Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Performance data current to the most recent month-endcan be found on the respective Fund's performance page located at www.voyageur.net /TamarackFunds.

Class A reflects a maximum 5.75% sales charge. Class C reflects a sales charge of 1% CDSC for shares redeemed within 12 months of purchase. Performance shown reflects contractual fee waivers, without such fee waivers total returns would be reduced. Performance information does not reflect the 2% fee on shares redeemed or exchanged within 30 days of purchase. If such redemption fee was included, performance would be reduced.

Based upon shareholder approval, all funds advised by Voyageur were reorganized into the Tamarack Funds Trust on April 19, 2004. Fund information provided as of any date prior to April 19, 2004 is that of the predecessor fund. 

An investment in the Money Market Funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in Money Market Funds. These risks are more fully described in the prospectus.

Investing in mid, small, and micro cap companies involves additional risks, including greater fluctuations in value and lack of liquidity. These risks are more fully described in the prospectus.

For the Enterprise, Small Cap Core, and Microcap Value Funds, the inception date for Class A, Class C and Class R Shares is April 19, 2004. All performance shown for each class of shares prior to each respective inception date is based on the performance of the Class S Shares, adjusted to reflect each share class' fees, expenses and maximum sales charges.

For the Mid Cap Growth Fund, the inception date for Class C and Class R Shares is April 19, 2004. All performance shown for each class of shares prior to each respective inception date is based on the performance of the Class A Shares, adjusted to reflect each share class' fees, expenses and maximum sales charges.

Russell Midcap Growth Index:
The Russell Midcap Growth Index is an unmanaged index that measures the performance of U.S. mid cap companies in the Russell 3000 Index, which have higher price-to-book ratios and higher forecasted growth rates. You can not invest directly in this index.

Russell 2000 Value Index:
The Russell 2000 Value Index is an unmanaged index that measures the performance of small cap companies in the Russell 3000 Index with lower price-to-book ratios and lower forecasted growth rates. You can not invest directly in this index.

Russell 2000 Index:
The Russell 2000 Index is an unmanaged index that measures the performance of U.S. small cap companies in the Russell 3000 Index. You can not invest directly in this index. 

Barclays Capital U.S. Aggregate Bond Index:
The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index of U.S. Dollar denominated government, investment grade corporate, mortgage-backed and asset-backed securities. You can not invest directly in this index.