SEC Division of Investment Management staff letter: Tamarack Funds Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

DIVISION OF

INVESTMENT MANAGEMENT

October 22, 2008
Joan Ohlbaum Swirsky
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103-7098
Re: Tamarack Funds Trust-Prime Money Market Fund; Institutional Prime Money Market Fund (File No. 811-21475) Dear Ms. Swirsky:
Your letter of September 23,2008 requests our assurance that we would not recommend that the Commission take any enforcement action under Sections 17(a)1 , 17(di and 12(d)(3)3 of the Investment Company Act of 1940 (the "Act"), and the rules thereunder, ifTamarack Funds Trust (the "Trust") on behalfofits series the Prime Money Market Fund and the Institutional Prime Money Market Fund (the "Funds"), and Voyageur Asset Management, Inc. ("Voyageur"), an investment adviser registered under the Investment Advisers Act of 1940 and is the Funds' investment adviser, and Royal Bank ofCanada ("RBC"), enter into the arrangement summarized below and more fully described in the letter. RBC is the indirect parent company ofthe Adviser and, therefore, an affiliated person ofthe Funds as defined in Section 2(a)(3) ofthe Act.
Section 17(a)(1) generally makes it unlawful for any affiliated person of a registered investment
company, or an affiliated person of such person, acting as principal, to knowingly sell any security or other property to the registered investment company. 2 Section 17(d) generally makes it unlawful for any affiliated person of a registered investment company, or any affiliated person of such a person, acting as principal, to effect any transaction in which the registered investment company is a joint or joint and several participant with such person in contravention of rules and regulations adopted by the Commission. 3 Section 12(d)(3) generally makes it unlawful for any registered investment company to acquire any security issued by, or any interest in the business of, any broker-dealer, any person engaged in the business ofunderwriting, or an investment adviser of an investment company, or an investment adviser registered under the Investment Advisers Act of 1940.