-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 R4PMU/I39wNhEoeTv9xBW5ryv/TCIxKrl7Ou90ujWnHS3hFuJMC5mH6a4y6+3aev
 xp7JrFFa8QRlJhg0NEINOQ==

<SEC-DOCUMENT>0000897069-08-001900.txt : 20081212
<SEC-HEADER>0000897069-08-001900.hdr.sgml : 20081212
<ACCEPTANCE-DATETIME>20081212172741
ACCESSION NUMBER:		0000897069-08-001900
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081209
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081212
DATE AS OF CHANGE:		20081212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HENNESSY ADVISORS INC
		CENTRAL INDEX KEY:			0001145255
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				680176227
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49872
		FILM NUMBER:		081247745

	BUSINESS ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
		BUSINESS PHONE:		415-899-1555

	MAIL ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cmw3913.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND
EXCHANGE COMMISSION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington, DC 20549 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date of
earliest event reported) <B><U>December 9, 2008</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>HENNESSY
ADVISORS, INC. </U></B><BR>(Exact name of registrant as specified in its charter)  </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>California</U></B></FONT></TD>
     <TD WIDTH=34% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>000-49872</U></B></FONT></TD>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>68-01763227</U></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(State or other jurisdiction</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(Commission</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(IRS Employer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>of incorporation)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>File Number)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Identification No.)</FONT></TD></TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=81% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>7250 Redwood Blvd., Suite 200</B></FONT></TD>
     <TD WIDTH=18% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>94945</U></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B><U>Novato, California</U></B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(Address of principal executive offices)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(Zip Code)</FONT></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant&#146;s
telephone number including area code: <B><U>(415) 899-1555</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Not Applicable</U></B>  <BR>(Former
name or former address, if changed since last report)  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230           .425) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR           240.14a-12) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act           (17 CFR
240.14d-2(b)) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;]  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act           (17 CFR
240.13e-4(c)) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>


<!-- MARKER PAGE="; page: 3" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1.01.</B>  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Entry
into a Material Definitive Agreement</B> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 9, 2008, Hennessy Advisors, Inc. (the &#147;Company&#148;) reached a definitive
agreement to acquire certain assets of Voyageur Asset Management Inc. that relate to the
management of the Tamarack Value Fund and the Tamarack Large Cap Growth Fund. These two
funds have combined assets of just under $200 million. Upon completion of the
transactions, the Company will become the manager of the Tamarack Value Fund and Voyageur
Asset Management will act as the Fund&#146;s sub-advisor. The fund will be named Hennessy Select Large Value Fund.  The assets related to the
Tamarack Large Cap Growth Fund will be invested in the currently unfunded Hennessy Cornerstone Large Growth Fund
(f/k/a Hennessy Large Cap Growth Fund),
with the Company as the manager of the Fund. The transactions have been approved by the
Board of Directors of the Company and the Board of Directors of Voyageur Asset Management
Inc., but are still subject to customary closing conditions and are subject to the
approvals of the Board of Trustees of Hennessy Funds Trust, the Board of Trustees of
Tamarack Funds Trust and the shareholders of the Tamarack Value Fund and the Tamarack
Large Cap Growth Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cash purchase price for the Tamarack Value Fund is an initial payment of 0.75% of the
aggregate net asset value of the Tamarack Value Fund as of the close of business on the
business day immediately preceding the date the transaction closes (the &#147;Closing
NAV&#148;), to be paid at closing, with an additional contingent cash payment of up to
0.75% of the Closing NAV to be paid six months after the closing. The cash purchase price
for the Tamarack Large Cap Growth Fund is 2.00% of the aggregate net asset value of the
Tamarack Large Cap Growth Fund as of the close of business on the business day immediately
preceding the date the transaction closes, to be paid at the closing. The transactions are
expected to close in March of 2009. The agreements include customary
representations, warranties and covenants. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the press release announcing the transactions is attached hereto as Exhibit 99.1
and is incorporated herein by reference. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01. </B> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial
Statements and Exhibits</B> </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    <U>Exhibit</U>  </FONT></TD>
<TD WIDTH=90% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    2.1  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Asset
Purchase Agreement (for Tamarack Value Fund), dated as of December 9, 2008, between
                  Hennessy Advisors, Inc. and Voyageur Asset Management Inc.*</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    2.2  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Asset
Purchase Agreement (for Tamarack Large Cap Growth Fund), dated as of December 9, 2008,
                  between Hennessy Advisors, Inc. and Voyageur Asset Management Inc.*</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
Release</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Project" -->
<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         * </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
related schedules to the agreement are not being filed herewith.  Hennessy Advisors, Inc.
agrees to furnish              supplementally a copy of any such schedules to the
Securities and Exchange Commission upon request.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

<!-- MARKER PAGE="; page: 4" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>HENNESSY ADVISORS, INC.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>(registrant)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>December 12, 2008</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>By:&nbsp;&nbsp;<U>/s/ Neil J. Hennessy</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neil J. Hennessy</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>


<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

<!-- MARKER PAGE="; page: 5" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HENNESSY ADVISORS, INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit Index to
Current Report on Form 8-K dated December 9, 2008 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    <U>Exhibit</U>  </FONT></TD>
<TD WIDTH=90% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    2.1  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Asset
Purchase Agreement (for Tamarack Value Fund), dated as of December 9, 2008, between
                  Hennessy Advisors, Inc. and Voyageur Asset Management Inc.*</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    2.2  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Asset
Purchase Agreement (for Tamarack Large Cap Growth Fund), dated as of December 9, 2008,
                  between Hennessy Advisors, Inc. and Voyageur Asset Management Inc.*</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
Release</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Project" -->
<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
related schedules to the agreement are not being filed herewith.  Hennessy Advisors, Inc.
agrees to furnish supplementally a     copy of any such schedules to the Securities and
Exchange Commission upon request.</FONT></TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>cmw3913a.htm
<DESCRIPTION>ASSET PURCHASE AGREEMENT - TAMARACK VALUE FUND
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 2.1</B></U> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSET PURCHASE
AGREEMENT </FONT></H1>

<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Between </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HENNESSY ADVISORS, INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOYAGEUR ASSET MANAGEMENT
INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 9, 2008 </FONT></H1>


<!-- MARKER PAGE="; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>TABLE OF CONTENTS</U> </FONT></H1>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2></FONT></TH>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><U>Page</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=75% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2>ARTICLE I - DEFINED TERMS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE II - PURCHASED ASSETS; PURCHASE PRICE</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Purchased Assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Purchase Price</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE III - REPRESENTATIONS AND WARRANTIES OF SELLER</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Organization, Standing and Authority</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Authorization and Binding Obligation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registered Investment Adviser</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>No Violations</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Title to and Condition of Assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consents; Governmental/Regulatory Authority</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Financial Condition; Effect of Sale of Assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Legal Actions</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Compliance with Laws</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Tamarack Value Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Sufficiency of Assets; Trade Rights</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Sales or Transfer Taxes</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registration Statement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF BUYER</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Organization, Standing and Authority</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Authorization and Binding Obligation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>No Violations</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consents; Governmental/Regulatory Authorities</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>No Disqualifying Conduct</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Litigation; Proceedings</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registered Investment Adviser</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Compliance with Law</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registration Statement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE V - COVENANTS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>12</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Pre-Closing Covenants of Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>12</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Negative Covenants</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>12</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Affirmative Covenants of Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>12</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Affirmative Covenants of Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>13</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE VI - SPECIAL COVENANTS AND AGREEMENTS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>14</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Fees and Expenses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>14</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Brokers</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>14</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Confidential Information</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>14</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Cooperation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>15</FONT></TD></TR>
</table>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=75% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Covenants With Respect to Changes in Condition and Litigation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>15</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Covenants With Respect to Information in Proxy Materials and Registration Statements</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Access to Third Parties</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Cooperation Regarding Financial Matters</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Section 15(f) of the Investment Company Act</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Press Releases and Public Announcements</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE VII - CONDITIONS PRECEDENT</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Conditions to Obligations of Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Conditions to Obligations of Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE VIII - CLOSING AND CLOSING DELIVERIES</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Closing</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Deliveries by Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Deliveries by Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE IX - RIGHTS OF BUYER AND SELLER ON TERMINATION OR BREACH</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>21</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Termination Rights</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>21</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Effect of Termination</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>21</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE X - REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Representations and Warranties</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Indemnification by Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Indemnification by Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Procedure for Indemnification</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Limitations</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE XI - MISCELLANEOUS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Notices</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Benefit and Binding Effect</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>25</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Governing Law</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>25</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Headings</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>25</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Gender and Rules of Construction</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>25</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Entire Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>25</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Counterparts</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>26</FONT></TD></TR>
</TABLE>










<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Schedule </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 3.10(d)   -   List of
Contracts and Agreements </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibits </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit A   -   Sub-Advisory
Agreement </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit B   -   Side Letter </FONT></P>




<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ii </FONT></P>

<!-- MARKER PAGE="; page: 7" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSET PURCHASE
AGREEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
ASSET PURCHASE AGREEMENT</B> is made and entered into on this 9<SUP>th</SUP> day of
December, 2008, by and between <B>HENNESSY ADVISORS, INC.</B>, a California corporation
(&#147;Buyer&#148;), and <B>VOYAGEUR ASSET MANAGEMENT INC.</B>, a Minnesota corporation
(&#147;Seller&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>RECITALS</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;          Seller
is a registered investment adviser under the Investment Advisers Act of           1940,
as amended.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;          Seller
serves as investment adviser to the Tamarack Value Fund, as defined           herein, and
is the owner of certain property, including property used or useful           in
providing investment advisory services to the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
wishes to acquire from Seller, and Seller wishes to sell to Buyer, such
          property upon the terms and subject to the conditions hereinafter set forth.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>AGREEMENT</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the foregoing premises and the covenants and agreements contained herein,
Buyer and Seller, intending to be bound legally, agree as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE I &#151; DEFINED
TERMS</U>  </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following terms shall have the following meanings in this Agreement (other terms shall be
defined in the text of this Agreement). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliated
Person&#148; means an affiliated person as defined in Section 2(a)(3) of the Investment
Company Act. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;
means a person or entity that directly or indirectly controls, is controlled by or is
under common control with a specified person or entity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreement&#148;
means this Asset Purchase Agreement together with all schedules and exhibits attached
hereto, and all amendments hereto and thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Closing&#148;
means the completion of those actions described in Section 8.2 and Section 8.3 of this
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Closing
Date&#148; means the date of the Closing specified in Section 8.1 of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148;
means the Internal Revenue Code of 1986, as amended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148;
means the Securities and Exchange Commission. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fund
Transaction&#148; means the reorganization of the Tamarack Value Fund into a Hennessy
Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Growth
Fund Transaction&#148; means the transactions contemplated by that certain Asset Purchase
Agreement, dated December 9, 2008, between Buyer and Seller relating to the Tamarack Large
Cap Growth Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hennessy
Funds&#148; means those investment companies registered under the Investment Company Act
for which Buyer serves as investment adviser. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hennessy
Value Fund&#148; means the Hennessy Fund resulting from the Fund Transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment
Advisers Act&#148; means the Investment Advisers Act of 1940, as amended, and rules and
regulations promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment
Company Act&#148; means the Investment Company Act of 1940, as amended, and rules and
regulations promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Liens&#148;
means any security interest, mortgage, lien, pledge, charge, title retention, security
agreement, lease, option, defect of title or other encumbrance or right of others, except
for taxes not yet due or payable and encumbrances which do not materially impair the use,
value or marketability of the assets to which they relate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Material
Adverse Effect&#148; means: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          with
respect to Seller, an effect on the business, licenses, prospects or           condition
(financial or otherwise) of Seller that would materially and adversely           affect
the ability of Seller to consummate the transactions contemplated by this
          Agreement or materially and adversely affect Buyer&#146;s ability to advise or
          manage the investments of the Tamarack Value Fund; provided, however, that any
          condition materially and adversely affecting the investment advisory and asset
          management industries generally shall not be deemed to constitute a Material
          Adverse Effect so long as such condition does not have a materially
          disproportionate effect on Seller relative to other businesses in the
investment           advisory and asset management industries;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          with
respect to Buyer, an effect on the business, licenses, prospects or           condition
(financial or otherwise) of Buyer that would materially and adversely           affect
Buyer&#146;s ability to advise or manage the investments of the Hennessy           Funds
or the Tamarack Value Fund or materially and adversely affect the ability           of
Buyer to consummate the transactions contemplated by this Agreement;           provided,
however, that any condition materially and adversely affecting the           investment
advisory and asset management industries generally shall not be           deemed to
constitute a Material Adverse Effect so long as such condition does           not have a
materially disproportionate effect on Buyer relative to other           businesses in the
investment advisory and asset management industries; and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          with
respect to the Tamarack Value Fund, means an effect that would cause the
          Tamarack Value Fund to incur any material liabilities not reflected in the net
          asset value of the Tamarack Value Fund as of the Closing Date or cause the
          previously reported net asset value of the Tamarack Value Fund on any date
prior           to the Closing Date to be incorrect.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice
of Termination&#148; means the notice described in Section 9.1 of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plan
of Reorganization&#148; means the agreement and plan of reorganization pursuant to which
the Fund Transaction will be effected. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Purchased
Assets&#148; means the assets specified in Section 2.1 of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Six
Month Anniversary Date&#148; means the date six months after the Closing Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities
Act&#148; means the Securities Act of 1933, as amended, and rules and regulations
promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities
Exchange Act&#148; means the Securities Exchange Act of 1934, as amended, and rules and
regulations promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Segregated
Accounts&#148; means those shareholder accounts (or subaccounts with respect to any
omnibus account) of the Tamarack Value Fund to which Segregated Shares are allocated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Segregated
Shares&#148; means and includes (i) the shares of the Tamarack Value Fund which are
outstanding at the close of business on the Closing Date and (ii) any shares of the
Hennessy Value Fund issued after the Closing Date and before the Six Month Anniversary
Date as a distribution on other Segregated Shares, but does not include any additional
shares of the Hennessy Value Fund purchased for Segregated Accounts after the Closing
Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Tamarack
Value Fund&#148; means the Tamarack Value Fund as it presently exists, a series of
Tamarack Funds Trust. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE II &#150;PURCHASED
ASSETS; PURCHASE PRICE </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.&nbsp;&nbsp;&nbsp;&nbsp; <U>Purchased
Assets</U>. On the Closing Date, Seller shall deliver to Buyer           originals or
true copies of the following assets (the &#147;Purchased           Assets&#148;), and
only such assets:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          All
files, books, records and data files (in whatever form or forms including           hard
copy, microfilm, microfiche, CD ROM or other electronic media, including           the
software necessary to access the same) owned by or in the possession of           Seller
relating to investment accounts and investment history of the Tamarack           Value
Fund (except to the extent that Seller is required by applicable law to           retain
such materials or copies thereof in which event Seller shall, at           Seller&#146;s
expense, provide to Buyer such materials or copies thereof,           whichever is
available); and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          All
records required to be maintained and retained under the Investment Company           Act
or the Investment Advisers Act in connection with Seller&#146;s provision of
          investment advisory services to the Tamarack Value Fund (except to the extent
          that Seller is required by applicable law to retain such materials or copies
          thereof in which event Seller shall provide to Buyer such materials or copies
          thereof, whichever is available).  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.&nbsp;&nbsp;&nbsp;&nbsp; <U>Purchase
Price</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <U>Initial
Payment</U>. On the Closing Date, Buyer shall pay Seller, by wire           transfer of
immediately available funds to an account designated by Seller in           writing at
least two business days prior to the Closing Date, an amount equal to           0.75% of
the aggregate net asset value of the Tamarack Value Fund as of the           close of
business on the business day immediately preceding the Closing Date           (the &#147;Initial
Payment&#148;).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <U>Final
Payment</U>. On or before the later of (a) the twentieth business day           after the
Six Month Anniversary Date or (b) five business days after all of the
          information required to calculate the Final Payment (as defined below) is
          received from all necessary third parties, Buyer shall pay Seller, by wire
          transfer of immediately available funds to an account designated by Seller in
          writing at least two business days prior to the Six Month Anniversary Date, an
          amount equal to (the &#147;Final Payment&#148;):  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Initial Payment, minus  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
amount equal to 1.50% of the excess of:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
aggregate redemption price of the Segregated Shares redeemed subsequent to           the
Closing Date and before the Six Month Anniversary Date, over  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
aggregate purchase price of all shares of the Hennessy Value Fund purchased           for
the Segregated Accounts subsequent to the Closing Date and before the Six           Month
Anniversary Date.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
the foregoing,  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
no event shall the sum of the Initial Payment and the Final Payment
          (collectively, the &#147;Purchase Price&#148;) exceed 1.50% of the aggregate
net           asset value of the Tamarack Value Fund as of the close of business on the
          business day immediately preceding the Closing Date, and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the amount determined pursuant to Section 2.2(b)(ii) is greater than or equal
          to the Initial Payment, then the Final Payment shall equal $0.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          As
promptly as practicable following the Six Month Anniversary Date, Buyer shall
          deliver to Seller a statement setting forth its calculation of the Final
Payment           (the &#147;Final Payment Statement&#148;). If Seller in good faith, and
not           unreasonably, disagrees with Buyer&#146;s calculation of the Final Payment
          amount as set forth in the Final Payment Statement, Seller may within five
          business days of delivery of the Final Payment Statement deliver a notice to
          Buyer disagreeing with such calculation and setting forth Seller&#146;s
          calculation of the Final Payment amount. If Buyer receives such a notice from
          Seller, Buyer and Seller shall work together in good faith to determine the
          Final Payment amount.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE III &#151;REPRESENTATIONS
AND WARRANTIES OF SELLER </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
represents and warrants to Buyer as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization,
Standing and Authority</U>. Seller is a corporation duly           organized, validly
existing and in good standing under the laws of the State of           Minnesota. Seller
has all requisite corporate power and authority to conduct its           business as
presently conducted as it relates to providing investment advisory           services to
the Tamarack Value Fund, to execute and deliver this Agreement and           the
documents contemplated hereby and to perform and comply with all of the           terms,
covenants and conditions to be performed and complied with by Seller           hereunder
and thereunder. Seller is duly qualified or licensed to do business as           a
foreign corporation, and is in good standing, in every jurisdiction where
          failure to be so qualified or licensed would be reasonably likely to have a
          Material Adverse Effect on Seller or the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization
and Binding Obligation</U>. The execution, delivery and           performance of this
Agreement by Seller have been duly authorized by all           necessary corporate action
on the part of Seller. This Agreement has been duly           executed and delivered by
Seller and, assuming the due authorization, execution           and delivery of this
Agreement by Buyer constitutes the legal, valid and binding           obligation of
Seller, enforceable against Seller in accordance with its terms,           except as the
enforceability hereof may be limited by bankruptcy, insolvency,           reorganization
or similar laws relating to or affecting creditors&#146; rights           generally, or
by general equity principles (whether applied in a court of law or           a court of
equity and including limitations on the availability of specific           performance or
other equitable remedies).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered
Investment Adviser</U>. Seller is registered as an investment           adviser under the
Investment Advisers Act. Seller has not received any written           notice by any
state that Seller&#146;s registration as an investment adviser is,           is to be, or
will be restricted or terminated.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Violations</U>. The execution, delivery and performance by Seller of this
          Agreement and the documents contemplated hereby (i) will not conflict with any
          provision of Seller&#146;s articles of incorporation or by-laws; (ii) will not
          conflict with, result in a breach of, or constitute a default under, any
          applicable law, judgment, order, ordinance, injunction, decree, rule,
regulation           or ruling of any court or governmental instrumentality, except as
will not           individually or in the aggregate have a Material Adverse Effect with
respect to           Seller, Buyer or the Tamarack Value Fund or as will be cured or
waived prior to           the Closing Date; and (iii) will not conflict with, constitute
grounds for           termination of, result in a breach of, constitute a default under
or accelerate           or permit the acceleration of any performance required by the
terms of, any           agreement, instrument, license or permit to which Seller is a
party or by which           Seller may be bound, except as will not singly or in the
aggregate have a           Material Adverse Effect with respect to Seller, Buyer or the
Tamarack Value           Fund, or as will be cured or waived prior to the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
to and Condition of Assets</U>. As of the date hereof, Seller has good           and
marketable title to the Purchased Assets, and on the Closing Date will have
          good and marketable title to the Purchased Assets sufficient to convey title to
          the Purchased Assets to Buyer, free and clear of all Liens.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents;
Governmental/Regulatory Authority</U>. Seller is not required to           submit any
notice, report or other filing with, or obtain any authorization,           consent or
approval from, any governmental authority or self-regulatory           organization prior
to the execution, delivery and performance by Seller of this           Agreement or the
consummation of the transactions contemplated herein, other           than notices,
reports or other filings, authorizations, consents or approvals           relating to
matters that, in the aggregate, will not have a Material Adverse           Effect with
respect to Seller or the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Condition; Effect of Sale of Assets</U>. Seller is not insolvent on           the date of
this Agreement and shall not be insolvent on the Closing Date. The           transactions
contemplated by this Agreement (i) will not constitute a           disposition of all or
substantially all of the assets of Seller, (ii) will not           render Seller
insolvent or leave Seller with assets unreasonably small in           relation to the
business in which it is engaged and (iii) is not being           undertaken by Seller
with the intent to hinder, delay or defraud its creditors.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Actions</U>. There is no action, suit, proceeding, complaint,           litigation,
investigation, inquiry or governmental proceeding pending, or to the           best
knowledge of Seller threatened, before any court or governmental or           regulatory
authority, against (i) any of the Purchased Assets or (ii) Seller, or           to the
best knowledge of Seller any party, that reasonably could be expected to           have a
Material Adverse Effect on Seller, Buyer or the Tamarack Value Fund.           Seller is
not subject to, or bound by, any judgment, order, writ, injunction or           decree of
any court, or of any governmental body, including the Commission, or           of any
arbitrator, that would prevent the conduct of business of Seller or the
          Tamarack Value Fund in accordance with current practice.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws</U>. Seller&#146;s business of providing investment           advisory services
to the Tamarack Value Fund is being operated in material           compliance with all
applicable laws, rules, regulations, ordinances, orders or           requirements of all
federal, state and local governmental or regulatory           authorities. Seller has
complied in all material respects with all written           notices and demands to it
from all governmental or regulatory authorities with           respect to the ownership,
use and operation of all of the Purchased Assets and           the provision of
investment advisory services to the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Tamarack Value Fund</U>. With respect to the Tamarack Value Fund:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
and Regulation</U>. The Tamarack Value Fund is duly registered           with the
Commission as an investment company under the Investment Company Act,           and all
shares of the Tamarack Value Fund which, since its organization, have           been or
are being offered for sale have been duly registered under the           Securities Act
and have been duly registered, qualified or are exempt from           registration or
qualification under the securities laws of each state or other           jurisdiction in
which such shares have been or are being offered. The Tamarack           Value Fund is in
compliance with all applicable laws, rules and regulations,           including, without
limitation, the Investment Company Act, the Securities Act,           the Securities
Exchange Act and all applicable state securities laws, except           where the failure
to be so in compliance would not have a Material Adverse           Effect on Seller or
the Tamarack Value Fund. The Tamarack Value Fund is in           compliance with the
investment policies and restrictions set forth in its           registration statement
currently in effect under the Securities Act. The value           of the net assets of
the Tamarack Value Fund is determined pursuant to the           requirements of the
Investment Company Act and purchases and redemptions of           shares of the Tamarack
Value Fund, since its organization have been effected at           the net asset value
per share calculated in such manner. There are no legal or           governmental
actions, investigations, inquiries or proceedings pending or           threatened against
the Tamarack Value Fund which could have a Material Adverse           Effect on the
condition (financial or otherwise) of Seller or the Tamarack Value           Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements</U>. The books of account and related records of the           Tamarack Value
Fund fairly reflect the respective assets, liabilities and           transactions of the
Tamarack Value Fund in accordance with generally accepted           accounting principles
applied on a consistent basis. The audited financial           statements of the Tamarack
Value Fund as of September 30, 2008 (the           &#147;Financial Statement Date&#148;),
which were previously delivered to Buyer           (the &#147;Fund Financial Statements&#148;),
present fairly in all material           respects the financial position of the Tamarack
Value Fund and the results of           operations and cash flows for the accounting
principles applied on a consistent           basis as at the dates indicated. The Fund
Financial Statements have been           certified by an independent registered public
accounting firm.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Adverse Changes</U>. Since the Financial Statement Date, no           material
adverse change has occurred in the financial condition, results of           operations,
business, assets or liabilities of the Tamarack Value Fund or the           status of the
Tamarack Value Fund as a regulated investment company under the           Code, other
than changes resulting from any change in the mutual fund industry,           in general
conditions in the financial or securities markets or the performance           of any
investments made by any of the Tamarack Value Fund and other than changes
          occurring in the ordinary course of business of the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Contracts</U>.
Except for contracts and agreements disclosed on Schedule           3.10(d) (which shall
be updated by Seller at Closing), the Tamarack Value Fund           is not a party to any
material contract, debt arrangement, futures contract,           plan, lease, franchise,
license or permit (other than permits issued under any           securities law) of any
kind or nature whatsoever. No default by the Tamarack           Value Fund, nor to the
best knowledge of Seller by any other party, exists under           any of the contracts
and agreements listed on Schedule 3.10(d).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
All federal income tax returns, all other material federal tax           returns, and all
material state and local tax returns for any open tax periods           required to be
filed by the Tamarack Value Fund on or prior to the Closing Date           have been or
will be timely filed, such returns are or will be correct in all           material
respects, and all taxes shown as payable on such returns have been or           will be
timely paid. For any period for which tax returns of the Tamarack Value           Fund
are not required to have been filed in accordance with the previous           sentence by
the Closing Date, the Tamarack Value Fund has made, or will make by           the Closing
Date, an adequate accrual on its books of any taxes due or to become           due, if
any, as a result of actions occurring on or before the Closing Date. The
          Tamarack Value Fund has qualified as a regulated investment company under the
          Code in respect of each taxable year of the Tamarack Value Fund since
          commencement of the Tamarack Value Fund and the Tamarack Value Fund was, and
          shall be, in compliance with the requirements of Section 851 of Subchapter M of
          the Code for each of the applicable fiscal periods ending on or prior to the
          Closing Date. The Tamarack Value Fund has timely provided to its shareholders
          any notices relating to the character of shareholder distributions or portions
          thereof required under Sections 852 or 853 of the Code and Section 19 of the
          Investment Company Act and has properly withheld or collected all taxes
required           by law to be withheld or collected from amounts payable to the
shareholders of           the Tamarack Value Fund and has timely remitted such withheld
or collected taxes           to the appropriate taxing authority, agency or body.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Books
and Records</U>. The books and records of the Tamarack Value Fund           reflecting,
among other things, the purchase and sale of shares of the Tamarack           Value Fund
by its shareholders, the number of issued and outstanding shares           owned by each
shareholder and the state or other jurisdiction in which such           shares were
offered and sold, are complete and accurate in all material           respects.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Prospectus</U>.
The current prospectus and statement of additional           information for the Tamarack
Value Fund as of the date on which they were issued           did not contain, and as
supplemented by any supplement thereto dated prior to or           on the Closing Date,
do not and will not contain, any untrue statement of a           material fact or omit to
state a material fact required to be stated therein or           necessary to make the
statements therein not misleading.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Ability
to Conduct Business</U>. The Tamarack Value Fund is not subject to,           or bound
by, any judgment, order, writ, injunction or decree of any court, or of           any
governmental body, including the Commission, or of any arbitrator, that           would
prevent the conduct of business of the Tamarack Value Fund in accordance           with
current practice.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation
or Proceeding</U>. No litigation is pending or threatened, and no
          investigation, inquiry or governmental proceeding is pending or, to the best of
          Seller&#146;s knowledge, threatened against or affecting the Tamarack Value
Fund           before any court, arbitrator or federal, state, local or foreign
governmental or           regulatory agency or authority or self-regulatory authority
(including, but not           limited to, the Commission, the Commodities Futures Trading
Commission and the           Internal Revenue Service) that would be reasonably likely to
materially and           adversely affect the business operation&#146;s or financial
condition of the           Tamarack Value Fund or materially delay, materially hinder or
prohibit the           solicitation of proxies from shareholders of the Tamarack Value
Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Undisclosed Liabilities</U>. As of the Financial Statement Date,           Seller had
no material debts, obligations or liabilities, whether due or to           become due,
absolute, contingent or otherwise, that are required to be reflected           in the
Fund Financial Statements in accordance with generally accepted           accounting
principles, that are not so reflected.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Pending Transaction</U>. The Tamarack Value Fund is not a party to or           bound by
any agreement, undertaking or commitment (i) to merge or consolidate           with, or
acquire all or substantially all of the property and assets of, any           other
corporation, trust or person or (ii) to sell, lease or exchange all or
          substantially all of its property and assets to any other corporation, trust or
          person.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
or Revocation of Adviser Registration</U>. Neither Seller nor, to           the best of
Seller&#146;s knowledge, any Affiliated Person of Seller has been           convicted of
any felony or misdemeanor, described in Section 9(a)(1) of the           Investment
Company Act, nor, to the best of Seller&#146;s knowledge, has any           investment
adviser, or any &#147;person associated&#148; (as defined in the           Investment
Advisers Act) with any investment adviser, of the Tamarack Value Fund           been
subject, or presently is subject, to any disqualification that would be a           basis
for denial, suspension or revocation of registration of an investment           adviser
under Section 203(e) of the Investment Advisers Act or Rule 206(4)-4(b)
          thereunder or of a broker-dealer under Section 15 of the Securities Exchange
          Act, or for disqualification as an investment adviser, employee, officer or
          director of an investment company under Section 9 of the Investment Company
Act,           and, to the best of Seller&#146;s knowledge, there is no proceeding or
          investigation that is reasonably likely to become the basis for, any such
          disqualification, denial, suspension or revocation.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<U>Fund
Statements</U>. Seller has furnished Buyer or provided access to, with           respect
to the Tamarack Value Fund, complete and true copies of the Tamarack           Value Fund&#146;s
(i) Annual and Semi-Annual Reports on Form N-CSR, together           with any and all
exhibits annexed thereto, and proxy statements pertaining to           the last five
years, each in the form delivered to shareholders, as well as any           additional
report or other material generally delivered to such shareholders           since the
delivery of such Annual Report or Semi-Annual Report, as the case may           be, and
(ii) Prospectuses, together with Statements of Additional Information,           filed
with the Commission in the last five years, each in the form filed with           the
Commission (all of the foregoing documents referred to in (i) and (ii) being
          collectively referred to herein as the &#147;Fund Statements&#148;). The
          information contained in the Fund Statements does not contain any untrue
          statement of a material fact or omit to state a material fact required to be
          stated therein or necessary in order to make any material statement made
          therein, in light of the circumstances under which they were made, not
          misleading. Since the end of the period covered by the most recent Annual or
          Semi-Annual Report, there has occurred no event or condition which would (i)
          require the Tamarack Value Fund to file an additional amendment, registration
          statement, prospectus, prospectus supplement, report or other document with the
          Commission, which document has not been so filed with the Commission and
          delivered to Buyer or (ii) require the Tamarack Value Fund to conduct a meeting
          of its shareholders.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sufficiency
of Assets; Trade Rights</U>. After giving effect to the           transactions
contemplated by this Agreement, Buyer will own or have access to           all of the
files, books, records and data that were previously owned by Seller           necessary
to conduct the management or operations of the Tamarack Value Fund in           all
material respects in substantially the same manner conducted by Seller on           and
prior to the Closing Date. To the best of Seller&#146;s knowledge, Seller is
          not infringing and has not infringed any trade or other rights of another in
the           management or operations of the Tamarack Value Fund, nor is any other
person           infringing the trade rights of Seller. Seller does not pay any royalties
or           other consideration for the right to use any Purchased Assets or other trade
          rights. There is no litigation pending or, to the best of Seller&#146;s
          knowledge, threatened to challenge Seller&#146;s right, title and interest with
          respect to its continued use and right to preclude others from using any
          Purchased Assets.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sales
or Transfer Taxes</U>. The transactions contemplated by this Agreement           shall
not result in either Buyer or Seller incurring any liability for sales,           use,
transfer or purchase taxes or fees under the laws of any state.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>. Reference is made to the registration statement           (the &#147;N-14
Registration Statement&#148;) to be filed with the Commission by           Buyer on Form
N-14 relating to the shares of the Hennessy Value Fund issuable           thereunder, and
the proxy statement of Seller to be included therein (the           &#147;Proxy Statement&#148;).
The information relating to Seller and the           Tamarack Value Fund that is provided
by Seller or its representatives for           inclusion in the prospectus contained in
the N-14 Registration Statement of           which the Proxy Statement is a part, as
amended or supplemented by any           amendments or supplements filed with the
Commission by Buyer (together, the           &#147;N-14 Prospectus&#148;), will not
contain any untrue statement of a           material fact or omit to state a material
fact necessary to make the statements           therein, in light of the circumstances in
which they are made, not misleading.           The portions of the N-14 Prospectus and
the Proxy Statement relating to Seller           and the Tamarack Value Fund and other
portions within the reasonable control of           Seller will comply in all material
respects with the provisions of the           Securities Act, the Securities Exchange Act
and the Investment Company Act and           the rules and regulations thereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE IV &#151;REPRESENTATIONS
AND WARRANTIES OF BUYER </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
represents and warrants to Seller as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization,
Standing and Authority</U>. Buyer is a corporation duly           organized, validly
existing and in good standing under the laws of the State of           California. Buyer
is duly qualified or licensed to do business as a foreign           corporation, and is
in good standing, in every jurisdiction where the failure to           be so qualified or
licensed would be reasonably likely to have a Material           Adverse Effect on Buyer.
Buyer has all requisite corporate power and authority           to execute and deliver
this Agreement and the documents contemplated hereby, and           to perform and comply
with all of the terms, covenants and conditions to be           performed and complied
with by Buyer hereunder and thereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization
and Binding Obligation</U>. The execution, delivery and           performance of this
Agreement by Buyer have been duly authorized by all           necessary corporate action
on the part of Buyer. This Agreement has been duly           executed and delivered by
Buyer and, assuming the due authorization, execution           and delivery of this
Agreement by Seller, constitutes the legal, valid and           binding obligation of
Buyer, enforceable against Buyer in accordance with its           terms, except as the
enforceability hereof may be affected by bankruptcy,           insolvency, reorganization
or similar laws relating to or affecting           creditors&#146; rights generally, or
by general equity principles (whether           applied in a court of law or a court of
equity and including limitations on the           availability of specific performance or
other equitable remedies).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Violations</U>. The execution, delivery and performance by Buyer of this
          Agreement and the documents contemplated hereby (i) will not conflict with any
          provision of Buyer&#146;s articles of incorporation or by-laws; (ii) will not
          conflict with, result in a breach of, or constitute a default under, any
          applicable law, judgment, order, ordinance, injunction, decree, rule,
regulation           or ruling of any court or governmental instrumentality, except as
will not           individually or in the aggregate have a Material Adverse Effect with
respect to           Buyer or Seller or as will be cured by waiver prior to the Closing
Date; and           (iii) will not conflict with, constitute grounds for termination of,
result in a           breach of, constitute a default under or accelerate or permit the
acceleration           of any performance required by the terms of, any agreement,
instrument, license           or permit to which Buyer is a party or which Buyer is
bound, except as will not           singly or in the aggregate have a Material Adverse
Effect with respect to Buyer           or Seller or as will be cured or waived prior to
the Closing Date.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10 </FONT></P>



<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents;
Governmental/Regulatory Authorities</U>. Buyer is not required to           submit any
notice, report or other filing with, or obtain any authorization,           consent or
approval from, any governmental authority or self-regulatory           organization prior
to the execution, delivery and performance by Buyer of this           Agreement or the
consummation of the transactions contemplated hereby, other           than notices,
reports or other filings, authorizations, consents or approvals           relating to
matters that, in the aggregate, will not have a Material Adverse           Effect with
respect to Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disqualifying Conduct</U>. Neither Buyer nor any Affiliated Person of           Buyer is
ineligible to serve as an employee, officer, director, member of an           advisory
board, investment adviser, depositor or principal underwriter of any           investment
company registered under the Investment Company Act by reason of any           conviction
of a felony or misdemeanor, described in Section 9(a)(1) of the           Investment
Company Act, or by reason of any order, judgment or decree of any           court of
competent jurisdiction, described in Section 9(a)(2) of the Investment           Company
Act, and is not subject to any order issued by the Commission under           Section
9(b) of the Investment Company Act. Neither Buyer nor any           &#147;associated
person&#148; (as defined in the Investment Advisers Act) of           Buyer that is
registered as an investment adviser is ineligible pursuant to           Section 203 of
the Investment Advisers Act to serve as an investment advisor or           an associated
person thereof. To the best of Buyer&#146;s knowledge, no facts           exist with
respect to Buyer, or any Affiliated Person or associated person of           Buyer, which
would form a basis for any such disqualification or ineligibility.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation;
Proceedings</U>. No litigation, proceeding or governmental           investigation, or
inquiry is pending or, to the best of Buyer&#146;s knowledge,           threatened,
against Buyer that seeks to delay, hinder or prohibit execution of           this
Agreement or consummation of the transactions contemplated herein or that,           if
determined against Buyer would be reasonably likely to have a Material           Adverse
Effect on Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered
Investment Adviser</U>. Buyer or an Affiliated Person thereof is           registered as
an investment adviser under the Investment Advisers Act. Buyer has           not received
any written notice by any State that Buyer&#146;s registration as           an investment
adviser is, is to be, or will be restricted or terminated.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Law</U>. Buyer is in compliance with all applicable laws,           rules and
regulations, including, without limitation, federal and state           securities laws,
except where failure to be so in compliance would not be           reasonably likely to
have a Material Adverse Effect on Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>. The information relating to Buyer and the           Hennessy Value Fund
that is provided by Buyer or its representatives for           inclusion in the N-14
Registration Statement, the N-14 Prospectus and the Proxy           Statement will not
contain any untrue statement of a material fact or omit to           state a material
fact necessary to make the statements therein, in light of the           circumstances in
which they are made, not misleading. The portions of the N-14           Registration
Statement, the N-14 Prospectus and the Proxy Statement relating to           Buyer and
the Hennessy Value Fund and other portions within the reasonable           control of
Buyer will comply in all material respects with the provisions of the
          Securities Act, the Securities Exchange Act and the Investment Company Act and
          the rules and regulations thereunder. Notwithstanding the foregoing, none of
the           representations and warranties in this subsection shall apply to statements
in           or omissions from the N-14 Registration Statement, the N-14 Prospectus or
the           Proxy Statement made in reasonable reliance upon and in conformity with
          information furnished by Seller or the Tamarack Value Fund to Buyer for use in
          the N-14 Registration Statement, the N-14 Prospectus or the Proxy Statement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE V &#151;COVENANTS
</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Pre-Closing
Covenants of Seller</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance
of Business</U>. Except as contemplated by this Agreement or with           the prior
written consent of Buyer, between the date hereof and the Closing           Date, Seller
shall operate Seller&#146;s business as it relates to management of           the
investments of the Tamarack Value Fund in the ordinary course of business in
          accordance with past practices (except where such action would conflict with
          Seller&#146;s obligations under this Agreement) and agrees not to engage in any
          extraordinary transactions affecting the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Approvals</U>.
Subject in all cases to any fiduciary duties to which it may           be subject, Seller
shall, prior to the Closing Date or earlier termination of           this Agreement in
accordance with its terms, use its reasonable best efforts to           obtain the
actions of the Board of Trustees of the Tamarack Value Fund           enumerated in
Section 7.1(c) and to cause the Tamarack Value Fund to solicit its           shareholders
with regard to approval of the Plan of Reorganization for which           shareholder
approval is required, as well as other matters relating directly or           indirectly
to the Fund Transaction, consistent with all requirements of the           Investment
Company Act and the Securities Exchange Act applicable to such           solicitation.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Negative
Covenants</U>. Seller shall not, without the prior written consent           of Buyer or
as contemplated by this Agreement (with notice to Buyer), do any of           the
following:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disposition
of Assets</U>. Sell, assign or otherwise transfer or dispose of           any of the
Purchased Assets;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Contracts</U>.
Enter into any contract relating to Seller&#146;s business of           providing
investment advisory services to the Tamarack Value Fund after the date           hereof
(other than (i) contracts in the ordinary course of business and (ii)           contracts
that will not result in any liability or duty on the part of Buyer)           without
receiving the written consent of Buyer prior to execution of such           contracts.
All requests for such consents shall be in writing and shall include           a copy of
each such contract.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Affirmative
Covenants of Seller</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Information</U>. Subject to applicable confidentiality agreements,           Seller
shall allow Buyer and its authorized representatives on prior notice           reasonable
access at Buyer&#146;s expense during normal business hours to           Seller&#146;s
employees responsible for the Tamarack Value Fund, the Purchased           Assets and to
all other properties, equipment and contracts relating to           Seller&#146;s
business of providing investment advisory services to the Tamarack           Value Fund
for the purpose of review and inspection, and furnish or cause to be           furnished
to Buyer or its authorized representatives all information with           respect to
Seller&#146;s business of providing investment advisory services to           the
Tamarack Value Fund as Buyer may reasonably request, it being understood           that
the rights of Buyer hereunder shall not be exercised in such a manner as to
          interfere with the operation of Seller&#146;s business. All requests pursuant
to           this Section 5.3(a) shall be sent to Michael Spencer at the address for
Seller           provided in Section 11.1.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transition</U>.
Seller shall cooperate with and assist Buyer in effecting the           transfer to Buyer
of Seller&#146;s business of providing investment advisory           services to the
Tamarack Value Fund as contemplated by this Agreement, including           the
reorganization of the Tamarack Value Fund into the Hennessy Value Fund, and
          shall provide Buyer with such information maintained by Seller as Buyer may
          reasonably request to facilitate (i) preparation and filing of tax returns for
          the Tamarack Value Fund for their tax years next ending after the date of this
          Agreement and (ii) the provision of information to shareholders in compliance
          with the Code.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tamarack
Value Fund Prospectus</U>. Pending the approval of the Plan of           Reorganization
by the shareholders of the Tamarack Value Fund, Seller shall use           its reasonable
best efforts to cause the Tamarack Value Fund to supplement its           prospectus to
disclose the transactions contemplated by this Agreement pursuant           to Rule 497
of the Commission under the Securities Act.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Sub-Advisory
Agreement</U>. At the Closing, Seller shall cause to be           delivered to Buyer a
duly executed Sub-Advisory Agreement, substantially in the           form of <U>Exhibit&nbsp;A</U> hereto
(the &#147;Sub-Advisory Agreement&#148;).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>. Seller will cooperate with Buyer and will use its           reasonable
best efforts to assist Buyer in completing and filing the N-14           Registration
Statement, and will furnish to Buyer the information relating to           itself
required by the Securities Act, the Securities Exchange Act and the           Investment
Company Act and the rules and regulations thereunder to be set forth           in the
N-14 Registration Statement, including the N-14 Prospectus and the Proxy
          Statement included therein.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Affirmative
Covenants of Buyer</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Information</U>. Buyer shall provide Seller with such information           regarding
Buyer and Affiliated Persons of Buyer as Seller or the Board of           Trustees of the
Tamarack Value Fund may reasonably request to assist it in           fulfilling its
duties to Seller under the Investment Company Act and under the           General
Corporation Law of the State of Minnesota and as may be reasonably           necessary or
desirable in connection with the solicitation of proxies from the           shareholders
of the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>. Buyer will cooperate with Seller and will use its           reasonable
best efforts to complete and file the N-14 Registration Statement,           and will
furnish to Seller the information relating to itself required by the           Securities
Act, the Securities Exchange Act and the Investment Company Act and           the rules
and regulations thereunder to be set forth in the N-14 Registration           Statement,
including the N-14 Prospectus and the Proxy Statement included           therein.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transition</U>.
Buyer shall cooperate with and assist Seller in effecting the           transfer to Buyer
of Seller&#146;s business of providing investment advisory           services to the
Tamarack Value Fund as contemplated by this Agreement, including           the
reorganization of the Tamarack Value Fund into the Hennessy Value Fund, and
          shall provide Seller with such information maintained by Buyer as Seller may
          reasonably request to facilitate preparation and provision of any documents
          required to consummate the transactions contemplated by this Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Sub-Advisory
Agreement</U>. At the Closing, Buyer shall cause to be delivered           to Seller a
duly executed Sub-Advisory Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Side
Letter</U>. At the Closing, Buyer shall cause to be delivered to Seller           a duly
executed side letter, substantially in the form of <U>Exhibit B</U>          hereto (the
&#147;Side Letter&#148;).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VI &#151;SPECIAL
COVENANTS AND AGREEMENTS </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees
and Expenses</U>. Buyer and Seller shall divide evenly all costs           associated
with gaining approval of the Plan of Reorganization by the requisite           vote of
the outstanding voting securities of the Tamarack Value Fund; <U>provided</U>, <U>however</U>,
that, in relation to the foregoing and the           approval of the Growth Fund
Transaction (and the agreement and plan of           reorganization in connection
therewith) by the requisite vote of the outstanding           voting securities of the
Tamarack Large Cap Growth Fund, the aggregate fees and           expenses Seller shall be
responsible for with respect to any proxy solicitation           firm engaged to assist
in the solicitation of shareholder approval of the Plan           of Reorganization and
the Growth Fund Transaction (and the agreement and plan of           reorganization in
connection therewith) shall not exceed $75,000 in the           aggregate. Except as
described in the preceding sentence, each of Buyer and           Seller shall be
responsible for paying its own expenses, including legal fees,           incurred in
connection with this Agreement and the transactions contemplated           herein.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers</U>.
Seller and Buyer each represent to the other that, other than           the retention of
Barrington Partners, Inc. by Seller, they have not used any           finder or broker in
connection with the transactions contemplated by this           Agreement. Buyer and
Seller agree to indemnify and hold harmless the other party           with respect to any
claim or liability for any finders&#146; or brokers&#146;          fees or commissions in
connection with the transactions contemplated by this           Agreement as a result of
the indemnifying party&#146;s conduct or alleged           conduct upon which any such
claim or liability is based.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>. The Mutual Confidentiality and Nondisclosure           Agreement, dated
as of August 11, 2008 (the &#147;Confidentiality           Agreement&#148;), between
Seller and Buyer shall remain in effect following the           execution of this
Agreement; <U>provided</U>, <U>however</U>, that Buyer&#146;s           obligations under
the Confidentiality Agreement with respect to information           relating to the
Tamarack Value Fund shall lapse and be of no further force and           effect on and
after the Closing Date, to the extent that in connection with the           management of
the Hennessy Value Fund the disclosure of such information is           necessary.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>.
Buyer and Seller shall cooperate fully with each other and           their respective
counsel and accountants in connection with any actions required           to be taken as
part of their respective obligations under this Agreement, and           Buyer and Seller
shall execute such other documents as may be necessary and           desirable to the
implementation and consummation of this Agreement, and           otherwise use their
reasonable best efforts to consummate the transactions           contemplated hereby and
to fulfill their obligations hereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
With Respect to Changes in Condition and Litigation</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation;
Proceedings</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement in accordance with its terms: (A) Seller shall notify Buyer
          promptly of any actions, proceedings or investigations that from the date of
          this Agreement are commenced against Seller and materially relate to the
          administration, management, operation or distribution of shares of the Tamarack
          Value Fund and (B) Buyer shall notify Seller promptly of any actions,
          proceedings or investigations that from the date of this Agreement are
commenced           against any of the Hennessy Funds or Buyer or any of its Affiliates
and           materially relate to the administration, management, operation or
distribution           of the Hennessy Funds.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement in accordance with its terms, Buyer shall notify Seller, and
          Seller shall notify Buyer, promptly of any actions, proceedings or
          investigations that are commenced against Buyer or any of its Affiliates or any
          actions, proceedings or investigations that are commenced against Seller or any
          of its affiliates, respectively, that would be reasonably likely to materially
          and adversely affect the Tamarack Value Fund, the Hennessy Funds, the Fund
          Transaction, the transactions contemplated herein or that would restrain or
          enjoin the consummation of, or declare unlawful, the Fund Transaction or the
          transactions contemplated herein, or cause such transaction to be rescinded or
          that would restrain or enjoin execution or performance of this Agreement.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Condition</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement, Buyer agrees to advise Seller promptly and in writing of any
          change in the financial condition, operations, properties or business of Buyer
          or any of its Affiliates which individually or taken as a whole would have a
          Material Adverse Effect with respect to Buyer.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement, Seller agrees to advise Buyer promptly and in writing of any
          material adverse change in the financial condition, operations, properties or
          business of the Tamarack Value Fund, other than changes in the value of fund
          assets resulting from changes occurring in the financial or securities markets.
          From the date of this Agreement through the Closing Date or earlier termination
          of this Agreement, Seller agrees to advise Buyer promptly in writing of any
          change in the financial condition, operations, properties or business of Seller
          which individually or taken as a whole would have a Material Adverse Effect
with           respect to Seller or the Tamarack Value Fund.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 25; page: 25" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
With Respect to Information in Proxy Materials and Registration           Statements</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Seller
covenants that the last post effective amendment to the registration           statement
on Form N-1A filed by Seller with the Commission preceding the date of           this
Agreement, any subsequent post-effective amendment thereto hereafter filed           by
Seller prior to the shareholder approval of the Plan of Reorganization and           any
prospectus or supplement thereto used for the sale of shares of the Tamarack
          Value Fund and the proxy materials required for the shareholders&#146; meeting
          or meetings or meetings of Seller called for the purpose, pursuant to the
          Investment Company Act, of approving the Plan of Reorganization or other
matters           relating directly or indirectly to the Fund Transaction do not or will
not           contain, at the time any such amendment becomes effective or such
prospectus is           delivered in connection with a sale of shares of the Tamarack
Value Fund or at           the time such proxy materials are furnished or at the time of
such meeting or           meetings, any untrue statement of material fact or omit to
state any material           fact required to be stated therein, where necessary in order
to make the           statements made therein, in the light of the circumstances under
which they are           made, not misleading; provided, however, that this covenant
shall not apply to           any information or data provided by Buyer that describes
Buyer, the Hennessy           Funds or any of their respective business operations or
plans for use in the           prospectus or proxy materials.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
covenants that any information or data provided by Buyer that describes           Buyer,
the Hennessy Funds or any of their respective business operations or           plans for
use in and prospectus or prospectus supplement for the Tamarack Value           Fund or
the proxy materials required for the shareholders&#146; meeting or           meetings of
the Tamarack Value Fund called for the purpose, pursuant to the           Investment
Company Act, of approving the Plan of Reorganization or other matters           relating
directly or indirectly to the Fund Transaction will not contain, at the           time
any such prospectus or prospectus supplement is delivered, or at the times           such
proxy materials are furnished or at the time of such meeting or meetings,           any
untrue statement of material fact or omit to state any material fact           required
to be stated therein, where necessary in order to make the statements           made
therein, in the light of the circumstance under which they were made, not
          misleading.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Third Parties</U>. Buyer and Seller shall agree on mutually           acceptable
procedures to contact Seller and third party providers of Seller or           the
Tamarack Value Fund including, but not limited to, auditors, transfer           agents,
administrators or any other service providers, and authorize such third           party
providers to communicate with Buyer and to provide information requested           by
Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation
Regarding Financial Matters</U>. From the date of this Agreement,           Seller and
its representatives shall, upon request of Buyer, provide to Buyer           all
reasonable information regarding the Tamarack Value Fund and the Purchased
          Assets, and reasonable access to the Purchased Assets and the Tamarack Value
          Fund&#146;s financial and accounting personnel and books and records (including
          all accountants&#146; work papers and work product).  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 26; page: 26" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
15(f) of the Investment Company Act</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
will use its &#147;best efforts&#148; (as defined in Section 6.9(b)) to           ensure
compliance with the requirements of Section 15(f) of the Investment           Company Act
in respect of this Agreement and the transactions contemplated           hereunder. In
that regard, Buyer will conduct its business so as to enable,           insofar as within
the control of Buyer, (i) for a period of three years after           the Closing Date,
at least 75% of the members of each board of           directors/trustees of each
Hennessy Fund (collectively, the &#147;Hennessy Funds           Board&#148;) not to be
(A) &#147;interested persons&#148; (as that term is           defined in the Investment
Company Act) of the investment adviser of the Hennessy           Value Fund after the
Closing, or (B) &#147;interested persons&#148; (as that           term is defined in the
Investment Company Act) of the investment adviser of the           Tamarack Value Fund
immediately prior to the Closing and (ii) there not to be           imposed an &#147;unfair
burden&#148; (as that term is defined in the Investment           Company Act) on the
Hennessy Value Fund as a result of the transactions           contemplated hereby, or any
express or implied terms, conditions or           understandings applicable thereto;
provided, however, that if Buyer will have           obtained an order from the
Commission exempting it from the provisions of           Section 15(f), while still
maintaining the &#147;safe harbor&#148; provided by           Section 15(f), then this
covenant will be deemed to be modified to the extent           necessary to permit Buyer
to act in any manner consistent with such Commission           exemptive order.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of Section 6.9(a), &#147;best efforts&#148; means that Buyer will,           and
will cause its Affiliates to, subject to applicable fiduciary duties in
          relation to any of the Hennessy Funds:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
to be distributed to the Hennessy Funds Board on an annual basis, (A) a
          questionnaire containing questions reasonably designed to elicit information
          pertaining to the status of such directors or trustees as &#147;interested
          persons&#148; for purposes of Section 6.9(a) above and (B) a legal memorandum
          describing to the trustees and directors the requirements of Section 15(f) of
          the Investment Company Act and the relevance of their status thereunder;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
such time as Buyer learns of a change in the status of a Hennessy Funds Board
          member that would cause more than 25% of the Hennessy Funds Board to be
          &#147;interested persons&#148; for purposes of Section 6.9(a) above, notify
          Seller and take reasonable steps to seek to correct such situation as promptly
          as reasonably practicable, including causing any Hennessy Funds Board members
          who are affiliated persons of Buyer or its Affiliates to resign and requesting
          any Hennessy Funds Board members who are affiliated persons of Seller to resign
          from the Hennessy Funds Board, in each case to the extent required to correct
          such situation; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
all commercially reasonable efforts to obtain the agreement of any           transferee
of all or a portion of the business of Buyer to comply with           provisions
substantially identical to the provisions of this Section 6.9 for a           period
after the Closing Date of not less than periods provided in this Section           6.9.  </FONT></P></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 27; page: 27" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
covenants and agrees to take such additional steps as Seller may from time           to
time reasonably request in writing in connection with compliance with Section
          15(f)(1)(A) and (B) of the Investment Company Act.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Seller
will use its best efforts to ensure compliance with the requirements of           Section
15(f) of the Investment Company Act in respect of this Agreement and the
          transactions contemplated hereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Press
Releases and Public Announcements</U>. Neither Seller and its           Affiliates nor
Buyer and its Affiliates will issue or cause the publication of           any press
release or other public announcement with respect to, or otherwise           make any
public statement concerning, the transactions contemplated by this           Agreement
without the prior consent (which consent shall not be unreasonably           withheld) of
the other party; provided, however, that either party may, without           the prior
consent of the other party (but after prior consultation with the           other party
to the extent practicable under the circumstances) issue or cause           the
publication of any press release or other public announcement to the extent
          required by law.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VII &#151;CONDITIONS
PRECEDENT </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Obligations of Buyer</U>. All obligations of Buyer at the           Closing hereunder
are subject to the fulfillment prior to and at the Closing           Date of each of the
following conditions, which may be waived, in writing, in           whole or in part by
Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. All representations and warranties of           Seller shall be true,
correct and complete at and as of the Closing Date as           though such
representations and warranties were made at and as of such time,           unless the
facts causing such representation or warranty not to be true, correct           or
complete could not reasonably be expected to have a Material Adverse Effect
          with respect to Seller, Buyer or the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
and Conditions</U>. Seller shall have in all material respects           performed and
complied with all covenants, agreements and conditions required by           this
Agreement to be performed or complied with by it prior to or on the Closing
          Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tamarack
Value Fund Board Action</U>. The Tamarack Value Fund Board of           Trustees shall
have taken action:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
approve the Plan of Reorganization and authorize and direct appropriate
          officers to take all necessary actions to fulfill the conditions precedent
          thereto; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
call shareholders meetings of the Tamarack Value Fund to approve the Plan of
          Reorganization.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder
Approval</U>. The Plan of Reorganization shall have been approved           by vote of a
majority of the outstanding voting securities (as defined in           Section 2(a)(42)
of the Investment Company Act) of the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 28; page: 28" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent to Fund Transaction</U>. All of the conditions precedent           to the
obligations of Buyer and the Hennessy Funds under the Plan of           Reorganization
shall have been satisfied or complied with in all material           respects prior to
the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries</U>.
Seller shall have made or stand willing and able to make all           the deliveries to
Buyer set forth in Section 8.2.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Obligations of Seller</U>. All obligations of Seller at the           Closing
hereunder are subject to the fulfillment prior to and at the Closing           Date of
each of the following conditions which may be waived, in writing, in           whole or
in part by Seller.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. All representations and warranties of           Buyer contained in
this Agreement shall be true and complete at and as of the           Closing Date as
though such representations and warranties were made at and as           of such time,
unless the fact causing such representation or warranty not to be           true, correct
or compete could not reasonably be expected to have a Material           Adverse Effect
with respect to Buyer or Seller.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
and Conditions</U>. Buyer shall have in all material respects           performed and
complied with all covenants, agreements and conditions required by           this
Agreement to be performed or complied with by it prior to or on the Closing
          Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tamarack
Value Fund Board Action</U>. The Tamarack Value Fund Board of           Trustees shall
have taken action:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
approve the Plan of Reorganization and authorize and direct appropriate
          officers to take all necessary actions to fulfill the conditions precedent
          thereto; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
call a shareholders meeting of the Tamarack Value Fund to approve the Plan of
          Reorganization.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Buyer&#146;s
Board Action</U>. Buyer&#146;s Board of Directors shall have           taken action to
approve the Fund Transaction and the Plan of Reorganization and           authorize and
direct appropriate officers to take all necessary actions to           fulfill the
conditions precedent thereto.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder
Approval</U>. The Plan of Reorganization shall have been approved           by vote of a
majority of the outstanding voting securities (as defined in           Section 2(a)(42)
of the Investment Company Act) of the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent to Fund Transaction</U>. All of the conditions precedent           to the
obligations of Seller and the Tamarack Value Fund under the Plan of
          Reorganization shall have been satisfied or complied with in all material
          respects prior to the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Going Concern Qualification</U>. Buyer shall have filed with the           Commission its
Annual Report on Form 10-K for the fiscal year ended September           30, 2008, and in
connection with such Annual Report Buyer&#146;s independent           registered public
accounting firm shall not have issued a &#147;going           concern&#148; qualification.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 29; page: 29" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries</U>.
Buyer shall have made or stand willing and able to make all           the deliveries set
forth in Section 8.3.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VIII &#151;CLOSING
AND CLOSING DELIVERIES </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>.
The Closing Date shall be on or before March 31, 2009, or as           soon as
practicable after the satisfaction or waiver of the conditions set forth           in
Article VII of this Agreement, whichever is earlier; <U>provided</U>, <U>however</U>,
that if the meeting of shareholders of the Tamarack Value Fund           called to
approve the Plan of Reorganization is adjourned to a date on or after           March 31,
2009, and such adjournment does not require the fixing of a new record           date for
such adjourned meeting, the Closing Date shall be as soon as           practicable after
the conclusion of such adjourned meeting. Closing shall be           held at the offices
of Seller or such other place as shall be mutually agreed           upon by Buyer and
Seller.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries
by Seller</U>. Prior to or on the Closing Date, Seller shall           deliver to Buyer
the following, in form and substance reasonably satisfactory to           Buyer and its
counsel:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Officer&#146;s
Certificate</U>. A certificate, dated as of the Closing Date,           executed on
behalf of Seller by an authorized officer certifying that the           conditions set
forth in Sections 7.1(a) and (b) have been satisfied;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary&#146;s
Certificate</U>. A certificate, dated as of the Closing           Date, executed by Seller&#146;s
Secretary on Seller&#146;s behalf: certifying           (i) that the resolutions, as
attached to such certificate, were duly adopted by           Seller authorizing and
approving the execution of this Agreement and the           consummation of the
transactions contemplated hereby and that such resolutions           remain in full force
and effect; and (ii) that Seller has taken no action to           dissolve and that no
grounds exist for administrative of judicial action to           dissolve Seller and
providing, as an attachment thereto, a Certificate of Good           Standing certified
by the Secretary of State of the State of Minnesota as of a           date not more than
fifteen (15) calendar days before the Closing Date;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Sub-Advisory
Agreement</U>. Delivery by Seller to Buyer of a duly executed           copy of the
Sub-Advisory Agreement; and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Purchased Assets</U>. Delivery by Seller to a location specified           by Buyer of
the Purchased Assets.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries
by Buyer</U>. Prior to or on the Closing Date, Buyer shall deliver           to Seller
the following, in form and substance reasonably satisfactory to Seller           and its
counsel:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Initial
Payment</U>. The Initial Payment as provided in Section 2.2;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Officer&#146;s
Certificate</U>. A certificate, dated as of the Closing Date,           executed on
behalf of Buyer by an authorized officer certifying that the           conditions set
forth in Section 7.2(a), (b) and (g) have been satisfied;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary&#146;s
Certificate</U>. A certificate, dated as of the Closing           Date, executed by Buyer&#146;s
Secretary on its behalf: certifying (i) that the           resolutions, as attached to
such certificate, were duly adopted by Buyer&#146;s           Board of Directors,
authorizing and approving the execution of this Agreement           and the consummation
of the transactions contemplated hereby and that such           resolutions remain in
full force and effect; and (ii) that Buyer has taken no           action to dissolve and
that no grounds exist for administrative or judicial           action to dissolve Buyer
and providing, as attachments thereto, a certificate of           good standing certified
by an appropriate state official of the State of           California as of a date not
more than fifteen (15) calendar days before the           Closing Date and by Buyer&#146;s
Secretary as of the Closing Date; and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 30; page: 30" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Sub-Advisory
Agreement</U>. Delivery by Buyer to Seller of a duly executed           copy of the
Sub-Advisory Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Side
Letter</U>. Delivery by Buyer to Seller of a duly executed copy of the           Side
Letter.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE IX &#151; RIGHTS
OF BUYER AND SELLER ON TERMINATION OR BREACH </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
          Rights</U>. This Agreement and, subject to the provisions of this Article IX,
          the obligations hereunder may be terminated and the transactions contemplated
          hereby abandoned:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          by
Buyer if all of the conditions set forth in Section 7.1 hereof shall not have
          been satisfied or waived by Buyer as of the latest permissible time for the
          Closing Date provided in Section 8.1; or  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          by
Seller if all of the conditions set forth in Section 7.2 hereof shall not           have
been satisfied or waived by Seller as of the latest permissible time for           the
Closing Date provided in Section 8.1; or  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          by
Buyer or Seller if there is in effect on the Closing Date (or the latest
          permissible time for the Closing Date provided in Section 8.1) any judgment,
          decree or order that would prevent or make unlawful the Closing hereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
termination of this Agreement pursuant to this Section 9.1 shall be effected by notice in
writing to the other party. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Termination</U>. If this Agreement is terminated pursuant to and in
          accordance with Section 9.1, the termination shall be without liability of any
          party, or of any Affiliate of such party, or any shareholder, director,
trustee,           officer, employee, agent, consultant or representative, of such party
or of any           of its Affiliates, or of the Tamarack Value Fund and any of its
officers or           trustees, to the other party to this Agreement; <U>provided</U>, <U>however</U>,
          that, if the termination shall result from the breach by a party of any
covenant           or agreement of such party contained in this Agreement, such party
responsible           for the breach shall be fully liable for any and all reasonable
costs and           expenses (including reasonable counsel fees and disbursements)
sustained or           incurred by the non-breaching party; and <U>provided</U> <U>further</U> that
the           terms of the confidentiality obligations referred to in Section 6.3 shall
          survive any termination of this Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 31; page: 31" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE X &#151;REPRESENTATIONS
AND WARRANTIES; INDEMNIFICATION </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. The representations and warranties           contained in or made
pursuant to this Agreement shall survive until eighteen           months after Closing.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
by Seller</U>. Seller shall indemnify, defend and hold           harmless Buyer against
any and all claims, actions, damages, obligations,           losses, liabilities, costs
and expenses of Buyer or the Tamarack Value Fund of           which Buyer gives Seller
notice pursuant to Section 10.4(a) on or before           eighteen months after Closing
(including reasonable attorneys&#146; fees, costs           of collection and other costs
of defense), arising from or in connection with           (a) any breach of any
representation or warranty of Seller or any covenant by           Seller contained in or
made pursuant to this Agreement or (b) any litigation           relating to the Tamarack
Value Fund, the basis of which relates to the period           prior to the Closing Date
(except to the extent that such litigation relates           primarily to the actions or
inactions of Buyer in connection with the Fund           Transaction and/or the
solicitation of proxies from the shareholders of the           Tamarack Value Fund to
approve the Plan of Reorganization). All amounts           recovered by Buyer as a result
of claims, actions, damages, obligations, losses,           liabilities, costs and
expenses of the Tamarack Value Fund shall be recovered by           Buyer on behalf of
the Tamarack Value Fund and Buyer shall promptly transfer all           such recoveries
to the Tamarack Value Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
by Buyer</U>. Buyer shall indemnify defend and hold harmless           Seller against any
and all claims, actions, damages, obligations, losses,           liabilities, costs and
expenses of which Seller gives Buyer notice pursuant to           Section 10.4(a) on or
before eighteen months after Closing (including reasonable           attorney&#146;s fees
and costs of collection and other costs of defense),           arising from or in
connection with any breach of any representation or warranty           of Buyer or any
covenant by Buyer contained in or made pursuant to this           Agreement, including
any failure of Buyer to pay amounts owed to Seller pursuant           to Section 2.2
hereof.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Indemnification</U>. The procedure for seeking indemnification           shall be as
follows.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
party claiming indemnification (the &#147;Claimant&#148;) shall promptly           give
notice to the party from whom indemnification is claimed (the           &#147;Indemnifying
Party&#148;) of any claim, whether between the parties or           brought by a third
party, specifying (i) the factual basis for such claim and           (ii) if known, the
estimated amount of the claim. If the claim relates to an           action, suit or
proceeding filed by a third party against Claimant, such notice           shall be given
by Claimant within five (5) business days after written notice of           such action,
suit or proceeding was given to Claimant. Such notice shall not be           a condition
precedent to any liability of the Indemnifying Party under the           provisions for
indemnification contained in this Agreement, unless (and only to           the extent
that) failure to give such notice materially prejudices the rights of           the
Indemnifying Party with respect to such actions or proceedings.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Following
receipt of notice from the Claimant of a claim for indemnification,           the
Indemnifying Party shall have thirty (30) calendar days to make such
          investigation of the claim as the Indemnifying Party deems necessary or
          desirable. For the purposes of such investigation, the Claimant agrees to make
          available to the Indemnifying Party and its authorized representative(s) the
          information relied upon by the Claimant to substantiate the claim. If the
          Claimant and the Indemnifying Party agree at or prior to the expiration of said
          thirty (30) calendar day period (or any mutually agreed upon extension thereof)
          to the validity and amount of such claim, the Indemnifying Party shall
          immediately pay to the Claimant the full amount of the claim. If the Claimant
          and the Indemnifying Party do not agree within said period (or any mutually
          agreed upon extension thereof), the Claimant may seek appropriate legal remedy.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 32; page: 32" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          With
respect to any claim by a third party as to which the Claimant is entitled           to
indemnification hereunder, the Indemnifying Party shall have the right at its
          own expense, to participate in or assume control of the defense of such claim,
          and the Claimant shall cooperate fully with the Indemnifying Party, subject to
          reimbursement for actual out-of-pocket expenses incurred by the Claimant as the
          result of a request by the Indemnifying Party. If the Indemnifying Party elects
          to assume control of the defense of any third-party claim, the Claimant shall
          have the right to participate in the defense of such claim at its own expense.
          Notwithstanding the election of the Indemnifying Party to assume the defense of
          such action, the Claimant shall have the right to employ separate counsel and
to           participate in the defense of such action, and the Indemnifying Party shall
bear           the reasonable fees, costs and expenses of separate counsel if (i) in the
          reasonable judgment of the Claimant the use of counsel chosen by the
          Indemnifying Party to represent the Claimant would present such counsel with a
          conflict of interest; (ii) the defendants in, or targets of, any such action
          include both the Indemnifying Party and the Claimant, and the Claimant shall
          have reasonably concluded that there may be legal defenses available to it
which           are different from or additional to those available to the Indemnifying
Party           (in which case the Indemnifying Party shall not have the right to direct
the           defense of such action on behalf of the Claimant); (iii) the Indemnifying
Party           shall not have employed counsel satisfactory to the Claimant, in the
exercise of           the Claimant&#146;s reasonable judgment, to represent the Claimant
within a           reasonable time after notice of the institution of such action; or
(iv) the           Indemnifying Party shall authorize in writing the Claimant to employ
separate           counsel at the expense of the Indemnifying Party. If the Indemnifying
Party           chooses to defend any claim, the Claimant shall make available to the
          Indemnifying Party any books, records or other documents within its control
that           are necessary or appropriate for such defense, subject to attorney client
          privilege and confidentiality agreements. In any event, the Claimant, the
          Indemnifying Party and the Indemnifying Party&#146;s counsel (and, if
          applicable, the Claimant&#146;s counsel), shall cooperate (at no material cost
          to the Claimant other than the cost of Claimant&#146;s counsel) in the
          compromise of, or defense against, any such asserted liability. If the
          Indemnifying Party assumes the defense of such an action, no compromise or
          settlement thereof may be effected by the Indemnifying Party without the
          Claimant&#146;s consent (which shall in any event not be unreasonably withheld)
          unless (x) there is no finding or admission of any violation of the rights of
          any person by the Claimant and no effect on any other claims that may be made
          against the Claimant and (y) the sole relief provided is monetary damages that
          are paid in full by the Indemnifying Party.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          If
a claim, whether between the parties or by a third party, requires immediate
          action, the parties will make every effort to reach a decision with respect
          thereto as expeditiously as possible.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 33; page: 33" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          The
Claimant may not compromise any such claim without the prior written consent           of
the Indemnifying Party, which consent may not be unreasonably withheld.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;          The
indemnification rights provided in Sections 10.2 and 10.3 shall extend to           the
shareholders, directors, officers, employees, Affiliates and agents of the
          Claimant although for the purpose of the procedures set forth in this Section
          10.4, any indemnification claims by such parties shall be made by and through
          the Claimant.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;          The
indemnification obligations of Seller under this Article&nbsp;X shall
          constitute the sole and exclusive remedies of Buyer for recovery of money
          damages after the Closing Date. The indemnification obligations of Buyer under
          this Article&nbsp;X shall constitute the sole and exclusive remedies of Seller
          for recovery of money damages after the Closing Date, except to the extent that
          Seller is seeking to recover with respect to any failure of Buyer to pay
amounts           owed to Seller pursuant to Section 2.2 hereof.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Except
for intentional breaches, neither Buyer nor Seller shall be liable to the           other
under this Article X for any damages until the aggregate amount of damages
          otherwise due the party being indemnified exceeds Thirty Five Thousand Dollars
          ($35,000).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Neither
Buyer nor Seller shall have aggregate indemnity obligations pursuant to           this
Article X in an amount in excess of half of the Purchase Price.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE XI &#151;MISCELLANEOUS
</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, demands and requests required or permitted to be           given under the
provisions of this Agreement shall be (i) in writing, (ii)           delivered by
personal delivery, or sent by commercial delivery service or           registered or
certified mail, return receipt requested (iii) deemed to have been           given on the
date of personal delivery or the date set forth in the records of           the delivery
service or on the return receipt or on the date receipt is           confirmed as set
forth in the confirmation of the properly transmitted           facsimile, and (iv)
addressed as follows:  </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                 <U>If to Seller</U>: </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mike
Lee                                                  <BR>Voyageur Asset Management
                                                 <BR>100 South Fifth Street, Suite 2300
                                                 <BR>Minneapolis, MN  55402-1240
                                                 <BR>(877) 604-5532 (fax) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>with
copies</U> (which shall not constitute notice) to: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Faegre
&amp; Benson LLP                                                  <BR>Attn:  Michael Stanchfield
                                                 <BR>2200 Wells Fargo Center
                                                 <BR>90 South Seventh Street
                                                 <BR>Minneapolis, MN  55402
                                                 <BR>(612) 766-1600 (fax)</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 35; page: 35" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                 <U>If to Buyer</U>: </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Neil
J. Hennessy                                                  <BR>Hennessy Advisors, Inc.
                                                 <BR>7250 Redwood Blvd, Suite 200
                                                 <BR>Novato, CA  94945
                                                 <BR>(415) 899-1559 (fax) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>with
copies</U> (which shall not constitute notice) to: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Richard
L. Teigen                                                  <BR>Peter D. Fetzer
                                                 <BR>Foley &amp; Lardner LLP
                                                 <BR>777 East Wisconsin Avenue
                                                 <BR>Suite 3800
                                                 <BR>Milwaukee, Wisconsin 53202
                                                 <BR>(414) 297-4900 (fax)</FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or to any such other or additional
persons and addresses as the parties may from time to time designate in a writing
delivered in accordance with this Section 11.1; <U>provided</U> that any facsimile should
be sent to a number provided by the intended recipient. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefit
and Binding Effect</U>. Neither party hereto may assign this           Agreement without
the prior written consent of the other party hereto, except           that Buyer may
assign some or all of its rights and obligations under this           Agreement to any
member of the affiliated group of corporations of which Buyer           is a part or to
any purchaser of successor to Buyer&#146;s business, provided           that such
assignee agrees in writing to be bound by the provisions of this           Agreement.
This Agreement is for the sole benefit of and shall be binding upon           and inure
to the benefit of the parties hereto and their respective successors           and
permitted assigns and is not for the benefit of any other person.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed, construed and enforced           in accordance
with the substantive laws of (without regard to conflict of law           principles),
and the sole forum for the judicial resolution of any dispute           arising under
this Agreement shall be, the State of New York.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings herein are included for ease of reference only and           shall not
control or affect the meaning or construction of the provisions of           this
Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender
and Rules of Construction</U>. All references in this Agreement to the
          masculine gender shall include the feminine and neuter genders, and vice versa,
          and all references to the singular shall include the plural, and vice versa.
Any           reference to any Section, Schedule or Exhibit contained in this Agreement
shall           refer to such Section, Schedule or Exhibit as set forth in or attached to
this           Agreement, notwithstanding use of or failure to use the term &#147;hereof,&#148;          &#147;hereto&#148; or
&#147;herein&#148; in connection with such reference.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement, all Schedules hereto, and all documents           and
certificates to be delivered by the parties pursuant hereto collectively
          represent the entire understanding and agreement between Buyer and Seller with
          respect to the subject matter hereof except as otherwise provided in Section
          6.3. All Schedules required by this Agreement shall be deemed part of this
          Agreement and incorporated herein, where applicable, as if fully set forth
          herein. This Agreement supersedes all prior negotiations between Buyer and
          Seller and all letters of intent and other writings relating to such
          negotiations, and cannot be amended, supplemented or modified except by an
          agreement in writing which makes specific reference to this Agreement or an
          agreement delivered pursuant hereto, as the case may be, and which is signed by
          the party against which enforcement of any such amendment, supplement or
          modification is sought.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 36; page: 36" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be signed in any number of counterparts           with the same effect
as if the signature on each such counterpart were upon the           same instrument. An
electronic facsimile or photocopy of this Agreement shall be           deemed an original
and may be admitted in evidence for all purposes.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&nbsp;*&nbsp;* </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature page follows
on next page.]  </FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26 </FONT></P>

<!-- MARKER PAGE="; page: 8" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>






<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN
WITNESS WHEREOF</B>, this Agreement has been executed by Buyer and Seller as of the date
first above written. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>HENNESSY ADVISORS, INC.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">By:&nbsp;&nbsp;<U>/s/ Neil Hennessy</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Name:&nbsp;&nbsp;&nbsp;Neil Hennessy</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Title:&nbsp;&nbsp;President and CEO</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>VOYAGEUR ASSET MANAGEMENT INC.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">By:&nbsp;&nbsp;<U>/s/ Michael T. Lee</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Name:&nbsp;&nbsp;&nbsp;Michael T. Lee</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>


<BR><BR><BR><BR><BR><BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature Page </FONT></P>






</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>cmw3913b.htm
<DESCRIPTION>ASSET PURCHASE AGREEMENT - TAMARACK LARGE CAP GROWTH FUND
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 2.2</B></U> </FONT> </P>


<BR><BR><BR><BR><BR><BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSET PURCHASE
AGREEMENT </FONT></H1>

<BR><BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Between </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HENNESSY ADVISORS, INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VOYAGEUR ASSET MANAGEMENT
INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 9, 2008 </FONT></H1>


<!-- MARKER PAGE="; page: 38" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=65% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2>ARTICLE I - DEFINED TERMS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE II - PURCHASED ASSETS; PURCHASE PRICE</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Purchased Assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Purchase Price</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE III - REPRESENTATIONS AND WARRANTIES OF SELLER</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Organization, Standing and Authority</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Authorization and Binding Obligation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registered Investment Adviser</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>No Violations</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Title to and Condition of Assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consents; Governmental/Regulatory Authority</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Financial Condition; Effect of Sale of Assets</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Legal Actions</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Compliance with Laws</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Tamarack Growth Fund</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Sufficiency of Assets; Trade Rights</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.12.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Sales or Transfer Taxes</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.13.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registration Statement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF BUYER</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Organization, Standing and Authority</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Authorization and Binding Obligation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>No Violations</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consents; Governmental/Regulatory Authorities</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>No Disqualifying Conduct</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Litigation; Proceedings</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registered Investment Adviser</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Compliance with Law</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Registration Statement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>10</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE V - COVENANTS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Pre-Closing Covenants of Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Negative Covenants</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Affirmative Covenants of Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Affirmative Covenants of Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>12</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE VI - SPECIAL COVENANTS AND AGREEMENTS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>13</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Fees and Expenses</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>13</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Brokers</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>13</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Confidential Information</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>13</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Cooperation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>13</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Covenants With Respect to Changes in Condition and Litigation</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>14</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 42; page: 42" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=65% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Covenants With Respect to Information in Proxy Materials and Registration Statements</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>15</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Access to Third Parties</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>15</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Cooperation Regarding Financial Matters</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>15</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Section 15(f) of the Investment Company Act</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Press Releases and Public Announcements</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE VII - CONDITIONS PRECEDENT</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Conditions to Obligations of Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Conditions to Obligations of Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2>ARTICLE VIII - CLOSING AND CLOSING DELIVERIES</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Closing</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Deliveries by Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Deliveries by Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE IX - RIGHTS OF BUYER AND SELLER ON TERMINATION OR BREACH</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Termination Rights</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Effect of Termination</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE X - REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Representations and Warranties</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Indemnification by Seller</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>20</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Indemnification by Buyer</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>21</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Procedure for Indemnification</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>21</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Limitations</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>23</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT COLSPAN=2><FONT FACE="Times New Roman" SIZE=2><BR>ARTICLE XI - MISCELLANEOUS</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>23</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Notices</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>23</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Benefit and Binding Effect</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Governing Law</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Headings</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Gender and Rules of Construction</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Entire Agreement</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Counterparts</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>25</FONT></TD></TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Schedule</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 3.10(d) &#151;
List of Contracts and Agreements </FONT></P>

<BR><BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ii </FONT></P>

<!-- MARKER PAGE="; page: 39" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSET PURCHASE
AGREEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
 ASSET PURCHASE AGREEMENT</B> is made and entered into on this 9<SUP>th</SUP> day of
December, 2008, by and between <B>HENNESSY ADVISORS, INC.</B>, a California corporation
(&#147;Buyer&#148;), and <B>VOYAGEUR ASSET MANAGEMENT INC.</B>, a Minnesota corporation
(&#147;Seller&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>RECITALS</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;          Seller
is a registered investment adviser under the Investment Advisers Act of           1940,
as amended.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;          Seller
serves as investment adviser to the Tamarack Growth Fund, as defined           herein,
and is the owner of certain property, including property used or useful           in
providing investment advisory services to the Tamarack Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
wishes to acquire from Seller, and Seller wishes to sell to Buyer, such
          property upon the terms and subject to the conditions hereinafter set forth.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>AGREEMENT</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the foregoing premises and the covenants and agreements contained herein,
Buyer and Seller, intending to be bound legally, agree as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE I &#151; DEFINED
TERMS </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following terms shall have the following meanings in this Agreement (other terms shall be
defined in the text of this Agreement). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliated
Person&#148; means an affiliated person as defined in Section 2(a)(3) of the Investment
Company Act. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;
means a person or entity that directly or indirectly controls, is controlled by or is
under common control with a specified person or entity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreement&#148;
means this Asset Purchase Agreement together with all schedules and exhibits attached
hereto, and all amendments hereto and thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Closing&#148;
means the completion of those actions described in Section 8.2 and Section 8.3 of this
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Closing
Date&#148; means the date of the Closing specified in Section 8.1 of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148;
means the Internal Revenue Code of 1986, as amended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148;
means the Securities and Exchange Commission. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 43; page: 43" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fund
Transaction&#148; means the reorganization of the Tamarack Growth Fund into a Hennessy
Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hennessy
Funds&#148; means those investment companies registered under the Investment Company Act
for which Buyer serves as investment adviser. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hennessy
Growth Fund&#148; means the Hennessy Fund resulting from the Fund Transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment
Advisers Act&#148; means the Investment Advisers Act of 1940, as amended, and rules and
regulations promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment
Company Act&#148; means the Investment Company Act of 1940, as amended, and rules and
regulations promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Liens&#148;
means any security interest, mortgage, lien, pledge, charge, title retention, security
agreement, lease, option, defect of title or other encumbrance or right of others, except
for taxes not yet due or payable and encumbrances which do not materially impair the use,
value or marketability of the assets to which they relate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Material
Adverse Effect&#148; means:</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          with
respect to Seller, an effect on the business, licenses, prospects or           condition
(financial or otherwise) of Seller that would materially and adversely           affect
the ability of Seller to consummate the transactions contemplated by this
          Agreement or materially and adversely affect Buyer&#146;s ability to advise or
          manage the investments of the Tamarack Growth Fund; provided, however, that any
          condition materially and adversely affecting the investment advisory and asset
          management industries generally shall not be deemed to constitute a Material
          Adverse Effect so long as such condition does not have a materially
          disproportionate effect on Seller relative to other businesses in the
investment           advisory and asset management industries;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          with
respect to Buyer, an effect on the business, licenses, prospects or           condition
(financial or otherwise) of Buyer that would materially and adversely           affect
Buyer&#146;s ability to advise or manage the investments of the Hennessy           Funds
or the Tamarack Growth Fund or materially and adversely affect the ability           of
Buyer to consummate the transactions contemplated by this Agreement;           provided,
however, that any condition materially and adversely affecting the           investment
advisory and asset management industries generally shall not be           deemed to
constitute a Material Adverse Effect so long as such condition does           not have a
materially disproportionate effect on Buyer relative to other           businesses in the
investment advisory and asset management industries; and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          with
respect to the Tamarack Growth Fund, means an effect that would cause the
          Tamarack Growth Fund to incur any material liabilities not reflected in the net
          asset value of the Tamarack Growth Fund as of the Closing Date or cause the
          previously reported net asset value of the Tamarack Growth Fund on any date
          prior to the Closing Date to be incorrect.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice
of Termination&#148; means the notice described in Section 9.1 of this Agreement. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 44; page: 44" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plan
of Reorganization&#148; means the agreement and plan of reorganization pursuant to which
the Fund Transaction will be effected. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Purchased
Assets&#148; means the assets specified in Section 2.1 of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities
Act&#148; means the Securities Act of 1933, as amended, and rules and regulations
promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities
Exchange Act&#148; means the Securities Exchange Act of 1934, as amended, and rules and
regulations promulgated thereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Tamarack
Growth Fund&#148; means the Tamarack Large Cap Growth Fund as it presently exists, a
series of Tamarack Funds Trust. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Value
Fund Transaction&#148; means the transactions contemplated by that certain Asset Purchase
Agreement dated December 9, 2008, between Buyer and Seller relating to the Tamarack Value
Fund. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE II &#151;PURCHASED
ASSETS; PURCHASE PRICE </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchased  Assets</U>.  On the Closing Date,  Seller shall
deliver to Buyer  originals or true copies of the following assets (the &#147;Purchased
Assets&#148;), and only such assets: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          All
files, books, records and data files (in whatever form or forms including           hard
copy, microfilm, microfiche, CD ROM or other electronic media, including           the
software necessary to access the same) owned by or in the possession of           Seller
relating to investment accounts and investment history of the Tamarack           Growth
Fund (except to the extent that Seller is required by applicable law to           retain
such materials or copies thereof in which event Seller shall, at           Seller&#146;s
expense, provide to Buyer such materials or copies thereof,           whichever is
available); and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          All
records required to be maintained and retained under the Investment Company           Act
or the Investment Advisers Act in connection with Seller&#146;s provision of
          investment advisory services to the Tamarack Growth Fund (except to the extent
          that Seller is required by applicable law to retain such materials or copies
          thereof in which event Seller shall provide to Buyer such materials or copies
          thereof, whichever is available).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.2.&nbsp;&nbsp;&nbsp;&nbsp; <U>Purchase Price</U>. On the Closing Date, Buyer shall pay Seller, by wire transfer
of immediately available funds to an account designated by Seller in writing at least two
business days prior to the Closing Date, an amount equal to 2.00% of the aggregate net
asset value of the Tamarack Growth Fund as of the close of business on the business day
immediately preceding the Closing Date (the &#147;Purchase Price&#148;).  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 45; page: 45" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE III &#151;REPRESENTATIONS
AND WARRANTIES OF SELLER </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
represents and warrants to Buyer as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization, Standing and Authority</U>. Seller is a
corporation duly organized, validly existing and in good standing under the laws of the
State of Minnesota. Seller has all requisite corporate power and authority to conduct its
business as presently conducted as it relates to providing investment advisory services
to the Tamarack Growth Fund, to execute and deliver this Agreement and the documents
contemplated hereby and to perform and comply with all of the terms, covenants and
conditions to be performed and complied with by Seller hereunder and thereunder. Seller
is duly qualified or licensed to do business as a foreign corporation, and is in good
standing, in every jurisdiction where failure to be so qualified or licensed would be
reasonably likely to have a Material Adverse Effect on Seller or the Tamarack Growth
Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization and Binding Obligation</U>. The execution,
delivery and performance of this Agreement by Seller have been duly authorized by all
necessary corporate action on the part of Seller. This Agreement has been duly executed
and delivered by Seller and, assuming the due authorization, execution and delivery of
this Agreement by Buyer constitutes the legal, valid and binding obligation of Seller,
enforceable against Seller in accordance with its terms, except as the enforceability
hereof may be limited by bankruptcy, insolvency, reorganization or similar laws relating
to or affecting creditors&#146; rights generally, or by general equity principles
(whether applied in a court of law or a court of equity and including limitations on the
availability of specific performance or other equitable remedies).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered Investment Adviser</U>. Seller is registered as
an investment adviser under the Investment Advisers Act. Seller has not received any
written notice by any state that Seller&#146;s registration as an investment adviser is,
is to be, or will be restricted or terminated.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Violations</U>. The execution, delivery and performance
by Seller of this Agreement and the documents contemplated hereby (i) will not conflict
with any provision of Seller&#146;s articles of incorporation or by-laws; (ii) will not
conflict with, result in a breach of, or constitute a default under, any applicable law,
judgment, order, ordinance, injunction, decree, rule, regulation or ruling of any court
or governmental instrumentality, except as will not individually or in the aggregate have
a Material Adverse Effect with respect to Seller, Buyer or the Tamarack Growth Fund or as
will be cured or waived prior to the Closing Date; and (iii) will not conflict with,
constitute grounds for termination of, result in a breach of, constitute a default under
or accelerate or permit the acceleration of any performance required by the terms of, any
agreement, instrument, license or permit to which Seller is a party or by which Seller
may be bound, except as will not singly or in the aggregate have a Material Adverse
Effect with respect to Seller, Buyer or the Tamarack Growth Fund, or as will be cured or
waived prior to the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Title to and Condition of Assets</U>. As of the date
hereof, Seller has good and marketable title to the Purchased Assets, and on the Closing
Date will have good and marketable title to the Purchased Assets sufficient to convey
title to the Purchased Assets to Buyer, free and clear of all Liens.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>



<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 46; page: 46" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents; Governmental/Regulatory Authority</U>. Seller is
not required to submit any notice, report or other filing with, or obtain any
authorization, consent or approval from, any governmental authority or self-regulatory
organization prior to the execution, delivery and performance by Seller of this Agreement
or the consummation of the transactions contemplated herein, other than notices, reports
or other filings, authorizations, consents or approvals relating to matters that, in the
aggregate, will not have a Material Adverse Effect with respect to Seller or the Tamarack
Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Condition; Effect of Sale of Assets</U>. Seller
is not insolvent on the date of this Agreement and shall not be insolvent on the Closing
Date. The transactions contemplated by this Agreement (i) will not constitute a
disposition of all or substantially all of the assets of Seller, (ii) will not render
Seller insolvent or leave Seller with assets unreasonably small in relation to the
business in which it is engaged and (iii) is not being undertaken by Seller with the
intent to hinder, delay or defraud its creditors.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal Actions</U>. There is no action, suit, proceeding,
complaint, litigation, investigation, inquiry or governmental proceeding pending, or to
the best knowledge of Seller threatened, before any court or governmental or regulatory
authority, against (i) any of the Purchased Assets or (ii) Seller, or to the best
knowledge of Seller any party, that reasonably could be expected to have a Material
Adverse Effect on Seller, Buyer or the Tamarack Growth Fund. Seller is not subject to, or
bound by, any judgment, order, writ, injunction or decree of any court, or of any
governmental body, including the Commission, or of any arbitrator, that would prevent the
conduct of business of Seller or the Tamarack Growth Fund in accordance with current
practice.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Laws</U>. Seller&#146;s business of
providing investment advisory services to the Tamarack Growth Fund is being operated in
material compliance with all applicable laws, rules, regulations, ordinances, orders or
requirements of all federal, state and local governmental or regulatory authorities.
Seller has complied in all material respects with all written notices and demands to it
from all governmental or regulatory authorities with respect to the ownership, use and
operation of all of the Purchased Assets and the provision of investment advisory
services to the Tamarack Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.10.&nbsp;&nbsp;&nbsp;&nbsp;<U>The Tamarack Growth Fund</U>.  With respect to the
Tamarack Growth Fund: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
and Regulation</U>. The Tamarack Growth Fund is duly registered           with the
Commission as an investment company under the Investment Company Act,           and all
shares of the Tamarack Growth Fund which, since its organization, have           been or
are being offered for sale have been duly registered under the           Securities Act
and have been duly registered, qualified or are exempt from           registration or
qualification under the securities laws of each state or other           jurisdiction in
which such shares have been or are being offered. The Tamarack           Growth Fund is
in compliance with all applicable laws, rules and regulations,           including,
without limitation, the Investment Company Act, the Securities Act,           the
Securities Exchange Act and all applicable state securities laws, except           where
the failure to be so in compliance would not have a Material Adverse           Effect on
Seller or the Tamarack Growth Fund. The Tamarack Growth Fund is in           compliance
with the investment policies and restrictions set forth in its           registration
statement currently in effect under the Securities Act. The value           of the net
assets of the Tamarack Growth Fund is determined pursuant to the           requirements
of the Investment Company Act and purchases and redemptions of           shares of the
Tamarack Growth Fund, since its organization have been effected at           the net
asset value per share calculated in such manner. There are no legal or
          governmental actions, investigations, inquiries or proceedings pending or
          threatened against the Tamarack Growth Fund which could have a Material Adverse
          Effect on the condition (financial or otherwise) of Seller or the Tamarack
          Growth Fund.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 47; page: 47" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements</U>. The books of account and related records of the           Tamarack Growth
Fund fairly reflect the respective assets, liabilities and           transactions of the
Tamarack Growth Fund in accordance with generally accepted           accounting
principles applied on a consistent basis. The audited financial           statements of
the Tamarack Growth Fund as of September 30, 2008 (the           &#147;Financial
Statement Date&#148;), which were previously delivered to Buyer           (the &#147;Fund
Financial Statements&#148;), present fairly in all material           respects the
financial position of the Tamarack Growth Fund and the results of           operations
and cash flows for the accounting principles applied on a consistent           basis as
at the dates indicated. The Fund Financial Statements have been           certified by an
independent registered public accounting firm.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Adverse Changes</U>. Since the Financial Statement Date, no           material
adverse change has occurred in the financial condition, results of           operations,
business, assets or liabilities of the Tamarack Growth Fund or the           status of
the Tamarack Growth Fund as a regulated investment company under the           Code,
other than changes resulting from any change in the mutual fund industry,           in
general conditions in the financial or securities markets or the performance           of
any investments made by any of the Tamarack Growth Fund and other than           changes
occurring in the ordinary course of business of the Tamarack Growth           Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Contracts</U>.
Except for contracts and agreements disclosed on           Schedule&nbsp;3.10(d) (which
shall be updated by Seller at Closing), the           Tamarack Growth Fund is not a party
to any material contract, debt arrangement,           futures contract, plan, lease,
franchise, license or permit (other than permits           issued under any securities
law) of any kind or nature whatsoever. No default by           the Tamarack Growth Fund,
nor to the best knowledge of Seller by any other           party, exists under any of the
contracts and agreements listed on Schedule           3.10(d).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.
All federal income tax returns, all other material federal tax           returns, and all
material state and local tax returns for any open tax periods           required to be
filed by the Tamarack Growth Fund on or prior to the Closing Date           have been or
will be timely filed, such returns are or will be correct in all           material
respects, and all taxes shown as payable on such returns have been or           will be
timely paid. For any period for which tax returns of the Tamarack Growth           Fund
are not required to have been filed in accordance with the previous           sentence by
the Closing Date, the Tamarack Growth Fund has made, or will make by           the
Closing Date, an adequate accrual on its books of any taxes due or to become
          due, if any, as a result of actions occurring on or before the Closing Date.
The           Tamarack Growth Fund has qualified as a regulated investment company under
the           Code in respect of each taxable year of the Tamarack Growth Fund since
          commencement of the Tamarack Growth Fund and the Tamarack Growth Fund was, and
          shall be, in compliance with the requirements of Section 851 of Subchapter M of
          the Code for each of the applicable fiscal periods ending on or prior to the
          Closing Date. The Tamarack Growth Fund has timely provided to its shareholders
          any notices relating to the character of shareholder distributions or portions
          thereof required under Sections 852 or 853 of the Code and Section 19 of the
          Investment Company Act and has properly withheld or collected all taxes
required           by law to be withheld or collected from amounts payable to the
shareholders of           the Tamarack Growth Fund and has timely remitted such withheld
or collected           taxes to the appropriate taxing authority, agency or body.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 48; page: 48" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Books
and Records</U>. The books and records of the Tamarack Growth Fund           reflecting,
among other things, the purchase and sale of shares of the Tamarack           Growth Fund
by its shareholders, the number of issued and outstanding shares           owned by each
shareholder and the state or other jurisdiction in which such           shares were
offered and sold, are complete and accurate in all material           respects.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Prospectus</U>.
The current prospectus and statement of additional           information for the Tamarack
Growth Fund as of the date on which they were           issued did not contain, and as
supplemented by any supplement thereto dated           prior to or on the Closing Date,
do not and will not contain any untrue           statement of a material fact or omit to
state a material fact required to be           stated therein or necessary to make the
statements therein not misleading.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Ability
to Conduct Business</U>. The Tamarack Growth Fund is not subject to,           or bound
by, any judgment, order, writ, injunction or decree of any court, or of           any
governmental body, including the Commission, or of any arbitrator, that           would
prevent the conduct of business of the Tamarack Growth Fund in accordance           with
current practice.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation
or Proceeding</U>. No litigation is pending or threatened, and no
          investigation, inquiry or governmental proceeding is pending or, to the best of
          Seller&#146;s knowledge, threatened against or affecting the Tamarack Growth
          Fund before any court, arbitrator or federal, state, local or foreign
          governmental or regulatory agency or authority or self-regulatory authority
          (including, but not limited to, the Commission, the Commodities Futures Trading
          Commission and the Internal Revenue Service) that would be reasonably likely to
          materially and adversely affect the business operation&#146;s or financial
          condition of the Tamarack Growth Fund or materially delay, materially hinder or
          prohibit the solicitation of proxies from shareholders of the Tamarack Growth
          Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Undisclosed Liabilities</U>. As of the Financial Statement Date,           Seller had
no material debts, obligations or liabilities, whether due or to           become due,
absolute, contingent or otherwise, that are required to be reflected           in the
Fund Financial Statements in accordance with generally accepted           accounting
principles, that are not so reflected.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Pending Transaction</U>. The Tamarack Growth Fund is not a party to or           bound by
any agreement, undertaking or commitment (i) to merge or consolidate           with, or
acquire all or substantially all of the property and assets of, any           other
corporation, trust or person or (ii) to sell, lease or exchange all or
          substantially all of its property and assets to any other corporation, trust or
          person.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 49; page: 49" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
or Revocation of Adviser Registration</U>. Neither Seller nor, to           the best of
Seller&#146;s knowledge, any Affiliated Person of Seller has been           convicted of
any felony or misdemeanor, described in Section 9(a)(1) of the           Investment
Company Act, nor, to the best of Seller&#146;s knowledge, has any           investment
adviser, or any &#147;person associated&#148; (as defined in the           Investment
Advisers Act) with any investment adviser, of the Tamarack Growth           Fund been
subject, or presently is subject, to any disqualification that would           be a basis
for denial, suspension or revocation of registration of an investment           adviser
under Section 203(e) of the Investment Advisers Act or Rule 206(4)-4(b)
          thereunder or of a broker-dealer under Section 15 of the Securities Exchange
          Act, or for disqualification as an investment adviser, employee, officer or
          director of an investment company under Section 9 of the Investment Company
Act,           and, to the best of Seller&#146;s knowledge, there is no proceeding or
          investigation that is reasonably likely to become the basis for, any such
          disqualification, denial, suspension or revocation.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<U>Fund
Statements</U>. Seller has furnished Buyer or provided access to, with           respect
to the Tamarack Growth Fund, complete and true copies of the Tamarack           Growth
Fund&#146;s (i) Annual and Semi-Annual Reports on Form N-CSR, together           with any
and all exhibits annexed thereto, and proxy statements pertaining to           the last
five years, each in the form delivered to shareholders, as well as any
          additional report or other material generally delivered to such shareholders
          since the delivery of such Annual Report or Semi-Annual Report, as the case may
          be, and (ii) Prospectuses, together with Statements of Additional Information,
          filed with the Commission in the last five years, each in the form filed with
          the Commission (all of the foregoing documents referred to in (i) and (ii)
being           collectively referred to herein as the &#147;Fund Statements&#148;). The
          information contained in the Fund Statements does not contain any untrue
          statement of a material fact or omit to state a material fact required to be
          stated therein or necessary in order to make any material statement made
          therein, in light of the circumstances under which they were made, not
          misleading. Since the end of the period covered by the most recent Annual or
          Semi-Annual Report, there has occurred no event or condition which would (i)
          require the Tamarack Growth Fund to file an additional amendment, registration
          statement, prospectus, prospectus supplement, report or other document with the
          Commission, which document has not been so filed with the Commission and
          delivered to Buyer or (ii) require the Tamarack Growth Fund to conduct a
meeting           of its shareholders.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sufficiency of Assets; Trade Rights</U>. After giving
effect to the transactions contemplated by this Agreement, Buyer will own or have access
to all of the files, books, records and data that were previously owned by Seller
necessary to conduct the management or operations of the Tamarack Value Fund in all
material respects in substantially the same manner conducted by Seller on and prior to
the Closing Date. To the best of Seller&#146;s knowledge, Seller is not infringing and
has not infringed any trade or other rights of another in the management or operations of
the Tamarack Value Fund, nor is any other person infringing the trade rights of Seller.
Seller does not pay any royalties or other consideration for the right to use any
Purchased Assets or other trade rights. There is no litigation pending or, to the best of
Seller&#146;s knowledge, threatened to challenge Seller&#146;s right, title and interest
with respect to its continued use and right to preclude others from using any Purchased
Assets.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sales or Transfer Taxes</U>. The transactions
contemplated by this Agreement shall not result in either Buyer or Seller incurring any
liability for sales, use, transfer or purchase taxes or fees under the laws of any state.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>



<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 50; page: 50" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement</U>. Reference is made to the
registration statement (the &#147;N-14 Registration Statement&#148;) to be filed with the
Commission by Buyer on Form N-14 relating to the shares of the Hennessy Growth Fund
issuable thereunder, and the proxy statement of Seller to be included therein (the &#147;Proxy
Statement&#148;). The information relating to Seller and the Tamarack Growth Fund that is
provided by Seller or its representatives for inclusion in the prospectus contained in
the N-14 Registration Statement of which the Proxy Statement is a part, as amended or
supplemented by any amendments or supplements filed with the Commission by Buyer
(together, the &#147;N-14 Prospectus&#148;), will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances in which they are made, not misleading. The portions of the
N-14 Prospectus and the Proxy Statement relating to Seller and the Tamarack Growth Fund
and other portions within the reasonable control of Seller will comply in all material
respects with the provisions of the Securities Act, the Securities Exchange Act and the
Investment Company Act and the rules and regulations thereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE IV &#151;REPRESENTATIONS
AND WARRANTIES OF BUYER </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
represents and warrants to Seller as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization, Standing and Authority</U>. Buyer is a
corporation duly organized, validly existing and in good standing under the laws of the
State of California. Buyer is duly qualified or licensed to do business as a foreign
corporation, and is in good standing, in every jurisdiction where the failure to be so
qualified or licensed would be reasonably likely to have a Material Adverse Effect on
Buyer. Buyer has all requisite corporate power and authority to execute and deliver this
Agreement and the documents contemplated hereby, and to perform and comply with all of
the terms, covenants and conditions to be performed and complied with by Buyer hereunder
and thereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization and Binding Obligation</U>. The execution,
delivery and performance of this Agreement by Buyer have been duly authorized by all
necessary corporate action on the part of Buyer. This Agreement has been duly executed
and delivered by Buyer and, assuming the due authorization, execution and delivery of
this Agreement by Seller, constitutes the legal, valid and binding obligation of Buyer,
enforceable against Buyer in accordance with its terms, except as the enforceability
hereof may be affected by bankruptcy, insolvency, reorganization or similar laws relating
to or affecting creditors&#146; rights generally, or by general equity principles
(whether applied in a court of law or a court of equity and including limitations on the
availability of specific performance or other equitable remedies).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Violations</U>. The execution, delivery and performance
by Buyer of this Agreement and the documents contemplated hereby (i) will not conflict
with any provision of Buyer&#146;s articles of incorporation or by-laws; (ii) will not
conflict with, result in a breach of, or constitute a default under, any applicable law,
judgment, order, ordinance, injunction, decree, rule, regulation or ruling of any court
or governmental instrumentality, except as will not individually or in the aggregate have
a Material Adverse Effect with respect to Buyer or Seller or as will be cured by waiver
prior to the Closing Date; and (iii) will not conflict with, constitute grounds for
termination of, result in a breach of, constitute a default under or accelerate or permit
the acceleration of any performance required by the terms of, any agreement, instrument,
license or permit to which Buyer is a party or which Buyer is bound, except as will not
singly or in the aggregate have a Material Adverse Effect with respect to Buyer or Seller
or as will be cured or waived prior to the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 51; page: 51" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents; Governmental/Regulatory Authorities</U>. Buyer
is not required to submit any notice, report or other filing with, or obtain any
authorization, consent or approval from, any governmental authority or self-regulatory
organization prior to the execution, delivery and performance by Buyer of this Agreement
or the consummation of the transactions contemplated hereby, other than notices, reports
or other filings, authorizations, consents or approvals relating to matters that, in the
aggregate, will not have a Material Adverse Effect with respect to Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Disqualifying Conduct</U>. Neither Buyer nor any
Affiliated Person of Buyer is ineligible to serve as an employee, officer, director,
member of an advisory board, investment adviser, depositor or principal underwriter of
any investment company registered under the Investment Company Act by reason of any
conviction of a felony or misdemeanor, described in Section 9(a)(1) of the Investment
Company Act, or by reason of any order, judgment or decree of any court of competent
jurisdiction, described in Section 9(a)(2) of the Investment Company Act, and is not
subject to any order issued by the Commission under Section 9(b) of the Investment
Company Act. Neither Buyer nor any &#147;associated person&#148; (as defined in the
Investment Advisers Act) of Buyer that is registered as an investment adviser is
ineligible pursuant to Section 203 of the Investment Advisers Act to serve as an
investment advisor or an associated person thereof. To the best of Buyer&#146;s
knowledge, no facts exist with respect to Buyer, or any Affiliated Person or associated
person of Buyer, which would form a basis for any such disqualification or ineligibility.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation; Proceedings</U>. No litigation, proceeding or
governmental investigation, or inquiry is pending or, to the best of Buyer&#146;s
knowledge, threatened, against Buyer that seeks to delay, hinder or prohibit execution of
this Agreement or consummation of the transactions contemplated herein or that, if
determined against Buyer would be reasonably likely to have a Material Adverse Effect on
Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered Investment Adviser</U>. Buyer or an Affiliated
Person thereof is registered as an investment adviser under the Investment Advisers Act.
Buyer has not received any written notice by any State that Buyer&#146;s registration as
an investment adviser is, is to be, or will be restricted or terminated.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Law</U>. Buyer is in compliance with all
applicable laws, rules and regulations, including, without limitation, federal and state
securities laws, except where failure to be so in compliance would not be reasonably
likely to have a Material Adverse Effect on Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement</U>. The information relating to
Buyer and the Hennessy Growth Fund that is provided by Buyer or its representatives for
inclusion in the N-14 Registration Statement, the N-14 Prospectus and the Proxy Statement
will not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances in which they are
made, not misleading. The portions of the N-14 Registration Statement, the N-14
Prospectus and the Proxy Statement relating to Buyer and the Hennessy Growth Fund and
other portions within the reasonable control of Buyer will comply in all material
respects with the provisions of the Securities Act, the Securities Exchange Act and the
Investment Company Act and the rules and regulations thereunder. Notwithstanding the
foregoing, none of the representations and warranties in this subsection shall apply to
statements in or omissions from the N-14 Registration Statement, the N-14 Prospectus or
the Proxy Statement made in reasonable reliance upon and in conformity with information
furnished by Seller or the Tamarack Growth Fund to Buyer for use in the N-14 Registration
Statement, the N-14 Prospectus or the Proxy Statement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 52; page: 52" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE V &#151;COVENANTS
</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Pre-Closing Covenants of Seller</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance
of Business</U>. Except as contemplated by this Agreement or with           the prior
written consent of Buyer, between the date hereof and the Closing           Date, Seller
shall operate Seller&#146;s business as it relates to management of           the
investments of the Tamarack Growth Fund in the ordinary course of business           in
accordance with past practices (except where such action would conflict with
          Seller&#146;s obligations under this Agreement) and agrees not to engage in any
          extraordinary transactions affecting the Tamarack Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Approvals</U>.
Subject in all cases to any fiduciary duties to which it may           be subject, Seller
shall, prior to the Closing Date or earlier termination of           this Agreement in
accordance with its terms, use its reasonable best efforts to           obtain the
actions of the Board of Trustees of the Tamarack Growth Fund           enumerated in
Section 7.1(c) and to cause the Tamarack Growth Fund to solicit           its
shareholders with regard to approval of the Plan of Reorganization for which
          shareholder approval is required, as well as other matters relating directly or
          indirectly to the Fund Transaction, consistent with all requirements of the
          Investment Company Act and the Securities Exchange Act applicable to such
          solicitation.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.2. <U>Negative Covenants</U>. Seller shall not, without the prior written consent of
Buyer or as contemplated by this Agreement (with notice to Buyer), do any of the
following:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disposition
of Assets</U>. Sell, assign or otherwise transfer or dispose of           any of the
Purchased Assets;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Contracts</U>.
Enter into any contract relating to Seller&#146;s business of           providing
investment advisory services to the Tamarack Growth Fund after the           date hereof
(other than (i) contracts in the ordinary course of business and           (ii) contracts
that will not result in any liability or duty on the part of           Buyer) without
receiving the written consent of Buyer prior to execution of such           contracts.
All requests for such consents shall be in writing and shall include           a copy of
each such contract.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Affirmative Covenants of Seller</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Information</U>. Subject to applicable confidentiality agreements,           Seller
shall allow Buyer and its authorized representatives on prior notice           reasonable
access at Buyer&#146;s expense during normal business hours to           Seller&#146;s
employees responsible for the Tamarack Growth Fund, the Purchased           Assets and to
all other properties, equipment and contracts relating to           Seller&#146;s
business of providing investment advisory services to the Tamarack           Growth Fund
for the purpose of review and inspection, and furnish or cause to be           furnished
to Buyer or its authorized representatives all information with           respect to
Seller&#146;s business of providing investment advisory services to           the
Tamarack Growth Fund as Buyer may reasonably request, it being understood           that
the rights of Buyer hereunder shall not be exercised in such a manner as to
          interfere with the operation of Seller&#146;s business. All requests pursuant
to           this Section 5.3(a) shall be sent to Gordon Telfer at the address for Seller
          provided in Section 11.1.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 53; page: 53" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transition</U>.
Seller shall cooperate with and assist Buyer in effecting the           transfer to Buyer
of Seller&#146;s business of providing investment advisory           services to the
Tamarack Growth Fund as contemplated by this Agreement,           including the
reorganization of the Tamarack Growth Fund into the Hennessy           Growth Fund, and
shall provide Buyer with such information maintained by Seller           as Buyer may
reasonably request to facilitate (i) preparation and filing of tax           returns for
the Tamarack Growth Fund for their tax years next ending after the           date of this
Agreement and (ii) the provision of information to shareholders in           compliance
with the Code.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tamarack
Growth Fund Prospectus</U>. Pending the approval of the Plan of           Reorganization
by the shareholders of the Tamarack Growth Fund, Seller shall use           its
reasonable best efforts to cause the Tamarack Growth Fund to supplement its
          prospectus to disclose the transactions contemplated by this Agreement pursuant
          to Rule 497 of the Commission under the Securities Act.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>. Seller will cooperate with Buyer and will use its           reasonable
best efforts to assist Buyer in completing and filing the N-14           Registration
Statement, and will furnish to Buyer the information relating to           itself
required by the Securities Act, the Securities Exchange Act and the           Investment
Company Act and the rules and regulations thereunder to be set forth           in the
N-14 Registration Statement, including the N-14 Prospectus and the Proxy
          Statement included therein.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Affirmative Covenants of Buyer</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Information</U>. Buyer shall provide Seller with such information           regarding
Buyer and Affiliated Persons of Buyer as Seller or the Board of           Trustees of the
Tamarack Growth Fund may reasonably request to assist it in           fulfilling its
duties to Seller under the Investment Company Act and under the           General
Corporation Law of the State of Minnesota and as may be reasonably           necessary or
desirable in connection with the solicitation of proxies from the           shareholders
of the Tamarack Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>. Buyer will cooperate with Seller and will use its           reasonable
best efforts to complete and file the N-14 Registration Statement,           and will
furnish to Seller the information relating to itself required by the           Securities
Act, the Securities Exchange Act and the Investment Company Act and           the rules
and regulations thereunder to be set forth in the N-14 Registration           Statement,
including the N-14 Prospectus and the Proxy Statement included           therein.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 54; page: 54" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transition</U>.
Buyer shall cooperate with and assist Seller in effecting the           transfer to Buyer
of Seller&#146;s business of providing investment advisory           services to the
Tamarack Growth Fund as contemplated by this Agreement,           including the
reorganization of the Tamarack Growth Fund into the Hennessy           Growth Fund, and
shall provide Seller with such information maintained by Buyer           as Seller may
reasonably request to facilitate preparation and provision of any           documents
required to consummate the transactions contemplated by this           Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VI &#151;SPECIAL
COVENANTS AND AGREEMENTS </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees and Expenses</U>. Buyer and Seller shall divide
evenly all costs associated with gaining approval of the Plan of Reorganization by the
requisite vote of the outstanding voting securities of the Tamarack Growth Fund; <U>provided</U>,
<U>however</U>, that, in relation to the foregoing and the approval of the Value Fund
Transaction (and the agreement and plan of reorganization in connection therewith) by the
requisite vote of the outstanding voting securities of the Tamarack Large Cap Growth
Fund, the aggregate fees and expenses Seller shall be responsible for with respect to any
proxy solicitation firm engaged to assist in the solicitation of shareholder approval of
the Plan of Reorganization and the Value Fund Transaction (and the agreement and plan of
reorganization in connection therewith) shall not exceed $75,000 in the aggregate. Except
as described in the preceding sentence, each of Buyer and Seller shall be responsible for
paying its own expenses, including legal fees, incurred in connection with this Agreement
and the transactions contemplated herein.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers</U>. Seller and Buyer each represent to the other
that, other than the retention of Barrington Partners, Inc. by Seller, they have not used
any finder or broker in connection with the transactions contemplated by this Agreement.
Buyer and Seller agree to indemnify and hold harmless the other party with respect to any
claim or liability for any finders&#146; or brokers&#146; fees or commissions in
connection with the transactions contemplated by this Agreement as a result of the
indemnifying party&#146;s conduct or alleged conduct upon which any such claim or
liability is based.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential Information</U>. The Mutual Confidentiality
and Nondisclosure Agreement, dated as of August 11, 2008 (the &#147;Confidentiality
Agreement&#148;), between Seller and Buyer shall remain in effect following the execution
of this Agreement; <U>provided</U>, <U>however</U>, that Buyer&#146;s obligations under
the Confidentiality Agreement with respect to information relating to the Tamarack Growth
Fund shall lapse and be of no further force and effect on and after the Closing Date, to
the extent that in connection with the management of the Hennessy Growth Fund the
disclosure of such information is necessary.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation</U>. Buyer and Seller shall cooperate fully
with each other and their respective counsel and accountants in connection with any
actions required to be taken as part of their respective obligations under this
Agreement, and Buyer and Seller shall execute such other documents as may be necessary
and desirable to the implementation and consummation of this Agreement, and otherwise use
their reasonable best efforts to consummate the transactions contemplated hereby and to
fulfill their obligations hereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 55; page: 55" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants With Respect to Changes in Condition and
Litigation</U>. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation;
Proceedings</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement in accordance with its terms: (A) Seller shall notify Buyer
          promptly of any actions, proceedings or investigations that from the date of
          this Agreement are commenced against Seller and materially relate to the
          administration, management, operation or distribution of shares of the Tamarack
          Growth Fund and (B) Buyer shall notify Seller promptly of any actions,
          proceedings or investigations that from the date of this Agreement are
commenced           against any of the Hennessy Funds or Buyer or any of its Affiliates
and           materially relate to the administration, management, operation or
distribution           of the Hennessy Funds.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement in accordance with its terms, Buyer shall notify Seller, and
          Seller shall notify Buyer, promptly of any actions, proceedings or
          investigations that are commenced against Buyer or any of its Affiliates or any
          actions, proceedings or investigations that are commenced against Seller or any
          of its affiliates, respectively, that would be reasonably likely to materially
          and adversely affect the Tamarack Growth Fund, the Hennessy Funds, the Fund
          Transaction, the transactions contemplated herein or that would restrain or
          enjoin the consummation of, or declare unlawful, the Fund Transaction or the
          transactions contemplated herein, or cause such transaction to be rescinded or
          that would restrain or enjoin execution or performance of this Agreement.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Condition</U>.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement, Buyer agrees to advise Seller promptly and in writing of any
          change in the financial condition, operations, properties or business of Buyer
          or any of its Affiliates which individually or taken as a whole would have a
          Material Adverse Effect with respect to Buyer.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of this Agreement through the Closing Date or earlier termination           of
this Agreement, Seller agrees to advise Buyer promptly and in writing of any
          material adverse change in the financial condition, operations, properties or
          business of the Tamarack Growth Fund, other than changes in the value of fund
          assets resulting from changes occurring in the financial or securities markets.
          From the date of this Agreement through the Closing Date or earlier termination
          of this Agreement, Seller agrees to advise Buyer promptly in writing of any
          change in the financial condition, operations, properties or business of Seller
          which individually or taken as a whole would have a Material Adverse Effect
with           respect to Seller or the Tamarack Growth Fund.  </FONT></P></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 56; page: 56" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants With Respect to Information in Proxy Materials
and Registration Statements</U>. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Seller
covenants that the last post effective amendment to the registration           statement
on Form N-1A filed by Seller with the Commission preceding the date of           this
Agreement, any subsequent post-effective amendment thereto hereafter filed           by
Seller prior to the shareholder approval of the Plan of Reorganization and           any
prospectus or supplement thereto used for the sale of shares of the Tamarack
          Growth Fund and the proxy materials required for the shareholders&#146; meeting
          or meetings or meetings of Seller called for the purpose, pursuant to the
          Investment Company Act, of approving the Plan of Reorganization or other
matters           relating directly or indirectly to the Fund Transaction do not or will
not           contain, at the time any such amendment becomes effective or such
prospectus is           delivered in connection with a sale of shares of the Tamarack
Growth Fund or at           the time such proxy materials are furnished or at the time of
such meeting or           meetings, any untrue statement of material fact or omit to
state any material           fact required to be stated therein, where necessary in order
to make the           statements made therein, in the light of the circumstances under
which they are           made, not misleading; provided, however, that this covenant
shall not apply to           any information or data provided by Buyer that describes
Buyer, the Hennessy           Funds or any of their respective business operations or
plans for use in the           prospectus or proxy materials.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
covenants that any information or data provided by Buyer that describes           Buyer,
the Hennessy Funds or any of their respective business operations or           plans for
use in and prospectus or prospectus supplement for the Tamarack Growth           Fund or
the proxy materials required for the shareholders&#146; meeting or           meetings of
the Tamarack Growth Fund called for the purpose, pursuant to the           Investment
Company Act, of approving the Plan of Reorganization or other matters           relating
directly or indirectly to the Fund Transaction will not contain, at the           time
any such prospectus or prospectus supplement is delivered, or at the times           such
proxy materials are furnished or at the time of such meeting or meetings,           any
untrue statement of material fact or omit to state any material fact           required
to be stated therein, where necessary in order to make the statements           made
therein, in the light of the circumstance under which they were made, not
          misleading.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Access to Third Parties</U>. Buyer and Seller shall agree
on mutually acceptable procedures to contact Seller and third party providers of Seller
or the Tamarack Growth Fund including, but not limited to, auditors, transfer agents,
administrators or any other service providers, and authorize such third party providers
to communicate with Buyer and to provide information requested by Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation Regarding Financial Matters</U>. From the date
of this Agreement, Seller and its representatives shall, upon request of Buyer, provide
to Buyer all reasonable information regarding the Tamarack Growth Fund and the Purchased
Assets, and reasonable access to the Purchased Assets and the Tamarack Growth Fund&#146;s
financial and accounting personnel and books and records (including all accountants&#146; work
papers and work product).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 57; page: 57" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 15(f) of the Investment Company Act</U>. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
will use its &#147;best efforts&#148; (as defined in Section 6.9(b)) to           ensure
compliance with the requirements of Section 15(f) of the Investment           Company Act
in respect of this Agreement and the transactions contemplated           hereunder. In
that regard, Buyer will conduct its business so as to enable,           insofar as within
the control of Buyer, (i) for a period of three years after           the Closing Date,
at least 75% of the members of each board of           directors/trustees of each
Hennessy Fund (collectively, the &#147;Hennessy Funds           Board&#148;) not to be
(A) &#147;interested persons&#148; (as that term is           defined in the Investment
Company Act) of the investment adviser of the Hennessy           Growth Fund after the
Closing, or (B) &#147;interested persons&#148; (as that           term is defined in the
Investment Company Act) of the investment adviser of the           Tamarack Growth Fund
immediately prior to the Closing and (ii) there not to be           imposed an &#147;unfair
burden&#148; (as that term is defined in the Investment           Company Act) on the
Hennessy Growth Fund as a result of the transactions           contemplated hereby, or
any express or implied terms, conditions or           understandings applicable thereto;
provided, however, that if Buyer will have           obtained an order from the
Commission exempting it from the provisions of           Section 15(f), while still
maintaining the &#147;safe harbor&#148; provided by           Section 15(f), then this
covenant will be deemed to be modified to the extent           necessary to permit Buyer
to act in any manner consistent with such Commission           exemptive order.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          For
purposes of Section 6.9(a), &#147;best efforts&#148; means that Buyer will,           and
will cause its Affiliates to, subject to applicable fiduciary duties in
          relation to any of the Hennessy Funds:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
to be distributed to the Hennessy Funds Board on an annual basis, (A) a
          questionnaire containing questions reasonably designed to elicit information
          pertaining to the status of such directors or trustees as &#147;interested
          persons&#148; for purposes of Section 6.9(a) above and (B) a legal memorandum
          describing to the trustees and directors the requirements of Section 15(f) of
          the Investment Company Act and the relevance of their status thereunder;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
such time as Buyer learns of a change in the status of a Hennessy Funds Board
          member that would cause more than 25% of the Hennessy Funds Board to be
          &#147;interested persons&#148; for purposes of Section 6.9(a) above, notify
          Seller and take reasonable steps to seek to correct such situation as promptly
          as reasonably practicable, including causing any Hennessy Funds Board members
          who are affiliated persons of Buyer or its Affiliates to resign and requesting
          any Hennessy Funds Board members who are affiliated persons of Seller to resign
          from the Hennessy Funds Board, in each case to the extent required to correct
          such situation; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
all commercially reasonable efforts to obtain the agreement of any           transferee
of all or a portion of the business of Buyer to comply with           provisions
substantially identical to the provisions of this Section 6.9 for a           period
after the Closing Date of not less than periods provided in this Section           6.9.  </FONT></P></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 58; page: 58" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          Buyer
covenants and agrees to take such additional steps as Seller may from time           to
time reasonably request in writing in connection with compliance with           Section&nbsp;15(f)(1)(A)
and (B) of the Investment Company Act.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          Seller
will use its best efforts to ensure compliance with the requirements of           Section
15(f) of the Investment Company Act in respect of this Agreement and the
          transactions contemplated hereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section 6.10.&nbsp;&nbsp;&nbsp;&nbsp; <U>Press Releases and
Public Announcements</U>. Neither Seller and its Affiliates nor Buyer and its Affiliates
will issue or cause the publication of any press release or other public announcement with
respect to, or otherwise make any public statement concerning, the transactions
contemplated by this Agreement without the prior consent (which consent shall not be
unreasonably withheld) of the other party; provided, however, that either party may,
without the prior consent of the other party (but after prior consultation with the other
party to the extent practicable under the circumstances) issue or cause the publication of
any press release or other public announcement to the extent required by law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VII &#151;CONDITIONS
PRECEDENT </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Obligations of Buyer</U>. All obligations of
Buyer at the Closing hereunder are subject to the fulfillment prior to and at the Closing
Date of each of the following conditions, which may be waived, in writing, in whole or in
part by Buyer.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. All representations and warranties of           Seller shall be true,
correct and complete at and as of the Closing Date as           though such
representations and warranties were made at and as of such time,           unless the
facts causing such representation or warranty not to be true, correct           or
complete could not reasonably be expected to have a Material Adverse Effect
          with respect to Seller, Buyer or the Tamarack Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
and Conditions</U>. Seller shall have in all material respects           performed and
complied with all covenants, agreements and conditions required by           this
Agreement to be performed or complied with by it prior to or on the Closing
          Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tamarack
Growth Fund Board Action</U>. The Tamarack Growth Fund Board of           Trustees shall
have taken action:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
approve the Plan of Reorganization and authorize and direct appropriate
          officers to take all necessary actions to fulfill the conditions precedent
          thereto; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
call shareholders meetings of the Tamarack Growth Fund to approve the Plan of
          Reorganization.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder
Approval</U>. The Plan of Reorganization shall have been approved           by vote of a
majority of the outstanding voting securities (as defined in           Section&nbsp;2(a)(42)
of the Investment Company Act) of the Tamarack Growth           Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 59; page: 59" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent to Fund Transaction</U>. All of the conditions precedent           to the
obligations of Buyer and the Hennessy Funds under the Plan of           Reorganization
shall have been satisfied or complied with in all material           respects prior to
the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries</U>.
Seller shall have made or stand willing and able to make all           the deliveries to
Buyer set forth in Section 8.2.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Obligations of Seller</U>. All obligations
of Seller at the Closing hereunder are subject to the fulfillment prior to and at the
Closing Date of each of the following conditions which may be waived, in writing, in
whole or in part by Seller.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. All representations and warranties of           Buyer contained in
this Agreement shall be true and complete at and as of the           Closing Date as
though such representations and warranties were made at and as           of such time,
unless the fact causing such representation or warranty not to be           true, correct
or compete could not reasonably be expected to have a Material           Adverse Effect
with respect to Buyer or Seller.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
and Conditions</U>. Buyer shall have in all material respects           performed and
complied with all covenants, agreements and conditions required by           this
Agreement to be performed or complied with by it prior to or on the Closing
          Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tamarack
Growth Fund Board Action</U>. The Tamarack Growth Fund Board of           Trustees shall
have taken action:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
approve the Plan of Reorganization and authorize and direct appropriate
          officers to take all necessary actions to fulfill the conditions precedent
          thereto; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
call a shareholders meeting of the Tamarack Growth Fund to approve the Plan           of
Reorganization.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Buyer&#146;s
Board Action</U>. Buyer&#146;s Board of Directors shall have           taken action to
approve the Fund Transaction and the Plan of Reorganization and           authorize and
direct appropriate officers to take all necessary actions to           fulfill the
conditions precedent thereto.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder
Approval</U>. The Plan of Reorganization shall have been approved           by vote of a
majority of the outstanding voting securities (as defined in           Section 2(a)(42)
of the Investment Company Act) of the Tamarack Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent to Fund Transaction</U>. All of the conditions precedent           to the
obligations of Seller and the Tamarack Growth Fund under the Plan of
          Reorganization shall have been satisfied or complied with in all material
          respects prior to the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Going Concern Qualification</U>. Buyer shall have filed with the           Commission its
Annual Report on Form 10-K for the fiscal year ended September           30, 2008, and in
connection with such Annual Report Buyer&#146;s independent           registered public
accounting firm shall not have issued a &#147;going           concern&#148; qualification.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 60; page: 60" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries</U>.
Buyer shall have made or stand willing and able to make all           the deliveries set
forth in Section 8.3.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VIII &#151;CLOSING
AND CLOSING DELIVERIES </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>. The Closing Date shall be on or before March
31, 2009, or as soon as practicable after the satisfaction or waiver of the conditions
set forth in Article VII of this Agreement, whichever is earlier; <U>provided</U>, <U>however</U>,
that if the meeting of shareholders of the Tamarack Value Fund called to approve the Plan
of Reorganization is adjourned to a date on or after March 31, 2009, and such adjournment
does not require the fixing of a new record date for such adjourned meeting, the Closing
Date shall be as soon as practicable after the conclusion of such adjourned meeting.
Closing shall be held at the offices of Seller or such other place as shall be mutually
agreed upon by Buyer and Seller.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries by Seller</U>. Prior to or on the Closing Date,
Seller shall deliver to Buyer the following, in form and substance reasonably
satisfactory to Buyer and its counsel:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Officer&#146;s
Certificate</U>. A certificate, dated as of the Closing Date,           executed on
behalf of Seller by an authorized officer certifying that the           conditions set
forth in Sections 7.1(a) and (b) have been satisfied;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary&#146;s
Certificate</U>. A certificate, dated as of the Closing           Date, executed by Seller&#146;s
Secretary on Seller&#146;s behalf: certifying           (i) that the resolutions, as
attached to such certificate, were duly adopted by           Seller authorizing and
approving the execution of this Agreement and the           consummation of the
transactions contemplated hereby and that such resolutions           remain in full force
and effect; and (ii) that Seller has taken no action to           dissolve and that no
grounds exist for administrative of judicial action to           dissolve Seller and
providing, as an attachment thereto, a Certificate of Good           Standing certified
by the Secretary of State of the State of Minnesota as of a           date not more than
fifteen (15) calendar days before the Closing Date; and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Purchased Assets</U>. Delivery by Seller to a location specified           by Buyer of
the Purchased Assets.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries by Buyer</U>. Prior to or on the Closing Date,
Buyer shall deliver to Seller the following, in form and substance reasonably
satisfactory to Seller and its counsel:  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Initial
Payment</U>. The Initial Payment as provided in Section 2.2;  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Officer&#146;s
Certificate</U>. A certificate, dated as of the Closing Date,           executed on
behalf of Buyer by an authorized officer certifying that the           conditions set
forth in Section&nbsp;7.2(a), (b) and (g) have been satisfied;           and  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 61; page: 61" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Secretary&#146;s
Certificate</U>. A certificate, dated as of the Closing           Date, executed by Buyer&#146;s
Secretary on its behalf: certifying (i) that the           resolutions, as attached to
such certificate, were duly adopted by Buyer&#146;s           Board of Directors,
authorizing and approving the execution of this Agreement           and the consummation
of the transactions contemplated hereby and that such           resolutions remain in
full force and effect; and (ii) that Buyer has taken no           action to dissolve and
that no grounds exist for administrative or judicial           action to dissolve Buyer
and providing, as attachments thereto, a certificate of           good standing certified
by an appropriate state official of the State of           California as of a date not
more than fifteen (15) calendar days before the           Closing Date and by Buyer&#146;s
Secretary as of the Closing Date.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE IX &#151; RIGHTS
OF BUYER AND SELLER ON TERMINATION OR BREACH </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination  Rights</U>.  This  Agreement  and,  subject
to the  provisions  of this  Article IX, the obligations hereunder may be terminated and
the transactions contemplated hereby abandoned: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          by
Buyer if all of the conditions set forth in Section 7.1 hereof shall not have
          been satisfied or waived by Buyer as of the latest permissible time for the
          Closing Date provided in Section 8.1; or  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          by
Seller if all of the conditions set forth in Section 7.2 hereof shall not           have
been satisfied or waived by Seller as of the latest permissible time for           the
Closing Date provided in Section 8.1; or  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          by
Buyer or Seller if there is in effect on the Closing Date (or the latest
          permissible time for the Closing Date provided in Section 8.1) any judgment,
          decree or order that would prevent or make unlawful the Closing hereunder.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
termination of this Agreement pursuant to this Section 9.1 shall be effected by notice in
writing to the other party. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Termination</U>. If this Agreement is terminated
pursuant to and in accordance with Section 9.1, the termination shall be without
liability of any party, or of any Affiliate of such party, or any shareholder, director,
trustee, officer, employee, agent, consultant or representative, of such party or of any
of its Affiliates, or of the Tamarack Growth Fund and any of its officers or trustees, to
the other party to this Agreement; <U>provided</U>, <U>however</U>, that, if the
termination shall result from the breach by a party of any covenant or agreement of such
party contained in this Agreement, such party responsible for the breach shall be fully
liable for any and all reasonable costs and expenses (including reasonable counsel fees
and disbursements) sustained or incurred by the non-breaching party; and <U>provided</U><U>further</U> that
the terms of the confidentiality obligations referred to in Section 6.3 shall survive any
termination of this Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE X &#151;REPRESENTATIONS
AND WARRANTIES; INDEMNIFICATION </U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations  and  Warranties</U>.  The
 representations  and  warranties  contained  in  or  made pursuant to this Agreement
shall survive until eighteen months after Closing. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by Seller</U>. Seller shall indemnify,
defend and hold harmless Buyer against any and all claims, actions, damages, obligations,
losses, liabilities, costs and expenses of Buyer or the Tamarack Growth Fund of which
Buyer gives Seller notice pursuant to Section 10.4(a) on or before eighteen months after
Closing (including reasonable attorneys&#146; fees, costs of collection and other costs
of defense) arising from or in connection with (a) any breach of any representation or
warranty of Seller or any covenant by Seller contained in or made pursuant to this
Agreement or (b) any litigation relating to the Tamarack Growth Fund, the basis of which
relates to the period prior to the Closing Date (except to the extent that such
litigation relates primarily to the actions or inactions of Buyer in connection with the
Fund Transaction and/or the solicitation of proxies from the shareholders of the Tamarack
Growth Fund to approve the Plan of Reorganization). All amounts recovered by Buyer as a
result of claims, actions, damages, obligations, losses, liabilities, costs and expenses
of the Tamarack Growth Fund shall be recovered by Buyer on behalf of the Tamarack Growth
Fund and Buyer shall promptly transfer all such recoveries to the Tamarack Growth Fund.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 62; page: 62" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by Buyer</U>. Buyer shall indemnify
defend and hold harmless Seller against any and all claims, actions, damages,
obligations, losses, liabilities, costs and expenses of which Seller gives Buyer notice
pursuant to Section 10.4(a) on or before eighteen months after Closing (including
reasonable attorney&#146;s fees and costs of collection and other costs of defense)
arising from or in connection with any breach of any representation or warranty of Buyer
or any covenant by Buyer contained in or made pursuant to this Agreement, including any
failure of Buyer to pay amounts owed to Seller pursuant to Section 2.2 hereof.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure for Indemnification</U>. The procedure for
seeking indemnification shall be as follows.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          The
party claiming indemnification (the &#147;Claimant&#148;) shall promptly           give
notice to the party from whom indemnification is claimed (the           &#147;Indemnifying
Party&#148;) of any claim, whether between the parties or           brought by a third
party, specifying (i) the factual basis for such claim and           (ii) if known, the
estimated amount of the claim. If the claim relates to an           action, suit or
proceeding filed by a third party against Claimant, such notice           shall be given
by Claimant within five (5) business days after written notice of           such action,
suit or proceeding was given to Claimant. Such notice shall not be           a condition
precedent to any liability of the Indemnifying Party under the           provisions for
indemnification contained in this Agreement, unless (and only to           the extent
that) failure to give such notice materially prejudices the rights of           the
Indemnifying Party with respect to such actions or proceedings.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Following
receipt of notice from the Claimant of a claim for indemnification,           the
Indemnifying Party shall have thirty (30) calendar days to make such
          investigation of the claim as the Indemnifying Party deems necessary or
          desirable. For the purposes of such investigation, the Claimant agrees to make
          available to the Indemnifying Party and its authorized representative(s) the
          information relied upon by the Claimant to substantiate the claim. If the
          Claimant and the Indemnifying Party agree at or prior to the expiration of said
          thirty (30) calendar day period (or any mutually agreed upon extension thereof)
          to the validity and amount of such claim, the Indemnifying Party shall
          immediately pay to the Claimant the full amount of the claim. If the Claimant
          and the Indemnifying Party do not agree within said period (or any mutually
          agreed upon extension thereof), the Claimant may seek appropriate legal remedy.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 63; page: 63" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;          With
respect to any claim by a third party as to which the Claimant is entitled           to
indemnification hereunder, the Indemnifying Party shall have the right at its
          own expense, to participate in or assume control of the defense of such claim,
          and the Claimant shall cooperate fully with the Indemnifying Party, subject to
          reimbursement for actual out-of-pocket expenses incurred by the Claimant as the
          result of a request by the Indemnifying Party. If the Indemnifying Party elects
          to assume control of the defense of any third-party claim, the Claimant shall
          have the right to participate in the defense of such claim at its own expense.
          Notwithstanding the election of the Indemnifying Party to assume the defense of
          such action, the Claimant shall have the right to employ separate counsel and
to           participate in the defense of such action, and the Indemnifying Party shall
bear           the reasonable fees, costs and expenses of separate counsel if (i) in the
          reasonable judgment of the Claimant the use of counsel chosen by the
          Indemnifying Party to represent the Claimant would present such counsel with a
          conflict of interest; (ii) the defendants in, or targets of, any such action
          include both the Indemnifying Party and the Claimant, and the Claimant shall
          have reasonably concluded that there may be legal defenses available to it
which           are different from or additional to those available to the Indemnifying
Party           (in which case the Indemnifying Party shall not have the right to direct
the           defense of such action on behalf of the Claimant); (iii) the Indemnifying
Party           shall not have employed counsel satisfactory to the Claimant, in the
exercise of           the Claimant&#146;s reasonable judgment, to represent the Claimant
within a           reasonable time after notice of the institution of such action; or
(iv) the           Indemnifying Party shall authorize in writing the Claimant to employ
separate           counsel at the expense of the Indemnifying Party. If the Indemnifying
Party           chooses to defend any claim, the Claimant shall make available to the
          Indemnifying Party any books, records or other documents within its control
that           are necessary or appropriate for such defense, subject to attorney client
          privilege and confidentiality agreements. In any event, the Claimant, the
          Indemnifying Party and the Indemnifying Party&#146;s counsel (and, if
          applicable, the Claimant&#146;s counsel), shall cooperate (at no material cost
          to the Claimant other than the cost of Claimant&#146;s counsel) in the
          compromise of, or defense against, any such asserted liability. If the
          Indemnifying Party assumes the defense of such an action, no compromise or
          settlement thereof may be effected by the Indemnifying Party without the
          Claimant&#146;s consent (which shall in any event not be unreasonably withheld)
          unless (x) there is no finding or admission of any violation of the rights of
          any person by the Claimant and no effect on any other claims that may be made
          against the Claimant and (y) the sole relief provided is monetary damages that
          are paid in full by the Indemnifying Party.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;          If
a claim, whether between the parties or by a third party, requires immediate
          action, the parties will make every effort to reach a decision with respect
          thereto as expeditiously as possible.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;          The
Claimant may not compromise any such claim without the prior written consent           of
the Indemnifying Party, which consent may not be unreasonably withheld.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;          The
indemnification rights provided in Sections 10.2 and 10.3 shall extend to           the
shareholders, directors, officers, employees, Affiliates and agents of the
          Claimant although for the purpose of the procedures set forth in this Section
          10.4, any indemnification claims by such parties shall be made by and through
          the Claimant.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 64; page: 64" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;          The
indemnification obligations of Seller under this Article X shall constitute           the
sole and exclusive remedies of Buyer for recovery of money damages after the
          Closing Date. The indemnification obligations of Buyer under this Article X
          shall constitute the sole and exclusive remedies of Seller for recovery of
money           damages after the Closing Date, except to the extent that Seller is
seeking to           recover with respect to any failure of Buyer to pay amounts owed to
Seller           pursuant to Section 2.2 hereof.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations</U>. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;          Except
for intentional breaches, neither Buyer nor Seller shall be liable to the           other
under this Article X for any damages until the aggregate amount of damages
          otherwise due the party being indemnified exceeds Thirty Five Thousand Dollars
          ($35,000).  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;          Neither
Buyer nor Seller shall have aggregate indemnity obligations pursuant to           this
Article X in an amount in excess of half of the Purchase Price.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE XI &#151;MISCELLANEOUS
</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All notices, demands and requests required
or permitted to be given under the provisions of this Agreement shall be (i) in writing,
(ii) delivered by personal delivery, or sent by commercial delivery service or registered
or certified mail, return receipt requested (iii) deemed to have been given on the date
of personal delivery or the date set forth in the records of the delivery service or on
the return receipt or on the date receipt is confirmed as set forth in the confirmation
of the properly transmitted facsimile, and (iv) addressed as follows:  </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                 <U>If to Seller</U>: </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mike
Lee                                                  <BR>Voyageur Asset Management
                                                 <BR>100 South Fifth Street, Suite 2300
                                                 <BR>Minneapolis, MN  55402-1240
                                                 <BR>(877) 604-5532 (fax) </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>with
copies</U> (which shall not constitute notice) to: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Faegre
&amp; Benson LLP                                                  <BR>Attn:  Michael Stanchfield
                                                 <BR>2200 Wells Fargo Center
                                                 <BR>90 South Seventh Street
                                                 <BR>Minneapolis, MN  55402
                                                 <BR>(612) 766-1600 (fax)</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                 <U>If to Buyer</U>: </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Neil
J. Hennessy                                                  <BR>Hennessy Advisors, Inc.
                                                 <BR>7250 Redwood Blvd, Suite 200
                                                 <BR>Novato, CA  94945
                                                 <BR>(415) 899-1559 (fax) </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 65; page: 65" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>with
copies</U> (which shall not constitute notice) to: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Richard
L. Teigen                                                  <BR>Peter D. Fetzer
                                                 <BR>Foley &amp; Lardner LLP
                                                 <BR>777 East Wisconsin Avenue
                                                 <BR>Suite 3800
                                                 <BR>Milwaukee, Wisconsin 53202
                                                 <BR>(414) 297-4900 (fax)</FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or to any such other or additional
persons and addresses as the parties may from time to time designate in a writing
delivered in accordance with this Section 11.1; provided that any facsimile should be sent
to a number provided by the intended recipient. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefit and Binding Effect</U>. Neither party hereto may
assign this Agreement without the prior written consent of the other party hereto, except
that Buyer may assign some or all of its rights and obligations under this Agreement to
any member of the affiliated group of corporations of which Buyer is a part or to any
purchaser of successor to Buyer&#146;s business, provided that such assignee agrees in
writing to be bound by the provisions of this Agreement. This Agreement is for the sole
benefit of and shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns and is not for the benefit of any other
person.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed,
construed and enforced in accordance with the substantive laws of (without regard to
conflict of law principles), and the sole forum for the judicial resolution of any
dispute arising under this Agreement shall be, the State of New York.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The headings herein are included for ease
of reference only and shall not control or affect the meaning or construction of the
provisions of this Agreement.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Gender and Rules of Construction</U>. All references in
this Agreement to the masculine gender shall include the feminine and neuter genders, and
vice versa, and all references to the singular shall include the plural, and vice versa.
Any reference to any Section, Schedule or Exhibit contained in this Agreement shall refer
to such Section, Schedule or Exhibit as set forth in or attached to this Agreement,
notwithstanding use of or failure to use the term &#147;hereof,&#148; &#147;hereto&#148; or
&#147;herein&#148; in connection with such reference.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>. This Agreement, all Schedules
hereto, and all documents and certificates to be delivered by the parties pursuant hereto
collectively represent the entire understanding and agreement between Buyer and Seller
with respect to the subject matter hereof except as otherwise provided in Section 6.3.
All Schedules required by this Agreement shall be deemed part of this Agreement and
incorporated herein, where applicable, as if fully set forth herein. This Agreement
supersedes all prior negotiations between Buyer and Seller and all letters of intent and
other writings relating to such negotiations, and cannot be amended, supplemented or
modified except by an agreement in writing which makes specific reference to this
Agreement or an agreement delivered pursuant hereto, as the case may be, and which is
signed by the party against which enforcement of any such amendment, supplement or
modification is sought.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24 </FONT></P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 66; page: 66" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
11.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be signed in any
number of counterparts with the same effect as if the signature on each such counterpart
were upon the same instrument. An electronic facsimile or photocopy of this Agreement
shall be deemed an original and may be admitted in evidence for all purposes.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*&nbsp;*&nbsp;* </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Signature page follows
on next page.]  </FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25 </FONT></P>

<!-- MARKER PAGE="; page: 40" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>








<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN
WITNESS WHEREOF</B>, this Agreement has been executed by Buyer and Seller as of the date
first above written. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>HENNESSY ADVISORS, INC.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">By:&nbsp;&nbsp;<U>/s/ Neil Hennessy</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Name:&nbsp;&nbsp;&nbsp;Neil Hennessy</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Title:&nbsp;&nbsp;President and CEO</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>VOYAGEUR ASSET MANAGEMENT INC.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">By:&nbsp;&nbsp;<U>/s/ Michael T. Lee</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Name:&nbsp;&nbsp;&nbsp;Michael T. Lee</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>

<BR><BR><BR><BR><BR><BR><BR>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature Page </FONT></P>







<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>cmw3913c.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 99.1</B></U> </FONT> </P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>December 9, 2008</B></FONT></TD>
     <TD WIDTH=50% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2><B>FOR IMMEDIATE RELEASE</B>&nbsp;</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Media Contact: Tania
Kelley<BR>Hennessy Advisors, Inc.  <BR>7250 Redwood Blvd., Suite 200, Novato, CA 94945 <BR>Phone:
800-966-4354, 415-899-1555  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>Hennessy Advisors,
Inc. to Acquire Two Tamarack Funds </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Novato, CA &#151; December 9, 2008
&#151; Hennessy Advisors, Inc. (OTCBB:HNNA)</B> today announced that it has signed
definitive agreements with RBC&#146;s Voyageur Asset Management to purchase the assets
related to the management of the Tamarack Large Cap Growth Fund and the Tamarack Value
Fund. These two funds have combined assets of just under $200 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upon completion of the transaction,
which is subject to regulatory approvals and the approval of Tamarack Funds&#146;
shareholders and Trustees, Hennessy Advisors will become the manager of the Tamarack Value
Fund and Voyageur Asset Management will act as the Fund&#146;s sub-advisor. The assets
related to the Tamarack Large Cap Growth Fund will be invested in the Hennessy Large Cap
Growth Fund, with Hennessy Advisors as the manager of the Fund. The transaction will be
tax-free for Tamarack Fund shareholders. This transaction is expected to be completed by
the end of March, 2009. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;We are very pleased to acquire
these funds, and we look forward to welcoming the shareholders of the Tamarack Value Fund
and Tamarack Large Cap Growth Fund into the Hennessy family. We are committed to providing
strong investment management and performance, quality customer service and a high standard
of business ethics to our shareholders, and we are very proud of our track record in each
of these areas,&#148; said Neil Hennessy, Chairman, CEO and President of Hennessy
Advisors, Inc. &#147;We are excited to enter into a new sub-advisory partnership with
Tamarack, and we believe that adding these outstanding funds to our lineup will strengthen
our distribution efforts,&#148; said Kevin Rowell, President of Hennessy Funds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>About Hennessy Advisors, Inc.</U></B>
 <BR>Hennessy Advisors, Inc. is a publicly traded investment advisor to an entire line-up of
quantitatively managed mutual funds. Hennessy Advisors, Inc. is committed to their
time-tested stock selection formulas and disciplined money management approach.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Additional Information</U></B>  <BR>Nothing in
this press release shall be considered a solicitation to buy or an offer to sell a
security to any person in any jurisdiction where such offer, solicitation, purchase or
sale would be unlawful prior to registration under the applicable securities laws.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In soliciting shareholder approval of
the transactions, Hennessy Funds Trust and Tamarack Funds Trust and their respective
trustees, Hennessy Advisors and Voyageur Asset Management may be deemed to be participants
in the solicitation. Shareholders of the Tamarack Funds should read the prospectus/proxy
statement(s) that will be filed in connection with the solicitation because it will
contain important information, including a description of any direct or indirect interest
of the participants in the solicitation. The prospectus/proxy statement(s) and other
relevant documents (when available) may be obtained free of charge from the SEC&#146;s
website at www.sec.gov or by calling 1-800-966-4354. </FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
