-------------------------------------
OMB APPROVAL
OMB Number: 3235-0570
Expires: October 31, 2006
Estimated average burden
hours per response. . . . . . .19.3
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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 S. Fifth Street, Suite 2300, Minneapolis, MN 55402-1240_______
(Address of principal executive offices) (Zip code)
_______________BISYS Fund Services, 3435 Stelzer Road, Columbus, OH 43219_______
(Name and address of agent for service)
Registrant's telephone number, including area code:___(614) 470-8000____________
Date of fiscal year end:__7/31/04________________________
Date of reporting period:__7/31/04______________________
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Include a copy of the report transmitted to stockholders pursuant to
Rule 30e-1 under the Act (17 CFR 270.30e-1).
TAMARACK FUNDS
Annual Report July 31, 2004
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
[TAMARACK LOGO]
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Tamarack Funds
- --------------------------------------------------------------------------------
ABOUT YOUR ANNUAL REPORT
This annual report includes detailed information regarding your Funds'
performance. This report is provided to help answer your questions as a
shareholder. Among these questions may be: What are the annual expenses of my
Fund? What are the significant accounting policies and procedures followed by
my Fund?
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.tamarackfunds.com.
A description of the policies and procedures that the Fund uses to determine
how to vote proxies relating to portfolio securities is available (i) on the
Fund's website at www.tamarackfunds.com; and (ii) on the Commission's website
at http://www.sec.gov.
Information regarding how the Fund voted proxies relating to portfolio
securities during the most recent 12-month period ended July 31 is available
(i) on the Fund's website at www.tamarackfunds.com; and (ii) on the Securities
and Exchange Commission's ("Commission") website at http://www.sec.gov.
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Shareholder Letter ........................................................ 1
Letter from the CIO of Fixed Income ....................................... 2
Financial Statements
- - Statements of Assets and Liabilities .................................... 4
- - Statements of Operations ................................................ 6
- - Statements of Changes in Net Assets ..................................... 8
Financial Highlights ...................................................... 13
Notes to Financial Statements ............................................. 18
Schedule of Portfolio Investments ......................................... 23
Report of Independent Registered Public Accounting Firm ................... 52
Management ................................................................ 53
Supplemental Information .................................................. 56
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SHAREHOLDER LETTER
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To Our Shareholders
- --------------------------------------------------------------------------------
On April 16th, 2004, the reorganization into the new Tamarack Funds Trust of the
former Great Hall Money Market Funds was completed after being approved by you
and your fellow shareholders. The new Tamarack Funds, which include 17 separate
portfolios (fixed income, equity and money market)* also have a new year-end of
September 30th. You may, therefore, be wondering why we are sending you a report
with information including only the five former Great Hall Funds (Prime, U.S.
Government, Tax-Free, Institutional Prime and Institutional Tax-Free) with
financial statements audited as of the former Great Hall Funds year-end of July
31st. We did not want to let 14 months pass between the annual audited financial
statements we make available to you our shareholders. Therefore, we are
providing to you an annual report one final time as of the former Great Hall
Funds July 31st year-end. You will also receive another report in approximately
two months audited as of the new September 30th year-end. In the future you may
then expect to receive regularly scheduled semi-annual and annual reports dated
March 31 and September 30 for the Tamarack Funds.
As part of the reorganization, shareholders of the former Babson Money Market
Funds approved the merger of their fund into the Prime Fund, adding almost $27
million in assets to the Prime Fund during April 2004. Despite this increase,
throughout the twelve-month period ended July 31, 2004 U.S. interest rates were
at historic lows, resulting in a decline in assets across all of the funds as
investors sought higher yields in other fixed income or equity investments.
Our first priority is managing your investment in the Tamarack Funds in
accordance with the strict standards required for money market funds and
carefully balancing credit quality and investment returns. We know that no
matter what the dollar balance in your Tamarack Funds shareholder account, these
assets are an important part of your overall investments. We appreciate and
value the trust you have placed in us and will continue our efforts to provide
you with solid risk-balanced returns.
Sincerely,
/s/ Jennifer Lammers
Jennifer Lammers
President, Tamarack Funds
*TO REDUCE THE SIZE AND COMPLEXITY OF EACH ANNUAL REPORT, AND HOPEFULLY MAKE
THEM EASIER FOR YOU AS A SHAREHOLDER TO USE, WE HAVE DIVIDED THE TAMARACK FUNDS
INTO THREE GROUPS FOR ANNUAL AND SEMI-ANNUAL REPORTING AS WELL AS PROSPECTUSES.
FOR INFORMATION ON OTHER FUNDS IN THE TAMARACK FAMILY, PLEASE VISIT OUR WEBSITE
AT WWW.TAMARACKFUNDS.COM
1
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TAMARACK MONEY MARKET FUNDS
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Letter from the CIO of Fixed Income
- --------------------------------------------------------------------------------
MARKET COMMENTARY
Short-term interest rates were very low during the twelve month period ended
July 31, 2004. The Federal Reserve kept the fed funds rate, which is the rate
at which banks lend each other money overnight, at 1.00% throughout most of the
period. This was its lowest level in over 40 years. At the end of June the Fed
raised the rate to 1.25%. The Fed considered these low rates to be highly
stimulative to the economy, and set them at these levels in order to prevent
the possibility of deflation. Now that the economy has gained some strength and
the risk of deflation has waned, the Fed believes it should make monetary
policy less accommodative. It has stated that it will implement this by raising
short-term interest rates at a "measured" pace. Since July 31st, the Fed has
raised interest rates by 0.25% two more times, reaching 1.75% in late
September.
Money market funds invest in high quality, short-term debt obligations that
have an average maturity of less than 90 days. The yields on these obligations
generally closely follow the fed funds rate. Therefore, the yield on the
Tamarack Money Market Funds began to rise in the later part of the twelve-month
period in anticipation of the Federal Reserve action.
- --------------------------------------------------------------------------------
OUTLOOK
The Fed has indicated that it wants to continue reducing the stimulative
monetary policy to be closer to what it considers to be a neutral policy
stance. Therefore, money market interest rates are expected to rise somewhat
more in the coming year. The amount and timing of the increases will be
dependent on the performance of the economy. If the economy shows more rapid
growth or if inflation starts to accelerate, the Fed will raise rates higher
and faster than if the economy is slow. If the economy is sluggish, the Fed
will likely slow or stop raising interest rates.
/s/ Raye C. Kanzenbach
Raye C. Kanzenbach
Chief Investment Officer, Fixed Income Funds
Tamarack Funds
2
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This Page Intentionally Left Blank
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3
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FINANCIAL STATEMENTS
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Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
JULY 31, 2004
TAMARACK TAMARACK TAMARACK
PRIME U.S. GOVERNMENT TAX-FREE
MONEY MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND
-------------- --------------- --------------
ASSETS:
Investments, at market value
(cost $7,836,989,800;
$938,057,884 and
$1,016,482,037, respectively) $7,836,989,800 $938,057,884 $1,016,482,037
Cash 45,371 5,619 1,673,920
Interest receivable 14,065,664 1,632,492 2,196,441
Receivable for capital shares
issued 17,108,130 - -
-------------- ------------ --------------
Total Assets 7,868,208,965 939,695,995 1,020,352,398
-------------- ------------ --------------
LIABILITIES:
Distributions payable 4,158,933 461,165 381,534
Payable for capital shares
redeemed 68,426 4,166,201 1,864,185
Payable for investments
purchased - 5,198,349 14,607,775
Accrued expenses and other
payables:
Investment advisory fees 2,861,089 299,578 443,888
Administrative services fees 123,820 152,932 11,487
Other 1,236,379 97,142 282,118
-------------- ------------ --------------
Total Liabilities 8,448,647 10,375,367 17,590,987
-------------- ------------ --------------
Net Assets $7,859,760,318 $929,320,628 $1,002,761,411
============== ============ ==============
NET ASSETS CONSIST OF:
Capital $7,859,601,886 $929,283,129 $1,002,714,726
Undistributed net investment
income 158,432 37,499 48,342
Accumulated net realized losses
from investment transactions - - (1,657)
-------------- ------------ --------------
Net Assets $7,859,760,318 $929,320,628 $1,002,761,411
============== ============ ==============
SHARES OUTSTANDING: 7,859,723,272 929,317,272 1,002,763,068
NET ASSET VALUES: $ 1.00 $ 1.00 $ 1.00
============== ============ ==============
SEE NOTES TO FINANCIAL STATEMENTS.
4
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FINANCIAL STATEMENTS
================================================================================
Statements of Assets and Liabilities (cont.)
- --------------------------------------------------------------------------------
TAMARACK TAMARACK
INST'L PRIME INST'L TAX-FREE
MONEY MONEY
MARKET FUND MARKET FUND
---------------- ----------------
ASSETS:
Investments, at market value (cost $639,349,952 and
$371,386,694, respectively) $639,349,952 $371,386,694
Cash 3,601 1,985
Interest receivable 1,300,516 912,815
Receivable for capital shares issued 15,818,440 -
------------ ------------
Total Assets 656,472,509 372,301,494
------------ ------------
LIABILITIES:
Distributions payable 525,107 239,936
Payable for capital shares redeemed - 1,399,779
Payable for investments purchased - 15,706,714
Accrued expenses and other payables:
Investment advisory fees 132,227 78,507
Administrative services fees - -
Other 103,573 123,259
------------ ------------
Total Liabilities 760,907 17,548,195
------------ ------------
Net Assets $655,711,602 $354,753,299
============ ============
NET ASSETS CONSIST OF:
Capital $655,704,974 $354,753,299
Undistributed net investment income 29,961 536
Accumulated net realized losses from investment transactions (23,333) (536)
------------ ------------
Net Assets $655,711,602 $354,753,299
============ ============
SHARES OUTSTANDING: 655,713,392 354,753,299
NET ASSET VALUES: $ 1.00 $ 1.00
============ ============
SEE NOTES TO FINANCIAL STATEMENTS.
5
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FINANCIAL STATEMENTS
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Statements of Operations
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED
JULY 31, 2004
TAMARACK TAMARACK
PRIME U.S. GOVERNMENT TAMARACK
MONEY MONEY TAX-FREE MONEY
MARKET FUND MARKET FUND MARKET FUND
---------------- ----------------- ---------------
INVESTMENT INCOME:
Interest income $92,213,421 $10,961,877 $10,280,211
----------- ----------- -----------
Total Investment Income 92,213,421 10,961,877 10,280,211
----------- ----------- -----------
EXPENSES:
Investment advisory fees 34,474,492 3,765,070 5,136,192
Distribution fees - Reserve Class 66,208 - -
Administrative services fees 20,326,410 2,510,566 2,568,098
Custodian fees 63,659 12,727 11,945
Registration and filing fees 209,669 62,260 273,674
Transfer agent fees 14,186,612 783,764 498,429
Trustees' fees 20,023 20,000 20,000
Other fees 3,517,348 166,391 346,391
----------- ----------- -----------
Total expenses before voluntary fee reductions 72,864,421 7,320,778 8,854,729
Expenses voluntarily reduced by:
Advisor (15,011,741) (187,208) (2,484,116)
----------- ----------- -----------
Net Expenses 57,852,680 7,133,570 6,370,613
----------- ----------- -----------
NET INVESTMENT INCOME 34,360,741 3,828,307 3,909,598
----------- ----------- -----------
REALIZED/UNREALIZED GAINS (LOSSES) FROM
INVESTMENTS:
Net realized losses from investment transactions - - -
----------- ----------- -----------
Change in net assets resulting from operations $34,360,741 $ 3,828,307 $ 3,909,598
=========== =========== ===========
SEE NOTES TO FINANCIAL STATEMENTS.
6
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FINANCIAL STATEMENTS
================================================================================
Statements of Operations (cont.)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED
JULY 31, 2004
TAMARACK TAMARACK
INST'L PRIME INST'L TAX-FREE
MONEY MONEY
MARKET FUND MARKET FUND
-------------- ----------------
INVESTMENT INCOME:
Interest income $6,080,981 $3,205,446
---------- ----------
Total Investment Income 6,080,981 3,205,446
---------- ----------
EXPENSES:
Investment advisory fees 1,331,720 773,607
Distribution fees - Reserve Class - -
Administrative services fees - -
Custodian fees 3,852 5,219
Registration and filing fees 77,460 92,695
Transfer agent fees 28,711 10,073
Trustees' fees 20,000 20,000
Other fees 106,470 78,506
---------- ----------
Total expenses before voluntary fee reductions 1,568,213 980,100
Expenses voluntarily reduced by:
Advisor - -
---------- ----------
Net Expenses 1,568,213 980,100
----------- ----------
NET INVESTMENT INCOME 4,512,768 2,225,346
---------- ----------
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions (1,789) -
---------- ----------
Change in net assets resulting from operations $4,510,979 $2,225,346
========== ==========
SEE NOTES TO FINANCIAL STATEMENTS.
7
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FINANCIAL STATEMENTS
================================================================================
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
TAMARACK PRIME
MONEY MARKET FUND
FOR THE YEAR ENDED FOR THE YEAR ENDED
JULY 31, 2004 JULY 31, 2003
------------------- --------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income $ 34,360,741 $ 67,001,976
Net realized losses from investment transactions and
other dispositions - -
-------------- --------------
Change in net assets from operations 34,360,741 67,001,976
-------------- --------------
DISTRIBUTIONS TO INVESTOR CLASS SHAREHOLDERS:
From net investment income (34,288,469) (66,650,947)
DISTRIBUTIONS TO RESERVE CLASS SHAREHOLDERS:
From net investment income (27,448) (351,029)
-------------- --------------
Change in net assets from shareholder distributions (34,315,917) (67,001,976)
-------------- --------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued - Investor Class 3,988,817,725 3,847,736,761
Proceeds from shares issued - Reserve Class 25,505,098 122,836,800
Proceeds from shares issued in connection with merger 26,911,776 -
Dividends reinvested - Investor Class 30,176,000 66,650,947
Dividends reinvested - Reserve Class 17,776 351,029
Cost of shares redeemed - Investor Class (4,297,497,682) (4,327,979,149)
Cost of shares redeemed - Reserve Class (133,424,994) (62,194,582)
-------------- --------------
Change in net assets from capital transactions (359,494,301) (352,598,194)
-------------- --------------
Net increase (decrease) in net assets (359,449,477) (352,598,194)
NET ASSETS:
Beginning of year 8,219,209,795 8,571,807,989
-------------- --------------
End of year $7,859,760,318 $8,219,209,795
============== ==============
SHARE TRANSACTIONS:
Issued - Investor Class 3,988,825,499 3,847,736,761
Issued - Reserve Class 25,505,098 122,836,800
Issued in connection with merger 26,911,776 -
Reinvested - Investor Class 30,176,000 66,650,947
Reinvested - Reserve Class 17,776 351,029
Redeemed - Investor Class (4,297,497,678) (4,327,979,149)
Redeemed - Reserve Class (133,424,994) (62,194,582)
-------------- --------------
Change in shares transactions (359,486,523) (352,598,194)
============== ==============
SEE NOTES TO FINANCIAL STATEMENTS.
8
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FINANCIAL STATEMENTS
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Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
TAMARACK U.S. GOVERNMENT
MONEY MARKET FUND
FOR THE YEAR ENDED FOR THE YEAR ENDED
JULY 31, 2004 JULY 31, 2003
------------------ -------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income $ 3,828,307 $ 7,709,864
Net realized losses from investment transactions and
other dispositions - -
-------------- --------------
Change in net assets from operations 3,828,307 7,709,864
-------------- --------------
DISTRIBUTIONS TO INVESTOR CLASS SHAREHOLDERS:
From net investment income (3,824,951) (7,689,597)
DISTRIBUTIONS TO RESERVE CLASS SHAREHOLDERS:
From net investment income - (20,267)
-------------- --------------
Change in net assets from shareholder distributions (3,824,951) (7,709,864)
-------------- --------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued - Investor Class 673,973,928 802,967,921
Proceeds from shares issued - Reserve Class - 4,948,069
Dividends reinvested - Investor Class 3,363,802 7,689,597
Dividends reinvested - Reserve Class - 20,267
Cost of shares redeemed - Investor Class (808,084,710) (838,501,022)
Cost of shares redeemed - Reserve Class - (17,728,483)
-------------- --------------
Change in net assets from capital transactions (130,746,980) (40,603,651)
-------------- --------------
Net increase (decrease) in net assets (130,743,624) (40,603,651)
NET ASSETS:
Beginning of year 1,060,064,252 1,100,667,903
-------------- --------------
End of year $ 929,320,628 $1,060,064,252
============== ==============
SHARE TRANSACTIONS:
Issued - Investor Class 673,973,928 802,967,921
Issued - Reserve Class - 4,948,069
Reinvested - Investor Class 3,363,802 7,689,597
Reinvested - Reserve Class - 20,267
Redeemed - Investor Class (808,084,710) (838,501,022)
Redeemed - Reserve Class - (17,728,483)
-------------- --------------
Change in shares transactions (130,746,980) (40,603,651)
============== ==============
SEE NOTES TO FINANCIAL STATEMENTS.
9
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FINANCIAL STATEMENTS
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Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
TAMARACK TAX-FREE
MONEY MARKET FUND
FOR THE YEAR ENDED FOR THE YEAR ENDED
JULY 31, 2004 JULY 31, 2003
------------------ ------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income $ 3,909,598 $ 5,980,004
Net realized losses from investment transactions and
other dispositions - -
--------------- ---------------
Change in net assets from operations 3,909,598 5,980,004
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (3,909,598) (5,980,004)
--------------- ---------------
Change in net assets from shareholder distributions (3,909,598) (5,980,004)
--------------- ---------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 1,398,047,428 1,067,794,724
Dividends reinvested 3,528,079 5,980,004
Cost of shares redeemed (1,344,919,577) (1,036,742,832)
--------------- ---------------
Change in net assets from capital transactions 56,655,930 37,031,896
--------------- ---------------
Net increase (decrease) in net assets 56,655,930 37,031,896
NET ASSETS:
Beginning of year 946,105,481 909,073,585
--------------- ---------------
End of year $ 1,002,761,411 $ 946,105,481
=============== ===============
SHARE TRANSACTIONS:
Issued 1,398,049,085 1,067,794,724
Reinvested 3,528,079 5,980,004
Redeemed (1,344,919,577) (1,036,742,832)
--------------- ---------------
Change in shares transactions 56,657,587 37,031,896
=============== ===============
SEE NOTES TO FINANCIAL STATEMENTS.
10
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FINANCIAL STATEMENTS
================================================================================
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
TAMARACK INSTITUTIONAL
PRIME MONEY MARKET FUND
FOR THE YEAR ENDED FOR THE YEAR ENDED
JULY 31, 2004 JULY 31, 2003
------------------ ------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income $ 4,512,768 $ 5,847,762
Net realized losses from investment transactions and
other dispositions (1,789) -
------------- -------------
Change in net assets from operations 4,510,979 5,847,762
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (4,512,768) (5,847,762)
------------- -------------
Change in net assets from shareholder distributions (4,512,768) (5,847,762)
------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 868,713,053 739,486,873
Dividends reinvested 3,987,676 5,847,762
Cost of shares redeemed (719,575,693) (691,946,616)
------------- -------------
Change in net assets from capital transactions 153,125,036 53,388,019
------------- -------------
Net increase (decrease) in net assets 153,123,247 53,388,019
NET ASSETS:
Beginning of year 502,588,355 449,200,336
------------- -------------
End of year $ 655,711,602 $ 502,588,355
============= =============
SHARE TRANSACTIONS:
Issued 868,713,043 739,486,873
Reinvested 3,987,687 5,847,762
Redeemed (719,575,693) (691,946,616)
------------- -------------
Change in shares transactions 153,125,037 53,388,019
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
11
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FINANCIAL STATEMENTS
================================================================================
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
TAMARACK INSTITUTIONAL
TAX-FREE MONEY MARKET FUND
FOR THE YEAR ENDED FOR THE YEAR ENDED
JULY 31, 2004 JULY 31, 2003
------------------ ------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income $ 2,225,346 $ 2,156,996
Net realized losses from investment transactions and
other dispositions - -
------------- -------------
Change in net assets from operations 2,225,346 2,156,996
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (2,225,346) (2,156,996)
------------- -------------
Change in net assets from shareholder distributions (2,225,346) (2,156,996)
------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 611,043,409 398,822,967
Dividends reinvested 1,985,412 2,156,996
Cost of shares redeemed (502,289,773) (350,141,125)
------------- -------------
Change in net assets from capital transactions 110,739,048 50,838,838
------------- -------------
Net increase (decrease) in net assets 110,739,048 50,838,838
NET ASSETS:
Beginning of year 244,014,251 193,175,413
------------- -------------
End of year $ 354,753,299 $ 244,014,251
============= =============
SHARE TRANSACTIONS:
Issued 611,043,409 398,822,967
Reinvested 1,985,412 2,156,996
Redeemed (502,289,773) (350,141,125)
------------- -------------
Change in shares transactions 110,739,048 50,838,838
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
12
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FINANCIAL HIGHLIGHTS
================================================================================
Tamarack Prime Money Market Fund
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED JULY 31 (EXCEPT
AS NOTED)
INVESTOR SHARE CLASS 2004 2003 2002 2001 2000
- -------------------- ------ ------- ------- ------- -------
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INVESTMENT ACTIVITIES:
Net Investment Income (Loss) -(a) 0.01 0.02 0.05 0.05
------ ------- ------- ------- -------
Total from Investment Activities - 0.01 0.02 0.05 0.05
DISTRIBUTIONS:
Net Investment Income -(a) (0.01) (0.02) (0.05) (0.05)
------ ------- ------- ------- -------
Total Distributions - (0.01) (0.02) (0.05) (0.05)
------ ------- ------- ------- -------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return 0.42% 0.80% 1.70% 5.10% 5.30%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (millions) $7,860 $ 8,111 $ 8,524 $ 5,282 $ 4,852
Ratio of Expenses to Average Net Assets 0.71% 0.71% 0.69% 0.62% 0.63%
Ratio of Net Investment Income (Loss) to 0.42% 0.80% 1.66% 5.11% 5.32%
Average Net Assets
Ratio of Expenses to Average Net Assets* 0.90% 0.90% 0.73% (b) (b)
Ratio of Net Investment Income (Loss) to 0.24% 0.61% 1.61% (b) (b)
Average Net Assets*
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Less than $0.01 per share.
(b) There were no waivers or reimbursements during the period.
SEE NOTES TO FINANCIAL STATEMENTS.
13
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FINANCIAL HIGHLIGHTS
================================================================================
Tamarack U.S. Government Money Market Fund
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED JULY 31 (EXCEPT
AS NOTED)
INVESTOR SHARE CLASS 2004 2003 2002 2001 2000
- -------------------- ------ ------- ------ ------ ------
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INVESTMENT ACTIVITIES:
Net Investment Income (Loss) -(a) 0.01 0.02 0.05 0.05
------ ------- ------ ------ ------
Total from Investment Activities - 0.01 0.02 0.05 0.05
DISTRIBUTIONS:
Net Investment Income -(a) (0.01) (0.02) (0.05) (0.05)
------ ------- ------ ------ ------
Total Distributions - (0.01) (0.02) (0.05) (0.05)
------ ------- ------ ------ ------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return 0.38% 0.70% 1.60% 4.90% 5.20%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (millions) $ 929 $ 1,060 $1,088 $ 462 $ 267
Ratio of Expenses to Average Net Assets 0.71% 0.71% 0.57% 0.54% 0.57%
Ratio of Net Investment Income (Loss) to 0.38% 0.70% 1.60% 4.88% 5.22%
Average Net Assets
Ratio of Expenses to Average Net Assets* 0.73% 0.75% 0.59% (b) (b)
Ratio of Net Investment Income (Loss) to 0.36% 0.66% 1.58% (b) (b)
Average Net Assets*
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Less than $0.01 per share.
(b) There were no waivers or reimbursements during the period.
SEE NOTES TO FINANCIAL STATEMENTS.
14
================================================================================
FINANCIAL HIGHLIGHTS
================================================================================
Tamarack Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED JULY 31 (EXCEPT
AS NOTED)
2004 2003 2002 2001 2000
------ ------- ------- ------- -------
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INVESTMENT ACTIVITIES:
Net Investment Income (Loss) -(a) 0.01 0.01 0.03 0.03
------ ------- ------- ------- -------
Total from Investment Activities - 0.01 0.01 0.03 0.03
DISTRIBUTIONS:
Net Investment Income -(a) (0.01) (0.01) (0.03) (0.03)
------ ------- ------- ------- -------
Total Distributions - (0.01) (0.01) (0.03) (0.03)
------ ------- ------- ------- -------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return 0.38% 0.60% 1.10% 3.10% 3.20%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (millions) $1,003 $ 946 $ 909 $ 490 $ 426
Ratio of Expenses to Average Net Assets 0.62% 0.62% 0.59% 0.59% 0.59%
Ratio of Net Investment Income (Loss) to 0.38% 0.62% 1.08% 3.07% 3.16%
Average Net Assets
Ratio of Expenses to Average Net Assets* 0.86% 0.85% 0.65% (b) (b)
Ratio of Net Investment Income (Loss) to 0.14% 0.39% 1.03% (b) (b)
Average Net Assets*
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Less than $0.01 per share.
(b) There were no waivers or reimbursements during the period.
SEE NOTES TO FINANCIAL STATEMENTS.
15
================================================================================
FINANCIAL HIGHLIGHTS
================================================================================
Tamarack Institutional Prime Money Market Fund
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED JULY 31 (EXCEPT
AS NOTED)
2004 2003 2002 2001 2000
------- ------- ------- ------- -------
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INVESTMENT ACTIVITIES:
Net Investment Income 0.01 0.01 0.02 0.06 0.06
------- ------- ------- ------- -------
Total from Investment Activities 0.01 0.01 0.02 0.06 0.06
DISTRIBUTIONS:
Net Investment Income (0.01) (0.01) (0.02) (0.06) (0.06)
------- ------- ------- ------- -------
Total Distributions (0.01) (0.01) (0.02) (0.06) (0.06)
------- ------- ------- ------- -------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return 0.85% 1.20% 2.20% 5.50% 5.70%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (millions) $ 656 $ 503 $ 449 $ 366 $ 382
Ratio of Expenses to Average Net Assets 0.29% 0.30% 0.30% 0.31% 0.32%
Ratio of Net Investment Income to Average 0.85% 1.20% 2.17% 5.52% 5.68%
Net Assets
SEE NOTES TO FINANCIAL STATEMENTS.
16
================================================================================
FINANCIAL HIGHLIGHTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED JULY 31 (EXCEPT
AS NOTED)
2004 2003 2002 2001 2000
------- ------- ------- ------- -------
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INVESTMENT ACTIVITIES:
Net Investment Income 0.01 0.01 0.01 0.03 0.03
------- ------- ------- ------- -------
Total from Investment Activities 0.01 0.01 0.01 0.03 0.03
DISTRIBUTIONS:
Net Investment Income (0.01) (0.01) (0.01) (0.03) (0.03)
------- ------- ------- ------- -------
Total Distributions (0.01) (0.01) (0.01) (0.03) (0.03)
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return 0.72% 0.90% 1.40% 3.30% 3.40%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (millions) $ 355 $ 244 $ 193 $ 172 $ 159
Ratio of Expenses to Average Net Assets 0.32% 0.33% 0.36% 0.39% 0.39%
Ratio of Net Investment Income to Average 0.72% 0.90% 1.42% 3.32% 3.49%
Net Assets
Ratio of Expenses to Average Net Assets* (a) (a) (a) (a) 0.44%
Ratio of Net Investment Income (Loss) to (a) (a) (a) (a) 3.44%
Average Net Assets*
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) There were no waivers or reimbursements during the period.
SEE NOTES TO FINANCIAL STATEMENTS.
17
================================================================================
NOTES TO FINANCIAL STATEMENTS
================================================================================
July 31, 2004
- --------------------------------------------------------------------------------
1. ORGANIZATION
Tamarack Funds Trust ("Tamarack") is registered under the Investment Company
Act of 1940 as an open-end management investment company. Tamarack was
organized as a Delaware statutory trust on December 16, 2003. Effective April
16, 2004, and based on approval of shareholders, seventeen separate investment
portfolios were reorganized as separate investment portfolios of Tamarack. This
annual report includes the following investment portfolios ("Funds"):
- - Tamarack Prime Money Market Fund ("Prime Money Market Fund") (formerly Great
Hall Prime Money Market Fund)
- - Tamarack U.S. Government Money Market Fund ("U.S. Government Money Market
Fund") (formerly Great Hall U.S. Government Money Market Fund)
- - Tamarack Tax-Free Money Market Fund ("Tax-Free Money Market Fund") (formerly
Great Hall Tax-Free Money Market Fund)
- - Tamarack Institutional Prime Money Market Fund ("Institutional Prime Money
Market Fund") (formerly Great Hall Institutional Prime Money Market Fund)
- - Tamarack Institutional Tax-Free Money Market Fund ("Institutional Tax-Free
Money Market Fund") (formerly Great Hall Institutional Tax-Free Money Market
Fund)
Voyageur Asset Management Inc. ("Voyageur") acts as the investment advisor for
the Tamarack Funds. The officers of the Tamarack Funds ("Fund Management") are
also employees of Voyageur or its affiliates.
Under the Funds' organizational documents, the Funds' officers and trustees are
indemnified against certain liabilities arising out of the performance of their
duties related to the Funds. In addition, in the normal course of business, the
Funds enter into contracts with their vendors and others that provide for
indemnification by the Funds in certain situations. These situations may
involve future, unknown claims made against the Funds. However, any risk of
loss to the Funds which may arise from such claims is expected to be remote.
- --------------------------------------------------------------------------------
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.
INVESTMENT TRANSACTIONS:
Dividend income is recorded on the ex-dividend date. Securities gains and
losses 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 of premium or discount using
the level yield method. Paydown gains and losses on mortgage and asset-backed
securities are included in the financial statements as interest income.
18
================================================================================
NOTES TO FINANCIAL STATEMENTS
================================================================================
SECURITY VALUATION:
Pursuant to Rule 2a-7 of the Investment Company Act of 1940 (as amended),
securities are valued at amortized cost, which approximates market value, in
order to maintain a constant net asset value of $1.00 per share. Money market
funds must invest exclusively in high quality securities. To be considered high
quality, a security generally 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. In addition, the Funds do not invest in any unrated securities. Security
transactions are accounted for on the date the security is bought or sold
("trade date"). Investment transactions are recorded on a trade date basis.
Bonds and other fixed income securities are generally valued on the basis of
valuations 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 or exchanges or over-the-counter prices, since such valuations
are believed to reflect more accurately the fair value of such securities.
Short-term debt obligations are valued at amortized cost, which approximates
market value, unless Tamarack's Pricing Committee determines that amortized
cost no longer approximates market value due to credit or other impairments of
the issuer. In cases where a security price is unavailable from a pricing
service, Tamarack has established procedures to estimate a security's fair
value. This report presents information as of July 31, 2004.
FINANCIAL INSTRUMENTS:
WHEN-ISSUED TRANSACTIONS - The Funds may engage in when-issued (to be
announced) transactions. The Funds would record when-issued securities on the
actual 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 or delayed delivery basis are valued daily and begin earning
interest on the settlement date.
REPURCHASE AGREEMENTS:
The Funds may enter into repurchase agreements with member banks of the Federal
Reserve or registered broker dealers who are deemed creditworthy under
guidelines approved by the Funds' Board of Trustees, 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 in place for all agreements to ensure that the daily market
value of the collateral is in excess of the repurchase agreement in the event
of a default. As of July 31, 2004, there were no repurchase agreements
outstanding for any of the Funds.
19
================================================================================
NOTES TO FINANCIAL STATEMENTS
================================================================================
EXPENSE, INVESTMENT INCOME AND GAIN/LOSS ALLOCATION:
Each Fund pays the expenses that are directly related to its operations, such
as trading costs or portfolio management fees. Expenses incurred by Tamarack on
behalf of multiple funds, such as audit or legal fees, are allocated among each
of the funds either proportionately based upon each fund's net assets or using
another reasonable basis such as equally across all funds, depending on the
nature of the expense.
DISTRIBUTIONS TO SHAREHOLDERS:
The Funds pay out any income that it receives, less expenses, in the form of
dividends to its shareholders. Income dividends are declared daily and paid
monthly. Capital gains 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 permanent (e.g.
expiring capital loss carryforward and foreign currency transactions), they are
reclassified within the Funds' capital accounts based on their federal tax
basis treatment. Such differences are not reflected in the calculation of the
financial highlights.
- --------------------------------------------------------------------------------
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
Tamarack, on behalf of the Funds, has entered into an investment advisory
agreement with Voyageur, under which Voyageur manages the Funds' assets and
furnishes related office facilities, equipment, research and personnel. The
agreement requires the Funds 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
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 Money Market Fund 0.50%
Institutional Prime Money Market Fund 0.25%
Institutional Tax-Free Money Market Fund 0.25%
Voyageur has contractually agreed to waive fees and/or to make payments in
order to keep total operating expenses at 0.71% for the Prime Money Market and
U.S. Government Money Market Funds and 0.62% for the Tax-Free Money Market
Fund. This expense limitation agreement is in place until November 30, 2004.
Voyageur may also voluntarily waive and/or reimburse operating expenses of the
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 Fund and BISYS Fund Services Limited
Partnership ("BISYS") serves as sub-administrator and fund accounting agent.
Services provided under the administrative services contract include providing
day-to-day administration of matters related to the corporate existence of the
Fund, maintenance of its records and the preparation of reports. Effective
April 16, 2004 and under the terms of the administrative services contract,
Voyageur receives from the Prime Money Market
20
================================================================================
NOTES TO FINANCIAL STATEMENTS
================================================================================
Fund, U.S. Government Money Market Fund and Tax-Free Money Market Funds a fee,
payable monthly, at the annual rate of 0.25% of the Funds' average daily net
assets. For its services as sub-administrator, BISYS receives a fee payable by
Voyageur out of Voyageur's own resources.
The Prime Money Market Fund had adopted a Plan of Distribution under Rule 12b-1
of the 1940 Act with respect to its Reserve Share Class. Under the Plan of
Distribution, the Reserve Class paid an annual fee of 0.25% of average daily
net assets of any outstanding shares which is accrued daily and paid monthly.
Effective October 31, 2003, the Prime Money Market Fund discontinued offering
the Reserve Shares and converted any existing Reserve Shares to Investor
Shares.
- --------------------------------------------------------------------------------
4. FUND COMBINATION
At a special meeting of shareholders on April 8th, 2004, the shareholders of D.
L. Babson Money Market Fund, Inc. ("Babson Money Market Fund") approved an
agreement and plan of reorganization regarding the combination of Babson Money
Market Fund into Great Hall Prime Money Market Fund. Effective April 16, 2004,
through a tax-free reorganization, Babson Money Market Fund transferred all of
its assets to Great Hall Prime Money Market Fund, which also assumed all of the
Babson Money Market Fund's liabilities. Voyageur paid the costs associated with
the reorga nization. The shareholders of Babson Money Market Fund received one
Investor Class share of Great Hall Prime Money Market Fund in exchange for one
share of Babson Money Market Fund. The total value of the transaction was
$26,912,011.
- --------------------------------------------------------------------------------
5. REORGANIZATIONS
On November 24, 2003, the Board of Directors of Great Hall Investment Funds,
Inc. approved an agreement and plan of reorganization regarding the
reorganization of the Great Hall Funds (including 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) as series of
Tamarack. At a special meeting of shareholders on April 8, 2004, the
shareholders of each Great Hall Fund approved the agreement and plan of
reorganization. Effective April 16, 2004, pursuant to that agreement and plan of
reorganization, each Great Hall Fund was reorganized, through a tax-free
reorganization, as a separate series of Tamarack (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).
- --------------------------------------------------------------------------------
6. FEDERAL INCOME TAXES
It is the policy of each Fund 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.
21
================================================================================
NOTES TO FINANCIAL STATEMENTS
================================================================================
The tax character of distributions during the fiscal year ended July 31, 2004
was as follows (amounts in thousands):
Distribution Paid From
--------------------------------
Net Net Total
Investment Long Term Total Taxable Tax Exempt Distribution
Income Capital Gains Distributions Distributions Paid
----------- --------------- ------------- ------------- ------------
Prime Money
Market Fund $30,156,984 $- $30,156,984 $- $30,156,984
U.S. Government
Money Market
Fund 3,363,786 - 3,363,786 - 3,363,786
Tax-Free Money
Money Market
Fund - - - 3,528,064 3,528,064
Institutional Prime
Money Market
Fund 3,987,661 - 3,987,661 - 3,987,661
Institutional Tax-Free
Money Market
Fund - - - 1,985,411 1,985,411
As of July 31, 2004, the components of accumulated earnings/(deficit) on a tax
basis were as follows (amounts in thousands):
Undist.
Undist. Long- Accum. Total
Tax Taxable Term Capital and Unrealized Accum.
Exempt Ordinary Capital Accum. Dist. Other Appreciation/ Earnings/
Income Income Gains Earnings Payable Losses Depreciation (Deficit)
-------- ---------- --------- ---------- ------------ ----------- ------------- ----------
Prime Money
Market Fund $- $4,317,365 $- $4,317,365 $(4,158,933) $- $- $158,432
U.S. Government
Money Market
Fund - 498,665 - 498,665 (461,165) - - 37,500
Tax-Free Money
Money Market
Fund 429,876 - - 429,876 (381,534) (1,657) - 46,685
Institutional Prime
Money Market
Fund - 555,068 - 555,068 (525,107) (23,333) - 6,628
Institutional
Tax-Free Money
Market Fund 240,471 - - 240,471 (239,935) (536) - -
As of July 31, 2004, the following Funds had net capital loss carryforwards to
offset future net capital gains or net investment income, if any:
Capital Loss
Carryforward Expires
-------------- --------
Tax-Free Money Market Fund $1,657 2008
Institutional Prime Money Market Fund 21,544 2010
279 2012
Institutional Tax-Free Money Market Fund 536 2010
As of July 31, 2004, the following Funds had deferred post-October losses to
offset future net capital gains or net investment income, if any:
Deferred
Post-October
Losses
-------------
Institutional Prime Money Market Fund $1,510
- --------------------------------------------------------------------------------
22
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Prime Money Market Fund
- --------------------------------------------------------------------------------
JULY 31, 2004
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
COMMERCIAL PAPER - 52.9%
ASSET BACKED - 14.5%
30,000,000 Amsterdam Funding $ 29,981,158
Corp., 1.33%, 8/18/04
54,000,000 Amsterdam Funding 53,918,100
Corp., 1.40%, 9/9/04
22,000,000 Amsterdam Funding 21,932,240
Corp., 1.58%, 10/12/04
30,000,000 CXC Inc., 29,996,067
1.18%, 8/5/04
75,000,000 CXC Inc., 74,943,625
1.23%, 8/23/04
50,000,000 CXC Inc., 49,938,667
1.38%, 9/2/04
70,000,000 Delaware Funding 69,879,367
Corp., 1.41%, 9/14/04
72,964,000 Edison Asset 72,952,143
Securitization,
1.17%, 8/6/04
102,852,000 Edison Asset 102,661,437
Securitization,
1.45%, 9/16/04
95,000,000 Falcon Asset 94,827,813
Securitization,
1.45%, 9/15/04
80,000,000 Liberty Street Funding, 79,906,667
1.40%, 8/31/04
45,423,000 Nieuw Amsterdam 45,112,408
Receivables Corp.,
1.81%, 12/15/04
50,000,000 Preferred Receivables 49,978,333
Funding Corp.,
1.30%, 8/13/04
50,358,000 Preferred Receivables 50,321,854
Funding Corp.,
1.31%, 8/20/04
30,000,000 Preferred Receivables 29,970,033
Funding Corp.,
1.24%, 8/30/04
96,000,000 Receivables Capital 95,890,960
Corp., 1.41%, 8/30/04
25,000,000 Windmill Funding 24,985,833
Corp., 1.20%, 8/18/04
45,000,000 Windmill Funding 44,957,188
Corp., 1.37%, 8/26/04
70,000,000 Windmill Funding 69,915,611
Corp., 1.40%, 9/1/04
50,000,000 Yorktown Capital Corp., 49,979,986
1.31%, 8/12/04 -------------
1,142,049,491
-------------
BANKS - CANADA - 1.0%
80,000,000 Toronto Dominion Bank,
1.16%, 8/2/04 79,997,422
-------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
BANKS - DOMESTIC - 2.8%
50,000,000 Amsouth Bank, $ 50,000,000
1.29%, 9/20/04
50,000,000 Amsouth Bank, 50,000,000
1.49%, 9/24/04
100,000,000 Bank of America, 100,000,000
1.21%, 8/25/04 -------------
18,800,000 JP Morgan Chase, 18,789,347
1.20%, 8/18/04
218,789,347
-------------
BANKS - FOREIGN - 12.1%
80,000,000 ABN-AMRO, 79,958,044
1.18%, 8/17/04
70,000,000 Barclays Bank PLC, 69,854,906
1.44%, 9/22/04
90,000,000 Dexia Delaware LLC, 89,806,275
1.44%, 9/24/04
50,000,000 ING Funding LLC, 49,927,417
1.34%, 9/9/04
17,700,000 ING Funding LLC, 17,669,345
1.45%, 9/13/04
75,000,000 ING Funding LLC, 74,771,875
1.50%, 10/13/04
50,000,000 ING Funding LLC, 49,834,250
1.53%, 10/18/04
82,000,000 Nationwide Building 81,960,025
Society, 1.17%, 8/16/04
55,000,000 Northern Rock PLC, 54,949,217
1.25%, 8/25/04
11,600,000 Northern Rock PLC, 11,589,931
1.25%, 8/26/04
60,000,000 Northern Rock PLC, 59,798,550
1.53%, 10/19/04
80,000,000 Royal Bank of Scotland, 80,000,000
1.43%, 9/28/04
100,000,000 Royal Bank of Scotland, 99,999,999
1.49%, 10/8/04
35,000,000 Scotiabank, Inc., 34,911,333
1.53%, 9/30/04
100,000,000 Societe Generale North 99,845,556
America,
1.39%, 9/10/04
954,876,722
-------------
FINANCE - AUTOMOTIVE - 2.6%
25,000,000 BMW US Capital LLC, 24,978,757
1.36%, 8/24/04
90,000,000 Toyota Motor Credit 89,876,975
Corp., 1.33%, 9/7/04
19,000,000 Toyota Motor Credit 18,961,736
Corp., 1.45%, 9/20/04
70,000,000 Toyota Motor Credit 69,740,514
Corp., 1.57%, 10/25/04 -------------
203,557,982
-------------
23
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Prime Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
FINANCE - DIVERSIFIED - 8.4%
90,000,000 Credit Suisse First $ 90,000,000
Boston, 1.47%, 9/21/04
36,000,000 Credit Suisse First 35,921,700
Boston, 1.45%, 9/24/04
100,000,000 General Electric Capital 99,938,501
Corp., 1.23%, 8/19/04
20,000,000 General Electric Capital 19,964,644
Corp., 1.48%, 9/13/04
50,000,000 General Electric Capital 49,864,583
Corp., 1.11%, 10/5/04
28,000,000 Goldman Sachs Group, 27,972,296
Inc., 1.37%, 8/27/04
80,000,000 Household Finance 79,974,222
Corp., 1.16%, 8/11/04
80,000,000 Household Finance 79,937,644
Corp., 1.22%, 8/24/04
20,000,000 Household Finance 19,968,583
Corp., 1.45%, 9/9/04
80,000,000 Morgan Stanley, 80,000,000
1.39%, 1/5/05, (b)
80,000,000 Morgan Stanley, 80,000,000
1.39%, 2/17/05, (b)
663,542,173
-------------
FINANCE - UTILITY - 1.5%
30,000,000 National Rural Utilities 29,997,833
Cooperative Finance
Corp., 1.30%, 8/3/04
38,000,000 National Rural Utilities 37,985,856
Cooperative Finance
Corp., 1.34%, 8/11/04
50,000,000 National Rural Utilities 49,950,889
Cooperative Finance -------------
Corp., 1.36%, 8/27/04
117,934,578
-------------
FOOD & BEVERAGE - 2.3%
90,000,000 Alcon Capital Corp., 89,781,700
1.48%, 9/29/04
90,430,000 Nestle Capital Corp., 90,387,046
1.14%, 8/16/04 -------------
180,168,746
-------------
HOUSEHOLD PRODUCTS - 2.1%
31,900,000 Proctor & Gamble Co., 31,868,649
1.22%, 8/30/04
40,600,000 Proctor & Gamble Co., 40,558,047
1.24%, 8/31/04
46,600,000 Proctor & Gamble Co., 46,474,413
1.47%, 10/6/04
50,000,000 Proctor & Gamble Co., 49,847,917
1.50%, 10/13/04 -------------
168,749,026
-------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
INSURANCE - 1.7%
50,000,000 Marsh & McLennan, $ 49,909,375
1.45%, 9/15/04
3,870,000 New York Life Capital 3,869,753
Corp., 1.15%, 8/3/04
80,000,000 Prudential Funding 79,698,044
Corp., 1.58%, 10/26/04 -------------
133,477,172
-------------
MANUFACTURING - 0.8%
33,500,000 PACCAR Financial 33,487,158
Corp., 1.15%, 8/13/04
28,700,000 PACCAR Financial Corp., 28,637,466
1.52%, 9/23/04 -------------
62,124,624
-------------
OIL SERVICES - 1.2%
46,000,000 Total Capital Corp., 45,932,993
1.38%, 9/8/04
45,000,000 Total Capital Corp., 44,925,825
1.38%, 9/13/04 -------------
90,858,818
-------------
PHARMACEUTICALS - 1.5%
50,000,000 Abbott Laboratories, 49,894,813
Inc., 1.49%, 9/21/04
60,000,000 Pfizer, Inc., 59,984,400
1.17%, 8/9/04
10,000,000 Pfizer, Inc., 9,993,244
1.28%, 8/20/04 -------------
119,872,457
-------------
RETAIL - 0.4%
30,000,000 Wal-Mart Stores, Inc., 29,956,933
1.36%, 9/8/04 -------------
TOTAL COMMERCIAL PAPER 4,165,955,491
-------------
CERTIFICATES OF DEPOSIT - 27.0%
BANKS - CANADA - 3.6%
70,000,000 Bank of Nova Scotia, 70,000,000
1.43%, 9/23/04
100,000,000 Canadian Imperial Bank, 100,000,000
1.39%, 9/13/04
30,000,000 Canadian Imperial Bank, 29,999,653
1.38%, 1/24/05, (b)
80,000,000 Toronto Dominion Bank, 80,000,000
1.515%, 10/6/04 -------------
279,999,653
-------------
BANKS - DOMESTIC - 14.1%
30,000,000 Bank of New York, 30,000,566
1.78%, 12/16/04
24
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Prime Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
35,000,000 Chase Manhattan Bank, $ 35,000,000
1.30%, 11/8/04, (b)
80,000,000 Citibank, NA, 80,000,000
1.54%, 10/25/04
80,000,000 First Tennessee Bank, 80,000,000
1.32%, 8/13/04
26,000,000 First Tennessee Bank, 26,000,000
1.33%, 8/24/04
70,000,000 First Tennessee Bank, 70,000,000
1.40%, 9/10/04
50,000,000 Marshall & Ilsley, 50,000,000
1.21%, 8/23/04
80,000,000 Regions Bank, 80,000,000
1.13%, 8/10/04
65,000,000 SouthTrust Bank, NA, 65,000,000
1.17%, 8/18/04
37,300,000 SouthTrust Bank, NA, 37,300,000
1.24%, 8/25/04
80,000,000 SouthTrust Bank, NA, 80,000,000
1.48%, 9/22/04
95,000,000 US Bancorp, 95,016,959
1.39%, 3/11/05, (b)
100,000,000 Washington Mutual 100,000,000
Bank, 1.48%, 9/14/04
100,000,000 Washington Mutual 100,000,000
Bank, 1.48%, 9/23/04
50,000,000 Wells Fargo Bank, 50,000,000
1.30%, 7/15/05, (b)
31,200,000 World Savings Bank, 31,199,706
1.19%, 8/18/04
100,000,000 World Savings Bank, 99,998,947
1.22%, 8/20/04 -------------
1,109,516,178
-------------
BANKS - FOREIGN - 9.3%
100,000,000 Abbey National 100,000,000
Treasury,
1.43%, 9/27/04
100,000,000 Abbey National 99,990,107
Treasury,
1.34%, 11/19/04, (b)
30,000,000 Barclays Bank PLC, 29,998,360
1.28%, 11/8/04, (b)
50,000,000 Barclays Bank PLC, 49,996,582
1.29%, 12/3/04, (b)
94,000,000 BNP Paribas, 94,000,000
1.08%, 8/5/04
100,000,000 Deutsche Bank, 100,000,000
1.17%, 8/12/04
80,000,000 HBOS Treasury Services, 80,000,000
1.51%, 9/30/04
80,000,000 Lloyds TSB Bank PLC, 80,000,000
1.07%, 8/4/04
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
100,000,000 UBS AG Stamford, $ 99,995,490
1.48%, 11/19/04 =============
733,980,539
-------------
TOTAL CERTIFICATES OF DEPOSIT 2,123,496,370
-------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 12.2%
FEDERAL HOME LOAN BANK - 3.2%
41,000,000 1.25%, 10/20/04 40,993,135
43,575,000 4.13%, 11/15/04 43,908,266
45,000,000 1.47%, 2/28/05 45,000,000
40,000,000 1.50%, 3/1/05 40,000,000
80,000,000 1.55%, 5/6/05 80,000,000
-------------
249,901,401
-------------
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 4.4%
72,130,000 1.14%, 8/6/04 72,118,579
75,900,000 1.12%, 8/10/04 75,878,748
100,000,000 1.54%, 8/17/04 99,949,333
100,000,000 1.25%, 9/7/04 99,872,042
-------------
347,818,702
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 4.6%
70,000,000 1.21%, 8/9/04 69,981,178
50,000,000 6.50%, 8/15/04 50,097,307
70,000,000 1.36%, 9/8/04 69,899,511
69,560,000 3.50%, 9/15/04 69,742,889
20,000,000 1.53%, 10/20/04 19,932,000
80,450,000 1.81%, 5/27/05 80,450,001
-------------
360,102,886
-------------
TOTAL U.S. GOVERNMENT 957,822,989
AGENCY OBLIGATIONS =============
CORPORATE BONDS - 7.4%
FINANCE - AUTOMOTIVE - 2.7%
50,000,000 American Express Credit 50,026,336
Corp., 1.39%,
6/15/05, (b)
70,000,000 American Express Credit 70,000,000
Corp., 1.45%,
6/20/08, (b)
40,000,000 American Honda 40,000,000
Finance, 1.21%,
11/19/04, (b)
45,000,000 American Honda 45,029,430
Finance, 1.55%,
12/9/04, (b)
205,055,766
-------------
25
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Prime Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
FINANCE - DIVERSIFIED - 2.5%
37,520,000 Goldman Sachs Group, $ 38,150,498
Inc., 6.63%, 12/1/04
20,000,000 Merrill Lynch & Co., 20,002,784
1.36%, 12/6/04, (b)
70,000,000 Merrill Lynch & Co., 70,000,000
1.36%, 2/17/05, (b)
30,000,000 Merrill Lynch & Co., 30,004,176
Series B, 1.36%,
12/6/04, (b)
40,000,000 Morgan Stanley, 40,000,000
1.43%, 8/15/05, (b) ==============
198,157,458
--------------
MANUFACTURING - 2.2%
100,000,000 Minnesota Mining & 101,583,138
Manufacturing,
5.64%, 12/13/04
75,000,000 PACCAR Financial 75,013,187
Corp., 1.59%,
9/20/04, (b)
176,596,325
--------------
TOTAL CORPORATE BONDS 579,809,549
--------------
INVESTMENT COMPANIES - 0.1%
MONEY MARKET ACCOUNT - 0.1%
5,523,714 Wells Fargo Prime 5,523,714
Investment Mmkt Fund ==============
TOTAL INVESTMENT COMPANIES 5,523,714
--------------
U.S. TREASURY NOTES - 0.1%
GOVERNMENT - DOMESTIC - 0.1%
700,000 0.98%, 8/5/04 699,926
495,000 0.95%, 8/12/04 494,856
650,000 0.99%, 8/19/04 649,678
650,000 0.96%, 8/26/04 649,567
160,000 0.97%, 9/2/04 159,863
675,000 0.98%, 9/9/04 674,287
680,000 1.00%, 9/16/04 679,135
375,000 1.00%, 9/30/04 374,375
--------------
TOTAL U.S. TREASURY NOTES 4,381,687
--------------
TOTAL INVESTMENTS 7,836,989,800
(Cost $7,836,989,800) (a) - 99.7%
Other assets in excess of 22,770,518
liabilities - 0.3% ==============
NET ASSETS - 100.0% $7,859,760,318
==============
Percentages indicated are based on net assets of $7,859,760,318.
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on July 31, 2004. The maturity date represents the actual
maturity date.
SEE NOTES TO FINANCIAL STATEMENTS.
26
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack U.S. Government Money Market Fund
- --------------------------------------------------------------------------------
JULY 31, 2004
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 97.8%
FEDERAL FARM CREDIT BANK - 0.6%
5,200,000 1.27%, 8/12/04 $ 5,198,349
------------
FEDERAL HOME LOAN BANK - 18.4%
38,000,000 1.24%, 8/6/04 37,993,931
1,900,000 1.24%, 8/13/04 1,899,215
48,700,000 1.40%, 8/20/04 48,667,521
33,000,000 1.34%, 8/27/04 32,968,063
5,750,000 3.63%, 10/15/04 5,773,234
8,700,000 4.13%, 11/15/04 8,767,232
15,000,000 1.47%, 2/28/05 15,000,000
20,000,000 1.55%, 5/4/05 20,000,000
-------------
171,069,196
-------------
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 38.6%
9,050,000 1.28%, 8/2/04 9,049,721
22,400,000 1.14%, 8/3/04 22,398,606
26,272,000 1.17%, 8/12/04 26,262,849
26,350,000 1.17%, 8/17/04 26,336,621
9,000,000 1.27%, 8/23/04 8,993,015
33,150,000 1.21%, 8/24/04 33,124,797
6,500,000 1.36%, 8/26/04 6,493,997
20,000,000 1.42%, 9/7/04 19,970,811
44,000,000 1.41%, 9/14/04 43,924,173
31,000,000 1.43%, 9/21/04 30,937,199
20,000,000 1.39%, 9/24/04 19,958,300
20,000,000 1.45%, 10/5/04 19,947,819
46,025,000 1.51%, 10/12/04 45,886,925
44,500,000 2.07%, 10/26/04 44,335,948
812,000 1.75%, 5/15/05 809,956
-------------
358,430,737
-------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 40.2%
36,200,000 6.50%, 8/15/04 36,273,227
23,215,000 1.15%, 8/18/04 23,202,371
25,085,000 1.13%, 8/20/04 25,070,040
42,615,000 1.19%, 8/25/04 42,581,192
19,000,000 1.41%, 9/1/04 18,976,931
15,000,000 1.35%, 9/8/04 14,978,625
13,000,000 3.50%, 9/15/04 13,034,441
28,000,000 1.44%, 9/22/04 27,941,760
52,000,000 1.48%, 10/6/04 51,861,766
19,000,000 1.48%, 10/13/04 18,942,979
14,000,000 1.51%, 10/15/04 13,955,958
50,000,000 1.52%, 10/20/04 49,831,111
33,000,000 1.59%, 10/27/04 32,873,995
5,000,000 1.81%, 5/27/05 5,000,000
-------------
374,524,396
-------------
TOTAL U.S. GOVERNMENT AGENCY 909,222,678
OBLIGATION =============
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
COMMERCIAL PAPER - 2.5%
22,890,000 Private Export Funding $ 22,888,652
Corp., 0.00%, 8/3/04 =============
TOTAL COMMERCIAL PAPER 22,888,652
-------------
INVESTMENT COMPANIES - 0.6%
5,946,554 Wells Fargo 5,946,554
Government
Institutional Mmkt
TOTAL INVESTMENT COMPANIES 5,946,554
-------------
TOTAL INVESTMENTS 938,057,884
(Cost $938,057,884) (a) - 100.9%
Liabilities in excess of other assets - (8,737,256)
(0.9)% =============
NET ASSETS - 100.0% $929,320,628
=============
Percentages indicated are based on net assets of $929,320,628.
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on July 31, 2004. The maturity date represents the actual
maturity date.
SEE NOTES TO FINANCIAL STATEMENTS.
27
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
JULY 31, 2004
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
MUNICIPAL BONDS - 92.0%
ALABAMA - 1.0%
2,400,000 City of Birmingham, $2,400,000
1.10%, 10/1/15,
(AMBAC Insured) (b)
2,050,000 Mobile GO, 0.00%, 2,038,814
2/15/05, (MBIA Insured)
3,265,000 Mobile Industrial 3,265,000
Development Board
Dock & Wharf Revenue,
1.08%, 6/1/32, (LOC
Wachovia Bank) (b)
2,345,000 University of Alabama 2,345,000
Revenue, 1.04%,
9/1/31, (AMBAC
Insured) (b)
10,048,814
----------
ALASKA - 1.8%
5,100,000 North Slope Boro, 5,024,618
0.00%, 6/30/05, (FSA
Insured)
12,700,000 Valdez Marine Terminal 12,700,000
Revenue, 1.02%,
12/1/33, (b)
17,724,618
----------
ARIZONA - 1.6%
11,600,000 Apache County IDR, 11,600,000
1.13%, 12/15/18, (LOC
Credit Suisse First
Boston) (b)
1,110,000 Glendale Arizona IDR, 1,110,000
1.08%, 12/1/14, (LOC
Wells Fargo Bank) (b)
3,000,000 Phoenix IDA, 3,000,000
1.09%, 10/1/29,
(FHLMC Insured) (b)
15,710,000
----------
CALIFORNIA - 7.8%
1,085,000 City of Irvine Ranch 1,085,000
Water District,
1.04%, 5/1/09, (LOC
Bank of America) (b)
800,000 City of Irvine Ranch 800,000
Water District,
1.07%, 8/1/16, (LOC
Landesbank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
470,000 Irvine Improvement $ 470,000
Bond, 1.07%, 9/2/25,
(LOC Bank of
America) (b)
23,200,000 Los Angeles Unified 23,200,000
School District (Belmont
Learning Complex),
1.05%, 12/1/17, (LOC
Bank of New York) (b)
15,500,000 Orange County 15,500,000
Apartment
Development Revenue
(Bear Brand
Apartments), 1.04%,
11/1/07, (LOC Freddie
Mac) (b)
11,700,000 Orange County 11,700,000
Development Revenue
(seaside Meadow),
1.04%, 8/1/08, (LOC
Freddie Mac) (b)
7,500,000 Southern California 7,500,000
Public Power,
1.04%, 7/1/17,
(AMBAC Insured) (b)
8,245,000 State Department Water 8,245,000
Resource Revenue,
1.05%, 5/1/22, (LOC
Landesbank) (b)
7,325,000 Statewide Communities 7,325,000
Development Authority
Events (Motion Picture
& TV), 1.05%, 3/1/31,
(LOC BNP Paribas) (b)
1,700,000 Statewide IDA, 1,700,000
1.04%, 8/15/32,
(AMBAC Insured) (b)
77,525,000
----------
COLORADO - 3.6%
3,400,000 Adams County IDR, 3,400,000
1.08%, 11/1/08, (LOC
Citigroup) (b)
1,000,000 Aurora Centertech 1,000,000
Metro District,
1.30%, 12/1/28, (LOC
Banque Nationale
Paris) (b)
1,430,000 Colorado Springs 1,430,000
Revenue (Pikes Peak
Mental Health),
1.08%, 3/15/23, (LOC
Wells Fargo Bank) (b)
28
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
3,900,000 Douglas County MFHR $3,900,000
(Autumn Chase),
1.08%, 12/1/29, (LOC
Freddie Mac) (b)
3,105,000 Interstate South Metro 3,105,000
District, 1.20%,
11/1/13, (LOC Banque
National de Paris) (b)
1,120,000 Jefferson County 1,120,000
Revenue, 1.08%,
6/1/10, (LOC Wells
Fargo Bank) (b)
2,310,000 NBC Metropolitan 2,310,000
District, 1.18%,
12/1/30, (LOC U.S.
Bank) (b)
7,400,000 Pinery West Metro 7,400,000
District, 1.20%,
12/1/32, (LOC U.S.
Bank) (b)
300,000 State Educational & 300,000
Cultural Facilites
Authority (Regis Jesuit
High School), 1.08%,
12/1/33, (LOC Wells
Fargo Bank) (b)
1,505,000 State Educational & 1,505,000
Cultural Facilities
Authority (Rocky
Mountain Shambhala
Center), 1.08%, 1/1/21,
(LOC Wells Fargo
Bank) (b)
1,250,000 State Health Facilities 1,250,000
Authority Revenue
(Arapahoe House
Project), 1.15%, 4/1/24,
(LOC Wells Fargo) (b)
4,600,000 State Health Facilities 4,600,000
Authority Revenue
(Exempla),
1.04%, 1/1/33, (LOC
U.S. Bank) (b)
2,047,000 State Health Facilities 2,047,000
Authority Revenue
(North Colorado
Medical Center),
1.04%, 5/15/20, (MBIA
Insured) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
730,000 State Health Facilities $ 730,000
Authority Revenue (The
Visiting Nurse Corp.),
1.13%, 7/1/22, (LOC
Wells Fargo Bank) (b)
2,290,000 Willow Trace Metro 2,290,000
District, 1.55%,
12/1/31, (LOC U.S.
Bank) (b)
36,387,000
----------
DISTRICT OF COLUMBIA - 0.9%
4,145,000 District Revenue Pooled 4,145,000
Loan, 1.08%, 1/1/29,
(LOC Bank of
America) (b)
4,400,000 Series D GO, 4,400,000
1.09%, 6/1/31, (MBIA
Insured) (b)
8,545,000
----------
FLORIDA - 7.4%
5,300,000 Alachua County Health 5,300,000
Facilities Authority,
1.03%, 12/1/26, (MBIA
Insured) (b)
9,200,000 Brevard County 9,200,000
Educational Facilities
Authority, 1.08%,
7/1/32, (LOC Bank of
America) (b)
6,100,000 Collier County Health 6,100,000
Facilities Authority (The
Moorings Inc.), 1.08%,
12/1/24, (LOC Wachovia
Bank) (b)
3,600,000 Dade County Water & 3,600,000
Sewer Systems
Revenue, 1.05%,
10/5/22, (FGIC
Insured) (b)
1,655,000 Hollywood Water & 1,657,884
Sewer Revenue,
2.00%, 10/1/04, (FSA
Insured)
3,270,000 Housing Finance 3,270,000
Agency, 1.03%, 7/1/07,
(LOC Freddie Mac) (b)
29
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
4,235,000 Jacksonville Health $4,235,000
Facilities Authority
Hospital Revenue,
1.04%, 8/15/19, (MBIA
Insured) (b)
430,000 Miami Health Facilities 430,000
Authority Revenue
(Mercy Hospital),
1.08%, 8/1/20, (LOC
Nationsbank) (b)
300,000 Orange County School 300,000
Board, 1.10%, 8/1/25,
(AMBAC Insured) (b)
3,500,000 Palm Beach County 3,500,000
Housing Finance
Authority,
1.08%, 11/1/07, (LOC
Credit Suisse First
Boston) (b)
4,000,000 St. Johns County 4,000,000
Housing Finance
Authority, 1.08%,
2/15/28, (LOC
FNMA) (b)
2,670,000 St. Johns County IDA 2,670,000
Health Care (Glenmore
St. John's), 1.08%,
1/1/07, (LOC LaSalle
Bank) (b)
2,760,000 State Housing Financial 2,760,000
Agency, 1.03%,
12/1/05, (FHLMC
Insured) (b)
22,525,000 University of South 22,525,000
Florida, 1.06%,
10/1/33, (LOC Wachovia
Bank) (b)
5,000,000 West Orange Health 5,000,000
District Revenue,
1.09%, 2/1/22, (LOC
Suntrust Bank) (b)
74,547,884
----------
GEORGIA - 6.4%
5,800,000 Clayton County MFHR 5,800,000
(BS Partners),
1.08%, 9/1/26, (LOC
Fannie Mae) (b)
1,000,000 DeKalb County 1,000,000
Development Authority
Revenue, 1.08%,
6/1/20, (LOC Wachovia
Bank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
6,475,000 DeKalb County Housing $6,475,000
Authority Revenue,
1.08%, 1/1/34, (LOC
FHLMC) (b)
1,500,000 DeKalb Private Hospital 1,500,000
Authority (Children's
Health Care Project),
1.08%, 12/1/17, (LOC
Suntrust Bank) (b)
2,100,000 DeKalb Private Hospital 2,100,000
Authority (Children's
Health Care Project),
1.08%, 12/1/28, (LOC
Suntrust Bank) (b)
2,100,000 DeKalb Private Hospital 2,100,000
Authority (Egleston
Childrens Hospital),
1.08%, 3/1/24, (LOC
Suntrust Bank) (b)
6,000,000 Downtown Savannah 6,000,000
Authority Revenue,
1.08%, 10/1/07, (LOC
Wachovia Bank) (b)
5,000,000 Fulco Hospital Authority 5,000,000
Revenue, 1.08%,
9/1/17, (LOC Wachovia
Bank) (b)
9,625,000 Marietta Housing 9,625,000
Authority Revenue,
1.08%, 7/1/24, (LOC
FNMA) (b)
5,300,000 Marietta MFHR, 5,300,000
1.08%, 5/15/07, (FNMA
Collateralized) (b)
3,345,000 Metropolitan Atlanta 3,345,000
Rapid Transit Authority,
1.08%, 7/1/25, (LOC
Bayerische
Landesbank) (b)
5,000,000 Milledgeville-Baldwin 5,015,330
County Revenue
Authority, 5.00%,
9/1/32, (LOC First Union
National Bank)
4,000,000 State Municipal Electric 4,000,000
Authority, 1.06%,
1/1/16, (FSA Insured)
7,175,000 State Municipal Electric 7,175,000
Authority, 1.08%,
1/1/20, (LOC Bayerishe
Landesbank) (b)
64,435,330
----------
30
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont. )
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
IDAHO - 0.7%
1,900,000 State Health Facilities $1,900,000
Revenue (St. Luke's
Medical Center),
1.10%, 5/1/22, (LOC
Harris Trust & Savings
Bank) (b)
1,110,000 State Health Facilities 1,110,000
Revenue (St. Luke's
Medical Center),
1.12%, 7/1/30, (FSA
Insured) (b)
3,595,000 State Healthcare 3,595,000
Systems, 1.08%,
12/1/21, (LOC Wells
Fargo Bank) (b)
6,605,000
----------
ILLINOIS - 5.9%
9,025,000 City of Elmhurst 9,024,999
Revenue, 1.09%,
7/1/18, (LOC Dexia
Credit Local) (b)
4,700,000 Galesburg Revenue 4,700,000
(Knox College),
1.17%, 3/1/31, (LOC
LaSalle Bank) (b)
4,100,000 Jackson Union 4,100,000
Counties, 1.07%,
4/1/24, (LOC Wachovia
Bank) (b)
4,000,000 State Development 4,000,000
Finance Authority PCR,
1.08%, 9/1/08, (LOC
Bank One) (b)
1,100,000 State Development 1,100,000
Finance Authority PCR,
1.10%, 11/1/12, (b)
3,800,000 State Development 3,800,000
Finance Authority
Revenue, 1.05%,
5/1/28, (MBIA
Insured) (b)
2,970,000 State Health Facilities 2,970,000
Authority Revenue,
5.50%, 8/1/04,
(AMBAC Insured)
1,000,000 State Health Facilities 1,002,241
Authority Revenue,
2.00%, 12/1/04, (FSA
Insured)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
3,570,000 State Health Facilities $3,570,000
Authority Revenue,
1.05%, 7/1/24, (MBIA
Insured) (b)
6,300,000 State Health Facilities 6,300,000
Authority Revenue,
1.09%, 5/15/29, (LOC
FSA) (b)
2,900,000 State Health Facilities 2,900,000
Authority Revenue,
1.08%, 3/1/31, (LOC
Firstar Bank) (b)
8,500,000 State Toll Highway 8,500,000
Authority Revenue,
1.05%, 1/1/10, (MBIA
Insured) (b)
3,500,000 State Toll Highway 3,500,000
Authority Revenue,
1.12%, 1/1/17, (FSA
Insured) (b)
3,335,000 University Of Illinois 3,338,723
Certificate,
4.00%, 8/15/04,
(AMBAC Insured)
58,805,963
----------
INDIANA - 0.5%
1,255,000 Lake County Building 1,255,000
Corp., 5.00%, 8/1/04,
(MBIA Insured)
1,205,000 State Health Facilities 1,205,000
Finance Authority
(Capital Access
Designated Pool),
1.07%, 4/1/12, (LOC
Comerica Bank) (b)
2,110,000 State Health Facilities 2,110,000
Finance Authority
Revenue (Anthony
Wayne Rehabilitation
Center), 1.08%, 2/1/31,
(LOC Wells Fargo
Bank) (b)
200,000 State Health Facilities 200,000
Finance Authority
Revenue (Capital Access
Designated Pool),
1.07%, 1/1/12, (LOC
Comerica Bank) (b)
31
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
190,000 State Health Facilities $ 190,000
Finance Authority
Revenue (Capital Access
Designated Pool),
1.07%, 1/1/16, (LOC
Comerica Bank) (b)
350,000 State Health Facilities 350,000
Finance Authority
Revenue (Deaconess
Hospital), 1.08%,
1/1/22, (LOC Fifth Third
Bank) (b)
5,310,000
----------
IOWA - 5.4%
1,400,000 Hills Healthcare 1,400,000
Revenue, 1.10%,
8/1/32, (LOC U.S.
Bank) (b)
6,600,000 Iowa Higher Education, 6,600,000
1.08%, 11/1/16, (LOC
Wells Fargo Bank) (b)
915,000 Iowa Higher Education, 915,000
1.10%, 11/1/30, (LOC
Lasalle Bank) (b)
3,690,000 State Finance Authority 3,690,000
Revenue (Diocese of
Sioux City Project),
1.08%, 3/1/19, (LOC
Wells Fargo Bank) (b)
2,480,000 State Finance Authority 2,480,000
Revenue (Mississippi
Valley Regional Blood
Center), 1.08%, 2/1/23,
(LOC Wells Fargo
Bank) (b)
1,500,000 State Finance Authority 1,500,000
Revenue (Private
Colleges), 1.10%,
7/1/24, (LOC Wells
Fargo) (b)
3,370,000 State Finance Authority 3,370,000
Revenue (Putnam
Museum of History),
1.08%, 5/1/12, (LOC
Wells Fargo Bank) (b)
2,600,000 State Finance Authority 2,600,000
Revenue (Small Business
Development),
1.08%, 11/1/15, (LOC
I.E. Dupont) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
2,685,000 State Finance Authority $2,685,000
Revenue (YMCA &
Rehabilitation Center),
1.13%, 4/1/25, (LOC
Bank of America) (b)
8,335,000 State Higher Education 8,335,000
Authority Revenue
(Palmer Chiropractic),
1.11%, 4/1/27, (LOC
LaSalle Bank) (b)
14,220,000 State School 14,399,940
Corporations,
3.00%, 6/30/05, (FSA
Insured)
2,400,000 Webster County 2,400,000
Education Facilities
Revenue, 1.08%,
7/1/20, (LOC Wells
Fargo Bank) (b)
3,910,000 Woodbury County 3,910,000
(Siouxland Regional
Cancer Center),
1.08%, 12/1/14, (LOC
Wells Fargo Bank) (b)
54,284,940
----------
KENTUCKY - 0.5%
5,305,000 Breckinridge County 5,305,000
Lease Program Revenue,
1.08%, 12/1/29, (LOC
U.S. Bank) (b)
LOUISIANA - 1.0%
500,000 East Baton Rouge PCR, 500,000
1.02%, 11/1/19, (b)
2,800,000 Lake Charles Harbor & 2,800,000
Revenue (Conoco Inc.),
1.09%, 9/1/29, (LOC
Bank One) (b)
1,950,000 South Louisana Port 1,950,000
Commission (Marine
Terminal), 1.09%,
7/1/21, (LOC Bayerische
Landesbank) (b)
4,105,000 State Offshore Terminal 4,105,000
Authority Deepwater
Port Revenue (Loop LLC
Project), 1.08%,
10/1/19, (LOC Bank
One) (b)
32
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
600,000 State Public Facilities $ 600,000
Authority, 1.07%,
12/1/15, (LOC Bank of
America) (b)
9,955,000
----------
MAINE - 1.1%
3,475,000 State Health & Higher 3,475,000
Education (Bowdoin
College), 1.07%,
7/1/25, (LOC State
Street Bank) (b)
7,000,000 State Tax Anticipation 7,088,629
==========
Notes, 3.00%, 6/30/05
10,563,629
----------
MARYLAND - 1.6%
13,050,000 Montgomery County 13,050,000
Housing Opportunities
MFHR(Oakwood Apts),
1.08%, 11/1/07, (LOC
FHLMC) (b)
3,000,000 State Health & Higher 3,000,000
Education Facilities,
1.08%, 4/1/35, (LOC
First National Bank) (b)
16,050,000
----------
MASSACHUSETTS - 2.8%
2,150,000 State Health & 2,150,000
Educational Facilities
Authority Revenue,
1.02%, 10/1/27, (MBIA
Insured) (b)
600,000 State Health & 600,000
Educational Facilities
Authority Revenue
(Capital Assets
Program), 1.05%,
1/1/19, (MBIA
Insured) (b)
3,000,000 State Health & 3,000,000
Educational Facilities
Authority Revenue
(Capital Assets
Program), 1.04%,
12/1/29, (LOC State
Street B&T) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
1,200,000 State Health & $1,200,000
Educational Facilities
Authority Revenue
(Capital Assets
Program), 1.07%,
1/1/35, (MBIA
Insured) (b)
18,965,000 State Water Resource 18,965,000
Authority, 1.05%,
8/1/23, (FGIC
Insured) (b)
2,600,000 State Water Resource 2,600,000
Authority, 1.09%,
11/1/26, (FGIC
Insured) (b)
28,515,000
----------
MICHIGAN - 3.0%
7,200,000 City of Detroit Sewer 7,200,000
Disposal Revenue,
1.01%, 7/1/23, (MBIA
Insured) (b)
1,805,000 City of Detroit Sewer 1,805,000
Disposal Revenue,
1.09%, 7/1/29, (MBIA
Insured) (b)
1,200,000 Eastern Michigan 1,200,000
University, 1.10%,
6/1/27, (FGIC
Insured) (b)
355,000 Ingham County 355,000
Economic Development
(Martin Luther),
1.15%, 4/1/22, (LOC
Bank One) (b)
6,400,000 State Anticipation 6,400,000
Notes, 1.08%, 9/15/08,
(FSA Insured) (b)
1,680,000 State Housing 1,680,000
Development Authority
(Rental Housing),
1.07%, 4/1/24, (MBIA
Insured) (b)
3,100,000 State Strategic Fund 3,100,000
(Clark Retirement),
1.07%, 6/1/31, (LOC
Fifth Third Bank) (b)
8,735,000 University of Michigan 8,735,000
Revenue, 1.08%,
4/1/32, (b)
30,475,000
----------
33
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
MINNESOTA - 5.3%
146,000 Arden Hills Housing & $146,000
Healthcare Facilities
Revenue, 1.15%,
9/1/29, (LOC U.S.
Bank) (b)
200,000 City of Cohasset (Power 200,000
& Light Project),
1.10%, 12/1/07, (LOC
ABN AMRO Bank) (b)
2,170,000 City of Maple Grove 2,170,000
MFHR, 1.03%, 11/1/31,
(LOC Wells Fargo
Bank) (b)
7,570,000 City of Minneapolis 7,570,000
MFHR, 1.03%, 12/1/27,
(LOC Wells Fargo
Bank) (b)
7,145,000 City of Minneapolis 7,145,000
Nursing Home Revenue,
1.03%, 12/1/27, (LOC
Wells Fargo Bank) (b)
1,500,000 Mendota Heights 1,500,000
Housing Mortgage
Revenue, 1.03%,
11/1/31, (LOC Wells
Fargo Bank) (b)
940,000 Minneapolis Revenue 940,000
(Catholic Charities
Projects), 1.07%,
11/1/16, (LOC Wells
Fargo Bank) (b)
8,000,000 St. Cloud Infrastructure 8,000,000
Management,
1.03%, 2/1/15, (LOC
Wells Fargo) (b)
2,340,000 St. Paul Housing & 2,340,000
Redevelopment
Authority Revenue
(Science Museum
Project), 1.11%, 5/1/27,
(LOC First Interstate
Bank) (b)
2,800,000 State Higher Education 2,800,000
Facilities Authority
(William Mitchel),
1.08%, 10/1/33, (LOC
U.S. Bank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
820,000 State Higher Education $820,000
Facilities Authority
Revenue (Olaf College),
1.10%, 10/1/20, (LOC
Harris Trust & Savings
Bank) (b)
20,000,000 State School Districts 20,011,276
Tax & Aid, 1.75%,
8/27/04, (LOC SD Credit
Program) (b) $
53,642,276
----------
MISSISSIPPI - 0.1%
600,000 Jackson County PCR, 600,000
==========
1.10%, 6/1/23, (b)
MISSOURI - 0.5%
2,000,000 St. Charles County IDA, 2,000,000
1.03%, 2/1/29, (LOC
FNMA) (b)
1,595,000 State Health & 1,595,000
Educational Facilities
Authority, 1.10%,
6/1/26, (LOC Bank of
America) (b)
1,200,000 State Health & 1,200,000
Educational Facilities
Authority, 1.10%,
11/1/32, (LOC Bank of
America) (b)
4,795,000
----------
NEBRASKA - 0.4%
3,975,000 Scotts Bluff County 3,975,000
Hospital Authority
Revenue, 1.11%,
12/1/31, (LOC
GNMA) (b)
300,000 State Education Finance 300,000
Authority Revenue,
1.10%, 3/1/33, (LOC
U.S. Bancorp) (b)
4,275,000
----------
34
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
NEVADA - 0.9%
1,100,000 Clark County Airport $1,100,000
Revenue, 1.05%,
7/1/25, (LOC
Westdeutsche
Landesbank) (b)
7,700,000 Clark County Airport 7,700,000
Revenue, 1.05%,
7/1/29, (LOC Bayerische
Landesbank) (b)
8,800,000
----------
NEW HAMPSHIRE - 0.3%
985,000 State Health & 985,000
Education Facilities
Revenue, 1.09%,
7/1/21, (LOC JP Morgan
Chase) (b)
2,000,000 State Health & 2,000,000
Education Facilities
Revenue, 1.08%,
8/1/31, (LOC FSA) (b)
2,985,000
----------
NEW JERSEY - 1.1%
300,000 City of Gloucester 300,000
Industrial PCR,
0.98%, 1/1/22, (b)
10,400,000 Morris Hall Economic 10,400,000
Development,
1.02%, 4/1/27, (LOC
Wachovia Bank) (b)
305,000 State Economic 305,000
Development Authority
Revenue, 1.03%,
1/15/18, (LOC
Citibank) (b)
11,005,000
----------
NEW YORK - 6.1%
2,100,000 Jay Street Development 2,100,000
Corporation State
Courts Facilities Lease
Revenue, 1.04%,
5/1/20, (LOC
Landesbank Hessen) (b)
5,700,000 Jay Street Development 5,700,000
Corporation State
Courts Facilities Lease
Revenue, 1.07%,
5/1/21, (LOC Toronto
Dominion Bank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
8,100,000 Metropolitan $8,100,000
Transportation
Authority, 1.04%,
11/1/26, (b)
10,300,000 Metropolitan 10,300,000
Transportation
Authority, 1.04%,
11/1/26, (AMBAC
Insured) (b)
300,000 New York City GO, 300,000
1.07%, 8/15/04, (MBIA
Insured) (b)
1,400,000 New York City GO, 1,400,000
1.08%, 8/15/09, (MBIA
Insured) (b)
1,000,000 New York City GO, 1,000,000
1.10%, 8/1/14, (MBIA
Insured) (b)
500,000 New York City GO, 500,000
1.07%, 8/1/17, (LOC
Morgan Guaranty
Trust) (b)
1,050,000 New York City GO, 1,050,000
1.08%, 8/15/19, (LOC
Morgan Guaranty
Trust) (b)
940,000 New York City GO, 940,000
1.08%, 8/1/21, (LOC JP
Morgan Chase Bank) (b)
1,000,000 New York City GO, 1,000,000
1.08%, 8/15/21, (LOC
Morgan Trust) (b)
1,685,000 New York City 1,685,000
Municipal Water
Finance Authority
Revenue, 1.07%,
6/15/23, (FGIC
Insured) (b)
3,500,000 State Energy Research & 3,500,000
Development Authority
PCR, 1.04%, 10/1/14,
(FGIC Insured) (b)
15,600,000 State Local Government 15,600,000
Assistance Program,
1.04%, 4/1/25, (LOC
Bank of Nova Scotia) (b)
8,000,000 Triborough Bridge & 8,000,000
Tunnel Authority,
0.99%, 1/1/32,
(AMBAC Insured) (b)
61,175,000
----------
35
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
NORTH CAROLINA - 1.1%
2,300,000 City of Greensboro $2,300,000
Enterprise System
Revenue, 1.07%,
6/1/24, (b)
2,165,000 State Educational 2,165,000
Facilities Agency
Revenue, 1.08%,
1/1/19, (LOC Bank of
America) (b)
3,100,000 State Medical Care 3,100,000
Commission Revenue,
1.09%, 10/1/16, (LOC
Wachovia Bank) (b)
3,700,000 State Medical Care 3,700,000
Commission Revenue,
1.05%, 11/1/32, (LOC
Suntrust Bank) (b)
11,265,000
----------
NORTH DAKOTA - 0.2%
1,575,000 Ward County Health 1,575,000
Care Facilities Revenue
(Trinity Group),
1.15%, 7/1/29, (LOC
U.S. Bank) (b)
OHIO - 1.2%
2,665,000 Franklin County 2,665,000
Hospital Revenue
(OhioHealth),
1.08%, 12/1/28, (LOC
National City Bank) (b)
9,639,000 Warren County Health 9,639,000
Care Facilities Revenue
(Otterbein Homes
Project), 1.12%, 7/1/23,
(LOC Fifth Third
Bank) (b)
12,304,000
----------
OREGON - 0.9%
5,415,000 State Health & 5,415,000
Education Revenue,
1.04%, 12/1/15, (LOC
U.S. Bank) (b)
4,000,000 Tri-County Metropolitan 4,000,000
Transportation District,
1.09%, 12/1/21, (LOC
Bayerische
Landesbank) (b)
9,415,000
----------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
PENNSYLVANIA - 1.4%
2,500,000 Delaware Valley Finance $2,500,000
Authority,
1.08%, 12/1/20, (LOC
Toronto Dominion) (b)
400,000 Emmaus General 400,000
Authority Revenue,
1.11%, 3/1/24, (LOC
Goldman Sachs) (b)
10,300,000 Montgomery County 10,300,000
Redevelopment
Authority,
1.07%, 8/15/31, (LOC
FNMA) (b)
485,000 Schuykill County IDA, 485,000
1.10%, 12/1/22, (LOC
Dexia Group) (b)
13,685,000
----------
RHODE ISLAND - 0.4%
4,350,000 State Health & 4,350,000
Education Building
Corporation, 1.07%,
7/1/31, (LOC Bank of
New York) (b)
SOUTH CAROLINA - 1.7%
2,800,000 Florence County 2,800,000
Hospital Revenue
(McLeod Regional
Medical Center),
1.09%, 11/1/15, (FGIC
Insured) (b)
4,200,000 State Job Development 4,200,000
Authority (Catholic
Diocese), 1.13%,
9/1/18, (LOC Bank of
America) (b)
1,090,000 State Job Development 1,090,000
Authority (Orangeburg
Regional Medical
Center), 1.05%,
2/15/28, (AMBAC
Insured) (b)
8,600,000 State MFHR (Charleston 8,600,000
Rental Housing),
1.08%, 8/1/31, (FHLMC
Insured) (b)
16,690,000
----------
36
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
SOUTH DAKOTA - 0.3%
2,810,000 Lower Brule Sioux Tribe, $2,810,000
1.08%, 12/1/11, (LOC
Wells Fargo Bank) (b)
TENNESSEE - 1.5%
4,190,000 Clarksville Public 4,190,000
Building Authority
Revenue, 1.08%,
11/1/27, (LOC Bank of
America) (b)
1,100,000 Hamilton County IDR 1,100,000
(Aquarium), 1.08%,
3/1/15, (LOC Bank of
America) (b)
6,500,000 Jackson Energy 6,500,000
Authority Wastewater
Systems Revenue,
1.08%, 12/1/22, (FSA
Insured) (b)
3,610,000 Metropolitan 3,610,000
Government Nashville &
Davidson Count,
1.08%, 8/1/18, (LOC
Bank of America) (b)
15,400,000
----------
TEXAS - 6.9%
1,050,000 Austin County Industrial 1,050,000
Development
Corporation, 1.08%,
12/1/14, (LOC Bank
One) (b)
1,500,000 Austin Public 1,506,070
Improvements,
5.875%, 9/1/12, (b)
2,300,000 Bexar County Housing 2,300,000
Financial Authority,
1.09%, 9/15/26, (LOC
FNMA) (b)
2,785,000 City of Brownsville 2,785,000
Utility Systems Revenue,
1.04%, 9/1/27, (LOC
MBIA) (b)
5,000,000 City of Dallas Regulated 5,055,611
Apartment Revenue,
5.50%, 11/1/04, (MBIA
Insured)
8,065,000 Gulf Coast IDA, 8,065,000
1.25%, 6/1/25, (LOC BP
Amoco) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
3,000,000 Gulf Coast Waste $3,000,000
Disposal Authority,
0.95%, 3/1/09, (LOC BP
Amoco) (b)
3,300,000 Harris County Health 3,300,000
Facilities Authority
Revenue, 1.22%,
10/13/04, (MBIA
Insured) (b)
975,000 Harris County Health 975,000
Facilities Authority
Revenue, 1.11%,
10/1/29, (MBIA
Insured) (b)
2,000,000 San Antonio Health 2,000,000
Facilities Authority
Revenue (Clinical
Foundation Project),
1.08%, 6/1/20, (LOC
Wells Fargo Bank) (b)
1,100,000 Splendora Higher 1,100,000
Education Facilities
Revenue, 1.08%,
12/1/26, (LOC Wells
Fargo) (b)
6,700,000 State Public Finance 6,654,553
Authority Revenue,
0.00%, 2/1/05, (MBIA
Insured)
1,615,000 State Public Finance 1,627,880
Authority Revenue,
5.75%, 10/1/11, (MBIA
Insured)
25,300,000 State Tax & Revenue 25,318,469
Anticipation Notes,
2.00%, 8/31/04
4,000,000 Tarrant County Housing 4,000,000
Finance Corp. Revenue,
1.08%, 2/15/28, (FNMA
Insured) (b)
68,737,583
----------
37
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
UTAH - 1.8%
3,500,000 Intermountain Power $3,500,000
Agency Power Supply
Revenue, 1.05%,
7/1/18, (AMBAC
Insured) (b)
2,505,000 Provo Municipal 2,505,000
Building Authority
Lease, 1.08%, 5/1/12,
(LOC Wells Fargo
Bank) (b)
12,545,000 Salt Lake City Revenue, 12,545,000
1.08%, 12/1/21, (LOC
Wells Fargo) (b)
18,550,000
----------
VIRGINIA - 1.0%
3,170,000 Alexandria IDA (Pooled 3,170,000
Loan Project),
1.08%, 7/1/26, (LOC
Bank of America) (b)
2,390,000 Hampton 2,390,000
Redevelopment &
Housing Authority
MFHR (Shoreline
Apartments Project),
1.08%, 12/1/19,
(FHLMC Insured) (b)
2,000,000 Harrisonburg 2,000,000
Redevelopment &
Housing Authority
MFHR (Misty Ridge
Project), 1.10%, 3/1/16,
(LOC Bank One) (b)
1,380,000 Louisa County IDA, 1,380,000
1.08%, 1/1/20, (LOC
Bank of America) (b)
1,000,000 Peninsula Ports 1,000,000
Authority Coalition
Term Revenue
(Dominion Term
Project), 1.08%, 7/1/16,
(LOC Citibank) (b)
9,940,000
----------
WASHINGTON - 3.7%
4,700,000 Seattle Water System 4,700,000
Revenue, 1.00%,
9/1/25, (LOC Bayerische
Landesbank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
6,000,000 Snohomish County $6,000,000
Public Utility,
1.07%, 12/1/19, (FSA
Insured) (b)
1,000,000 State Housing & 1,000,000
Finance Commission
(Overlake School
Project), 1.08%,
10/1/29, (LOC Wells
Fargo Bank) (b)
4,700,000 State Housing & 4,700,000
Finance Commission
(Evergreen School
Project), 1.08%, 7/1/28,
(LOC Wells Fargo
Bank) (b)
3,500,000 State Housing & 3,500,000
Finance Commission
(Pioneer Human
Services), 1.14%,
8/1/19, (LOC U.S.
Bank) (b)
1,100,000 State Housing & 1,100,000
Finance Commission
(Riverview Retirement
Project), 1.12%, 7/1/22,
(LOC U.S. Bank) (b)
200,000 State Housing & 200,000
Finance Commission
(Rockwood Retirement
Home), 1.14%, 1/1/30,
(LOC Wells Fargo
Bank) (b)
1,000,000 State Housing & 1,000,000
Finance Commission
Nonprofit Housing
Revenue (Christa
Ministries), 1.12%,
7/1/11, (LOC U.S.
Bank) (b)
6,205,000 State Public Power 6,205,000
Supply, 1.05%, 7/1/12,
(MBIA Insured) (b)
9,190,000 State Public Power 9,190,000
Supply, 1.07%, 7/1/18,
(LOC JP Morgan
Chase) (b)
37,595,000
----------
38
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
WISCONSIN - 1.8%
2,700,000 State Health & $2,700,000
Education Facilities
Authority Revenue
(Gundersen Lutheran),
1.10%, 12/1/15, (FSA
Insured) (b)
650,000 State Health & 650,000
Education Facilities
Authority Revenue
(Meriter Hospital),
1.15%, 12/1/32, (LOC
Marshall & Ilsley
Bank) (b)
1,100,000 State Health & 1,100,000
Education Facilities
Authority Revenue (St.
John's United Church),
1.12%, 2/1/30, (LOC
Firstar Bank) (b)
7,400,000 State Health & 7,400,000
Education Facilities
Authority Revenue
(Wheaton Franciscan),
1.08%, 8/15/16, (FSA
Insured) (b)
200,000 State Health & 200,000
Educational Facilities
Authority Revenue
(Gunderson Lutheran),
1.10%, 12/1/29, (FSA
Insured) (b)
1,600,000 State Health & 1,600,000
Educational Facilities
Authority Revenue
(ProHealth Inc.), 1.10%,
8/15/30, (AMBAC
Insured) (b)
4,000,000 State Health & 4,000,000
Educational Facilities
Authority Revenue
(University of Wisconsin
Medical Foundation),
1.07%, 5/1/30, (LOC
LaSalle Bank) (b)
17,650,000
-----------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
WYOMING - 0.4%
2,100,000 Kemmerer PCR (Exxon $2,100,000
Project), 1.04%,
11/1/14, (b)
1,300,000 Lincoln County PCR 1,300,000
(Exxon Project),
1.04%, 11/1/14, (b)
500,000 Lincoln County PCR 500,000
(Exxon Project),
1.04%, 11/1/14, (b)
500,000 Sweetwater County 500,000
PCR (Pacificorp Project),
1.15%, 1/1/14, (LOC
Bank One) (b)
4,400,000
-----------
TOTAL MUNICIPAL BONDS 922,437,037
-----------
COMMERCIAL PAPER - 9.4%
CALIFORNIA - 2.0%
20,000,000 Public Utility 20,000,000
Commission of San
Francisco, 1.07%,
8/9/04, (b)
FLORIDA - 2.8%
8,700,000 Intermountain Power, 8,700,000
1.07%, 8/4/04, (LOC
Bank of Nova Scotia)
5,500,000 Pinellas County 5,500,000
Education Facilities
Authority, 1.13%,
10/18/04, (LOC
Wachovia Bank)
12,145,000 State Municipal Power 12,145,000
Agency, 1.11%,
8/16/04, (LOC Wachovia
Bank)
2,000,000 State Municipal Power 2,000,000
Agency, 1.12%,
8/18/04, (LOC Wachovia
Bank)
28,345,000
-----------
39
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
LOUISIANA - 4.6%
16,700,000 State Public Facilities $ 16,700,000
Authority, 1.13%,
8/9/04, (AMBAC
Insured) (b)
13,000,000 State Public Facilities 13,000,000
Authority, 1.11%,
8/17/04, (AMBAC
Insured) (b)
6,000,000 State Public Facilities 6,000,000
Authority, 1.13%,
8/18/04, (LOC CS First
Boston) (b)
10,000,000 State Public Facilities 10,000,000
Authority, 1.14%,
11/2/04, (AMBAC
Insured) (b)
45,700,000
---------------
TOTAL COMMERCIAL PAPER 94,045,000
---------------
TOTAL INVESTMENTS $1,016,482,037
(Cost $1,016,482,037) (a) -101.4%
Liabilities in excess of other (13,720,626)
assets - (1.4)% ===============
NET ASSETS - 100.0% $1,002,761,411
===============
Percentages indicated are based on net assets of $1,002,761,411.
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on July 31, 2004. The maturity date represents the actual
maturity date.
(c) Portfolio abbreviations:
AMBAC - Ambac Assurance Corporation
FGIC - Financial Guaranty Insurance Co.
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
FSA - Financial Security Assurance Inc.
GO - General Obligation
IDA - Industrial Development Authority
IDR - Industrial Development Revenue
ISD - Independent School District
LOC - Letter of Credit
MBIA - MBIA Insurance Corporation
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
PSF - Permanent School Fund
SEE NOTES TO FINANCIAL STATEMENTS.
40
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Prime Money Market Fund
- --------------------------------------------------------------------------------
JULY 31, 2004
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
COMMERCIAL PAPER - 58.5%
AGRICULTURE - 1.1%
7,000,000 Archer-Daniels-Midland $ 6,990,072
===========
Co., 1.38%, 9/7/04
ASSET BACKED - 18.4%
12,500,000 Barton Capital Corp., 12,491,625
1.34%, 8/19/04
23,715,000 Falcon Asset 23,700,981
Securitization,
1.33%, 8/17/04
20,000,000 Nieuw Amsterdam 19,973,867
Receivables Corp.,
1.47%, 9/2/04
19,000,000 Preferred Receivables 18,986,362
Funding Corp.,
1.36%, 8/20/04
17,000,000 Sheffield Receivables 16,991,642
Corp., 1.18%, 8/16/04
29,100,000 Windmill Funding 29,000,380
Corp., 1.59%, 10/18/04 ===========
121,144,857
-----------
BANKS - DOMESTIC - 4.8%
19,300,000 Marshall & Ilsley, 19,297,641
1.10%, 8/5/04
12,000,000 River Fuel Co., 11,995,667
1.30%, 8/11/04 ===========
31,293,308
-----------
BANKS - FOREIGN - 6.1%
18,000,000 Nationwide Building 17,991,225
Society, 1.17%, 8/16/04
22,000,000 Northern Rock PLC, 21,980,903
1.25%, 8/26/04 ===========
39,972,128
-----------
EDUCATION - 2.6%
16,874,000 Leyland Stanford Jr. 16,860,501
University, 1.20%,
8/25/04
FINANCE - AUTOMOTIVE - 3.2%
10,880,000 Toyota Motor Credit 10,874,390
Corp., 1.16%, 8/17/04
10,000,000 Toyota Motor Credit 9,986,331
Corp., 1.33%, 9/7/04 ===========
20,860,721
-----------
FINANCE - DIVERSIFIED - 4.0%
9,000,000 Credit Suisse First 8,980,425
Boston, 1.45%, 9/24/04
17,000,000 Goldman Sachs Group, 16,983,179
Inc., 1.37%, 8/27/04 -----------
25,963,604
-----------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
GOVERNMENT - DOMESTIC - 3.0%
19,500,000 Private Export Funding $19,377,280
Corp., 1.78%, 12/7/04 ===========
HOUSEHOLD PRODUCTS - 3.0%
20,000,000 Proctor & Gamble Co., 19,939,167
1.50%, 10/13/04 ===========
INSURANCE - 5.5%
21,000,000 New York Life Capital 20,991,787
Corp., 1.28%, 8/12/04
15,000,000 Prudential Funding 14,943,383
Corp., 1.58%, 10/26/04 ===========
35,935,170
-----------
OIL SERVICES - 6.2%
16,000,000 Total Capital Corp., 15,986,311
1.40%, 8/23/04
25,000,000 Total Capital Corp., 24,958,792
1.38%, 9/13/04 ===========
40,945,103
-----------
PHARMACEUTICALS - 0.6%
4,000,000 Pfizer, Inc., 3,997,298
1.28%, 8/20/04
TOTAL COMMERCIAL PAPER
383,279,209
-----------
CORPORATE BONDS - 16.2%
BANKS - FOREIGN - 3.0%
20,000,000 Bank of Scotland, 19,998,083
1.23%, 11/29/04, (b) ===========
FINANCE - DIVERSIFIED - 4.2%
2,500,000 Goldman Sachs Group, 2,574,302
Inc., 7.50%, 1/28/05
25,000,000 Merrill Lynch & Co., 25,041,840
1.75%, 7/1/05, (b) ===========
27,616,142
-----------
MANUFACTURING - 3.8%
25,000,000 PACCAR Financial 25,004,396
Corp., 1.59%,
9/20/04, (b)
RETAIL - 2.1%
13,685,000 Home Depot, Inc., 13,775,185
6.50%, 9/15/04 ===========
TECHNOLOGY - 3.1%
20,000,000 International Business 20,004,000
Machines Corp.,
1.54%, 9/10/04, (b)
TOTAL CORPORATE BONDS 106,397,806
-----------
41
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Prime Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT - 9.9%
BANKS - DOMESTIC - 7.1%
17,700,000 SouthTrust Bank, NA, $ 17,700,000
1.24%, 8/25/04
28,800,000 World Savings Bank, 28,799,729
1.19%, 8/18/04 ============
46,499,729
------------
BANKS - FOREIGN - 2.8%
18,500,000 Barclays Bank PLC, 18,498,988
1.28%, 11/8/04, (b) ============
TOTAL CERTIFICATES OF DEPOSIT 64,998,717
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 9.3%
FEDERAL HOME LOAN BANK - 6.9%
10,000,000 1.50%, 3/1/05 10,000,000
10,000,000 1.40%, 4/1/05 9,996,564
10,000,000 1.35%, 4/29/05 10,000,000
15,000,000 1.50%, 5/4/05 15,000,000
------------
44,996,564
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.4%
5,000,000 6.50%, 8/15/04 5,009,731
6,000,000 1.53%, 10/20/04 5,979,733
5,000,000 1.81%, 5/27/05 5,000,000
------------
15,989,464
------------
TOTAL U.S. GOVERNMENT AGENCY 60,986,028
OBLIGATIONS ============
MUNICIPAL BONDS - 2.9%
TAXABLE MUNICIPAL - 2.9%
6,100,000 San Diego County 6,112,195
California Pension,
6.44%, 8/15/04
2,000,000 State of Minnesota, 2,000,000
6.38%, 8/1/04
10,705,000 State of Texas, 10,705,000
============
1.40%, 6/1/23, (b)
TOTAL MUNICIPAL BONDS 18,817,195
------------
INVESTMENT COMPANIES - 0.7%
MONEY MARKET ACCOUNT - 0.7%
4,870,997 Wells Fargo Prime 4,870,997
Investment Mmkt Fund ============
TOTAL INVESTMENT COMPANIES 4,870,997
------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
TOTAL INVESTMENTS $639,349,952
(Cost $639,349,952) (a) - 97.5%
Other assets in excess of 16,361,650
liabilities - 2.5% ============
NET ASSETS - 100.0% 655,711,602
============
Percentages indicated are based on net assets of $655,711,602.
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on July 31, 2004. The maturity date represents the actual
maturity date.
SEE NOTES TO FINANCIAL STATEMENTS.
42
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
JULY 31, 2004
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
MUNICIPAL BONDS - 102.4%
ALABAMA - 0.9%
3,000,000 Mobile Industrial $3,000,000
Development Board
Dock & Wharf Revenue,
1.08%, 6/1/32, (LOC
Wachovia Bank) (b)
250,000 Stevenson Industrial 250,000
Development Board
Environmental Revenue,
1.07%, 11/1/11, (LOC
JP Morgan Chase
Bank) (b)
3,250,000
----------
ALASKA - 7.6%
3,000,000 North Slope Boro, 2,955,657
0.00%, 6/30/05, (FSA
Insured)
150,000 Valdez Marine Terminal 150,000
Revenue, 1.04%,
12/1/29, (b)
24,300,000 Valdez Marine Terminal 24,300,000
Revenue, 1.02%,
12/1/33, (b)
27,405,657
----------
ARIZONA - 2.2%
1,400,000 Apache County IDR, 1,400,000
1.13%, 12/15/18, (LOC
Credit Suisse First
Boston) (b)
1,300,000 Apache County IDR, 1,300,000
1.13%, 12/15/18, (LOC
Bank of New York) (b)
3,535,000 Maricopa County 3,643,980
Arizona University
School District,
5.00%, 7/1/05, (FGIC
Insured)
1,400,000 Phoenix IDA, 1,400,000
1.08%, 4/1/28, (LOC
Wells Fargo Bank) (b)
7,743,980
----------
CALIFORNIA - 5.8%
250,000 Health Facilities 250,000
Financing Authority
Revenue (Scripps
Memorial Hospital),
1.05%, 12/1/15, (MBIA
Insured) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
1,500,000 Irvine Improvement $1,500,000
Bond, 1.07%, 9/2/25,
(LOC Bank of
America) (b)
500,000 Irvine Ranch Water 500,000
District, 1.07%,
11/15/13, (LOC
Landesbank
Hessen-Thuringen) (b)
3,600,000 Kern Water Bank 3,600,000
Authority Revenue,
1.05%, 7/1/28, (LOC
Wells Fargo Bank) (b)
700,000 Los Angeles Regional 700,000
Airports (LAX),
1.12%, 12/1/25, (LOC
Societe Generale) (b)
3,800,000 Los Angeles Unified 3,800,000
School District (Belmont
Learning Complex),
1.05%, 12/1/17, (LOC
Bank of New York) (b)
6,500,000 Orange County 6,500,000
Apartment
Development Revenue
(Bear Brand
Apartments), 1.04%,
11/1/07, (LOC Freddie
Mac) (b)
2,500,000 State Department Water 2,500,000
Reservoir Revenue,
1.07%, 5/1/22, (FSA
Insured) (b)
1,000,000 State GO, 1,000,000
1.07%, 5/1/33, (LOC
Westlandesbank) (b)
70,000 Statewide Communities 70,000
Development Authority
Events (Motion Picture
& TV), 1.05%, 3/1/31,
(LOC BNP Paribas) (b)
20,420,000
----------
COLORADO - 7.3%
1,000,000 Castlewood Ranch 1,000,000
Metropolitan District,
1.15%, 12/1/34, (LOC
U.S. Bank) (b)
570,000 Colorado Springs 570,000
Revenue (Pikes Peak
Mental Health),
1.08%, 3/15/23, (LOC
Wells Fargo Bank) (b)
43
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
1,110,000 Colorado Springs $1,110,000
Revenue (YMCA Pikes
Peak), 1.08%, 11/1/22,
(LOC Wells Fargo
Bank) (b)
1,600,000 Crystal Valley 1,600,000
Metropolitan District,
1.08%, 5/1/32, (LOC
Wells Fargo Bank) (b)
1,600,000 Denver City & County 1,600,000
Convention Center,
1.08%, 9/1/25, (FSA
Insured) (b)
600,000 Douglas County MFHR 600,000
(Autumn Chase),
1.08%, 12/1/29, (LOC
Freddie Mac) (b)
2,545,000 Dove Valley 2,545,000
Metropolitan District
(Arapahoe County ),
1.20%, 11/1/21, (LOC
BNP Paribas) (b)
1,600,000 State Educational & 1,600,000
Cultural Facilites
Authority (Regis Jesuit
High School), 1.08%,
12/1/33, (LOC Wells
Fargo Bank) (b)
1,500,000 State Educational & 1,500,000
Cultural Facilities
Authority (Denver Art
Museum), 1.08%,
1/1/33, (LOC Wells
Fargo Bank) (b)
2,400,000 State Educational & 2,400,000
Cultural Facilities
Authority (Denver
Seminary), 1.08%,
7/1/24, (LOC Wells
Fargo Bank) (b)
1,900,000 State Health Facilities 1,900,000
Authority Revenue
(Craig Hospital), 1.08%,
12/1/20, (LOC Wells
Fargo Bank) (b)
7,400,000 State Health Facilities 7,400,000
Authority Revenue
(Exempla), 1.04%,
1/1/33, (LOC U.S.
Bank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
2,070,000 Superior/McCaslin $2,070,000
Interchange
Metropolitan District,
1.10%, 11/15/24, (LOC
U.S. Bank) (b)
25,895,000
----------
DISTRICT OF COLUMBIA - 2.3%
8,100,000 Series D GO, 8,100,000
1.09%, 6/1/31, (MBIA
Insured) (b)
FLORIDA - 7.5%
900,000 Collier County Health 900,000
Facilities Authority (The
Moorings Inc.), 1.08%,
12/1/24, (LOC Wachovia
Bank) (b)
1,900,000 Dade County IDA 1,900,000
(Dolphins Stadium),
1.10%, 1/1/16, (LOC
Societe Generale) (b)
12,600,000 Dade County Water & 12,600,000
Sewer Systems
Revenue, 1.05%,
10/5/22, (FGIC Insured)
(b)
1,900,000 Indiana River County 1,900,000
Revenue (St. Edward's
School), 1.09%, 7/1/27,
(LOC First Union
National Bank) (b)
2,530,000 Miami Health Facilities 2,530,000
Authority Revenue
(Mercy Hospital),
1.08%, 8/1/20, (LOC
Nationsbank) (b)
130,000 St. Johns County IDA 130,000
Health Care (Glenmore
St. John's), 1.08%,
1/1/07, (LOC LaSalle
Bank) (b)
2,190,000 State Housing Finance 2,190,000
Agency, 1.03%,
12/1/05, (LOC Freddie
Mac) (b)
3,090,000 State Housing Finance 3,090,000
Agency, 1.03%, 2/1/08,
(LOC Freddie Mac) (b)
1,200,000 Sunshine State 1,200,000
Government Finance
Committee,
1.07%, 7/1/16,
(AMBAC Insured) (b)
26,440,000
----------
44
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
GEORGIA - 7.1%
1,415,000 Clayton County MFHR $1,415,000
(BS Partners),
1.08%, 9/1/26, (LOC
Fannie Mae) (b)
1,000,000 DeKalb Private Hospital 1,000,000
Authority (Children's
Health Care Project),
1.08%, 12/1/28, (LOC
Suntrust Bank) (b)
1,700,000 DeKalb Private Hospital 1,700,000
Authority (Egleston
Childrens Hospital),
1.08%, 3/1/24, (LOC
Suntrust Bank) (b)
4,450,000 Fulton County 4,450,000
Development Authority
(St. George Village),
1.08%, 4/1/34, (LOC
Bank of America) (b)
3,800,000 Hapeville IDR (Hapeville 3,800,000
Hotel), 1.07%, 11/1/15,
(LOC Bank of
America) (b)
3,600,000 Marietta MFHR, 3,600,000
1.08%, 5/15/07, (FNMA
Collateralized) (b)
9,200,000 Metropolitan Atlanta 9,200,000
Rapid Transit Authority,
1.08%, 7/1/25, (LOC
Bayerische
Landesbank) (b)
25,165,000
----------
HAWAII - 0.9%
3,205,000 Honolulu City & County 3,215,653
GO, 5.00%, 9/1/04,
(FSA Insured)
IDAHO - 0.5%
1,500,000 State Health Facilities 1,500,000
Revenue (St. Luke's
Medical Center),
1.10%, 5/1/22, (LOC
Harris Trust & Savings
Bank) (b)
240,000 State Health Facilities 240,000
Revenue (St. Luke's
Medical Center),
1.12%, 7/1/30, (FSA
Insured) (b)
1,740,000
----------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
ILLINOIS - 4.8%
2,600,000 Chicago O'Hare $2,600,000
International Airport
Revenue, 1.04%,
1/1/15, (LOC Societe
Generale) (b)
3,000,000 Crestwood Tax 3,000,000
Increment Revenue,
1.13%, 12/1/23, (LOC
Fifth Third Bank) (b)
1,800,000 Galesburg Revenue 1,800,000
(Knox College),
1.17%, 3/1/31, (LOC
LaSalle Bank) (b)
1,080,000 Niles Tax Increment, 1,097,821
6.00%, 12/1/04, (FGIC
Insured)
2,850,000 State Development 2,850,000
Finance Authority
Revenue (Westside
Health), 1.11%,
12/1/29, (LOC LaSalle
Bank) (b)
3,000,000 State GO, 3,143,695
5.88%, 8/1/13
2,400,000 State Health Facilities 2,400,000
Authority Revenue
(Memorial Health
Systems), 1.15%,
10/1/22, (LOC Bank
One) (b)
16,891,516
----------
INDIANA - 2.3%
1,605,000 Indianapolis Gas Utility 1,607,479
Revenue (Distribution
Systems), 5.00%,
8/15/04, (AMBAC
Insured)
970,000 State Health Facilities 970,000
Finance Authority
Revenue (Anthony
Wayne Rehabilitation
Center), 1.08%, 2/1/31,
(LOC Wells Fargo
Bank) (b)
200,000 State Health Facilities 200,000
Finance Authority
Revenue (Capital Access
Designated Pool),
1.07%, 1/1/12, (LOC
Comerica Bank) (b)
45
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
1,510,000 State Health Facilities $1,510,000
Finance Authority
Revenue (Capital Access
Designated Pool),
1.07%, 1/1/16, (LOC
Comerica Bank) (b)
2,330,000 State Health Facilities 2,330,000
Finance Authority
Revenue (Deaconess
Hospital), 1.08%,
1/1/22, (LOC Fifth Third
Bank) (b)
800,000 State Health Facilities 800,000
Finance Authority
Revenue (Golden Years
Homestead), 1.08%,
6/1/12, (LOC Wells
Fargo Bank) (b)
700,000 State Hospital 700,000
Equipment Finance
Authority Revenue,
1.07%, 12/1/15, (MBIA
Insured) (b)
8,117,479
----------
IOWA - 2.4%
1,165,000 State Finance Authority 1,165,000
Revenue (Diocese of
Sioux City Project),
1.08%, 3/1/19, (LOC
Wells Fargo Bank) (b)
1,470,000 State Finance Authority 1,470,000
Revenue (Putnam
Museum of History),
1.08%, 5/1/12, (LOC
Wells Fargo Bank) (b)
1,945,000 State Higher Education 1,945,000
Authority Revenue
(Palmer Chiropractic),
1.11%, 4/1/27, (LOC
LaSalle Bank) (b)
1,200,000 State Higher Education 1,200,000
Loan Authority Revenue
(Mount Mercy College
Project), 1.10%, 7/1/25,
(LOC Bank OF
America) (b)
100,000 State Higher Education 100,000
Loan Authority Revenue
(Private Colleges),
1.10%, 11/1/32, (LOC
LaSalle Bank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
1,205,000 Webster County $1,205,000
Education Facilities
Revenue, 1.08%,
7/1/20, (LOC Wells
Fargo Bank) (b)
1,500,000 Woodbury County 1,500,000
Educational Facilities
Revenue, 1.13%,
11/1/16, (LOC U.S.
Bank) (b)
8,585,000
----------
KANSAS - 0.9%
450,000 Olathe Health Facilities 450,000
Revenue, 1.10%,
9/1/32, (AMBAC
Insured) (b)
1,750,000 State Development 1,759,843
Finance Authority
Revenue (Kansas Board
of Regents
Rehabilitation Project),
4.50%, 10/1/04,
(AMBAC Insured)
885,000 State Development 885,000
Finance Authority
Revenue (Shalom
Obligated Group),
1.10%, 11/15/28, (LOC
LaSalle Bank) (b)
3,094,843
----------
KENTUCKY - 2.5%
8,900,000 Breckinridge County 8,900,000
Lease Program Revenue,
1.08%, 12/1/29, (LOC
U.S. Bank) (b)
LOUISIANA - 1.6%
2,000,000 East Baton Rouge Parish 2,083,097
Sales & Use Tax,
5.90%, 2/1/15, (FGIC
Insured)
3,500,000 State Offshore Terminal 3,500,000
Authority Deepwater
Port Revenue (Loop LLC
Project), 1.08%,
10/1/19, (LOC Bank
One) (b)
5,583,097
----------
46
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
MAINE - 1.1%
4,000,000 State Tax Anticipation $4,050,645
Notes, 3.00%, 6/30/05 ==========
MARYLAND - 3.1%
8,900,000 Montgomery County 8,900,000
Housing Opportunities
MFHR(Oakwood Apts),
1.08%, 11/1/07, (LOC
FHLMC) (b)
2,010,000 State Health & Higher 2,010,000
Education Facilities
Revenue (Pooled Loan
Program), 1.08%,
1/1/29, (LOC Bank of
America) (b)
10,910,000
----------
MASSACHUSETTS - 1.3%
2,600,000 State Health & 2,600,000
Educational Facilities
Authority Revenue
(Capital Assets
Program), 1.07%,
1/1/35, (MBIA
Insured) (b)
2,000,000 State Water Resources 2,000,000
Authority, 1.06%,
4/1/28, (AMBAC
Insured) (b)
4,600,000
----------
MICHIGAN - 0.3%
300,000 Kent Hospital Finance 300,000
Authority Revenue
(Spectrum Health),
1.08%, 1/15/26, (MBIA
Insured) (b)
600,000 State Strategic Fund 600,000
(Clark Retirement),
1.07%, 6/1/31, (LOC
Fifth Third Bank) (b)
900,000
----------
MINNESOTA - 3.9%
693,000 Arden Hills Housing & 693,000
Healthcare Facilities
Revenue, 1.15%,
9/1/29, (LOC U.S.
Bank) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
200,000 City of Cohasset (State $ 200,000
Power & Light Project),
1.10%, 6/1/13, (LOC
ABN AMRO Bank) (b)
485,000 City of Cohasset (State 485,000
Power & Light Project),
1.10%, 6/1/20, (LOC
ABN AMRO Bank) (b)
3,475,000 Mendota Heights 3,475,000
Housing Mortgage
Revenue, 1.03%,
11/1/31, (LOC Wells
Fargo Bank) (b)
800,000 Minneapolis Revenue 800,000
(Catholic Charities
Projects),
1.07%, 11/1/16, (LOC
Wells Fargo Bank) (b)
500,000 Minneapolis Revenue 500,000
(University Gateway
Project), 0.98%, 6/1/32,
(LOC Wells Fargo
Bank) (b)
1,200,000 Minnetonka MFHR 1,200,000
(Minnetonka Hills
Apartments), 1.07%,
11/15/31, (FNMA
Insured) (b)
1,000,000 Savage Improvement 1,019,408
Services, 5.20%,
2/1/05, (FGIC Insured)
1,465,000 St. Cloud Infrastructure 1,465,000
Management,
1.03%, 2/1/15, (LOC
Wells Fargo) (b)
1,100,000 St. Paul Housing & 1,100,000
Redevelopment
Authority Revenue
(Science Museum
Project), 1.11%, 5/1/27,
(LOC First Interstate
Bank) (b)
900,000 State Higher Education 900,000
Facilities Authority
Revenue (Olaf College),
1.10%, 10/1/20, (LOC
Harris Trust & Savings
Bank) (b)
1,400,000 State Higher Education 1,400,000
Facilities Authority
Revenue (Olaf College),
1.10%, 10/1/30, (LOC
Harris Trust & Savings
Bank) (b)
47
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
530,000 Wayzato ISD, $ 537,657
4.00%, 2/1/05, (School
District Credit Program
Insured)
13,775,065
----------
MISSISSIPPI - 0.1%
500,000 Jackson County PCR, 500,000
1.10%, 6/1/23, (b) ==========
MISSOURI - 0.4%
750,000 State Development 750,000
Finance Board Lease
Revenue (Associated
Municipal Utilities
Lease), 1.15%, 6/1/33,
(LOC U.S. Bank) (b)
500,000 State Health & 500,000
Educational Facilities
Authority Revenue
(Bethesda Health
Group), 1.15%, 8/1/31,
(LOC U.S. Bank) (b)
1,250,000
----------
MONTANA - 0.2%
550,000 Forsysth PCR (Pacificorp 550,000
Project), 1.15%, 1/1/18,
(LOC JP Morgan Chase
Bank) (b)
NEBRASKA - 1.0%
3,700,000 Lancaster County 3,700,000
Hospital Authority
Health Facilities
Revenue (Immanuel),
1.11%, 7/1/30, (LOC
LaSalle Bank) (b)
NEVADA - 2.0%
2,100,000 Clark County Airport 2,100,000
Revenue, 1.05%,
7/1/29, (LOC Bayerische
Landesbank) (b)
5,000,000 Director State 5,000,000
Department Business &
Industry (Nevada Cancer
Institute), 1.08%,
12/1/33, (LOC Bank of
America) (b)
7,100,000
----------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
NEW JERSEY - 1.0%
3,500,000 State Sports & $3,500,000
Exposition Authority
Contract, 1.08%,
9/1/24, (MBIA
Insured) (b)
NEW YORK - 5.5%
1,600,000 Jay Street Development 1,600,000
Corporation State
Courts Facilities Lease
Revenue, 1.04%,
5/1/20, (LOC
Landesbank Hessen) (b)
1,300,000 New York City GO, 1,300,000
1.08%, 8/15/09, (MBIA
Insured) (b)
900,000 New York City GO, 900,000
1.08%, 8/15/11, (MBIA
Insured) (b)
1,800,000 New York City GO, 1,800,000
1.08%, 8/1/16, (LOC
Morgan Guaranty
Trust) (b)
300,000 New York City GO, 300,000
1.07%, 8/1/18, (LOC
Morgan Guaranty
Trust) (b)
2,900,000 New York City GO, 2,900,000
1.08%, 8/15/19, (LOC
Morgan Guaranty
Trust) (b)
250,000 New York City 250,000
Municipal Water
Finance Authority
Revenue, 1.07%,
6/15/22, (FGIC
Insured) (b)
1,900,000 New York City 1,900,000
Municipal Water
Finance Authority
Revenue, 1.07%,
6/15/23, (FGIC
Insured) (b)
985,000 State Local Government 985,000
Assistance Program,
1.04%, 4/1/25, (LOC
Bank of Nova Scotia) (b)
475,000 Triborough Bridge & 475,000
Tunnel Authority,
1.06%, 1/1/31, (FSA
Insured) (b)
48
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
7,000,000 Triborough Bridge & $7,000,000
Tunnel Authority,
0.99%, 1/1/32,
(AMBAC Insured) (b)
19,410,000
----------
NORTH DAKOTA - 0.5%
900,000 Grand Forks Hospital 900,000
Facilities Revenue
(United Hospital),
1.12%, 12/1/16, (LOC
LaSalle Bank) (b)
845,000 Ward County Health 845,000
Care Facilities Revenue
(Trinity Group),
1.15%, 7/1/29, (LOC
U.S. Bank) (b)
1,745,000
----------
OHIO - 1.7%
5,300,000 Franklin County 5,300,000
Hospital Revenue
(OhioHealth),
1.08%, 12/1/28, (LOC
National City Bank) (b)
725,000 Warren County Health 725,000
Care Facilities Revenue
(Otterbein Homes
Project), 1.12%, 7/1/23,
(LOC Fifth Third
Bank) (b)
6,025,000
----------
PENNSYLVANIA - 0.3%
1,220,000 Chichester School 1,218,915
District, 0.00%, 9/1/04,
(FGIC Insured)
SOUTH CAROLINA - 0.5%
1,680,000 Greenville Hospital 1,703,677
Facilities Revenue,
3.00%, 5/1/05,
(AMBAC Insured)
TENNESSEE - 3.0%
10,700,000 Jackson Energy 10,700,000
Authority Wastewater
Systems Revenue,
1.08%, 12/1/22, (FSA
Insured) (b)
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
TEXAS - 7.7%
300,000 Angelina & Neches $ 300,000
River Authority,
1.10%, 5/1/14, (LOC
Bank of America) (b)
2,600,000 Austin County Industrial 2,600,000
Development
Corporation, 1.08%,
12/1/14, (LOC Bank
One) (b)
4,200,000 Bexar County Housing 4,200,000
Financial Authority,
1.09%, 9/15/26, (LOC
FNMA) (b)
1,000,000 Goose Creek ISD, 1,018,914
5.00%, 2/15/15, (PSF
Guaranty)
1,200,000 Gulf Coast Waste 1,200,000
Disposal Authority
Control Revenue,
1.04%, 10/1/24, (b)
2,000,000 Harris County Health 2,000,000
Facilities Authority
Revenue, 1.22%,
10/13/04, (MBIA
Insured) (b)
1,500,000 Harris County Industrial 1,500,000
Development
Corporation Pollution
Control Revenue,
1.04%, 3/1/24, (b)
5,000,000 Houston Water & Sewer 4,980,978
Systems Revenue,
0.00%, 12/1/04,
(AMBAC Insured)
10,000,000 State Tax & Revenue 10,007,137
Anticipation Notes,
2.00%, 8/31/04
27,807,029
----------
UTAH - 1.9%
500,000 Carbon County PCR 500,000
(Pacificorp), 1.10%,
11/1/24, (AMBAC
Insured) (b)
900,000 Sanpete County School 900,000
Facilities Revenue
(Wasatch Academy),
1.13%, 8/1/28, (LOC
U.S. Bank) (b)
49
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
5,400,000 South Jordan Municipal $5,400,000
Building Authority Lease
Revenue, 1.08%,
2/1/29, (LOC BNP
Paribas) (b)
6,800,000
-----------
VIRGINIA - 1.6%
930,000 Alexandria IDA (Pooled 930,000
Loan Project),
1.08%, 7/1/26, (LOC
Bank of America) (b)
2,070,000 Fairfax County Public 2,172,871
Improvements,
5.25%, 6/1/17, (State
Aid Withholding)
900,000 Peninsula Ports 900,000
Authority Coalition
Term Revenue
(Dominion Term
Project), 1.08%, 7/1/16,
(LOC Citibank) (b)
1,650,000 Roanoke County 1,650,000
Industrial Development
Authority Healthcare
Facilities Revenue
(Friendship Manor Inc.),
1.09%, 10/1/15, (LOC
Wachovia Bank) (b)
5,652,871
-----------
WASHINGTON - 2.0%
4,100,000 State Health Care 4,100,000
Facilities Authority
Revenue (Mason
Medical Center),
1.08%, 2/15/27, (MBIA
Insured) (b)
1,225,000 State Public Power 1,205,084
Supply, 0.00%, 7/1/05,
(MBIA Insured)
945,000 State Public Power 945,000
Supply, 1.05%, 7/1/12,
(MBIA Insured) (b)
700,000 State Public Power 700,000
Supply, 1.07%, 7/1/17,
(LOC Bank of
America) (b)
6,950,084
-----------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
WISCONSIN - 4.7%
1,500,000 State Health & $1,500,000
Educational Facilities
Authority Revenue
(Divine Savior
Healthcare),
1.09%, 5/1/32, (LOC
U.S. Bank) (b)
800,000 State Health & 800,000
Educational Facilities
Authority Revenue
(Gunderson Lutheran),
1.10%, 12/1/29, (FSA
Insured) (b)
1,050,000 State Health & 1,050,000
Educational Facilities
Authority Revenue
(ProHealth Inc.), 1.10%,
8/15/30, (AMBAC
Insured) (b)
13,400,000 State Health & 13,400,000
Educational Facilities
Authority Revenue
(University of Wisconsin
Medical Foundation),
1.07%, 5/1/30, (LOC
LaSalle Bank) (b)
16,750,000
-----------
WYOMING - 2.0%
2,800,000 Kemmerer PCR (Exxon 2,800,000
Project), 1.04%,
11/1/14, (b)
450,000 Lincoln County PCR 450,000
(Exxon Project),
1.04%, 11/1/14, (b)
300,000 Lincoln County PCR 300,000
(Exxon Project),
1.04%, 11/1/14, (b)
2,600,000 Subblette County PCR 2,600,000
(Exxon Project),
1.02%, 11/1/14, (b)
1,000,000 Sweetwater County 1,000,000
PCR (Pacificorp Project),
1.15%, 1/1/14, (LOC
Bank One) (b)
7,150,000
-----------
TOTAL MUNICIPAL BONDS 363,295,511
-----------
50
================================================================================
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
Tamarack Institutional Tax-Free Money Market Fund (cont.)
- --------------------------------------------------------------------------------
SHARES OR
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------
COMMERCIAL PAPER - 1.9%
FLORIDA - 1.9%
6,600,000 Florida Municipal Power, $ 6,600,000
1.12%, 10/18/04, (LOC
Wachovia Bank)
TOTAL COMMERCIAL PAPER 6,600,000
------------
MONEY MARKET - 0.4%
MONEY MARKET ACCOUNT - 0.4%
1,491,183 Federated Tax Exempt 1,491,183
Money Market ============
TOTAL MONEY MARKET 1,491,183
------------
TOTAL INVESTMENTS 371,386,694
(Cost $371,386,694) (a) - 104.7%
Liabilities in excess of other assets - (16,633,395)
(4.7)% ============
NET ASSETS - 100.0% $354,753,299
============
Percentages indicated are based on net assets of $354,753,299.
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on July 31, 2004. The maturity date represents the actual
maturity date.
(c) Portfolio abbreviations:
AMBAC - Ambac Assurance Corporation
FGIC - Financial Guaranty Insurance Co.
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
FSA - Financial Security Assurance Inc.
GO - General Obligation
IDA - Industrial Development Authority
IDR - Industrial Development Revenue
ISD - Independent School District
LOC - Letter of Credit
MBIA - MBIA Insurance Corporation
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
PSF - Permanent School Fund
SEE NOTES TO FINANCIAL STATEMENTS.
51
================================================================================
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
================================================================================
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of Tamarack Funds Trust
We have audited the accompanying statements of assets and liabilities,
including the schedules of portfolio investments, of Tamarack Funds Trust,
including 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 (collectively the "Funds") as of July 31, 2004, and
the related statements of operations for the year then ended, and the
statements of changes in net assets and the financial highlights for each of
the two years in the period then ended. 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 for the
periods ended prior to July 31, 2003 were audited by other auditors whose
report, dated August 30, 2002, expressed an unqualified opinion on those
financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of July 31, 2004, by
correspondence with the Funds' custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Funds as of July 31, 2004, the results of their operations, 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
September 29, 2004
52
================================================================================
MANAGEMENT
================================================================================
Independent Trustees(1)
- --------------------------------------------------------------------------------
T. GERON BELL (63)
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 and Victory Sports) (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: 17
- --------------------------------------------------------------------------------
LUCY HANCOCK BODE (53)
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: 17
- --------------------------------------------------------------------------------
LESLIE H. GARNER JR. (54)
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: 17
- --------------------------------------------------------------------------------
RONALD JAMES (53)
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: 17
- --------------------------------------------------------------------------------
JOHN A. MACDONALD (55)
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: 17
- --------------------------------------------------------------------------------
H. DAVID RYBOLT (62)
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: 17
- --------------------------------------------------------------------------------
(1) Unless otherwise specified, the address of each trustee/officer is 100 South
Fifth Street, Suite 2300, Minneapolis, Minnesota 55402.
53
================================================================================
MANAGEMENT
================================================================================
Independent Trustees(1)
- --------------------------------------------------------------------------------
JAMES R. SEWARD (51)
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); Financial Consultant, Seward & Company, LLC
(1998-2000); CFA.
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN: 17
- --------------------------------------------------------------------------------
JAY H. WEIN (72)
POSITION HELD WITH FUND: Trustee; Since January, 2004
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Private investor (1989-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: 17
- --------------------------------------------------------------------------------
Interested Trustees(1)
- --------------------------------------------------------------------------------
MICHAEL T. LEE (41)
POSITION HELD WITH FUND: Trustee; Since January, 2004
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Operating Officer and Senior
Vice President, Voyageur Asset Management Inc. (2003-present); Senior Portfolio
Manager, Voyageur Asset Management Inc. (2000-present); Vice President, Senior
Research Analyst and Equity Portfolio Manager, Voyageur Asset Management Inc.
(1999-2003).
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN: 17
- --------------------------------------------------------------------------------
Executive Officers(1)
- --------------------------------------------------------------------------------
JENNIFER D. LAMMERS (43)
POSITION HELD WITH FUND: President and Chief Executive Officer; Since January,
2004
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Managing Director, Voyageur Asset
Management (2000-present); Mutual Fund Services Director, Voyageur Asset
Management (2003-present); Chief Financial Officer, Great Hall Investment
Funds, Inc. (2001-2003); Compliance Officer, Great Hall Investment Funds, Inc.
(2000-2001); Director of Finance, Voyageur Asset Management (2000-2003); Vice
President and Manager, Financial Reporting, RBC Dain Rauscher (1998-2000);
President and Chief Executive Officer(2).
CHRISTOPHER J. TOMAS (34)
POSITION HELD WITH FUND: Treasurer, Chief Financial Officer, and Principal
Accounting Officer; Since January, 2004
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President and Finance
Manager, RBC Dain Rauscher (2001-present); Compliance Officer, Great Hall
Investment Funds, Inc. (2001-2003); Senior Financial Analyst, RBC Dain Rauscher
(1999-2001); Financial Analyst, RBC Dain Rauscher (1997-1999); Treasurer, Chief
Financial Officer and Principal Accounting Officer(2).
- --------------------------------------------------------------------------------
(1) Unless otherwise specified, the address of each trustee/officer is 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.
54
================================================================================
MANAGEMENT
================================================================================
Executive Officers(1)
- --------------------------------------------------------------------------------
MARTIN A. CRAMER (54)
POSITION HELD WITH FUND: Vice President, Assistant Secretary, Chief Compliance
Officer, and AML Compliance Officer; Since January, 2004
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President and Mutual Fund
Administration Manager, Voyageur Asset Management (2003-present); 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(2), and formerly, Vice
President, Compliance Officer and Secretary, Buffalo Fund Complex (1994-2003)
and Secretary, Gold Bank Funds(3) (2001-2003).
- --------------------------------------------------------------------------------
LAURA M. MORET (50)
POSITION HELD WITH FUND: Secretary and Chief Legal Officer; Since January, 2004
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President and Senior Associate
Counsel, RBC Dain Rauscher (2002-present); Vice President and Group Counsel,
American Express Financial Advisors (1995-2002); Secretary(2).
- --------------------------------------------------------------------------------
RAYE C. KANZENBACH (55)
POSITION HELD WITH FUND: Chief Investment Officer, Fixed Income Products; Since
January, 2004
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Managing Director and Chief
Investment Officer, Voyageur Asset Management; Chief Investment Officer, Great
Hall Investment Funds, Inc. (1997-2004).
- --------------------------------------------------------------------------------
(1) Unless otherwise specified, the address of each trustee/officer is 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.
55
================================================================================
SUPPLEMENTAL INFORMATION
================================================================================
Shareholder Response Summary Report
- --------------------------------------------------------------------------------
MARCH 26, 2004
VOYAGEUR ASSET MANAGEMENT
GREAT HALL - DIRECTORS
1. To approve the election of the following individuals to the board of
directors of the Company:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
T. GERON BELL
Affirmative 4,596,723,196.220 42.440% 96.855%
Withhold 149,244,560.780 1.378% 3.145%
TOTAL 4,745,967,757.000 43.818% 100.000%
LUCY HANCOCK BODE
Affirmative 4,594,958,235.450 42.424% 96.818%
Withhold 151,009,521.550 1.394% 3.182%
TOTAL 4,745,967,757.000 43.818% 100.000%
LESLIE H. GARNER, JR.
Affirmative 4,599,940,194.800 42.470% 96.923%
Withhold 146,027,562.200 1.348% 3.077%
TOTAL 4,745,967,757.000 43.818% 100.000%
RONALD JAMES
Affirmative 4,599,806,333.380 42.469% 96.920%
Withhold 146,161,423.620 1.349% 3.080%
TOTAL 4,745,967,757.000 43.818% 100.000%
MICHAEL T. LEE
Affirmative 4,600,024,079.980 42.471% 96.925%
Withhold 145,943,677.020 1.347% 3.075%
TOTAL 4,745,967,757.000 43.818% 100.000%
JOHN A. MACDONALD
Affirmative 4,597,886,796.320 42.451% 96.880%
Withhold 148,080,960.680 1.367% 3.120%
TOTAL 4,745,967,757.000 43.818% 100.000%
H. DAVID RYBOLT
Affirmative 4,600,381,264.910 42.474% 96.932%
Withhold 145,586,492.090 1.344% 3.068%
TOTAL 4,745,967,757.000 43.818% 100.000%
JAMES R. SEWARD
Affirmative 4,596,604,290.040 42.439% 96.853%
Withhold 149,363,466.960 1.379% 3.147%
TOTAL 4,745,967,757.000 43.818% 100.000%
JAY H. WEIN
Affirmative 4,596,650,946.120 42.440% 96.854%
Withhold 149,316,810.880 1.378% 3.146%
TOTAL 4,745,967,757.000 43.818% 100.000%
** FUND TOTALS: SHARES
RECORD TOTAL 10,831,009,965.830
VOTED SHARES 4,745,967,757.000
PERCENT PRESENT 43.818%
56
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SUPPLEMENTAL INFORMATION
================================================================================
- --------------------------------------------------------------------------------
APRIL 08, 2004
VOYAGEUR ASSET MANAGEMENT
GREAT HALL PRIME MONEY MARKET
1. To approve the election of the following individuals to the board of
directors of the Company:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
T. GERON BELL 4,150,462,092.540 51.527% 96.847%
Affirmative 135,121,949.620 1.677% 3.153%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
LUCY HANCOCK BODE 4,150,377,598.630 51.526% 96.845%
Affirmative 135,206,443.530 1.678% 3.155%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
LESLIE H. GARNER, JR. 4,154,315,249.560 51.575% 96.937%
Affirmative 131,268,792.600 1.629% 3.063%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
RONALD JAMES 4,153,687,747.160 51.567% 96.922%
Affirmative 131,896,295.000 1.637% 3.078%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
MICHAEL T. LEE 4,154,017,663.080 51.571% 96.930%
Affirmative 131,566,379.080 1.633% 3.070%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
JOHN A. MACDONALD 4,152,200,906.380 51.549% 96.888%
Affirmative 133,383,135.780 1.655% 3.112%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
H. DAVID RYBOLT 4,154,102,380.200 51.572% 96.932%
Affirmative 131,481,661.960 1.632% 3.068%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
JAMES R. SEWARD 4,150,918,853.890 51.533% 96.858%
Affirmative 134,665,188.270 1.671% 3.142%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
JAY H. WEIN 4,150,609,957.980 51.529% 96.851%
Affirmative 134,974,084.180 1.675% 3.149%
Withhold 4,285,584,042.160 53.204% 100.000%
TOTAL
2. To approve an Agreement and Plan of Reorganization, pursuant to which the
Fund would be reorganized as a separate portfolio of the Tamarack Funds
Trust, a newly-created Delaware statutory trust.
Affirmative 4,068,062,574.500 50.504% 94.924%
Against 110,120,812.750 1.367% 2.570%
Abstain 107,400,654.910 1.333% 2.506%
TOTAL 4,285,584,042.160 53.204% 00.000%
57
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SUPPLEMENTAL INFORMATION
================================================================================
3. To approve the modification/reclassification of certain fundamental
investment policies/restrictions. Modification of policies that must
remain fundamental:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
3.A Diversification
Affirmative 4,027,870,083.880 50.005% 93.986%
Against 113,870,712.360 1.414% 2.658%
Abstain 143,843,245.920 1.785% 3.356%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.B Borrowing
Affirmative 4,025,796,314.280 49.979% 93.938%
Against 116,099,031.290 1.442% 2.709%
Abstain 143,688,696.590 1.783% 3.353%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.C Senior Securities
Affirmative 4,027,871,970.110 50.005% 93.987%
Against 113,686,851.320 1.411% 2.652%
Abstain 144,025,220.730 1.788% 3.361%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.D Underwriting Securities
Affirmative 4,027,163,599.160 49.996% 93.970%
Against 114,479,506.130 1.421% 2.671%
Abstain 143,940,936.870 1.787% 3.359%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.E Real Estate
Affirmative 4,027,071,479.330 49.995% 93.968%
Against 114,280,055.350 1.419% 2.666%
Abstain 144,232,507.480 1.790% 3.366%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.F Making Loans
Affirmative 4,024,293,137.590 49.961% 93.903%
Against 117,330,664.520 1.456% 2.738%
Abstain 143,960,240.050 1.787% 3.359%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.G Concentration of Investments
Affirmative 4,026,510,778.640 49.988% 93.955%
Against 115,211,114.910 1.430% 2.688%
Abstain 143,862,148.610 1.786% 3.357%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.H Commodities
Affirmative 4,015,884,571.570 49.856% 93.707%
Against 120,892,889.480 1.501% 2.821%
Abstain 148,806,581.110 1.847% 3.472%
TOTAL 4,285,584,042.160 53.204% 100.000%
58
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SUPPLEMENTAL INFORMATION
================================================================================
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
Reclassification of certain policies/restrictions as non-fundamental:
3.I Pledging, Mortgaging and Hypothecating
Affirmative 4,013,539,354.520 49.827% 93.652%
Against 123,327,656.190 1.531% 2.878%
Abstain 148,717,031.450 1.846% 3.470%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.J Investments for Control
Affirmative 4,011,794,286.290 49.805% 93.611%
Against 124,394,225.700 1.545% 2.903%
Abstain 149,395,530.170 1.854% 3.486%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.K Investments in Other Investment Companies
Affirmative 4,015,802,146.390 49.855% 93.705%
Against 121,577,411.460 1.510% 2.837%
Abstain 148,204,484.310 1.839% 3.458%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.L Writing and Selling Options
Affirmative 4,009,672,843.050 49.779% 93.562%
Against 126,766,501.470 1.574% 2.958%
Abstain 149,144,697.640 1.851% 3.480%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.M Margin Activities and Short Selling
Affirmative 4,006,936,169.940 49.745% 93.498%
Against 130,189,418.890 1.616% 3.038%
Abstain 148,458,453.330 1.843% 3.464%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.N Unseasoned Companies
Affirmative 4,006,654,457.000 49.742% 93.491%
Against 129,721,681.310 1.610% 3.027%
Abstain 149,207,903.850 1.852% 3.482%
TOTAL 4,285,584,042.160 53.204% 100.000%
3.O Investments in Equity Securities
Affirmative 4,014,799,194.840 49.843% 93.681%
Against 122,036,154.180 1.515% 2.848%
Abstain 148,748,693.140 1.846% 3.471%
TOTAL 4,285,584,042.160 53.204% 100.000%
4. To ratify the selection of Deloitte & Touche LLP as the independent auditors
of the Fund for the current fiscal year.
Affirmative 4,134,669,685.910 51.331% 96.479%
Against 71,040,957.860 .882% 1.657%
Abstain 79,873,398.390 .991% 1.864%
TOTAL 4,285,584,042.160 53.204% 100.000%
** FUND TOTALS: SHARES
RECORD TOTAL 8,054,929,683.960
VOTED SHARES 4,285,584,042.160
PERCENT PRESENT 53.204%
59
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SUPPLEMENTAL INFORMATION
================================================================================
- --------------------------------------------------------------------------------
VOYAGEUR ASSET MANAGEMENT
GREAT HALL U.S. GOVERNMENT MONEY MARKET
1. To approve the election of the following individuals to the board of
directors of the Company:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
T. GERON BELL
Affirmative 527,116,671.490 51.693% 97.254%
Withhold 14,880,993.230 1.459% 2.746%
TOTAL 541,997,664.720 53.152% 100.000%
LUCY HANCOCK BODE
Affirmative 527,035,017.300 51.685% 97.239%
Withhold 14,962,647.420 1.467% 2.761%
TOTAL 541,997,664.720 53.152% 100.000%
LESLIE H. GARNER, JR.
Affirmative 527,286,590.510 51.709% 97.286%
Withhold 14,711,074.210 1.443% 2.714%
TOTAL 541,997,664.720 53.152% 100.000%
RONALD JAMES
Affirmative 527,714,189.280 51.751% 97.365%
Withhold 14,283,475.440 1.401% 2.635%
TOTAL 541,997,664.720 53.152% 100.000%
MICHAEL T. LEE
Affirmative 527,711,271.200 51.751% 97.364%
Withhold 14,286,393.520 1.401% 2.636%
TOTAL 541,997,664.720 53.152% 100.000%
JOHN A. MACDONALD
Affirmative 527,213,280.970 51.702% 97.272%
Withhold 14,784,383.750 1.450% 2.728%
TOTAL 541,997,664.720 53.152% 100.000%
H. DAVID RYBOLT
Affirmative 527,861,596.260 51.766% 97.392%
Withhold 14,136,068.460 1.386% 2.608%
TOTAL 541,997,664.720 53.152% 100.000%
JAMES R. SEWARD
Affirmative 527,203,734.590 51.701% 97.270%
Withhold 14,793,930.130 1.451% 2.730%
TOTAL 541,997,664.720 53.152% 100.000%
JAY H. WEIN
Affirmative 527,815,712.740 51.761% 97.383%
Withhold 14,181,951.980 1.391% 2.617%
TOTAL 541,997,664.720 53.152% 100.000%
2. To approve an Agreement and Plan of Reorganization, pursuant to which the
Fund would be reorganized as a separate portfolio of the Tamarack Funds
Trust, a newly-created Delaware statutory trust.
Affirmative 516,542,507.210 50.656% 95.303%
Against 16,844,482.060 1.652% 3.108%
Abstain 8,610,675.450 .844% 1.589%
TOTAL 541,997,664.720 53.152% 100.000%
60
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SUPPLEMENTAL INFORMATION
================================================================================
3. To approve the modification/reclassification of certain fundamental
investment policies/restrictions. Modification of policies that must remain
fundamental:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
3.A Diversification
Affirmative 510,016,115.470 50.016% 94.099%
Against 19,443,495.710 1.906% 3.588%
Abstain 12,538,053.540 1.230% 2.313%
TOTAL 541,997,664.720 53.152% 100.000%
3.B Borrowing
Affirmative 509,445,962.730 49.960% 93.994%
Against 20,013,648.450 1.962% 3.693%
Abstain 12,538,053.540 1.230% 2.313%
TOTAL 541,997,664.720 53.152% 100.000%
3.C Senior Securities
Affirmative 509,925,856.160 50.007% 94.083%
Against 19,490,176.110 1.911% 3.596%
Abstain 12,581,632.450 1.234% 2.321%
TOTAL 541,997,664.720 53.152% 100.000%
3.D Underwriting Securities
Affirmative 509,620,462.500 49.977% 94.026%
Against 19,872,816.310 1.949% 3.667%
Abstain 12,504,385.910 1.226% 2.307%
TOTAL 541,997,664.720 53.152% 100.000%
3.E Real Estate
Affirmative 509,356,864.790 49.951% 93.978%
Against 20,111,519.080 1.972% 3.710%
Abstain 12,529,280.850 1.229% 2.312%
TOTAL 541,997,664.720 53.152% 100.000%
3.F Making Loans
Affirmative 509,224,188.470 49.938% 93.953%
Against 20,235,512.400 1.984% 3.734%
Abstain 12,537,963.850 1.230% 2.313%
TOTAL 541,997,664.720 53.152% 100.000%
3.G Concentration of Investments
Affirmative 509,956,857.640 50.010% 94.088%
Against 19,536,536.780 1.916% 3.605%
Abstain 12,504,270.300 1.226% 2.307%
TOTAL 541,997,664.720 53.152% 100.000%
3.H Commodities
Affirmative 508,292,223.540 49.847% 93.781%
Against 20,856,782.130 2.045% 3.848%
Abstain 12,848,659.050 1.260% 2.371%
TOTAL 541,997,664.720 53.152% 100.000%
61
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SUPPLEMENTAL INFORMATION
================================================================================
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
Reclassification of certain policies/restrictions as non-fundamental:
3.I Pledging, Mortgaging and Hypothecating
Affirmative 507,497,437.230 49.769% 93.635%
Against 21,007,268.880 2.060% 3.876%
Abstain 13,492,958.610 1.323% 2.489%
TOTAL 541,997,664.720 53.152% 100.000%
3.J Investments for Control
Affirmative 508,253,973.110 49.843% 93.774%
Against 20,210,096.080 1.982% 3.729%
Abstain 13,533,595.530 1.327% 2.497%
TOTAL 541,997,664.720 53.152% 100.000%
3.K Investments in Other Investment Companies
Affirmative 508,838,164.370 49.900% 93.882%
Against 19,736,801.800 1.936% 3.641%
Abstain 13,422,698.550 1.316% 2.477%
TOTAL 541,997,664.720 53.152% 100.000%
3.L Writing and Selling Options
Affirmative 507,915,146.760 49.810% 93.712%
Against 20,626,005.780 2.022% 3.805%
Abstain 13,456,512.180 1.320% 2.483%
TOTAL 541,997,664.720 53.152% 100.000%
3.M Margin Activities and Short Selling
Affirmative 506,866,409.520 49.707% 93.518%
Against 21,708,526.260 2.129% 4.005%
Abstain 13,422,728.940 1.316% 2.477%
TOTAL 541,997,664.720 53.152% 100.000%
3.N Unseasoned Companies
Affirmative 507,415,966.180 49.761% 93.620%
Against 21,153,754.080 2.074% 3.903%
Abstain 13,427,944.460 1.317% 2.477%
TOTAL 541,997,664.720 53.152% 100.000%
3.O Investments in Equity Securities
Affirmative 508,499,107.350 49.867% 93.819%
Against 20,106,375.260 1.972% 3.710%
Abstain 13,392,182.110 1.313% 2.471%
TOTAL 541,997,664.720 53.152% 100.000%
4. To ratify the selection of Deloitte & Touche LLP as the independent auditors
of the Fund for the current fiscal year.
Affirmative 531,246,393.380 52.098% 98.016%
Against 5,198,245.260 .509% .959%
Abstain 5,553,026.080 .545% 1.025%
TOTAL 541,997,664.720 53.152% 100.000%
** FUND TOTALS: SHARES
RECORD TOTAL 1,019,713,988.100
VOTED SHARES 541,997,664.720
PERCENT PRESENT 53.152%
62
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SUPPLEMENTAL INFORMATION
================================================================================
VOYAGEUR ASSET MANAGEMENT
GREAT HALL TAX-FREE MONEY MARKET
1. To approve the election of the following individuals to the board of
directors of the Company:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
T. GERON BELL 535,418,299.250 53.698% 97.258%
Affirmative 15,095,607.110 1.514% 2.742%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
LUCY HANCOCK BODE 534,671,244.960 53.623% 97.122%
Affirmative 15,842,661.400 1.589% 2.878%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
LESLIE H. GARNER, JR. 535,401,813.820 53.696% 97.255%
Affirmative 15,112,092.540 1.516% 2.745%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
RONALD JAMES 535,432,372.520 53.699% 97.260%
Affirmative 15,081,533.840 1.513% 2.740%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
MICHAEL T. LEE 535,297,322.290 53.686% 97.236%
Affirmative 15,216,584.070 1.526% 2.764%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
JOHN A. MACDONALD 535,207,981.790 53.677% 97.220%
Affirmative 15,305,924.570 1.535% 2.780%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
H. DAVID RYBOLT 535,449,073.640 53.701% 97.263%
Affirmative 15,064,832.720 1.511% 2.737%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
JAMES R. SEWARD 535,200,646.320 53.676% 97.218%
Affirmative 15,313,260.040 1.536% 2.782%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
JAY H. WEIN 535,222,339.490 53.678% 97.222%
Affirmative 15,291,566.870 1.534% 2.778%
Withhold 550,513,906.360 55.212% 100.000%
TOTAL
2. To approve an Agreement and Plan of Reorganization, pursuant to which the
Fund would be reorganized as a separate portfolio of the Tamarack Funds
Trust, a newly-created Delaware statutory trust.
Affirmative 517,949,811.310 51.946% 94.085%
Against 19,070,813.660 1.912% 3.464%
Abstain 13,493,281.390 1.354% 2.451%
TOTAL 550,513,906.360 55.212% 100.000%
63
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SUPPLEMENTAL INFORMATION
================================================================================
3. To approve the modification/reclassification of certain fundamental
investment policies/restrictions. Modification of policies that must remain
fundamental:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
3.A Diversification
Affirmative 511,277,870.920 51.277% 92.873%
Against 19,142,589.060 1.919% 3.477%
Abstain 20,093,446.380 2.016% 3.650%
TOTAL 550,513,906.360 55.212% 100.000%
3.B Borrowing
Affirmative 510,918,155.110 51.241% 92.807%
Against 19,516,694.090 1.957% 3.546%
Abstain 20,079,057.160 2.014% 3.647%
TOTAL 550,513,906.360 55.212% 100.000%
3.C Senior Securities
Affirmative 511,426,942.300 51.292% 92.900%
Against 18,995,888.240 1.905% 3.450%
Abstain 20,091,075.820 2.015% 3.650%
TOTAL 550,513,906.360 55.212% 100.000%
3.D Underwriting Securities
Affirmative 511,403,464.330 51.289% 92.896%
Against 19,018,699.110 1.908% 3.454%
Abstain 20,091,742.920 2.015% 3.650%
TOTAL 550,513,906.360 55.212% 100.000%
3.E Real Estate
Affirmative 511,153,774.250 51.264% 92.850%
Against 19,275,584.960 1.933% 3.502%
Abstain 20,084,547.150 2.015% 3.648%
TOTAL 550,513,906.360 55.212% 100.000%
3.F Making Loans
Affirmative 511,175,490.340 51.266% 92.854%
Against 19,253,868.870 1.931% 3.498%
Abstain 20,084,547.150 2.015% 3.648%
TOTAL 550,513,906.360 55.212% 100.000%
3.G Concentration of Investments
Affirmative 511,075,389.250 51.256% 92.836%
Against 19,342,032.230 1.940% 3.514%
Abstain 20,096,484.880 2.016% 3.650%
TOTAL 550,513,906.360 55.212% 100.000%
3.H Commodities
Affirmative 510,307,246.860 51.179% 92.697%
Against 19,849,266.130 1.991% 3.605%
Abstain 20,357,393.370 2.042% 3.698%
TOTAL 550,513,906.360 55.212% 100.000%
Reclassification of certain policies/restrictions as non-fundamental:
3.I Pledging, Mortgaging and Hypothecating
Affirmative 509,366,766.790 51.085% 92.526%
Against 20,284,681.960 2.034% 3.684%
Abstain 20,862,457.610 2.093% 3.790%
TOTAL 550,513,906.360 55.212% 100.000%
64
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SUPPLEMENTAL INFORMATION
================================================================================
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
3.J Investments for Control
Affirmative 509,053,135.580 51.053% 92.469%
Against 20,614,184.140 2.068% 3.744%
Abstain 20,846,586.640 2.091% 3.787%
TOTAL 550,513,906.360 55.212% 100.000%
3.K Investments in Other Investment Companies
Affirmative 509,704,498.690 51.119% 92.587%
Against 19,934,943.130 1.999% 3.621%
Abstain 20,874,464.540 2.094% 3.792%
TOTAL 550,513,906.360 55.212% 100.000%
3.L Writing and Selling Options
Affirmative 508,861,056.870 51.034% 92.434%
Against 20,792,807.880 2.086% 3.777%
Abstain 20,860,041.610 2.092% 3.789%
TOTAL 550,513,906.360 55.212% 100.000%
3.M Margin Activities and Short Selling
Affirmative 508,907,022.950 51.039% 92.442%
Against 20,771,371.480 2.083% 3.773%
Abstain 20,835,511.930 2.090% 3.785%
TOTAL 550,513,906.360 55.212% 100.000%
3.N Unseasoned Companies
Affirmative 508,881,546.980 51.036% 92.438%
Against 20,777,059.730 2.084% 3.774%
Abstain 20,855,299.650 2.092% 3.788%
TOTAL 550,513,906.360 55.212% 100.000%
3.O Investments in Equity Securities
Affirmative 509,725,573.990 51.121% 92.591%
Against 19,925,637.140 1.998% 3.619%
Abstain 20,862,695.230 2.093% 3.790%
TOTAL 550,513,906.360 55.212% 100.000%
3.P Investments in Non-Municipal Obligations
Affirmative 509,309,343.640 51.079% 92.515%
Against 20,404,584.030 2.047% 3.707%
Abstain 20,799,978.690 2.086% 3.778%
TOTAL 550,513,906.360 55.212% 100.000%
4. To ratify the selection of Deloitte & Touche LLP as the independent auditors
of the Fund for the current fiscal year.
Affirmative 528,360,754.420 52.990% 95.976%
Against 12,929,293.410 1.297% 2.349%
Abstain 9,223,858.530 .925% 1.675%
TOTAL 550,513,906.360 55.212% 100.000%
** FUND TOTALS: SHARES
RECORD TOTAL 997,098,154.400
VOTED SHARES 550,513,906.360
PERCENT PRESENT 55.212%
65
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VOYAGEUR ASSET MANAGEMENT
GREAT HALL INSTITUTIONAL PRIME MONEY MARKET
1. To approve the election of the following individuals to the board of
directors of the Company:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
T. GERON BELL
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
LUCY HANCOCK BODE
Affirmative 249,297,757.450 56.156% 91.678%
Withhold 22,630,334.960 5.098% 8.322%
TOTAL 271,928,092.410 61.254% 100.000%
LESLIE H. GARNER, JR.
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
RONALD JAMES
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
MICHAEL T. LEE
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
JOHN A. MACDONALD
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
H. DAVID RYBOLT
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
JAMES R. SEWARD
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
JAY H. WEIN
Affirmative 249,978,192.610 56.309% 91.928%
Withhold 21,949,899.800 4.945% 8.072%
TOTAL 271,928,092.410 61.254% 100.000%
2. To approve an Agreement and Plan of Reorganization, pursuant to which the
Fund would be reorganized as a separate portfolio of the Tamarack Funds
Trust, a newly-created Delaware statutory trust.
Affirmative 240,702,085.680 54.220% 88.517%
Against 6,389,634.050 1.439% 2.350%
Abstain 24,836,372.680 5.595% 9.133%
TOTAL 271,928,092.410 61.254% 100.000%
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3. To approve the modification of the fundamental investment
policies/restrictions that must remain fundamental regarding:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
3.B Borrowing
Affirmative 233,510,886.260 52.600% 85.872%
Against 19,487,346.890 4.390% 7.167%
Abstain 18,929,859.260 4.264% 6.961%
TOTAL 271,928,092.410 61.254% 100.000%
3.C Senior Securities
Affirmative 234,904,142.520 52.914% 86.385%
Against 18,094,090.630 4.076% 6.654%
Abstain 18,929,859.260 4.264% 6.961%
TOTAL 271,928,092.410 61.254% 100.000%
3.D Underwriting Securities
Affirmative 234,888,513.440 52.910% 86.379%
Against 18,109,719.710 4.080% 6.660%
Abstain 18,929,859.260 4.264% 6.961%
TOTAL 271,928,092.410 61.254% 100.000%
3.E Real Estate
Affirmative 233,510,886.260 52.600% 85.872%
Against 19,487,346.890 4.390% 7.167%
Abstain 18,929,859.260 4.264% 6.961%
TOTAL 271,928,092.410 61.254% 100.000%
3.F Making Loans
Affirmative 231,731,930.570 52.199% 85.218%
Against 21,266,302.580 4.791% 7.821%
Abstain 18,929,859.260 4.264% 6.961%
TOTAL 271,928,092.410 61.254% 100.000%
3.G Concentration of Investments
Affirmative 233,109,621.930 52.510% 85.725%
Against 19,888,611.220 4.480% 7.314%
Abstain 18,929,859.260 4.264% 6.961%
TOTAL 271,928,092.410 61.254% 100.000%
3.H Commodities
Affirmative 233,138,581.370 52.516% 85.735%
Against 19,859,651.780 4.474% 7.304%
Abstain 18,929,859.260 4.264% 6.961%
TOTAL 271,928,092.410 61.254% 100.000%
4. To ratify the selection of Deloitte & Touche LLP as the independent auditors
of the Fund for the current fiscal year.
Affirmative 234,625,905.960 52.851% 86.282%
Against 13,145,361.120 2.961% 4.834%
Abstain 24,156,825.330 5.442% 8.884%
TOTAL 271,928,092.410 61.254% 100.000%
** FUND TOTALS: SHARES
RECORD TOTAL 443,936,130.980
VOTED SHARES 271,928,092.410
PERCENT PRESENT 61.254%
67
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VOYAGEUR ASSET MANAGEMENT
GREAT HALL INSTITUTIONAL TAX-FREE MONEY MARKET
1. To approve the election of the following individuals to the board of
directors of the Company:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
T. GERON BELL
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
LUCY HANCOCK BODE
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
LESLIE H. GARNER, JR.
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
RONALD JAMES
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
MICHAEL T. LEE
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
JOHN A. MACDONALD
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
H. DAVID RYBOLT
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
JAMES R. SEWARD
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
JAY H. WEIN
Affirmative 160,937,444.480 51.037% 98.485%
Withhold 2,476,471.390 .786% 1.515%
TOTAL 163,413,915.870 51.823% 100.000%
2. To approve an Agreement and Plan of Reorganization, pursuant to which the
Fund would be reorganized as a separate portfolio of the Tamarack Funds
Trust, a newly-created Delaware statutory trust.
Affirmative 160,937,444.480 51.037% 98.485%
Against 1,730,182.600 .549% 1.058%
Abstain 746,288.790 .237% .457%
TOTAL 163,413,915.870 51.823% 100.000%
68
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3. To approve the modification of the fundamental investment
policies/restrictions that must remain fundamental regarding:
% of % of
No. of Shares Outstanding Shares Shares Present
------------------ ------------------ --------------
3.B Borrowing
Affirmative 158,642,914.630 50.310% 97.080%
Against 3,971,054.270 1.259% 2.430%
Abstain 799,946.970 .254% .490%
TOTAL 163,413,915.870 51.823% 100.000%
3.C Senior Securities
Affirmative 159,307,653.110 50.521% 97.487%
Against 3,306,315.790 1.048% 2.023%
Abstain 799,946.970 .254% .490%
TOTAL 163,413,915.870 51.823% 100.000%
3.D Underwriting Securities
Affirmative 159,307,653.110 50.521% 97.487%
Against 3,306,315.790 1.048% 2.023%
Abstain 799,946.970 .254% .490%
TOTAL 163,413,915.870 51.823% 100.000%
3.E Real Estate
Affirmative 158,642,914.630 50.310% 97.080%
Against 3,971,054.270 1.259% 2.430%
Abstain 799,946.970 .254% .490%
TOTAL 163,413,915.870 51.823% 100.000%
3.F Making Loans
Affirmative 159,307,653.110 50.521% 97.487%
Against 3,306,315.790 1.048% 2.023%
Abstain 799,946.970 .254% .490%
TOTAL 163,413,915.870 51.823% 100.000%
3.G Concentration of Investments
Affirmative 159,307,653.110 50.521% 97.487%
Against 3,306,315.790 1.048% 2.023%
Abstain 799,946.970 .254% .490%
TOTAL 163,413,915.870 51.823% 100.000%
3.H Commodities
Affirmative 158,642,914.630 50.310% 97.080%
Against 3,971,054.270 1.259% 2.430%
Abstain 799,946.970 .254% .490%
TOTAL 163,413,915.870 51.823% 100.000%
4. To ratify the selection of Deloitte & Touche LLP as the independent auditors
of the Fund for the current fiscal year.
Affirmative 162,135,084.590 51.417% 99.217%
Against 532,542.490 .169% .326%
Abstain 746,288.790 .237% .457%
TOTAL 163,413,915.870 51.823% 100.000%
** FUND TOTALS: SHARES
RECORD TOTAL 315,332,008.390
VOTED SHARES 163,413,915.870
PERCENT PRESENT 51.823%
69
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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 February 1, 2004 through July
31, 2004.
ACTUAL EXPENSES
- --------------------------------------------------------------------------------
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 ENDING EXPENSE PAID EXPENSE RATIO
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* DURING PERIOD
2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04
--------------- --------------- ------------------ -----------------
Prime Money Market Fund $ 1,000.00 $ 1,002.20 $ 3.53 0.71%
U.S. Government Money
Market Fund 1,000.00 1,002.00 3.53 0.71%
Tax-Free Money Market
Fund 1,000.00 1,002.00 3.09 0.62%
Institutional Prime Money
Market Fund 1,000.00 1,004.30 1.50 0.30%
Institutional Tax-Free
Money Market Fund 1,000.00 1,003.60 1.64 0.33%
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.
BEGINNING ENDING EXPENSE PAID EXPENSE RATIO
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* DURING PERIOD
2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04
--------------- --------------- ------------------ -----------------
Prime Money Market Fund $ 1,000.00 $ 1,021.33 $ 3.57 0.71%
U.S. Government Money
Market Fund 1,000.00 1,021.33 3.57 0.71%
Tax-Free Money Market
Fund 1,000.00 1,021.78 3.12 0.62%
Institutional Prime Money
Market Fund 1,000.00 1,023.37 1.51 0.30%
Institutional Tax-Free
Money Market Fund 1,000.00 1,023.22 1.66 0.33%
*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.
70
Tamarack Funds PRSRT STD
100 South 5th Street U.S. POSTAGE
Minneapolis, MN 55402-1250 PAID
PERMIT NO. 100
800-934-6674 MINNEAPOLIS MN
TF AR 7/04 Tamarack Distributors Inc
531795 (7/04)
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, 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,
regardless of whether these individuals are employed by the registrant or a
third party. If the registrant has not adopted such a code of ethics,
explain why it has not done so.
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 EXHIBIT 11 (A)(1).
The registrant must briefly describe the nature of any amendment, during
the period covered by the report, to a provision of its 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, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of
this Item. The registrant must file a copy of any such amendment as an
exhibit pursuant to Item 11(a)(1), unless the registrant has elected to
satisfy paragraph (f) of this Item by posting its code of ethics on its
website pursuant to paragraph (f)(2) of this Item, or by undertaking to
provide its code of ethics to any person without charge, upon request,
pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the 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, regardless of whether these
individuals are employed by the registrant or a third party, that relates
to one or more items set forth in paragraph (b) of this Item, the
registrant must briefly describe the nature of the waiver, the name of the
person to whom the waiver was granted, and the date of the waiver.
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.
(a) (1) Disclose that the registrant's board of directors has
determined that the registrant either:
(i) Has at least one audit committee financial expert serving
on its audit committee; or
(ii) Does not have an audit committee financial expert serving
on its audit committee.
(2) If the registrant provides the disclosure required by
paragraph (a)(1)(i) of this Item, it must disclose the name of the
audit committee financial expert and whether that person is
"independent." In order to be considered "independent" for
purposes of this Item, a member of an audit committee may not,
other than in his or her capacity as a member of the audit
committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or
other compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as
defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-
2(a)(19)).
(3) If the registrant provides the disclosure required by
paragraph (a)(1)(ii) of this Item, it must explain why it does not
have an 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 JAY H. WEIN, WHO IS
"INDEPENDENT" FOR PURPOSES OF THIS ITEM 3 OF FORM N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed
for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial
statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years.
2003 $184,000
2004 $302,000
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees
billed in each of the last two fiscal years for assurance and related services
by the principal accountant that are reasonably related to the performance of
the audit of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
2003 $6,654
2004 $26,000
Amount requiring approval of the registrant's audit committee is $0 and
$0, respectively.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in
each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning.
Registrants shall describe the nature of the services comprising the fees
disclosed under this category.
2003 $0
2004 $0
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.
(d) Disclose, under the caption All Other Fees, the aggregate fees
billed in each of the last two fiscal years for products and services provided
by the principal accountant, other than the services reported in paragraphs (a)
through (c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
2002 $0
2003 $0
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)
2003 100%
2004 100%
Amount requiring approval of the registrant's audit committee is 100%
and 100%, respectively.
4 (c)
2003 100%
2004 100%
Amount requiring approval of the registrant's audit committee is 100%
and 100%, respectively.
4 (d)
2003 100%
2004 100%
Amount requiring approval of the registrant's audit committee is 100%
and 100%, respectively.
(f) If greater than 50 percent, disclose the percentage of hours
expended on the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year that were attributed to
work performed by persons other than the principal accountant's full-time,
permanent employees. Not Applicable.
(g) Disclose the aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant for
each of the last two fiscal years of the registrant.
2003 $0
2004 $0
(h) Disclose whether the registrant's audit committee of the board of
directors has considered whether the provision of nonaudit services that were
rendered to the registrant's investment adviser (not including any subadviser
whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled
by, or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the
principal accountant's independence. Not Applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17CFR 240.10A-3), state whether or not the
registrant has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange
Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a
committee, however designated, identify each committee member. If
the entire board of directors is acting as the registrant's audit
committee as specified in Section 3(a)(58)(B) of the Exchange Act
(15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption
from the listing standards for all audit committees.
NOT APPLICABLE.
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule I - Investments in securities of unaffiliated issuers as of the
close of the reporting period as set forth in ss. 210.12-12 of Regulation S-X,
unless the schedule is included as part of the report to shareholders filed
under Item 1 of this Form.
NOT APPLICABLE.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual
report on this Form N-CSR must, unless it invests exclusively in non-voting
securities, describe the policies and procedures that it uses to determine how
to vote proxies relating to portfolio securities, including the procedures that
the company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
NOT APPLICABLE.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
If the registrant is a closed-end management investment company, provide the
information specified in paragraph (b) of this Item with respect to any purchase
made by or on behalf of the registrant or any "affiliated purchaser," as defined
in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares
or other units of any class of the registrant's equity securities that is
registered by the registrant pursuant to Section 12 of the Exchange Act (15
U.S.C. 781).
NOT APPLICABLE.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors, where those changes
were implemented after the registrant last provided disclosure in response to
the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or
this Item.
NOT APPLICABLE.
ITEM 10. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive
and principal financial officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as
of a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).
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 (I) ACCUMULATED AND COMMUNICATED TO
THE INVESTMENT COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW
TIMELY DECISIONS REGARDING REQUIRED DISCLOSURE; AND (II) RECORDED, PROCESSED,
SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND
EXCHANGE COMMISSION'S RULES AND FORMS.
(b) Disclose any change 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 registrant's last fiscal half-year (the registrant's second
fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control
over financial reporting.
THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL HALF-YEAR
(THE REGISTRANT'S SECOND FISCAL HALF-YEAR IN THE CASE OF AN ANNUAL REPORT) THAT
HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE
REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING.
ITEM 11. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or
number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of
the disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit. THE CODE OF ETHICS
THAT IS THE SUBJECT OF THE DISCLOSURE REQUIRED BY ITEM 2 IS ATTACHED HERETO.
(a)(2) A separate certification for each principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2(a)
under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO RULE 30A-2(A) ARE
ATTACHED HERETO.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons.
NOT APPLICABLE.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange
Act, provide the certifications required by rule 30a-2(b) under the Act as an
exhibit. A certification furnished pursuant to this paragraph will not be deemed
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or
the Exchange Act, except to the extent that the registrant incorporates it by
reference.
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
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By (Signature and Title)* /s/ Jennifer Lammers
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Jennifer Lammers, President
Date 10/7/04
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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/ Jennifer Lammers
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Jennifer Lammers, President
Date 10/7/04
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By (Signature and Title)* /s/ Christopher Tomas
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Christopher Tomas, Treasurer
Date 10/7/04
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* Print the name and title of each signing officer under his or her signature.