HISTORICAL PERFORMANCE
Note: Share classes do not apply to the Money Market Fund.

Equity - A Shares Historical Total Returns As of 12/31 of Each Year - Average Annual Compound Rates of Return Excluding Sales Charges
  %
1998
%
1999
%
2000
%
2001
%
2002
%
2003
%
2004
%
2005
%
2006
%
2007
Value Fund  -  -  -  -  -  -  16.07  1.03  14.98  3.06
Large Cap Growth Fund  15.46  24.58  (11.95)  (16.65)  (23.69)  20.94  9.16  2.99  1.18  10.03
Mid Cap Growth Fund  21.19  10.68  15.13  0.78  (17.72)  32.21  6.32  12.85  0.02  12.28
Enterprise Fund  -  -  -  -  -  -  14.82  3.61  16.03  (3.27)
Microcap Value Fund  -  -  -  -  -  -  23.40  7.06  21.37  (9.39)
Small Cap Core Fund  -  -  -  -  -  -  19.15  (2.88)  20.33  (3.77)
SMID Cap Growth Fund  8.90  10.41  10.70  (1.70)  (18.05)  37.58  17.20  4.76  4.84  4.35

Fixed Income - A Shares Historical Total Returns As of 12/31 of Each Year - Average Annual Compound Rates of Return Excluding Sales Charges
  %
1998
%
1999
%
2000
%
2001
%
2002
%
2003
%
2004
%
2005
%
2006
%
2007
Quality Fixed Income Fund  -  -  11.41  5.36  6.80  3.85  3.62  2.09  3.61  5.65
Tax-Free Income Fund  -  -  -  -  -  -  1.93  1.07  3.15  2.93

Money Market Historical Total Returns As of 12/31 of Each Year - Average Annual Compound Rates of Return
  %
1998
%
1999
%
2000
%
2001
%
2002
%
2003
%
2004
%
2005
%
2006
%
2007
Prime Money Market Fund  5.03  4.60  5.84  3.61  1.19  0.52  0.71  2.50  4.35  4.65
Institutional Prime Money Market Fund  -  -  -  -  -  -  1.13  3.02  4.88  5.18

Data presented reflects past performance. Past performance is no guarantee of future results. Share price, investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Current performance may be lower or higher than performance quoted. Performance data current to the most recent month-end for each respective Tamarack Fund can be found on the respective Fund’s fact sheet.

Class A reflects a maximum 5.75% sales charge for equity funds and a maximum 3.75% sales charge for fixed income funds. Class C has a maximum 1% CDSC for 12 months. The Distributor has voluntarily agreed to limit Class A 12b-1 Fees to .25%. Performance shown reflects this voluntary fee waiver.






Before investing, you should carefully consider a fund’s investment objectives, risks, charges and expenses. This and other information is included in the prospectus, which you can request by visiting www.voyageur.net/TamarackFunds or calling 800.422.2766. Please read the prospectus carefully before investing.

Voyageur Asset Management Inc. serves as investment adviser for the Tamarack Funds. Tamarack Equity and Fixed Income Funds are distributed by Tamarack Distributors Inc. The Tamarack Money Market Funds are distributed by RBC Capital Markets Corporation, Member NYSE/FINRA/SIPC.

NOT FDIC INSURED. NO BANK GUARANTEE. MAY LOSE VALUE.


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Tamarack Funds  |  P.O. Box 219757  |  Kansas City, Missouri 64121.9757  |  800.422.2766




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