Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible.

The Cornerstone Growth Fund, Cornerstone Growth Series II, Focus 30 Fund, Cornerstone Value Fund and Select Large Value Fund may invest in small and medium-capitalization companies, which tend to have limited liquidity and greater price volatility than large-capitalization companies.  The Cornerstone Growth Fund, Cornerstone Growth Series II, and Cornerstone Value Funds may also make investments in foreign securities, which involve greater volatility and political, economic and currency risk and differences in accounting methods.  The Total Return and Balanced Funds are non-diversified, meaning they may concentrate their assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund.

The Hennessy Funds are offered only to United States residents, and information on this web site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Hennessy Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 1-800-966-4354.

Lipper ratings for Preservation reflect funds’ historical loss avoidance relative to other funds within the same asset class, as of 3/31/09. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Preservation metrics over three-, five-, and ten-year periods. The highest 20% of funds in each peer group are named Lipper Leader or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. The Hennessy Total Return Fund, in Lipper’s Equity category, received a Lipper Leader designation for Preservation for the 3-year (out of 9289 funds), 5-year (out of 7486 funds) and 10-year periods (out of 3662 funds). Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Lipper Leader Copyright 2009, Reuters, All Rights Reserved.

© 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. The Hennessy Focus 30 Fund was rated against 410 U.S.-domiciled mid-cap blend funds over the last three years and 326 U.S.-domiciled mid-cap blend funds over the last five years. With respect to these mid-cap blend funds, Hennessy Focus 30 Fund received a Morningstar rating of 3 stars for the three-year period and 4 stars for the five-year period. The fund does not yet have ten-year performance numbers.

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