N-CSR 1 tam-mmkt044372s1_ncsr.txt ------------------------------------- OMB APPROVAL OMB Number: 3235-0570 Expires: October 31, 2006 Estimated average burden hours per response. . . . . . .19.3 ------------------------------------- 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] ================================================================================ ================================================================================ 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 ================================================================================ SHAREHOLDER LETTER ================================================================================ 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 ================================================================================ TAMARACK MONEY MARKET FUNDS ================================================================================ 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 ================================================================================ ================================================================================ This Page Intentionally Left Blank -------------------------------------------------------------------------------- 3 ================================================================================ FINANCIAL STATEMENTS ================================================================================ 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 ================================================================================ 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 ================================================================================ FINANCIAL STATEMENTS ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ FINANCIAL STATEMENTS ================================================================================ 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 ================================================================================ FINANCIAL STATEMENTS ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ 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 ================================================================================ SUPPLEMENTAL INFORMATION ================================================================================ -------------------------------------------------------------------------------- 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% 66 ================================================================================ SUPPLEMENTAL INFORMATION ================================================================================ 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 ================================================================================ SUPPLEMENTAL INFORMATION ================================================================================ -------------------------------------------------------------------------------- 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 ================================================================================ SUPPLEMENTAL INFORMATION ================================================================================ 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 ================================================================================ SUPPLEMENTAL INFORMATION ================================================================================ -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------- By (Signature and Title)* /s/ Jennifer Lammers ------------------------------------------------------- Jennifer Lammers, President Date 10/7/04 --------------------------- 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 ------------------------------------------------------- Jennifer Lammers, President Date 10/7/04 --------------------------- By (Signature and Title)* /s/ Christopher Tomas ------------------------------------------------------- Christopher Tomas, Treasurer Date 10/7/04 --------------------------- * Print the name and title of each signing officer under his or her signature.