EXHIBIT 99(h)(11)
SHAREHOLDER ACCOUNT SERVICES AGREEMENT
This Agreement is made and entered into as of the 7th day of April,
2005 by and between Tamarack Funds Trust, ("Tamarack"), a Delaware statutory
trust, on behalf of each portfolio represented by a series of shares of common
stock of Tamarack that adopts this Agreement (the "Funds") (the Funds, together
with the date each Fund adopts this Agreement, are set forth in Exhibit A
hereto, which shall be updated from time to time to reflect additions, deletions
or other changes thereto), and RBC Xxxx Xxxxxxxx Inc., a corporation organized
and existing under the laws of the State of Minnesota ("DRI"). This Agreement
supersedes and takes the place of the Shareholder Account Services Agreements
dated as of November 14, 2001, and May 16, 2001 between Great Hall Investment
Funds and DRI and.
W I T N E S S E T H:
WHEREAS, Tamarack is registered as an open-end, management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act");
and
WHEREAS, DRI serves as the principal underwriter of each Fund's shares
of common stock; and
WHEREAS, DRI performs various dividend disbursing and shareholder
account services (as outlined below) for owners of Fund shares who maintain
evidence of their Fund shares with DRI in a master account (a separate master
account being maintained for each Fund) in the name of DRI as the record owner
of the Fund shares (the "Master Accounts"), each of which is comprised of
individual accounts (the "Individual Accounts") that, in turn, are comprised of
evidence of shares of the applicable Fund acquired by brokerage customers of DRI
(the "Customers"); and
WHEREAS, in consideration for DRI's agreement to perform the
aforementioned services, Great Hall agrees to compensate DRI and to reimburse
certain costs and expenses incurred by DRI in connection with the performance of
said services pursuant to the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and mutual covenants
hereinafter contained, Tamarack and DRI hereby agree as follows:
1. Scope of Appointment; Services.
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(a) Subject to the conditions set forth in this Agreement, DRI
hereby undertakes and agrees to perform certain dividend disbursing and
shareholder account services as detailed below (collectively, the "Services")
with respect to the Customers and the Individual Accounts encompassed within the
Master Accounts.
(b) The Services shall include, but not be limited to, the
following:
(1) The maintenance of separate records for each Customer and
Individual Account, which records shall reflect shares purchased and
redeemed and share balances.
(2) The disbursement or crediting to Individual Accounts of
Customers of all proceeds of redemptions of Fund shares and all
dividends and other distributions not reinvested in Fund shares.
(3) The preparation and transmittal to Customers of periodic
account statements showing the total number of shares owned by each
Customer as of the statement closing date,
purchases and redemptions of Fund shares by the Customer during the
period covered by the statement, and the dividends and other
distributions paid to the Customer during the statement period (whether
paid in cash or reinvested in Fund shares).
(4) The preparation and proper transmittal of all required
tax reporting to the Internal Revenue Service, state taxing authorities
and the Customers and the accounting for, reporting and submitting of
withholding taxes, as required by applicable law, on all Individual
Accounts.
(5) The transmittal to Customers of proxy materials, reports,
and other information required to be sent to shareholders under
applicable federal and state securities and other laws, and, upon
request of Tamarack, the transmittal to Customers of material
communications necessary and proper for receipt by all beneficial
shareholders of the Funds.
(6) The transmittal to Tamarack and its transfer agent each
business day of the net purchase and redemption orders by and on behalf
of the Customers during such day.
(7) The transmittal to Tamarack or its designee of such
periodic reports or information as is necessary to enable Tamarack to
comply with state Blue Sky requirements.
(8) The performance of such additional dividend disbursing
and shareholder account services with respect to the Master Accounts,
the Individual Accounts and the Customers as Tamarack shall reasonably
request from time to time; provided, however, that this Agreement does
not and shall not contemplate the provision of any services by the DRI:
(A) that would necessitate that DRI be registered as a transfer agent
pursuant to the federal securities laws; or (B) the payment for which
would be required to be made under a plan of distribution adopted by
Tamarack in accordance with Rule 12b-1 under the 1940 Act.
(c) DRI agrees to provide the necessary facilities, equipment and
personnel to perform its duties and obligations hereunder in accordance with
industry practice.
(d) Pending the effectiveness of the proposed merger of DRI and
Interra Clearing Services Inc. ("Clearing"), an affiliate of DRI, Tamarack
authorizes the delegation by DRI of responsibility for performing one or more of
the Services to Clearing. Notwithstanding any provision to the contrary herein,
this Agreement shall survive said merger, and the surviving entity of said
merger shall, immediately upon the completion and effectiveness of said merger,
succeed to all of the rights and obligations of DRI hereunder.
2. Records; Miscellaneous Covenants.
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(a) DRI represents and covenants that (1) during the term of this
Agreement, DRI will comply with all laws, rules and regulations applicable to
its provision of the Services hereunder and (2) DRI has, and during the term of
this Agreement will continue to have, full corporate power and authority
necessary to enter into and to perform the terms of this Agreement.
(b) DRI will maintain customary records in connection with the
provision of Services hereunder. Upon the request of Tamarack, DRI will provide
to Tamarack or its agents or representatives copies of such records as may be
necessary to enable Tamarack or its agents or representatives to monitor and
review the Services, or to comply with any request of a governmental body or
self-regulatory organization or a Fund shareholder. DRI agrees that it will
permit Tamarack or its representatives to have reasonable access to their
personnel and records in order to facilitate the monitoring of the performance
and quality of the Services.
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3. Notice of Non-Performance.
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DRI hereby agrees to promptly notify Tamarack if for any reason DRI is
unable to perform fully and promptly any of its obligations under this
Agreement.
4. No Limit on Other Actions by Tamarack.
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In no way shall the provisions of the Agreement limit the authority of
Tamarack to take such action as it may deem appropriate or advisable in
connection with all matters relating to the operations of Tamarack and the sale
of Fund shares.
5. Compensation.
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In consideration of the performance of the Services by DRI hereunder,
Tamarack agrees to cause each Fund to pay DRI a fee (and to reimburse DRI for
certain out-of-pocket expenses) in such amount, at such time and in such manner
as is set forth with respect to each Fund in Exhibit A hereto.
6. Indemnification.
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(a) Tamarack agrees to indemnify DRI and to hold DRI harmless from
and against any loss by or liability to any Fund or a third party (including
reasonable legal fees and other reasonable out-of-pocket costs of defending
against any related claim or suit), in connection with any claim or suit
assessing any such liability arising out of or attributable to actions taken by
DRI pursuant to this Agreement, unless DRI acted negligently or in bad faith.
(b) DRI will hold harmless and indemnify Tamarack and each Fund
from and against any loss or suit (including reasonable legal fees and other
reasonable out-of-pocket costs of defending any related claim or suit) arising
out of DRI's negligent or bad faith failure to comply with the terms of this
Agreement or breach of any representation, warranty or covenant contained
herein.
7. Effective Date; Termination.
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This Agreement shall be effective with respect to each Fund as of the
date set forth opposite such Fund's name on Exhibit A hereto. This Agreement may
be terminated without penalty at any time by either party upon 30 days' written
notice to the other party.
8. Interpretation; Governing Law.
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This Agreement shall be subject to and interpreted in accordance with
all applicable provisions of law, including, without limitation, the 1940 Act
and the rules and regulations promulgated thereunder. To the extent that the
provision herein contained conflict with any such applicable provisions of law,
the latter shall control. The laws of the State of Minnesota shall otherwise
govern the construction, validity and effect of this Agreement.
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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first above written.
TAMARACK FUNDS TRUST RBC XXXX XXXXXXXX INC.
By /s/ Xxxxxxxx Xxxxxxx By /s/ Xxxx X. Xxxx
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Name: Xxxxxxxx Xxxxxxx Name: Xxxx X. Xxxx
Title: President and CEO Title: President of VAM, WMS
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EXHIBIT A
TO
SHAREHOLDER ACCOUNT SERVICES AGREEMENT
FUND EFFECTIVE DATE MONTHLY FEE
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Tamarack Prime Money May 16, 2001 1/12 of $21.00 per year per customer
Market Fund (Series A) account
January 1, 2002 1/12 of $24.00 per year per customer
account
Tamarack U.S. Government May 16, 2001 1/12 of $21.00 per year per customer
Money Market Fund (Series B) account
January 1, 2002 1/12 of $24.00 per year per customer
account
Tamarack Tax-Free Money May 16, 2001 1/12 of $21.00 per year per customer
Market Fund (Series C) account
January 1, 2002 1/12 of $24.00 per year per customer
account
Tamarack Institutional Prime May 16, 2001 1/12 of $21.00 per year per customer
Money Market Fund (Series F) account
January 1, 2002 1/12 of $24.00 per year per customer
account
Tamarack Institutional Tax-Free May 16, 2001 1/12 of $21.00 per year per customer
Money Market Fund (Series G) account
January 1, 2002 1/12 of $24.00 per year per customer
account
The monthly fee shall be paid within ten business days following the
end of the month covered by such payment. The Funds shall also reimburse DRI for
reasonable postage and statement printing expenses incurred by DRI in connection
with its provision of the Services.
