | $ | (966,255 | ) | $ | 1,626,957 | |||||
Class R | ||||||||||
Proceeds from shares issued | $ | - | $ | 296 | ||||||
Dividends reinvested | 286 | 186 | ||||||||
Cost of shares redeemed | - | (21,940 | ) | |||||||
Change in Class R | $ | 286 | $ | (21,458 | ) | |||||
Class S | ||||||||||
Proceeds from shares issued | $ | 264,776 | $ | 595,116 | ||||||
Dividends reinvested | 43,434 | 27,546 | ||||||||
Cost of shares redeemed | (499,372 | ) | (342,744 | ) | ||||||
Change in Class S | $ | (191,162 | ) | $ | 279,918 | |||||
Change in net assets resulting from capital transactions | $ | (20,592,925 | ) | $ | 4,548,060 | |||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 162,519 | 543,820 | ||||||||
Reinvested | 93,384 | 67,434 | ||||||||
Redeemed | (1,328,930 | ) | (972,641 | ) | ||||||
Change in Class A | (1,073,027 | ) | (361,387 | ) | ||||||
Class I | ||||||||||
Issued | 725,294 | 1,338,057 | ||||||||
Reinvested | 148,335 | 88,794 | ||||||||
Redeemed | (1,273,964 | ) | (964,789 | ) | ||||||
Change in Class I | (400,335 | ) | 462,062 | |||||||
Class C | ||||||||||
Issued | 5,063 | 138,416 | ||||||||
Reinvested | 4,856 | 505 | ||||||||
Redeemed | (84,202 | ) | (3,120 | ) | ||||||
Change in Class C | (74,283 | ) | 135,801 | |||||||
Class R | ||||||||||
Issued | - | 25 | ||||||||
Reinvested | 23 | 15 | ||||||||
Redeemed | - | (1,918 | ) | |||||||
Change in Class R | 23 | (1,878 | ) | |||||||
Class S | ||||||||||
Issued | 19,436 | 45,161 | ||||||||
Reinvested | 3,434 | 2,125 | ||||||||
Redeemed | (37,659 | ) | (27,779 | ) | ||||||
Change in Class S | (14,789 | ) | 19,507 | |||||||
Change in shares resulting from capital transactions | (1,562,411 | ) | 254,105 | |||||||
53
NOTES TO FINANCIAL STATEMENTS
Tamarack SMID Cap Growth Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 700,806 | $ | 947,992 | ||||||
Dividends reinvested | 361,996 | 1,925,396 | ||||||||
Cost of shares redeemed | (1,926,741 | ) | (2,996,628 | ) | ||||||
Change in Class A | $ | (863,939 | ) | $ | (123,240 | ) | ||||
Class I | ||||||||||
Proceeds from shares issued | $ | 1,093,278 | $ | 1,799,030 | ||||||
Dividends reinvested | 270,792 | 776,912 | ||||||||
Cost of shares redeemed | (1,251,313 | ) | (1,552,267 | ) | ||||||
Change in Class I | $ | 112,757 | $ | 1,023,675 | ||||||
Class C | ||||||||||
Proceeds from shares issued | $ | 101 | $ | 12,650 | ||||||
Dividends reinvested | 2,362 | 12,936 | ||||||||
Cost of shares redeemed | (12,683 | ) | (27,027 | ) | ||||||
Change in Class C | $ | (10,220 | ) | $ | (1,441 | ) | ||||
Class R | ||||||||||
Proceeds from shares issued | $ | 38,341 | $ | 7,840 | ||||||
Dividends reinvested | 2,031 | 8,741 | ||||||||
Cost of shares redeemed | (40 | ) | (49,757 | ) | ||||||
Change in Class R | $ | 40,332 | $ | (33,176 | ) | |||||
Class S | ||||||||||
Proceeds from shares issued | $ | 118,115 | $ | 193,019 | ||||||
Dividends reinvested | 17,044 | 52,566 | ||||||||
Cost of shares redeemed | (107,087 | ) | (28,072 | ) | ||||||
Change in Class S | $ | 28,072 | $ | 217,513 | ||||||
Change in net assets resulting from capital transactions | $ | (692,998 | ) | $ | 1,083,331 | |||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 66,929 | 83,231 | ||||||||
Reinvested | 35,984 | 186,389 | ||||||||
Redeemed | (184,312 | ) | (271,707 | ) | ||||||
Change in Class A | (81,399 | ) | (2,087 | ) | ||||||
Class I | ||||||||||
Issued | 98,520 | 162,255 | ||||||||
Reinvested | 25,988 | 72,949 | ||||||||
Redeemed | (115,496 | ) | (122,090 | ) | ||||||
Change in Class I | 9,012 | 113,114 | ||||||||
Class C | ||||||||||
Issued | 10 | 1,227 | ||||||||
Reinvested | 241 | 1,276 | ||||||||
Redeemed | (1,266 | ) | (2,532 | ) | ||||||
Change in Class C | (1,015 | ) | (29 | ) | ||||||
Class R | ||||||||||
Issued | 3,700 | 732 | ||||||||
Reinvested | 204 | 853 | ||||||||
Redeemed | - | (4,062 | ) | |||||||
Change in Class R | 3,904 | (2,477 | ) | |||||||
Class S | ||||||||||
Issued | 11,021 | 15,787 | ||||||||
Reinvested | 1,637 | 4,940 | ||||||||
Redeemed | (9,673 | ) | (2,568 | ) | ||||||
Change in Class S | 2,985 | 18,159 | ||||||||
Change in shares resulting from capital transactions | (66,513 | ) | 126,680 | |||||||
54
NOTES TO FINANCIAL STATEMENTS
Tamarack Enterprise Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 3,737,995 | $ | 9,206,486 | ||||||
Dividends reinvested | 1,472,750 | 1,539,600 | ||||||||
Cost of shares redeemed | (4,461,071 | ) | (5,419,718 | ) | ||||||
Change in Class A | $ | 749,674 | $ | 5,326,368 | ||||||
Class I | ||||||||||
Proceeds from shares issued | $ | 9,565,365 | $ | 5,966,827 | ||||||
Dividends reinvested | 3,044,157 | 3,431,493 | ||||||||
Cost of shares redeemed | (5,538,851 | ) | (3,325,090 | ) | ||||||
Change in Class I | $ | 7,070,671 | $ | 6,073,230 | ||||||
Class C | ||||||||||
Proceeds from shares issued | $ | 541,137 | $ | 1,600,594 | ||||||
Dividends reinvested | 204,733 | 103,385 | ||||||||
Cost of shares redeemed | (813,124 | ) | (79,082 | ) | ||||||
Change in Class C | $ | (67,254 | ) | $ | 1,624,897 | |||||
Class R | ||||||||||
Proceeds from shares issued | $ | 1,702 | $ | 52 | ||||||
Dividends reinvested | 366 | 994 | ||||||||
Cost of shares redeemed | (2,405 | ) | (5,067 | ) | ||||||
Change in Class R | $ | (337 | ) | $ | (4,021 | ) | ||||
Class S | ||||||||||
Proceeds from shares issued | $ | 24,703,605 | $ | 25,976,483 | ||||||
Dividends reinvested | 22,534,553 | 33,738,820 | ||||||||
Cost of shares redeemed | (81,111,127 | ) | (69,580,774 | ) | ||||||
Change in Class S | $ | (33,872,969 | ) | $ | (9,865,471 | ) | ||||
Change in net assets resulting from capital transactions | $ | (26,120,215 | ) | $ | 3,155,003 | |||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 145,010 | 361,918 | ||||||||
Reinvested | 60,433 | 66,794 | ||||||||
Redeemed | (173,141 | ) | (214,608 | ) | ||||||
Change in Class A | 32,302 | 214,104 | ||||||||
Class I | ||||||||||
Issued | 378,667 | 233,929 | ||||||||
Reinvested | 123,998 | 148,101 | ||||||||
Redeemed | (213,990 | ) | (131,890 | ) | ||||||
Change in Class I | 288,675 | 250,140 | ||||||||
Class C | ||||||||||
Issued | 21,432 | 64,172 | ||||||||
Reinvested | 8,609 | 4,550 | ||||||||
Redeemed | (32,260 | ) | (3,201 | ) | ||||||
Change in Class C | (2,219 | ) | 65,521 | |||||||
Class R | ||||||||||
Issued | 68 | 2 | ||||||||
Reinvested | 15 | 43 | ||||||||
Redeemed | (100 | ) | (204 | ) | ||||||
Change in Class R | (17 | ) | (159 | ) | ||||||
Class S | ||||||||||
Issued | 954,229 | 1,027,267 | ||||||||
Reinvested | 918,278 | 1,456,142 | ||||||||
Redeemed | (3,123,312 | ) | (2,763,788 | ) | ||||||
Change in Class S | (1,250,805 | ) | (280,379 | ) | ||||||
Change in shares resulting from capital transactions | (932,064 | ) | 249,227 | |||||||
55
NOTES TO FINANCIAL STATEMENTS
Tamarack Small Cap Core Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 699,107 | $ | 1,218,562 | ||||||
Dividends reinvested | 247,641 | 414,559 | ||||||||
Cost of shares redeemed | (2,006,483 | ) | (2,010,800 | ) | ||||||
Change in Class A | $ | (1,059,735 | ) | $ | (377,679 | ) | ||||
Class I (a) | ||||||||||
Proceeds from shares issued | $ | 100,000 | $ | - | ||||||
Dividends reinvested | - | - | ||||||||
Cost of shares redeemed | - | - | ||||||||
Change in Class I | $ | 100,000 | $ | - | ||||||
Class C | ||||||||||
Proceeds from shares issued | $ | 250,431 | $ | 280,542 | ||||||
Dividends reinvested | 46,062 | 95,240 | ||||||||
Cost of shares redeemed | (94,594 | ) | (471,242 | ) | ||||||
Change in Class C | $ | 201,899 | $ | (95,460 | ) | |||||
Class R | ||||||||||
Proceeds from shares issued | $ | - | $ | - | ||||||
Dividends reinvested | 440 | 2,723 | ||||||||
Cost of shares redeemed | - | (4,157 | ) | |||||||
Change in Class R | $ | 440 | $ | (1,434 | ) | |||||
Class S | ||||||||||
Proceeds from shares issued | $ | 1,671,816 | $ | 1,772,380 | ||||||
Dividends reinvested | 6,671,684 | 9,753,447 | ||||||||
Cost of shares redeemed | (7,772,556 | ) | (13,580,559 | ) | ||||||
Change in Class S | $ | 570,944 | $ | (2,054,732 | ) | |||||
Change in net assets resulting from capital transactions | $ | (186,452 | ) | $ | (2,529,305 | ) | ||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 22,036 | 38,876 | ||||||||
Reinvested | 8,366 | 14,806 | ||||||||
Redeemed | (61,275 | ) | (63,387 | ) | ||||||
Change in Class A | (30,873 | ) | (9,705 | ) | ||||||
Class I (a) | ||||||||||
Issued | 3,195 | - | ||||||||
Reinvested | - | - | ||||||||
Redeemed | - | - | ||||||||
Change in Class I | 3,195 | - | ||||||||
Class C | ||||||||||
Issued | 8,142 | 9,228 | ||||||||
Reinvested | 1,590 | 3,453 | ||||||||
Redeemed | (3,023 | ) | (15,447 | ) | ||||||
Change in Class C | 6,709 | (2,766 | ) | |||||||
Class R | ||||||||||
Issued | - | - | ||||||||
Reinvested | 15 | 98 | ||||||||
Redeemed | - | (145 | ) | |||||||
Change in Class R | 15 | (47 | ) | |||||||
Class S | ||||||||||
Issued | 52,501 | 56,251 | ||||||||
Reinvested | 224,183 | 346,728 | ||||||||
Redeemed | (244,429 | ) | (435,019 | ) | ||||||
Change in Class S | 32,255 | (32,040 | ) | |||||||
Change in shares resulting from capital transactions | 11,301 | (44,558 | ) | |||||||
(a) | The Small Cap Core Class I Shares are for the period from August 2, 2007 (commencement of operations) to September 30, 2007. |
56
NOTES TO FINANCIAL STATEMENTS
Tamarack Value Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 120,993 | $ | 299,314 | ||||||
Dividends reinvested | 43,523 | 337,055 | ||||||||
Cost of shares redeemed | (238,045 | ) | (1,953,944 | ) | ||||||
Change in Class A | $ | (73,529 | ) | $ | (1,317,575 | ) | ||||
Class C | ||||||||||
Proceeds from shares issued | $ | 1,000 | $ | 1,200 | ||||||
Dividends reinvested | 2,266 | 4,460 | ||||||||
Cost of shares redeemed | (7,740 | ) | (6,265 | ) | ||||||
Change in Class C | $ | (4,474 | ) | $ | (605 | ) | ||||
Class R | ||||||||||
Proceeds from shares issued | $ | - | $ | - | ||||||
Dividends reinvested | 388 | 598 | ||||||||
Cost of shares redeemed | - | - | ||||||||
Change in Class R | $ | 388 | $ | 598 | ||||||
Class S | ||||||||||
Proceeds from shares issued | $ | 3,653,513 | $ | 10,020,806 | ||||||
Dividends reinvested | 27,130,832 | 57,366,366 | ||||||||
Cost of shares redeemed | (62,387,585 | ) | (111,790,919 | ) | ||||||
Change in Class S | $ | (31,603,240 | ) | $ | (44,403,747 | ) | ||||
Change in net assets resulting from capital transactions | $ | (31,680,855 | ) | $ | (45,721,329 | ) | ||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 2,859 | 7,045 | ||||||||
Reinvested | 1,080 | 8,660 | ||||||||
Redeemed | (5,732 | ) | (48,909 | ) | ||||||
Change in Class A | (1,793 | ) | (33,204 | ) | ||||||
Class C | ||||||||||
Issued | 24 | 27 | ||||||||
Reinvested | 57 | 115 | ||||||||
Redeemed | (182 | ) | (159 | ) | ||||||
Change in Class C | (101 | ) | (17 | ) | ||||||
Class R | ||||||||||
Issued | - | - | ||||||||
Reinvested | 10 | 15 | ||||||||
Redeemed | - | - | ||||||||
Change in Class R | 10 | 15 | ||||||||
Class S | ||||||||||
Issued | 88,582 | 245,393 | ||||||||
Reinvested | 672,888 | 1,472,443 | ||||||||
Redeemed | (1,503,060 | ) | (2,746,219 | ) | ||||||
Change in Class S | (741,590 | ) | (1,028,383 | ) | ||||||
Change in shares resulting from capital transactions | (743,474 | ) | (1,061,589 | ) | ||||||
57
NOTES TO FINANCIAL STATEMENTS
Tamarack Microcap Value Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 21,788,187 | $ | 21,509,388 | ||||||
Dividends reinvested | 1,656,596 | 724,313 | ||||||||
Cost of shares redeemed | (9,355,958 | ) | (4,079,726 | ) | ||||||
Change in Class A | $ | 14,088,825 | $ | 18,153,975 | ||||||
Class C | ||||||||||
Proceeds from shares issued | $ | 2,252,195 | $ | 1,522,129 | ||||||
Dividends reinvested | 138,761 | 40,803 | ||||||||
Cost of shares redeemed | (417,303 | ) | (48,232 | ) | ||||||
Change in Class C | $ | 1,973,653 | $ | 1,514,700 | ||||||
Class R | ||||||||||
Proceeds from shares issued | $ | 552,901 | $ | 87,900 | ||||||
Dividends reinvested | 23,703 | 8,962 | ||||||||
Cost of shares redeemed | (199,949 | ) | (77,953 | ) | ||||||
Change in Class R | $ | 376,655 | $ | 18,909 | ||||||
Class S | ||||||||||
Proceeds from shares issued | $ | 124,579,974 | $ | 54,488,045 | ||||||
Dividends reinvested | 19,094,543 | 19,192,907 | ||||||||
Cost of shares redeemed | (87,537,295 | ) | (53,531,006 | ) | ||||||
Change in Class S | $ | 56,137,222 | $ | 20,149,946 | ||||||
Change in net assets resulting from capital transactions | $ | 72,576,355 | $ | 39,837,530 | ||||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 942,583 | 989,589 | ||||||||
Reinvested | 73,889 | 36,125 | ||||||||
Redeemed | (408,013 | ) | (189,336 | ) | ||||||
Change in Class A | 608,459 | 836,378 | ||||||||
Class C | ||||||||||
Issued | 100,164 | 71,356 | ||||||||
Reinvested | 6,301 | 2,055 | ||||||||
Redeemed | (18,917 | ) | (2,223 | ) | ||||||
Change in Class C | 87,548 | 71,188 | ||||||||
Class R | ||||||||||
Issued | 24,124 | 4,033 | ||||||||
Reinvested | 1,061 | 447 | ||||||||
Redeemed | (8,659 | ) | (3,683 | ) | ||||||
Change in Class R | 16,526 | 797 | ||||||||
Class S | ||||||||||
Issued | 5,386,852 | 2,504,113 | ||||||||
Reinvested | 848,646 | 954,871 | ||||||||
Redeemed | (3,786,534 | ) | (2,499,770 | ) | ||||||
Change in Class S | 2,448,964 | 959,214 | ||||||||
Change in shares resulting from capital transactions | 3,161,497 | 1,867,577 | ||||||||
58
NOTES TO FINANCIAL STATEMENTS
7. Federal Income Taxes
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.
In June 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires each evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax return to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. To the extent that a tax benefit is not deemed to meet the more-likely-than-not threshold, the Funds would report an income tax expense in the Statement of Operations. Adoption of FIN 48 is required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has not completed its analysis on whether the adoption of FIN 48 will have an impact to the financial statements.
The tax cost of securities differ from financial reporting cost by the amount of losses recognized for financial reporting purposes in excess of those allowed to be recognized for federal income tax purposes. As of September 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:
Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Large Cap Growth Fund | $ | 96,640,157 | $ | 24,038,399 | $ | (617,897 | ) | $ | 23,420,502 | |||||||||
Mid Cap Growth Fund | 86,111,866 | 30,005,830 | (2,509,205 | ) | 27,496,625 | |||||||||||||
SMID Cap Growth Fund | 8,611,061 | 2,113,598 | (262,370 | ) | 1,851,228 | |||||||||||||
Enterprise Fund | 258,076,419 | 120,755,732 | (30,209,584 | ) | 90,546,148 | |||||||||||||
Small Cap Core Fund | 48,353,207 | 23,162,315 | (3,467,839 | ) | 19,694,476 | |||||||||||||
Value Fund | 233,824,191 | 41,330,541 | (2,648,897 | ) | 38,681,644 | |||||||||||||
Microcap Value Fund | 303,391,330 | 100,000,352 | (35,328,485 | ) | 64,671,867 |
The tax character of distributions during the fiscal year ended September 30, 2007 were as follows:
Distributions Paid From | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Net Long Term Capital Gains | Total Taxable Distributions | Total Distributions Paid* | ||||||||||||||||
Mid Cap Growth Fund | $ | 60,768 | $ | 3,123,176 | $ | 3,183,944 | $ | 3,183,944 | |||||||||||
SMID Cap Growth Fund | - | 677,944 | 677,944 | 677,944 | |||||||||||||||
Enterprise Fund | 8,366,757 | 21,688,785 | 30,055,542 | 30,055,542 | |||||||||||||||
Small Cap Core Fund | 1,235,665 | 6,243,016 | 7,478,681 | 7,478,681 | |||||||||||||||
Value Fund | 4,204,655 | 24,235,218 | 28,439,873 | 28,439,873 | |||||||||||||||
Microcap Value Fund | 1,852,038 | 20,157,497 | 22,009,535 | 22,009,535 |
59
NOTES TO FINANCIAL STATEMENTS
The tax character of distributions during the fiscal year ended September 30, 2006 were as follows:
Distributions Paid From | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Net Long Term Capital Gains | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | |||||||||||||||||||
Large Cap Growth Fund | $ | 63,057 | $ | - | $ | 63,057 | $ | - | $ | 63,057 | |||||||||||||
Mid Cap Growth Fund | 461,810 | 1,621,492 | 2,083,302 | - | 2,083,302 | ||||||||||||||||||
SMID Cap Growth Fund | 93,040 | 2,854,593 | 2,947,633 | - | 2,947,633 | ||||||||||||||||||
Enterprise Fund | - | 42,964,648 | 42,964,648 | - | 42,964,648 | ||||||||||||||||||
Small Cap Core Fund | 1,063,554 | 9,685,240 | 10,748,794 | - | 10,748,794 | ||||||||||||||||||
Value Fund | 7,474,650 | 52,201,003 | 59,675,653 | - | 59,675,653 | ||||||||||||||||||
Microcap Value Fund | 1,700,236 | 19,418,081 | 21,118,317 | - | 21,118,317 |
* Total Distributions Paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.
As of September 30, 2007 the components of accumulated earnings/(deficit) on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Accumulated Earnings | Distributions Payable | Accumulated Capital and Other Losses | Unrealized Appreciation/ Depreciation | Total Accumulated Earnings/ (Deficit) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Large Cap Growth Fund | $ | - | $ | - | $ | - | $ | - | $ | (27,073,426 | ) | $ | 23,420,502 | $ | (3,652,924 | ) | ||||||||||||||
Mid Cap Growth Fund | - | 8,557,061 | 8,557,061 | - | - | 27,496,625 | 36,053,686 | |||||||||||||||||||||||
SMID Cap Growth Fund | - | 1,250,021 | 1,250,021 | - | - | 1,851,228 | 3,101,249 | |||||||||||||||||||||||
Enterprise Fund | 5,226,852 | 34,880,595 | 40,107,447 | - | - | 90,546,148 | 130,653,595 | |||||||||||||||||||||||
Small Cap Core Fund | 612,109 | 9,415,876 | 10,027,985 | - | - | 19,694,476 | 29,722,461 | |||||||||||||||||||||||
Value Fund | 8,297,375 | 74,387,994 | 82,685,369 | - | - | 38,681,644 | 121,367,013 | |||||||||||||||||||||||
Microcap Value Fund | 3,513,143 | 21,623,471 | 25,136,614 | - | - | 64,671,867 | 89,808,481 |
As of September 30, 2007, the following Fund had net capital loss carryforwards as successor to a merger and subject to certain limitations on utilization. To the extent that these carryforwards are utilized, it is probable that the realized gains that are offset will not be required to be distributed to shareholders.
Capital Loss Carryforward | Expires | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Large Cap Growth Fund | $ | 14,484,487 | 2008 | |||||||
9,673,722 | 2009 | |||||||||
2,915,217 | 2010 |
60
NOTES TO FINANCIAL STATEMENTS
8. Market Timing
Tamarack strongly discourages attempts at market timing by Fund shareholders. Each Fund charges a redemption fee of 2% of the value of the shares redeemed or exchanged within 30 days of purchase, in addition to limiting the number of exchanges that may be made between Funds to five (5) per calendar year. When assessed, the redemption fee is deducted from the redemption proceeds and retained by the Fund, not by Voyageur. This redemption fee is not charged in cases where, for example, the redemption results from an automatic reinvestment or asset re-allocation not specifically directed by the shareholder. Tamarack also reserves the right to reject any Fund purchase order made by persons deemed to be market timers. The Funds’ prospectus contains a full description of Tamarack’s policies on market timing and/or excessive trading. During the fiscal year ended September 30, 2007 the redemption fees collected by each Fund were as follows:
Redemption Fees | ||||||
---|---|---|---|---|---|---|
Large Cap Growth Fund | $ | 1,760 | ||||
Mid Cap Growth Fund | 136 | |||||
SMID Cap Growth Fund | 1,991 | |||||
Enterprise Fund | 4,645 | |||||
Small Cap Core Fund | 100 | |||||
Value Fund | 1,670 | |||||
Microcap Value Fund | 13,348 |
9. Soft Dollars
The term soft dollars generally refers to arrangements in which services other than trade execution are received from a broker-dealer. Federal securities laws permit a fund advisor to incur commission charges on behalf of a Fund that are higher than another broker dealer would have charged if the advisor believes the charges are reasonable in relation to the brokerage and research services received. Voyageur has a fiduciary duty to the shareholders of the Funds to seek the best execution price for all of the Funds’ securities transactions. Fund management believes that using soft dollars to purchase brokerage and research services may, in certain cases, be in a Fund’s best interest. As of September 30, 2007 certain of the Funds used soft dollar arrangements on a limited basis. Fund management continues to closely monitor its current use of soft dollars, in addition to regulatory developments in this area for any possible impact on Fund policies.
61
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Large Cap Growth Fund
September 30, 2007
Shares | Value | |||||
---|---|---|---|---|---|---|
Common Stocks – 98.53% | ||||||
Consumer Discretionary – 11.02% | ||||||
30,390 | Johnson Controls, Inc. | $ | 3,589,363 | |||
31,470 | Kohl’s Corp.* | 1,804,175 | ||||
34,140 | McGraw-Hill Cos., Inc. (The) | 1,738,067 | ||||
48,850 | Omnicom Group, Inc. | 2,349,197 | ||||
67,510 | Starbucks Corp.* | 1,768,762 | ||||
28,870 | Target Corp. | 1,835,266 | ||||
13,084,830 | ||||||
Consumer Staples – 10.97% | ||||||
80,930 | Walgreen Co. | 3,823,133 | ||||
59,200 | PepsiCo, Inc. | 4,336,992 | ||||
69,050 | Procter & Gamble Co. | 4,856,977 | ||||
13,017,102 | ||||||
Energy – 5.73% | ||||||
21,720 | Apache Corp. | 1,956,103 | ||||
25,930 | EOG Resources, Inc. | 1,875,517 | ||||
41,550 | Smith International, Inc. | 2,966,670 | ||||
6,798,290 | ||||||
Financials – 10.62% | ||||||
6,640 | CME Group, Inc. | 3,900,004 | ||||
22,710 | Franklin Resources, Inc. | 2,895,525 | ||||
46,610 | State Street Corp. | 3,176,937 | ||||
44,340 | American Express Co. | 2,632,466 | ||||
12,604,932 | ||||||
Healthcare – 14.24% | ||||||
52,660 | Express Scripts, Inc.* | 2,939,481 | ||||
53,230 | Stryker Corp. | 3,660,095 | ||||
44,430 | Genzyme Corp.* | 2,752,883 | ||||
44,890 | Medtronic, Inc. | 2,532,245 | ||||
19,980 | WellPoint, Inc.* | 1,576,821 | ||||
27,600 | Allergan, Inc. | 1,779,372 | ||||
31,090 | Abbott Laboratories | 1,667,046 | ||||
16,907,943 | ||||||
Industrials – 19.07% | ||||||
57,200 | Danaher Corp. | 4,731,012 | ||||
117,640 | General Electric Co. | 4,870,296 | ||||
40,900 | Illinois Tool Works, Inc. | 2,439,276 | ||||
19,290 | Precision Castparts Corp. | 2,854,534 | ||||
61,580 | Thermo Fisher Scientific, Inc.* | 3,554,398 | ||||
51,950 | United Technologies Corp. | 4,180,936 | ||||
22,630,452 | ||||||
Information Technology – 24.14% | ||||||
95,470 | Adobe Systems, Inc.* | 4,168,220 | ||||
14,960 | Apple Computer, Inc.* | 2,296,959 | ||||
38,620 | Autodesk, Inc.* | 1,929,841 | ||||
169,680 | Cisco Systems, Inc.* | $ | 5,618,105 | |||
68,660 | eBay, Inc.* | 2,679,113 | ||||
3,500 | Google, Inc., Class A* | 1,985,445 | ||||
77,880 | Jabil Circuit, Inc. | 1,778,779 | ||||
26,200 | NAVTEQ Corp.* | 2,042,814 | ||||
93,810 | Paychex, Inc. | 3,846,210 | ||||
41,900 | SanDisk Corp.* | 2,308,690 | ||||
28,654,176 | ||||||
Materials – 2.74% | ||||||
68,850 | Ecolab, Inc. | 3,249,720 | ||||
Total Common Stocks (Cost $93,526,943) | 116,947,445 | |||||
Investment Companies – 0.27% | ||||||
313,214 | Wells Fargo Prime Investment Money Market Fund | 313,214 | ||||
Total Investment Companies (Cost $313,214) | 313,214 | |||||
Shares or Principal Amount | Value | |||||
Repurchase Agreement – 2.36% | ||||||
$2,800,000 | Deutsche dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $2,801,190 (fully collateralized by Freddie Mac with maturity dates ranging from 12/1/08 to 6/1/37 at rates from 5.00% to 6.00%) | 2,800,000 | ||||
Total Repurchase Agreement (Cost $2,800,000) | 2,800,000 | |||||
Total Investments (Cost $96,640,157) (a) – 101.2% | 120,060,659 | |||||
Liabilities in excess of other assets – (1.2)% | (1,371,800 | ) | ||||
NET ASSETS – 100.0% | $ | 118,688,859 | ||||
(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
*Non-income producing security
See notes to financial statements.
62
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Mid Cap Growth Fund
September 30, 2007
Shares | Value | |||||
---|---|---|---|---|---|---|
Common Stocks – 98.61% | ||||||
Consumer Discretionary – 17.16% | ||||||
63,000 | Aeropostale, Inc.* | $ | 1,200,780 | |||
79,000 | Coldwater Creek, Inc.* | 857,940 | ||||
45,000 | Dick’s Sporting Goods, Inc.* | 3,021,750 | ||||
29,000 | Guitar Center, Inc.* | 1,719,700 | ||||
96,000 | LKQ Corp.* | 3,341,760 | ||||
73,800 | O’Reilly Automotive, Inc.* | 2,465,658 | ||||
71,000 | PetSmart, Inc. | 2,264,900 | ||||
38,310 | Tractor Supply Co.* | 1,765,708 | ||||
61,000 | Zumiez, Inc.* | 2,706,570 | ||||
19,344,766 | ||||||
Consumer Staples – 5.04% | ||||||
56,000 | Chattem, Inc.* | 3,949,120 | ||||
74,000 | Sonic Corp.* | 1,731,600 | ||||
5,680,720 | ||||||
Energy – 3.10% | ||||||
49,000 | Smith International, Inc. | 3,498,600 | ||||
Financials – 5.30% | ||||||
60,000 | Commerce Bancorp, Inc. | 2,326,800 | ||||
61,510 | East West Bancorp, Inc. | 2,211,900 | ||||
21,000 | Zions Bancorp. | 1,442,070 | ||||
5,980,770 | ||||||
Healthcare – 17.76% | ||||||
37,000 | ArthroCare Corp.* | 2,067,930 | ||||
44,000 | Express Scripts, Inc.* | 2,456,080 | ||||
38,000 | Henry Schein, Inc.* | 2,311,920 | ||||
39,000 | Omnicare, Inc. | 1,292,070 | ||||
55,000 | Pharmaceutical Product Development, Inc. | 1,949,200 | ||||
39,000 | Quest Diagnostics, Inc. | 2,253,030 | ||||
40,000 | ResMed, Inc.* | 1,714,800 | ||||
65,000 | Varian Medical Systems, Inc.* | 2,722,850 | ||||
78,000 | VCA Antech, Inc.* | 3,256,500 | ||||
20,024,380 | ||||||
Industrials – 27.03% | ||||||
40,000 | ChoicePoint, Inc.* | 1,516,800 | ||||
15,000 | Corporate Executive Board Co. | 1,113,600 | ||||
62,000 | Donaldson Co., Inc. | 2,589,120 | ||||
66,480 | Expeditors International of Washington, Inc. | 3,144,504 | ||||
52,920 | Fastenal Co. | 2,403,097 | ||||
40,000 | Graco, Inc. | 1,564,400 | ||||
38,000 | Grant Prideco, Inc.* | 2,071,760 | ||||
23,000 | Huron Consulting Group, Inc.* | 1,670,260 | ||||
120,500 | Knight Transportation, Inc. | 2,073,805 | ||||
21,000 | Precision Castparts Corp. | 3,107,580 | ||||
78,000 | Roper Industries, Inc. | 5,109,000 | ||||
72,000 | Stericycle, Inc.* | $ | 4,115,520 | |||
30,479,446 | ||||||
Information Technology – 20.79% | ||||||
54,000 | Amdocs Ltd. ADR* | 2,008,260 | ||||
107,220 | ANSYS, Inc.* | 3,663,707 | ||||
20,000 | CDW Corp.* | 1,744,000 | ||||
55,000 | Cognos, Inc. ADR* | 2,284,150 | ||||
22,000 | DST Systems, Inc.* | 1,887,820 | ||||
54,000 | FactSet Research Systems, Inc. | 3,701,700 | ||||
95,000 | Jabil Circuit, Inc. | 2,169,800 | ||||
62,000 | Microchip Technology, Inc. | 2,251,840 | ||||
23,000 | NAVTEQ Corp.* | 1,793,310 | ||||
52,000 | VistaPrint Ltd.* | 1,943,240 | ||||
23,447,827 | ||||||
Materials – 2.43% | ||||||
62,000 | Albemarle Corp. | 2,740,400 | ||||
Total Common Stocks (Cost $83,664,877) | 111,196,909 | |||||
Investment Companies – 0.28% | ||||||
311,582 | Wells Fargo Prime Investment Money Market Fund | 311,582 | ||||
Total Investment Companies (Cost $311,582) | 311,582 | |||||
Shares or Principal Amount | Value | |||||
Repurchase Agreement – 1.86% | ||||||
$2,100,000 | Deutsche dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $2,100,893 (fully collateralized by Freddie Mac with maturity dates ranging from 12/1/18 to 6/1/37 at rates from 5.00% to 6.00%) | 2,100,000 | ||||
Total Repurchase Agreement (Cost $2,100,000) | 2,100,000 | |||||
Total Investments (Cost $86,076,459) (a) – 100.75% | 113,608,491 | |||||
Liabilities in excess of other assets – (0.75)% | (845,535 | ) | ||||
NET ASSETS – 100.0% | $ | 112,762,956 | ||||
*Non-income producing security.
(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
Abbreviations used are defined below:
ADR – American Depositary Receipt
See notes to financial statements.
63
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack SMID Cap Growth Fund
September 30, 2007
Shares | Value | |||||
---|---|---|---|---|---|---|
Common Stocks – 99.23% | ||||||
Consumer Discretionary – 17.55% | ||||||
7,950 | Aeropostale, Inc.* | $ | 151,527 | |||
9,900 | Coldwater Creek, Inc.* | 107,514 | ||||
4,600 | Dick’s Sporting Goods, Inc.* | 308,890 | ||||
9,100 | Houston Wire & Cable Co. | 164,801 | ||||
7,000 | LKQ Corp.* | 243,670 | ||||
6,700 | O’Reilly Automotive, Inc.* | 223,847 | ||||
7,100 | PetSmart, Inc. | 226,490 | ||||
4,200 | Tractor Supply Co.* | 193,578 | ||||
4,600 | Zumiez, Inc.* | 204,102 | ||||
1,824,419 | ||||||
Consumer Staples – 2.92% | ||||||
4,300 | Chattem, Inc.* | 303,236 | ||||
Energy – 5.34% | ||||||
5,550 | Berry Petroleum Co., Class A | 219,724 | ||||
4,700 | Smith International, Inc. | 335,580 | ||||
�� | 555,304 | |||||
Financials – 7.67% | ||||||
5,800 | East West Bancorp, Inc. | 208,568 | ||||
7,300 | HCC Insurance Holdings, Inc. | 209,072 | ||||
4,850 | Investment Technology Group, Inc.* | 208,453 | ||||
2,500 | Zions Bancorp. | 171,675 | ||||
797,768 | ||||||
Healthcare – 21.10% | ||||||
4,400 | ArthroCare Corp.* | 245,916 | ||||
5,700 | Express Scripts, Inc.* | 318,174 | ||||
7,000 | HealthExtras, Inc.* | 194,810 | ||||
4,400 | Henry Schein, Inc.* | 267,696 | ||||
2,850 | Kyphon, Inc.* | 199,500 | ||||
5,000 | Pharmaceutical Product Development, Inc. | 177,200 | ||||
5,000 | ResMed, Inc.* | 214,350 | ||||
3,900 | Varian Medical Systems, Inc.* | 163,371 | ||||
5,500 | VCA Antech, Inc.* | 229,625 | ||||
4,400 | West Pharmaceutical Services, Inc. | 183,304 | ||||
2,193,946 | ||||||
Industrials – 18.33% | ||||||
3,350 | DRS Technologies, Inc. | 184,652 | ||||
6,200 | Expeditors International of Washington, Inc. | 293,260 | ||||
4,300 | Fastenal Co. | 195,263 | ||||
3,900 | Grant Prideco, Inc.* | 212,628 | ||||
3,300 | Huron Consulting Group, Inc.* | $ | 239,646 | |||
7,625 | Knight Transportation, Inc. | 131,226 | ||||
4,500 | Roper Industries, Inc. | 294,750 | ||||
6,200 | Stericycle, Inc.* | 354,392 | ||||
1,905,817 | ||||||
Information Technology – 23.90% | ||||||
9,900 | ANSYS, Inc.* | 338,283 | ||||
2,900 | CDW Corp.* | 252,880 | ||||
5,000 | Cognos, Inc. ADR* | 207,650 | ||||
5,950 | Cymer, Inc.* | 228,420 | ||||
4,000 | DST Systems, Inc.* | 343,240 | ||||
5,000 | FactSet Research Systems, Inc. | 342,750 | ||||
8,400 | Jabil Circuit, Inc. | 191,856 | ||||
6,900 | Microchip Technology, Inc. | 250,608 | ||||
1,900 | NAVTEQ Corp.* | 148,143 | ||||
4,950 | Zebra Technologies Corp., Class A* | 180,626 | ||||
2,484,456 | ||||||
Materials – 2.42% | ||||||
9,250 | Valspar Corp. | 251,693 | ||||
Total Common Stocks (Cost $8,446,303) | 10,316,639 | |||||
Investment Companies – 1.40% | ||||||
145,650 | Wells Fargo Prime Investment Money Market Fund | 145,650 | ||||
Total Investment Companies (Cost $145,650) | 145,650 | |||||
Total Investments (Cost $8,591,953) (a) – 100.6% | 10,462,289 | |||||
Liabilities in excess of other assets – (0.6)% | (65,320 | ) | ||||
NET ASSETS – 100.0% | $ | 10,396,969 | ||||
*Non-income producing security
(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
Abbreviations used are defined below:
ADR – American Depositary Receipt
See notes to financial statements.
64
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Enterprise Fund
September 30, 2007
Shares | Value | |||||
---|---|---|---|---|---|---|
Common Stocks – 97.42% | ||||||
Consumer Discretionary – 19.27% | ||||||
190,000 | Benihana, Inc., Class A* | $ | 3,288,900 | |||
197,250 | Cache, Inc.* | 3,520,913 | ||||
92,400 | Carmike Cinemas, Inc. | 1,697,388 | ||||
642,000 | Casual Male Retail Group, Inc.* | 5,752,320 | ||||
300,000 | Comstock Homebuilding Cos., Inc., Class A* | 549,000 | ||||
149,971 | Deb Shops, Inc. | 4,032,720 | ||||
275,800 | Dixie Group, Inc. (The)* | 2,620,100 | ||||
495,400 | Hancock Fabrics, Inc.* | 891,720 | ||||
219,900 | McCormick & Schmick’s Seafood Restaurants, Inc.* | 4,140,717 | ||||
487,400 | Movado Group, Inc. | 15,557,808 | ||||
762,900 | Regent Communications, Inc.* | 2,006,427 | ||||
457,000 | Steinway Musical Instruments, Inc. | 13,536,340 | ||||
275,000 | Tefron Ltd. ADR | 1,707,750 | ||||
228,500 | Universal Electronics, Inc.* | 7,426,250 | ||||
66,728,353 | ||||||
Consumer Staples – 1.23% | ||||||
500,000 | NutraCea* | 770,000 | ||||
360,400 | Topps Co., Inc. (The) | 3,492,276 | ||||
4,262,276 | ||||||
Energy – 3.85% | ||||||
79,300 | Goodrich Petroleum Corp.* | 2,513,810 | ||||
85,000 | Gulf Island Fabrication, Inc. | 3,263,150 | ||||
356,800 | Tetra Technologies, Inc.* | 7,542,752 | ||||
13,319,712 | ||||||
Financials – 12.55% | ||||||
231,300 | ASTA Funding, Inc. | 8,863,416 | ||||
93,100 | Boston Private Financial Holdings, Inc. | 2,591,904 | ||||
81,009 | Capital Corp. of the West | 1,492,186 | ||||
86,259 | Cobiz, Inc. | 1,476,754 | ||||
162,157 | Dearborn BanCorp, Inc.* | 2,093,447 | ||||
138,800 | FirstCity Financial Corp.* | 1,372,732 | ||||
114,096 | Hanmi Financial Corp. | 1,767,347 | ||||
146,200 | Harrington West Financial Group, Inc. | 2,308,498 | ||||
95,100 | LaSalle Hotel Properties | 4,001,808 | ||||
71,391 | Mercantile Bank Corp. | 1,532,051 | ||||
123,289 | MetroCorp Bancshares, Inc. | 1,984,953 | ||||
134,900 | National Interstate Corp. | 4,153,571 | ||||
76,427 | Northrim BanCorp, Inc. | 1,903,042 | ||||
208,666 | Sanders Morris Harris Group, Inc. | 2,117,960 | ||||
54,554 | Sterling Financial Corp. | $ | 1,468,048 | |||
244,900 | SWS Group, Inc. | 4,332,281 | ||||
43,459,998 | ||||||
Healthcare – 6.08% | ||||||
100,000 | Kensey Nash Corp.* | 2,611,000 | ||||
247,500 | Meridian Bioscience, Inc. | 7,504,200 | ||||
122,100 | Omrix Biopharmaceuticals, Inc.* | 4,311,351 | ||||
295,275 | Penwest Pharmaceuticals Co.* | 3,250,978 | ||||
118,624 | Young Innovations, Inc. | 3,393,832 | ||||
21,071,361 | ||||||
Industrials – 25.06% | ||||||
105,200 | ABM Industries, Inc. | 2,101,896 | ||||
220,870 | Allied Defense Group, Inc.* | 1,738,247 | ||||
120,400 | AZZ, Inc.* | 4,209,184 | ||||
480,000 | C&D Technologies, Inc.* | 2,390,400 | ||||
80,600 | CDI Corp. | 2,247,128 | ||||
305,725 | Columbus McKinnon Corp.* | 7,609,495 | ||||
231,000 | EDO Corp. | 12,938,310 | ||||
200,200 | Ennis Business Forms, Inc. | 4,412,408 | ||||
61,500 | ESCO Technologies, Inc.* | 2,044,260 | ||||
214,800 | Gehl Co.* | 4,796,484 | ||||
445,500 | LaBarge, Inc.* | 5,346,000 | ||||
206,837 | LSI Industries, Inc. | 4,244,295 | ||||
185,000 | Mac-Gray Corp.* | 2,382,800 | ||||
316,490 | Nu Horizons Electronics Corp.* | 2,984,501 | ||||
162,200 | Old Dominion Freight Line, Inc.* | 3,887,934 | ||||
190,000 | PGT, Inc.* | 1,506,700 | ||||
140,010 | Quixote Corp. | 2,772,198 | ||||
280,393 | Rush Enterprises, Inc., Class A* | 7,107,963 | ||||
140,800 | Saia, Inc.* | 2,327,424 | ||||
377,900 | Spectrum Control, Inc.* | 5,475,771 | ||||
106,789 | Standard Parking Corp.* | 4,249,134 | ||||
86,772,532 | ||||||
Information Technology – 13.76% | ||||||
208,700 | Comtech Telecommunications Corp.* | 11,163,363 | ||||
354,000 | Edgewater Technology, Inc.* | 3,083,340 | ||||
482,732 | HMS Holdings Corp.* | 11,880,034 | ||||
581,300 | Hypercom Corp.* | 2,627,476 | ||||
135,900 | Landauer, Inc. | 6,925,464 | ||||
510,000 | NIC, Inc. | 3,539,400 | ||||
345,000 | Sonic Solutions* | 3,612,150 |
65
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Enterprise Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
359,800 | Tyler Technologies, Inc.* | $ | 4,803,330 | |||
47,634,557 | ||||||
Materials – 10.41% | ||||||
1,124,600 | Birch Mountain Resources Ltd. ADR* | 1,686,900 | ||||
664,000 | Intertape Polymer Group, Inc. ADR* | 2,257,600 | ||||
130,000 | Koppers Holdings, Inc. | 5,019,300 | ||||
296,300 | NN, Inc. | 2,906,703 | ||||
554,500 | Omnova Solutions, Inc.* | 3,205,010 | ||||
235,250 | Penford Corp. | 8,868,925 | ||||
673,300 | U.S. Concrete, Inc.* | 4,437,047 | ||||
193,088 | Universal Stainless & Alloy Products, Inc.* | 7,682,972 | ||||
36,064,457 | ||||||
Telecommunication Services – 2.89% | ||||||
408,500 | EMS Technologies, Inc.* | 10,020,505 | ||||
Utilities – 2.32% | ||||||
135,400 | Central Vermont Public Service Corp. | 4,947,516 | ||||
104,800 | Unitil Corp. | 3,091,600 | ||||
8,039,116 | ||||||
Total Common Stocks (Cost $246,530,188) | 337,372,867 | |||||
Investment Companies – 0.07% | ||||||
249,700 | Wells Fargo Prime Investment Money Market Fund | 249,700 | ||||
Total Investment Companies (Cost $249,700) | 249,700 | |||||
Shares or Principal Amount | Value | |||||
Repurchase Agreement – 3.18% | ||||||
$11,000,000 | Deutsche dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $11,004,675 (fully collateralized by Freddie Mac with maturity dates ranging from 12/1/18 to 6/1/37 at rates from 5.00% to 6.00%) | 11,000,000 | ||||
Total Repurchase Agreement (Cost $11,000,000) | 11,000,000 | |||||
Total Investments (Cost $257,779,888) (a) – 100.67% | 348,622,567 | |||||
Liabilities in excess of other assets – (0.67)% | (2,318,043 | ) | ||||
NET ASSETS – 100.0% | $ | 346,304,524 | ||||
(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
* Non-income producing security
Abbreviations used are defined below:
ADR – American Depositary Receipt
See notes to financial statements.
66
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Small Cap Core Fund
September 30, 2007
Shares | Value | |||||
---|---|---|---|---|---|---|
Common Stocks – 98.14% | ||||||
Consumer Discretionary – 18.73% | ||||||
17,900 | Big 5 Sporting Goods Corp. | $ | 334,730 | |||
125,300 | Casual Male Retail Group, Inc.* | 1,122,688 | ||||
148,600 | Interface, Inc. | 2,682,230 | ||||
17,400 | McCormick & Schmick’s Seafood Restaurants, Inc.* | 327,642 | ||||
28,950 | Men’s Wearhouse, Inc. | 1,462,554 | ||||
73,100 | Movado Group, Inc. | 2,333,352 | ||||
24,425 | Pool Corp. | 610,136 | ||||
33,900 | Sally Beauty Holdings, Inc.* | 286,455 | ||||
32,700 | Stein Mart, Inc. | 248,847 | ||||
82,200 | Steinway Musical Instruments, Inc. | 2,434,764 | ||||
41,500 | Steven Madden Ltd. | 786,425 | ||||
2,400 | Universal Electronics, Inc.* | 78,000 | ||||
12,707,823 | ||||||
Consumer Staples – 4.35% | ||||||
33,900 | Alberto-Culver Co. | 840,381 | ||||
17,200 | BJ’s Wholesale Club, Inc.* | 570,352 | ||||
20,900 | Dress Barn, Inc. (The)* | 355,509 | ||||
29,800 | Nash-Finch Co. | 1,186,934 | ||||
2,953,176 | ||||||
Energy – 2.64% | ||||||
53,300 | Basic Energy Services, Inc.* | 1,120,366 | ||||
16,500 | World Fuel Services Corp. | 673,365 | ||||
1,793,731 | ||||||
Financials – 15.52% | ||||||
37,600 | Amerisafe, Inc.* | 621,904 | ||||
17,161 | Argo Group International Holdings Ltd.* | 746,675 | ||||
116,400 | Ashford Hospitality Trust, Inc. | 1,169,820 | ||||
40,200 | ASTA Funding, Inc. | 1,540,464 | ||||
12,800 | Cadence Financial Corp. | 225,280 | ||||
37,608 | Cash America International, Inc. | 1,414,061 | ||||
34,225 | Delphi Financial Group, Inc., Class A | 1,383,375 | ||||
8,100 | GB&T Bancshares, Inc. | 107,325 | ||||
20,100 | Pro-Assurance Corp.* | 1,082,787 | ||||
18,500 | SWS Group, Inc. | 327,265 | ||||
40,300 | Thomas Weisel Partners Group, Inc.* | 584,753 | ||||
11,972 | TriCo Bancshares | 266,616 | ||||
60,900 | UCBH Holdings, Inc. | 1,064,532 | ||||
10,534,857 | ||||||
Healthcare – 14.08% | ||||||
118,500 | Angiotech Pharmaceuticals, Inc. ADR* | $ | 742,995 | |||
36,100 | Invacare Corp. | 844,018 | ||||
49,500 | Inverness Medical Innovations, Inc.* | 2,738,340 | ||||
24,000 | Omrix Biopharmaceuticals, Inc.* | 847,440 | ||||
35,202 | Polymedica Corp. | 1,848,809 | ||||
65,575 | PSS World Medical, Inc.* | 1,254,450 | ||||
17,500 | Respironics, Inc.* | 840,525 | ||||
10,500 | West Pharmaceutical Services, Inc. | 437,430 | ||||
9,554,007 | ||||||
Industrials – 20.76% | ||||||
10,300 | Arkansas Best Corp. | 336,398 | ||||
21,800 | Blount International, Inc.* | 247,648 | ||||
92,600 | C&D Technologies, Inc.* | 461,148 | ||||
43,600 | Carlisle Co. | 2,118,960 | ||||
47,400 | Columbus McKinnon Corp.* | 1,179,786 | ||||
8,600 | Franklin Electric Co., Inc. | 353,546 | ||||
66,300 | Gardner Denver, Inc.* | 2,585,700 | ||||
38,100 | Gehl Co.* | 850,773 | ||||
20,300 | Interline Brands, Inc.* | 466,697 | ||||
22,700 | Lamson & Sessions Co.* | 611,992 | ||||
37,200 | Manitowoc Co., Inc. (The) | 1,647,216 | ||||
9,500 | NCI Building Systems, Inc.* | 410,495 | ||||
50,600 | Spectrum Control, Inc.* | 733,194 | ||||
33,400 | Sun Hydraulics Corp. | 1,062,120 | ||||
22,300 | Wabtec Corp. | 835,358 | ||||
6,000 | Watts Water Technologies, Inc., Class A | 184,200 | ||||
14,085,231 | ||||||
Information Technology – 9.65% | ||||||
59,100 | Aspen Technology, Inc.* | 846,312 | ||||
17,650 | Benchmark Electronics, Inc.* | 421,306 | ||||
32,800 | Comtech Telecommunications Corp.* | 1,754,472 | ||||
33,400 | Daktronics, Inc. | 909,148 | ||||
80,100 | Skyworks Solutions, Inc.* | 724,104 | ||||
88,800 | Sonic Solutions* | 929,736 | ||||
50,200 | Xyratex Ltd.* | 963,338 | ||||
6,548,416 | ||||||
Materials – 8.41% | ||||||
96,100 | Birch Mountain Resources Ltd. ADR* | 144,150 | ||||
10,800 | CARBO Ceramics, Inc. | 547,884 | ||||
25,000 | H.B. Fuller Co. | 742,000 |
67
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Small Cap Core Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
71,300 | Hercules, Inc. | $ | 1,498,726 | |||
46,100 | Insteel Industries, Inc. | 707,635 | ||||
96,900 | Intertape Polymer Group, Inc. ADR* | 329,460 | ||||
15,900 | Koppers Holdings, Inc. | 613,899 | ||||
31,500 | Spartech Corp. | 537,390 | ||||
14,700 | Universal Stainless & Alloy Products, Inc.* | 584,913 | ||||
5,706,057 | ||||||
Telecommunication Services – 2.21% | ||||||
14,000 | EMS Technologies, Inc.* | 343,420 | ||||
91,200 | Premiere Global Services, Inc.* | 1,153,680 | ||||
1,497,100 | ||||||
Utility – 1.79% | ||||||
21,300 | Energen Corp. | 1,216,656 | ||||
Total Common Stocks (Cost $46,729,378) | 66,597,054 | |||||
Investment Companies – 0.52% | ||||||
350,629 | Wells Fargo Prime Investment Money Market Fund | 350,629 | ||||
Total Investment Companies (Cost $350,630) | 350,629 | |||||
Shares or Principal Amount | Value | |||||
Repurchase Agreement – 1.62% | ||||||
$1,100,000 | Deutsche dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $1,100,468 (fully collateralized by Freddie Mac with maturity dates ranging from 12/1/18 to 6/1/37 at rates from 5.00% to 6.00%) | 1,100,000 | ||||
Total Repurchase Agreement (Cost $1,100,000) | 1,100,000 | |||||
Total Investments (Cost $48,180,008) (a) – 100.3% | 68,047,683 | |||||
Liabilities in excess of other assets – (0.3)% | (187,873 | ) | ||||
NET ASSETS – 100.0% | $ | 67,859,810 | ||||
*Non-income producing security
(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
Abbreviations used are defined below:
ADR American Depositary Receipt
See notes to financial statements.
68
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Value Fund
September 30, 2007
Shares | Value | |||||
---|---|---|---|---|---|---|
Common Stocks – 99.51% | ||||||
Consumer Discretionary – 5.80% | ||||||
84,390 | CBS Corp., Class B | $ | 2,658,285 | |||
25,400 | Johnson Controls, Inc. | 2,999,994 | ||||
79,780 | McDonald’s Corp. | 4,345,617 | ||||
86,440 | Time Warner, Inc. | 1,587,038 | ||||
140,280 | TJX Cos., Inc. | 4,077,940 | ||||
15,668,874 | ||||||
Consumer Staples – 9.62% | ||||||
120,560 | Coca-Cola Co. (The) | 6,928,583 | ||||
69,100 | CVS Caremark Corp. | 2,738,433 | ||||
148,160 | Gap, Inc. (The) | 2,732,070 | ||||
58,390 | Kimberly-Clark Corp. | 4,102,482 | ||||
69,400 | Macy’s, Inc. | 2,243,008 | ||||
14,990 | Molson Coors Brewing Co., Class B | 1,494,053 | ||||
42,930 | Procter & Gamble Co. | 3,019,696 | ||||
81,490 | Safeway, Inc. | 2,698,134 | ||||
25,956,459 | ||||||
Energy – 14.45% | ||||||
76,760 | Anadarko Petroleum Corp. | 4,125,850 | ||||
76,170 | Apache Corp. | 6,859,870 | ||||
33,120 | Baker Hughes, Inc. | 2,993,054 | ||||
49,570 | Chevron Corp. | 4,638,761 | ||||
60,530 | ConocoPhillips | 5,312,718 | ||||
130,340 | Exxon Mobil Corp. | 12,064,271 | ||||
42,830 | Noble Energy, Inc. | 2,999,813 | ||||
38,994,337 | ||||||
Financials – 31.54% | ||||||
121,620 | AFLAC, Inc. | 6,937,205 | ||||
84,050 | Allstate Corp. (The) | 4,806,819 | ||||
69,390 | American International Group, Inc. | 4,694,234 | ||||
39,520 | Ameriprise Financial, Inc. | 2,494,107 | ||||
183,500 | Bank of America Corp. | 9,224,545 | ||||
131,150 | Charles Schwab Corp. (The) | 2,832,840 | ||||
145,866 | Citigroup, Inc. | 6,807,566 | ||||
140,260 | Discover Financial Services* | 2,917,408 | ||||
67,970 | Federal National Mortgage Association | 4,133,256 | ||||
20,410 | Goldman Sachs Group, Inc. (The) | 4,423,663 | ||||
124,710 | JPMorgan Chase & Co. | 5,714,212 | ||||
51,160 | Kimco Realty Corp. | 2,312,944 | ||||
54,890 | Morgan Stanley | 3,458,070 | ||||
39,200 | Prudential Financial, Inc. | 3,825,136 | ||||
13,260 | SL Green Realty Corp. | 1,548,370 | ||||
39,570 | SunTrust Banks, Inc. | 2,994,262 | ||||
175,480 | U.S. Bancorp | 5,708,364 | ||||
108,112 | Wachovia Corp. | 5,421,817 | ||||
136,650 | Wells Fargo & Co. | 4,867,473 | ||||
85,122,291 | ||||||
Healthcare – 5.79% | ||||||
49,490 | Biogen Idec, Inc.* | $ | 3,282,672 | |||
36,800 | Medco Health Solutions, Inc.* | 3,326,352 | ||||
78,070 | Merck & Co., Inc. | 4,035,438 | ||||
63,110 | WellPoint, Inc.* | 4,980,641 | ||||
15,625,103 | ||||||
Industrials – 12.39% | ||||||
81,720 | Dover Corp. | 4,163,634 | ||||
368,890 | General Electric Co. | 15,272,046 | ||||
82,180 | Goodrich Corp. | 5,607,142 | ||||
52,190 | Lockheed Martin Corp. | 5,662,093 | ||||
30,070 | W.W. Grainger, Inc. | 2,742,083 | ||||
33,446,998 | ||||||
Information Technology – 4.89% | ||||||
76,000 | Dell, Inc.* | 2,097,600 | ||||
47,990 | Fidelity National Information Services, Inc. | 2,129,316 | ||||
108,850 | Hewlett-Packard Co. | 5,419,642 | ||||
192,040 | Motorola, Inc. | 3,558,501 | ||||
13,205,059 | ||||||
Materials – 4.26% | ||||||
33,340 | Air Products & Chemicals, Inc. | 3,259,318 | ||||
20,380 | Alcoa, Inc. | 797,266 | ||||
42,450 | Dow Chemical Co. | 1,827,897 | ||||
53,650 | Freeport-McMoRan Copper & Gold, Inc. | 5,627,349 | ||||
11,511,830 | ||||||
Telecommunication Services – 5.29% | ||||||
163,940 | AT&T, Inc. | 6,936,301 | ||||
95,560 | Sprint Nextel Corp. | 1,815,640 | ||||
124,620 | Verizon Communications, Inc. | 5,518,174 | ||||
14,270,115 | ||||||
Utilities – 5.48% | ||||||
39,210 | Dominion Resources, Inc. | 3,305,403 | ||||
34,710 | Edison International | 1,924,669 | ||||
63,580 | Exelon Corp. | 4,791,389 | ||||
76,920 | MDU Resources Group, Inc. | 2,141,453 | ||||
72,320 | Southern Co. | 2,623,770 | ||||
14,786,684 | ||||||
Total Common Stocks (Cost $229,295,214) | 268,587,750 | |||||
69
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Value Fund (cont.)
Shares or Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Investment Companies – 0.16% | ||||||
418,085 | Wells Fargo Prime Investment Money Market Fund | $ | 418,085 | |||
Total Investment Companies (Cost $418,085) | 418,085 | |||||
Repurchase Agreement – 1.30% | ||||||
$3,500,000 | Deutsche dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $3,501,488 (fully collateralized by Freddie Mac with maturity dates ranging from 12/1/18 to 6/1/37 at rates from 5.00% to 6.00%) | 3,500,000 | ||||
Total Repurchase Agreement (Cost $3,500,000) | 3,500,000 | |||||
Total Investments (Cost $233,213,299) (a) – 100.97% | 272,505,835 | |||||
Liabilities in excess of other assets – (0.97)% | (2,606,170 | ) | ||||
NET ASSETS – 100.00% | $ | 269,899,665 | ||||
*Non-income producing security.
(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
See notes to financial statements.
70
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Microcap Value Fund
September 30, 2007
Shares | Value | |||||
---|---|---|---|---|---|---|
Common Stocks – 93.37% | ||||||
Consumer Discretionary – 17.66% | ||||||
70,000 | Aftermarket Technology Corp.* | $ | 2,221,800 | |||
29,800 | Ambassadors International, Inc. | 730,994 | ||||
34,500 | America’s Car Mart, Inc.* | 390,195 | ||||
15,000 | AMREP Corp. | 402,000 | ||||
60,000 | Asbury Automotive Group, Inc. | 1,188,600 | ||||
40,000 | Ashworth, Inc.* | 246,000 | ||||
65,000 | Audiovox Corp., Class A* | 668,850 | ||||
90,000 | Bakers Footwear Group, Inc.* | 401,400 | ||||
29,000 | Bassett Furniture Industries, Inc. | 301,020 | ||||
48,000 | Beazer Homes USA, Inc. | 396,000 | ||||
83,300 | Bell Microproducts, Inc.* | 518,126 | ||||
12,500 | Benihana, Inc.* | 214,125 | ||||
25,000 | Benihana, Inc., Class A* | 432,750 | ||||
22,000 | Big Dog Holdings, Inc.* | 341,440 | ||||
69,000 | Bluegreen Corp.* | 534,750 | ||||
45,000 | Bon-Ton Stores, Inc. (The) | 1,022,400 | ||||
46,000 | Books-A-Million, Inc. | 608,580 | ||||
15,127 | Bowl America, Inc., Class A | 243,545 | ||||
29,000 | Building Materials Holding Corp. | 306,820 | ||||
23,000 | Carmike Cinemas, Inc. | 422,510 | ||||
61,000 | Charlotte Russe Holding, Inc.* | 893,040 | ||||
42,010 | Chromcraft Revington, Inc.* | 197,867 | ||||
45,000 | Cobra Electronics Corp. | 303,300 | ||||
40,000 | CompX International, Inc. | 783,200 | ||||
110,000 | Comstock Homebuilding Cos., Inc., Class A* | 201,300 | ||||
84,000 | Cost Plus, Inc.* | 337,680 | ||||
85,000 | Cost-U-Less, Inc.* | 982,600 | ||||
40,000 | Deb Shops, Inc. | 1,075,600 | ||||
42,000 | Delta Apparel, Inc. | 718,200 | ||||
56,000 | Dixie Group, Inc. (The)* | 532,000 | ||||
22,000 | Dominion Homes, Inc.* | 47,300 | ||||
40,000 | Dorman Products, Inc.* | 564,800 | ||||
17,500 | Duckwall-ALCO Stores, Inc.* | 644,875 | ||||
84,000 | Emmis Communications Corp., Class A | 414,960 | ||||
117,000 | Finish Line, Inc. (The), Class A | 507,780 | ||||
48,000 | Finlay Enterprises, Inc.* | 196,800 | ||||
95,000 | First Cash Financial Services, Inc.* | 2,224,900 | ||||
56,000 | Flexsteel Industries, Inc. | 784,000 | ||||
48,000 | Friedman’s, Inc., Class A*(a)(b) | $ | 0 | |||
53,000 | Furniture Brands International, Inc. | 537,420 | ||||
85,000 | Golfsmith International Holdings, Inc.* | 595,000 | ||||
59,000 | Gottschalks, Inc.* | 256,060 | ||||
24,000 | GTSI Corp.* | 266,400 | ||||
26,000 | Hampshire Group Ltd.* | 393,900 | ||||
106,000 | Handleman Co. | 323,300 | ||||
78,300 | Hartmarx Corp.* | 383,670 | ||||
89,000 | Hastings Entertainment, Inc.* | 745,820 | ||||
61,750 | Haverty Furniture Cos., Inc. | 541,547 | ||||
27,000 | Helen of Troy Ltd. ADR* | 521,370 | ||||
31,000 | Hooker Furniture Corp. | 620,620 | ||||
20,000 | Industrial Distribution Group, Inc.* | 188,800 | ||||
135,000 | Interstate Hotels & Resorts, Inc.* | 614,250 | ||||
75,000 | Isle of Capri Casinos, Inc.* | 1,458,750 | ||||
15,000 | J. Alexander’s Corp. | 196,650 | ||||
73,000 | JAKKS Pacific, Inc.* | 1,949,830 | ||||
10,470 | Jarden Corp.* | 323,942 | ||||
29,000 | Johnson Outdoors, Inc., Class A | 629,300 | ||||
102,000 | Journal Register Co. | 244,800 | ||||
55,000 | Kimball International, Inc., Class B | 625,900 | ||||
58,310 | Lakeland Industries, Inc.* | 697,388 | ||||
22,000 | Landry’s Restaurants, Inc. | 582,120 | ||||
95,270 | Lazare Kaplan International, Inc.* | 705,951 | ||||
47,000 | Lenox Group, Inc.* | 225,600 | ||||
53,000 | Levitt Corp., Class A | 106,530 | ||||
31,000 | Lifetime Brands, Inc. | 628,990 | ||||
25,000 | Lithia Motors, Inc., Class A | 426,500 | ||||
37,800 | M/I Homes, Inc. | 525,042 | ||||
58,000 | MAIR Holdings, Inc.* | 343,360 | ||||
28,000 | Marcus Corp. | 537,600 | ||||
43,000 | MarineMax, Inc.* | 626,080 | ||||
38,000 | Meritage Homes Corp.* | 536,560 | ||||
21,300 | Mestek, Inc.* | 314,175 | ||||
50,000 | Monaco Coach Corp. | 701,500 | ||||
69,400 | Movado Group, Inc. | 2,215,248 | ||||
10,300 | Nobility Homes, Inc. | 195,700 | ||||
32,000 | O’Charley’s, Inc. | 485,120 | ||||
41,000 | Orleans Homebuilders, Inc. | 239,850 | ||||
60,000 | Palm Harbor Homes, Inc.* | 748,800 | ||||
82,000 | PC Connection, Inc.* | 1,025,000 | ||||
65,000 | PeopleSupport, Inc.* | 777,400 |
71
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Microcap Value Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
36,750 | Perry Ellis International, Inc.* | $ | 1,018,342 | |||
54,000 | Prestige Brands Holdings, Inc.* | 592,920 | ||||
90,600 | Radio One, Inc., Class D* | 337,938 | ||||
56,000 | Red Lion Hotels Corp.* | 576,800 | ||||
37,550 | Rex Stores Corp.* | 726,592 | ||||
40,000 | Rocky Brands, Inc.* | 425,200 | ||||
11,300 | S&K Famous Brands, Inc.* | 123,170 | ||||
80,000 | Saga Communications, Inc.* | 587,200 | ||||
45,150 | Salem Communications Corp., Class A | 361,200 | ||||
90,000 | Shiloh Industries, Inc. | 952,200 | ||||
36,000 | Shoe Carnival, Inc.* | 568,080 | ||||
131,000 | Source Interlink Cos., Inc.* | 461,120 | ||||
31,500 | Sport Chalet, Inc., Class A* | 283,500 | ||||
4,500 | Sport Chalet, Inc., Class B* | 38,925 | ||||
46,000 | StarTek, Inc. | 465,980 | ||||
111,000 | Stein Mart, Inc. | 844,710 | ||||
26,000 | Steinway Musical Instruments, Inc. | 770,120 | ||||
17,000 | Strattec Security Corp. | 790,840 | ||||
41,000 | Superior Uniform Group, Inc. | 502,250 | ||||
63,000 | Supreme Industries, Inc., Class A | 441,000 | ||||
43,000 | Syms Corp. | 645,430 | ||||
72,000 | Systemax, Inc. | 1,471,680 | ||||
15,000 | Tandy Brands Accessories, Inc. | 156,600 | ||||
55,000 | The Steak n Shake Co.* | 825,550 | ||||
150,000 | Trans World Entertainment Corp.* | 687,000 | ||||
50,000 | Tuesday Morning Corp. | 449,500 | ||||
65,000 | United Retail Group, Inc.* | 883,350 | ||||
3,200 | Vulcan International Corp. | 180,000 | ||||
35,900 | WCI Communities, Inc.* | 215,041 | ||||
75,080 | Westwood One, Inc. | 206,470 | ||||
33,400 | Weyco Group, Inc. | 1,049,094 | ||||
64,701,752 | ||||||
Consumer Staples – 8.54% | ||||||
31,000 | Air Methods Corp.* | 1,432,200 | ||||
73,000 | American Italian Pasta Co., Class A* | 601,155 | ||||
11,000 | American Shared Hospital Services | 43,230 | ||||
42,800 | Andersons, Inc. (The) | 2,055,256 | ||||
92,000 | BioScrip, Inc.* | 590,640 | ||||
9,300 | Cagle’s, Inc., Class A* | 90,675 | ||||
44,000 | Carriage Services, Inc. Class A* | $ | 359,480 | |||
36,000 | Chiquita Brands International, Inc.* | 569,880 | ||||
39,000 | Consolidated Graphics, Inc.* | 2,448,810 | ||||
37,000 | Cornell Cos., Inc.* | 871,350 | ||||
32,000 | CSS Industries, Inc. | 1,151,040 | ||||
28,000 | E-Z-EM, Inc.* | 455,840 | ||||
70,000 | Electro Rent Corp. | 980,700 | ||||
83,000 | Elizabeth Arden, Inc.* | 2,237,680 | ||||
41,600 | Exponent, Inc.* | 1,043,744 | ||||
42,000 | Farmer Brothers Co. | 1,044,960 | ||||
2,250 | FRMO Corp.* | 24,750 | ||||
36,000 | Gaiam, Inc.* | 865,080 | ||||
67,000 | Ingles Markets, Inc., Class A | 1,920,220 | ||||
20,313 | IntegraMed America, Inc.* | 250,866 | ||||
7,100 | Kewaunee Scientific Corp. | 124,960 | ||||
30,000 | Lannett Co., Inc.* | 144,000 | ||||
7,500 | McRae Industries, Inc., Class A | 100,125 | ||||
44,000 | MGP Ingredients, Inc. | 451,880 | ||||
143,000 | ML Macadamia Orchards LP | 699,270 | ||||
37,500 | Monro Muffler Brake, Inc. | 1,267,125 | ||||
35,000 | Nash-Finch Co. | 1,394,050 | ||||
84,000 | National Beverage Corp. | 712,320 | ||||
18,300 | Nobel Learning Communities, Inc.* | 273,585 | ||||
69,000 | Omega Protein Corp.* | 624,450 | ||||
42,000 | PDI, Inc.* | 435,960 | ||||
110,000 | Redhook Ale Brewery, Inc.* | 689,700 | ||||
52,575 | Sanderson Farms, Inc. | 2,190,800 | ||||
52,000 | Spartan Stores, Inc. | 1,171,560 | ||||
76,450 | Spectrum Brands, Inc.* | 443,410 | ||||
29,000 | Synovis Life Technologies, Inc.* | 625,530 | ||||
91,000 | Tasty Baking Co. | 918,190 | ||||
31,304,471 | ||||||
Energy – 3.52% | ||||||
119,000 | Brigham Exploration Co.* | 705,670 | ||||
40,000 | Callon Petroleum Co.* | 556,800 | ||||
48,000 | Edge Petroleum Corp.* | 616,320 | ||||
37,683 | Enbridge Energy Management LLC* | 1,869,077 | ||||
34,000 | Gulf Island Fabrication, Inc. | 1,305,260 | ||||
98,000 | Harvest Natural Resources, Inc.* | 1,170,120 | ||||
50,000 | Headwaters, Inc.* | 744,000 | ||||
40,000 | Lufkin Industries, Inc. | 2,200,800 |
72
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Microcap Value Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
106,000 | Newpark Resources, Inc.* | $ | 568,160 | |||
43,000 | NGP Capital Resources Co. | 697,890 | ||||
20,000 | PHI, Inc., Non Voting* | 602,800 | ||||
14,600 | PHI, Inc., Voting* | 424,130 | ||||
39,000 | Prospect Energy Corp. | 663,780 | ||||
49,000 | Resource America, Inc., Class A | 773,710 | ||||
12,898,517 | ||||||
Financials – 19.37% | ||||||
70,000 | 21st Century Holdings Co. | 994,000 | ||||
50,000 | ACA Capital Holdings, Inc.* | 304,500 | ||||
40,000 | Affirmative Insurance Holdings, Inc. | 459,600 | ||||
71,000 | AmCOMP, Inc.* | 670,240 | ||||
105,000 | American Equity Investment Life Holding Co. | 1,118,250 | ||||
75,000 | American Independence Corp.* | 764,250 | ||||
19,000 | American Safety Insurance Holdings Ltd. ADR* | 376,580 | ||||
30,000 | Ameris Bancorp | 542,400 | ||||
3,850 | Argo Group International Holdings Ltd.* | 167,514 | ||||
21,000 | Baldwin & Lyons, Inc., Class B | 573,510 | ||||
14,500 | Bancinsurance Corp.* | 92,510 | ||||
45,000 | BankUnited Financial Corp., Class A | 699,300 | ||||
31,000 | Banner Corp. | 1,066,090 | ||||
100,000 | Beverly Hills Bancorp, Inc. | 619,000 | ||||
91,000 | Bimini Capital Management, Inc., Class A | 120,120 | ||||
52,000 | California First National BanCorp | 675,480 | ||||
21,000 | Camco Financial Corp. | 279,300 | ||||
5,200 | Capital Southwest Corp. | 638,352 | ||||
38,000 | Capitol Bancorp Ltd. | 943,540 | ||||
108,000 | Centennial Bank Holdings, Inc.* | 691,200 | ||||
25,000 | Citizens South Banking Corp. | 308,250 | ||||
48,150 | Citizens, Inc.* | 368,348 | ||||
133,000 | Consumer Portfolio Services, Inc.* | 754,110 | ||||
43,000 | Cowen Group, Inc.* | 594,260 | ||||
123,000 | Credit Acceptance Corp.* | 2,841,300 | ||||
41,500 | Deerfield Triarc Capital Corp. | 375,575 | ||||
65,777 | Donegal Group, Inc., Class A | $ | 1,064,272 | |||
12,444 | Donegal Group, Inc., Class B | 225,236 | ||||
75,040 | Dynex Capital, Inc.* | 592,066 | ||||
31,000 | EMC Insurance Group, Inc. | 805,690 | ||||
40,000 | First Financial Corp. | 1,212,000 | ||||
39,181 | First Indiana Corp. | 1,227,149 | ||||
54,000 | First Merchants Corp. | 1,164,240 | ||||
14,000 | First PacTrust BanCorp, Inc. | 350,000 | ||||
38,000 | First Place Financial Corp. | 672,600 | ||||
42,000 | First State BanCorp | 824,880 | ||||
25,000 | FirstCity Financial Corp.* | 247,250 | ||||
66,000 | Flagstar Bancorp, Inc. | 642,180 | ||||
45,000 | FNB Corp. | 719,100 | ||||
27,000 | FPIC Insurance Group, Inc.* | 1,162,350 | ||||
62,000 | Franklin Bank Corp.* | 570,400 | ||||
109,000 | Fremont General Corp. | 425,100 | ||||
55,000 | Gateway Financial Holdings, Inc. | 865,700 | ||||
54,000 | GB&T Bancshares, Inc. | 715,500 | ||||
45,000 | Gladstone Investment Corp. | 577,800 | ||||
87,220 | Hanover Capital Mortgage Holdings, Inc. | 183,162 | ||||
38,000 | HF Financial Corp. | 608,000 | ||||
13,000 | Home Federal BanCorp | 347,750 | ||||
36,000 | Independence Holding Co. | 733,680 | ||||
31,000 | Intervest Bancshares Corp. | 767,250 | ||||
8,300 | Investors Title Co. | 321,625 | ||||
24,000 | Jefferson Bancshares, Inc. | 252,240 | ||||
17,000 | Kansas City Life Insurance Co. | 749,360 | ||||
135,000 | KMG America Corp.* | 799,200 | ||||
56,930 | LaBranche & Co., Inc.* | 266,432 | ||||
11,000 | LSB Corp. | 173,470 | ||||
37,000 | Mass Financial Corp., Class A ADR* | 151,700 | ||||
69,000 | Meadowbrook Insurance Group, Inc.* | 621,690 | ||||
62,000 | Medallion Financial Corp. | 675,180 | ||||
43,000 | Mercer Insurance Goup, Inc. | 760,670 | ||||
174,000 | MFA Mortgage Investments, Inc. | 1,395,480 | ||||
136,000 | MicroFinancial, Inc. | 809,200 | ||||
49,800 | Midland Co. | 2,737,008 | ||||
12,000 | MutualFirst Financial, Inc. | 211,800 | ||||
62,000 | National Atlantic Holdings Corp., Class A* | 574,120 | ||||
5,300 | National Security Group, Inc. (The) | 92,803 |
73
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Microcap Value Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
6,000 | National Western Life Insurance Co., Class A | $ | 1,535,760 | |||
36,400 | Navigators Group, Inc. (The)* | 1,974,700 | ||||
16,000 | NYMAGIC, Inc. | 444,960 | ||||
30,000 | Omega Financial Corp. | 792,300 | ||||
18,000 | Pacific Mercantile BanCorp* | 283,860 | ||||
85,000 | Partners Trust Financial Group, Inc. | 1,034,450 | ||||
50,000 | Patriot Capitol Funding, Inc. | 668,500 | ||||
104,830 | Paulson Capital Corp.* | 592,289 | ||||
29,000 | Peoples BanCorp, Inc. | 759,220 | ||||
65,000 | PMA Capital Corp., Class A* | 617,500 | ||||
37,900 | PMC Commercial Trust | 496,111 | ||||
40,000 | Presidential Life Corp. | 678,400 | ||||
19,000 | Provident Financial Holdings, Inc. | 423,130 | ||||
89,000 | Reis, Inc.* | 654,150 | ||||
46,000 | RTW, Inc.* | 555,220 | ||||
17,000 | Safety Insurance Group, Inc. | 610,980 | ||||
50,000 | Sanders Morris Harris Group, Inc. | 507,500 | ||||
35,000 | SCPIE Holdings, Inc.* | 778,750 | ||||
42,000 | Seabright Insurance Holdings* | 716,940 | ||||
37,000 | Simmons First National Corp., Class A | 974,580 | ||||
32,000 | Southern Community Financial Corp. | 276,800 | ||||
98,000 | Specialty Underwriters’ Alliance, Inc.* | 686,000 | ||||
47,000 | Stewart Information Services Corp. | 1,610,690 | ||||
30,666 | Stifel Financial Corp.* | 1,773,721 | ||||
73,500 | SWS Group, Inc. | 1,300,215 | ||||
49,490 | Tarragon Corp.* | 129,664 | ||||
54,000 | TierOne Corp. | 1,429,380 | ||||
24,000 | Triad Guaranty, Inc.* | 455,280 | ||||
68,000 | Unico American Corp.* | 761,600 | ||||
21,000 | United Capital Corp.* | 556,500 | ||||
97,000 | United Community Financial Corp. | 700,340 | ||||
19,000 | United Western Bancorp, Inc. | 401,660 | ||||
66,000 | Willow Financial Bancorp, Inc. | 820,380 | ||||
4,600 | Ziegler Cos., Inc. | 128,800 | ||||
80,000 | ZipRealty, Inc.* | 510,400 | ||||
70,973,642 | ||||||
Healthcare – 5.26% | ||||||
54,000 | Albany Molecular Research* | 815,400 | ||||
128,000 | Allied Healthcare International, Inc.* | $ | 305,920 | |||
131,000 | Allion Healthcare, Inc.* | 919,620 | ||||
46,000 | AngioDynamics, Inc.* | 867,100 | ||||
26,000 | CONMED Corp.* | 727,740 | ||||
46,000 | Cross Country Healthcare, Inc.* | 803,620 | ||||
52,000 | DJ Orthopedics, Inc.* | 2,553,200 | ||||
76,970 | Hanger Orthopedic Group, Inc.* | 872,070 | ||||
82,000 | HealthTronics Surgical Services, Inc.* | 418,200 | ||||
28,000 | Invacare Corp. | 654,640 | ||||
17,020 | Inverness Medical Innovations, Inc.* | 941,547 | ||||
37,000 | Martek Biosciences Corp.* | 1,074,110 | ||||
43,500 | Matria Healthcare, Inc.* | 1,137,960 | ||||
84,000 | Medical Staffing Network Holdings, Inc.* | 430,080 | ||||
73,670 | Merge Technologies, Inc.* | 323,411 | ||||
42,000 | National Dentex Corp.* | 666,540 | ||||
61,000 | National Home Health Care Corp. | 753,350 | ||||
64,000 | National Medical Health Card Systems, Inc.* | 612,480 | ||||
78,000 | Penn Treaty American Corp.* | 455,520 | ||||
30,000 | Pharmanet Development Group, Inc.* | 870,900 | ||||
49,000 | RehabCare Group, Inc.* | 861,910 | ||||
62,000 | ResCare, Inc.* | 1,416,080 | ||||
103,000 | Stewart Enterprises, Inc., Class A | 784,860 | ||||
19,266,258 | ||||||
Industrials – 17.37% | ||||||
24,000 | Alamo Group, Inc. | 590,160 | ||||
44,000 | Altra Holdings, Inc.* | 733,480 | ||||
7,300 | American Biltrite, Inc.* | 43,800 | ||||
28,000 | AZZ, Inc.* | 978,880 | ||||
44,000 | Bronco Drilling Co., Inc.* | 651,200 | ||||
34,800 | Cascade Corp. | 2,267,916 | ||||
2,800 | Chicago Rivet & Machine Co. | 63,700 | ||||
45,000 | CIRCOR International, Inc. | 2,043,450 | ||||
41,000 | Commercial Vehicle Group, Inc.* | 526,030 | ||||
50,000 | Covenant Transport, Inc., Class A* | 337,500 | ||||
29,000 | Ducommun, Inc.* | 936,700 | ||||
50,580 | DynCorp International, Inc., Class A* | 1,168,904 | ||||
14,700 | Eastern Co. (The) | 330,015 |
74
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Microcap Value Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
11,880 | Ecology and Environment, Inc., Class A | $ | 138,996 | |||
50,400 | EDO Corp. | 2,822,904 | ||||
60,000 | Encore Wire Corp. | 1,507,800 | ||||
62,000 | Ennis Business Forms, Inc. | 1,366,480 | ||||
20,000 | Enpro Industries, Inc.* | 812,000 | ||||
39,000 | Espey Manufacturing & Electronics Corp. | 836,550 | ||||
62,000 | Excel Maritime Carriers Ltd. ADR | 3,459,600 | ||||
120,000 | ExpressJet Holdings, Inc.* | 370,800 | ||||
79,000 | Frozen Food Express Industries, Inc. | 531,670 | ||||
21,000 | G & K Services, Inc., Class A | 844,200 | ||||
24,900 | Gehl Co.* | 556,017 | ||||
25,750 | Hardinge, Inc. | 896,873 | ||||
80,900 | HEICO Corp., Class A | 3,195,550 | ||||
43,000 | Herley Industries, Inc.* | 643,280 | ||||
118,000 | Huttig Building Products, Inc.* | 634,840 | ||||
43,350 | International Shipholding Corp.* | 900,379 | ||||
19,000 | Jinpan International Ltd. ADR | 545,300 | ||||
12,000 | Key Technology, Inc.* | 361,200 | ||||
74,000 | KHD Humboldt Wedag International Ltd. ADR* | 2,257,000 | ||||
47,000 | Knightsbridge Tankers Ltd. ADR | 1,264,300 | ||||
37,000 | Ladish Co., Inc.* | 2,052,760 | ||||
51,750 | LSI Industries, Inc. | 1,061,910 | ||||
66,000 | Lydall, Inc.* | 612,480 | ||||
36,000 | Mac-Gray Corp.* | 463,680 | ||||
21,000 | Magal Security Systems Ltd. ADR* | 186,690 | ||||
58,875 | Marten Transport Ltd.* | 907,264 | ||||
72,000 | Mesa Air Group, Inc.* | 319,680 | ||||
33,088 | Met-Pro Corp. | 535,364 | ||||
104,000 | Methode Electronics, Inc. | 1,565,200 | ||||
23,800 | Michael Baker Corp.* | 1,166,438 | ||||
10,562 | MOD-PAC Corp.* | 90,833 | ||||
41,000 | Modtech Holdings, Inc.* | 75,850 | ||||
85,000 | Nashua Corp.* | 943,500 | ||||
18,800 | Northwest Pipe Co.* | 711,016 | ||||
60,000 | Nu Horizons Electronics Corp.* | 565,800 | ||||
10,000 | P & F Industries, Inc., Class A* | 113,800 | ||||
33,100 | P.A.M. Transportation Services, Inc.* | 595,800 | ||||
43,160 | Patrick Industries, Inc.* | 510,151 | ||||
30,000 | Powell Industries, Inc.* | 1,136,700 | ||||
99,000 | RCM Technologies, Inc.* | 648,450 | ||||
42,000 | Robbins & Myers, Inc. | 2,406,180 | ||||
37,000 | Rush Enterprises, Inc., Class A* | $ | 937,950 | |||
13,800 | SL Industries, Inc.* | 314,502 | ||||
78,000 | Spherion Corp.* | 644,280 | ||||
32,000 | Standex International Corp. | 661,760 | ||||
66,000 | Stoneridge, Inc.* | 673,200 | ||||
56,000 | Sypris Solutions, Inc. | 481,600 | ||||
50,000 | TOUSA, Inc. | 80,500 | ||||
52,000 | TRC Cos., Inc.* | 549,120 | ||||
34,000 | Tredegar Corp. | 586,500 | ||||
30,000 | U.S. Xpress Enterprises, Inc., Class A* | 592,800 | ||||
17,000 | UniFirst Corp. | 636,820 | ||||
28,000 | USA Truck, Inc.* | 427,000 | ||||
78,000 | Velcro Industries NV ADR | 1,396,200 | ||||
38,000 | Vitran Corp., Inc.* | 629,280 | ||||
6,700 | VSE Corp. | 316,776 | ||||
34,000 | Waste Industries USA, Inc. | 973,080 | ||||
102,000 | WCA Waste Corp.* | 824,160 | ||||
150,000 | Westaff, Inc.* | 622,500 | ||||
68,000 | Willis Lease Finance Corp.* | 1,009,120 | ||||
63,644,168 | ||||||
Information Technology – 9.35% | ||||||
55,000 | Actel Corp.* | 590,150 | ||||
100,000 | Advanced Analogic Technologies, Inc.* | 1,064,000 | ||||
41,000 | Agilysys, Inc. | 692,900 | ||||
125,000 | Allied Motion Technologies, Inc.* | 627,500 | ||||
125,000 | Axcelis Technologies, Inc.* | 638,750 | ||||
14,000 | Black Box Corp. | 598,640 | ||||
57,090 | Catapult Communications Corp.* | 436,168 | ||||
77,000 | CIBER, Inc.* | 601,370 | ||||
115,000 | Comarco, Inc. | 663,550 | ||||
36,000 | DSP Group, Inc.* | 569,880 | ||||
77,000 | Dynamics Research Corp.* | 860,090 | ||||
85,000 | Edgewater Technology, Inc.* | 740,350 | ||||
39,000 | Electro Scientific Industries, Inc.* | 934,440 | ||||
39,000 | Exar Corp.* | 509,340 | ||||
36,000 | Genesis Microchip, Inc.* | 282,240 | ||||
64,000 | GSI Group, Inc. ADR* | 723,200 | ||||
120,000 | Hurry! Holding Co., Ltd. ADR* | 619,200 | ||||
28,000 | Hutchinson Technology, Inc.* | 688,800 | ||||
32,000 | InfoSpace, Inc. | 561,920 | ||||
35,000 | Integral Systems, Inc. | 752,150 | ||||
90,000 | Jupitermedia Corp.* | 569,700 |
75
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Microcap Value Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
87,000 | KEMET Corp.* | $ | 639,450 | |||
48,000 | Keynote Systems, Inc.* | 659,040 | ||||
61,000 | LeCroy Corp.* | 455,060 | ||||
65,000 | MCSI, Inc.* | 0 | ||||
19,000 | Mediware Information Systems, Inc.* | 124,450 | ||||
51,000 | MedQuist, Inc.* | 599,250 | ||||
100,000 | Merix Corp.* | 566,000 | ||||
67,000 | Neoware, Inc.* | 1,086,740 | ||||
60,000 | OmniVision Technologies, Inc.* | 1,363,800 | ||||
40,000 | OPNET Technologies, Inc.* | 464,000 | ||||
123,000 | Optical Cable Corp.* | 584,250 | ||||
37,000 | PDF Solutions, Inc.* | 365,560 | ||||
76,000 | Pegasystems, Inc. | 904,400 | ||||
90,000 | Perceptron, Inc.* | 1,296,000 | ||||
140,000 | Performance Technologies, Inc.* | 701,400 | ||||
75,000 | Pericom Semiconductor Corp.* | 879,000 | ||||
37,930 | Photronics, Inc.* | 432,781 | ||||
67,000 | Planar Systems, Inc.* | 449,570 | ||||
62,000 | PLATO Learning, Inc.* | 234,360 | ||||
71,000 | Pomeroy IT Solutions, Inc.* | 571,550 | ||||
28,000 | Retalix Ltd. ADR* | 517,720 | ||||
47,000 | Richardson Electronics Ltd. | 321,950 | ||||
29,000 | Rudolph Technologies, Inc.* | 401,070 | ||||
76,000 | Semitool, Inc.* | 737,200 | ||||
70,000 | Sigmatron International, Inc.* | 840,000 | ||||
27,000 | SYNNEX Corp.* | 555,120 | ||||
70,560 | TechTeam Global, Inc.* | 832,608 | ||||
98,000 | Tier Technologies, Inc., Class B* | 999,600 | ||||
56,000 | Tollgrade Communications, Inc.* | 566,720 | ||||
120,000 | Ulticom, Inc.* | 972,000 | ||||
46,000 | Vignette Corp.* | 923,220 | ||||
97,000 | White Electronic Designs Corp.* | 506,340 | ||||
34,274,547 | ||||||
Materials – 6.08% | ||||||
67,839 | Aceto Corp. | 610,551 | ||||
85,000 | AMCOL International Corp. | 2,812,650 | ||||
70,200 | American Pacific Corp.* | 1,096,524 | ||||
37,000 | Blue Earth Refineries, Inc. ADR* | 88,800 | ||||
107,000 | Buckeye Technologies, Inc.* | 1,619,980 | ||||
38,000 | Chesapeake Corp. | 321,480 | ||||
18,000 | Friedman Industries, Inc. | 159,300 | ||||
80,000 | Gibraltar Industries, Inc. | $ | 1,480,000 | |||
29,000 | Hawkins, Inc. | 417,600 | ||||
70,000 | Innospec, Inc. | 1,594,600 | ||||
60,000 | Material Sciences Corp.* | 637,200 | ||||
44,000 | NewMarket Corp. | 2,172,720 | ||||
63,000 | NN, Inc. | 618,030 | ||||
140,400 | North American Palladium Ltd. ADR* | 1,074,060 | ||||
26,000 | Novamerican Steel, Inc. ADR* | 1,316,120 | ||||
23,000 | Olympic Steel, Inc. | 624,680 | ||||
38,000 | Penford Corp. | 1,432,600 | ||||
110,000 | PolyOne Corp.* | 821,700 | ||||
34,000 | Schulman (A.), Inc. | 670,820 | ||||
30,000 | Schweitzer-Mauduit International, Inc. | 699,000 | ||||
26,000 | Stepan Co. | 803,660 | ||||
88,610 | U.S. Concrete, Inc.* | 583,940 | ||||
16,000 | Universal Stainless & Alloy Products, Inc.* | 636,640 | ||||
22,292,655 | ||||||
Telecommunication Services – 2.35% | ||||||
59,000 | Anaren, Inc.* | 831,900 | ||||
76,000 | Authorize.Net Holdings, Inc.* | 1,339,880 | ||||
49,200 | CalAmp Corp.* | 169,740 | ||||
23,000 | Communications Systems, Inc. | 241,500 | ||||
40,000 | D & E Communications, Inc. | 568,800 | ||||
25,582 | DG Fastchannel, Inc.* | 603,223 | ||||
131,000 | EFJ, Inc.* | 759,800 | ||||
77,000 | ePlus, Inc.* | 677,600 | ||||
26,000 | Media General, Inc., Class A | 715,260 | ||||
70,000 | MIVA, Inc.* | 330,400 | ||||
10,562 | OneSource Services, Inc.* | 140,464 | ||||
135,000 | Point.360* | 294,300 | ||||
41,000 | SureWest Communications | 1,025,410 | ||||
21,000 | TESSCO Technologies, Inc.* | 329,490 | ||||
35,000 | USA Mobility, Inc. | 590,450 | ||||
8,618,217 | ||||||
Utilities – 3.87% | ||||||
44,000 | American States Water Co. | 1,716,000 | ||||
47,054 | California Water Service Group | 1,811,108 | ||||
29,000 | Central Vermont Public Service Corp. | 1,059,660 | ||||
17,000 | CH Energy Group, Inc. | 812,600 | ||||
15,700 | Chesapeake Utilities Corp. | 533,643 | ||||
23,500 | Connecticut Water Service, Inc. | 544,260 |
76
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Microcap Value Fund (cont.)
Shares | Value | |||||
---|---|---|---|---|---|---|
9,000 | Delta Natural Gas Co., Inc. | $ | 221,490 | |||
71,000 | Empire District Electric Co. (The) | 1,603,890 | ||||
24,000 | EnergySouth, Inc. | 1,210,080 | ||||
18,000 | Florida Public Utilities Co. | 212,400 | ||||
4,900 | Maine & Maritimes Corp.* | 138,768 | ||||
30,400 | Middlesex Water Co. | 574,560 | ||||
6,500 | RGC Resources, Inc. | 173,485 | ||||
91,000 | SEMCO Energy, Inc.* | 717,990 | ||||
52,800 | SJW Corp. | 1,802,592 | ||||
45,644 | Southwest Water Co. | 576,484 | ||||
16,476 | Unitil Corp. | 486,042 | ||||
14,195,052 | ||||||
Total Common Stocks (Cost $277,448,844) | 342,169,279 | |||||
Exchange Traded Funds – 2.75% | ||||||
12,000 | ASA, Ltd. | 897,600 | ||||
129,000 | iShares Russell Microcap Index Fund | 7,436,850 | ||||
100,000 | PowerShares Zacks Micro Cap Portfolio | 1,721,000 | ||||
Total Exchange Traded Funds (Cost $9,512,205) | 10,055,450 | |||||
Warrants – 0.0% | ||||||
Healthcare – 0.0% | ||||||
2,967 | Del Global Technologies Corp., 3/28/08, $2* | 4,154 | ||||
Total Warrants (Cost $0) | 4,154 | |||||
Corporate Bonds – 0.0% | ||||||
1,947 | Trenwick America Corp.*(a)(b) | 0 | ||||
1,625 | Trenwick America Corp.*(a)(b) | 0 | ||||
Total Corporate Bonds (Cost $0) | 0 | |||||
Investment Companies – 0.12% | ||||||
431,642 | Wells Fargo Government Institutional Money Market Fund | 431,642 | ||||
Total Investment Companies (Cost $431,642) | 431,642 | |||||
Rights – 0.0% | ||||||
Consumer Discretionary – 0.0% | ||||||
267,195 | Levitt Corp. Rights, 10/1/07, $2*(a) | $ | 2,672 | |||
Total Rights (Cost $0) | 2,672 | |||||
Shares or Principal Amount | Value | |||||
Repurchase Agreement – 4.20% | ||||||
$15,400,000 | Deutsche dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $15,406,545 (fully collateralized by Freddie Mac with maturity dates ranging from 12/1/18 to 6/1/37 at rates from 5.00% to 6.00%) | 15,400,000 | ||||
Total Repurchase Agreement (Cost $15,400,000) | 15,400,000 | |||||
Total Investments (Cost $302,792,691) (c) – 100.4% | 368,063,197 | |||||
Liabilities in excess of other assets – (0.4)% | (1,599,343 | ) | ||||
NET ASSETS – 100.0% | $ | 366,463,854 | ||||
(a) Fair valued security.
(b) Security delisted or issuer in bankruptcy.
(c) See Notes to Schedules of Portfolio Investments for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
* Non-income producing security
Abbreviations used are defined below:
ADR – American Depositary Receipt
LLC – Limited Liability Co.
LP – Limited Partnership
See notes to financial statements.
77
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of Tamarack Funds Trust:
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, Large Cap Growth Fund, Mid Cap Growth Fund, SMID Cap Growth Fund (formerly known as Small Cap Growth Fund), Enterprise Fund, Small Cap Core Fund (formerly known as Enterprise Small Cap Fund), Value Fund, and Microcap Value Fund [seven of the portfolios constituting the Tamarack Funds Trust (the “Funds”)] as of September 30, 2007, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended. We have audited the financial highlights for each of the three years in the period ended September 30, 2007, for the period from May 1, 2004 through September 30, 2004, and for the year ended April 30, 2004 for Large Cap Growth Fund, Mid Cap Growth Fund, and SMID Cap Growth Fund. We have audited the financial highlights for each of the three years in the period ended September 30, 2007, for the period from July 1, 2004 through September 30, 2004, and for the year ended June 30, 2004 for Enterprise Fund, Small Cap Core Fund, Value Fund, and Microcap Value Fund. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of Large Cap Growth Fund, Mid Cap Growth Fund and SMID Cap Growth Fund for the year ended to April 30, 2003, were audited by other auditors whose report, dated June 17, 2003, expressed an unqualified opinion on these financial highlights. The financial highlights of Enterprise Fund, Small Cap Core Fund, Value Fund, and Microcap Value Fund for the year ended to June 30, 2003, were audited by other auditors whose report, dated August 22, 2003, expressed an unqualified opinion on these 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, audits of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2007, by correspondence with the custodian and brokers. 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 each of the portfolios of the Tamarack Funds Trust referred to above as of September 30, 2007, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Chicago, Illinois
November 28, 2007
78
OTHER FEDERAL INCOME TAX INFORMATION (Unaudited)
For the fiscal year ended September 30, 2007, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2007 Form 1099-DIV.
For the period ended September 30, 2007, the following Funds have a qualified dividend income percentages of:
Qualified Dividend Income | ||||||
---|---|---|---|---|---|---|
Mid Cap Growth Fund | 100.00 | % | ||||
Enterprise Fund | 35.25 | % | ||||
Small Cap Core Fund | 50.55 | % | ||||
Value Fund | 100.00 | % | ||||
Microcap Value Fund | 99.88 | % |
For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ended September 30, 2007 qualify for the corporate dividends received deduction:
Dividends Received Deduction | ||||||
---|---|---|---|---|---|---|
Mid Cap Growth Fund | 100.00 | % | ||||
Enterprise Fund | 37.82 | % | ||||
Small Cap Core Fund | 78.11 | % | ||||
Value Fund | 100.00 | % | ||||
Microcap Value Fund | 100.00 | % |
For the period ended September 30, 2007 the following Funds had net long term capital gains:
Net Long Term Capital Gains | ||||||
---|---|---|---|---|---|---|
Mid Cap Growth Fund | $ | 3,123,176 | ||||
SMID Cap Growth Fund | 677,944 | |||||
Enterprise Fund | 21,688,785 | |||||
Small Cap Core Fund | 6,243,016 | |||||
Value Fund | 35,102,974 | |||||
Microcap Value Fund | 20,157,497 |
79
Independent Trustees(1)
T. Geron Bell (66)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President of Twins Sports, Inc. (parent company of the Minnesota Twins) (2002-present); prior thereto President of the Minnesota Twins Baseball Club Incorporated (1987-present); Director, Great Hall Investment Funds, Inc. (1993-2004); Trustee, J&B Funds (2003-2004); Director, Babson Funds (2003-2004).
Number of Portfolios in Fund Complex Overseen: 15
Lucy Hancock Bode (56)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Healthcare consultant; Director, RBC Funds (1994-2004).
Number of Portfolios in Fund Complex Overseen: 15
Leslie H. Garner Jr. (57)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President, Cornell College; Director, RBC Funds (1994-2004).
Number of Portfolios in Fund Complex Overseen: 15
Ronald James (56)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, Center for Ethical Business Cultures (2000-present); Director, Great Hall Investment Funds, Inc. (1993-2004); Trustee, J&B Funds (2003-2004); Director, Babson Funds (2003-2004).
Number of Portfolios in Fund Complex Overseen: 15
John A. MacDonald (58)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Chief Investment Officer, Hall Family Foundation; Trustee, J&B Funds (2001-2004).
Number of Portfolios in Fund Complex Overseen: 15
H. David Rybolt (65)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Consultant, HDR Associates (management consulting); Director, Babson Funds (1992-2004).
Number of Portfolios in Fund Complex Overseen: 15
James R. Seward (54)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Private investor (2000-present); Trustee, J&B Funds (2001-2004); CFA.
Number of Portfolios in Fund Complex Overseen: 15
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
80
MANAGEMENT (Unaudited)
Independent Trustees(1)
William B. Taylor (62)
Position Held with Fund: Trustee; Since September, 2005
Principal Occupation(s) During Past 5 Years: Consultant (2003-present); Partner (until 2003) Ernst & Young LLP.
Number of Portfolios in Fund Complex Overseen: 15
Interested Trustees(1)
Erik R. Preus (42)
Position Held with Fund: Trustee; Since September, 2005
Principal Occupation(s) During Past 5 Years: President and CEO, Tamarack Funds (2006 to present); Head of Retail Asset Management, Voyageur Asset Management (2006-present); Director, President and Chief Executive Officer, Tamarack Distributors Inc. (2005-present); Chief Operating Officer, Voyageur Asset Management (2005-2006); Director, Investment Counseling Services, RBC Dain Rauscher (2004-2005); Director, Voyageur Advisory Services, Voyageur Asset Management (2003-2004); Senior Vice President, Divisional Sales Manager, PIMCO Allianz Investments and its predecessor firm, Nicholas Applegate (2001-2003).
Number of Portfolios in Fund Complex Overseen: 15
Executive Officers(1)
Erik R. Preus (42)
Position Held with Fund: President and Chief Executive Officer; Since September, 2006
Principal Occupation(s) During Past 5 Years: Head of Retail Asset Management, Voyageur Asset Management (2006-present); Director, President and Chief Executive Officer, Tamarack Distributors Inc. (2005-present); Chief Operating Officer, Voyageur Asset Management (2005-2006); Director, Investment Counseling Services, RBC Dain Rauscher (2004-2005); Director, Voyageur Advisory Services, Voyageur Asset Management (2003-2004); Senior Vice President, Divisional Sales Manager, PIMCO Allianz Investments and its predecessor firm, Nicholas Applegate (2001-2003).
David P. Lux (52)
Position Held with Fund: Chief Financial Officer; Since September, 2005
Principal Occupation(s) During Past 5 Years: Treasurer, Tamarack Funds (2005 to 2007); Vice President and Director, Mutual Funds, Voyageur Asset Management (2006-present); Director, Tamarack Distributors Inc. (2006-present); Controller, Tamarack Funds (2004-2005); Vice President and Mutual Funds Finance Manager, Voyageur Asset Management (2004-2006); Senior Financial Analyst, Voyageur Asset Management (2003-2004); Senior Financial Analyst, RBC Dain Rauscher (1995-2003).
James A. Gallo (43)
Address: PFPC Inc., 760 Moore Road, King of Prussia, PA 19406
Position Held with Fund: Treasurer Since September, 2007
Principal Occupation(s) During Past 5 Years: Senior Vice President and Managing Director, Fund Accounting and Administration, PFPC Inc. (2002-Present).
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
81
MANAGEMENT (Unaudited)
Executive Officers(1)
Kathleen A. Gorman (43)
Position Held with Fund: Chief Compliance Officer Since April, 2006; and Assistant Secretary Since September, 2006
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, Voyageur Asset Management (2006-present); Director, Asset Management Compliance, RiverSource Investments (2004-2006); Senior Compliance Officer, U.S. Bancorp Asset Management (1994-2004).
Martin A. Cramer (57)
Position Held with Fund: AML Compliance Officer and Privacy Officer; Since January, 2004 and Vice President since September 2006
Principal Occupation(s) During Past 5 Years: Vice President and Mutual Fund Administration Manager, Voyageur Asset Management (2003-present); Vice President, Tamarack Distributors Inc. (2007-present); Senior Compliance Officer, Tamarack Funds (2006-2007); Chief Compliance Officer, Tamarack Funds (2004-2006); Legal and Regulatory Affairs Vice President, Compliance Officer and Secretary, J&B (mutual fund management and distribution company) (1993-2003); Vice President, Assistant Secretary, Compliance Officer and AML Compliance Officer (2003-2004)(2), and formerly, Vice President, Compliance Officer and Secretary, Buffalo Fund Complex (1994-2003) and Secretary, Gold Bank Funds(3) (2001-2003).
Monica P. Ballard (38)
Position Held with Fund: Secretary and Chief Legal Officer; Since September, 2005
Principal Occupation(s) During Past 5 Years: Vice President and Senior Associate General Counsel, RBC Dain Rauscher (2004 to present); Counsel, Allianz Life (2002 to 2004); Associate Counsel, American Express Financial Advisors (1996 to 2002).
Gordon Telfer (41)
Position Held with Fund: Portfolio Strategist; Since March, 2004
Principal Occupation(s) During Past 5 Years: Senior Portfolio Manager, Voyageur Asset Management (2004-present); Managing Director, Voyageur Asset Management (2007-Present); Vice President, Voyageur Asset Management (2004–2007); Senior Portfolio Manager, Alliance Capital Management (2000-2003); Senior Vice President, Global Strategist, Scudder Kemper Investments (1997-2000).
Nancy M. Scinto (48)
Position Held with Fund: Chief Investment Officer, Equity Products; Since January, 2004
Principal Occupation(s) During Past 5 Years: Director of Research, Voyageur Asset Management (2003-present); Managing Director, Voyageur Asset Management (1999–present).
John M. Huber (39)
Position Held with Fund: Chief Investment Officer, Fixed Income Products; Since February, 2005
Principal Occupation(s) During Past 5 Years: Chief Investment Officer, Fixed Income, Voyageur Asset Management (2004-present); Principal and Senior Portfolio Manager, Galliard Capital Management (1995-2004).
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
(2) | Great Hall Investment Funds, Inc., J&B Funds, Babson Enterprise Fund, Inc., Babson Enterprise Fund II, Inc., Babson- Stewart Ivory International Fund, Inc., Babson Value Fund, Inc., David L. Babson Growth Fund, Inc., D.L. Babson Bond Trust, D.L. Babson Money Market Fund, Inc., D.L. Babson Tax-Free Income Fund, Inc., Shadow Stock Fund, Inc., and Investors Mark Series Fund, Inc. |
(3) | The Buffalo Fund Complex consists of Buffalo Balanced Fund, Inc., Buffalo Large Cap Fund, Inc., Buffalo High Yield Fund, Inc., Buffalo Small Cap Fund, Inc., Buffalo USA Global Fund, Inc., and the Buffalo Funds, which is a series fund consisting of Buffalo Science & Technology Fund and Buffalo Mid Cap Fund. Gold Bank Funds is a series fund consisting of Gold Bank Equity and Gold Bank Money Market Fund. |
The Funds’ Statement of Additional Information includes information about the Funds’ Trustees. To receive your free copy of the Statement of Additional Information, call toll free: 1-800-422-2766.
82
SHARE CLASS INFORMATION (Unaudited)
The Tamarack Equity Funds offer up to five share classes. These five share classes are the A, C, R, I, and S classes.
Class A
Class A shares are available for purchase primarily through investment advisors, broker-dealers, banks and other financial services intermediaries. Class A shares of the Tamarack Equity Funds are currently subject to a maximum up-front sales charge of 5.75% and a 1.00% contingent deferred sales charge (“CDSC”) for redemption within 12 months of a $1 million or greater purchase. Class A shares currently include a 0.25% (25 bps) annual 12b-1 service and distribution fee. (The 12b-1 Plan allows for 50 bps, but the Funds’ distributor is currently voluntarily waiving 25 bps. The Distributor currently has no plans to discontinue this waiver.) Class A shares have a higher up-front sales charge (load) than Class C shares, but a lower annual expense ratio.
Class C
Class C shares are also available for purchase primarily through investment advisors, broker-dealers, banks and other financial services intermediaries. Class C shares redeemed within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1.00%. (No CDSC will be charged on shares acquired through reinvestment of dividends or capital gains.) C Class shares expenses include a 1.00% (100 bps) annual 12b-1 service and distribution fee. Class C shares have a lower up-front sales charge (load) than Class A shares, but due to the higher service and distribution fee, have higher annual expenses than A Class shares.
Class R
Class R shares are available for purchase through employer-sponsored or 401(k) retirement plans for which omnibus or program-level accounts are held on the books of the Funds. Class R shares have no up-front sales charge (load), but are subject to a 0.50% (50 bps) 12b-1 service and distribution fee. Class R shares currently have annual expenses between Class A and Class C share expenses.
Class S
Class S shares are available to investors purchasing shares directly through the Fund or its agent, BFDS, or through certain fee-based programs of broker-dealers or registered investment advisors. This share class does not have an up-front sales charge (load) or a 12b-1 service and distribution fee.
Class I
Class I shares are available in the Tamarack Enterprise, Large Cap Growth, Mid Cap Growth, SMID Cap Growth, and Small Cap Core Funds. This share class is intended for investors meeting certain minimum investment thresholds. This share class does not have an up-front sales charge (load) or a 12b-1 service and distribution fee.
For an investor purchasing Tamarack Funds shares through a financial services intermediary, the question as to which share class, A or C, is the better choice is dependent on many factors, including the amount to be invested and the length of time an investor anticipates holding the shares. An investor should consult with his or her financial advisor about his or her personal financial situation to determine which share class is the best choice for his or her individual situation.
83
SUPPLEMENTAL INFORMATION (Unaudited)
Shareholder Expense Examples
As a shareholder of the Tamarack Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; 12b-1 distribution and service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Tamarack Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2007 through September 30, 2007.
Actual Expenses and Performance
The table below provides information about actual account values and actual expenses. You may use the information below, 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 table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning Account Value 4/1/07 | Ending Account Value 9/30/07 | Expenses Paid During Period* 4/1/07 - 9/30/07 | Annualized Expense Ratio During Period 4/1/07 - 9/30/07 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Large Cap Growth Fund | Class A | $ | 1,000.00 | $ | 1,115.80 | $ | 6.63 | 1.25 | % | |||||||||||||
Class I | 1,000.00 | 1,116.90 | 5.31 | 1.00 | % | |||||||||||||||||
Class C | 1,000.00 | 1,111.00 | 10.58 | 2.00 | % | |||||||||||||||||
Class R | 1,000.00 | 1,114.00 | 7.95 | 1.50 | % | |||||||||||||||||
Class S | 1,000.00 | 1,116.90 | 5.31 | 1.00 | % | |||||||||||||||||
Mid Cap Growth Fund | Class A | 1,000.00 | 1,091.10 | 7.08 | 1.35 | % | ||||||||||||||||
Class I | 1,000.00 | 1,092.80 | 5.77 | 1.10 | % | |||||||||||||||||
Class C | 1,000.00 | 1,086.70 | 10.99 | 2.10 | % | |||||||||||||||||
Class R | 1,000.00 | 1,089.40 | 8.38 | 1.60 | % | |||||||||||||||||
Class S | 1,000.00 | 1,092.70 | 5.77 | 1.10 | % | |||||||||||||||||
SMID Cap Growth Fund | Class A | 1,000.00 | 1,064.40 | 8.69 | 1.68 | % | ||||||||||||||||
Class I | 1,000.00 | 1,064.90 | 7.40 | 1.43 | % | |||||||||||||||||
Class C | 1,000.00 | 1,060.20 | 12.55 | 2.43 | % | |||||||||||||||||
Class R | 1,000.00 | 1,063.10 | 9.98 | 1.93 | % | |||||||||||||||||
Class S | 1,000.00 | 1,065.00 | 7.40 | 1.43 | % | |||||||||||||||||
Enterprise Fund | Class A | 1,000.00 | 1,027.00 | 6.76 | 1.33 | % | ||||||||||||||||
Class I | 1,000.00 | 1,028.00 | 5.49 | 1.08 | % | |||||||||||||||||
Class C | 1,000.00 | 1,023.20 | 10.55 | 2.08 | % | |||||||||||||||||
Class R | 1,000.00 | 1,025.70 | 8.02 | 1.58 | % | |||||||||||||||||
Class S | 1,000.00 | 1,028.00 | 5.49 | 1.08 | % | |||||||||||||||||
Small Cap Core Fund | Class A | 1,000.00 | 1,019.90 | 7.85 | 1.55 | % | ||||||||||||||||
Class C | 1,000.00 | 1,016.10 | 11.62 | 2.30 | % | |||||||||||||||||
Class R | 1,000.00 | 1,018.50 | 9.11 | 1.80 | % | |||||||||||||||||
Class S | 1,000.00 | 1,021.10 | 6.59 | 1.30 | % | |||||||||||||||||
Value Fund | Class A | 1,000.00 | 1,078.20 | 6.67 | 1.28 | % | ||||||||||||||||
Class C | 1,000.00 | 1,074.20 | 10.56 | 2.03 | % | |||||||||||||||||
Class R | 1,000.00 | 1,077.10 | 7.91 | 1.52 | % | |||||||||||||||||
Class S | 1,000.00 | 1,079.60 | 5.37 | 1.03 | % | |||||||||||||||||
Microcap Value Fund | Class A | 1,000.00 | 975.10 | 6.54 | 1.32 | % | ||||||||||||||||
Class C | 1,000.00 | 971.50 | 10.23 | 2.07 | % | |||||||||||||||||
Class R | 1,000.00 | 974.10 | 7.77 | 1.57 | % | |||||||||||||||||
Class S | 1,000.00 | 976.50 | 5.30 | 1.07 | % |
*Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one-half year period).
84
SUPPLEMENTAL INFORMATION (Unaudited)
Beginning Account Value 8/2/07 | Ending Account Value 9/30/07 | Expenses Paid During Period* 8/02/07-09/30/07 | Annualized Expense Ratio During Period 08/02/07-09/30/07 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Small Cap Core Fund | Class I | 1,000.00 | 1,020.80 | 6.59 | 1.30 | % |
*Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one-half year period).
85
SUPPLEMENTAL INFORMATION (Unaudited)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Tamarack Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 4/1/07 | Ending Account Value 9/30/07 | Expenses Paid During Period* 4/1/07 - 9/30/07 | Annualized Expense Ratio During Period 4/1/07 - 9/30/07 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Large Cap Growth Fund | Class A | $ | 1,000.00 | $ | 1,018.80 | $ | 6.33 | 1.25 | % | |||||||||||||
Class I | 1,000.00 | 1,020.05 | 5.06 | 1.00 | % | |||||||||||||||||
Class C | 1,000.00 | 1,015.04 | 10.10 | 2.00 | % | |||||||||||||||||
Class R | 1,000.00 | 1,017.55 | 7.59 | 1.50 | % | |||||||||||||||||
Class S | 1,000.00 | 1,020.05 | 5.06 | 1.00 | % | |||||||||||||||||
Mid Cap Growth Fund | Class A | 1,000.00 | 1,018.30 | 6.83 | 1.35 | % | ||||||||||||||||
Class I | 1,000.00 | 1,019.55 | 5.57 | 1.10 | % | |||||||||||||||||
Class C | 1,000.00 | 1,014.54 | 10.61 | 2.10 | % | |||||||||||||||||
Class R | 1,000.00 | 1,017.05 | 8.09 | 1.60 | % | |||||||||||||||||
Class S | 1,000.00 | 1,019.55 | 5.57 | 1.10 | % | |||||||||||||||||
SMID Cap Growth Fund | Class A | 1,000.00 | 1,016.65 | 8.49 | 1.68 | % | ||||||||||||||||
Class I | 1,000.00 | 1,017.90 | 7.23 | 1.43 | % | |||||||||||||||||
Class C | 1,000.00 | 1,012.89 | 12.26 | 2.43 | % | |||||||||||||||||
Class R | 1,000.00 | 1,015.39 | 9.75 | 1.93 | % | |||||||||||||||||
Class S | 1,000.00 | 1,017.90 | 7.23 | 1.43 | % | |||||||||||||||||
Enterprise Fund | Class A | 1,000.00 | 1,018.40 | 6.73 | 1.33 | % | ||||||||||||||||
Class I | 1,000.00 | 1,019.65 | 5.47 | 1.08 | % | |||||||||||||||||
Class C | 1,000.00 | 1,014.64 | 10.50 | 2.08 | % | |||||||||||||||||
Class R | 1,000.00 | 1,017.15 | 7.99 | 1.58 | % | |||||||||||||||||
Class S | 1,000.00 | 1,019.65 | 5.47 | 1.08 | % | |||||||||||||||||
Small Cap Core Fund | Class A | 1,000.00 | 1,017.30 | 7.84 | 1.55 | % | ||||||||||||||||
Class C | 1,000.00 | 1,013.54 | 11.61 | 2.30 | % | |||||||||||||||||
Class I | 1,000.00 | 1,018.55 | 6.58 | 1.30 | % | |||||||||||||||||
Class R | 1,000.00 | 1,016.04 | 9.10 | 1.80 | % | |||||||||||||||||
Class S | 1,000.00 | 1,018.55 | 6.58 | 1.30 | % | |||||||||||||||||
Value Fund | Class A | 1,000.00 | 1,018.65 | 6.48 | 1.28 | % | ||||||||||||||||
Class C | 1,000.00 | 1,014.89 | 10.25 | 2.03 | % | |||||||||||||||||
Class R | 1,000.00 | 1,017.45 | 7.69 | 1.52 | % | |||||||||||||||||
Class S | 1,000.00 | 1,019.90 | 5.22 | 1.03 | % | |||||||||||||||||
Microcap Value Fund | Class A | 1,000.00 | 1,018.45 | 6.68 | 1.32 | % | ||||||||||||||||
Class C | 1,000.00 | 1,014.69 | 10.45 | 2.07 | % | |||||||||||||||||
Class R | 1,000.00 | 1,017.20 | 7.94 | 1.57 | % | |||||||||||||||||
Class S | 1,000.00 | 1,019.70 | 5.42 | 1.07 | % |
*Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one-half year period).
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Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
This report and the financial statements contained herein are provided for the information of Tamarack Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended September 30, 2007.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Voyageur Asset Management serves as investment adviser for the Tamarack Funds. Tamarack Funds are distributed by Tamarack Distributors Inc., member FINRA.
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Tamarack Funds
P.O. Box 219757
Kansas City, MO 64121-9757
800-422-2766
www.voyageur.net
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The Tamarack Funds are pleased to offer shareholder reports printed
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ensures that the paper used in this report contains fiber from
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TF-EQ AR 9-07
![]() | |
![]() | ANNUAL REPORT September 30, 2007 |
Quality Fixed Income Fund Tax-Free Income Fund |
Tamarack Funds
About Your Annual Report
This annual report includes detailed information about your Fund including year-end financial statements, performance, and a complete list of holdings.
The Tamarack Funds compare their performance against widely used market indices, depending on the market sector or investment style of the particular fund. Fixed income funds are benchmarked against various Lehman Brothers Bond Indices, which show only the performance of the underlying fixed income securities, rather than of a comparable fund that would be available to an average investor.
We hope the financial information presented, as well as the discussion and analysis from your portfolio manager(s), will help you evaluate your investment in the Tamarack Funds. We also encourage you to read your Fund’s prospectus for further detail as to your Fund’s investment policies and risk profile. Tamarack Funds prospectuses and performance information subsequent to the date of this report are available on our website at www.voyageur.net.
A description of the policies and procedures that your Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-422-2766; (ii) on the Fund’s website at www.voyageur.net; and (iii) on the Securities and Exchange Commission’s (the “Commission”) website at http://www.sec.gov.
Information regarding how your Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, 2007 is available (i) on the Fund’s website at www.voyageur.net; and (ii) on the Commission’s website at http://www.sec.gov.
A schedule of each Fund’s portfolio holdings will be filed with the Commission for the first and third quarters of each fiscal year on Form N-Q. This information is available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room is available by calling 1-800-SEC-0330.
LETTER FROM THE CIO OF FIXED INCOME
The global bond market has been unsettled over the past several quarters due to numerous emerging economic risks. Increasing concerns regarding the U.S. housing market and expected losses in the sub-prime mortgage market have been the primary catalysts for the increasing volatility. The problems were exacerbated due to the tight spread environment and a leveraged investor base. As a result, liquidity in the fixed income markets has materially worsened over the past several months and investor confidence has waned.
The financial markets are always unpredictable; however, increased volatility can often result in great opportunities for investors. In our view, it is appropriate for the bond market to become more concerned with the pricing of risk, which may help wring excesses out of some market sectors. Furthermore, we view recent volatility in credit-sensitive sectors as offering potential investment opportunities in fundamentally sound securities at relatively attractive prices.
Investing for the long-term, and not trying to time the market, is one proven discipline that we believe applies to any market environment. A long-term outlook is especially important when investing in fixed income securities. Timing the bond market can be hazardous for an investor’s financial health. Over time, staying the course during periods of volatility has proven more effective than selling into fear or chasing the latest investment trend. Effective dollar cost averaging into your mutual fund over time will reduce the risks of emotional investing and can help lower the average costs of your purchases. The patient investor gains the benefit of compounding or earning interest on additional income or reinvested dividends and capital gains as well as tax advantages and cost benefits. While remaining patient doesn’t eliminate risk, it can considerably lessen the effect of periods marked by extreme volatility.
Another investment discipline that we believe applies to any market environment is to invest with a proven, trusted and experienced portfolio management team. Tamarack Funds fixed income and money market funds benefit from a team of investment professionals that average over 20 years of industry experience. The Tamarack Funds have performed well, relative to their peers, during these past volatile months and we are proud that our prudent, disciplined approach has been rewarded.
Given recent concerns over investments collateralized by sub-prime residential mortgage loans by some money market funds, we want to assure you that the Tamarack Money Market Funds have no direct exposure to these types of troubled sub-prime securities. Fund management has long been concerned with potential problems in the sub-prime market and has made investment decisions in a manner consistent with that outlook. In addition, there are no Structured Investment Vehicles (SIVs) in the Tamarack Money Market Funds, nor have there ever been. Our risk management orientation excluded these sectors from serious consideration. The Tamarack Quality Fixed Income Fund and
1
LETTER FROM THE CIO OF FIXED INCOME
the Tamarack Tax Free Income Fund have also enjoyed healthy relative performance throughout this turbulent market environment.
Sincerely,
![]() John Huber Chief Investment Officer Fixed Income | ![]() John Huber Chief Investment Officer, Fixed Income Tamarack Funds |
2
FIXED INCOME PORTFOLIO MANAGERS
Voyageur Asset Management Inc. (“Voyageur”), the investment advisor to the Tamarack Funds, employs a team approach to the management of each of the fixed income funds. Each Fund’s management team has access to Voyageur’s investment research and other money management resources.
John M. Huber, CFA Senior Managing Director, Chief Investment Officer — Fixed Income John Huber directs Voyageur’s fixed income group. John joined Voyageur in 2004 from Galliard Capital Management where he was a principal and senior portfolio manager, responsible for the firm’s total return fixed income effort. Prior to working for Galliard, John was a portfolio manager for Norwest Investment Management where he began his career in 1990. John received a BA from the University of Iowa and an MBA in Finance from the University of Minnesota, Carlson School of Management. He acts as an advisor to the Carlson Funds Enterprise for the University of Minnesota. John is a CFA charterholder and a member of the CFA Society of Minnesota. He also serves on the Board of the YMCA of Metropolitan Minneapolis. | ![]() John M. Huber, CFA |
James A. Norungolo, CFA Vice President, Credit Team Lead, Senior Portfolio Manager James Norungolo leads Voyageur’s Credit Team which is responsible for conducting our investment process in cash management, high grade and high yield debt, and municipal bonds. In addition, he serves as primary portfolio manager for the Quality Income Fund. James joined Voyageur in 1993 and has held several critical roles within the organization including credit/equity analyst, structured product analyst, trading and portfolio administration. Prior to joining Voyageur, James worked for Westport Bank & Trust, NationsBank and Sovran Capital Management. James began his career in the investment industry in 1987. He received a BA from the University of Virginia. James is a CFA charterholder and member of the CFA Society of Minnesota. | ![]() James A. Norungolo, CFA |
Raye C. Kanzenbach, CFA Senior Managing Director, Senior Portfolio Manager Raye Kanzenbach is an active member of the Credit Team and serves as primary portfolio manager for the Tax-Free Income Fund. He has extensive experience working with taxable and tax-exempt municipal fixed income securities. Prior to his experience at Voyageur, Raye was employed at First Bank where he managed the municipal and money market trust funds. Raye also supervised the municipal and corporate credit analysis areas for the Trust Department and First Bank’s investment portfolio. Prior to First Bank, Raye was employed as an investment officer with the St. Paul Companies. Raye began his career in the investment industry in 1973 and joined Voyageur in 1983. He received a BA in Economics from Lawrence University and an MBA in Finance from the University of Michigan. Raye is a CFA charterholder and member of the CFA Society of Minnesota. | ![]() Raye C. Kanzenbach, CFA |
3
Average Annual Total Returns as of September 30, 2007
Tamarack Quality Fixed Income Fund
1 Year | 3 Year | 5 Year | Since Inception (a) | Net Expense Ratio* | Gross Expense Ratio* | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (c) | ||||||||||||||||||||||||||
- Including Maximum Sales Charge of 3.75% | 0.53 | % | 2.02 | % | 2.70 | % | 4.18 | % | ||||||||||||||||||
- At Net Asset Value | 4.45 | % | 3.32 | % | 3.50 | % | 4.66 | % | 0.93 | % | 1.89 | % | ||||||||||||||
Class C (d) | ||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 2.50 | % | 2.53 | % | 2.72 | % | 3.87 | % | ||||||||||||||||||
- At Net Asset Value | 3.50 | % | 2.53 | % | 2.72 | % | 3.87 | % | 1.68 | % | 2.39 | % | ||||||||||||||
Class I (c) | 4.49 | % | 3.54 | % | 3.73 | % | 4.89 | % | 0.68 | % | 1.39 | % | ||||||||||||||
Class R (d) | 3.96 | % | 3.03 | % | 3.22 | % | 4.38 | % | 1.18 | % | 1.89 | % | ||||||||||||||
Class S (e) | 4.60 | % | 3.54 | % | 3.73 | % | 4.89 | % | 0.68 | % | 1.39 | % | ||||||||||||||
Lehman Brothers U.S. Aggregate Bond Index** | 5.14 | % | 3.86 | % | 4.13 | % | 5.73 | % |
Tamarack Tax-Free Income Fund
1 Year | 3 Year | 5 Year | 10 Year | Since Inception (b) | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A (f) | ||||||||||||||||||||||||||||||
- Including Maximum Sales Charge of 3.75% | -1.60 | % | 0.84 | % | 1.69 | % | 3.55 | % | 5.97 | % | ||||||||||||||||||||
- At Net Asset Value | 2.21 | % | 2.13 | % | 2.47 | % | 3.96 | % | 6.12 | % | 0.99 | % | 2.45 | % | ||||||||||||||||
Class C (f) | ||||||||||||||||||||||||||||||
- Including Contingent Deferred Sales Charge of 1.00% | 0.56 | % | 1.40 | % | 1.73 | % | 3.19 | % | 5.33 | % | ||||||||||||||||||||
- At Net Asset Value | 1.52 | % | 1.40 | % | 1.73 | % | 3.19 | % | 5.33 | % | 1.74 | % | 2.95 | % | ||||||||||||||||
Class R (f) | 1.97 | % | 1.86 | % | 2.21 | % | 3.69 | % | 5.85 | % | 1.24 | % | 2.45 | % | ||||||||||||||||
Class S | 2.47 | % | 2.38 | % | 2.73 | % | 4.21 | % | 6.38 | % | 0.74 | % | 1.95 | % | ||||||||||||||||
Lehman Brothers Municipal 3-15 year Blend Index** | 3.52 | % | 3.31 | % | 3.61 | % | 5.07 | % | NA |
Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. For performance data current to most recent month-end go to www.voyageur.net.
*The expense ratios are from the Funds’ prospectus dated January 29, 2007. Additional information pertaining to the Funds’ expense ratios as of September 30, 2007 can be found in the financial highlights.
**Each of the comparative indices is a widely recognized market value weighted measure of the return of securities, but do not include sales fees or operating expenses. You cannot invest directly into indices.
4
PERFORMANCE SUMMARY
(a) | The since inception date (commencement of operations) of the Fund is May 10, 1999. |
(b) | The since inception date (commencement of operations) of the Fund is February 22, 1980. |
(c) | The performance in the table reflects the performance of the former RBC Funds, the predecessors to the Tamarack Funds. |
(d) | The inception date for Class C and Class R Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class A Shares of the Fund, adjusted to reflect the fees and expenses of Class C and Class R Shares, as applicable (and where applicable, the maximum sales charges of the Class C Shares). |
(e) | The inception date for Class S Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class I Shares of the Fund, adjusted to reflect the fees and expenses of Class S Shares. |
(f) | The inception date for Class A, Class C and Class R Shares of the Fund is April 19, 2004. All performance shown for each such class of shares prior to its inception date is based on the performance of the Class S Shares of the Fund, adjusted to reflect the fees and expenses of Class A, Class C and Class R Shares, as applicable (and where applicable, the maximum sales charges of the Class A and Class C Shares). |
The Lehman Brothers U.S. Aggregate Bond Index is an unmanaged index of U.S. Dollar denominated government, investment grade corporate, mortgage-backed and asset-backed securities.
The Lehman Brothers Municipal 3–15 Year Blend Index is an unmanaged index of investment grade municipal bonds with maturities of 2–17 years.
5
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Quality Fixed Income Fund
Investment Objective
Invests primarily in a portfolio of U.S. Government obligations, corporate debt obligations as well as other investment grade fixed income securities such as asset-backed securities, mortgage-backed securities and bank obligations. The Fund may also invest in up to 20% high yield securities and dollar denominated emerging market debt. The Fund seeks to provide high current income and appreciation as is consistent with relative stability of principal through active management of portfolio sectors, maturity and security selection.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 4.45% (Class A, at net asset value). That compares to a total return of 5.13% for the Lehman Brothers U.S. Aggregate Bond Index, the Fund’s primary benchmark.
Factors That Made Positive Contributions
• | The Portfolio held a significant nominal and option-adjusted yield advantage compared to its benchmark. This income advantage provided 15 to 18 basis points in return advantage on a quarterly basis. | |
• | High yield corporate securities, averaging approximately 8%, contributed to returns, despite extremely poor sector performance recently. Excess returns, compared to similar Treasuries, were 9 and 179 basis points for Ba and B-rated credits, respectively. | |
• | Excess returns from corporate securities were some of the worst in the high grade fixed income sectors during the past year. The Fund’s slight underweight to high grade corporate credit over the year on both a market value and duration basis provided a modest contribution to performance. | |
• | Taxable municipal securities were used as a substitute for Agency sector holdings. Municipals provided additional yield compared to Agencies during the reporting period, but like all other non-Treasury sectors, traded weaker during the recent quarter. |
Factors That Detracted From Relative Returns
• | Swap spreads moved wider during the year causing non-Treasury prices to lag, particularly during the most recent quarter. The liquidity crisis that gripped the markets in July/August caused a flight-to-quality and very strong demand for Treasury securities. This impacted the Fund’s strategy of investing in high quality, non-governmental securities for the long-term yield advantage. | |
• | An overweight sector allocation to financial holdings negatively impacted performance during the final quarter of the year. Concerns about sub-prime mortgage-related and other loan write-downs weighed on the financial sector. | |
• | Agency mortgage-backed securities (MBS) outperformed non-agency MBS. The Fund’s holdings were skewed toward high quality non-agency MBS. While these assets have strong credit metrics, bid levels softened as investors avoided all non-governmental securities. | |
• | The Fund carried an overweight allocation in commercial mortgage-backed securities as an alternative to MBS. Excess returns in the commercial sector lagged pass-through mortgage-backed securities. |
6
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Quality Fixed Income Fund
Investment Objective
Current income and capital appreciation
Benchmark
Lehman Brothers U.S. Aggregate Bond Index
Asset Allocation
(% of fund’s investments)
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
Wells Fargo Prime Investment Money Market Fund | 1.97% | |
Merrill Lynch Mortgage Investors, Inc., Series 2005-A1, Class 2A1, 4.53%, 12/25/34 | 1.70% | |
Countrywide Alternative Loan Trust, Series 2005-4, Class 1A5, 4.97%, 07/25/35 | 1.63% | |
Federal Home Loan Mortgage Corp., Series 1997-M9, 6.52%, 7/25/16 | 1.54% | |
Federal Home Loan Mortgage Corp., 5.50%, 6/1/23 | 1.51% | |
Washington Mutual, Inc., Series 2003-S11, Class 1A, 5.00%, 11/25/33 | 1.48% | |
Banc of America Funding Corp., Series 2006-R2, Class A1, 6.06%, 7/30/46 | 1.30% | |
Master Asset Securitization Trust, Series 2003-12, Class 6A1, 5.00%, 12/25/33 | 1.23% | |
Banc of America Funding Corp., Series 2004-F, Class 2A7, 4.14%, 7/25/34 | 1.18% | |
Diageo Capital PLC, 3.50%, 11/19/07 | 1.14% |
*A listing of all portfolio holdings can be found on page 26.
Growth of $10,000 Initial Investment Since Inception
The graph reflects an initial investment of $10,000 since inception of 5/10/1999 and is based on Class A shares including the maximum sales charge of 3.75%. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
6
MANAGEMENT DISCUSSION AND ANALYSIS
Investment Objective
Seeks to provide a high level of current income that is free from federal income tax. The Fund invests primarily in municipal securities issued by the states and territories of the United States, and their agencies and municipal subdivisions.
Performance
For the twelve-month period ending September 30, 2007, the Fund had a total return of 2.21% (Class A, at net asset value). That compares to a total return of 3.52% for the Lehman Brothers Municipal 3-15 Year Blend Index, the Fund’s primary benchmark.
Factors That Made Positive Contributions
• | The Fund repositioned from lower yielding bonds to higher yielding bonds as the year progressed. Current SEC Yields increased from 2.90% to end the year at 3.08% (class A) as a result of this strategy. | |
• | The yield on the Fund’s portfolio, gross of fees, ended the year approximately 40 basis points higher than the yield of the benchmark. |
Factors That Detracted From Relative Returns
• | Total return was negatively impacted due to the greater exposure to lower investment-grade quality bonds. These lower quality holdings had lower price performance than did higher rated bonds during the period. | |
• | The Fund had a slightly larger exposure to bonds longer than 10 years, which underperformed the shorter maturities in the benchmark. |
8
MANAGEMENT DISCUSSION AND ANALYSIS
Tamarack Tax-Free Income Fund
Investment Objective
Providing the highest level of regular income exempt from federal income tax consistent with stated quality and maturity standards
Benchmark
Lehman Brothers Municipal 3-15 Year Blend Index
Asset Allocation
(% of fund’s investments)
Top Ten Holdings
(as of 9/30/07)
(% of fund’s net assets)
State Health & Education Facilities Authority (Partners Healthcare), Series C, 5.75%, 7/1/12 | 5.84% | |
State Construction Loan, Series E, 5.38%, 1/1/17 | 3.54% | |
Cook County Township High School District, 5.50%, 12/1/19 | 3.11% | |
University of Texas Revenue, Series B, 5.25%, 8/15/19 | 3.02% | |
Santa Rosa Waste Water Revenue, Series B, 6.00%, 9/1/15, (FGIC Insured) | 3.01% | |
San Antonio Electric & Gas, 5.38%, 2/1/15 | 3.00% | |
Chicago, Series B, 5.13%, 1/1/22, (AMBAC Insured) | 2.98% | |
Arkansas River Power Authority Power Revenue, 5.00%, 10/1/14, (XLCA Insured) | 2.94% | |
Seattle Municipal Light and Power, 5.63%, 12/1/16 | 2.88% | |
State Board of Education, Series J, 5.00%, 6/1/19 | 2.87% |
*A listing of all portfolio holdings can be found on page 34.
Growth of $10,000 Initial Investment Over 10 Years
The graph reflects an initial investment of $10,000 over a 10 year period and is based on Class A shares including the maximum sales charge of 3.75%. The inception date for Class A shares of the Fund is April 19, 2004. All performance shown for Class A shares prior to the inception date is based on the performance of the Class S shares of the Fund, adjusted to reflect the fees, expenses and maximum sales charges of Class A shares. The Fund’s total return includes reinvested dividends and capital gains. The Fund’s total return also includes operating expenses that reduce return, while the total return of the index does not. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Performance of other classes will vary due to differences in fee structures.
9
Statements of Assets and Liabilities
September 30, 2007
Tamarack Quality Fixed Income Fund | Tamarack Tax-Free Income Fund | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||
Investments, at market value (cost $52,216,113 and $17,841,837, respectively) | $ | 51,636,089 | $ | 18,170,210 | ||||||
Cash | 13,292 | - | ||||||||
Interest and dividends receivable | 458,329 | 199,713 | ||||||||
Receivable for capital shares issued | 25,127 | - | ||||||||
Receivable for investments sold | 891,734 | - | ||||||||
Restricted deposits with broker for futures | 499,647 | - | ||||||||
Prepaid expenses | 23,459 | 23,646 | ||||||||
Total Assets | 53,547,677 | 18,393,569 | ||||||||
Liabilities: | ||||||||||
Distributions payable | 34,954 | 15,689 | ||||||||
Payable for capital shares redeemed | 76,112 | 1,847 | ||||||||
Payable for investments purchased | 959,909 | - | ||||||||
Net payable for variation margin on futures contracts | 938 | - | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 28,245 | 7,735 | ||||||||
Administration fees | 4,323 | 1,504 | ||||||||
Trustee fees | 83 | 83 | ||||||||
Distribution fees | 112 | 19 | ||||||||
Other | 90,064 | 48,755 | ||||||||
Total Liabilities | 1,194,740 | 75,632 | ||||||||
Net Assets | $ | 52,352,937 | $ | 18,317,937 | ||||||
Net Assets Consist Of: | ||||||||||
Capital | $ | 56,497,446 | $ | 17,911,911 | ||||||
Undistributed (distributions in excess of) net investment income | (34,174 | ) | 11 | |||||||
Accumulated net realized gains (losses) from investment transactions | (3,592,776 | ) | 77,642 | |||||||
Net unrealized appreciation (depreciation) on investments | (517,559 | ) | 328,373 | |||||||
Net Assets | $ | 52,352,937 | $ | 18,317,937 | ||||||
Net Assets: | ||||||||||
Class A | $ | 441,456 | $ | 69,928 | ||||||
Class I | 310,811 | - | ||||||||
Class C | 3,600 | 3,474 | ||||||||
Class R | 7,489 | 3,529 | ||||||||
Class S | 51,589,581 | 18,241,006 | ||||||||
Total | $ | 52,352,937 | $ | 18,317,937 | ||||||
Shares Outstanding (Unlimited number of shares authorized, no par value): | ||||||||||
Class A | 46,773 | 8,303 | ||||||||
Class I | 32,946 | - | ||||||||
Class C | 382 | 413 | ||||||||
Class R | 794 | 419 | ||||||||
Class S | 5,468,733 | 2,166,037 | ||||||||
Total | 5,549,628 | 2,175,172 | ||||||||
10
FINANCIAL STATEMENTS
Tamarack Quality Fixed Income Fund | Tamarack Tax-Free Income Fund | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Net Asset Values and Redemption Price per Share: | ||||||||||
Class A (a) | $ | 9.44 | $ | 8.42 | ||||||
Class I | $ | 9.43 | - | |||||||
Class C (b) | $ | 9.43 | (c) | $ | 8.42 | (d) | ||||
Class R | $ | 9.43 | $ | 8.42 | ||||||
Class S | $ | 9.43 | $ | 8.42 | ||||||
Maximum Offering Price Per Share: | ||||||||||
Class A | $ | 9.81 | $ | 8.75 | ||||||
Maximum Sales Charge - Class A | 3.75 | % | 3.75 | % | ||||||
(a) | For Class A shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase (only applicable on purchases of $1 million or more on which no initial sales charge was paid). Such reduction is not reflected. |
(b) | For Class C shares, redemption price per share will be reduced by 1.00% for sales of shares within 12 months of purchase. Such reduction is not reflected. |
(c) | Net asset value is calculated using unrounded net assets of $3,600.19 divided by the unrounded shares oustanding of 381.70. |
(d) | Net asset value is calculated using unrounded net assets of $3,473.81 divided by the unrounded shares oustanding of 412.51. |
See notes to financial statements.
11
FINANCIAL STATEMENTS
For the Year Ended September 30, 2007
Tamarack Quality Fixed Income Fund | Tamarack Tax-Free Income Fund | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||
Interest income | $ | 3,083,508 | $ | 816,924 | ||||||
Dividend income | 42,944 | 18,061 | ||||||||
Securities lending income (a) | 405 | - | ||||||||
Total Investment Income | 3,126,857 | 834,985 | ||||||||
Expenses: | ||||||||||
Investment advisory fees | 334,393 | 162,175 | ||||||||
Administration fees | 55,732 | 19,079 | ||||||||
Distribution fees - Class A | 2,076 | 357 | ||||||||
Distribution fees - Class C | 36 | 33 | ||||||||
Distribution fees - Class R | 37 | 18 | ||||||||
Accounting fees | 78,902 | 25,030 | ||||||||
Custodian fees | 1,756 | 229 | ||||||||
Insurance fees | 40,406 | 14,705 | ||||||||
Legal fees | 1,377 | 494 | ||||||||
Audit fees | 32,709 | 32,708 | ||||||||
Registration and filing fees | 33,367 | 41,128 | ||||||||
Shareholder reports | 55,350 | 12,808 | ||||||||
Transfer agent fees | 110,278 | 55,455 | ||||||||
Trustees’ fees | 22,416 | 22,416 | ||||||||
Other fees | 3,205 | 2,082 | ||||||||
Total expenses before fee reductions | 772,040 | 388,717 | ||||||||
Expenses reduced by: | ||||||||||
Adviser | (391,077 | ) | (246,975 | ) | ||||||
Distributor | (1,038 | ) | (178 | ) | ||||||
Net Expenses | 379,925 | 141,564 | ||||||||
Net Investment Income | 2,746,932 | 693,421 | ||||||||
Realized/Unrealized Gains (Losses) from Investment Transactions: | ||||||||||
Net realized gains (losses) from investment transactions | (271,081 | ) | 106,735 | |||||||
Net realized gains/(losses) from futures contracts | 52,359 | - | ||||||||
Net change in unrealized appreciation (depreciation) on investments | 3,290 | (326,294 | ) | |||||||
Net change in unrealized appreciation (depreciation) on futures contracts | (971 | ) | - | |||||||
(216,403 | ) | (219,559 | ) | |||||||
Change in net assets resulting from operations | $ | 2,530,529 | $ | 473,862 | ||||||
(a) | For more information on Securities Lending, please see Note 2 in the Notes to Financial Statements. |
See notes to financial statements.
12
FINANCIAL STATEMENTS
Statements of Changes in Net Assets
Tamarack Quality Fixed Income Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 2,746,932 | $ | 3,128,999 | ||||||
Net realized gains (losses) from investment transactions and futures contracts | (218,722 | ) | (777,982 | ) | ||||||
Net change in unrealized appreciation (depreciation) on investment transactions and futures contracts | 2,319 | (317,924 | ) | |||||||
Change in net assets resulting from operations | 2,530,529 | 2,033,093 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | (19,497 | ) | (40,181 | ) | ||||||
Return of capital | - | (1,274 | ) | |||||||
Distributions to Class I Shareholders: | ||||||||||
From net investment income | (32,079 | ) | (64,107 | ) | ||||||
Return of capital | - | (2,032 | ) | |||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | (137 | ) | (124 | ) | ||||||
Return of capital | - | (4 | ) | |||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | (325 | ) | (290 | ) | ||||||
Return of capital | - | (9 | ) | |||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | (2,689,599 | ) | (2,994,299 | ) | ||||||
Return of capital | - | (94,908 | ) | |||||||
Change in net assets resulting from shareholder distributions | (2,741,637 | ) | (3,197,228 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 868,363 | 1,160,752 | ||||||||
Dividends reinvested | 2,336,384 | 2,954,075 | ||||||||
Cost of shares redeemed | (11,795,055 | ) | (18,753,949 | ) | ||||||
Change in net assets resulting from capital transactions | (8,590,308 | ) | (14,639,122 | ) | ||||||
Net increase (decrease) in net assets | (8,801,416 | ) | (15,803,257 | ) | ||||||
Net Assets: | ||||||||||
Beginning of period | 61,154,353 | 76,957,610 | ||||||||
End of period | $ | 52,352,937 | $ | 61,154,353 | ||||||
Undistributed (distributions in excess of) net investment income | $ | (34,174 | ) | $ | (34,181 | ) | ||||
Share Transactions: | ||||||||||
Issued | 91,850 | 122,850 | ||||||||
Reinvested | 246,790 | 313,026 | ||||||||
Redeemed | (1,243,551 | ) | (1,988,327 | ) | ||||||
Change in shares resulting from capital transactions | (904,911 | ) | (1,552,451 | ) | ||||||
See notes to financial statements.
13
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Tax-Free Income Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 693,421 | $ | 818,484 | ||||||
Net realized gains (losses) from investment transactions | 106,735 | 587,479 | ||||||||
Net change in unrealized appreciation (depreciation) on investments | (326,294 | ) | (766,866 | ) | ||||||
Change in net assets resulting from operations | 473,862 | 639,097 | ||||||||
Distributions to Class A Shareholders: | ||||||||||
From net investment income | (2,409 | ) | (3,713 | ) | ||||||
From net realized gains from investment transactions | (2,079 | ) | (1,009 | ) | ||||||
Distributions to Class C Shareholders: | ||||||||||
From net investment income | (93 | ) | (92 | ) | ||||||
From net realized gains from investment transactions | (101 | ) | (21 | ) | ||||||
Distributions to Class R Shareholders: | ||||||||||
From net investment income | (109 | ) | (109 | ) | ||||||
From net realized gains from investment transactions | (103 | ) | (21 | ) | ||||||
Distributions to Class S Shareholders: | ||||||||||
From net investment income | (690,810 | ) | (814,583 | ) | ||||||
From net realized gains from investment transactions | (590,719 | ) | (145,481 | ) | ||||||
Change in net assets resulting from shareholder distributions | (1,286,423 | ) | (965,029 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 293,977 | 578,362 | ||||||||
Dividends reinvested | 926,881 | 707,749 | ||||||||
Cost of shares redeemed | (2,429,822 | ) | (4,722,444 | ) | ||||||
Change in net assets resulting from capital transactions | (1,208,964 | ) | (3,436,333 | ) | ||||||
Net increase (decrease) in net assets | (2,021,525 | ) | (3,762,265 | ) | ||||||
Net Assets: | ||||||||||
Beginning of period | 20,339,462 | 24,101,727 | ||||||||
End of period | $ | 18,317,937 | $ | 20,339,462 | ||||||
Undistributed net investment income | $ | 11 | $ | 11 | ||||||
Share Transactions: | ||||||||||
Issued | 34,513 | 65,917 | ||||||||
Reinvested | 108,987 | 80,921 | ||||||||
Redeemed | (285,896 | ) | (539,934 | ) | ||||||
Change in shares resulting from capital transactions | (142,396 | ) | (393,096 | ) | ||||||
See notes to financial statements.
14
Tamarack Quality Fixed Income Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Redemption Fees | Total from Investment Activities | Net Investment Income | Net Realized Gains | Return of Capital | Total Distributions | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.47 | 0.44 | (a) | (0.03 | ) | (g) | 0.41 | (0.44 | ) | — | — | (0.44 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2006 | 9.61 | 0.41 | (a) | (0.13 | ) | (g) | 0.28 | (0.39 | ) | — | (0.03 | ) | (0.42 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.77 | 0.39 | (0.15 | ) | (g) | 0.24 | (0.40 | ) | — | — | (0.40 | ) | |||||||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.65 | 0.16 | 0.13 | (g) | 0.29 | (0.17 | ) | — | — | (0.17 | ) | ||||||||||||||||||||||||||||
Year Ended April 30, 2004 | 10.27 | 0.38 | (0.25 | ) | — | 0.13 | (0.41 | ) | (0.34 | ) | — | (0.75 | ) | ||||||||||||||||||||||||||
Year Ended April 30, 2003 | 9.84 | 0.41 | 0.47 | — | 0.88 | (0.44 | ) | (0.01 | ) | — | (0.45 | ) | |||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.48 | 0.45 | (a) | (0.03 | ) | (g) | 0.42 | (0.47 | ) | — | — | (0.47 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2006 | 9.62 | 0.43 | (a) | (0.13 | ) | (g) | 0.30 | (0.42 | ) | — | (0.02 | ) | (0.44 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.77 | 0.33 | (0.06 | ) | (g) | 0.27 | (0.42 | ) | — | — | (0.42 | ) | |||||||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.65 | 0.17 | 0.13 | (g) | 0.30 | (0.18 | ) | — | — | (0.18 | ) | ||||||||||||||||||||||||||||
Year Ended April 30, 2004 | 10.27 | 0.37 | (0.21 | ) | — | 0.16 | (0.44 | ) | (0.34 | ) | — | (0.78 | ) | ||||||||||||||||||||||||||
Year Ended April 30, 2003 | 9.84 | 0.42 | 0.48 | — | 0.90 | (0.46 | ) | (0.01 | ) | — | (0.47 | ) | |||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.48 | 0.37 | (a) | (0.05 | ) | (g) | 0.32 | (0.37 | ) | — | — | (0.37 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2006 | 9.61 | 0.35 | (a) | (0.12 | ) | (g) | 0.23 | (0.35 | ) | — | (0.01 | ) | (0.36 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.77 | 0.32 | (0.15 | ) | (g) | 0.17 | (0.33 | ) | — | — | (0.33 | ) | |||||||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.65 | 0.13 | 0.13 | (g) | 0.26 | (0.14 | ) | — | — | (0.14 | ) | ||||||||||||||||||||||||||||
Period Ended April 30, 2004 (f) | 9.73 | 0.01 | (0.08 | ) | — | (0.07 | ) | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.47 | 0.42 | (a) | (0.04 | ) | (g) | 0.38 | (0.42 | ) | — | — | (0.42 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2006 | 9.61 | 0.39 | (a) | (0.13 | ) | (g) | 0.26 | (0.39 | ) | — | (0.01 | ) | (0.40 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.77 | 0.35 | (0.13 | ) | (g) | 0.22 | (0.38 | ) | — | — | (0.38 | ) | |||||||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.65 | 0.16 | 0.12 | (g) | 0.28 | (0.16 | ) | — | — | (0.16 | ) | ||||||||||||||||||||||||||||
Period Ended April 30, 2004 (f) | 9.73 | 0.01 | (0.08 | ) | — | (0.07 | ) | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||||||||||||
Class S | |||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.47 | 0.47 | (a) | (0.04 | ) | (g) | 0.43 | (0.47 | ) | — | — | (0.47 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2006 | 9.61 | 0.43 | (a) | (0.13 | ) | (g) | 0.30 | (0.42 | ) | — | (0.02 | ) | (0.44 | ) | |||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.77 | 0.41 | (0.15 | ) | (g) | 0.26 | (0.42 | ) | — | — | (0.42 | ) | |||||||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.65 | 0.17 | 0.13 | (g) | 0.30 | (0.18 | ) | — | — | (0.18 | ) | ||||||||||||||||||||||||||||
Period Ended April 30, 2004 (f) | 9.73 | 0.01 | (0.08 | ) | — | (0.07 | ) | (0.01 | ) | — | — | (0.01 | ) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate*** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.44 | 4.45% | $ | 441 | 0.93% | 4.70% | 1.85% | 59% | |||||||||||||||||||||
Year Ended September 30, 2006 | 9.47 | 3.04% | 406 | 0.93% | 4.35% | 1.89% | 65% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 9.61 | 2.48% | 1,188 | 0.93% | 4.02% | 1.82% | 116% | |||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.77 | 2.96% | (b) | 1,257 | 0.93% | (c) | 4.07% | (c) | 1.64% | (c) | 13% | |||||||||||||||||||
Year Ended April 30, 2004 | 9.65 | 1.39% | 1,128 | 1.42% | 3.56% | 1.68% | 87% | |||||||||||||||||||||||
Year Ended April 30, 2003 | 10.27 | 9.09% | 501 | 1.31% | 4.03% | 1.56% | 79% | |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.43 | 4.49% | $ | 311 | 0.68% | 4.76% | 1.38% | 59% | |||||||||||||||||||||
Year Ended September 30, 2006 | 9.48 | 3.30% | 1,091 | 0.68% | 4.57% | 1.39% | 65% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 9.62 | 2.84% | 2,511 | 0.68% | 4.32% | 1.28% | 116% | |||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.77 | 3.18% | (b) | 18,990 | 0.68% | (c) | 4.39% | (c) | 1.09% | (c) | 13% | |||||||||||||||||||
Year Ended April 30, 2004 | 9.65 | 1.54% | 30,990 | 1.18% | 3.83% | (d) | 87% | |||||||||||||||||||||||
Year Ended April 30, 2003 | 10.27 | 9.33% | 47,658 | 1.06% | 4.30% | (d) | 79% | |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.43 | 3.50% | $ | 4 | 1.74% | 3.88% | 2.46% | 59% | |||||||||||||||||||||
Year Ended September 30, 2006 | 9.48 | 2.30% | 3 | 1.62% | 3.68% | 2.31% | 65% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 9.61 | 1.79% | 3 | 1.62% | 3.33% | 2.24% | 116% | |||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.77 | 2.75% | (b) | 3 | 1.68% | (c) | 3.33% | (c) | 2.09% | 13% | ||||||||||||||||||||
Period Ended April 30, 2004 (f) | 9.65 | (0.72% | )(b) | 3 | 1.69% | (c) | 3.03% | (c) | (c)(d) | 87% | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.43 | 3.96% | $ | 7 | 1.19% | 4.44% | 1.90% | 59% | |||||||||||||||||||||
Year Ended September 30, 2006 | 9.47 | 2.87% | 7 | 1.19% | 4.12% | 1.96% | 65% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 9.61 | 2.23% | 9 | 1.18% | 3.77% | 1.81% | 116% | |||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.77 | 2.96% | (b) | 20 | 1.16% | (c) | 2.92% | (c) | 1.73% | 13% | ||||||||||||||||||||
Period Ended April 30, 2004 (f) | 9.65 | (0.71% | )(b) | 3 | 1.13% | (c) | 3.54% | (c) | (c)(d) | 87% | ||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 9.43 | 4.60% | $ | 51,590 | 0.68% | 4.93% | 1.38% | 59% | |||||||||||||||||||||
Year Ended September 30, 2006 | 9.47 | 3.27% | 59,647 | 0.68% | 4.61% | 1.39% | 65% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 9.61 | 2.73% | 73,246 | 0.68% | 4.28% | 1.31% | 116% | |||||||||||||||||||||||
Period Ended September 30, 2004 (e) | 9.77 | 3.07% | (b) | 89,278 | 0.68% | (c) | 4.34% | (c) | 1.13% | 13% | ||||||||||||||||||||
Period Ended April 30, 2004 (f) | 9.65 | (0.58% | )(b) | 97,237 | 0.68% | (c) | 4.37% | (c) | (c)(d) | 87% |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. | ||||
(b) | Not annualized. | ||||
(c) | Annualized. | ||||
(d) | There were no waivers or reimbursements during the period. | ||||
(e) | For the period from May 1, 2004 to September 30, 2004. | ||||
(f) | For the period from April 19, 2004 (commencement of operations) to April 30, 2004. | ||||
(g) | Less than $0.01 or $(0.01) per share. |
See notes to financial statements.
15
FINANCIAL HIGHLIGHTS
Tamarack Tax-Free Income Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Redmption Fees | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | |||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.78 | 0.29 | (0.10 | ) | (f) | 0.19 | (0.29 | ) | (0.26 | ) | (0.55 | ) | |||||||||||||||||||||||
Year Ended September 30, 2006 | 8.89 | 0.30 | (0.05 | ) | (f) | 0.25 | (0.30 | ) | (0.06 | ) | (0.36 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.31 | 0.30 | (0.18 | ) | (f) | 0.12 | (0.30 | ) | (0.24 | ) | (0.54 | ) | ||||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.05 | 0.07 | 0.26 | (f) | 0.33 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||||||||||
Period Ended June 30, 2004 (d) | 9.25 | 0.06 | (0.20 | ) | — | (0.14 | ) | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.77 | 0.23 | (0.09 | ) | (f) | 0.14 | (0.23 | ) | (0.26 | ) | (0.49 | ) | |||||||||||||||||||||||
Year Ended September 30, 2006 | 8.89 | 0.24 | (0.06 | ) | (f) | 0.18 | (0.24 | ) | (0.06 | ) | (0.30 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.31 | 0.23 | (0.18 | ) | (f) | 0.05 | (0.23 | ) | (0.24 | ) | (0.47 | ) | ||||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.05 | 0.06 | 0.26 | (f) | 0.32 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||||||
Period Ended June 30, 2004 (d) | 9.25 | 0.05 | (0.20 | ) | — | (0.15 | ) | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.78 | 0.27 | (0.10 | ) | (f) | 0.17 | (0.27 | ) | (0.26 | ) | (0.53 | ) | |||||||||||||||||||||||
Year Ended September 30, 2006 | 8.89 | 0.28 | (0.05 | ) | (f) | 0.23 | (0.28 | ) | (0.06 | ) | (0.34 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.31 | 0.27 | (0.18 | ) | (f) | 0.09 | (0.27 | ) | (0.24 | ) | (0.51 | ) | ||||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.05 | 0.07 | 0.26 | (f) | 0.33 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||||||||||
Period Ended June 30, 2004 (d) | 9.25 | 0.06 | (0.20 | ) | — | (0.14 | ) | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.78 | 0.31 | (0.10 | ) | (f) | 0.21 | (0.31 | ) | (0.26 | ) | (0.57 | ) | |||||||||||||||||||||||
Year Ended September 30, 2006 | 8.89 | 0.33 | (0.06 | ) | (f) | 0.27 | (0.32 | ) | (0.06 | ) | (0.38 | ) | ||||||||||||||||||||||||
Year Ended September 30, 2005 | 9.31 | 0.32 | (0.18 | ) | (f) | 0.14 | (0.32 | ) | (0.24 | ) | (0.56 | ) | ||||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.05 | 0.08 | 0.26 | (f) | 0.34 | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||||||||||||
Year Ended June 30, 2004 (e) | 9.57 | 0.32 | (0.40 | ) | — | (0.08 | ) | (0.32 | ) | (0.12 | ) | (0.44 | ) | |||||||||||||||||||||||
Year Ended June 30, 2003 | 9.14 | 0.35 | 0.44 | — | 0.79 | (0.35 | ) | (0.01 | ) | (0.36 | ) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover Rate*** | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.42 | 2.21% | $ | 70 | 0.99% | 3.38% | 2.54% | 12% | |||||||||||||||||||||
Year Ended September 30, 2006 | 8.78 | 2.91% | 71 | 1.12% | 3.48% | 2.41% | 45% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 8.89 | 1.27% | 171 | 1.24% | 3.29% | 2.31% | 8% | |||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.31 | 3.71% | (a) | 166 | 1.23% | (b) | 3.20% | (b) | 1.82% | (b) | 2% | |||||||||||||||||||
Period Ended June 30, 2004 (d) | 9.05 | (1.50% | )(a) | 33 | 1.24% | (b) | 3.39% | (b) | 3.00% | (b) | 17% | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.42 | 1.52% | $ | 3 | 1.71% | 2.70% | 3.06% | 12% | |||||||||||||||||||||
Year Ended September 30, 2006 | 8.77 | 2.15% | 3 | 1.81% | 2.74% | 2.95% | 45% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 8.89 | 0.54% | 3 | 1.96% | 2.57% | 2.67% | 8% | |||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.31 | 3.53% | (a) | 3 | 1.99% | (b) | 2.54% | (b) | 2.45% | (b) | 2% | |||||||||||||||||||
Period Ended June 30, 2004 (d) | 9.05 | (1.65% | )(a) | 3 | 1.98% | (b) | 2.59% | (b) | 3.16% | (b) | 17% | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.42 | 1.97% | $ | 4 | 1.26% | 3.15% | 2.61% | 12% | |||||||||||||||||||||
Year Ended September 30, 2006 | 8.78 | 2.62% | 3 | 1.37% | 3.20% | 2.49% | 45% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 8.89 | 1.01% | 3 | 1.52% | 3.03% | 2.23% | 8% | |||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.31 | 3.66% | (a) | 3 | 1.49% | (b) | 3.03% | (b) | 1.96% | (b) | 2% | |||||||||||||||||||
Period Ended June 30, 2004 (d) | 9.05 | (1.55% | )(a) | 3 | 1.48% | (b) | 3.09% | (b) | 2.65% | (b) | 17% | |||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 8.42 | 2.47% | $ | 18,241 | 0.74% | 3.64% | 2.04% | 12% | |||||||||||||||||||||
Year Ended September 30, 2006 | 8.78 | 3.17% | 20,262 | 0.83% | 3.74% | 1.95% | 45% | |||||||||||||||||||||||
Year Ended September 30, 2005 | 8.89 | 1.52% | 23,924 | 0.99% | 3.54% | 1.81% | 8% | |||||||||||||||||||||||
Period Ended September 30, 2004 (c) | 9.31 | 3.78% | (a) | 27,329 | 0.99% | (b) | 3.48% | (b) | 1.43% | (b) | 2% | |||||||||||||||||||
Year Ended June 30, 2004 (e) | 9.05 | (0.87% | ) | 28,186 | 0.99% | 3.47% | 1.35% | 17% | ||||||||||||||||||||||
Year Ended June 30, 2003 | 9.57 | 8.82% | 39,045 | 0.99% | 3.73% | 1.04% | 15% |
* | Excludes sales charge. | ||||
** | During the period, certain fees were contractually or voluntarily reduced. If such contractual/voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
*** | Portfolio turnover rate is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. |
(a) | Not annualized. | ||||
(b) | Annualized. | ||||
(c) | For the period from July 1, 2004 to September 30, 2004. | ||||
(d) | For the period from April 19, 2004 (commencement of operations) to June 30, 2004. | ||||
(e) | The existing class of shares was designated Class S shares as of April 19, 2004. | ||||
(f) | Less than $0.01 or $(0.01) per share. |
See notes to financial statements.
16
September 30, 2007
1. Organization
Tamarack Funds Trust (“Tamarack”) is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. Tamarack was organized as a Delaware statutory trust on December 16, 2003. Predecessor funds to Tamarack were reorganized as portfolios of Tamarack effective April 16, 2004. This annual report includes the following two investment portfolios (“Funds”):
- Tamarack Quality Fixed Income Fund (“Quality Fixed Income Fund”)
- Tamarack Tax-Free Income Fund (“Tax-Free Income Fund”)
The Quality Fixed Income Fund offers five share classes: Class A, Class C, Class R, Class I, and Class S shares. The Tax-Free Income Fund offers four share classes: Class A, Class C, Class R, and Class S shares. Class A shares are offered with a 3.75% maximum front-end sales charge and a 1.00% contingent deferred sales charge (“CDSC”) for redemption within 12 months of a $1 million or greater purchase on which no front-end sales charge was paid. Class C shares are offered at net asset value (i.e. no front-end sales charge), but are subject to a CDSC of 1.00% for redemptions within 12 months of purchase. Class R shares (available to certain 401(k) and other employer-sponsored retirement plans), Class I shares (intended for investors meeting certain investment minimum thresholds) and Class S shares are not subject to either a front-end sales charge or a CDSC.
Voyageur Asset Management Inc. (“Voyageur”) acts as the investment adviser for Tamarack. The officers of Tamarack (“Fund Management”) are also employees of Voyageur or its affiliates.
2. Significant Accounting Policies
Summarized below are the significant accounting policies of the Funds. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”). Fund management follows these policies when preparing financial statements. Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
New Accounting Standard:
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. The Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.
17
NOTES TO FINANCIAL STATEMENTS
Security Valuation:
Bonds and other fixed income securities are generally valued on the basis of prices furnished by pricing services approved by Tamarack’s Board of Trustees (the “Board”). The pricing services utilize both dealer-supplied valuations and electronic data processing techniques that take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue and trading characteristics other than market data and without exclusive reliance upon quoted prices of exchanges or over-the-counter prices, since these valuations are believed to reflect more accurately the fair value of such securities. Short-term debt obligations with less than 60 days to maturity at time of purchase are valued at amortized cost, which approximates value, unless Fund Management determines that amortized cost no longer approximates market value due to credit or other impairments of the issuer. In such cases where a security price is unavailable, or where Fund Management determines that the value provided by the pricing services or amortized cost does not approximate fair value, the Board has approved pricing and valuation procedures to determine a security’s fair value. Investments in open-end investment companies are valued at net asset value. Exchange traded financial futures are valued at the settlement price as established by the exchange on which they are traded.
Investment Transactions and Income:
Investment transactions are recorded one business day after trade date, except for on the last day of each fiscal quarter end, when they are recorded on trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated based on the costs of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization and accretion of premium or discount using the effective yield method. Paydown gains and losses on mortgage- and asset-backed securities are included in the financial statements as interest income. Interest income on U.S. Treasury inflation indexed securities is accrued daily based upon the inflation adjusted principal. Additionally, any increase in the principal or face amount of the securities adjusted for inflation is recorded as interest income.
Expense, Investment Income and Gain/Loss Allocation:
Each Fund pays the expenses that are directly related to its operations, such as custodian fees or portfolio management fees. Expenses incurred by Tamarack, such as trustee or legal fees, are allocated among each of the Funds either proportionately based upon each Fund’s relative net assets or using another reasonable basis such as equally across all Funds, depending on the nature of the expense. Individual share classes within a Fund are charged expenses specific to that class, such as distribution fees. Within a Fund, expenses other than class specific expenses are allocated daily to each class based upon the proportion of relative net assets. Investment income and realized and unrealized gains or losses are allocated to each class of shares based upon the proportion of relative net assets.
Financial Instruments:
The Funds may engage in when-issued transactions. A Fund would record when-issued securities one business day after trade date and maintain sufficient liquidity so that cash will be available to make payment for the securities purchased. Securities purchased on a when-issued basis are valued daily beginning on the trade date and begin accruing
18
NOTES TO FINANCIAL STATEMENTS
interest on the settlement date. When-issued securities are identified in the Schedule of Portfolio Investments.
The Funds may enter into futures contracts in an effort to manage the duration of the portfolio or to hedge against market risk. A futures contract on a securities index is an agreement obligating one party to pay, and entitling the other party to receive, during the term of the contract, cash payments based on the level of a specified securities index. Futures transactions involve brokerage costs and require a Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if a Fund had not entered into any futures transactions.
Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. Subsequent payments are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying index. A Fund would recognize an unrealized gain or loss each day equal to these daily payments.
The Tamarack Quality Fixed Income Fund had the following open futures contracts at September 30, 2007:
Type | Number of Contracts | Expiration Date | Unrealized Appreciation | Notional Value | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. 5 Year Note | 15 | December 2007 | $ | 13,050 | $ | 1,605,469 | ||||||||||||
U.S. 10 Year Note | 10 | December 2007 | 9,403 | 1,092,813 | ||||||||||||||
U.S. Treasury Long Bond | 60 | December 2007 | 40,013 | 6,680,625 |
Distributions to Shareholders:
Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gains to its shareholders. Income dividends are declared daily and paid monthly. Dividends will also be paid at any time during the month upon total redemption of shares in an account. Capital gain distributions are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from GAAP. These “book/tax” differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g. net operating loss, expiring capital loss carryforward and foreign currency transactions), they are reclassified within a Fund’s capital accounts based on their federal tax basis treatment. Such differences are not reflected in the calculation of the Financial Highlights.
Securities Lending:
Prior to August 2007, the Funds lent their portfolio securities to brokers, dealers, and financial institutions, provided: (1) the loan was secured continuously by collateral consisting of U.S. Government securities, cash or letters of credit maintained on a daily mark-to-market basis in an amount at least equal to 100% of the current market value of the securities loaned; (2) the Funds may at any time call the loan and obtain the return of the securities loaned within five business days; (3) the Funds received any
19
NOTES TO FINANCIAL STATEMENTS
interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities loaned did not at any time exceed 331⁄313% of the total assets of a particular Fund.
The Funds earned income for lending their securities from fees paid by borrowers and from the investment of cash collateral. The Funds paid the lending agent (Wells Fargo Bank) a percentage of the lending income. Securities lending income is presented net of such payments to the lending agent in the financial statements. Loans of securities involve a risk that the borrower may fail to return the securities or may fail to provide additional collateral. In the event that a borrower fails to return the lent security, the lending agent will indemnify the Funds based on the difference in value between the closing market value of the security on the date it should have been returned and the value of the cash collateral. The Funds assumed all risk of loss from a decline in the value of the collateral investment and any resulting collateral deficiencies. In an effort to reduce these risks, Voyageur and Wells Fargo Bank monitored the creditworthiness of the borrowers to which the Funds lent securities.
As of September 30, 2007, the Funds had discontinued its securities lending program.
Credit Enhancement:
Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e., AMBAC, FGIC and MBIA).
3. Agreements and Other Transactions with Affiliates
Tamarack has entered into investment advisory agreements with Voyageur under which Voyageur manages each Fund’s assets and furnishes related office facilities, equipment, research and personnel. The agreements require each Fund to pay Voyageur a monthly fee based upon average daily net assets. Under the terms of the advisory contracts, Voyageur is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows:
Annual Rate | ||||||
---|---|---|---|---|---|---|
Quality Fixed Income Fund | 0.60 | % | ||||
Tax-Free Income Fund | 0.85 | % |
Effective January 29, 2007, Voyageur has contractually agreed to waive fees and/or to make payments in order to keep total operating expenses of the Class S and Class I shares of Quality Fixed Income Fund and Tax-Free Income Fund to 0.68% and 0.74%, respectively. Class A, C and R shares vary from these limits only by the addition of class- specific 12b-1 fees. These expense limitation agreements are in place until January 31, 2008. Voyageur may also voluntarily waive and/or reimburse operating expenses of any Fund from time to time. Any such voluntary program may be changed or eliminated at any time without notice.
Voyageur serves as administrator to the Funds and Citi Fund Services Ohio, Inc. (formerly BISYS Fund Services Ohio, Inc.) (“Citi”) serves as sub-administrator. Services provided under the administrative services contract includes providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of
20
NOTES TO FINANCIAL STATEMENTS
reports. Under terms of the administrative services contract, Voyageur receives from each Fund a fee, payable monthly, at the annual rate of 0.10% of the Funds’ average daily net assets. For its services as sub-administrator, Citi receives a fee payable by Voyageur out of Voyageur’s own resources.
Certain Officers and Trustees of the Funds are affiliated with the adviser or the administrator. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.
4. Fund Distribution
Each of the Funds has adopted a Master Distribution 12b-1 Plan (the “Plan”) in which Tamarack Distributors Inc. (the “Distributor”) acts as the Funds’ distributor. The Distributor is an affiliate of Voyageur. The Plan permits each Fund to make payments for, or to reimburse the Distributor monthly for, distribution-related costs and expenses of marketing shares of each share class covered under the Plan, and/or for providing shareholder services. The following chart shows the current Plan fee rate for each class.
Class A | Class C | Class R | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
12b-1 Plan Fee | 0.25 | %* | 1.00 | % | 0.50 | % |
*The maximum Plan fee rate for Class A shares is 0.50%. The Distributor is contractually waiving 0.25% of the total 0.50% Plan fee for Class A through January 31, 2008.
Plan fees are based on average annual daily net assets of the applicable class. The Distributor, subject to applicable legal requirements, may waive a Plan fee voluntarily, in whole or in part.
For the fiscal year ended September 30, 2007, the Distributor received commissions of $8,258 from front-end sales charges of Class A shares of the Funds, of which $8,108 was paid to affiliated broker-dealers. The Distributor received no CDSC fees from the Funds during the fiscal year ended September 30, 2007.
5. Securities Transactions
The cost of securities purchased and proceeds from securities sold (excluding securities maturing less than one year from acquisition) for the fiscal year ended September 30, 2007 were as follows:
Purchases (Excl. U.S. Govt.) | Sales (Excl. U.S. Govt.) | Purchases of U.S. Govt. | Sales of U.S. Govt. | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Quality Fixed Income Fund | $ | 19,775,996 | $ | 17,188,849 | $ | 12,742,966 | $ | 25,180,451 | ||||||||||
Tax-Free Income Fund | 2,217,157 | 3,858,078 | - | - |
6. Capital Share Transactions
Tamarack is authorized to issue an unlimited number of shares of beneficial interest (“shares outstanding”) without par value. Transactions in shares of the Funds are summarized on the following pages:
21
NOTES TO FINANCIAL STATEMENTS
Tamarack Quality Fixed Income
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 263,570 | $ | 148,244 | ||||||
Dividends reinvested | 15,287 | 40,049 | ||||||||
Cost of shares redeemed | (242,755 | ) | (940,497 | ) | ||||||
Change in Class A | $ | 36,102 | $ | (752,204 | ) | |||||
Class I | ||||||||||
Proceeds from shares issued | $ | - | $ | 631 | ||||||
Dividends reinvested | 22,175 | 45,915 | ||||||||
Cost of shares redeemed | (806,781 | ) | (1,431,549 | ) | ||||||
Change in Class I | $ | (784,606 | ) | $ | (1,385,003 | ) | ||||
Class C | ||||||||||
Proceeds from shares issued | $ | - | $ | - | ||||||
Dividends reinvested | 136 | 137 | ||||||||
Change in Class C | $ | 136 | $ | 137 | ||||||
Class R | ||||||||||
Proceeds from shares issued | $ | - | $ | 238 | ||||||
Dividends reinvested | 324 | 335 | ||||||||
Cost of shares redeemed | - | (2,083 | ) | |||||||
Change in Class R | $ | 324 | $ | (1,510 | ) | |||||
Class S | ||||||||||
Proceeds from shares issued | $ | 604,793 | $ | 1,011,639 | ||||||
Dividends reinvested | 2,298,462 | 2,867,639 | ||||||||
Cost of shares redeemed | (10,745,519 | ) | (16,379,820 | ) | ||||||
Change in Class S | $ | (7,842,264 | ) | $ | (12,500,542 | ) | ||||
Change in net assets resulting from capital transactions | $ | (8,590,308 | ) | $ | (14,639,122 | ) | ||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 28,001 | 15,718 | ||||||||
Reinvested | 1,616 | 4,245 | ||||||||
Redeemed | (25,653 | ) | (100,744 | ) | ||||||
Change in Class A | 3,964 | (80,781 | ) | |||||||
Class I | ||||||||||
Issued | - | 65 | ||||||||
Reinvested | 2,339 | 4,852 | ||||||||
Redeemed | (84,525 | ) | (150,958 | ) | ||||||
Change in Class I | (82,186 | ) | (146,041 | ) | ||||||
Class C | ||||||||||
Issued | - | - | ||||||||
Reinvested | 15 | 14 | ||||||||
Change in Class C | 15 | 14 | ||||||||
Class R | ||||||||||
Issued | - | 25 | ||||||||
Reinvested | 34 | 36 | ||||||||
Redeemed | - | (219 | ) | |||||||
Change in Class R | 34 | (158 | ) | |||||||
Class S | ||||||||||
Issued | 63,849 | 107,042 | ||||||||
Reinvested | 242,786 | 303,879 | ||||||||
Redeemed | (1,133,373 | ) | (1,736,406 | ) | ||||||
Change in Class S | (826,738 | ) | (1,325,485 | ) | ||||||
Change in shares resulting from capital transactions | (904,911 | ) | (1,552,451 | ) | ||||||
22
NOTES TO FINANCIAL STATEMENTS
Tamarack Tax-Free Income
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CAPITAL TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Proceeds from shares issued | $ | 4,813 | $ | - | ||||||
Dividends reinvested | 4,476 | 3,077 | ||||||||
Cost of shares redeemed | (7,050 | ) | (101,052 | ) | ||||||
Change in Class A | $ | 2,239 | $ | (97,975 | ) | |||||
Class C | ||||||||||
Proceeds from shares issued | $ | - | $ | - | ||||||
Dividends reinvested | 193 | 119 | ||||||||
Change in Class C | $ | 193 | $ | 119 | ||||||
Class R | ||||||||||
Proceeds from shares issued | $ | - | $ | - | ||||||
Dividends reinvested | 211 | 137 | ||||||||
Cost of shares redeemed | - | - | ||||||||
Change in Class R | $ | 211 | $ | 137 | ||||||
Class S | ||||||||||
Proceeds from shares issued | $ | 289,164 | $ | 578,362 | ||||||
Dividends reinvested | 922,001 | 704,416 | ||||||||
Cost of shares redeemed | (2,422,772 | ) | (4,621,392 | ) | ||||||
Change in Class S | $ | (1,211,607 | ) | $ | (3,338,614 | ) | ||||
Change in net assets resulting from capital transactions | $ | (1,208,964 | ) | $ | (3,436,333 | ) | ||||
SHARE TRANSACTIONS: | ||||||||||
Class A | ||||||||||
Issued | 566 | - | ||||||||
Reinvested | 526 | 352 | ||||||||
Redeemed | (841 | ) | (11,507 | ) | ||||||
Change in Class A | 251 | (11,155 | ) | |||||||
Class C | ||||||||||
Issued | - | - | ||||||||
Reinvested | 23 | 14 | ||||||||
Change in Class C | 23 | 14 | ||||||||
Class R | ||||||||||
Issued | - | - | ||||||||
Reinvested | 25 | 15 | ||||||||
Redeemed | - | - | ||||||||
Change in Class R | 25 | 15 | ||||||||
Class S | ||||||||||
Issued | 33,947 | 65,917 | ||||||||
Reinvested | 108,413 | 80,540 | ||||||||
Redeemed | (285,055 | ) | (528,427 | ) | ||||||
Change in Class S | (142,695 | ) | (381,970 | ) | ||||||
Change in shares resulting from capital transactions | (142,396 | ) | (393,096 | ) | ||||||
23
NOTES TO FINANCIAL STATEMENTS
7. Federal Income Taxes
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions applicable to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.
In June 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. To the extent that a tax benefit is not deemed to meet the more-likely-than-not threshold, the Funds would report an income tax expense in the Statement of Operations. Adoption of FIN 48 is required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has not completed its analysis on whether the adoption of FIN 48 will have an impact to the financial statements.
The tax cost of securities differ from financial reporting cost by the amount of losses recognized for financial reporting purposes in excess of those allowed to be recognized for federal income tax purposes. As of September 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:
Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Quality Fixed Income Fund | $ | 52,245,604 | $ | 215,845 | $ | (825,360 | ) | $ | (609,515 | ) | ||||||||
Tax-Free Income Fund | 17,841,837 | 383,871 | (55,498 | ) | 328,373 |
The tax character of distributions during the fiscal year ended September 30, 2007 were as follows:
Distribution Paid From | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Net Long-Term Capital Gains | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | |||||||||||||||||||
Quality Fixed Income Fund | $ | 2,517,620 | $ | - | $ | 2,517,620 | $ | - | $ | 2,517,620 | |||||||||||||
Tax-Free Income Fund | 16,710 | 593,001 | 609,711 | 641,398 | 1,251,109 |
The tax character of distributions during the fiscal year ended September 30, 2006 were as follows:
Distribution Paid From | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Net Long-Term Capital Gains | Total Taxable Distributions | Return of Capital | Tax Exempt Distributions | Total Distributions Paid* | |||||||||||||||||||||
Quality Fixed Income Fund | $ | 3,339,851 | $ | - | $ | 3,339,851 | $ | 98,227 | $ | - | $ | 3,438,078 | ||||||||||||||
Tax-Free Income Fund | 35,911 | 146,532 | 182,443 | - | 835,188 | 1,017,631 |
*Total Distributions Paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.
24
NOTES TO FINANCIAL STATEMENTS
As of September 30, 2007 the components of accumulated earnings/(deficits) on a tax basis were as follows:
Undistributed Ordinary Income/ Tax Exempt Income | Undistributed Long-Term Capital Gains | Accumulated Earnings | Distributions Payable | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Deficits) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Quality Fixed Income Fund | $ | 224,023 | $ | - | $ | 224,023 | $ | (258,197 | ) | $ | (3,500,820 | ) | $ | (609,515 | ) | $ | (4,144,509 | ) | ||||||||||||
Tax-Free Income Fund | 55,272 | 77,398 | 132,670 | (55,017 | ) | - | 328,373 | 406,026 |
As of September 30, 2007, the following additional information is available regarding capital losses:
The following Funds had net capital loss carryforwards to offset future net capital gains, if any:
Capital Loss Carryforward | Expires | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Quality Fixed Income Fund | $ | 672,204 | 2012 | |||||||
70,674 | 2014 | |||||||||
659,448 | 2015 |
As of September 30, 2007, the following Fund had net capital loss carryforwards as successor to a merger and subject to certain limitations on utilization. To the extent that these carryforwards are utilized, it is probable that the realized gains that are offset will not be required to be distributed to shareholders.
Capital Loss Carryforward | Expires | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Quality Fixed Income Fund | $ | 1,604 | 2009 | |||||||
702,251 | 2010 | |||||||||
1,229,732 | 2011 |
Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Fund had deferred post October capital losses, which will be treated as arising on the first business day of the fiscal year ending September 30, 2008:
Deferred Post-October Capital Losses | ||||||
---|---|---|---|---|---|---|
Quality Fixed Income Fund | $ | 164,907 |
8. Market Timing
Tamarack strongly discourages attempts at market timing by Fund shareholders. Each Fund charges a redemption fee of 2% of the value of the shares redeemed or exchanged within 30 days of purchase, in addition to limiting the number of exchanges that may be made between Funds to five (5) per calendar year. When assessed, the redemption fee is deducted from the redemption proceeds and retained by the Fund, not by Voyageur. This redemption fee is not charged in cases where, for example, the redemption results from an automatic reinvestment or asset re-allocation not specifically directed by the shareholder. Tamarack also reserves the right to reject any Fund purchase order made by persons deemed to be market timers. The Funds’ prospectus contains a full description of Tamarack’s policies on market timing and/or excessive trading. During the fiscal year ended September 30, 2007 the redemption fees collected by each Fund were as follows:
Amounts | ||||||
---|---|---|---|---|---|---|
Quality Fixed Income Fund | $ | 453 | ||||
Tax-Free Income Fund | $ | 2 |
25
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund
September 30, 2007
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Municipal Bonds – 6.64% | ||||||
Arizona – 0.38% | ||||||
$100,000 | Tucson Certificate of Participation, 4.30%, 7/1/10, (Credit Support: MBIA) | $ | 97,993 | |||
105,000 | Tucson Certificate of Participation, 4.55%, 7/1/11, (Credit Support: MBIA) | 102,592 | ||||
200,585 | ||||||
California – 1.53% | ||||||
370,000 | Alameda County Pension Obligation, Series B, 4.98%, 12/1/09, (Credit Support: MBIA)(a) | 332,264 | ||||
355,000 | Los Angeles Community Redevelopment Agency, 5.90%, 9/1/35, (Credit Support: RADIAN) | 333,775 | ||||
135,000 | San Diego Metro Transportation Development Board, 3.86%, 12/1/09, (Credit Support: MBIA) | 132,174 | ||||
798,213 | ||||||
Illinois – 0.78% | ||||||
425,000 | Bensenville Taxable-Debt, Series E, 4.65%, 12/1/11 | 408,948 | ||||
Kentucky – 1.91% | ||||||
500,000 | Kentucky Higher Education Student Loan Corp., Student Loan Revenue, Series A2, 6.44%, 5/1/30, (Credit Support: Guaranteed Student Loans)(b) | 500,000 | ||||
500,000 | Kentucky Higher Education Student Loan Corp., Student Loan Revenue, Series A6, 6.24%, 6/1/34, (Credit Support: Guaranteed Student Loans)(b) | 500,000 | ||||
1,000,000 | ||||||
Nebraska – 0.99% | ||||||
200,000 | Saunders County School District No. 072, 6.15%, 12/15/16 | 198,870 | ||||
320,000 | Saunders County School District No. 107, 6.15%, 12/15/16 | 318,192 | ||||
517,062 | ||||||
New Jersey – 0.34% | ||||||
$180,000 | New Jersey Economic Development Authority Revenue, Series B, 5.18%, 11/1/15 | $ | 178,769 | |||
Texas – 0.71% | ||||||
390,000 | San Antonio Convention Center Hotel Finance Corp. Contract Revenue, 5.10%, 7/15/20, (Credit Support: AMBAC) | 370,847 | ||||
Total Municipal Bonds (Cost $3,529,348) | 3,474,424 | |||||
Asset-Backed Securities – 1.39% | ||||||
Banking & Financial Services – 1.39% | ||||||
506,826 | Countrywide Asset-Backed Certificates, Series 2007-SEA1, Class 2A1, 5.50%, 5/25/47(b)(c) | 482,565 | ||||
3,251 | New Century Home Equity Loan Trust, Series 1997-NC5, Class A6, 7.20%, 10/25/28(b) | 3,238 | ||||
242,523 | Structured Asset Securities Corporation, Series 2007-RM1, Class A1, 5.41%, 5/25/47(b) | 242,523 | ||||
Total Asset-Backed Securities (Cost $740,940) | 728,326 | |||||
Collateralized Mortgage Obligations – 28.59% | ||||||
Banking & Financial Services – 28.59% | ||||||
627,897 | Banc of America Funding Corp., Series 2004-F, Class 2A7, 4.14%, 7/25/34(b) | 618,473 | ||||
158,366 | Banc of America Funding Corp., Series 2005-D, Class B1, 4.11%, 5/25/35(b) | 154,079 | ||||
504,686 | Banc of America Funding Corp., Series 2006-A, Class 2A1, 5.43%, 2/25/36(b) | 504,977 |
26
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$667,776 | Banc of America Funding Corp., Series 2006-R2, Class A1, 6.06%, 7/30/46(b)(c) | $ | 669,712 | |||
142,196 | Banc of America Funding Corp., Series 2007-4, Class SB3, 5.49%, 11/25/34(b) | 114,735 | ||||
164,908 | Banc of America Funding Corp.,Series 2007-4, Class SB2, 5.49%, 11/25/34(b) | 145,325 | ||||
267,133 | Bank of America Mortgage Securities, Series 2003-J, Class B2, 4.52%, 11/25/33(b) | 261,656 | ||||
268,371 | Bank of America Mortgage Securities, Series 2004-D, Class B1, 4.34%, 5/25/34(b) | 266,891 | ||||
492,802 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-9, Class 3A2, 4.96%, 2/25/34(b) | 492,267 | ||||
507,960 | Brunel Residential Mortgage Securitisation PLC, Series 2007-1A, Class A1C, 5.40%, 1/13/39(c) | 503,885 | ||||
85,103 | Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 4.68%, 6/25/35(b) | 84,278 | ||||
884,000 | Countrywide Alternative Loan Trust, Series 2005-4, Class 1A5, 4.97%, 7/25/35(b) | 854,363 | ||||
440,107 | Countrywide Alternative Loan Trust, Series 2005-73CB, Class 1A1, 5.58%, 1/25/36 | 440,707 | ||||
316,619 | Countrywide Alternative Loan Trust, Series 2006-9T1, Class A7, 6.00%, 5/25/36 | 320,716 | ||||
363,608 | Countrywide Alternative Loan Trust, Series 2007-16CB, Class 3A1, 6.75%, 8/25/37 | 359,925 | ||||
$343,327 | Countrywide Home Loans, Series 2003-21, Class B2, 4.71%, 5/25/33(b) | $ | 338,349 | |||
153,821 | CS First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19 | 151,328 | ||||
428,296 | First Horizon Mortgage Pass-Through Trust, Series 2004-AR1, Class B2, 5.13%, 2/25/34(b) | 422,642 | ||||
567,026 | GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 4.56%, 11/25/35(b) | 560,810 | ||||
480,000 | Homebanc Mortgage Trust, Series 2006-1, Class 3A2, 5.91%, 4/25/37(b) | 482,715 | ||||
239,489 | JP Morgan Mortgage Trust, Series 2004-A4, Class 2A2, 4.61%, 9/25/34(b) | 235,704 | ||||
225,496 | JP Morgan Mortgage Trust, Series 2004-S1, Class 1A7, 5.00%, 8/25/19 | 220,070 | ||||
440,064 | Merrill Lynch Mortgage Investors Trust, Series 2005-A5, Class M1, 4.87%, 6/25/35(b) | 435,088 | ||||
891,670 | Merrill Lynch Mortgage Investors, Inc., Series 2005-A1, Class 2A1, 4.53%, 12/25/34(b) | 889,739 | ||||
545,000 | Morgan Stanley Capital, Series 2006-IQ12, Class A4, 5.33%, 12/15/43 | 535,963 | ||||
1,297 | Morgan Stanley Mortgage Loan Trust, Series 2004-2AR, Class 1A, 7.38%, 2/25/34(b) | 1,324 | ||||
450,000 | Morgan Stanley Mortgage Loan Trust, Series 2007-13, Class 6A1, 6.00%, 10/25/37 | 439,524 | ||||
258,726 | Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34 | 259,131 |
27
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$404,323 | Residential Funding Mortgage Section I, Series 2004-S5, Class 2A1, 4.50%, 5/25/19 | $ | 388,277 | |||
128,953 | Sequoia Mortgage Trust, Series 2003-4, Class 1B2, 6.62%, 7/20/33(b) | 128,721 | ||||
312,385 | Sequoia Mortgage Trust, Series 2003-4, Class 2B4, 6.52%, 7/20/33(b) | 309,136 | ||||
32,766 | Structured Asset Securities Corp., Series 2002-11A, Class 2A1, 4.47%, 6/25/32(b) | 32,652 | ||||
443,118 | Structured Asset Securities Corp., Series 2003-30, Class 1A1, 5.50%, 10/25/33 | 430,932 | ||||
432,186 | Suntrust Acquistion Closed-end Seconds Trust, Series 2007-1, Class A, 5.45%, 4/25/37(b) | 423,542 | ||||
156,164 | Vendee Mortgage Trust, Series 1992-1, Class 2Z, 7.75%, 5/15/22 | 164,433 | ||||
239,624 | Washington Mortgage Pass-through Certificates, Series 2004-AR14, Class B2, 4.26%, 1/25/35(b) | 230,614 | ||||
820,480 | Washington Mutual, Inc., Series 2003-S11, Class 1A, 5.00%, 11/25/33 | 776,892 | ||||
559,251 | Washington Mutual, Inc., Series 2005-8, Class 1A8, 5.58%, 10/25/35 | 559,339 | ||||
328,918 | Washington Mutual, Series 2004-AR7, Class B1, 3.94%, 7/25/34(b) | 314,495 | ||||
345,582 | Wells Fargo Mortgage Backed Securities Trust, Series 2004-P, Class B1, 4.25%, 9/25/34(b) | 339,752 | ||||
120,414 | Wells Fargo Mortgage Backed Securities Trust, Series 2006-20, Class B4, 5.97%, 12/25/21(c) | 105,591 | ||||
Total Collateralized Mortgage Obligations (Cost $15,009,796) | $ | 14,968,752 | ||||
Commercial Mortgage-Backed Securities – 4.68% | ||||||
Banking & Financial Services – 4.68% | ||||||
414,484 | ABN AMRO Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/33 | 399,789 | ||||
360,000 | Flagstar Home Equity Loan Trust, 5.77%, 1/25/35(c) | 356,707 | ||||
571,864 | JP Morgan Commercial Mortgage Finance Corp., Series 1999-C7, Class A2, 6.51%, 10/15/35 | 575,424 | ||||
500,000 | LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A4, 4.37%, 3/1/36 | 471,301 | ||||
671,797 | Master Asset Securitization Trust, Series 2003-12, Class 6A1, 5.00%, 12/25/33 | 644,929 | ||||
Total Commercial Mortgage-Backed Securities (Cost $2,512,407) | 2,448,150 | |||||
Corporate Bonds – 30.12% | ||||||
Aerospace & Defense – 0.27% | ||||||
145,000 | L-3 Communications Corp., 6.13%, 7/15/13(c) | 142,463 | ||||
Agriculture – 0.32% | ||||||
170,000 | Bunge Limited Finance Co., 4.38%, 12/15/08 | 168,165 | ||||
Apparel – 0.23% | ||||||
121,000 | Phillips Van Heusen, 7.25%, 2/15/11(c) | 122,210 | ||||
Auto Parts & Equipment – 0.24% | ||||||
128,000 | Titan International, Inc., 8.00%, 1/15/12 | 127,680 | ||||
Banks – 5.41% | ||||||
213,000 | Barclays Bank PLC, 6.28%, 12/29/49 | 197,432 | ||||
200,000 | BB&T Capital Trust IV, 6.82%, 6/12/57 | 193,366 |
28
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$171,000 | CBA Capital Trust, 5.81%, 6/30/15(c)(d) | $ | 165,451 | |||
164,000 | Chase Capital II, Series B, 5.86%, 2/1/27(b) | 147,996 | ||||
136,000 | Chase Capital III, Series C, 6.17%, 3/1/27(b) | 123,510 | ||||
179,000 | First National Bank, 6.88%, 8/1/11 | 190,401 | ||||
382,000 | NB Capital Trust III, 5.91%, 1/15/27(b) | 342,976 | ||||
430,000 | North Fork Bancorp., 5.00%, 8/15/12 | 429,799 | ||||
212,000 | Popular North America, Inc., MTN, 5.65%, 4/15/09 | 213,681 | ||||
235,000 | Rabobank Capital II, 5.26%, 12/29/49(c) | 222,210 | ||||
268,000 | RBS Capital Trust III, 5.51%, 9/29/49 | 250,751 | ||||
374,000 | Wachovia Capital Trust II, 5.86%, 1/15/27(b) | 353,108 | ||||
2,830,681 | ||||||
Beverages – 1.51% | ||||||
600,000 | Diageo Capital PLC, 3.50%, 11/19/07 | 598,437 | ||||
191,000 | Diageo Finance, 5.50%, 4/1/13 | 189,480 | ||||
787,917 | ||||||
Building Materials – 0.21% | ||||||
110,000 | Texas Industries, Inc., 7.25%, 7/15/13 | 109,725 | ||||
Chemicals – 1.41% | ||||||
160,000 | Equistar Chemical LP, 10.13%, 9/1/08 | 165,200 | ||||
148,000 | Methanex Corp., 8.75%, 8/15/12 | 156,880 | ||||
160,000 | Mosaic Co., 7.63%, 12/1/16(c) | 170,600 | ||||
155,000 | Potash Corp., 7.75%, 5/31/11 | 166,733 | ||||
76,000 | Valspar Corp., 5.63%, 5/1/12 | 76,223 | ||||
735,636 | ||||||
Coal – 0.21% | ||||||
114,000 | Arch Western Finance, 6.75%, 7/1/13 | 111,720 | ||||
Commercial Services – 0.56% | ||||||
142,000 | Corrections Corporation of America, 6.25%, 3/15/13 | 139,870 | ||||
$152,000 | Equifax, Inc., 6.30%, 7/1/17 | $ | 153,184 | |||
293,054 | ||||||
Distribution & Wholesale – 0.36% | ||||||
183,000 | Owens & Minor Inc., 6.35%, 4/15/16 | 185,639 | ||||
Diversified Financial Services – 2.80% | ||||||
165,000 | Credit Suisse Guernsey, 5.86%, 5/29/49 | 156,071 | ||||
475,000 | Fort Knox Military Housing, 6.09%, 2/15/52(b)(c) | 474,967 | ||||
295,000 | Morgan Stanley, 5.66%, 1/9/14(b) | 285,982 | ||||
199,000 | One America Financial Partners, 7.00%, 10/15/33(c) | 200,422 | ||||
165,200 | Pemex Finance Ltd., 9.69%, 8/15/09 | 171,808 | ||||
188,000 | Premium Asset 2004-04, 4.13%, 3/12/09(c)(d) | 180,801 | ||||
1,470,051 | ||||||
Electric – 1.16% | ||||||
242,000 | Energy East Corp., 6.75%, 7/15/36 | 246,997 | ||||
158,000 | Public Services Co. of Oklahoma, 6.15%, 8/1/16 | 159,816 | ||||
203,000 | Puget Sound Energy, Inc., 6.97%, 6/1/67 | 200,593 | ||||
607,406 | ||||||
Electrical Components & Equipment – 0.32% | ||||||
166,000 | Ametek, Inc., 7.20%, 7/15/08 | 167,686 | ||||
Electronics – 0.44% | ||||||
244,000 | Thermo Electron Corp., 5.00%, 6/1/15 | 227,866 | ||||
Engineering & Construction – 0.34% | ||||||
176,000 | Dycom Industries, Inc., 8.13%, 10/15/15 | 179,080 | ||||
Food – 0.17% | ||||||
90,000 | Corn Products International, Inc., 6.00%, 4/15/17 | 89,675 | ||||
29
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Healthcare – Services – 0.46% | ||||||
$176,000 | Laboratory Corp. of America, 5.50%, 2/1/13 | $ | 170,177 | |||
72,000 | Service Corp. International, 6.75%, 4/1/15 | 71,460 | ||||
241,637 | ||||||
Home Builder – 0.19% | ||||||
116,000 | KB Home, 5.75%, 2/1/14 | 98,020 | ||||
Insurance – 4.40% | ||||||
226,000 | American International Group, 6.25%, 3/15/37 | 212,770 | ||||
300,000 | Americo Life, Inc., 7.88%, 5/1/13(c) | 306,388 | ||||
375,000 | ING Capital Funding Trust III, 8.44%, 12/31/10 | 405,672 | ||||
225,000 | Metlife Inc., 6.40%, 12/15/36 | 213,941 | ||||
247,000 | Navigators Group, Inc., 7.00%, 5/1/16 | 254,025 | ||||
255,000 | NLV Financial Corp., 7.50%, 8/15/33(c) | 267,044 | ||||
225,000 | Selective Insurance Group, 6.70%, 11/1/35 | 201,856 | ||||
250,000 | Unitrin, Inc., 4.88%, 11/1/10 | 247,619 | ||||
197,000 | Willis North America, Inc., 6.20%, 3/28/17 | 195,468 | ||||
2,304,783 | ||||||
Iron/Steel – 0.11% | ||||||
60,000 | Steel Dynamics, Inc., 6.75%, 4/1/15(c) | 57,900 | ||||
Machinery – Diversified – 1.42% | ||||||
122,000 | Baldor Electic Co., 8.63%, 2/15/17 | 127,490 | ||||
228,000 | IDEX Corp., 6.88%, 2/15/08 | 229,142 | ||||
190,000 | Joy Global Inc., 6.00%, 11/15/16 | 189,590 | ||||
202,000 | Westinghouse Air Brake Technologies Corp., 6.88%, 7/31/13 | 197,960 | ||||
744,182 | ||||||
Media – 1.73% | ||||||
208,000 | Echostar DBS Corp., 5.75%, 10/1/08 | 208,000 | ||||
255,000 | News America Holdings, Inc., 7.70%, 10/30/25 | 280,466 | ||||
129,000 | Rogers Cable, Inc., 7.88%, 5/1/12 | 138,991 | ||||
$242,000 | TCI Communications, Inc., 9.80%, 2/1/12 | $ | 280,103 | |||
907,560 | ||||||
Office Furnishings – 0.39% | ||||||
198,000 | Steelcase, Inc., 6.50%, 8/15/11 | 205,274 | ||||
Oil & Gas – 0.87% | ||||||
113,000 | Berry Petroleum Co., 8.25%, 11/1/16 | 114,130 | ||||
240,000 | Forest Oil Corp., 8.00%, 6/15/08 | 242,400 | ||||
98,000 | Marathon Oil Corp, 6.60%, 10/1/37 | 100,200 | ||||
456,730 | ||||||
Pharmaceuticals – 0.21% | ||||||
108,000 | NBTY, Inc., 7.13%, 10/1/15 | 108,000 | ||||
Pipelines – 0.75% | ||||||
130,000 | Atlas Pipeline Partners, 8.13%, 12/15/15 | 128,050 | ||||
198,000 | Boardwalk Pipeline LP, 5.88%, 11/15/16 | 195,175 | ||||
46,000 | Duke Capital Corp., 7.50%, 10/1/09 | 47,986 | ||||
22,000 | Valmont Industries, Inc., 6.88%, 5/1/14(c) | 21,945 | ||||
393,156 | ||||||
Real Estate Investment Trusts – 1.48% | ||||||
126,000 | Duke Realty LP, 5.63%, 8/15/11 | 125,641 | ||||
50,000 | Federal Realty Investment Trust, 5.40%, 12/1/13 | 48,738 | ||||
134,000 | Healthcare Realty Trust, 8.13%, 5/1/11 | 143,541 | ||||
216,000 | Liberty Property LP, 5.50%, 12/15/16 | 202,147 | ||||
259,000 | Realty Income Corp., 5.95%, 9/15/16 | 252,342 | ||||
772,409 | ||||||
Retail – 0.40% | ||||||
215,000 | CVS Caremark Corp., 6.25%, 6/1/27 | 208,361 | ||||
Savings & Loans – 0.54% | ||||||
250,000 | Peoples Bank Bridgeport, 9.88%, 11/15/10 | 283,625 | ||||
Software – 0.26% | ||||||
138,000 | Fiserv, Inc., 4.00%, 4/15/08 | 137,061 | ||||
30
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Transportation – 0.95% | ||||||
$182,000 | CSX Corp., 6.75%, 3/15/11 | $ | 189,051 | |||
125,000 | Navios Maritime Holdings, 9.50%, 12/15/14(c) | 128,906 | ||||
74,000 | Union Pacific Corp., 6.13%, 1/15/12 | 178,275 | ||||
496,232 | ||||||
Total Corporate Bonds (Cost $16,003,552) | 15,771,584 | |||||
Preferred Term Securities – 2.14% | ||||||
225,000 | Preferred Term Securities IX, Inc., 1.61%, 4/3/33(d)(e) | 151,987 | ||||
125,000 | Preferred Term Securities XIV, Inc., 0.76%, 6/24/34(d)(e) | 89,312 | ||||
150,000 | Preferred Term Securities XIX, Inc., 0.57%, 12/22/35(d)(e) | 116,160 | ||||
125,000 | Preferred Term Securities XVI, Inc., 0.40%, 3/23/35(d)(e) | 100,262 | ||||
175,000 | Preferred Term Securities XVII, Inc., 0.63%, 9/23/35(d)(e) | 139,860 | ||||
150,000 | Preferred Term Securities XXIV, Inc., 0.02%, 9/23/35(d)(e) | 143,685 | ||||
250,000 | Preferred Term Securities XXV, Inc., 0.03%, 6/22/37(d)(e) | 232,400 | ||||
150,000 | Preferred Term Securities XXVI, Inc., 0.03%, 9/22/37(d)(e) | 144,120 | ||||
Total Preferred Term Securities (Cost $1,185,846) | 1,117,786 | |||||
U.S. Government Agency Backed Mortgages – 17.15% | ||||||
Federal Home Loan Mortgage Corporation – 7.21% | ||||||
1,608 | Pool # 051686, 8.00%, 2/1/09 | 1,617 | ||||
9,281 | Pool # 124425, 9.25%, 10/1/20 | 9,997 | ||||
13,230 | Pool # 170170, 9.00%, 6/1/16 | 14,161 | ||||
532,424 | Pool # 1B2721, 4.37%, 1/1/35(b) | 524,874 | ||||
801,190 | Pool # 254764, 5.50%, 6/1/23 | 792,863 | ||||
8,873 | Pool # 306588, 8.00%, 10/1/18 | 9,290 | ||||
$397 | Pool # 519217, 7.00%, 2/1/30 | $ | 413 | |||
23,076 | Pool # 626582, 5.50%, 3/1/17 | 23,094 | ||||
124,779 | Pool # 635169, 5.00%, 8/1/17 | 122,769 | ||||
38,212 | Pool # 644943, 5.50%, 5/1/17 | 38,243 | ||||
378,689 | Pool # 740447, 4.50%, 9/1/18 | 365,742 | ||||
426,464 | Pool # 810896, 4.84%, 1/1/35(b) | 425,421 | ||||
45,484 | Pool # C00921, 7.50%, 2/1/30 | 47,580 | ||||
664 | Pool # D09479, 9.00%, 10/1/18 | 674 | ||||
16,886 | Pool # G10625, 8.00%, 1/1/12 | 17,581 | ||||
8,852 | Series 1988-16, Class B, 9.50%, 6/25/18 | 9,717 | ||||
770,000 | Series 1997-M9, 6.52%, 7/25/16 | 804,600 | ||||
505,000 | Series 2004-32, Class AY, 4.00%, 5/25/19 | 457,431 | ||||
106,474 | Series 2178, Class PB, 7.00%, 8/15/29 | 110,225 | ||||
3,776,292 | ||||||
Federal National Mortgage Association – 4.46% | ||||||
230,000 | (TBA), 6.00%, 11/15/37 | 230,072 | ||||
246 | Pool # 529175, 7.00%, 2/1/30 | 256 | ||||
595,876 | Pool # 841068, 4.19%, 11/1/34(b) | 598,035 | ||||
39,711 | Pool # 898644, 6.50%, 1/1/37 | 40,436 | ||||
24,842 | Pool # 898682, 6.50%, 2/1/37 | 25,296 | ||||
29,827 | Pool # 898684, 6.50%, 2/1/37 | 30,372 | ||||
85,439 | Pool # 907600, 6.50%, 12/1/36 | 87,007 | ||||
342,259 | Pool # 913327, 6.50%, 4/1/22 | 348,906 | ||||
24,875 | Pool # 916843, 6.50%, 4/1/37 | 25,329 | ||||
96,108 | Pool # 922123, 6.50%, 4/1/37 | 97,862 | ||||
249,094 | Pool # 936193, 6.50%, 5/1/37 | 253,639 | ||||
209,553 | Series 2002-W11, Class AF5, 4.98%, 11/25/32(b) | 208,285 |
31
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$405,000 | Series 2005-W2, Class A8, 5.41%, 5/25/35 | $ | 389,089 | |||
2,334,584 | ||||||
Government National Mortgage Association – 5.48% | ||||||
39,274 | Pool # 003132, 6.00%, 9/20/31 | 39,576 | ||||
100,350 | Pool # 003296, 6.00%, 10/20/32 | 101,060 | ||||
885 | Pool # 152589, 9.50%, 4/15/16 | 959 | ||||
7,053 | Pool # 269020, 9.50%, 1/15/19 | 7,709 | ||||
1,080 | Pool # 275465, 9.50%, 9/15/19 | 1,180 | ||||
10,071 | Pool # 342206, 6.50%, 12/15/23 | 10,331 | ||||
6,754 | Pool # 361064, 6.50%, 8/15/23 | 6,928 | ||||
6,869 | Pool # 363767, 6.50%, 11/15/23 | 7,046 | ||||
29,786 | Pool # 376510, 7.00%, 5/15/24 | 31,235 | ||||
277,982 | Pool # 380866, 7.00%, 3/15/24 | 291,499 | ||||
17,184 | Pool # 398964, 7.50%, 11/15/11 | 17,738 | ||||
2,780 | Pool # 433258, 7.50%, 10/15/11 | 2,869 | ||||
12,837 | Pool # 433263, 7.50%, 10/15/11 | 13,251 | ||||
12,634 | Pool # 441009, 8.00%, 11/15/26 | 13,434 | ||||
222,142 | Pool # 442164, 8.00%, 12/15/26 | 236,199 | ||||
193,406 | Pool # 481547, 6.00%, 1/15/33 | 195,106 | ||||
2,993 | Pool # 485682, 6.50%, 8/15/31 | 3,067 | ||||
1,991 | Pool # 549180, 6.00%, 5/15/31 | 2,010 | ||||
45,241 | Pool # 552381, 6.00%, 2/15/32 | 45,632 | ||||
32,599 | Pool # 558945, 6.00%, 4/15/33 | 32,869 | ||||
8,483 | Pool # 565982, 7.00%, 7/15/32 | 8,882 | ||||
4,245 | Pool # 568184, 6.50%, 11/15/31 | 4,351 | ||||
58,317 | Pool # 578345, 6.00%, 8/15/32 | 58,821 | ||||
37,268 | Pool # 584369, 7.00%, 4/15/32 | 39,018 | ||||
101,652 | Pool # 584486, 6.00%, 6/15/32 | 102,530 | ||||
$21,788 | Pool # 591571, 7.50%, 7/15/32 | $ | 22,827 | |||
10,238 | Pool # 591581, 7.00%, 8/15/32 | 10,718 | ||||
148,483 | Pool # 592154, 5.00%, 8/15/33 | 143,898 | ||||
177,957 | Pool # 597857, 5.00%, 8/15/33 | 172,461 | ||||
48,051 | Pool # 598131, 6.00%, 3/15/33 | 48,447 | ||||
115,064 | Pool # 780332, 8.00%, 11/15/09 | 117,673 | ||||
165,787 | Pool # 781124, 7.00%, 12/15/29 | 173,746 | ||||
130,459 | Series 2001-58, Class B, 5.13%, 6/16/23(b) | 130,702 | ||||
490,000 | Series 2004-12, Class C, 5.15%, 12/16/40 | 471,717 | ||||
305,000 | Series 2004-25, Class BA, 4.93%, 11/16/44 | 300,312 | ||||
2,865,801 | ||||||
Total U.S. Government Agency Backed Mortgages (Cost $9,061,373) | 8,976,677 | |||||
U.S. Government Agency Obligations – 4.32% | ||||||
New Valley Generation IV – 0.17% | ||||||
91,747 | Pool # 182177, 4.69%, 1/15/22 | 89,218 | ||||
Small Business Administration – 4.15% | ||||||
538,433 | Series 2004-10B, Class 1, 4.68%, 9/10/14 | 527,434 | ||||
263,340 | Series 2005-20A, Class 1, 4.86%, 1/1/25 | 258,049 | ||||
263,949 | Series 2004-20K, Class 1, 4.88%, 11/1/24 | 259,376 | ||||
568,301 | Series 2005-10A, Class 1, 5.04%, 3/10/15 | 560,194 | ||||
568,911 | Series 2005-20D, Class 1, 5.11%, 4/1/25 | 566,608 | ||||
1,071 | Series 1988-20G, Class 1, 9.80%, 7/1/08 | 1,088 | ||||
533 | Series 1988-20H, Class 1, 10.05%, 8/1/08 | 543 | ||||
1,568 | Series 1989-20D, Class 1, 10.05%, 4/1/09 | 1,589 | ||||
2,174,881 | ||||||
Total U.S. Government Agency Obligations (Cost $2,297,854) | 2,264,099 | |||||
U.S. Treasury Notes – 1.63% | ||||||
533,000 | 4.25%, 8/15/14 | 529,252 |
32
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Quality Fixed Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$61,000 | 4.50%, 2/15/16 | $ | 61,010 | |||
255,000 | 5.00%, 8/15/11 | 263,467 | ||||
Total U.S. Treasury Notes (Cost $842,435) | 853,729 | |||||
Investment Companies – 1.97% | ||||||
1,032,562 | Wells Fargo Prime Investment Money Market Fund | 1,032,562 | ||||
Total Investment Companies (Cost $1,032,562) | 1,032,562 | |||||
Total Investments (Cost $52,216,113) (f) – 98.63% | 51,636,089 | |||||
Other assets in excess of liabilities – 1.37% | 716,848 | |||||
NET ASSETS – 100.0% | $ | 52,352,937 | ||||
(a) Rate represents the effective yield at purchase.
(b) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on September 30, 2007. The maturity date represents the actual maturity date.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Security has been deemed to be liquid based on procedures approved by the Board of Trustees.
(d) Fair valued security under procedures established by the Fund’s Board of Directors.
(e) This security is restricted as the Preferred Term Securities may not be offered or sold within the United States or to U.S. persons except to qualified purchasers who are also either qualified institutional buyers or “accredited investors” (as defined in Rule 501(a) of Regulation D under the Securities Act of 1933).
(f) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
Abbreviations used are defined below:
AMBAC – Insured by American Municipal Bond Insurance Assurance Corp.
LP – Limited Partnership
MBIA – Insured by Municipal Bond Insurance Organization Association
MTN – Medium Term Note
PLC – Public Liability Co.
RADIAN – RADIAN Group, Inc.
TBA – To be announced. Represents 0.44% of net assets at September 30, 2007.
See notes to financial statements.
33
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Income Fund
September 30, 2007
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Municipal Bonds – 97.21% | ||||||
Arizona – 1.36% | ||||||
$250,000 | Surprise Arizona Municipal Property Corporation Wastewater Developmental Impact Fee, 4.50%, 4/1/17, Callable 4/1/11 @ 100 | $ | 248,473 | |||
California – 3.02% | ||||||
500,000 | Santa Rosa Waste Water Revenue, Series B, 6.00%, 9/1/15, (FGIC Insured) | 552,205 | ||||
Colorado – 3.48% | ||||||
500,000 | Arkansas River Power Authority Power Revenue, 5.00%, 10/1/14, (XLCA Insured) | 537,820 | ||||
100,000 | Denver West Metropolitan District Colorado, Series B, 5.70%, 12/1/17, Callable 12/1/07 @ 100 | 100,109 | ||||
637,929 | ||||||
Florida – 4.73% | ||||||
500,000 | Miami-Dade County Special Obligation, 5.91%, 10/1/15, (MBIA Insured), Callable 4/1/08 @ 69.48 (b) | 341,000 | ||||
500,000 | State Board of Education, Series J, 5.00%, 6/1/19, Callable 6/1/13 @ 101 | 525,970 | ||||
866,970 | ||||||
Illinois – 10.71% | ||||||
500,000 | Chicago, Series B, 5.13%, 1/1/22, (AMBAC Insured) | 546,360 | ||||
500,000 | Cook County Township High School District, 5.50%, 12/1/19 | 569,050 | ||||
200,000 | Illinois Finance Authority Revenue (New Money Community Rehab A), 4.95%, 7/1/15, Callable 7/1/14 @ 101 | 202,294 | ||||
300,000 | Illinois Finance Authority Revenue (New Money Community Rehab A), 5.05%, 7/1/17, Callable 7/1/14 @ 101 | 302,298 | ||||
$350,000 | State Financial Authority Revenue (Chicago Charter School Foundation), 5.00%, 12/1/21 | $ | 341,992 | |||
1,961,994 | ||||||
Indiana – 16.90% | ||||||
380,000 | Anderson Indiana Economic Development Revenue (Anderson University), 5.00%, 10/1/19 | 377,967 | ||||
180,000 | Boone County Indiana Redevelopment, Series B, 4.80%, 8/1/17, Callable 2/1/16 @ 100 | 181,094 | ||||
135,000 | Boone County Indiana Redevelopment, Series B, 4.85%, 2/1/18, Callable 2/1/16 @ 100 | 135,450 | ||||
500,000 | Hamilton County Optional Income Tax Revenue, 4.25%, 7/10/08, Callable 1/23/08 @ 100 | 500,435 | ||||
450,000 | Indiana Bond Bank Revenue, Series A, 5.00%, 8/1/16, (FSA Insured) | 488,047 | ||||
500,000 | IPS Multi-School Building Corp., 4.00%, 1/15/13, (FSA Insured) | 508,075 | ||||
100,000 | Munster Municipal Center Corp., 4.25%, 7/15/11 | 101,285 | ||||
445,000 | Munster Municipal Center Corp., 4.70%, 7/15/17, Callable 1/15/14 @100 | 453,210 | ||||
345,000 | Noblesville Multi-School Building Corp., 4.00%, 1/15/14, (FGIC Insured) | 350,741 | ||||
3,096,304 | ||||||
Louisiana – 3.17% | ||||||
400,000 | Louisiana State Bond Commission, Series B, 5.00%, 7/15/11, (FGIC Insured) | 419,332 | ||||
150,000 | Louisiana State Bond Commission, Series B, 5.00%, 7/15/15, (FGIC Insured) | 161,813 | ||||
581,145 | ||||||
34
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Maryland – 2.06% | ||||||
$350,000 | Baltimore Convention Center Hotel Revenue, Series A, 5.00%, 9/1/14, (XLCA Insured) | $ | 377,069 | |||
Massachusetts – 9.38% | ||||||
600,000 | State Construction Loan, Series E, 5.38%, 1/1/17, Pre-refunded 1/1/13 @ 100 | 647,772 | ||||
1,000,000 | State Health & Education Facilities Authority (Partners Healthcare), Series C, 5.75%, 7/1/12, Callable 7/1/11 @ 100 | 1,069,930 | ||||
1,717,702 | ||||||
Michigan – 1.48% | ||||||
250,000 | State Building Authority, Series III, 5.38%, 10/15/16, Callable 10/15/12 @ 100 | 270,260 | ||||
Missouri – 1.46% | ||||||
250,000 | State Development Finance Board, 5.25%, 3/1/15 | 267,053 | ||||
New Hampshire – 2.78% | ||||||
500,000 | Higher Education & Health Facility (Franklin Pierce Law Center), 5.50%, 7/1/18, Callable 7/1/08 @ 101 | 509,195 | ||||
Ohio – 1.23% | ||||||
225,000 | Ohio State Higher Educational Facility Revenue (John Carroll University), 4.00%, 4/1/09 | 225,648 | ||||
Oklahoma – 11.09% | ||||||
225,000 | Jay Oklahoma Industrial Authority Lease Revenue, (Jay Public Schools), 4.75%, 9/1/10 | 228,782 | ||||
500,000 | McClain County Economic Development Authority ( New Castle Public Schools), 5.00%, 9/1/11 | 514,270 | ||||
380,000 | Oklahoma Baptist University Authority, 5.25%, 12/1/14 | 394,900 | ||||
$300,000 | Pottawatomie County Facilities Authority Educational Faculty Lease Revenue, (Shawnee Public School), 5.00%, 9/1/10 | $ | 308,739 | |||
230,000 | Pottawatomie County Facilities Authority Educational Faculty Lease Revenue, (Tecumseh Public Schools), 4.75%, 9/1/13 | 235,223 | ||||
100,000 | Pottawatomie County Facilities Authority Educational Faculty Lease Revenue, (Tecumseh Public Schools), 4.75%, 9/1/14 | 102,182 | ||||
245,000 | Tulsa Industrial Authority Student Housing Revenue, (University of Tulsa), 4.30%, 10/1/12 | 247,965 | ||||
2,032,061 | ||||||
South Carolina – 1.25% | ||||||
220,000 | Lexington One School Facilities Corp. Installment Purchase Revenue, (Lexington County School Distinct No.1), 5.00%, 12/1/10 | 228,382 | ||||
South Dakota – 1.16% | ||||||
210,000 | West Central School District No. 49-7, 4.00%, 8/15/11, (FSA Insured), Callable 4/1/11 @ 100 | 212,528 | ||||
Texas – 14.34% | ||||||
190,000 | Keller Texas Certificates Obligation, 4.25%, 2/15/08, (FGIC Insured) | 190,517 | ||||
100,000 | Northeast Travis County Utility District, 4.50%, 9/1/13, Callable 9/1/11 @ 100 | 101,248 | ||||
65,000 | Northeast Travis County Utility District, 4.60%, 9/1/14, Callable 9/1/11 @ 100 | 65,833 | ||||
90,000 | Northeast Travis County Utility District, 4.65%, 9/1/15, Callable 9/1/11 @ 100 | 91,119 |
35
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Income Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$170,000 | Plano Independent School District, 5.38%, 2/15/16, (PSF-GTD Insured), Callable 2/15/11 @ 100 | $ | 178,542 | |||
500,000 | San Antonio Electric & Gas, 5.38%, 2/1/15 | 550,265 | ||||
405,000 | San Leanna Educational Facilities Corporation Highered Revenue Texas (Saint Edwards University), 5.00%, 6/1/18, Callable 6/1/17 @ 100 | 412,748 | ||||
500,000 | Socorro Independent School District, Series A, 4.50%, 8/15/32, (PSF-GTD Insured), Callable 8/15/15 @ 100 | 483,975 | ||||
500,000 | University of Texas Revenue, Series B, 5.25%, 8/15/19 | 552,585 | ||||
2,626,832 | ||||||
Washington – 3.72% | ||||||
55,000 | Adams County Washington Park & Recreation District No.4, 4.13%, 12/1/15 | 54,865 | ||||
100,000 | Adams County Washington Park & Recreation District No.4, 4.13%, 12/1/16 | 99,205 | ||||
500,000 | Seattle Municipal Light & Power, 5.63%, 12/1/16, Callable 12/1/10 @ 100 | 527,980 | ||||
682,050 | ||||||
Wisconsin – 3.89% | ||||||
300,000 | Manitowoc Electric Revenue, (Power System), 5.00%, 8/1/10 | 309,468 | ||||
400,000 | State Health & Educational Facilities Authority Revenue (Marshfield Clinic), 5.00%, 2/15/17, Callable 2/15/16 @ 100 | 403,788 | ||||
713,256 | ||||||
Total Municipal Bonds (Cost $17,478,683) | 17,807,056 | |||||
Investment Companies – 1.98% | ||||||
$363,154 | Wells Fargo National Tax-Free Money Market Fund | $ | 363,154 | |||
Total Investment Companies (Cost $363,154) | 363,154 | |||||
Total Investments (Cost $17,841,837) (a) – 99.2% | 18,170,210 | |||||
Other assets in excess of liabilities – 0.8% | 147,727 | |||||
NET ASSETS – 100.0% | $ | 18,317,937 | ||||
(a) See notes to financial statements for the tax cost of securities and the breakdown of unrealized appreciation (depreciation).
(b) Rate represents the effective yield at purchase.
Abbreviations used are defined below:
AMBAC – Insured by American Municipal Bond Insurance Assurance Corp.
FGIC – Insured by Financial Guaranty Insurance Co.
FSA – Insured by Federal Financial Security Assurance
MBIA – Insured by Municipal Bond Insurance Organization Association
PSF – Permanent School Fund
GTD – Guaranteed
XLCA – XL Capital Assurance
See notes to financial statements.
36
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of Tamarack Funds Trust:
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Quality Fixed Income Fund and Tax-Free Income Fund [two of the portfolios constituting the Tamarack Funds Trust (the “Funds”)] as of September 30, 2007, the related statements of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. We have audited the financial highlights for each of the three years in the period ended September 30, 2007, for the period from May 1, 2004 through September 30, 2004, and for the year ended April 30, 2004 for Quality Fixed Income Fund. We have audited the financial highlights for each of the three years in the period ended September 30, 2007, for the period from July 1, 2004 through September 30, 2004, and for the year ended June 30, 2004 for Tax-Free Income Fund. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights of Quality Fixed Income Fund for the year ended April 30, 2003, were audited by other auditors whose report, dated June 17, 2003, expressed an unqualified opinion on these financial highlights. The financial highlights of Tax-Free Income Fund for the year ended June 30, 2003, were audited by other auditors whose report, dated August 22, 2003, expressed an unqualified opinion on these 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, audits of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2007, by correspondence with the custodian and brokers. 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 each of the portfolios of the Tamarack Funds Trust referred to above as of September 30, 2007, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Chicago, Illinois
November 28, 2007
37
OTHER FEDERAL INCOME TAX INFORMATION (Unaudited)
During the fiscal year ended September 30, 2007, the Tamarack Tax-Free Income Fund declared tax-exempt income distributions of $641,398.
For the period ended September 30, 2007, the Tamarack Tax-Free Income Fund had net long term capital gains of $593,001.
38
Independent Trustees(1)
T. Geron Bell (66)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President of Twins Sports, Inc. (parent company of the Minnesota Twins) (2002-present); prior thereto President of the Minnesota Twins Baseball Club Incorporated (1987-present); Director, Great Hall Investment Funds, Inc. (1993-2004); Trustee, J&B Funds (2003-2004); Director, Babson Funds (2003-2004).
Number of Portfolios in Fund Complex Overseen: 15
Lucy Hancock Bode (56)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Healthcare consultant; Director, RBC Funds (1994-2004).
Number of Portfolios in Fund Complex Overseen: 15
Leslie H. Garner Jr. (57)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President, Cornell College; Director, RBC Funds (1994-2004).
Number of Portfolios in Fund Complex Overseen: 15
Ronald James (56)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, Center for Ethical Business Cultures (2000-present); Director, Great Hall Investment Funds, Inc. (1993-2004); Trustee, J&B Funds (2003-2004); Director, Babson Funds (2003-2004).
Number of Portfolios in Fund Complex Overseen: 15
John A. MacDonald (58)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Chief Investment Officer, Hall Family Foundation; Trustee, J&B Funds (2001-2004).
Number of Portfolios in Fund Complex Overseen: 15
H. David Rybolt (65)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Consultant, HDR Associates (management consulting); Director, Babson Funds (1992-2004).
Number of Portfolios in Fund Complex Overseen: 15
James R. Seward (54)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Private investor (2000-present); Trustee, J&B Funds (2001-2004); CFA.
Number of Portfolios in Fund Complex Overseen: 15
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
39
MANAGEMENT (Unaudited)
Independent Trustees(1)
William B. Taylor (62)
Position Held with Fund: Trustee; Since September, 2005
Principal Occupation(s) During Past 5 Years: Consultant (2003-present); Partner (until 2003) Ernst & Young LLP.
Number of Portfolios in Fund Complex Overseen: 15
Interested Trustees(1)
Erik R. Preus (42)
Position Held with Fund: Trustee; Since September, 2005
Principal Occupation(s) During Past 5 Years: President and CEO, Tamarack Funds (2006 to present); Head of Retail Asset Management, Voyageur Asset Management (2006-present); Director, President and Chief Executive Officer, Tamarack Distributors Inc. (2005-present); Chief Operating Officer, Voyageur Asset Management (2005-2006); Director, Investment Counseling Services, RBC Dain Rauscher (2004-2005); Director, Voyageur Advisory Services, Voyageur Asset Management (2003-2004); Senior Vice President, Divisional Sales Manager, PIMCO Allianz Investments and its predecessor firm, Nicholas Applegate (2001-2003).
Number of Portfolios in Fund Complex Overseen: 15
Executive Officers(1)
Erik R. Preus (42)
Position Held with Fund: President and Chief Executive Officer; Since September, 2006
Principal Occupation(s) During Past 5 Years: Head of Retail Asset Management, Voyageur Asset Management (2006-present); Director, President and Chief Executive Officer, Tamarack Distributors Inc. (2005-present); Chief Operating Officer, Voyageur Asset Management (2005-2006); Director, Investment Counseling Services, RBC Dain Rauscher (2004-2005); Director, Voyageur Advisory Services, Voyageur Asset Management (2003-2004); Senior Vice President, Divisional Sales Manager, PIMCO Allianz Investments and its predecessor firm, Nicholas Applegate (2001-2003).
David P. Lux (52)
Position Held with Fund: Chief Financial Officer; Since September, 2005
Principal Occupation(s) During Past 5 Years: Treasurer, Tamarack Funds (2005 to 2007); Vice President and Director, Mutual Funds, Voyageur Asset Management (2006-present); Director, Tamarack Distributors Inc. (2006-present); Controller, Tamarack Funds (2004-2005); Vice President and Mutual Funds Finance Manager, Voyageur Asset Management (2004-2006); Senior Financial Analyst, Voyageur Asset Management (2003-2004); Senior Financial Analyst, RBC Dain Rauscher (1995-2003).
James A. Gallo (43)
Address: PFPC Inc., 760 Moore Road, King of Prussia, PA 19406
Position Held with Fund: Treasurer Since September, 2007
Principal Occupation(s) During Past 5 Years: Senior Vice President and Managing Director, Fund Accounting and Administration, PFPC Inc. (2002-Present).
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
40
MANAGEMENT (Unaudited)
Executive Officers(1)
Kathleen A. Gorman (43)
Position Held with Fund: Chief Compliance Officer Since April, 2006; and Assistant Secretary Since September, 2006
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, Voyageur Asset Management (2006-present); Director, Asset Management Compliance, RiverSource Investments (2004-2006); Senior Compliance Officer, U.S. Bancorp Asset Management (1994-2004).
Martin A. Cramer (57)
Position Held with Fund: AML Compliance Officer and Privacy Officer; Since January, 2004 and Vice President since September 2006
Principal Occupation(s) During Past 5 Years: Vice President and Mutual Fund Administration Manager, Voyageur Asset Management (2003-present); Vice President, Tamarack Distributors Inc. (2007-present); Senior Compliance Officer, Tamarack Funds (2006-2007); Chief Compliance Officer, Tamarack Funds (2004-2006); Legal and Regulatory Affairs Vice President, Compliance Officer and Secretary, J&B (mutual fund management and distribution company) (1993-2003); Vice President, Assistant Secretary, Compliance Officer and AML Compliance Officer (2003-2004)(2), and formerly, Vice President, Compliance Officer and Secretary, Buffalo Fund Complex (1994-2003) and Secretary, Gold Bank Funds(3) (2001-2003).
Monica P. Ballard (38)
Position Held with Fund: Secretary and Chief Legal Officer; Since September, 2005
Principal Occupation(s) During Past 5 Years: Vice President and Senior Associate General Counsel, RBC Dain Rauscher (2004 to present); Counsel, Allianz Life (2002 to 2004); Associate Counsel, American Express Financial Advisors (1996 to 2002).
Gordon Telfer (41)
Position Held with Fund: Portfolio Strategist; Since March, 2004
Principal Occupation(s) During Past 5 Years: Senior Portfolio Manager, Voyageur Asset Management (2004-present); Managing Director, Voyageur Asset Management (2007-Present); Vice President, Voyageur Asset Management (2004–2007); Senior Portfolio Manager, Alliance Capital Management (2000-2003); Senior Vice President, Global Strategist, Scudder Kemper Investments (1997-2000).
Nancy M. Scinto (48)
Position Held with Fund: Chief Investment Officer, Equity Products; Since January, 2004
Principal Occupation(s) During Past 5 Years: Director of Research, Voyageur Asset Management (2003-present); Managing Director, Voyageur Asset Management (1999–present).
John M. Huber (39)
Position Held with Fund: Chief Investment Officer, Fixed Income Products; Since February, 2005
Principal Occupation(s) During Past 5 Years: Chief Investment Officer, Fixed Income, Voyageur Asset Management (2004-present); Principal and Senior Portfolio Manager, Galliard Capital Management (1995-2004).
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
(2) | Great Hall Investment Funds, Inc., J&B Funds, Babson Enterprise Fund, Inc., Babson Enterprise Fund II, Inc., Babson- Stewart Ivory International Fund, Inc., Babson Value Fund, Inc., David L. Babson Growth Fund, Inc., D.L. Babson Bond Trust, D.L. Babson Money Market Fund, Inc., D.L. Babson Tax-Free Income Fund, Inc., Shadow Stock Fund, Inc., and Investors Mark Series Fund, Inc. |
(3) | The Buffalo Fund Complex consists of Buffalo Balanced Fund, Inc., Buffalo Large Cap Fund, Inc., Buffalo High Yield Fund, Inc., Buffalo Small Cap Fund, Inc., Buffalo USA Global Fund, Inc., and the Buffalo Funds, which is a series fund consisting of Buffalo Science & Technology Fund and Buffalo Mid Cap Fund. Gold Bank Funds is a series fund consisting of Gold Bank Equity and Gold Bank Money Market Fund. |
The Funds’ Statement of Additional Information includes information about the Funds’ Trustees. To receive your free copy of the Statement of Additional Information, call toll free: 1-800-422-2766.
41
SHARE CLASS INFORMATION (Unaudited)
The Tamarack Fixed Income Funds offer five share classes, A, C, R, I, and S.
Class A
Class A shares are available for purchase primarily through investment advisors, broker dealers, banks and other financial services intermediaries. Class A shares of the Tamarack Fixed Income Funds are subject to a maximum up-front sales charge of 3.75% and a 1.00% contingent deferred sales charge (“CDSC”) for redemption within 12 months of a $1 million or greater purchase. Class A shares include a 0.25% (25 bps) annual 12b-1 service and distribution fee. (The 12b-1 Plan allows for 50 bps, but the Funds’ distributor is currently contractually waiving 25 bps of the fee.) Class A shares have a higher up front sales charge (load) than Class C shares, but a lower annual expense ratio.
Class C
Class C shares are also available for purchase primarily through investment advisors, broker-dealers, banks and other financial services intermediaries. Class C shares redeemed within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1.00%. (No CDSC will be charged on shares acquired through reinvestment of dividends or capital gains.) Class C shares expenses include a 1.00% (100 bps) annual 12b-1 service and distribution fee. Class C shares have a lower up-front sales charge (load) than Class A shares, but due to the higher 12b-1 service and distribution fee, have higher annual expenses than Class A shares.
Class R
Class R shares are available for purchase through employer-sponsored or 401(k) retirement plans for which omnibus or program-level accounts are held on the books of the Funds. Class R shares have no upfront sales charge (load), but are subject to a 0.50% (50 bps) 12b-1 service and distribution fee. Class R shares currently have annual expenses between Class A and Class C share expenses.
Class S
Class S shares are available to investors purchasing shares directly through the Fund or its agent, BFDS, or through certain fee-based programs of broker dealers or registered investment advisors. This share class does not have an upfront sales charge (load) or a 12b-1 service and distribution fee.
Class I
Class I shares are available in the Quality Fixed Income Fund. This share class is intended for investors meeting certain minimum investment thresholds. This share class does not have an up front sales charge (load) or a 12b-1 service and distribution fee.
For an investor purchasing Tamarack Funds shares through a financial services intermediary, the question as to which share class, A or C, is the best choice is dependent on many factors, including the amount to be invested and the length of time an investor anticipates holding the shares. An investor should consult with his or her financial advisor about his or her personal financial situation to determine which share class is the best choice for his or her individual situation.
42
SUPPLEMENTAL INFORMATION (Unaudited)
Shareholder Expense Examples
As a shareholder of the Tamarack Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, and redemption fees; (2) ongoing costs, including management fees; 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Tamarack Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2007 through September 30, 2007.
Actual Expenses and Performance
The table below provides information about actual account values and actual expenses. You may use the information below, 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 table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning Account Value 4/1/07 | Ending Account Value 9/30/07 | Expenses Paid During Period* 4/1/07 - 9/30/07 | Annualized Expense Ratio During Period 4/1/07 - 9/30/07 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Quality Income Fund | Class A | $ | 1,000.00 | $ | 1,016.80 | $ | 4.70 | 0.93 | % | |||||||||||||
Class I | 1,000.00 | 1,015.90 | 3.44 | 0.68 | % | |||||||||||||||||
Class C | 1,000.00 | 1,011.50 | 8.82 | 1.75 | % | |||||||||||||||||
Class R | 1,000.00 | 1,013.30 | 6.01 | 1.19 | % | |||||||||||||||||
Class S | 1,000.00 | 1,017.00 | 3.44 | 0.68 | % | |||||||||||||||||
Tax-Free Income Fund | Class A | 1,000.00 | 1,010.00 | 4.99 | 0.99 | % | ||||||||||||||||
Class C | 1,000.00 | 1,006.60 | 8.60 | 1.71 | % | |||||||||||||||||
Class R | 1,000.00 | 1,008.80 | 6.35 | 1.26 | % | |||||||||||||||||
Class S | 1,000.00 | 1,011.30 | 3.73 | 0.74 | % |
*Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one-half year period).
43
SUPPLEMENTAL INFORMATION (Unaudited)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Tamarack Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 4/1/07 | Ending Account Value 9/30/07 | Expenses Paid During Period* 4/1/07 - 9/30/07 | Annualized Expense Ratio During Period 4/1/07 - 9/30/07 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Quality Income Fund | Class A | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | |||||||||||||
Class I | 1,000.00 | 1,021.66 | 3.45 | 0.68 | % | |||||||||||||||||
Class C | 1,000.00 | 1,016.29 | 8.85 | 1.75 | % | |||||||||||||||||
Class R | 1,000.00 | 1,019.10 | 6.02 | 1.19 | % | |||||||||||||||||
Class S | 1,000.00 | 1,021.66 | 3.45 | 0.68 | % | |||||||||||||||||
Tax-Free Income Fund | Class A | 1,000.00 | 1,020.10 | 5.01 | 0.99 | % | ||||||||||||||||
Class C | 1,000.00 | 1,016.50 | 8.64 | 1.71 | % | |||||||||||||||||
Class R | 1,000.00 | 1,018.75 | 6.38 | 1.26 | % | |||||||||||||||||
Class S | 1,000.00 | 1,021.36 | 3.75 | 0.74 | % |
*Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one-half year period).
44
Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
This report and the financial statements contained herein are provided for the information of Tamarack Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended September 30, 2007.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Voyageur Asset Management serves as investment adviser for the Tamarack Funds. Tamarack Funds are distributed by Tamarack Distributors Inc., member FINRA.
Tamarack Funds
P.O. Box 219757
Kansas City, MO 64121-9757
800-422-2766
www.voyageur.net
The Tamarack Funds are pleased to offer shareholder reports printed
entirely on Forest Stewardship Council certified paper. FSC certification
ensures that the paper used in this report contains fiber from
well-managed and responsibly harvested forests that meet strict
environmental and socioeconomic standards.
TF-FI AR 9-07
![]() | |
![]() | ANNUAL REPORT September 30, 2007 |
Prime Money Market Fund U.S. Government Money Market Fund Tax-Free Money Market Fund Institutional Prime Money Market Fund Institutional Tax-Free Money Market Fund Treasury Plus Money Market Fund |
Tamarack Funds
About Your Annual Report
This annual report includes detailed information about your Fund including year-end financial statements, performance, and a complete list of holdings.
We hope the financial information presented will help you evaluate your investment in the Tamarack Funds. We also encourage you to read your Fund’s prospectus for further detail as to your Fund’s investment policies and risk profile. Tamarack Funds prospectuses and additional performance information are available on our website at www.voyageur.net.
A description of the policies and procedures that your Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-422-2766; (ii) on the Fund’s website at www.voyageur.net; and (iii) on the Securities and Exchange Commission’s (“Commission”) website at http://www.sec.gov.
Information regarding how your Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2007 is available (i) on the Fund’s website at www.voyageur.net; and (ii) on the Commission’s website at http://www.sec.gov.
A schedule of each Fund’s portfolio holdings will be filed with the Commission for the first and third quarters of each fiscal year on Form N-Q. This information is available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room is available by calling 1-800-SEC-0330.
LETTER FROM THE CIO OF FIXED INCOME
The global bond market has been unsettled over the past several quarters due to numerous emerging economic risks. Increasing concerns regarding the U.S. housing market and expected losses in the sub-prime mortgage market have been the primary catalysts for the increasing volatility. The problems were exacerbated due to the tight spread environment and a leveraged investor base. As a result, liquidity in the fixed income markets has materially worsened over the past several months and investor confidence has waned.
The financial markets are always unpredictable; however, increased volatility can often result in great opportunities for investors. In our view, it is appropriate for the bond market to become more concerned with the pricing of risk, which may help wring excesses out of some market sectors. Furthermore, we view recent volatility in credit-sensitive sectors as offering potential investment opportunities in fundamentally sound securities at relatively attractive prices.
Investing for the long-term, and not trying to time the market, is one proven discipline that we believe applies to any market environment. A long-term outlook is especially important when investing in fixed income securities. Timing the bond market can be hazardous for an investor’s financial health. Over time, staying the course during periods of volatility has proven more effective than selling into fear or chasing the latest investment trend. Effective dollar cost averaging into your mutual fund over time will reduce the risks of emotional investing and can help lower the average costs of your purchases. The patient investor gains the benefit of compounding or earning interest on additional income or reinvested dividends and capital gains as well as tax advantages and cost benefits. While remaining patient doesn’t eliminate risk, it can considerably lessen the effect of periods marked by extreme volatility.
Another investment discipline that we believe applies to any market environment is to invest with a proven, trusted and experienced portfolio management team. Tamarack Funds fixed income and money market funds benefit from a team of investment professionals that average over 20 years of industry experience. The Tamarack Funds have performed well, relative to their peers, during these past volatile months and we are proud that our prudent, disciplined approach has been rewarded.
Given recent concerns over investments collateralized by sub-prime residential mortgage loans by some money market funds, we want to assure you that the Tamarack Money Market Funds have no direct exposure to these types of troubled sub-prime securities. Fund management has long been concerned with potential problems in the sub-prime market and has made investment decisions in a manner consistent with that outlook. In addition, there are no Structured Investment Vehicles (SIVs) in the Tamarack Money Market Funds, nor have there ever been. Our risk management orientation excluded these sectors from serious consideration. The Tamarack Quality Fixed Income Fund and
1
LETTER FROM THE CIO OF FIXED INCOME
the Tamarack Tax Free Income Fund have also enjoyed healthy relative performance throughout this turbulent market environment.
Sincerely,
![]() John Huber Chief Investment Officer Fixed Income | ![]() John M. Huber, CFA Chief Investment Officer, Fixed Income Tamarack Funds |
2
MONEY MARKET PORTFOLIO MANAGERS
Voyageur Asset Management (“Voyageur”), the investment advisor to the Tamarack Funds, employs a team approach to the management of each of the money market funds. Each Fund’s management team has access to Voyageur’s investment research and other money management resources.
John M. Huber, CFA Senior Managing Director, Chief Investment Officer — Fixed Income John Huber directs Voyageur’s fixed income group. John joined Voyageur in 2004 from Galliard Capital Management where he was a principal and senior portfolio manager, responsible for the firm’s total return fixed income effort. Prior to working for Galliard, John was a portfolio manager for Norwest Investment Management where he began his career in 1990. John received a BA from the University of Iowa and an MBA in Finance from the University of Minnesota, Carlson School of Management. He acts as an advisor to the Carlson Funds Enterprise for the University of Minnesota. John is a CFA charterholder and a member of the CFA Society of Minnesota. He also serves on the Board of the YMCA of Metropolitan Minneapolis. | ![]() John M. Huber, CFA |
Raye C. Kanzenbach, CFA Senior Managing Director, Senior Portfolio Manager Raye Kanzenbach is an active member of the Credit Team and serves as primary portfolio manager for the Tax-Free and Institutional Tax-Free Money Market Funds. He has extensive experience working with taxable and tax-exempt municipal fixed income securities. Prior to his experience at Voyageur, Raye was employed at First Bank where he managed the municipal and money market trust funds. Raye also supervised the municipal and corporate credit analysis areas for the Trust Department and First Bank’s investment portfolio. Prior to First Bank, Raye was employed as an investment officer with the St. Paul Companies. Raye began his career in the investment industry in 1973 and joined Voyageur in 1983. He received a BA in Economics from Lawrence University and an MBA in Finance from the University of Michigan. Raye is a CFA charterholder and member of the CFA Society of Minnesota. | ![]() Raye C. Kanzenbach, CFA |
Scott Cabalka Vice President, Senior Portfolio Manager Scott Cabalka is a member of the Credit Team and oversees trading and portfolio management for the taxable portfolios of the Tamarack Money Market Funds. Prior to joining Voyageur in 1993, Scott was an account executive with Merrill Lynch where he focused on short-term investment strategies for institutional investors. Scott began his career in the investment industry in 1980. He received a BS and an MBA in Finance from the University of Minnesota, Carlson School of Management. | ![]() Scott Cabalka |
3
Tamarack Money Market Funds
Tamarack Money Market Funds
The Tamarack Money Market Funds seek to achieve the highest level of current income as is consistent with prudent investment management, the preservation of capital, and maintenance of liquidity. The Funds invest in a variety of highly-rated money market instruments. In the Tax-Free Money Market Funds, investments are made in highly-rated debt obligations that pay interest exempt from federal income taxes and alternative minimum tax (AMT).
Although the Tamarack Money Market Funds are not benchmarked to industry indices (such as the S&P 500®), we do evaluate performance against each Fund’s respective peer group as reported by Lipper.
Taxable Money Funds
Over the twelve-month period ending September 30, 2007, the Prime, Institutional Prime, and U.S. Government Money Market Funds provided yields that were comparable to the average reported yields in their respective Lipper peer groups.
Short-term interest rates fluctuated within a narrow range for the first six-months of the period. However, the second half of the period was marked by over a half of a percent fluctuation in yields. Much of that volatility was concentrated in the latter part of the third quarter of 2007. The Federal Reserve lowered their benchmark Fed Funds rate from 5.25% to 4.75% in September in response to a significant liquidity disruption across the financial markets. Forecasts continue to predict that further easing of interest rates may be required to maintain orderly and liquid financial markets. Readings of economic strength continued to show modest growth throughout this period, yet there are growing concerns that this momentum may not be sustainable in the coming quarters.
In this yield environment, the money market funds maintained a strategy whereby:
• | A high percentage of assets were invested in securities that matured within 90 days, | |
• | A modest percentage of investments were made with maturities of longer than 180 days and less than 397 days, | |
• | A high percentage of assets were invested in variable rate securities. |
We believe that in the coming months that Federal Reserve may have a bias toward reducing interest rates further, perhaps as early as October and again in December of this year.
Tax-Exempt Money Funds
Over the twelve-month period ending September 30, 2007, the Tax-Free Money Market Fund and Institutional Tax-Free Money Market Fund’s performance were comparable to the average reported yields of their respective Lipper Peer groups.
Both tax-free Funds hold a large percentage of assets that provide either daily or weekly liquidity (in other words, securities with maturities of seven days or less). However, the Funds also hold a portion of assets in highly-rated notes with maturities of between 180 and 397 days. This has resulted in average portfolio maturities of both Funds that are consistent with those of their peer groups.
4
PERFORMANCE SUMMARY
Investment Objective
Each of the Tamarack Money Market funds was managed to preserve principal. This means that the share price of each fund held steady at $1. A consistent share price of $1 is expected for a money market mutual fund, but is not guaranteed.
Total Return for the year ended September 30, 2007 | SEC 7-Day Annualized Yield (1) | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2007 | September 30, 2006 | Net Expense Ratio* | Gross Expense Ratio* | ||||||||||||||||||||
Tamarack Prime Money Market Fund | 4.69 | % | 4.93 | % | 4.71 | % | 0.80 | % | 0.92 | % | |||||||||||||
Tamarack U.S. Government Money Market Fund | 4.56 | % | 4.46 | % | 4.62 | % | 0.78 | % | 0.78 | % | |||||||||||||
Tamarack Tax-Free Money Market Fund | 3.00 | % | 3.20 | % | 3.02 | % | 0.70 | % | 0.85 | % | |||||||||||||
Tamarack Institutional Prime Money Market Fund (2) | 5.23 | % | 5.47 | % | 5.22 | % | 0.28 | % | 0.28 | % | |||||||||||||
Tamarack Institutional Tax-Free Money Market Fund (2) | 3.43 | % | 3.80 | % | 3.44 | % | 0.30 | % | 0.30 | % | |||||||||||||
Tamarack Treasury Plus Money Market Fund (3) | 5.10 | % | 4.35 | % | 4.12 | % | 0.20 | % | 0.23 | % |
*The expense ratios are from the Funds’ prospectus dated January 29, 2007. Additional information pertaining to the Funds’ expense ratios as of September 30, 2007 can be found in the financial highlights.
(1) | As money market returns respond rapidly to market changes, such as in the Fed Funds rate, the 7-Day yield is a more accurate reflection of current earnings than the total return for the year. Prior year 7-Day yield information is provided for comparative purposes. |
(2) | The Tamarack Institutional Prime and Institutional Tax-Free Money Market Funds are intended for shareholders investing $1 million or more. |
(3) | The Treasury Plus Money Market Fund commenced operations on September 1, 2006. |
Money Market Maturity Schedules
Asset Allocation
as a percentage of value of investments based on effective maturity
Prime Money Market Fund | U.S. Government Money Market Fund | Tax-Free Money Market Fund | Institutional Prime Money Market Fund | Institutional Tax-Free Money Market Fund | Treasury Plus Money Market Fund | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Less than 8 days | 10.6 | % | 69.8 | % | 89.6 | % | 9.9 | % | 89.4 | % | 100.0 | % | ||||||||||||||
8 to 14 Days | 13.2 | % | 3.2 | % | 0.4 | % | 15.3 | % | 0.2 | % | 0.0 | % | ||||||||||||||
15 to 30 Days | 43.3 | % | 1.8 | % | 0.5 | % | 41.7 | % | 0.0 | % | 0.0 | % | ||||||||||||||
31 to 180 Days | 30.1 | % | 25.2 | % | 6.2 | % | 28.8 | % | 6.4 | % | 0.0 | % | ||||||||||||||
181 to 365 Days | 2.8 | % | 0.0 | % | 3.3 | % | 4.3 | % | 4.0 | % | 0.0 | % | ||||||||||||||
366 to 397 Days | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
5
Statements of Assets and Liabilities
September 30, 2007
Tamarack Prime Money Market Fund | Tamarack U.S. Government Money Market Fund | Tamarack Tax-Free Money Market Fund | Tamarack Institutional Prime Money Market Fund | Tamarack Institutional Tax-Free Money Market Fund | Tamarack Treasury Plus Money Market Fund | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||||||||||||||||||
Investments, at value (cost $9,641,445,525; $1,393,312,949; $849,272,174; $1,411,967,080; $566,985,504 and $2,028,614, respectively) | $ | 9,641,445,525 | $ | 1,393,312,949 | * | $ | 849,272,174 | $ | 1,411,967,080 | $ | 566,780,504 | $ | 2,028,614 | ** | ||||||||||||
Cash | 447,762 | - | - | 2,169 | 257,154 | - | ||||||||||||||||||||
Interest receivable | 53,609,486 | 777,207 | 5,150,521 | 8,592,295 | 3,351,979 | 750 | ||||||||||||||||||||
Receivable for capital shares issued | - | 407 | - | 3 | - | - | ||||||||||||||||||||
Receivable for investments sold | - | - | - | - | 5,686,393 | - | ||||||||||||||||||||
Receivable from adviser | - | - | - | - | - | 4,470 | ||||||||||||||||||||
Prepaid expenses | 187,812 | 85,017 | 31,240 | 44,651 | 23,223 | 6,155 | ||||||||||||||||||||
Total Assets | 9,695,690,585 | 1,394,175,580 | 854,453,935 | 1,420,606,198 | 576,099,253 | 2,039,989 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Cash overdraft | - | - | 995 | - | - | - | ||||||||||||||||||||
Distributions payable | 2,960 | - | - | - | - | 1 | ||||||||||||||||||||
Payable for investments purchased | 27,000,000 | - | 12,744,564 | - | 6,819,245 | - | ||||||||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||||||||
Investment advisory fees | 3,365,616 | 415,308 | 355,146 | 300,717 | 118,475 | - | ||||||||||||||||||||
Administrative services fees | 1,239,765 | 281,972 | 81,882 | - | - | - | ||||||||||||||||||||
Trustee fees | 83 | 83 | 83 | 83 | 83 | 83 | ||||||||||||||||||||
Other | 2,006,377 | 125,013 | 103,638 | 73,132 | 43,759 | 30,044 | ||||||||||||||||||||
Total Liabilities | 33,614,801 | 822,376 | 13,286,308 | 373,932 | 6,981,562 | 30,128 | ||||||||||||||||||||
Net Assets | $ | 9,662,075,784 | $ | 1,393,353,204 | $ | 841,167,627 | $ | 1,420,232,266 | $ | 569,117,691 | $ | 2,009,861 | ||||||||||||||
Net Assets Consist Of: | ||||||||||||||||||||||||||
Capital | $ | 9,662,212,348 | $ | 1,393,356,939 | $ | 841,161,731 | $ | 1,420,365,970 | $ | 569,121,394 | $ | 2,009,861 | ||||||||||||||
Accumulated net realized gains (losses) from investment transactions | (136,564 | ) | (3,735 | ) | 5,896 | (133,704 | ) | (3,703 | ) | - | ||||||||||||||||
Net Assets | $ | 9,662,075,784 | $ | 1,393,353,204 | $ | 841,167,627 | $ | 1,420,232,266 | $ | 569,117,691 | $ | 2,009,861 | ||||||||||||||
Shares Outstanding (Unlimited number of shares authorized, no par value): | 9,662,326,648 | 1,393,391,326 | 841,209,836 | 1,420,374,388 | 569,121,394 | 2,009,861 | ||||||||||||||||||||
Net Asset Values: | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||
* $970,000,000 of which are repurchase agreements. See Schedule of Portfolio Investments for details.
** $2,000,000 of which is a repurchase agreement. See Schedule of Portfolio Investments for details.
See notes to financial statements.
6
FINANCIAL STATEMENTS
For the Year Ended September 30, 2007
Tamarack Prime Money Market Fund | Tamarack U.S. Government Money Market Fund | Tamarack Tax-Free Money Market Fund | Tamarack Institutional Prime Money Market Fund | Tamarack Institutional Tax-Free Money Market Fund | Tamarack Treasury Plus Money Market Fund | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||||||||||||||||||
Interest income | $ | 518,805,180 | $ | 46,454,699 | $ | 31,375,081 | $ | 79,360,422 | $ | 18,187,203 | $ | 104,233 | ||||||||||||||
Dividend income | 434,938 | 197,786 | 98,730 | 237,981 | 79,100 | 1,323 | ||||||||||||||||||||
Securities lending income (a) | 455 | - | - | 153 | - | - | ||||||||||||||||||||
Total Investment Income | 519,240,573 | 46,652,485 | 31,473,811 | 79,598,556 | 18,266,303 | 105,556 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Investment advisory fees | 40,501,946 | 3,375,437 | 4,298,791 | 3,697,371 | 1,245,573 | 3,061 | ||||||||||||||||||||
Administrative services fees | 24,094,624 | 2,232,457 | 2,149,396 | - | - | - | ||||||||||||||||||||
Accounting fees | 138,879 | 16,941 | 20,251 | 27,167 | 14,381 | 4,059 | ||||||||||||||||||||
Custodian fees | 140,177 | 9,954 | 10,929 | 26,799 | 8,036 | 706 | ||||||||||||||||||||
Insurance fees | 66,130 | 9,866 | 10,697 | 18,897 | 7,210 | 7,321 | ||||||||||||||||||||
Legal fees | 269,956 | 21,159 | 23,115 | 40,553 | 12,832 | 42,724 | ||||||||||||||||||||
Audit fees | 32,708 | 32,709 | 32,708 | 32,709 | 32,709 | 37,975 | ||||||||||||||||||||
Registration and filing fees | 401,367 | 43,539 | 66,744 | 58,882 | 43,090 | 6,650 | ||||||||||||||||||||
Shareholder reports | 4,581,717 | 223,102 | 140,506 | 19,174 | 7,103 | 6,472 | ||||||||||||||||||||
Transfer agent fees | 15,304,761 | 742,453 | 466,426 | 69,442 | 28,912 | 5,735 | ||||||||||||||||||||
Trustees’ fees | 22,416 | 22,417 | 22,417 | 22,417 | 22,417 | 20,521 | ||||||||||||||||||||
Other fees | 218,933 | 40,988 | 19,915 | 33,727 | 11,231 | 22,040 | ||||||||||||||||||||
Total expenses before fee reductions | 85,773,615 | 6,771,022 | 7,261,895 | 4,047,138 | 1,433,494 | 157,264 | ||||||||||||||||||||
Expenses reduced by: | ||||||||||||||||||||||||||
Administrator | (8,669,341 | ) | - | (1,243,482 | ) | - | - | (153,196 | ) | |||||||||||||||||
Net Expenses | 77,104,274 | 6,771,022 | 6,018,413 | 4,047,138 | 1,433,494 | 4,068 | ||||||||||||||||||||
Net Investment Income | 442,136,299 | 39,881,463 | 25,455,398 | 75,551,418 | 16,832,809 | 101,488 | ||||||||||||||||||||
Realized/Unrealized Gains (Losses) from investment transactions: | ||||||||||||||||||||||||||
Net realized/unrealized gains (losses) from investment transactions | (39,107 | ) | 9 | 7,553 | (46,329 | ) | (1,304 | ) | - | |||||||||||||||||
Change in net assets resulting from operations | $ | 442,097,192 | $ | 39,881,472 | $ | 25,462,951 | $ | 75,505,089 | $ | 16,831,505 | $ | 101,488 | ||||||||||||||
(a) | For more information on Securities Lending, please see Note 2 in the Notes to Financial Statements. |
See notes to financial statements.
7
FINANCIAL STATEMENTS
Statements of Changes in Net Assets
Tamarack Prime Money Market Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 442,136,299 | $ | 324,673,988 | ||||||
Net realized gains (losses) from investment transactions | (39,107 | ) | (54,064 | ) | ||||||
Change in net assets resulting from operations | 442,097,192 | 324,619,924 | ||||||||
Distributions to Shareholders: | ||||||||||
From net investment income | (442,136,299 | ) | (324,673,988 | ) | ||||||
Change in net assets resulting from shareholder distributions | (442,136,299 | ) | (324,673,988 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 5,220,500,579 | 3,908,947,445 | ||||||||
Dividends reinvested | 442,099,636 | 343,299,003 | ||||||||
Cost of shares redeemed | (4,685,944,541 | ) | (3,488,432,901 | ) | ||||||
Change in net assets resulting from capital transactions | 976,655,674 | 763,813,547 | ||||||||
Net increase (decrease) in net assets | 976,616,567 | 763,759,483 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 8,685,459,217 | 7,921,699,734 | ||||||||
End of period | $ | 9,662,075,784 | $ | 8,685,459,217 | ||||||
Undistributed net investment income | $ | - | $ | - | ||||||
Share Transactions: | ||||||||||
Issued | 5,220,502,490 | 3,908,951,713 | ||||||||
Reinvested | 442,099,636 | 343,299,003 | ||||||||
Redeemed | (4,685,957,782 | ) | (3,488,432,900 | ) | ||||||
Change in shares resulting from capital transactions | 976,644,344 | 763,817,816 | ||||||||
See notes to financial statements.
8
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack U.S. Government Money Market Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 39,881,463 | $ | 30,836,810 | ||||||
Net realized gains (losses) from investment transactions | 9 | (463 | ) | |||||||
Change in net assets resulting from operations | 39,881,472 | 30,836,347 | ||||||||
Distributions to Shareholders: | ||||||||||
From net investment income | (39,881,464 | ) | (30,836,773 | ) | ||||||
Change in net assets resulting from shareholder distributions | (39,881,464 | ) | (30,836,773 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 1,335,343,942 | 667,724,063 | ||||||||
Dividends reinvested | 39,883,541 | 32,770,551 | ||||||||
Cost of shares redeemed | (730,413,043 | ) | (765,099,028 | ) | ||||||
Change in net assets resulting from capital transactions | 644,814,440 | (64,604,414 | ) | |||||||
Net increase (decrease) in net assets | 644,814,448 | (64,604,840 | ) | |||||||
Net Assets: | ||||||||||
Beginning of period | 748,538,756 | 813,143,596 | ||||||||
End of period | $ | 1,393,353,204 | $ | 748,538,756 | ||||||
Undistributed net investment income | $ | - | $ | 1 | ||||||
Share Transactions: | ||||||||||
Issued | 1,335,344,142 | 667,724,063 | ||||||||
Reinvested | 39,883,541 | 32,770,551 | ||||||||
Redeemed | (730,412,999 | ) | (765,099,028 | ) | ||||||
Change in shares resulting from capital transactions | 644,814,684 | (64,604,414 | ) | |||||||
See notes to financial statements.
9
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Tax-Free Money Market Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 25,455,398 | $ | 20,891,888 | ||||||
Net realized gains (losses) from investment transactions | 7,553 | - | ||||||||
Change in net assets resulting from operations | 25,462,951 | 20,891,888 | ||||||||
Distributions to Shareholders: | ||||||||||
From net investment income | (25,455,399 | ) | (20,891,888 | ) | ||||||
Change in net assets resulting from shareholder distributions | (25,455,399 | ) | (20,891,888 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 1,103,652,089 | 889,498,350 | ||||||||
Dividends reinvested | 25,455,402 | 22,254,085 | ||||||||
Cost of shares redeemed | (1,078,689,270 | ) | (979,050,888 | ) | ||||||
Change in net assets resulting from capital transactions | 50,418,221 | (67,298,453 | ) | |||||||
Net increase (decrease) in net assets | 50,425,773 | (67,298,453 | ) | |||||||
Net Assets: | ||||||||||
Beginning of period | 790,741,854 | 858,040,307 | ||||||||
End of period | $ | 841,167,627 | $ | 790,741,854 | ||||||
Undistributed (distributions in excess of) net investment income | $ | - | $ | 1 | ||||||
Share Transactions: | ||||||||||
Issued | 1,103,652,089 | 889,498,114 | ||||||||
Reinvested | 25,455,402 | 22,254,085 | ||||||||
Redeemed | (1,078,689,270 | ) | (979,050,888 | ) | ||||||
Change in shares resulting from capital transactions | 50,418,221 | (67,298,689 | ) | |||||||
See notes to financial statements.
10
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Institutional Prime Money Market Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 75,551,418 | $ | 46,531,472 | ||||||
Net realized gains (losses) from investment transactions | (46,329 | ) | (39,584 | ) | ||||||
Change in net assets resulting from operations | 75,505,089 | 46,491,888 | ||||||||
Distributions to Shareholders: | ||||||||||
From net investment income | (75,551,417 | ) | (46,531,442 | ) | ||||||
Change in net assets resulting from shareholder distributions | (75,551,417 | ) | (46,531,442 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 2,283,070,300 | 2,000,696,237 | ||||||||
Dividends reinvested | 75,553,243 | 48,677,945 | ||||||||
Cost of shares redeemed | (2,136,996,443 | ) | (1,641,011,524 | ) | ||||||
Change in net assets resulting from capital transactions | 221,627,100 | 408,362,658 | ||||||||
Net increase (decrease) in net assets | 221,580,772 | 408,323,104 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 1,198,651,494 | 790,328,390 | ||||||||
End of period | $ | 1,420,232,266 | $ | 1,198,651,494 | ||||||
Undistributed (distributions in excess of) net investment income | $ | - | $ | (1 | ) | |||||
Share Transactions: | ||||||||||
Issued | 2,283,070,300 | 2,000,696,237 | ||||||||
Reinvested | 75,553,244 | 48,677,945 | ||||||||
Redeemed | (2,136,996,443 | ) | (1,641,011,524 | ) | ||||||
Change in shares resulting from capital transactions | 221,627,101 | 408,362,658 | ||||||||
See notes to financial statements.
11
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Institutional Tax-Free Money Market Fund
For the Year Ended September 30, 2007 | For the Year Ended September 30, 2006 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 16,832,809 | $ | 12,324,486 | ||||||
Net realized gains (losses) from investment transactions | (1,304 | ) | (1,863 | ) | ||||||
Change in net assets resulting from operations | 16,831,505 | 12,322,623 | ||||||||
Distributions to Shareholders: | ||||||||||
From net investment income | (16,832,808 | ) | (12,324,471 | ) | ||||||
Change in net assets resulting from shareholder distributions | (16,832,808 | ) | (12,324,471 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | 895,570,627 | 687,094,998 | ||||||||
Dividends reinvested | 16,833,020 | 13,014,149 | ||||||||
Cost of shares redeemed | (749,148,702 | ) | (652,320,543 | ) | ||||||
Change in net assets resulting from capital transactions | 163,254,945 | 47,788,604 | ||||||||
Net increase (decrease) in net assets | 163,253,642 | 47,786,756 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 405,864,049 | 358,077,293 | ||||||||
End of period | $ | 569,117,691 | $ | 405,864,049 | ||||||
Undistributed (distributions in excess of) net investment income | $ | - | $ | (1 | ) | |||||
Share Transactions: | ||||||||||
Issued | 895,570,627 | 687,094,998 | ||||||||
Reinvested | 16,833,020 | 13,014,149 | ||||||||
Redeemed | (749,148,702 | ) | (652,320,543 | ) | ||||||
Change in shares resulting from capital transactions | 163,254,945 | 47,788,604 | ||||||||
See notes to financial statements.
12
FINANCIAL STATEMENTS
Statements of Changes in Net Assets (cont.)
Tamarack Treasury Plus Money Market Fund
For the Year Ended September 30, 2007 | For the Period September 1, 2006 through September 30, 2006 (a) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 101,488 | $ | 9,674 | ||||||
Net realized gains (losses) from investment transactions | - | - | ||||||||
Change in net assets resulting from operations | 101,488 | 9,674 | ||||||||
Distributions to Shareholders: | ||||||||||
From net investment income | (101,488 | ) | (9,674 | ) | ||||||
Change in net assets resulting from shareholder distributions | (101,488 | ) | (9,674 | ) | ||||||
Capital Transactions: | ||||||||||
Proceeds from shares issued | - | 2,000,120 | ||||||||
Dividends reinvested | 101,445 | 8,396 | ||||||||
Cost of shares redeemed | (100,100 | ) | - | |||||||
Change in net assets resulting from capital transactions | 1,345 | 2,008,516 | ||||||||
Net increase (decrease) in net assets | 1,345 | 2,008,516 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 2,008,516 | - | ||||||||
End of period | $ | 2,009,861 | $ | 2,008,516 | ||||||
Undistributed (distributions in excess of) net investment income | $ | - | $ | - | ||||||
Share Transactions: | ||||||||||
Issued | - | 2,000,120 | ||||||||
Reinvested | 101,445 | 8,396 | ||||||||
Redeemed | (100,100 | ) | - | |||||||
Change in shares resulting from capital transactions | 1,345 | 2,008,516 | ||||||||
(a) | For the period from September 1, 2006 (commencement of operations) to September 30, 2006. |
See notes to financial statements.
13
Tamarack Prime Money Market Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Total from Investment Activities | Net Investment Income | Total Distributions | Net Asset Value, End of Period | ||||||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 0.05 | 0.05 | (0.05) | (0.05) | $ | 1.00 | |||||||||||||||||||
Year Ended September 30, 2006 | 1.00 | 0.04 | 0.04 | (0.04) | (0.04) | 1.00 | |||||||||||||||||||||
Year Ended September 30, 2005 | 1.00 | 0.02 | 0.02 | (0.02) | (0.02) | 1.00 | |||||||||||||||||||||
Period Ended September 30, 2004 (d) | 1.00 | (a) | (a) | (a) | (a) | 1.00 | |||||||||||||||||||||
Year Ended July 31, 2004 | 1.00 | (a) | (a) | (a) | (a) | 1.00 | |||||||||||||||||||||
Year Ended July 31, 2003 | 1.00 | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Return | Net Assets, End of Period (millions) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets* | Ratio of Net Investment Income to Average Net Assets* | |||||||||||||||||||||
Year Ended September 30, 2007 | 4.69% | $ | 9,662 | 0.80% | 4.59% | 0.89% | 4.50% | |||||||||||||||||||
Year Ended September 30, 2006 | 3.99% | 8,685 | 0.80% | 3.93% | 0.92% | 3.82% | ||||||||||||||||||||
Year Ended September 30, 2005 | 2.00% | 7,922 | 0.76% | 1.97% | 0.92% | 1.81% | ||||||||||||||||||||
Period Ended September 30, 2004 (d) | 0.14% | (b) | 7,885 | 0.71% | (c) | 0.83% | (c) | 0.93% | (c) | 0.61% | (c) | |||||||||||||||
Year Ended July 31, 2004 | 0.42% | 7,860 | 0.71% | 0.42% | 0.90% | 0.24% | ||||||||||||||||||||
Year Ended July 31, 2003 | 0.80% | 8,111 | 0.71% | 0.80% | 0.90% | 0.61% |
* | During the period, certain fees were contractually or voluntarily reduced. If such contractual voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
(a) | Less than $0.01 or $(0.01) per share. | ||||
(b) | Not Annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from August 1, 2004 to September 30, 2004. |
See notes to financial statements.
14
FINANCIAL HIGHLIGHTS
Tamarack U.S. Government Money Market Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Total from Investment Activities | Net Investment Income | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 0.04 | 0.04 | (0.04) | (0.04) | $ | 1.00 | ||||||||||||||||||
Year Ended September 30, 2006 | 1.00 | 0.04 | 0.04 | (0.04) | (0.04) | 1.00 | ||||||||||||||||||||
Year Ended September 30, 2005 | 1.00 | 0.02 | 0.02 | (0.02) | (0.02) | 1.00 | ||||||||||||||||||||
Period Ended September 30, 2004 (e) | 1.00 | (a) | (a) | (a) | (a) | 1.00 | ||||||||||||||||||||
Year Ended July 31, 2004 | 1.00 | (a) | (a) | (a) | (a) | 1.00 | ||||||||||||||||||||
Year Ended July 31, 2003 | 1.00 | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Return | Net Assets, End of Period (millions) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets* | Investment Income to Average Net Assets* | ||||||||||||||||||||||
Year Ended September 30, 2007 | 4.56% | $ | 1,393 | 0.76% | 4.47% | (b) | (b) | ||||||||||||||||||||
Year Ended September 30, 2006 | 3.90% | 749 | 0.78% | 3.82% | (b) | (b) | |||||||||||||||||||||
Year Ended September 30, 2005 | 1.96% | 813 | 0.74% | 1.92% | 0.77% | 1.89% | |||||||||||||||||||||
Period Ended September 30, 2004 (e) | 0.14% | (c) | 947 | 0.71% | (d) | 0.81% | (d) | 0.79% | (d) | 0.73% | (d) | ||||||||||||||||
Year Ended July 31, 2004 | 0.38% | 929 | 0.71% | 0.38% | 0.73% | 0.36% | |||||||||||||||||||||
Year Ended July 31, 2003 | 0.70% | 1,060 | 0.71% | 0.70% | 0.75% | 0.66% |
* | During the period, certain fees were contractually or voluntarily reduced. If such contractual voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
(a) | Less than $0.01 or $(0.01) per share. | ||||
(b) | There were no waivers or reimbursements during the period. | ||||
(c) | Not Annualized. | ||||
(d) | Annualized. | ||||
(e) | For the period from August 1, 2004 to September 30, 2004. |
See notes to financial statements.
15
FINANCIAL HIGHLIGHTS
Tamarack Tax-Free Money Market Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Total from Investment Activities | Net Investment Income | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 0.03 | 0.03 | (0.03) | (0.03) | $ | 1.00 | ||||||||||||||||||
Year Ended September 30, 2006 | 1.00 | 0.02 | 0.02 | (0.02) | (0.02) | 1.00 | ||||||||||||||||||||
Year Ended September 30, 2005 | 1.00 | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 | ||||||||||||||||||||
Period Ended September 30, 2004 (d) | 1.00 | (a) | (a) | (a) | (a) | 1.00 | ||||||||||||||||||||
Year Ended July 31, 2004 | 1.00 | (a) | (a) | (a) | (a) | 1.00 | ||||||||||||||||||||
Year Ended July 31, 2003 | 1.00 | 0.01 | 0.01 | (0.01) | (0.01) | 1.00 |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Return | Net Assets, End of Period (millions) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets* | Ratio of Investment Income to Average Net Assets* | |||||||||||||||||||||
Year Ended September 30, 2007 | 3.00% | $ | 841 | 0.70% | 2.96% | 0.84% | 2.82% | |||||||||||||||||||
Year Ended September 30, 2006 | 2.52% | 791 | 0.70% | 2.49% | 0.85% | 2.33% | ||||||||||||||||||||
Year Ended September 30, 2005 | 1.44% | 858 | 0.66% | 1.41% | 0.83% | 1.24% | ||||||||||||||||||||
Period Ended September 30, 2004 (d) | 0.11% | (b) | 965 | 0.62% | (c) | 0.64% | (c) | 0.83% | (c) | 0.43% | (c) | |||||||||||||||
Year Ended July 31, 2004 | 0.38% | 1,003 | 0.62% | 0.38% | 0.86% | 0.14% | ||||||||||||||||||||
Year Ended July 31, 2003 | 0.60% | 946 | 0.62% | 0.62% | 0.85% | 0.39% |
* | During the period, certain fees were contractually or voluntarily reduced. If such contractual voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
(a) | Less than $0.01 or $(0.01) per share. | ||||
(b) | Not Annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from August 1, 2004 to September 30, 2004. |
See notes to financial statements.
16
FINANCIAL HIGHLIGHTS
Tamarack Institutional Prime Money Market Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Total from Investment Activities | Net Investment Income | Total Distributions | ||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 0.05 | 0.05 | (0.05) | (0.05) | ||||||||||||||||
Year Ended September 30, 2006 | 1.00 | 0.04 | 0.04 | (0.04) | (0.04) | |||||||||||||||||
Year Ended September 30, 2005 | 1.00 | 0.02 | 0.02 | (0.02) | (0.02) | |||||||||||||||||
Period Ended September 30, 2004 (d) | 1.00 | (a) | (a) | (a) | (a) | |||||||||||||||||
Year Ended July 31, 2004 | 1.00 | 0.01 | 0.01 | (0.01) | (0.01) | |||||||||||||||||
Year Ended July 31, 2003 | 1.00 | 0.01 | 0.01 | (0.01) | (0.01) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (millions) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | ||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 5.23% | $ | 1,420 | 0.27% | 5.11% | |||||||||||||||
Year Ended September 30, 2006 | 1.00 | 4.53% | 1,199 | 0.28% | 4.51% | |||||||||||||||||
Year Ended September 30, 2005 | 1.00 | 2.48% | 790 | 0.28% | 2.47% | |||||||||||||||||
Period Ended September 30, 2004 (d) | 1.00 | 0.21% | (b) | 643 | 0.29% | (c) | 1.26% | (c) | ||||||||||||||
Year Ended July 31, 2004 | 1.00 | 0.85% | 656 | 0.29% | 0.85% | |||||||||||||||||
Year Ended July 31, 2003 | 1.00 | 1.20% | 503 | 0.30% | 1.20% |
(a) | Less than $0.01 or $(0.01) per share. | ||||
(b) | Not Annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from August 1, 2004 to September 30, 2004. |
See notes to financial statements.
17
FINANCIAL HIGHLIGHTS
Tamarack Institutional Tax-Free Money Market Fund
(Selected data for a share outstanding throughout the periods indicated)
Investment Activities | Distributions | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Total from Investment Activities | Net Investment Income | Total Distributions | ||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 0.03 | 0.03 | (0.03 | ) | (0.03 | ) | ||||||||||||||
Year Ended September 30, 2006 | 1.00 | 0.03 | 0.03 | (0.03 | ) | (0.03 | ) | |||||||||||||||
Year Ended September 30, 2005 | 1.00 | 0.02 | 0.02 | (0.02 | ) | (0.02 | ) | |||||||||||||||
Period Ended September 30, 2004 (d) | 1.00 | (a | ) | (a | ) | (a | ) | (a | ) | |||||||||||||
Year Ended July 31, 2004 | 1.00 | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) | |||||||||||||||
Year Ended July 31, 2003 | 1.00 | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, End of Period | Total Return | Net Assets, End of Period (millions) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | |||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 3.43 | % | $ | 569 | 0.29 | % | 3.38 | % | |||||||||||||
Year Ended September 30, 2006 | 1.00 | 2.94 | % | 406 | 0.30 | % | 2.91 | % | |||||||||||||||
Year Ended September 30, 2005 | 1.00 | 1.78 | % | 358 | 0.28 | % | 1.79 | % | |||||||||||||||
Period Ended September 30, 2004 (d) | 1.00 | 0.16 | %(b) | 387 | 0.30 | %(c) | 0.98 | %(c) | |||||||||||||||
Year Ended July 31, 2004 | 1.00 | 0.72 | % | 355 | 0.32 | % | 0.72 | % | |||||||||||||||
Year Ended July 31, 2003 | 1.00 | 0.90 | % | 244 | 0.33 | % | 0.90 | % |
(a) | Less than $0.01 or $(0.01) per share. | ||||
(b) | Not Annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from August 1, 2004 to September 30, 2004. |
See notes to financial statements.
18
FINANCIAL HIGHLIGHTS
Tamarack Treasury Plus Money Market Fund
(Selected data for a share outstanding throughout the period indicated)
Investment Activities | Distributions | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Asset Value, Beginning of Period | Net Investment Income | Total from Investment Activities | Net Investment Income | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||
Year Ended September 30, 2007 | $ | 1.00 | 0.05 | 0.05 | (0.05) | (0.05) | $ | 1.00 | ||||||||||||||||||
Period Ended September 30, 2006 (d) | 1.00 | (a) | (a) | (a) | (a) | 1.00 |
[TABLE CONTINUES BELOW]
Ratios/Supplemental Data | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Return | Net Assets, End of Period (millions) | Ratio of Net Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets* | Ratio of Net Investment Income to Average Net Assets* | |||||||||||||||||||||
Year Ended September 30, 2007 | 5.10% | $ | 2 | 0.20% | 4.97% | 7.71% | (2.53%) | |||||||||||||||||||
Period Ended September 30, 2006 (d) | 0.50% | (b) | 2 | 0.15% | (c) | 5.88% | (c) | 11.14% | (c) | (5.10%)(c) |
* | During the period, certain fees were contractually or voluntarily reduced. If such contractual voluntary fee reductions had not occurred, the ratio would have been as indicated. | ||||
(a) | Less than $0.01 or $(0.01) per share. | ||||
(b) | Not Annualized. | ||||
(c) | Annualized. | ||||
(d) | For the period from September 1, 2006 (commencement of operations) to September 30, 2006. |
See notes to financial statements.
19
September 30, 2007
1. Organization
Tamarack Funds Trust (“Tamarack”) is registered under the Investment Company Act of 1940 (as amended) as an open-end management investment company. Tamarack was organized as a Delaware statutory trust on December 16, 2003. Predecessor funds to Tamarack were reorganized as portfolios of Tamarack effective April 16, 2004. This annual report includes the following six investment portfolios (“Funds”):
- Tamarack Prime Money Market Fund (“Prime Money Market Fund”)
- Tamarack U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)
- Tamarack Tax-Free Money Market Fund (“Tax-Free Money Market Fund”)
- Tamarack Institutional Prime Money Market Fund (“Institutional Prime Money Market Fund”)
- Tamarack Institutional Tax-Free Money Market Fund (“Institutional Tax-Free Money Market Fund”)
- Tamarack Treasury Plus Money Market Fund (“Treasury Plus Money Market Fund”)
Voyageur Asset Management Inc. (“Voyageur”) acts as the investment adviser for Tamarack. The officers of Tamarack (“Fund Management”) are also employees of Voyageur or its affiliates.
2. Significant Accounting Policies
Summarized below are the significant accounting policies of the Funds. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”). Fund management follows these policies when preparing financial statements. Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
New Accounting Standard:
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. The Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.
Security Valuation:
Securities held by the Funds are valued at amortized cost, which approximates fair market value, in order to maintain a constant net asset value of $1.00 per share. If amortized cost no longer approximates market value due to credit or other impairments
20
NOTES TO FINANCIAL STATEMENTS
of an issuer, the Fund will use pricing and valuation procedures approved by Tamarack’s Board of Trustees (the “Board”) to determine a security’s fair value.
Money market funds must invest exclusively in high quality securities. To be considered high quality, a security must be rated in one of the two highest short-term credit quality categories by a nationally recognized rating organization such as Standard & Poors Corporation or Moody’s Investors Service, Inc. The Funds do not invest in any unrated securities.
Investment Transactions and Income:
Investment transactions are accounted for on the date the security is bought or sold (“trade date”). Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are calculated based on the costs of the specific security (also known as identified cost basis). Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount using the effective yield method.
Financial Instruments:
The Funds may engage in when-issued transactions. The Funds record when-issued securities on the trade date and maintain sufficient liquidity so that cash will be available to make payment for the securities purchased. Securities purchased on a when-issued basis are valued daily beginning on trade date and begin earning interest on the settlement date. As of September 30, 2007, the Funds held no when-issued securities.
Repurchase Agreements:
The Funds may enter into repurchase agreements with primary dealers that report to the Federal Reserve Bank of New York or the 100 largest U.S. commercial banks (as measured by domestic deposits) who are deemed creditworthy under guidelines approved by the Board. These repurchase agreements are subject to the seller’s agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price generally equals the price paid by the Funds plus interest negotiated on the basis of current short-term rates.
Securities pledged as collateral for repurchase agreements are held by the Funds’ custodian bank until maturity of the repurchase agreement. The Funds have procedures to secure additional collateral, if needed, to ensure that the daily market value of the collateral remains in excess of the market value of the repurchase agreement in the event of a default.
Expense, Investment Income and Gain/Loss Allocation:
Each Fund pays the expenses that are directly related to its operations, such as custodian fees or investment advisory fees. Expenses incurred by Tamarack such as trustee or legal fees, are allocated among each of the Funds either proportionately based upon each Fund’s relative net assets or using another reasonable basis such as equally across all Funds, depending on the nature of the expense.
Distributions to Shareholders:
Each Fund pays out any income that it receives, less expenses, in the form of dividends and capital gain distributions to its shareholders. Income dividends are declared daily and paid monthly. Dividends will also be paid at any time during the month upon total
21
NOTES TO FINANCIAL STATEMENTS
redemption of shares in an account. Capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are calculated based on federal income tax regulations, which may differ from GAAP. These “book/tax” differences may be either temporary or permanent in nature. To the extent these differences are determined, as of the end of the tax year, to be permanent (e.g. net operating loss and expiring capital loss carryforward), they are reclassified within a Fund’s capital accounts based on their federal tax basis treatment. Such differences are not reflected in the calculation of the Financial Highlights.
Securities Lending:
Prior to August 2007, the Funds lent their portfolio securities to brokers, dealers and financial institutions, provided: (1) the loan was secured continuously by collateral consisting of U.S. Government securities, cash or letters of credit maintained on a daily mark-to-market basis in an amount at least equal to 100% of the current market value of the securities loaned; (2) the Funds may at any time call the loan and obtain the return of the securities loaned within five business days; (3) the Funds received any interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities loaned did not at any time exceed 331⁄3% of the total assets of a particular Fund.
The Funds earned income for lending their securities from fees paid by borrowers and from the investment of cash collateral. The Funds paid the lending agent (“Wells Fargo Bank”) a percentage of the lending income. Securities lending income is presented net of such payments to the lending agent in the financial statements. Loans of securities involve a risk that the borrower may fail to return the securities or may fail to provide additional collateral. In the event that a borrower fails to return the lent security, the lending agent will indemnify the Funds based on the difference in value between the closing market value of the security on the date it should have been returned and the value of the cash collateral. The Funds assumed all risk of loss from a decline in the value of the collateral investment and any resulting collateral deficiencies. In an effort to reduce these risks, Voyageur and Wells Fargo Bank monitored the creditworthiness of the borrowers to which the Funds lent securities.
As of September 30, 2007, the Funds had discontinued its securities lending program.
Credit Enhancement:
Certain obligations held in the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; security purchase agreements; tender option purchase agreements; and third party insurance (i.e., AMBAC, FGIC and MBIA).
22
NOTES TO FINANCIAL STATEMENTS
3. Agreements and Other Transactions with Affiliates
Tamarack has entered into investment advisory agreements with Voyageur under which Voyageur manages the Funds’ assets and furnishes related office facilities, equipment, research and personnel. The agreements require the Funds to pay Voyageur a monthly fee based upon average daily net assets. Under the terms of the advisory contract Voyageur is entitled to receive fees based on a percentage of the average daily net assets as follows:
Average Daily Net Assets of Fund | Annual Rate | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Prime Money Market Fund | Up to $700 million | 0.55 | % | |||||||
Next $500 million | 0.50 | % | ||||||||
Next $800 million | 0.45 | % | ||||||||
Over $2 billion | 0.40 | % | ||||||||
U.S. Government Money Market Fund | Up to $100 million | 0.50 | % | |||||||
Next $200 million | 0.40 | % | ||||||||
Over $300 million | 0.35 | % | ||||||||
Tax-Free Money Market Fund | All Net Assets | 0.50 | % | |||||||
Institutional Prime Money Market Fund | All Net Assets | 0.25 | % | |||||||
Institutional Tax-Free Money Market Fund | All Net Assets | 0.25 | % | |||||||
Treasury Plus Money Market Fund | All Net Assets | 0.15 | % |
Effective January 29, 2007, Voyageur contractually agreed to waive fees and/or to make payments in order to keep total operating expenses of Prime Money Market, U.S. Government Money Market, Tax-Free Money Market and Treasury Plus Money Market Funds to 0.80%, 0.78%, 0.70% and 0.20%, respectively. This expense limitation agreement is in place until January 31, 2008. Voyageur may also voluntarily waive and/or reimburse operating expenses of the Funds from time to time. Any such voluntary program may be changed or eliminated at any time without notice.
Voyageur and RBC Dain Rauscher Inc. (“RBC Dain Rauscher”), the distributor of all of the Tamarack Money Market Funds except for the Treasury Plus Money Market Fund, have entered into a written agreement under which RBC Dain Rauscher provides certain services to Voyageur and is entitled to receive as compensation from Voyageur fees based on a percentage of average daily net assets as follows:
Average Daily Net Assets | Annual Rate | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Prime Money Market Fund | All Net Assets | 0.36 | % | |||||||
U.S. Government Money Market Fund | Up to $300 million | 0.36 | % | |||||||
Over $300 million | 0.31 | % | ||||||||
Tax-Free Money Market Fund | All Net Assets | 0.36 | % | |||||||
Institutional Prime Money Market Fund | All Net Assets | 0.15 | % | |||||||
Institutional Tax-Free Money Market Fund | All Net Assets | 0.15 | % | |||||||
Treasury Plus Money Market Fund | All Net Assets | 0.02 | % |
RBC Dain Rauscher is eligible to receive from Voyageur an additional fee of up to 0.25% for the Prime Money Market Fund, U.S. Government Money Market Fund, and the Tax-Free Money Market Fund to the extent that such Fund is operating at an expense level that is below the expense limitation for such Fund as identified in the current Prospectus and Statement of Additional Information of the Trust with respect to such Fund.
23
NOTES TO FINANCIAL STATEMENTS
In addition, RBC Dain Rauscher provides services directly to the Funds as described under a Shareholder Account Services agreement. For the Fiscal Year ending September 30, 2007, RBC Dain Rauscher received fees of $18,401,390.00, $894,029.00, $552,989.00, $65,921.00, and $20,306.00 from the Prime Money Market Fund, U.S. Government Money Market Fund, Tax-Free Money Market Fund, Institutional Prime Money Market Fund, and the Institutional Tax-Free Money Market Fund, respectively. These amounts are included in the shareholder reports expense and transfer agent fees as shown on the statement of operations.
Tamarack Distributors Inc. is the distributor for the Treasury Plus Money Market Fund. In addition, as of September 30, 2007, RBC Dain Rauscher was the sole shareholder in the Treasury Plus Money Market Fund.
Voyageur serves as administrator to the Funds and Citi Fund Services Ohio, Inc. (formerly BISYS Fund Services Ohio, Inc.) (“Citi”) serves as sub-administrator. Services provided under the administrative services contract include providing day-to-day administration of matters related to the Funds, maintenance of their records and the preparation of reports. Under terms of the administrative services contract, Voyageur receives from the Prime Money Market Fund, U.S. Government Money Market Fund and Tax-Free Money Market Fund a fee, payable monthly, at the annual rate of 0.25% of the Funds’ average daily net assets. For its services as sub-administrator, Citi receives a fee payable by Voyageur out of Voyageur’s own resources.
Certain Officers and Trustees of the Funds are affiliated with the adviser or the administrator. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles.
4. Federal Income Taxes
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions applicable to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to distribute substantially all of its net investment income and net realized capital gains. Therefore, no federal tax liability is recorded in the financial statements of each Fund.
In June 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. To the extent that a tax benefit is not deemed to meet the more-likely-than-not threshold, the Funds would report an income tax expense in the Statement of Operations. Adoption of FIN 48 is required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has not completed its analysis on whether the adoption of FIN 48 will have an impact to the financial statements.
24
NOTES TO FINANCIAL STATEMENTS
The tax character of distributions during the fiscal year ended September 30, 2007 were as follows:
Distributions Paid From | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Net Long Term Capital Gains | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | |||||||||||||||||||
Prime Money Market Fund | $ | 442,136,299 | $ | - | $ | 442,136,299 | $ | - | $ | 442,136,299 | |||||||||||||
U.S. Government Money Market Fund | 39,881,464 | - | 39,881,464 | - | 39,881,464 | ||||||||||||||||||
Tax-Free Money Money Market Fund | - | - | - | 25,455,399 | 25,455,399 | ||||||||||||||||||
Institutional Prime Money Market Fund | 69,840,092 | - | 69,840,092 | - | 69,840,092 | ||||||||||||||||||
Institutional Tax-Free Money Market Fund | - | - | - | 15,295,618 | 15,295,618 | ||||||||||||||||||
Treasury Plus Money Market Fund | 95,831 | - | 95,831 | - | 95,831 |
The tax character of distributions during the fiscal year ended September 30, 2006 were as follows:
Distributions Paid From | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Net Long Term Capital Gains | Total Taxable Distributions | Tax Exempt Distributions | Total Distributions Paid* | |||||||||||||||||||
Prime Money Market Fund | $ | 343,274,563 | $ | - | $ | 343,274,563 | $ | - | $ | 343,274,563 | |||||||||||||
U.S. Government Money Market Fund | 32,770,440 | - | 32,770,440 | - | 32,770,440 | ||||||||||||||||||
Tax-Free Money Money Market Fund | 728 | - | 728 | 22,253,354 | 22,254,082 | ||||||||||||||||||
Institutional Prime Money Market Fund | 48,677,692 | - | 48,677,692 | - | 48,677,692 | ||||||||||||||||||
Institutional Tax-Free Money Market Fund | - | - | - | 13,013,897 | 13,013,897 | ||||||||||||||||||
Treasury Plus Money Market Fund | 8,396 | - | 8,396 | - | 8,396 |
*Total Distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.
25
NOTES TO FINANCIAL STATEMENTS
As of September 30, 2007 the components of accumulated earnings/(deficit) on a tax basis were as follows:
Undistributed Tax Exempt Income | Taxable Ordinary Income | Undistributed Long- Term Capital Gains | Accumulated Earnings | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Prime Money Market Fund | $ | - | $ | - | $ | - | $ | - | ||||||||||
U.S. Government Money Market Fund | - | - | - | - | ||||||||||||||
Tax-Free Money Money Market Fund | - | 5,896 | - | 5,896 | ||||||||||||||
Institutional Prime Money Market Fund | - | 5,711,325 | - | 5,711,325 | ||||||||||||||
Institutional Tax-Free Money Market Fund | 1,537,191 | - | - | 1,537,191 | ||||||||||||||
Treasury Plus Money Market Fund | - | 6,936 | - | 6,936 |
Distributions Payable | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Deficit) | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Prime Money Market Fund | $ | - | $ | (136,564 | ) | $ | - | $ | (136,564 | ) | ||||||||
U.S. Government Money Market Fund | - | (3,735 | ) | - | (3,735 | ) | ||||||||||||
Tax-Free Money Money Market Fund | - | - | - | 5,896 | ||||||||||||||
Institutional Prime Money Market Fund | (5,711,325 | ) | (133,704 | ) | - | (133,704 | ) | |||||||||||
Institutional Tax-Free Money Market Fund | (1,537,191 | ) | (3,703 | ) | - | (3,703 | ) | |||||||||||
Treasury Plus Money Market Fund | (6,936 | ) | - | - | - |
As of September 30, 2007, the following Funds had net capital loss carryforwards to offset future net capital gains or net investment income, if any:
Capital Loss Carryforward | Expires | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Prime Money Market Fund | $ | 3,069 | 2012 | |||||||
40,324 | 2014 | |||||||||
52,797 | 2015 | |||||||||
U.S. Government Money Market Fund | 97 | 2012 | ||||||||
1,086 | 2013 | |||||||||
2,129 | 2014 | |||||||||
423 | 2015 | |||||||||
Institutional Prime Money Market Fund | 21,544 | 2009 | ||||||||
279 | 2011 | |||||||||
5,669 | 2012 | |||||||||
1,579 | 2013 | |||||||||
18,923 | 2014 | |||||||||
39,175 | 2015 | |||||||||
Institutional Tax-Free Money Market Fund | 536 | 2009 | ||||||||
1,863 | 2015 |
Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds had deferred post October capital losses, which will be treated as arising on the first business day of the fiscal year ending September 30, 2008:
Deferred Post-October Losses | ||||||
---|---|---|---|---|---|---|
Prime Money Market Fund | $ | 40,374 | ||||
Institutional Prime Money Market Fund | 46,535 | |||||
Institutional Tax-Free Money Market Fund | 1,304 |
26
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Prime Money Market Fund
September 30, 2007
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Asset Backed Securities – 21.22% | ||||||
Asset Backed – 0.36% | ||||||
$35,019,092 | Harley-Davidson Motorcycle Trust, Series 2007-3, Class A1, 5.59%, 9/15/08 | $ | 35,019,092 | |||
Asset Backed Auto Receivables – 6.48% | ||||||
12,938,436 | Americredit Automobile Receivables Trust, Series 2007-BF, Class A1, 5.32%, 5/6/08(a) | 12,938,436 | ||||
23,465,505 | Americredit Automobile Receivables Trust, Series 2007-CM, Class A1, 5.32%, 8/6/08(a) | 23,465,505 | ||||
32,121,043 | Capital Auto Receivables Asset Trust, Series 2007-1, Class A1, 5.32%, 5/15/08(a)(b) | 32,121,043 | ||||
13,067,188 | Capital Auto Receivables Asset Trust, Series 2007-2, Class A1B, 5.85%, 8/15/08(a)(b) | 13,065,685 | ||||
27,000,000 | Capital One Prime Auto Receivables Trust, Series 2007-2, Class A1, 5.22%, 10/15/08 | 27,000,000 | ||||
40,272,842 | CNH Equipment Trust, Series 2007-A, Class A1, 5.26%, 4/4/08(a) | 40,272,842 | ||||
2,473,449 | CPS Auto Trust, Series 2007-A, Class A1, 5.33%, 3/15/08(a)(b) | 2,473,449 | ||||
23,660,248 | CPS Auto Trust, Series 2007-B, Class A1, 5.33%, 6/15/17(a)(b) | 23,660,248 | ||||
34,000,000 | CPS Auto Trust, Series 2007-C, Class A1, 5.57%, 9/15/08(b) | 34,000,000 | ||||
15,283,919 | CPS Auto Trust, Series 2007-TFC, Class A1, 5.36%, 5/15/08(a)(b) | 15,283,919 | ||||
$104,924,943 | Ford Credit Auto Owner Trust, Series 2007-A, Class A1, 5.35%, 7/15/08(a)(b) | $ | 104,924,943 | |||
43,206,731 | GS Auto Loan Trust, Series 2007-1, Class A1, 5.34%, 7/15/08(a) | 43,206,731 | ||||
5,863,906 | Honda Auto Receivables Owner Trust, Series 2007-1, Class A1, 5.32%, 3/18/08(a) | 5,863,906 | ||||
38,166,559 | Honda Auto Receivables Owner Trust, Series 2007-3, Class A1, 5.56%, 8/15/08(a) | 38,166,559 | ||||
27,147,927 | John Deere Owner Trust, Series 2007-A, Class A1, 5.33%, 5/15/08(a) | 27,147,927 | ||||
2,586,690 | Long Beach Auto Receivables Trust, Series 2007-A, Class A1, 5.34%, 3/15/08(a) | 2,586,690 | ||||
9,960,641 | Nissan Auto Receivables Owner Trust, Series 2007-A, Class A1, 5.32%, 3/17/08(a) | 9,960,641 | ||||
15,943,789 | Prestige Auto Receivables Trust, Series 2007-1A, Class A1, 5.36%, 8/15/08(a)(b) | 15,943,789 | ||||
18,485,006 | Santander Drive Auto Receivables Trust, Series 2007-1, Class A1, 5.32%, 4/15/08(a) | 18,485,006 | ||||
67,763,817 | Santander Drive Auto Receivables Trust, Series 2007-2, Class A1, 5.80%, 9/15/08(a) | 67,763,817 | ||||
30,542,658 | USAA Auto Owner Trust, Series 2007-1, Class A1, 5.34%, 7/11/08(a) | 30,542,658 | ||||
35,473,686 | Wachovia Auto Loan Owner Trust, Series 2007-1, Class A1, 5.34%, 6/20/08 | 35,473,686 |
27
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Prime Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$1,996,216 | World Omni Auto Receivables Trust, Series 2007-A, Class A1, 5.32%, 2/15/08(a) | $ | 1,996,216 | |||
626,343,696 | ||||||
Asset Backed Mortgages – 14.38% | ||||||
90,000,000 | Aire Valley Mortgages, Series 2007-1A, Class 1A1, 5.49%, 3/20/30(a)(b) | 90,000,000 | ||||
65,500,000 | Arkle Master Issuer PLC, Series 2006-1A, Class A1, 5.73%, 11/19/07(a)(b) | 65,500,000 | ||||
170,000,000 | Arkle Master Issuer PLC, Series 2007-1A, Class 1A, 5.73%, 5/17/08(a)(b) | 170,000,000 | ||||
177,200,000 | Brunel Residential Mortgage Securities, Series 2007-1A, Class A3, 5.79%, 1/13/39(a)(b) | 177,200,000 | ||||
775,006 | CIT Equipment Collateral, Series 2006-VT2, Class A1, 5.34%, 11/20/07(a) | 775,006 | ||||
60,000,000 | Granite Master Issuer PLC, Series 2006-3, Class A4, 5.57%, 12/20/54(a) | 60,000,000 | ||||
83,000,000 | Granite Master Issuer PLC, Series 2007-2, Class 4A1, 5.73%, 12/17/54(a) | 83,000,000 | ||||
36,100,000 | Holmes Master Issuer PLC, Series 2006-1A, Class 1A, 5.73%, 1/15/16(a)(b) | 36,100,000 | ||||
63,000,000 | Holmes Master Issuer PLC, Series 2007-1, Class 1A1, 5.73%, 3/15/08(a) | 63,000,000 | ||||
23,507,477 | Leaf II Receivables Funding LLC, Series 2007-1A, Class A1, 5.38%, 6/20/08(a)(b) | 23,507,477 | ||||
101,402,149 | Paragon Mortgages PLC, Series 12A, Class A1, 5.74%, 11/15/38(a)(b) | 101,400,080 | ||||
$53,658,797 | Paragon Mortgages PLC, Series 13A, Class A1, 5.76%, 1/15/39(a)(b) | $ | 53,658,797 | |||
76,224,018 | Paragon Mortgages PLC, Series 14A, Class A1, 5.75%, 9/15/39(a)(b) | 76,224,018 | ||||
87,000,000 | Paragon Mortgages PLC, Series 15A, Class A1, 5.75%, 12/15/39(a)(b) | 87,000,000 | ||||
110,000,000 | Pendeford Master Issuer PLC, Series 2007-1A, Class 1A, 5.80%, 2/12/08(a)(b) | 110,000,000 | ||||
24,000,000 | Permanent Master Issuer PLC, Series 2006-1, Class 1A, 5.73%, 10/15/07(a) | 24,000,000 | ||||
45,000,000 | Permanent Master Issuer PLC, Series 2007-1, Class 1A, 5.73%, 1/15/08(a) | 45,000,000 | ||||
122,583,711 | Westpac Securitization Trust, Series 2007-1G, Class A1, 5.47%, 5/21/38(a)(b) | 122,583,711 | ||||
1,388,949,089 | ||||||
Total Asset Backed Securities (Cost $2,050,311,877) | 2,050,311,877 | |||||
Commercial Paper – 9.41% | ||||||
Asset Backed – 3.94% | ||||||
24,000,000 | Amsterdam Funding Corp., 5.30%, 10/22/07(b)(c) | 23,927,200 | ||||
76,000,000 | Barton Capital LLC, 5.69%, 10/1/07(b)(c) | 76,000,000 | ||||
50,000,000 | Fairway Finance Corp., 6.34%, 11/21/07(b)(c) | 49,563,312 | ||||
80,000,000 | Fairway Finance Corp. LLC, 5.29%, 10/12/07, Fairway Finance Company LLC(a)(b) | 79,999,760 | ||||
22,900,000 | Grampian Funding LLC, 6.04%, 12/14/07(b)(c) | 22,624,628 |
28
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Prime Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$30,000,000 | Liberty Street Funding, 5.45%, 10/30/07(b)(c) | $ | 29,870,708 | |||
100,000,000 | Solitaire Funding LLC, 5.36%, 1/15/08(b)(c) | 98,468,889 | ||||
380,454,497 | ||||||
Asset Backed Extendible – 2.67% | ||||||
25,000,000 | Sandlot Funding LLC, 6.40%, 10/12/07(b)(c) | 24,952,257 | ||||
50,000,000 | Sandlot Funding LLC, 5.61%, 10/18/07(b)(c) | 49,870,847 | ||||
84,450,000 | Sandlot Funding LLC, 5.61%, 10/19/07(b)(c) | 84,202,461 | ||||
100,000,000 | Sandlot Funding LLC, 5.42%, 11/19/07(b)(c) | 99,278,611 | ||||
258,304,176 | ||||||
Banks – Domestic – 2.38% | ||||||
8,000,000 | BA Credit Card Trust Emerald Note, 5.69%, 10/3/07(b)(c) | 7,997,511 | ||||
75,000,000 | BA Credit Card Trust Emerald Note, 6.34%, 11/29/07(b)(c) | 74,243,448 | ||||
50,000,000 | BA Credit Card Trust Emerald Note, 6.45%, 12/14/07(b)(c) | 49,357,639 | ||||
50,000,000 | BA Credit Card Trust Emerald Note, 6.16%, 12/17/07(b)(c) | 49,360,175 | ||||
50,000,000 | BA Credit Card Trust Emerald Note, 6.23%, 12/20/07(c) | 49,327,778 | ||||
230,286,551 | ||||||
Machinery – Diversified – 0.42% | ||||||
40,000,000 | Falcon Asset Securities Corp., 5.38%, 10/9/07(b)(c) | 39,952,889 | ||||
Total Commercial Paper (Cost $908,998,113) | 908,998,113 | |||||
Certificates of Deposit – 15.10% | ||||||
Banks – Canada – 5.56% | ||||||
92,000,000 | Bank of Montreal Chicago, 5.66%, 10/1/07(a) | 92,000,000 | ||||
105,500,000 | Bank of Nova Scotia, 5.07%, 12/31/07(a) | 105,493,311 | ||||
85,000,000 | Bank of Nova Scotia, 5.66%, 10/4/07(a) | 84,999,823 | ||||
85,000,000 | Bank of Nova Scotia, 5.66%, 4/2/08(a) | 84,987,241 | ||||
65,000,000 | Canadian Imperial Bank, 5.35%, 11/7/07 | 65,000,321 | ||||
$35,000,000 | Canadian Imperial Bank, 5.40%, 7/18/08(a) | $ | 35,016,130 | |||
70,000,000 | Canadian Imperial Bank, 5.84%, 3/17/08(a) | 70,037,216 | ||||
537,534,042 | ||||||
Banks – Domestic – 5.20% | ||||||
85,000,000 | AmSouth Bank, NA, 5.29%, 12/27/07(a) | 85,023,392 | ||||
20,000,000 | Bank of America, 5.31%, 10/11/07 | 20,000,000 | ||||
30,000,000 | Bank of the West, 5.74%, 11/19/07, Bank Of The West(a) | 30,000,780 | ||||
91,000,000 | Comerica Bank, 5.41%, 11/26/07 | 91,016,244 | ||||
70,000,000 | Dexia Credit Local New York, 5.09%, 1/25/08(a) | 69,994,553 | ||||
76,000,000 | Fifth Third Bank, 5.66%, 2/4/08(a) | 75,992,836 | ||||
87,500,000 | Fortis Bank New York, 5.76%, 12/12/07(a) | 87,494,740 | ||||
42,500,000 | Marshall & Ilsley Bank, 5.16%, 12/17/07 | 42,501,034 | ||||
502,023,579 | ||||||
Banks – Foreign – 4.34% | ||||||
29,000,000 | Barclays Bank PLC, 5.68%, 1/3/08(a) | 28,998,871 | ||||
90,000,000 | Barclays Bank PLC, 5.74%, 12/5/07(a) | 90,000,000 | ||||
42,500,000 | BNP Paribas, 5.66%, 4/3/08(a) | 42,492,943 | ||||
50,000,000 | BNP Paribas, 5.66%, 6/16/08(a)(b) | 50,000,000 | ||||
75,000,000 | Fortis Bank New York, 5.70%, 10/15/07(a) | 74,991,000 | ||||
100,000,000 | Rabobank Nederland, 5.18%, 12/20/07(b) | 99,968,116 | ||||
32,965,000 | Svenska Handelsbanken, 5.67%, 10/4/07(a) | 32,964,932 | ||||
419,415,862 | ||||||
Total Certificates of Deposit (Cost $1,458,973,483) | 1,458,973,483 | |||||
29
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Prime Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Corporate Bonds – 53.15% | ||||||
Banks – Australia/New Zealand – 2.98% | ||||||
$25,000,000 | Australia & New Zealand Banking Group, 5.16%, 6/23/10(a)(b) | $ | 25,000,000 | |||
42,500,000 | Australia & New Zealand Banking Group, 5.64%, 12/5/11(a)(b) | 42,500,000 | ||||
100,000,000 | National Australia Bank, 5.81%, 3/7/11, National Australia Bank Ltd(a)(b) | 100,000,000 | ||||
60,000,000 | Westpac Banking Corp., 5.68%, 12/7/07(a) | 59,999,579 | ||||
60,000,000 | Westpac Banking Corp., 5.74%, 2/16/11(a)(b) | 60,000,000 | ||||
287,499,579 | ||||||
Banks – Domestic – 8.09% | ||||||
50,000,000 | Bank of New York Co., Inc., 5.82%, 3/10/15(a)(b) | 50,000,000 | ||||
125,000,000 | Fortis Bank New York, 5.34%, 7/19/12(a)(b) | 125,000,000 | ||||
70,000,000 | National City Bank, 5.49%, 2/13/08(a) | 70,005,781 | ||||
75,000,000 | National City Bank, 5.78%, 3/13/08(a) | 75,006,620 | ||||
60,000,000 | PNC Bank NA, 5.67%, 1/2/08(a) | 59,995,439 | ||||
74,500,000 | US Bank NA, 5.68%, 3/31/08(a) | 74,496,100 | ||||
82,500,000 | US Bank NA, 5.74%, 12/5/07(a) | 82,501,242 | ||||
49,900,000 | Wells Fargo & Co., 4.13%, 3/10/08 | 49,642,995 | ||||
50,000,000 | Wells Fargo & Co., 5.83%, 7/15/09(a)(b) | 50,000,000 | ||||
20,015,000 | Wells Fargo & Co., 5.87%, 3/10/08(a) | 20,023,256 | ||||
26,775,000 | World Savings Bank, 4.13%, 3/10/08 | 26,637,135 | ||||
98,000,000 | Wachovia Bank And Trust, 5.50%, 10/19/07(a) | 98,001,850 | ||||
781,310,418 | ||||||
Banks – Foreign – 18.12% | ||||||
$67,810,000 | Alliance & Leicester PLC, 5.83%, 12/8/10(a)(b) | $ | 67,810,083 | |||
87,500,000 | Bancaja US Debt SAU, 5.39%, 7/23/12(a)(b) | 87,500,000 | ||||
127,500,000 | Banco Espanol De Credito, 5.35%, 4/18/12(a)(b) | 127,500,000 | ||||
122,500,000 | Bank of Ireland, 5.35%, 8/14/12(a) | 122,500,000 | ||||
35,000,000 | Bank of Ireland, 5.49%, 7/19/11(a)(b) | 35,000,000 | ||||
87,500,000 | Caja Ahorros Barcelona, 5.36%, 7/23/12(a)(b) | 87,500,000 | ||||
175,000,000 | Credit Agricole (London), 5.18%, 3/22/12(a)(b) | 175,000,000 | ||||
42,500,000 | HBOS Treasury Services PLC, 5.79%, 12/7/11(a)(b) | 42,500,000 | ||||
262,000,000 | Kommunal Kredit International Bank Lt., 5.39%, 7/13/12(a)(b) | 262,000,000 | ||||
170,000,000 | Lloyds TSB Group PLC, 5.79%, 6/5/12(a)(b) | 170,000,000 | ||||
100,000,000 | Royal Bank of Scotland PLC, 5.16%, 4/21/10(a)(b) | 100,000,000 | ||||
125,000,000 | Royal Bank of Scotland PLC, 5.24%, 12/21/07(a)(b) | 124,984,930 | ||||
85,000,000 | Royal Bank of Scotland PLC, 5.37%, 4/11/08(a)(b) | 85,017,615 | ||||
75,000,000 | Santander Totta Ireland PLC, 5.82%, 3/7/12(a)(b) | 75,000,000 | ||||
93,500,000 | Svenska Handelsbanken, 5.12%, 11/21/11(a)(b) | 93,500,000 | ||||
95,000,000 | Svenska Handelsbanken, 5.77%, 4/12/12(a)(b) | 95,000,000 | ||||
1,750,812,628 | ||||||
Chemicals – 1.29% | ||||||
125,000,000 | BASF Finance Europe NV, 5.35%, 7/20/10(a)(b) | 125,000,000 | ||||
Finance – Automotive – 2.63% | ||||||
$61,000,000 | American Honda Finance Corp., 4.25%, 3/11/08(b) | $ | 60,743,459 | |||
50,000,000 | American Honda Finance Corp., 5.32%, 1/28/08(a)(b) | 50,000,000 | ||||
50,000,000 | American Honda Finance Corp., 5.33%, 5/9/08(a)(b) | 50,000,000 |
30
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Prime Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
43,500,000 | American Honda Finance Corp., 5.36%, 8/6/08(a) | 43,500,000 | ||||
50,000,000 | American Honda Finance Corp., 5.38%, 1/23/08(a)(b) | 50,007,610 | ||||
254,251,069 | ||||||
Finance – Diversified Domestic – 5.36% | ||||||
74,000,000 | American Express, 5.80%, 6/13/08(a) | 74,012,532 | ||||
38,272,000 | American General Finance, 5.48%, 1/18/08(a) | 38,289,299 | ||||
31,710,000 | Bear Stearns Co., Inc., 5.51%, 4/29/08(a) | 31,741,545 | ||||
24,394,000 | FIA Credit Services NA, 5.38%, 1/15/08 | 24,365,269 | ||||
25,000,000 | JP Morgan Chase & Co., 5.71%, 6/2/11, JP Morgan Chase Bank(a) | 25,000,000 | ||||
39,400,000 | Merrill Lynch & Co., 5.34%, 8/22/08(a) | 39,400,000 | ||||
50,000,000 | Merrill Lynch & Co., 5.75%, 11/17/08(a) | 50,000,000 | ||||
85,000,000 | Morgan Stanley, 5.49%, 1/18/08(a) | 85,038,412 | ||||
50,000,000 | Unilever Capital Corp., 5.80%, 6/11/12(a)(b) | 50,000,000 | ||||
100,000,000 | Variable Funding Capital, 5.10%, 2/25/08, Morgan Stanley(a)(b) | 100,000,000 | ||||
517,847,057 | ||||||
Finance – Diversified Foreign – 1.81% | ||||||
175,000,000 | UBS AG Stamford CT, 5.72%, 9/16/08(a) | 175,000,000 | ||||
Forest & Paper Products – 0.65% | ||||||
63,000,000 | Kimberly-Clark Corp., 5.26%, 12/19/07(b) | 63,000,000 | ||||
Information Technology – 0.83% | ||||||
$80,000,000 | IBM Corp., 5.83%, 12/8/10(a)(b) | $ | 80,000,000 | |||
Insurance – 10.51% | ||||||
175,000,000 | AIG Matched Funding Corp., 5.79%, 2/6/08(a)(b) | 174,981,739 | ||||
43,500,000 | Allstate Life Global Funding Trust, 5.36%, 8/1/08(a) | 43,500,000 | ||||
42,500,000 | Allstate Life Global Funding Trust, 5.69%, 4/3/12(a) | 42,500,000 | ||||
50,000,000 | Allstate Life Global Funding Trust, 5.72%, 5/4/11, Allstate Corp.(a) | 50,000,000 | ||||
77,000,000 | Allstate Life Global Funding Trust, 5.79%, 1/11/12(a) | 77,000,000 | ||||
85,000,000 | ING Verzekeringen, NV, 5.69%, 1/4/12(a)(b) | 85,000,000 | ||||
24,450,000 | MetLife Global Funding, 2.60%, 6/19/08(b) | 23,951,336 | ||||
125,000,000 | Metropolitan Life Global Funding I, 5.13%, 2/21/17(a)(b) | 125,000,000 | ||||
60,780,000 | Monument Global Funding 2007-F, 5.57%, 3/20/08(a)(b) | 60,780,000 | ||||
42,500,000 | Monumental Global Funding II, 5.57%, 12/20/07(a)(b) | 42,500,000 | ||||
80,000,000 | Nationwide Life Global Funding, 5.12%, 12/27/11(a)(b) | 80,000,000 | ||||
170,000,000 | Nationwide Life Global Funding, 5.80%, 7/11/12(a)(b) | 170,000,000 | ||||
40,000,000 | Pricoa Global Funding I, 5.44%, 1/25/08(a)(b) | 40,014,442 | ||||
1,015,227,517 | ||||||
Manufacturing – 0.88% | ||||||
85,000,000 | 3M Co., 5.66%, 12/12/10(b) | 85,085,797 | ||||
Total Corporate Bonds (Cost $5,135,034,065) | 5,135,034,065 | |||||
Shares or Principal Amount | Value | |||||
Taxable Municipal Bonds – 0.88% | ||||||
Florida – 0.88% | ||||||
$85,000,000 | Florida Hurricane Catastrophe, 5.96%, 11/14/08(a) | $ | 85,000,000 | |||
Total Taxable Municipal Bonds (Cost $85,000,000) | 85,000,000 | |||||
Investment Companies – 0.03% | ||||||
3,127,987 | Wells Fargo Prime Investment Money Market Fund | 3,127,987 | ||||
31
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Prime Money Market Fund (cont.)
Shares or Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Total Investment Companies (Cost $3,127,987) | 3,127,987 | |||||
Total Investments (Cost $9,641,445,525) (d) – 99.79% | 9,641,445,525 | |||||
Other assets in excess of liabilities – 0.21% | 20,630,259 | |||||
NET ASSETS – 100.0% | $ | 9,662,075,784 | ||||
(a) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on September 30, 2007. The maturity date represents the actual maturity date. Securities’ effective maturity resets on a weekly or monthly basis.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Security has been deemed to be liquid based on procedures approved by the Board of Trustees.
(c) Rate represents the effective yield at purchase.
(d) Tax cost of securities is equal to book cost of securities.
Abbreviations used are defined below:
LLC – Limited Liability Co.
PLC – Public Liability Co.
See notes to financial statements.
32
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack U.S. Government Money Market Fund
September 30, 2007
Shares or Principal Amount | Value | |||||
---|---|---|---|---|---|---|
U.S. Government Agency Obligations – 30.17% | ||||||
Federal Farm Credit Bank – 3.23% | ||||||
$45,000,000 | 5.18%, 2/8/08 (a) | $ | 44,997,968 | |||
Federal Home Loan Bank – 11.91% | ||||||
25,000,000 | Series 555, 4.13%, 10/26/07 | 24,980,923 | ||||
7,450,000 | 4.58%, 11/2/07(b) | 7,416,492 | ||||
7,440,000 | 4.59%, 11/7/07(b) | 7,401,308 | ||||
8,673,000 | 4.53%, 1/16/08(b) | 8,550,812 | ||||
120,000,000 | 4.54%, 2/20/08(b) | 117,775,333 | ||||
166,124,868 | ||||||
Federal Home Loan Mortgage Corporation – 8.92% | ||||||
4,500,000 | 4.58%, 11/5/07(b) | 4,477,862 | ||||
50,000,000 | 4.58%, 12/7/07(b) | 49,537,886 | ||||
71,035,000 | 4.59%, 12/28/07(b) | 70,211,073 | ||||
124,226,821 | ||||||
Federal National Mortgage Association – 6.11% | ||||||
26,200,000 | 4.59%, 11/7/07(b) | 26,063,745 | ||||
60,000,000 | 4.54%, 1/30/08(b) | 59,003,767 | ||||
85,067,512 | ||||||
Total U.S. Government Agency Obligations (Cost $420,417,169) | 420,417,169 | |||||
Repurchase Agreements – 69.62% | ||||||
290,000,000 | Banc of America Repo dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $290,123,250 (fully collateralized by Federal National Mortgage Association with maturity date of 4/1/35 at rate of 5.00%) | 290,000,000 | ||||
340,000,000 | Barclays Repo dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $340,144,500 (fully collateralized by Federal National Mortgage Association and Freddie Mac with maturity dates ranging from 3/1/34 to 7/1/37 at rates from 5.00% to 6.00%) | 340,000,000 | ||||
$340,000,000 | Deutsche Repo dated 9/28/07; due 10/1/07 at 5.10% with maturity value of $340,144,500 (fully collateralized by Federal National Mortgage Association with maturity dates ranging from 4/1/20 to 9/1/37 at rates from 5.00% to 7.00%) | $ | 340,000,000 | |||
Total Repurchase Agreements (Cost $970,000,000) | 970,000,000 | |||||
Investment Companies – 0.21% | ||||||
2,895,780 | Wells Fargo Government Institutional Money Market Fund | 2,895,780 | ||||
Total Investment Companies (Cost $2,895,780) | 2,895,780 | |||||
Total Investments (Cost $1,393,312,949) (c) – 100.0% | 1,393,312,949 | |||||
Other assets in excess of liabilities – 0.0% | 40,255 | |||||
NET ASSETS – 100.0% | $ | 1,393,353,204 | ||||
(a) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on September 30, 2007. The maturity date represents the actual maturity date. Securities’ effective maturity resets on a weekly or monthly basis.
(b) Rate represents the effective yield at purchase.
(c) Tax cost of securities is equal to book cost of securities.
See notes to financial statements.
33
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund
September 30, 2007
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Municipal Bonds – 99.17% | ||||||
Alabama – 5.03% | ||||||
$27,000,000 | Birmingham Medical Clinic Board Revenue, 3.87%, 12/1/26, (LOC Suntrust Bank)(a) | $ | 27,000,000 | |||
2,490,000 | Jefferson County Alabama Limited Obligation School Warrant Revenue, 3.92%, 7/1/12, (FSA Insured)(a) | 2,490,000 | ||||
100,000 | Mobile Industrial Development Board Dock & Wharf Revenue, 3.87%, 6/1/32, (LOC Wachovia Bank)(a) | 100,000 | ||||
12,735,000 | Talladega County Special Obligation, 3.88%, 2/1/31, (LOC Regions Bank)(a) | 12,735,000 | ||||
42,325,000 | ||||||
Arizona – 2.88% | ||||||
2,855,000 | Maricopa County IDA MFHR (Grand Victoria Housing LLC), 3.88%, 4/15/30, (FNMA Insured)(a) | 2,855,000 | ||||
8,260,000 | Phoenix Civic Improvement Corportation Excise Tax Revenue, 3.92%, 7/1/13, (FGIC Insured)(a) | 8,260,000 | ||||
3,000,000 | Phoenix IDA, 3.80%, 10/1/29, (FHLMC Insured)(a) | 3,000,000 | ||||
5,000,000 | Phoenix IDA Revenue (Valley of the Sun YMCA), 4.05%, 1/1/31, (LOC Wells Fargo Bank)(a) | 5,000,000 | ||||
3,750,000 | Pima County IDA Industrial Revenue (Tucson Electric Power Co.), 3.87%, 12/1/22, (LOC Wells Fargo Bank N.A.)(a) | 3,750,000 | ||||
1,325,000 | Tucson IDA Multifamily Revenue (Tucson Properties LP), 3.88%, 7/15/31, (FNMA Insured)(a) | 1,325,000 | ||||
24,190,000 | ||||||
California – 1.72% | ||||||
$5,000,000 | Anaheim City School District, GO, 3.89%, 8/1/31, (MBIA Insured)(a) | $ | 5,000,000 | |||
4,265,000 | Deutsche Bank Spears/Lifers Trust, GO, 3.95%, 8/1/28, (FGIC Insured)(a) | 4,265,000 | ||||
650,000 | Hesperia Public Financing Authority Lease Revenue, 3.90%, 6/1/22, (LOC Bank of America)(a) | 650,000 | ||||
2,090,000 | Huntington Beach Union High School District, GO, 3.89%, 8/1/34, (FGIC Insured)(a) | 2,090,000 | ||||
2,500,000 | San Diego County Water Authority, Certificate of Participation, 3.89%, 5/1/32, (MBIA Insured), Callable 5/1/12 @ 101(a) | 2,500,368 | ||||
14,505,368 | ||||||
Colorado – 3.22% | ||||||
4,500,000 | Colorado Educational & Cultural Facilities Authority Revenue, 4.06%, 5/1/37, (LOC JP Morgan Chase Bank)(a) | 4,500,000 | ||||
2,280,000 | Colorado Educational & Cultural Facilities Authority Revenue (Council for Jewish Elderly Chicago, IL), 4.04%, 2/1/25, (LOC Bank of America N.A.)(a) | 2,280,000 | ||||
1,400,000 | Colorado Educational & Cultural Facilities Authority Revenue (Jewish Federation of Metropolitan Chicago, IL), 4.04%, 9/1/37, (LOC Bank of America N.A.)(a) | 1,400,000 | ||||
1,400,000 | Colorado Educational & Cultural Facilities Authority Revenue (Madlyn & Leonard Abramson Center for Jewish Life), 4.04%, 12/1/34, (LOC National Bank of Detroit)(a) | 1,400,000 |
34
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$1,045,000 | Colorado Educational & Cultural Facilities Authority Revenue (The Montefiore Home), 4.04%, 2/1/30, (LOC National City Bank)(a) | $ | 1,045,000 | |||
5,000,000 | Commerce City Northern Infrastructure General Improvement, 3.89%, 12/1/28, (LOC U.S. Bank)(a) | 5,000,000 | ||||
580,000 | E-470 Public Highway Authority Revenue, 3.92%, 3/1/36, (MBIA Insured)(a) | 580,000 | ||||
2,310,000 | NBC Metropolitan District, 3.89%, 12/1/30, (LOC U.S. Bank)(a) | 2,310,000 | ||||
7,350,000 | Southglenn Metropolitan District Special Revenue, 3.89%, 12/1/30, (LOC BNP Paribas)(a) | 7,350,000 | ||||
1,250,000 | State Health Facilities Authority Revenue (Arapahoe House Project), 3.91%, 4/1/24, (LOC Wells Fargo Bank)(a) | 1,250,000 | ||||
27,115,000 | ||||||
Delaware – 1.70% | ||||||
3,045,000 | Delaware State Economic Development Authority Revenue (Goodwill Industries of Delaware & Delaware County, Inc.), 3.88%, 9/1/36, (LOC PNC Bank N.A.)(a) | 3,045,000 | ||||
11,220,000 | Puttable Floating Option Tax Exempt Receipts, 4.01%, 12/1/30, Merrill Lynch(a)(b) | 11,220,000 | ||||
14,265,000 | ||||||
District of Columbia – 0.57% | ||||||
$4,800,000 | District of Columbia Revenue, 3.90%, 10/1/37, (LOC PNC Bank N.A.)(a) | $ | 4,800,000 | |||
Florida – 11.77% | ||||||
$4,990,000 | Broward County Florida School Board, Certificate of Participation, 4.15%, 7/1/32, (FGIC Insured), Callable 7/1/17 @ 100(a) | $ | 4,990,000 | |||
5,600,000 | Collier County Health Facilities Authority (The Moorings, Inc.), 3.88%, 12/1/24, (LOC Wachovia Bank)(a) | 5,600,000 | ||||
1,335,000 | Deutsche Bank Spears/Lifers Trust, 3.95%, 7/1/27, (MBIA Insured)(a) | 1,335,000 | ||||
3,870,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts Revenue, 3.97%, 7/1/13, (FGIC Insured)(a) | 3,870,000 | ||||
4,275,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts Revenue, 3.97%, 7/1/20, (AMBAC Insured)(a)(b) | 4,275,000 | ||||
11,485,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts Revenue, 3.97%, 7/1/22, (MBIA Insured)(a)(b) | 11,485,000 | ||||
3,425,000 | Eustis Florida Multi-Purpose Revenue, 3.87%, 12/1/27, (LOC Suntrust Bank)(a) | 3,425,000 | ||||
2,930,000 | Florida Housing Finance Corporation Multifamily Revenue (Beville-Oxford LP), 3.86%, 7/1/31(a) | 2,930,000 | ||||
2,920,000 | FSU Financial Assistance, Inc., Educational & Athletic Facilities Improvement Revenue, 3.91%, 10/1/31, (AMBAC Insured), Callable 10/1/12 @ 100(a) | 2,920,000 | ||||
4,200,000 | Higher Educational Facilities Financial Authority Revenue, 3.87%, 12/1/35, (LOC Suntrust Bank)(a) | 4,200,000 |
35
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$4,000,000 | Key West Utility Board Electric Revenue, 3.99%, 10/1/22, (MBIA Insured)(a) | $ | 4,000,000 | |||
3,020,000 | Lake County School Board, Certificate of Participation, 3.99%, 6/1/30, (AMBAC Insured), Callable 6/1/15 @ 100(a) | 3,020,000 | ||||
6,090,000 | Miami Dade County Public Facilities Revenue, 3.99%, 6/1/17, (MBIA Insured)(a) | 6,090,000 | ||||
3,185,000 | Miami-Dade County Educational Facilities Authority Revenue (Florida International University Foundation), 3.87%, 5/1/22, (LOC Suntrust Bank)(a) | 3,185,000 | ||||
5,000,000 | Miami-Dade County IDA Revenue, 3.86%, 6/1/31, (LOC Regions Bank)(a) | 5,000,000 | ||||
1,190,000 | Miami-Dade County School Board, Certificate of Participation, 4.15%, 8/1/21, (FGIC Insured), Callable 8/1/13 @ 100(a) | 1,190,000 | ||||
3,200,000 | Miami-Dade County Water & Sewer Revenue, 3.92%, 10/1/15, (XLCA Insured)(a) | 3,200,000 | ||||
7,235,000 | Orange County Housing Finance Authority Multifamily Revenue, 3.85%, 6/1/25, (FNMA Insured)(a) | 7,235,000 | ||||
5,165,000 | Orange County Housing Finance Authority Multifamily Revenue, 3.88%, 8/15/31, (FNMA Insured)(a) | 5,165,000 | ||||
1,520,000 | Pinellas County Health Facility Authority Revenue (The Hospice of Florida Suncoast, Inc,), 3.87%, 12/1/24, (LOC Wachovia Bank N.A.)(a) | 1,520,000 | ||||
$11,245,000 | Sarasota County Continuing Care Retirement Community Revenue (Glenridge Palmer Project), 4.05%, 6/1/36, (LOC Bank of Scotland)(a) | $ | 11,245,000 | |||
1,490,000 | State Department General Services Division Facilities Management Revenue, 3.92%, 9/1/20, (AMBAC Insured)(a) | 1,490,584 | ||||
1,625,000 | Volusia County School Board, 4.15%, 8/1/32, (FSA Insured), Callable 8/1/17 @ 100(a) | 1,625,000 | ||||
98,995,584 | ||||||
Georgia – 5.88% | ||||||
6,300,000 | Atlanta Airport Passenger Facility Charge Revenue, 3.91%, 1/1/34, (FSA Insured), Callable 1/1/15 @ 100(a) | 6,300,000 | ||||
5,800,000 | Clayton County MFHR (BS Partners), 3.85%, 9/1/26, (FNMA Insured)(a) | 5,800,000 | ||||
2,000,000 | Downtown Savannah Authority Revenue, 3.88%, 10/1/07, (LOC Wachovia Bank)(a) | 2,000,000 | ||||
2,570,000 | Fulton County Development Authority Educational Facilities Revenue (Catholic Education of North Georgia, Inc.), 3.86%, 4/1/24, (LOC Wachovia Bank N.A.)(a) | 2,570,000 | ||||
6,365,000 | Fulton County Development Authority Revenue, 3.92%, 6/1/15, (XLCA Insured)(a) | 6,365,000 | ||||
2,195,000 | Fulton County Development Authority Revenue (Galloway Schools, Inc.), 3.87%, 7/1/22, (LOC Suntrust Bank)(a) | 2,195,000 | ||||
3,800,000 | Fulton County Development Authority Revenue (The Lovett School), 3.87%, 4/1/17, (LOC Suntrust Bank)(a) | 3,800,000 |
36
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$4,100,000 | Gwinnett County Development Authority, Certificate of Participation, 3.92%, 1/1/21, (MBIA Insured), Callable 1/1/14 @ 100(a) | $ | 4,100,000 | |||
8,925,000 | Marietta MFHR, 3.87%, 7/1/24, (FNMA Insured)(a) | 8,925,000 | ||||
3,100,000 | Thomasville Hospital Authority Revenue (John D Archbold Memorial Hospital), 3.87%, 11/1/23, (LOC Suntrust Bank)(a) | 3,100,000 | ||||
4,300,000 | Ware County Hospital Authority Revenue, 3.87%, 11/1/20, (LOC Suntrust Bank)(a) | 4,300,000 | ||||
49,455,000 | ||||||
Illinois – 8.31% | ||||||
1,455,000 | De Witt Ford Etc. Counties Community College District No 540, 3.92%, 6/1/15, (FSA Insured)(a) | 1,455,000 | ||||
4,100,000 | Educational Facilities Authority Revenues, 3.88%, 12/1/25, (LOC JP Morgan Chase Bank)(a) | 4,100,000 | ||||
4,735,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts, 3.97%, 3/1/22, (MBIA Insured)(a)(b) | 4,735,000 | ||||
9,075,000 | Finance Authority Revenue, 3.88%, 8/15/34, (LOC Lasalle Bank)(a) | 9,075,000 | ||||
8,000,000 | Finance Authority Revenue, 3.88%, 5/15/38, (LOC Lasalle Bank)(a) | 8,000,000 | ||||
4,300,000 | Finance Authority Revenue, 3.90%, 4/1/42, (LOC National City Bank)(a) | 4,300,000 | ||||
1,700,000 | Galesburg Revenue (Knox College), 3.88%, 3/1/31, (LOC LaSalle Bank)(a) | 1,700,000 | ||||
$6,900,000 | Health Facilities Authority Revenue (Metropolitan Medical Center), Series C, 3.91%, 1/1/16, (LOC JP Morgan Chase Bank)(a) | $ | 6,900,000 | |||
4,995,000 | Illinois Municipal Electric Agency Power Supply Revenue, 3.92%, 2/1/15, (FGIC Insured)(a) | 4,995,000 | ||||
4,370,000 | Illinois State, GO, 3.92%, 6/1/21, (MBIA Insured), Callable 6/1/10 @ 100(a) | 4,370,000 | ||||
7,625,000 | Kane County Community Unit School District No 304 Geneva, 3.92%, 7/1/21, (FSA Insured)(a) | 7,625,000 | ||||
3,200,000 | Kane McHenry Cook & De Kalb Counties Unit School District No 300, 3.92%, 1/1/21, (AMBAC Insured)(a) | 3,200,000 | ||||
7,180,000 | Lisle Multifamily Revenue, 3.88%, 9/15/26, (LOC Lasalle Bank)(a) | 7,180,000 | ||||
2,230,000 | Will County Community Unit School District No 365 Valley View, 3.93%, 11/1/25, (MBIA Insured)(a) | 2,230,000 | ||||
69,865,000 | ||||||
Indiana – 6.65% | ||||||
7,550,000 | Decatur Township Marion County Multi-School Building Corporation, 3.99%, 7/15/24, (FSA Insured)(a) | 7,550,000 | ||||
10,255,000 | Eclipse Funding Trust (Solar Eclipse-Middlebury), 3.91%, 1/15/30, (FSA Insured)(a) | 10,255,000 | ||||
4,845,000 | Evansville-Vanderburgh Independent School Building Corporation, 3.99%, 1/10/22, (FSA Insured)(a) | 4,845,000 | ||||
4,300,000 | Puttable Floating Option Tax Exempt Receipts, 3.99%, 12/1/23, (FGIC Insured)(a)(b) | 4,300,000 |
37
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$1,870,000 | South Harrison 2000 School Building Corp. Revenue, 3.92%, 1/15/15, (FSA Insured)(a) | $ | 1,870,000 | |||
250,000 | State Health Facilities Finance Authority Revenue (Deaconess Hospital), 3.88%, 1/1/22, (LOC Fifth Third Bank)(a) | 250,000 | ||||
2,835,000 | State Health Facilities Finance Authority Revenue, Series D, 5.00%, 11/1/26, Pre-refunded/escrowed To Maturity(a) | 2,838,391 | ||||
14,795,000 | State Hospital Equipment Financing Authority Revenue, 3.88%, 12/1/15, (MBIA Insured)(a) | 14,795,000 | ||||
5,885,000 | Vincennes University Revenue, 3.88%, 10/1/22, (LOC JP Morgan Chase Bank Indiana)(a) | 5,885,000 | ||||
3,370,000 | Vincennes University Revenue, 3.88%, 10/1/24, (LOC JP Morgan Chase Bank)(a) | 3,370,000 | ||||
55,958,391 | ||||||
Iowa – 3.58% | ||||||
4,880,000 | Finance Authority Hospital Facilities Revenue, 3.88%, 7/1/20, (AMBAC Insured)(a) | 4,880,000 | ||||
5,470,000 | Iowa State Vision Special Fund State Treasurer’s Office, GO, 3.92%, 2/15/20, (FGIC Insured)(a) | 5,470,000 | ||||
2,185,000 | State Finance Authority Revenue (YMCA & Rehabilitation Center), 3.92%, 4/1/25, (LOC Bank of America)(a) | 2,185,000 | ||||
7,580,000 | State Higher Education Authority Revenue (Palmer Chiropractic), 3.88%, 4/1/27, (LOC LaSalle Bank)(a) | 7,580,000 | ||||
$10,000,000 | State School Cash Anticipation Program, Series B, 4.25%, 1/25/08, (FSA Insured) | $ | 10,020,555 | |||
30,135,555 | ||||||
Kansas – 0.40% | ||||||
3,340,000 | University of Kansas Hospital Authority Health Facilities Revenue (KU Health Systems), 4.05%, 9/1/34, (LOC Harris Trust)(a) | 3,340,000 | ||||
Kentucky – 0.12% | ||||||
1,000,000 | Shelby County Lease Revenue, 4.04%, 9/1/34, (LOC U.S. Bank N.A.)(a) | 1,000,000 | ||||
Louisiana – 1.17% | ||||||
5,700,000 | Louisiana Public Facilities Authority Revenue, 3.86%, 4/1/36, (LOC FHLMC)(a) | 5,700,000 | ||||
4,160,000 | Shreveport Home Mortgage Authority Multifamily Housing Revenue, 3.89%, 2/15/23, (LOC FNMA)(a) | 4,160,000 | ||||
9,860,000 | ||||||
Maryland – 0.67% | ||||||
1,605,000 | Maryland State Economic Development Corporation Revenue (Associated Catholic Charities, Inc.), 3.86%, 10/1/29, (LOC PNC Bank N.A.)(a) | 1,605,000 | ||||
4,000,000 | Maryland State Health & Higher Educational Facilities Authority Revenue (Bishop McNamara High School, Inc.), 3.87%, 7/1/32, (LOC PNC Bank N.A.)(a) | 4,000,000 | ||||
5,605,000 | ||||||
Massachusetts – 1.31% | ||||||
4,000,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts, 3.95%, 8/1/46, (FSA Insured)(a) | 4,000,000 |
38
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$7,000,000 | Massachusetts State, 3.91%, 8/1/37, (FSA, AMBAC Insured), Callable 8/1/17 @ 100(a) | $ | 7,000,000 | |||
11,000,000 | ||||||
Michigan – 2.07% | ||||||
2,055,000 | Detroit Sewer Disposal Revenue, 3.92%, 7/1/25, (FSA Insured)(a) | 2,055,000 | ||||
4,900,000 | Macomb County Hospital Finance Authority Hospital Revenue (Mount Clemens General Hospital, Inc.), 4.06%, 10/1/20, (LOC Comerica Bank)(a) | 4,900,000 | ||||
1,305,000 | Michigan State Strategic Fund Limited Obligation Revenue (Detroit Symphony Orchestra, Inc.), 4.04%, 6/1/31, (LOC Lasalle Bank)(a) | 1,305,000 | ||||
4,640,000 | Reset Optional Certificates Trust II-R, 3.92%, 11/1/31, (MBIA Insured)(a) | 4,640,000 | ||||
4,500,000 | West Shore Medical Center Health Facilities Revenue, 3.87%, 4/1/22, (LOC National City Bank)(a) | 4,500,000 | ||||
17,400,000 | ||||||
Minnesota – 3.30% | ||||||
7,240,000 | Inver Grove Heights Senior Housing Revenue, 3.88%, 5/15/35, (FNMA Insured)(a) | 7,240,000 | ||||
9,010,000 | Minneapolis Housing Development Revenue (Orchestra Hall Associates), 3.86%, 12/1/14, (FHLMC Insured)(a) | 9,010,000 | ||||
850,000 | Minneapolis Revenue (Catholic Charities Projects), 3.88%, 11/1/16, (LOC Wells Fargo Bank)(a) | 850,000 | ||||
8,340,000 | Oak Park Heights MFHR (Boutwells Landing), 3.88%, 11/1/35, (FHLMC Insured)(a) | 8,340,000 | ||||
$2,340,000 | St. Paul Housing & Redevelopment Authority Revenue (Science Museum Project), 3.90%, 5/1/27, (LOC U.S. Bank)(a) | $ | 2,340,000 | |||
27,780,000 | ||||||
Mississippi – 3.93% | ||||||
6,500,000 | Mississippi Business Finance Commission Gulf Opportunity Zone (SG Resources Mississippi LLC), 3.87%, 5/1/32, (LOC Suntrust Bank)(a) | 6,500,000 | ||||
6,935,000 | Puttable Floating Option Tax Exempt Receipts, 3.99%, 10/1/25, (FSA Insured)(a)(b) | 6,935,000 | ||||
14,555,000 | State Development Bank Special Obligation (Desoto County), 3.87%, 11/1/22, (AMBAC Insured)(a) | 14,555,000 | ||||
5,050,000 | University of Mississippi Educational Building Corporation Revenue, 3.88%, 10/1/20, (MBIA Insured)(a) | 5,050,000 | ||||
33,040,000 | ||||||
Missouri – 3.01% | ||||||
5,400,000 | Independence IDA MFHR (Mansions Project), 3.86%, 8/1/35, (FHLMC Insured)(a) | 5,400,000 | ||||
8,925,000 | Missouri State Health & Educational Facilities Authority Revenue, 3.92%, 5/15/17, (FSA Insured)(a) | 8,925,000 | ||||
3,995,000 | Puttable Floating Option Tax Exempt Receipts, 3.99%, 4/1/27, (XLCA Insured)(a)(b) | 3,995,000 | ||||
2,000,000 | St. Charles County IDA, 3.86%, 2/1/29, (FNMA Insured)(a)(b) | 2,000,000 | ||||
2,900,000 | State Health & Educational Facilities Authority Revenue, 3.87%, 7/1/18, (LOC Suntrust Bank)(a) | 2,900,000 |
39
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$2,085,000 | State Health & Educational Facilities Authority Revenue, 4.05%, 6/1/26, (LOC Bank of America)(a) | $ | 2,085,000 | |||
25,305,000 | ||||||
Nebraska – 1.15% | ||||||
6,500,000 | Omaha Convention Hotel Corp. Revenue, 3.92%, 2/1/35, (AMBAC Insured), Callable 2/1/17 @ 100(a) | 6,500,000 | ||||
3,200,000 | Scotts Bluff County Hospital Authority Revenue, 3.91%, 12/1/31, (GNMA Insured)(a) | 3,200,000 | ||||
9,700,000 | ||||||
Nevada – 0.71% | ||||||
4,490,000 | Clark County School District, 3.92%, 6/15/24, (AMBAC Insured)(a) | 4,490,000 | ||||
1,490,000 | Clark County School District, GO, 3.92%, 6/15/20, (FSA Insured), Callable 12/15/15 @ 100(a) | 1,490,000 | ||||
5,980,000 | ||||||
New Mexico – 0.30% | ||||||
2,540,000 | Rio Rancho Water & Wastewater System Revenue, 3.89%, 5/15/13, (AMBAC Insured)(a) | 2,540,000 | ||||
New York – 0.38% | ||||||
2,000,000 | Metropolitan Transporation Authority Revenue, 3.93%, 11/15/33, (AMBAC Insured), Callable 11/15/15 @ 100(a) | 2,000,000 | ||||
1,200,000 | New York, GO, 3.91%, 5/15/16, (FGIC Insured), Callable 5/15/15 @ 101(a) | 1,201,010 | ||||
3,201,010 | ||||||
North Carolina – 0.86% | ||||||
$4,600,000 | North Carolina Capital Facilities Finance Agency Educational Facilities Revenue (Methodist College, Inc.), 3.87%, 3/1/30, (LOC Wachovia Bank N.A.)(a) | $ | 4,600,000 | |||
2,665,000 | North Carolina Medical Care Commission Hospital Revenue (Iredell Memorial Hospital, Inc., Brookdale & Hartness Road Statesville, NC), 4.10%, 10/1/37, (LOC Bank of America N.A.)(a) | 2,665,000 | ||||
7,265,000 | ||||||
Ohio – 0.46% | ||||||
3,915,000 | Lucas County Bond Anticipation Notes, 3.60%, 10/10/07 | 3,915,074 | ||||
Other Territories – 0.57% | ||||||
4,790,000 | Puttable Floating Option Tax Exempt Receipts, 3.97%, 6/15/21, (AMBAC Insured)(a) | 4,790,000 | ||||
Pennsylvania – 6.74% | ||||||
1,055,000 | Allegheny County Industrial Development Authority Revenue (United Jewish Federation of Greater Pittsburgh), 3.88%, 10/1/26, (LOC PNC Bank N.A.)(a) | 1,055,000 | ||||
1,190,000 | Exeter Township Pennsylvania, GO, 3.89%, 8/1/25, (XLCA Insured)(a) | 1,190,000 | ||||
2,850,000 | Huntingdon County General Authority College Revenue (Juniata College), 3.88%, 5/1/26, (LOC PNC Bank N.A.)(a) | 2,850,000 | ||||
3,855,000 | Luzerne County, 3.88%, 11/1/14, (LOC PNC Bank)(a) | 3,855,000 |
40
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
3,480,000 | Moon IDA Community Facilities Revenue, 3.88%, 6/1/25, (LOC PNC Bank)(a) | 3,480,000 | ||||
$10,800,000 | Pennsylvania Intergovernmental Cooperation Authority Split Tax Revenue, 3.87%, 6/15/22, (AMBAC Insured)(a) | $ | 10,800,000 | |||
1,000,000 | Philadelphia Redevelopment Authority Revenue, 3.92%, 4/15/28, (FGIC Insured), Callable 4/15/15 @ 100(a) | 1,000,000 | ||||
9,650,000 | Sayre Health Care Facilities Authority Revenue, 3.87%, 12/1/20, (AMBAC Insured)(a) | 9,650,000 | ||||
180,000 | Schuylkill County IDA (Northeast Power Co. Project), Series A, 4.02%, 12/1/22, (LOC Dexia Group)(a) | 180,000 | ||||
5,110,000 | Somerset County Hospital Authority Revenue, 3.88%, 3/1/37, (LOC PNC Bank)(a) | 5,110,000 | ||||
$3,800,000 | Wilkes-Barre Finance Authority College Revenue, 3.88%, 5/1/37, (LOC PNC Bank)(a) | $ | 3,800,000 | |||
13,725,000 | York County Industrial Development Authority Revenue (Crispus Attucks Association), 3.88%, 7/1/37, (LOC Mercantile Safe Deposit/Trust)(a) | 13,725,000 | ||||
56,695,000 | ||||||
South Carolina – 0.69% | ||||||
2,800,000 | Florence County Hospital Revenue (McLeod Regional Medical Center), 3.80%, 11/1/15, (FGIC Insured)(a) | 2,800,000 | ||||
3,000,000 | State Job Development Authority (Catholic Diocese), 3.92%, 9/1/18, (LOC Bank of America)(a)(b) | 3,000,000 | ||||
5,800,000 | ||||||
Tennessee – 3.03% | ||||||
$6,630,000 | Dayton Industrial Development Board Educational Facilities Revenue, 3.88%, 7/1/36, (LOC Regions Bank)(a) | $ | 6,630,000 | |||
3,800,000 | Dickson County Industrial Development Board Revenue, 3.87%, 11/1/12, (LOC Suntrust Bank)(a) | 3,800,000 | ||||
4,390,000 | Shelby County Health, Educational & Housing Facilities Board Revenue, 3.87%, 7/1/26, (LOC Suntrust Bank)(a) | 4,390,000 | ||||
4,600,000 | Shelby County Health, Educational & Housing Facilities Board Revenue, 3.88%, 5/1/33, (LOC AmSouth Bank)(a) | 4,600,000 | ||||
6,080,000 | Shelby County Health, Educational & Housing Facilities Board Revenue, 3.88%, 12/1/34, (LOC First Tennessee Bank)(a) | 6,080,000 | ||||
25,500,000 | ||||||
Texas – 10.33% | ||||||
1,170,000 | Bexar County Housing Finance Corporation MFHR (NorthWest Trails LP), 3.88%, 12/15/34, (FNMA Insured)(a) | 1,170,000 | ||||
2,000,000 | Colony, 3.92%, 8/15/15, (XLCA Insured)(a) | 2,000,000 | ||||
4,830,000 | Corpus Christi Utility System Revenue, 3.99%, 7/15/26, (FSA Insured)(a) | 4,830,000 | ||||
2,320,000 | Dallas Texas Waterworks & Sewer System Revenue, 3.92%, 4/1/11, (AMBAC Insured)(a) | 2,320,000 | ||||
3,460,000 | El Paso County Hospital District, GO, 3.92%, 8/15/13, (AMBAC Insured)(a) | 3,460,000 |
41
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$2,000,000 | Georgetown Health Facilities Development Corporation Retirement Revenue, 3.89%, 8/1/36, (LOC Regions Bank)(a) | $ | 2,000,000 | |||
2,250,000 | Giddings Independent School District, GO, 3.91%, 2/15/37, (PSF Guaranty), Callable 2/15/17 @ 100(a) | 2,250,000 | ||||
4,000,000 | Greenfield School District Revenue, 4.00%, 4/11/08, Callable 2/11/08 @ 100 | 4,006,560 | ||||
2,065,000 | Houston, 3.92%, 3/1/20, (AMBAC Insured)(a) | 2,065,000 | ||||
2,300,000 | Houston Utility System Revenue, 3.91%, 11/15/33, (FSA Insured), Callable 11/15/17 @ 100(a) | 2,300,000 | ||||
18,000,000 | Houston Water & Sewer System Revenue, 5.40%, 12/1/23, (FGIC Insured) | 18,405,945 | ||||
4,910,000 | Puttable Floating Option Tax-Exempt Receipts (Deer Park Independent School District), GO, 3.99%, 2/15/27, (PSF Guaranty), Callable 2/15/17 @ 100(a) | 4,910,000 | ||||
3,000,000 | San Antonio Electric & Gas Revenue, 3.92%, 2/1/23, (FSA Insured)(a) | 3,000,000 | ||||
3,700,000 | Tarrant County Housing Finance Corporation Revenue, 3.88%, 2/15/28, (FNMA Insured)(a) | 3,700,000 | ||||
2,750,000 | Tarrant County Housing Finance Corporation Revenue (WRBD LP), 3.88%, 2/15/27, (FNMA Insured)(a) | 2,750,000 | ||||
27,500,000 | Texas St Research Division, 4.50%, 8/28/08 | 27,699,639 | ||||
86,867,144 | ||||||
Utah – 0.63% | ||||||
$900,000 | Duchesne School District Municipal Building Authority Lease Revenue, 3.89%, 6/1/21, (LOC U.S. Bank)(a) | $ | 900,000 | |||
4,435,000 | Salt Lake County Housing Authority Multifamily Revenue (Crossroads Apartments Project), 3.88%, 2/15/31, (FNMA Insured)(a) | 4,435,000 | ||||
5,335,000 | ||||||
Virginia – 2.09% | ||||||
15,350,000 | Fairfax County Economic Development Authority Student Housing Revenue, Student Housing Revenue (George Mason University), 3.87%, 2/1/29, (LOC Suntrust Bank)(a) | 15,350,000 | ||||
$2,205,000 | Hampton Redevelopment & Housing Authority MFHR (Shoreline Apartments Project), 3.88%, 12/1/19, (FHLMC Insured)(a) | $ | 2,205,000 | |||
17,555,000 | ||||||
Washington – 2.78% | ||||||
5,700,000 | Grant County Public Utility District No 002 Wanapum Hydro Electric Revenue, 3.92%, 1/1/43, (MBIA Insured)(a) | 5,700,000 | ||||
5,000,000 | Port Seattle Washington Passenger Facility Charge Revenue, 3.92%, 12/1/23, (MBIA Insured), Callable 12/1/08 @ 101(a) | 5,000,000 | ||||
2,235,000 | Richland Golf Enterprise Revenue, 3.88%, 12/1/21, (LOC Bank of America)(a) | 2,235,000 | ||||
1,100,000 | State Housing & Finance Commission (Riverview Retirement Project), 3.90%, 7/1/22, (LOC U.S. Bank)(a) | 1,100,000 |
42
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$550,000 | State Housing & Finance Commission Nonprofit Housing Revenue (Christa Ministries), 3.90%, 7/1/11, (LOC U.S. Bank)(a) | $ | 550,000 | |||
3,100,000 | State Housing & Finance Commission Nonprofit Revenue (Annie Wright School), 3.95%, 12/1/23, (LOC Bank of America)(a) | 3,100,000 | ||||
2,225,000 | Washington State, GO, 3.92%, 1/1/20, (FSA Insured), Callable 1/1/12 @ 100(a) | 2,225,000 | ||||
3,485,000 | Washington State, GO, 3.93%, 6/1/29, (MBIA Insured)(a) | 3,485,000 | ||||
23,395,000 | ||||||
Wisconsin – 1.16% | ||||||
7,000,000 | School District Cash Flow Management Program, Certificate of Participation, Series B, 4.25%, 11/1/07 | 7,004,258 | ||||
650,000 | State Health & Educational Facilities Authority Revenue (Meriter Hospital), 4.10%, 12/1/32, (LOC Marshall & Ilsley Bank)(a) | 650,000 | ||||
1,025,000 | State Health & Educational Facilities Authority Revenue (St. John’s United Church), 3.90%, 2/1/30, (LOC U.S. Bank)(a) | 1,025,000 | ||||
1,060,000 | Wisconsin State, 3.99%, 5/1/10, (FGIC Insured)(a) | 1,060,000 | ||||
9,739,258 | ||||||
Total Municipal Bonds (Cost $834,217,384) | 834,217,384 | |||||
Commercial Paper – 1.66% | ||||||
Florida – 1.19% | ||||||
9,999,000 | Cape Coral, 3.72%, 1/10/08, (LOC Bank of America)(b) | 9,999,000 | ||||
Wyoming – 0.47% | ||||||
$4,000,000 | Sweetwater County Wyoming, 3.79%, 10/19/07, (LOC Barclays Bank)(b) | $ | 4,000,000 | |||
Total Commercial Paper (Cost $13,999,000) | 13,999,000 | |||||
Shares or Principal Amount | Value | |||||
Investment Companies – 0.13% | ||||||
1,055,790 | Federated Tax Exempt Money Market Fund | 1,055,790 | ||||
Total Investment Companies (Cost $1,055,790) | 1,055,790 | |||||
Total Investments (Cost $849,272,174) (c) – 100.96% | 849,272,174 | |||||
Liabilities in excess of other assets – (0.96)% | (8,104,547 | ) | ||||
NET ASSETS – 100.0% | $ | 841,167,627 | ||||
(a) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on September 30, 2007. The maturity date represents the actual maturity date. Securities’ effective maturity resets on a weekly or monthly basis.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Security has been deemed to be liquid based on procedures approved by the Board of Trustees.
(c) Tax cost of securities is equal to book cost of securities.
Abbreviations used are defined below:
AMBAC – Insured by American Municipal Bond Insurance Assurance Corp.
FGIC – Insured by Financial Guaranty Insurance Co.
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
FSA – Insured by Federal Financial Security Assurance
GO – General Obligation
IDA – Industrial Development Agency
LLC – Limited Liability Co.
LOC – Letter of Credit
LP – Limited Partnership
MBIA – Insured by Municipal Bond Insurance Organization Association
MFHR – Multi-Family Housing Revenue
PSF – Permanent School Fund
XLCA – XL Capital Assurance
See notes to financial statements.
43
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Prime Money Market Fund
September 30, 2007
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Asset Backed Securities – 25.22% | ||||||
Asset Backed – 2.40% | ||||||
$7,500,000 | Grampian Funding LLC, 5.46%, 1/11/08(a)(b) | $ | 7,383,125 | |||
8,754,773 | Harley-Davidson Motorcycle Trust, Series 2007-3, Class A1, 5.59%, 9/15/08 | 8,754,773 | ||||
18,000,000 | Liberty Street Funding, 5.35%, 10/1/07(a)(b) | 18,000,000 | ||||
34,137,898 | ||||||
Asset Backed Auto Receivable – 5.70% | ||||||
1,361,941 | Americredit Automobile Receivables Trust, Series 2007-BF, Class A1, 5.32%, 5/6/08(c) | 1,361,941 | ||||
3,910,917 | Americredit Automobile Receivables Trust, Series 2007-CM, Class A1, 5.32%, 8/6/08(c) | 3,910,917 | ||||
5,668,419 | Capital Auto Receivables Asset Trust, Series 2007-1, Class A1, 5.32%, 5/15/08(b)(c) | 5,668,419 | ||||
4,166,156 | CNH Equipment Trust, Series 2007-A, Class A1, 5.26%, 4/4/08(c) | 4,166,156 | ||||
274,828 | CPS Auto Trust, Series 2007-A, Class A1, 5.33%, 3/15/08(b)(c) | 274,828 | ||||
2,501,226 | CPS Auto Trust, Series 2007-B, Class A1, 5.33%, 6/15/17(c) | 2,501,226 | ||||
18,516,166 | Ford Credit Auto Owner Trust, Series 2007-A, Class A1, 5.35%, 7/15/08(c) | 18,516,166 | ||||
5,991,781 | GS Auto Loan Trust, Series 2007-1, Class A1, 5.34%, 7/15/08(c) | 5,991,781 | ||||
1,034,807 | Honda Auto Receivables Owner Trust, Series 2007-1, Class A1, 5.32%, 3/18/08(c) | 1,034,807 | ||||
5,703,049 | Honda Auto Receivables Owner Trust, Series 2007-3, Class A1, 5.56%, 8/15/08(c) | 5,703,049 | ||||
3,016,436 | John Deere Owner Trust, Series 2007-A, Class A1, 5.33%, 5/15/08(c) | 3,016,436 | ||||
412,371 | Long Beach Auto Receivables Trust, Series 2007-A, Class A1, 5.34%, 3/15/08(c) | 412,371 | ||||
$1,089,445 | Nissan Auto Receivables Owner Trust, Series 2007-A, Class A1, 5.32%, 3/17/08(c) | $ | 1,089,445 | |||
2,406,610 | Prestige Auto Receivables Trust, Series 2007-1A, Class A1, 5.36%, 1/15/08(c) | 2,406,610 | ||||
2,818,636 | Santander Drive Auto Receivables Trust, Series 2007-1, Class A1, 5.32%, 4/15/08(c) | 2,818,636 | ||||
9,544,199 | Santander Drive Auto Receivables Trust, Series 2007-2, Class A1, 5.80%, 3/15/08(c) | 9,544,199 | ||||
6,108,532 | USAA Auto Owner Trust, Series 2007-1, Class A1, 5.34%, 7/11/08(c) | 6,108,532 | ||||
6,231,864 | Wachovia Auto Loan Owner Trust, Series 2007-1, Class A1, 5.34%, 6/20/08 | 6,231,864 | ||||
221,802 | World Omni Auto Receivables Trust, Series 2007-A, Class A1, 5.32%, 2/15/08(c) | 221,802 | ||||
80,979,185 | ||||||
Asset Backed Mortgages – 17.12% | ||||||
10,000,000 | Aire Valley Mortgages, Series 2007-1A, Class 1A1, 5.49%, 3/20/30(b)(c) | 10,000,000 | ||||
9,500,000 | Arkle Master Issuer PLC, Series 2006-1A, Class A1, 5.73%, 11/19/07(b)(c) | 9,500,000 | ||||
30,000,000 | Arkle Master Issuer PLC, Series 2007-1A, Class 1A, 5.73%, 5/17/08(b)(c) | 30,000,000 | ||||
22,300,000 | Brunel Residential Mortgage Securities, Series 2007-1A, Class A3, 5.79%, 1/13/39(b)(c) | 22,300,000 | ||||
110,715 | CIT Equipment Collateral, Series 2006-VT2, Class A1, 5.34%, 11/20/07(c) | 110,715 | ||||
40,000,000 | Granite Master Issuer PLC, Series 2006-3, Class A4, 5.57%, 12/20/54(c) | 40,000,000 |
44
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Prime Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$12,000,000 | Granite Master Issuer PLC, Series 2007-2, Class 4A1, 5.73%, 12/17/54(c) | $ | 12,000,000 | |||
5,900,000 | Holmes Master Issuer PLC, Series 2006-1A, Class 1A, 5.73%, 1/15/16(b)(c) | 5,900,000 | ||||
12,000,000 | Holmes Master Issuer PLC, Series 2007-1, Class 1A1, 5.73%, 3/15/08(c) | 12,000,000 | ||||
4,701,496 | Leaf II Receivables Funding LLC, Series 2007-1A, Class A1, 5.38%, 6/20/08(c) | 4,701,496 | ||||
18,436,754 | Paragon Mortgages PLC, Series 12A, Class A1, 5.74%, 11/15/38(b)(c) | 18,436,337 | ||||
7,531,059 | Paragon Mortgages PLC, Series 13A, Class A1, 5.76%, 1/15/39(b)(c) | 7,531,059 | ||||
11,726,772 | Paragon Mortgages PLC, Series 14A, Class A1, 5.75%, 9/15/39(b)(c) | 11,726,772 | ||||
13,000,000 | Paragon Mortgages PLC, Series 15A, Class A1, 5.75%, 12/15/39(c) | 13,000,000 | ||||
15,000,000 | Pendeford Master Issuer PLC, Series 2007-1A, Class 1A, 5.80%, 2/12/08(b)(c) | 15,000,000 | ||||
4,000,000 | Permanent Master Issuer PLC, Series 2006-1, Class 1A, 5.73%, 10/15/07(c) | 4,000,000 | ||||
5,000,000 | Permanent Master Issuer PLC, Series 2007-1, Class 1A, 5.73%, 1/15/08(c) | 5,000,000 | ||||
21,889,948 | Westpac Securitization Trust, Series 2007-1G, Class A1, 5.47%, 5/21/38(b)(c) | 21,889,948 | ||||
243,096,327 | ||||||
Total Asset Backed Securities (Cost $358,213,410) | 358,213,410 | |||||
Certificates of Deposit – 12.95% | ||||||
Banks – Canada – 5.28% | ||||||
5,000,000 | Bank of Montreal Chicago, 5.57%, 3/18/08(c) | 5,002,372 | ||||
15,000,000 | Bank of Nova Scotia, 5.66%, 10/4/07(c) | 14,999,969 | ||||
$15,000,000 | Bank of Nova Scotia, 5.66%, 4/2/08(c) | $ | 14,997,748 | |||
25,000,000 | Canadian Imperial Bank, 5.36%, 1/10/08(c) | 25,001,959 | ||||
15,000,000 | Canadian Imperial Bank, 5.40%, 7/18/08(c) | 15,006,913 | ||||
75,008,961 | ||||||
Banks – Domestic – 6.44% | ||||||
15,000,000 | AmSouth Bank, NA, 5.29%, 12/27/07(c) | 15,004,128 | ||||
7,000,000 | Bank of New York Co., Inc., 5.46%, 11/19/07(c) | 6,999,759 | ||||
16,000,000 | Comerica Bank, 5.41%, 11/26/07 | 16,002,856 | ||||
9,350,000 | Comerica Bank, 5.82%, 2/8/08(c) | 9,350,307 | ||||
10,000,000 | Dexia Credit Local New York, 5.09%, 1/25/08(c) | 9,999,222 | ||||
14,000,000 | Fifth Third Bank, 5.66%, 2/4/08(c) | 13,998,680 | ||||
12,500,000 | Fortis Bank New York, 5.76%, 12/12/07(c) | 12,499,249 | ||||
7,500,000 | Marshall & Ilsley Bank, 5.16%, 12/17/07 | 7,500,182 | ||||
91,354,383 | ||||||
Banks – Foreign – 1.23% | ||||||
10,000,000 | Barclays Bank PLC, 5.72%, 1/7/08(c) | 9,999,462 | ||||
7,500,000 | BNP Paribas, 5.66%, 4/3/08(c) | 7,498,755 | ||||
17,498,217 | ||||||
Total Certificates of Deposit (Cost $183,861,561) | 183,861,561 | |||||
Corporate Bonds – 59.99% | ||||||
Banks – Australia/New Zealand – 4.05% | ||||||
7,500,000 | Australia & New Zealand Banking Group, 5.64%, 12/5/11(b)(c) | 7,500,000 | ||||
20,000,000 | Westpac Banking Corp., 5.32%, 1/15/08(c) | 19,999,958 | ||||
15,000,000 | Westpac Banking Corp., 5.68%, 12/7/07(c) | 14,999,895 | ||||
15,000,000 | Westpac Banking Corp., 5.74%, 2/16/11(b)(c) | 15,000,000 | ||||
57,499,853 | ||||||
Banks – Domestic – 12.74% | ||||||
25,000,000 | Fortis Bank New York, 5.34%, 7/19/12(c) | 25,000,000 | ||||
10,000,000 | Marshall & Ilsley Bank, 3.80%, 2/8/08 | 9,949,335 | ||||
22,000,000 | Marshall & Ilsley Bank, 5.75%, 12/15/11(c) | 22,003,976 |
45
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Prime Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$11,000,000 | National City Bank, 5.41%, 1/10/08(b) | $ | 11,002,079 | |||
55,000,000 | National City Bank, 5.49%, 2/13/08(b) | 55,004,673 | ||||
10,000,000 | PNC Bank NA, 5.67%, 1/2/08(b) | 9,999,240 | ||||
5,000,000 | Southtrust Bank, 3.13%, 5/15/08 | 4,934,766 | ||||
18,200,000 | US Bank NA, 5.68%, 3/31/08(b) | 18,199,047 | ||||
6,510,000 | US Bank NA, 5.74%, 12/5/07(b) | 6,510,053 | ||||
10,500,000 | Wachovia Bank NA, 4.38%, 8/15/08 | 10,427,543 | ||||
4,000,000 | Wells Fargo & Co., 5.87%, 3/10/08(b) | 4,001,650 | ||||
4,000,000 | World Savings Bank, 4.13%, 3/10/08 | 3,979,404 | ||||
181,011,766 | ||||||
Banks – Foreign – 16.69% | ||||||
12,500,000 | Bancaja US Debt SAU, 5.39%, 4/24/08(b) | 12,500,000 | ||||
22,500,000 | Banco Espanol De Credito, 5.35%, 4/18/12(b)(c) | 22,500,000 | ||||
17,500,000 | Bank of Ireland, 5.35%, 8/14/12(b) | 17,500,000 | ||||
5,000,000 | Bank of Ireland, 5.49%, 7/19/11(b)(c) | 5,000,000 | ||||
12,500,000 | Caja Ahorros Barcelona, 5.36%, 7/23/12(b) | 12,500,000 | ||||
25,000,000 | Credit Agricole (London), 5.18%, 3/22/12(b)(c) | 25,000,000 | ||||
7,500,000 | HBOS Treasury Services PLC, 5.79%, 12/7/11(b)(c) | 7,500,000 | ||||
38,000,000 | Kommunal Kredit International Bank Lt., 5.39%, 7/13/12(b) | 38,000,000 | ||||
30,000,000 | Lloyds TSB Group PLC, 5.79%, 6/5/12(b)(c) | 30,000,000 | ||||
5,000,000 | Royal Bank of Scotland PLC, 5.24%, 12/21/07(b)(c) | 4,997,786 | ||||
15,000,000 | Royal Bank of Scotland PLC, 5.37%, 4/11/08(b)(c) | 15,003,109 | ||||
10,000,000 | Santander Totta Ireland PLC, 5.82%, 3/7/12(b)(c) | 10,000,000 | ||||
16,500,000 | Svenska Handelsbanken, 5.12%, 11/21/11(b)(c) | 16,500,000 | ||||
20,000,000 | Svenska Handelsbanken, 5.77%, 4/12/12(b)(c) | 20,000,000 | ||||
237,000,895 | ||||||
Chemicals – 1.76% | ||||||
$25,000,000 | BASF Finance Europe NV, 5.35%, 7/20/10(b) | $ | 25,000,000 | |||
Finance – Automotive – 3.34% | ||||||
6,000,000 | American Honda Finance Corp., 5.20%, 12/27/07(b)(c) | 6,000,406 | ||||
6,500,000 | American Honda Finance Corp., 5.36%, 8/6/08(b) | 6,500,000 | ||||
20,000,000 | American Honda Finance Corp., 5.47%, 2/20/08(b)(c) | 20,000,000 | ||||
15,000,000 | American Honda Finance Corp., 5.67%, 12/6/07(b)(c) | 15,000,000 | ||||
47,500,406 | ||||||
Finance – Diversified Domestic – 3.40% | ||||||
11,000,000 | American Express, 5.80%, 6/13/08(b) | 11,001,863 | ||||
5,600,000 | Merrill Lynch & Co., 5.34%, 8/22/08(b) | 5,600,000 | ||||
5,250,000 | Morgan Stanley, 5.49%, 11/9/07(b) | 5,250,834 | ||||
15,000,000 | Morgan Stanley, 5.49%, 1/18/08(b) | 15,006,779 | ||||
400,000 | Rio Bravo LLC, 5.20%, 12/1/33(b) | 400,000 | ||||
10,000,000 | Unilever Capital Corp., 5.80%, 6/11/12(b) | 10,000,000 | ||||
1,000,000 | US Central Federal Credit, 2.75%, 5/30/08 | 982,313 | ||||
48,241,789 | ||||||
Finance – Diversified Foreign – 1.76% | ||||||
25,000,000 | UBS AG Stamford CT, 5.72%, 9/16/08(b) | 25,000,000 | ||||
Forest & Paper Products – 0.84% | ||||||
12,000,000 | Kimberly-Clark Corp., 5.26%, 12/19/07(b)(c) | 12,000,000 | ||||
Information Technology – 1.76% | ||||||
25,000,000 | IBM Corp., 5.83%, 12/8/10(b)(c) | 25,000,000 | ||||
Insurance – 12.59% | ||||||
25,000,000 | AIG Matched Funding Corp., 5.79%, 2/6/08(b) | 24,997,391 | ||||
9,500,000 | Allstate Financial Global Funding, 4.25%, 9/10/08(b) | 9,411,013 | ||||
6,500,000 | Allstate Life Global Funding Trust, 5.36%, 8/1/08(c) | 6,500,000 |
46
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Prime Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$7,500,000 | Allstate Life Global Funding Trust, 5.69%, 4/3/12(c) | $ | 7,500,000 | |||
13,000,000 | Allstate Life Global Funding Trust, 5.79%, 1/11/12(c) | 13,000,000 | ||||
15,000,000 | ING Verzekeringen, NV, 5.69%, 1/4/12(b)(c) | 15,000,000 | ||||
8,000,000 | MetLife Global Funding, 2.60%, 6/19/08(b) | 7,852,582 | ||||
25,000,000 | Metropolitan Life Global Funding I, 5.13%, 2/21/17(b)(c) | 25,000,000 | ||||
12,000,000 | Monument Global Funding 2007-F, 5.57%, 3/20/08(b)(c) | 12,000,000 | ||||
7,500,000 | Monumental Global Funding II, 5.57%, 12/20/07(b)(c) | 7,500,000 | ||||
20,000,000 | Nationwide Life Global Funding, 5.12%, 12/27/11(b)(c) | 20,000,000 | ||||
30,000,000 | Nationwide Life Global Funding, 5.80%, 7/11/12(c) | 30,000,000 | ||||
178,760,986 | ||||||
Manufacturing – 1.06% | ||||||
15,000,000 | 3M Co., 5.66%, 12/12/10(b)(c) | 15,015,141 | ||||
Total Corporate Bonds (Cost $852,030,836) | 852,030,836 | |||||
Shares or Principal Amount | Value | |||||
Taxable Municipal Bonds – 1.06% | ||||||
Florida – 1.06% | ||||||
15,000,000 | Florida Hurricane Catastrophe, 5.96%, 11/17/08(c) | 15,000,000 | ||||
Total Taxable Municipal Bonds (Cost $15,000,000) | 15,000,000 | |||||
Investment Companies – 0.20% | ||||||
$2,861,273 | Wells Fargo Prime Investment Money Market Fund | $ | 2,861,273 | |||
Total Investment Companies (Cost $2,861,273) | 2,861,273 | |||||
Total Investments (Cost $1,411,967,080) (d) – 99.4% | 1,411,967,080 | |||||
Other assets in excess of liabilities – 0.6% | 8,265,186 | |||||
NET ASSETS – 100.0% | $ | 1,420,232,266 | ||||
(a) Rate represents the effective yield at purchase.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Security has been deemed to be liquid based on procedures approved by the Board of Trustees.
(c) Variable rate security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2007. The maturity date represents the actual maturity date. Securities’ effective maturity resets on a weekly or monthly basis.
(d) Tax cost of securities is equal to book cost of securities.
Abbreviations used are defined below:
LLC – Limited Liability Co.
PLC – Public Liability Co.
See notes to financial statements.
47
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund
September 30, 2007
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Municipal Bonds – 98.29% | ||||||
Alabama – 1.83% | ||||||
$2,640,000 | Birmingham, 3.89%, 6/1/11, (LOC Regions Bank)(a) | $ | 2,640,000 | |||
5,000,000 | Birmingham Medical Clinic Board Revenue, 3.87%, 12/1/26, (LOC Suntrust Bank)(a) | 5,000,000 | ||||
2,800,000 | Jefferson County Al Public Parks & Recreation Board Revenue (YMCA of Birmingham, AL), 3.88%, 9/1/25, (LOC AmSouth Bank)(a) | 2,800,000 | ||||
10,440,000 | ||||||
Arizona – 0.90% | ||||||
605,000 | Maricopa County IDA MFHR (Gran Victoria Housing LLC), 3.88%, 4/15/30, (FNMA Insured)(a) | 605,000 | ||||
2,080,000 | Phoenix IDA Revenue (Valley of the Sun YMCA), 4.05%, 1/1/31, (LOC Wells Fargo Bank)(a) | 2,080,000 | ||||
2,450,000 | Tourism & Sports Authority Tax Revenue, 3.92%, 7/1/21, (MBIA Insured), Callable 7/1/13 @ 100(a) | 2,450,000 | ||||
5,135,000 | ||||||
California – 1.17% | ||||||
6,660,000 | Deutsche Bank Spears/Lifers Trust Various States, 3.95%, 2/1/33, (AMBAC Insured)(a) | 6,660,000 | ||||
Colorado – 4.53% | ||||||
1,000,000 | Aurora Centretech Metropolitan District, Series A, 3.70%, 12/1/28, (LOC BP Amoco)(a) | 1,000,000 | ||||
5,245,000 | Aurora Water Improvement Revenue, 3.92%, 2/1/15, (AMBAC Insured)(a) | 5,245,000 | ||||
3,625,000 | Colorado Educational & Cultural Facilities Authority Revenue, 3.89%, 7/1/31, (LOC AmSouth Bank)(a) | 3,625,000 | ||||
$1,000,000 | Colorado Educational & Cultural Facilities Authority Revenue, 4.04%, 6/1/37, (LOC U.S Bank N.A.)(a) | $ | 1,000,000 | |||
2,525,000 | Colorado Educational & Cultural Facilities Authority Revenue (Akiba Academy of Dallas), 4.04%, 2/1/34, (LOC Bank of America)(a) | 2,525,000 | ||||
1,375,000 | Colorado Educational & Cultural Facilities Authority Revenue (Council for Jewish Elderly Chicago, IL), 4.04%, 2/1/25, (LOC Bank of America N.A.)(a) | 1,375,000 | ||||
1,400,000 | Colorado Educational & Cultural Facilities Authority Revenue (Jewish Federation of Metropolitan Chicago, IL), 4.04%, 9/1/37, (LOC Bank of America N.A.)(a) | 1,400,000 | ||||
1,200,000 | Colorado Educational & Cultural Facilities Authority Revenue (Madlyn & Leonard Abramson Center for Jewish Life), 4.04%, 12/1/34, (LOC National Bank of Detroit)(a) | 1,200,000 | ||||
4,810,000 | Parker Automotive Metropolitan District, 3.70%, 12/1/34, (LOC U.S. Bank)(a) | 4,810,000 | ||||
3,600,000 | Thornton Multifamily Revenue (Lincoln-FS Quail Ridge LP), 3.80%, 4/1/10, (FHLMC Insured)(a) | 3,600,000 | ||||
25,780,000 | ||||||
District of Columbia – 0.74% | ||||||
2,500,000 | District of Columbia, 3.91%, 6/1/36, (FGIC Insured), Callable 6/1/17 @ 100(a) | 2,500,000 | ||||
1,700,000 | District Revenue (Internships & Academic), 3.88%, 7/1/36, (LOC Branch Banking & Trust)(a) | 1,700,000 | ||||
4,200,000 | ||||||
48
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Florida – 13.72% | ||||||
$800,000 | Collier County Health Facilities Authority (The Moorings, Inc.), 3.88%, 12/1/24, (LOC Wachovia Bank)(a) | $ | 800,000 | |||
5,670,000 | Dade County Special Revenue (Youth Fair & Exposition Project), 3.87%, 8/1/15, (LOC Suntrust Bank)(a) | 5,670,000 | ||||
4,105,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts, 3.97%, 4/1/34, (AMBAC Insured)(a)(b) | 4,105,000 | ||||
8,580,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts Revenue, 3.97%, 7/1/22, (MBIA Insured)(a)(b) | 8,580,000 | ||||
1,800,000 | Indiana River County Revenue (St. Edward’s School), 3.89%, 7/1/27, (LOC Wachovia Bank)(a) | 1,800,000 | ||||
1,100,000 | Jacksonville Health Facilities Authority Hospital Revenue (Baptist Medical Center), 4.00%, 8/15/33, (LOC Bank of America N.A.)(a) | 1,100,000 | ||||
1,435,000 | Key West Utility Board Electric Revenue, 3.99%, 10/1/22, (MBIA Insured)(a) | 1,435,000 | ||||
6,470,000 | Miami Health Facilities Authority Revenue, 3.87%, 8/1/26, (LOC Suntrust Bank)(a) | 6,470,000 | ||||
3,000,000 | Miami-Dade County Industrial Development Authority Revenue, 3.86%, 6/1/31, (LOC Regions Bank)(a) | 3,000,000 | ||||
1,250,000 | Miami-Dade County IDA Revenue (The Convent of the Sacred Heart School of Miami, Inc., Miami, FL), 3.86%, 6/1/24, (LOC Suntrust Bank)(a) | 1,250,000 | ||||
1,000,000 | Miami-Dade County Special Obligation, 3.92%, 4/1/25, (AMBAC Insured), Callable 4/1/17 @ 100(a) | 1,000,000 | ||||
$6,800,000 | Miami-Dade County Water & Sewer Revenue, 3.92%, 10/1/15, (XLCA Insured)(a) | $ | 6,800,000 | |||
5,485,000 | Orange County Sales Tax Revenue, 3.92%, 1/1/32, (FGIC Insured), Callable 1/1/13 @ 100(a) | 5,485,000 | ||||
3,755,000 | Palm Beach County Revenue, 3.89%, 1/1/37, (LOC Wachovia Bank)(a) | 3,755,000 | ||||
6,065,000 | Puttable Floating Option Tax-Exempt Receipts, 3.99%, 8/1/23, (FGIC Insured), Callable 8/1/17 @ 100(a) | 6,065,000 | ||||
4,995,000 | Tallahassee Energy System Revenue, 3.92%, 4/1/15, (MBIA Insured)(a) | 4,995,000 | ||||
5,500,000 | Tampa Health Care Facilities Revenue (Lifelink Foundation, Inc.), 3.87%, 8/1/22, (LOC Suntrust Bank)(a) | 5,500,000 | ||||
3,885,000 | Temple Terrace Revenue (Lifepath Hospice and Palliative Care, Inc.), 3.87%, 12/1/30, (LOC Suntrust Bank)(a) | 3,885,000 | ||||
6,375,000 | Volusia County School Board, 4.15%, 8/1/32, (FSA Insured), Callable 8/1/17 @ 100(a) | 6,375,000 | ||||
78,070,000 | ||||||
Georgia – 5.81% | ||||||
1,415,000 | Clayton County MFHR (BS Partners), 3.85%, 9/1/26, (FNMA Insured)(a) | 1,415,000 | ||||
4,540,000 | Cobb County Development Authority Revenue (Institute Nuclear Power), 3.87%, 2/1/13, (LOC Suntrust Bank)(a) | 4,540,000 | ||||
3,000,000 | Columbus Hospital Authority Revenue, 3.87%, 1/1/18, (LOC Suntrust Bank)(a) | 3,000,000 | ||||
5,000,000 | Fulco Hospital Authority Revenue (Shepherd Center, Inc. Project), 3.88%, 9/1/17, (LOC Wachovia Bank)(a) | 5,000,000 |
49
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$2,400,000 | Gainesville Redevelopment Authority Revenue (Brenau University), 3.87%, 12/1/24, (LOC Suntrust Bank)(a) | $ | 2,400,000 | |||
2,705,000 | Gwinnett County Development Authority Revenue, 3.87%, 4/1/18, (LOC Suntrust Bank)(a) | 2,705,000 | ||||
4,600,000 | Gwinnett County Development Authority Revenue (Wesleyan School, Inc.), 3.87%, 11/1/19, (LOC Suntrust Bank)(a) | 4,600,000 | ||||
4,300,000 | Macon-Bibb County Hospital Authority Revenue, 3.87%, 12/1/18, (LOC Suntrust Bank)(a) | 4,300,000 | ||||
5,095,000 | Milledgeville & Baldwin County Development Authority Student Housing Revenue, 3.92%, 10/1/16, (AMBAC Insured)(a) | 5,095,000 | ||||
33,055,000 | ||||||
Idaho – 0.42% | ||||||
2,400,000 | Idaho Health Facilities Authority Revenue (St. Lukes Regional Medical Center), 4.06%, 7/1/30, (FSA Insured)(a) | 2,400,000 | ||||
Illinois – 8.66% | ||||||
9,965,000 | Chicago O’Hare International Airport Revenue, 3.91%, 1/1/33, (FGIC Insured), Callable 1/1/16 @ 100(a) | 9,965,000 | ||||
1,000,000 | Chicago Waterworks Revenue, 5.25%, 11/1/23, Prerefunded 11/1/07 @ 102 | 1,021,344 | ||||
3,000,000 | Crestwood Tax, Increment Revenue, 3.90%, 12/1/23, (LOC Fifth Third Bank)(a) | 3,000,000 | ||||
4,500,000 | De Witt Ford Etc Counties Community College District No 540, 3.92%, 6/1/15, (FSA Insured)(a) | 4,500,000 | ||||
$2,785,000 | Enhanced Return Puttable Floating Option Tax Exempt Receipts, 3.97%, 3/1/22, (MBIA Insured)(a)(b) | $ | 2,785,000 | |||
2,700,000 | Galesburg Revenue (Knox College), 3.88%, 7/1/24, (LOC LaSalle Bank)(a) | 2,700,000 | ||||
4,800,000 | Galesburg Revenue (Knox College), 3.88%, 3/1/31, (LOC LaSalle Bank)(a) | 4,800,000 | ||||
2,000,000 | Illinois Finance Authority Revenue, 3.92%, 5/15/15, (MBIA Insured)(a) | 2,000,000 | ||||
5,810,000 | Illinois Municipal Electric Agency Power Supply, 3.92%, 2/1/27, (FGIC Insured), Callable 2/1/17 @ 100(a) | 5,810,000 | ||||
6,000,000 | Puttable Floating Option Tax Exempt Receipts, 3.95%, 4/1/32, (FGIC Insured), Callable 10/1/17 @ 100(a)(b) | 6,000,000 | ||||
2,730,000 | State Development Finance Authority Revenue (Westside Health), 3.88%, 12/1/29, (LOC LaSalle Bank)(a) | 2,730,000 | ||||
4,000,000 | Will County Community Unit School District No 365 Valley View, 3.93%, 11/1/25, (MBIA Insured)(a) | 4,000,000 | ||||
49,311,344 | ||||||
Indiana – 5.31% | ||||||
4,365,000 | Danville 5/6 & 7/8 School Building Corp. Revenue, 3.92%, 1/15/27, (FSA Insured), Callable 7/15/16 @ 100(a) | 4,365,000 | ||||
3,780,000 | Eclipse Funding Trust, 3.91%, 7/1/27, (MBIA Insured), Callable 7/1/16 @ 100(a) | 3,780,000 | ||||
2,050,000 | Indiana Municipal Power Agency Supply Systems Revenue, 3.88%, 1/1/18, (LOC Dexia Credit Local)(a) | 2,050,000 |
50
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$3,240,000 | Puttable Floating Option Tax Exempt Receipts, 3.99%, 12/1/23, (FGIC Insured)(a)(b) | $ | 3,240,000 | |||
2,130,000 | State Health Facilities Finance Authority Revenue (Deaconess Hospital), 3.88%, 1/1/22, (LOC Fifth Third Bank)(a) | 2,130,000 | ||||
12,395,000 | State Hospital Equipment Financing Authority Revenue, 3.88%, 12/1/15, (MBIA Insured)(a) | 12,395,000 | ||||
2,275,000 | Vincennes University Revenue, 3.88%, 10/1/24, (LOC JP Morgan Chase Bank)(a) | 2,275,000 | ||||
30,235,000 | ||||||
Iowa – 1.92% | ||||||
2,000,000 | Iowa Higher Education Loan Authority Revenue (Loras College), 4.05%, 11/1/30, (LOC Lasalle Bank N.A.)(a) | 2,000,000 | ||||
1,770,000 | State Higher Education Authority Revenue (Palmer Chiropractic), 3.88%, 4/1/27, (LOC LaSalle Bank)(a) | 1,770,000 | ||||
5,000,000 | State School Cash Anticipation Program, Series B, 4.25%, 1/25/08, (FSA Insured) | 5,010,277 | ||||
2,150,000 | Woodbury County Educational Facilities Revenue, 3.89%, 11/1/16, (LOC U.S. Bank)(a) | 2,150,000 | ||||
10,930,277 | ||||||
Kansas – 1.13% | ||||||
1,395,000 | Olathe Health Facilities Revenue (Olathe Medical Center), 4.05%, 9/1/32, (AMBAC Insured)(a) | 1,395,000 | ||||
5,015,000 | Reno County Unified School District No 308 Hutchinson, 3.92%, 3/1/15, (MBIA Insured)(a) | 5,015,000 | ||||
6,410,000 | ||||||
Kentucky – 0.42% | ||||||
$1,300,000 | Christian County Association of County Leasing Trust Lease Program, 4.04%, 4/1/37, (LOC U.S. Bank N.A.)(a) | $ | 1,300,000 | |||
1,100,000 | Christian County Association of County Leasing Trust Lease Program, 4.04%, 8/1/37, (LOC U.S. Bank N.A.)(a) | 1,100,000 | ||||
2,400,000 | ||||||
Louisiana – 0.56% | ||||||
3,200,000 | Louisiana Public Facilities Authority Revenue, 3.86%, 4/1/36, (LOC FHLMC)(a) | 3,200,000 | ||||
Maryland – 3.86% | ||||||
21,950,000 | Montgomery County Housing Opportunities MFHR (Oakwood Apartments), 3.88%, 11/1/07, (FHLMC Insured)(a) | 21,950,000 | ||||
Michigan – 2.09% | ||||||
1,495,000 | Ecorse Public School District, 3.92%, 5/1/22, (FSA Insured), Callable 5/1/15 @ 100(a) | 1,495,000 | ||||
1,900,000 | Macomb County Hospital Finance Authority Hospital Revenue (Mount Clemens General Hospital, Inc.), 4.06%, 10/1/20, (LOC Comerica Bank)(a) | 1,900,000 | ||||
1,000,000 | Michigan State Building Authority Revenue, 3.92%, 10/15/24, (AMBAC, MBIA Insured)(a) | 1,000,000 | ||||
2,000,000 | Puttable Floating Opt Tax Exempt Receipts, 3.95%, 10/15/17, Callable 10/15/11 @ 100(a) | 2,000,000 | ||||
5,500,000 | State Strategic Fund Limited Obligation Revenue (The Edison Institute), 4.05%, 12/1/33, (LOC Comerica Bank)(a) | 5,500,000 | ||||
11,895,000 | ||||||
51
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Minnesota – 4.05% | ||||||
$8,035,000 | Burnsville Multifamily Revenue (Southwind Apartments Project), 3.88%, 1/1/35, (FHLMC Insured)(a) | $ | 8,035,000 | |||
1,290,000 | Higher Education Facilities Authority Revenue (Olaf College), 4.05%, 10/1/32, (LOC Harris Trust)(a) | 1,290,000 | ||||
4,995,000 | Inver Grove Heights Senior Housing Revenue, 3.88%, 5/15/35, (FNMA Insured)(a) | 4,995,000 | ||||
720,000 | Minneapolis Revenue (Catholic Charities Projects), 3.88%, 11/1/16, (LOC Wells Fargo Bank)(a) | 720,000 | ||||
1,200,000 | Minnetonka MFHR (Minnetonka Hills Apartments), 3.88%, 11/15/31, (FNMA Insured)(a) | 1,200,000 | ||||
4,465,000 | Oak Park Heights MFHR (Boutwells Landing), 3.88%, 11/1/35, (FHLMC Insured)(a) | 4,465,000 | ||||
1,345,000 | Spring Lake Park Senior Housing Revenue (Noah’s Ark Affordable Housing), 3.88%, 2/15/33, (FNMA Insured)(a) | 1,345,000 | ||||
1,000,000 | St Paul Port Authority District Cooling Revenue (District Cooling St. Paul, Inc.), 3.85%, 3/1/24, (LOC Dexia Credit Local)(a) | 1,000,000 | ||||
23,050,000 | ||||||
Mississippi – 2.18% | ||||||
6,800,000 | Mississippi Business Finance Commission Gulf Opportunity Zone (SG Resources Mississippi LLC), 3.87%, 5/1/32, (LOC Suntrust Bank)(a) | 6,800,000 | ||||
5,620,000 | Mississippi Business Finance Corp. Revenue (Jackson Academy, Inc.), 3.88%, 8/1/25, (LOC AmSouth Bank)(a) | 5,620,000 | ||||
12,420,000 | ||||||
Missouri – 3.60% | ||||||
$4,000,000 | Independence IDA MFHR (Mansions Project), 3.86%, 8/1/35, (FHLMC Insured)(a) | $ | 4,000,000 | |||
8,475,000 | Missouri Joint Municipal Electric Utility Commission Power Project Revenue, 3.92%, 1/1/34, (AMBAC Insured), Callable 1/1/16 @ 100(a) | 8,475,000 | ||||
2,580,000 | Missouri State Development Finance Board Lease Revenue, 4.05%, 6/1/33, (LOC U.S. Bank N.A.)(a) | 2,580,000 | ||||
1,000,000 | Puttable Floating Option Tax Exempt Receipts, 3.99%, 4/1/27, (XLCA Insured)(a)(b) | 1,000,000 | ||||
4,410,000 | SCA Tax Exempt Trust, 3.96%, 1/1/30, (FSA Insured)(a)(b) | 4,410,000 | ||||
20,465,000 | ||||||
Nebraska – 0.23% | ||||||
1,290,000 | Omaha Convention Hotel Corp. Revenue, 3.92%, 2/1/35, (AMBAC Insured), Callable 2/1/17 @ 100(a) | 1,290,000 | ||||
New Jersey – 0.75% | ||||||
4,295,000 | New Jersey Health Care Facilities Financing Authority Revenue, 3.89%, 7/1/23, (FGIC Insured), Callable 11/13/07 @ 100(a) | 4,295,000 | ||||
North Carolina – 1.72% | ||||||
5,775,000 | North Carolina Medical Care Commission Health Care Facilities Revenue (Angel Medical Center, Inc.), 3.89%, 4/1/31, (LOC Wachovia Bank N.A.)(a) | 5,775,000 | ||||
4,000,000 | North Carolina Medical Care Commission Hospital Revenue (Iredell Memorial Hospital, Inc., Brookdale & Hartness Road Statesville, NC), 4.10%, 10/1/37, (LOC Bank of America N.A.)(a) | 4,000,000 | ||||
9,775,000 | ||||||
52
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Ohio – 3.41% | ||||||
$6,000,000 | Clinton County Airport Facilities Revenue, 3.89%, 6/1/11, (LOC Wachovia Bank)(a) | $ | 6,000,000 | |||
5,325,000 | Deutsche Bank Spears/Lifers Trust Various States, 3.95%, 1/1/22, (FSA Insured), Callable 1/1/17 @ 100(a) | 5,325,000 | ||||
1,000,000 | Lucas County Bond Anticipation Notes, 3.60%, 10/10/07 | 1,000,019 | ||||
6,655,000 | Puttable Floating Option Tax-Exempt Receipts, 3.95%, 2/15/11, (FSA Insured)(a) | 6,655,000 | ||||
445,000 | Warren County Health Care Facilities Revenue (Otterbein Homes Project), 3.86%, 7/1/23, (LOC Fifth Third Bank)(a) | 445,000 | ||||
19,425,019 | ||||||
Oklahoma – 0.86% | ||||||
4,900,000 | Payne County Economic Development Authority Student Housing Revenue, 3.88%, 7/1/32, (AMBAC Insured)(a) | 4,900,000 | ||||
Pennsylvania – 2.71% | ||||||
1,065,000 | Allegheny County Industrial Development Authority Revenue (Oakland Catholic High School), 3.88%, 6/1/38, (LOC PNC Bank N.A.)(a) | 1,065,000 | ||||
1,975,000 | Chester County Industrial Development Authority Revenue (Archdiocese of Philadelphia), 4.12%, 7/1/31, (LOC Wachovia Bank N.A.)(a) | 1,975,000 | ||||
4,150,000 | Lancaster County Convention Center Authority Hotel Room Rent Tax Revenue, 3.87%, 3/1/47, (LOC Wachovia Bank N.A.)(a) | 4,150,000 | ||||
2,210,000 | Pittsburgh Water & Sewer Authority Revenue, 3.91%, 12/1/27, (AMBAC Insured), Callable 6/1/12 @ 100(a) | 2,210,000 | ||||
$6,000,000 | Wilkes-Barre Finance Authority College Revenue, 3.88%, 5/1/37, (LOC PNC Bank)(a) | $ | 6,000,000 | |||
15,400,000 | ||||||
Rhode Island – 0.56% | ||||||
3,200,000 | State Health & Educational Building Corp. Revenue, 3.90%, 6/1/37, (LOC Bank of America)(a) | 3,200,000 | ||||
South Carolina – 0.26% | ||||||
1,500,000 | Charleston County Hospital Facilities Revenue (Carealliance Health Services), 4.10%, 8/15/30, (LOC Bank of America N.A.)(a) | 1,500,000 | ||||
Tennessee – 2.71% | ||||||
4,500,000 | Pulaski & Giles County Industrial Development Board Revenue, 3.89%, 1/1/24, (LOC AmSouth Bank)(a) | 4,500,000 | ||||
10,915,000 | Shelby County Health Educational & Housing Facilities Board Residential Care, 3.87%, 12/1/13, (LOC BNP Paribas)(a) | 10,915,000 | ||||
15,415,000 | ||||||
Texas – 12.35% | ||||||
2,385,000 | Aldine Independent School District, 3.92%, 2/15/15, (PSF-Guaranteed)(a) | 2,385,000 | ||||
3,030,000 | Bexar County Housing Finance Corp., 3.85%, 2/15/30, (FNMA Insured)(a) | 3,030,000 | ||||
3,890,000 | Colony, 3.92%, 8/15/15, (XLCA Insured)(a) | 3,890,000 | ||||
3,855,000 | Crawford Educational Facilities Revenue (Woodlands Academy), 3.90%, 6/1/18, (LOC U.S. Bank)(a) | 3,855,000 | ||||
3,000,000 | Del Valle Independent School District, 3.92%, 8/15/14, (PSF-Guaranteed)(a) | 3,000,000 | ||||
5,320,000 | Houston, 3.92%, 3/1/13, (AMBAC Insured)(a) | 5,320,000 |
53
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$12,000,000 | Houston Water & Sewer System Revenue, 5.40%, 12/1/23, (FGIC Insured) | $ | 12,270,630 | |||
845,000 | North Central Texas Health Facility Development Corp. Revenue (Methodist Hospitals of Dallas), 4.05%, 10/1/15, (MBIA Insured)(a) | 845,000 | ||||
6,070,000 | Panhandle Independent School District, 3.92%, 8/15/15, (PSF-Guaranteed)(a) | 6,070,000 | ||||
4,830,000 | Puttable Floating Option Tax-Exempt Receipts, 3.99%, 3/1/22, (FSA Insured), Callable 3/1/17 @ 100(a) | 4,830,000 | ||||
4,525,000 | Puttable Floating Option Tax-Exempt Receipts, 3.99%, 2/15/25, (PSF-Guaranteed), Callable 2/15/17 @ 100(a) | 4,525,000 | ||||
17,500,000 | Texas St Research Division, 4.50%, 8/28/08 | 17,627,043 | ||||
2,635,000 | Victoria Independent School District, 3.92%, 2/15/15, (PSF-Guaranteed)(a) | 2,635,000 | ||||
70,282,673 | ||||||
Utah – 1.11% | ||||||
2,800,000 | Duchesne School District Municipal Building Authority Lease Revenue, 3.89%, 6/1/21, (LOC U.S. Bank)(a) | 2,800,000 | ||||
1,600,000 | Emery County Pollution Control Revenue (Pacificorp), 4.04%, 11/1/24, (AMBAC Insured)(a) | 1,600,000 | ||||
805,000 | Sanpete County School Facilities Revenue (Wasatch Academy), 3.89%, 8/1/28, (LOC U.S. Bank)(a) | 805,000 | ||||
1,090,000 | Utah Transit Authority Sales Tax Revenue, 4.01%, 6/15/36, (LOC Fortis Bank SA/NV)(a) | 1,090,000 | ||||
6,295,000 | ||||||
Vermont – 0.69% | ||||||
$3,915,000 | Vermont Municipal Bond Bank, 3.92%, 12/1/26, (FSA Insured), Callable 12/1/17 @ 100(a) | $ | 3,915,000 | |||
Virginia – 2.55% | ||||||
14,500,000 | Virginia Small Business Financing Authority Healthcare Facilities Revenue (Friendship Health & Rehab Center, Inc.), 3.89%, 7/1/22, (LOC Wachovia Bank N.A.)(a) | 14,500,000 | ||||
Washington – 1.55% | ||||||
5,005,000 | Grant County Public Utility, 3.92%, 1/1/37, (MBIA Insured), Callable 1/1/17 @ 100(a) | 5,005,000 | ||||
300,000 | Richland Golf Enterprise Revenue, 3.88%, 12/1/21, (LOC Bank of America)(a) | 300,000 | ||||
2,490,000 | Seattle Housing Authority Low Income Housing Assistance Revenue, 3.87%, 12/1/24, (LOC Wells Fargo Bank)(a) | 2,490,000 | ||||
1,025,000 | State Housing & Finance Commission Nonprofit Revenue (Annie Wright School), 3.95%, 12/1/23, (LOC Bank of America)(a) | 1,025,000 | ||||
8,820,000 | ||||||
West Virginia – 0.36% | ||||||
2,068,500 | West Virginia Water Development Authority Revenue, 3.91%, 11/1/35, (FSA Insured), Callable 11/1/15 @ 100(a) | 2,068,500 | ||||
Wisconsin – 2.73% | ||||||
6,640,000 | Green Bay Water Systems Revenue, 3.99%, 11/1/29, (FSA Insured), Callable 11/1/19 @ 100(a) | 6,640,000 | ||||
3,000,000 | School District Cash Flow Management Program, Certificate of Participation, Series B, 4.25%, 11/1/07 | 3,001,825 |
54
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Institutional Tax-Free Money Market Fund (cont.)
Principal Amount | Value | |||||
---|---|---|---|---|---|---|
$2,175,000 | State Municipalities Private School Finance Commission Revenue (Fox Valley Lutheran High School), 3.90%, 3/1/23, (LOC U.S. Bank)(a) | $ | 2,175,000 | |||
2,200,000 | Wisconsin Health & Educational Facilities Authority Revenue (Aurora Health Care Metro, Inc.), Series C, 4.05%, 4/1/28, (LOC Marshall & Ilsley)(a) | 2,200,000 | ||||
1,500,000 | Wisconsin State, 3.99%, 5/1/10, (FGIC Insured)(a) | 1,500,000 | ||||
15,516,825 | ||||||
Wyoming – 0.84% | ||||||
$4,800,000 | Sweetwater County Pollution Control Revenue (Pacificorp), 3.88%, 7/1/15, (LOC Barclays Bank PLC)(a) | $ | 4,800,000 | |||
Total Municipal Bonds (Cost $559,404,638) | 559,404,638 | |||||
Shares or Principal Amount | Value | |||||
Commercial Paper – 1.07% | ||||||
Florida – 1.07% | ||||||
6,100,000 | Cape Coral, 3.72%, 1/10/08, (LOC Bank of America) | 6,100,000 | ||||
Total Commercial Paper (Cost $6,100,000) | 6,100,000 | |||||
Investment Companies – 0.23% | ||||||
1,275,866 | Federated Tax Exempt Money Market Fund | 1,275,866 | ||||
Total Investment Companies (Cost $1,275,866) | 1,275,866 | |||||
Total Investments (Cost $566,985,504) (c) – 99.59% | 566,780,504 | |||||
Other assets in excess of liabilities – 0.41% | 2,337,187 | |||||
NET ASSETS – 100.0% | $ | 569,117,691 | ||||
(a) Variable rate security. The rate reflected in the Schedule of Portfolio Investments is the rate in effect on September 30, 2007. The maturity date represents the actual maturity date. Securities’ effective maturity resets on a weekly or monthly basis.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Security has been deemed to be liquid based on procedures approved by the Board of Trustees.
(c) Tax cost of securities is equal to book cost of securities.
Abbreviations used are defined below:
AMBAC – Insured by American Municipal Bond Insurance Assurance Corp.
FGIC – Insured by Financial Guaranty Insurance Co.
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
FSA – Insured by Federal Financial Security Assurance
GO – General Obligation
IDA – Industrial Development Agency
IDR – Industrial Development Revenue
LLC – Limited Liability Co.
LOC – Line Letter of Credit
LP – Limited Partnership
MBIA – Insured by Municipal Bond Insurance Organization Association
MFHR – Multi-Family Housing Revenue
PLC – Public Liability Co.
PSF – Permanent School Fund
XLCA – XL Capital Assurance
See notes to financial statements.
55
SCHEDULE OF PORTFOLIO INVESTMENTS
Tamarack Treasury Plus Money Market Fund
September 30, 2007
Shares or Principal Amount | Value | |||||
---|---|---|---|---|---|---|
Repurchase Agreement – 99.51% | ||||||
$2,000,000 | Morgan Stanley dated 9/28/07; due 10/1/07 at 3.95% with maturity value of $2,000,658 (fully collateralized by U.S. Treasury Note with maturity date of 1/15/11 at rate of 4.25%) | $ | 2,000,000 | |||
Total Repurchase Agreement (Cost $2,000,000) | 2,000,000 | |||||
Investment Companies – 1.42% | ||||||
28,614 | Wells Fargo Prime Investment Money Market Fund | 28,614 | ||||
Total Investment Companies (Cost $28,614) | 28,614 | |||||
Total Investments (Cost $2,028,614) (a) – 100.9% | 2,028,614 | |||||
Liabilities in excess of other assets – (0.9)% | (18,753 | ) | ||||
NET ASSETS – 100.0% | $ | 2,009,861 | ||||
(a) Tax cost of securities is equal to book cost of securities.
See notes to financial statements.
56
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of Tamarack Funds Trust:
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Prime Money Market Fund, U.S. Government Money Market Fund, Tax-Free Money Market Fund, Institutional Prime Money Market Fund, Institutional Tax-Free Money Market Fund and Treasury Plus Money Market Fund [six of the portfolios constituting the Tamarack Funds Trust (the “Funds”)] as of September 30, 2007, and the related statements of operations for the year then ended. We have audited the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period ended September 30, 2007, for the period from August 1, 2004 through September 30, 2004, and for the years ended July 31, 2004 and July 31, 2003 for Prime Money Market Fund, U.S. Government Money Market Fund, Tax-Free Money Market Fund, Institutional Prime Money Market Fund, and Institutional Tax-Free Money Market Fund. We have audited the statement of changes in net assets and financial highlights for each of the two periods in the period ended September 30, 2007 for Treasury Plus Money Market Fund. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, audits of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2007, by correspondence with the custodian and brokers. 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 each of the portfolios of the Tamarack Funds Trust referred to above as of September 30, 2007, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the respective stated periods, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Chicago, Illinois
November 28, 2007
57
Independent Trustees(1)
T. Geron Bell (66)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President of Twins Sports, Inc. (parent company of the Minnesota Twins) (2002-present); prior thereto President of the Minnesota Twins Baseball Club Incorporated (1987-present); Director, Great Hall Investment Funds, Inc. (1993-2004); Trustee, J&B Funds (2003-2004); Director, Babson Funds (2003-2004).
Number of Portfolios in Fund Complex Overseen: 15
Lucy Hancock Bode (56)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Healthcare consultant; Director, RBC Funds (1994-2004).
Number of Portfolios in Fund Complex Overseen: 15
Leslie H. Garner Jr. (57)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President, Cornell College; Director, RBC Funds (1994-2004).
Number of Portfolios in Fund Complex Overseen: 15
Ronald James (56)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, Center for Ethical Business Cultures (2000-present); Director, Great Hall Investment Funds, Inc. (1993-2004); Trustee, J&B Funds (2003-2004); Director, Babson Funds (2003-2004).
Number of Portfolios in Fund Complex Overseen: 15
John A. MacDonald (58)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Chief Investment Officer, Hall Family Foundation; Trustee, J&B Funds (2001-2004).
Number of Portfolios in Fund Complex Overseen: 15
H. David Rybolt (65)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Consultant, HDR Associates (management consulting); Director, Babson Funds (1992-2004).
Number of Portfolios in Fund Complex Overseen: 15
James R. Seward (54)
Position Held with Fund: Trustee; Since January, 2004
Principal Occupation(s) During Past 5 Years: Private investor (2000-present); Trustee, J&B Funds (2001-2004); CFA.
Number of Portfolios in Fund Complex Overseen: 15
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
58
MANAGEMENT (Unaudited)
Independent Trustees(1)
William B. Taylor (62)
Position Held with Fund: Trustee; Since September, 2005
Principal Occupation(s) During Past 5 Years: Consultant (2003-present); Partner (until 2003) Ernst & Young LLP.
Number of Portfolios in Fund Complex Overseen: 15
Interested Trustees(1)
Erik R. Preus (42)
Position Held with Fund: Trustee; Since September, 2005
Principal Occupation(s) During Past 5 Years: President and CEO, Tamarack Funds (2006 to present); Head of Retail Asset Management, Voyageur Asset Management (2006-present); Director, President and Chief Executive Officer, Tamarack Distributors Inc. (2005-present); Chief Operating Officer, Voyageur Asset Management (2005-2006); Director, Investment Counseling Services, RBC Dain Rauscher (2004-2005); Director, Voyageur Advisory Services, Voyageur Asset Management (2003-2004); Senior Vice President, Divisional Sales Manager, PIMCO Allianz Investments and its predecessor firm, Nicholas Applegate (2001-2003).
Number of Portfolios in Fund Complex Overseen: 15
Executive Officers(1)
Erik R. Preus (42)
Position Held with Fund: President and Chief Executive Officer; Since September, 2006
Principal Occupation(s) During Past 5 Years: Head of Retail Asset Management, Voyageur Asset Management (2006-present); Director, President and Chief Executive Officer, Tamarack Distributors Inc. (2005-present); Chief Operating Officer, Voyageur Asset Management (2005-2006); Director, Investment Counseling Services, RBC Dain Rauscher (2004-2005); Director, Voyageur Advisory Services, Voyageur Asset Management (2003-2004); Senior Vice President, Divisional Sales Manager, PIMCO Allianz Investments and its predecessor firm, Nicholas Applegate (2001-2003).
David P. Lux (52)
Position Held with Fund: Chief Financial Officer; Since September, 2005
Principal Occupation(s) During Past 5 Years: Treasurer, Tamarack Funds (2005 to 2007); Vice President and Director, Mutual Funds, Voyageur Asset Management (2006-present); Director, Tamarack Distributors Inc. (2006-present); Controller, Tamarack Funds (2004-2005); Vice President and Mutual Funds Finance Manager, Voyageur Asset Management (2004-2006); Senior Financial Analyst, Voyageur Asset Management (2003-2004); Senior Financial Analyst, RBC Dain Rauscher (1995-2003).
James A. Gallo (43)
Address: PFPC Inc., 760 Moore Road, King of Prussia, PA 19406
Position Held with Fund: Treasurer Since September, 2007
Principal Occupation(s) During Past 5 Years: Senior Vice President and Managing Director, Fund Accounting and Administration, PFPC Inc. (2002-Present).
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
59
MANAGEMENT (Unaudited)
Executive Officers(1)
Kathleen A. Gorman (43)
Position Held with Fund: Chief Compliance Officer Since April, 2006; and Assistant Secretary Since September, 2006
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, Voyageur Asset Management (2006-present); Director, Asset Management Compliance, RiverSource Investments (2004-2006); Senior Compliance Officer, U.S. Bancorp Asset Management (1994-2004).
Martin A. Cramer (57)
Position Held with Fund: AML Compliance Officer and Privacy Officer; Since January, 2004 and Vice President since September 2006
Principal Occupation(s) During Past 5 Years: Vice President and Mutual Fund Administration Manager, Voyageur Asset Management (2003-present); Vice President, Tamarack Distributors Inc. (2007-present); Senior Compliance Officer, Tamarack Funds (2006-2007); Chief Compliance Officer, Tamarack Funds (2004-2006); Legal and Regulatory Affairs Vice President, Compliance Officer and Secretary, J&B (mutual fund management and distribution company) (1993-2003); Vice President, Assistant Secretary, Compliance Officer and AML Compliance Officer (2003-2004)(2), and formerly, Vice President, Compliance Officer and Secretary, Buffalo Fund Complex (1994-2003) and Secretary, Gold Bank Funds(3) (2001-2003).
Monica P. Ballard (38)
Position Held with Fund: Secretary and Chief Legal Officer; Since September, 2005
Principal Occupation(s) During Past 5 Years: Vice President and Senior Associate General Counsel, RBC Dain Rauscher (2004 to present); Counsel, Allianz Life (2002 to 2004); Associate Counsel, American Express Financial Advisors (1996 to 2002).
Gordon Telfer (41)
Position Held with Fund: Portfolio Strategist; Since March, 2004
Principal Occupation(s) During Past 5 Years: Senior Portfolio Manager, Voyageur Asset Management (2004-present); Managing Director, Voyageur Asset Management (2007-Present); Vice President, Voyageur Asset Management (2004–2007); Senior Portfolio Manager, Alliance Capital Management (2000-2003); Senior Vice President, Global Strategist, Scudder Kemper Investments (1997-2000).
Nancy M. Scinto (48)
Position Held with Fund: Chief Investment Officer, Equity Products; Since January, 2004
Principal Occupation(s) During Past 5 Years: Director of Research, Voyageur Asset Management (2003-present); Managing Director, Voyageur Asset Management (1999–present).
John M. Huber (39)
Position Held with Fund: Chief Investment Officer, Fixed Income Products; Since February, 2005
Principal Occupation(s) During Past 5 Years: Chief Investment Officer, Fixed Income, Voyageur Asset Management (2004-present); Principal and Senior Portfolio Manager, Galliard Capital Management (1995-2004).
(1) | Unless otherwise specified, the address of each trustee/officer is Tamarack Funds, 100 South Fifth Street, Suite 2300, Minneapolis, Minnesota 55402. |
(2) | Great Hall Investment Funds, Inc., J&B Funds, Babson Enterprise Fund, Inc., Babson Enterprise Fund II, Inc., Babson- Stewart Ivory International Fund, Inc., Babson Value Fund, Inc., David L. Babson Growth Fund, Inc., D.L. Babson Bond Trust, D.L. Babson Money Market Fund, Inc., D.L. Babson Tax-Free Income Fund, Inc., Shadow Stock Fund, Inc., and Investors Mark Series Fund, Inc. |
(3) | The Buffalo Fund Complex consists of Buffalo Balanced Fund, Inc., Buffalo Large Cap Fund, Inc., Buffalo High Yield Fund, Inc., Buffalo Small Cap Fund, Inc., Buffalo USA Global Fund, Inc., and the Buffalo Funds, which is a series fund consisting of Buffalo Science & Technology Fund and Buffalo Mid Cap Fund. Gold Bank Funds is a series fund consisting of Gold Bank Equity and Gold Bank Money Market Fund. |
The Funds’ Statement of Additional Information includes information about the Funds’ Trustees. To receive your free copy of the Statement of Additional Information, call toll free: 1-800-422-2766.
60
SUPPLEMENTAL INFORMATION (Unaudited)
Shareholder Expense Examples
As a shareholder of the Tamarack Funds, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Tamarack Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2007 through September 30, 2007.
Actual Expenses and Performance
The table below provides information about actual account values and actual expenses. You may use the information below, 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 table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning Account Value 4/1/07 | Ending Account Value 9/30/07 | Expenses Paid During Period* 4/1/07 - 9/30/07 | Annualized Expense Ratio During Period 4/1/07 - 9/30/07 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Prime Money Market Fund | $ | 1,000.00 | $ | 1,023.30 | $ | 4.06 | 0.80 | % | ||||||||||
U.S. Government Money Market Fund | 1,000.00 | 1,022.80 | 3.75 | 0.74 | % | |||||||||||||
Tax-Free Money Market Fund | 1,000.00 | 1,015.30 | 3.54 | 0.70 | % | |||||||||||||
Institutional Prime Money Market Fund | 1,000.00 | 1,026.00 | 1.37 | 0.27 | % | |||||||||||||
Institutional Tax-Free Money Market Fund | 1,000.00 | 1,017.40 | 1.47 | 0.29 | % | |||||||||||||
Treasury Plus Money Market Fund | 1,000.00 | 1,024.70 | 0.17 | 0.20 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one-half year period). |
61
SUPPLEMENTAL INFORMATION (Unaudited)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Tamarack Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Beginning Account Value 4/1/07 | Ending Account Value 9/30/07 | Expenses Paid During Period* 4/1/07 - 9/30/07 | Annualized Expense Ratio During Period 4/1/07 - 9/30/07 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Prime Money Market Fund | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||
U.S. Government Money Market Fund | 1,000.00 | 1,021.36 | 3.75 | 0.74 | % | |||||||||||||
Tax-Free Money Market Fund | 1,000.00 | 1,021.56 | 3.55 | 0.70 | % | |||||||||||||
Institutional Prime Money Market Fund | 1,000.00 | 1,023.71 | 1.37 | 0.27 | % | |||||||||||||
Institutional Tax-Free Money Market Fund | 1,000.00 | 1,023.61 | 1.47 | 0.29 | % | |||||||||||||
Treasury Plus Money Market Fund | 1,000.00 | 1,024.07 | 1.01 | 0.20 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one-half year period). |
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64
Performance data represents past performance and does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
This report and the financial statements contained herein are provided for the information of Tamarack Funds shareholders. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus, which contains information concerning investment objectives, risks, charges and expenses of the funds. Please read the prospectus carefully before investing.
This report and the financial statements contained herein are not intended to be a forecast of future events, a guarantee of future results, or investment advice. There is no assurance that certain securities will remain in or out of each fund’s portfolio. The views expressed in this report reflect those of the portfolio managers through the period ended September 30, 2007.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Voyageur Asset Management serves as investment adviser for the Tamarack Funds. RBC Dain Rauscher Inc. is the distributor for all of the Tamarack Money Market Funds except for the Treasury Plus Money Market Fund. The Treasury Plus Money Market Fund is distributed by Tamarack Distributors Inc., member FINRA.
Tamarack Funds
P.O. Box 219757
Kansas City, MO 64121-9757
800-422-2766
www.voyageur.net
The Tamarack Funds are pleased to offer shareholder
reports printed entirely on Forest Stewardship Council certified paper.
FSC certification ensures that the paper used in this report contains
fiber from well-managed and responsibly harvested forests that
meet strict environmental and socioeconomic standards.
TF-MM AR 9-07
Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.
(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.
Item 3. Audit Committee Financial Expert.
3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.
3(a)(2) The audit committee financial expert is William B. Taylor, who is “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
|
| Current Year |
| Previous Year |
| ||
(a) Audit Fees |
| $ | 328,600 |
| $ | 325,000 |
|
(b) Audit-Related Fees |
|
| 111,650 |
|
| 106,100 |
|
(c) Tax Fees |
|
| 70,000 |
|
| 66,400 |
|
(d) All Other Fees |
|
| 0 |
|
| 0 |
|
Audit-related fees for both years relate to the mid-year review of the semi-annual report. Tax fees for both years relate to the review of the registrant’s tax returns. Amount requiring approval of the registrant’s audit committee is $0 and $0, respectively.
e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
The Audit Committee (“Committee”) shall review and approve in advance any proposal (except as set forth in (1) through (3)below) that the Funds employ their auditor to render “permissible non-audit services” to the Funds. (A “permissible non-audit service” is defined as a non-audit service that is not prohibited by Rule 2-01(c)(4) of Regulation S-X or other applicable law or regulation.) The Committee shall also review and approve in advance any proposal (except as set forth in(1) through (3) below) that the Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds (an “Adviser-affiliated service provider”), employ the Funds’ auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the Funds. As a part of its review, the Committee shall consider whether the provision of such services is consistent with the auditor’s independence. (See also “Delegation” below.)
Pre-approval by the Committee of non-audit services is not required so long as:
(1) (A) with respect to the Funds, the aggregate amount of all such permissible non-audit services provided to the Funds constitutes no more than 5% of the total amount of revenues paid to the auditor by the Funds during the fiscal year in which the services are provided;
(B) with respect to the Adviser and any Adviser-affiliated service provider, the aggregate amount of all such non-audit services provided constitutes no more than 5% of the total amount of revenues (of the type that would have to be pre-approved by the Committee) paid to the auditor by the Funds, the Adviser and any Adviser-affiliated service provider during the fiscal year in which the services are provided;
(2) such services were not recognized by the Funds at the time of the engagement to be non-audit services; and
(3) such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or its Delegate(s) (as defined below).
(c) Delegation
The Committee may delegate to one or more of its members (“Delegates”) authority to pre-approve the auditor’s provision of audit services or permissible non-audit services to the Funds, or the provision of non-audit services to the Adviser or any Adviser-affiliated service provider. Any pre-approval determination made by a Delegate shall be presented to the full Committee at its next meeting. The Committee shall communicate any pre-approval made by it or a Delegate to the Sub-Administrator, who will ensure that the appropriate disclosure is made in the Funds’ periodic reports and other documents as required under the federal securities laws.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
| 4 (b) |
| 2006 | 100% |
| 2007 | 100% |
Amount requiring approval of the registrant’s audit committee is 100%and 100%, respectively.
| 4 (c) |
| 2006 | 100% |
| 2007 | 100% |
Amount requiring approval of the registrant’s audit committee is 100% and 100%, respectively.
| 4 (d) |
| 2006 | 100% |
| 2007 | 100% |
Amount requiring approval of the registrant’s audit committee is 100% and 100%, respectively.
(f) | Not applicable. |
(g) | 2006 | $0 |
| 2007 | $0 |
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the 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)
The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Tamarack Funds Trust |
By (Signature and Title)* | /s/ Erik R. Preus |
| Erik R. Preus, President and Chief Executive Officer |
Date | December 4, 2007 |
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 (Signature and Title)* | /s/ Erik R. Preus |
| Erik R. Preus, President and Chief Executive Officer |
Date | December 4, 2007 |
By (Signature and Title)* | /s/ David P. Lux |
| David P. Lux, Chief Financial Officer and Treasurer |
Date | December 4, 2007 |
* Print the name and title of each signing officer under his or her signature.