Hennessy Funds -

Hennessy Funds Investor Class Shares

Daily Fund Performance as of 05/20/13

Domestic Equity	Net Asset Value (NAV)	% Daily Change	NAV Daily Change	YTD Return
Hennessy Cornerstone Growth Fund (HFCGX)	$14.47	-0.55%	-$0.08	+15.67%
Hennessy Focus Fund (HFCSX)	$58.79	-0.19%	-$0.11	+18.60%
Hennessy Cornerstone Mid Cap 30 Fund (HFMDX)	$17.22	-0.52%	-$0.09	+21.52%
Hennessy Cornerstone Large Growth Fund (HFLGX)	$12.53	-0.08%	-$0.01	+16.23%
Hennessy Cornerstone Value Fund (HFCVX)	$16.03	-0.12%	-$0.02	+15.57%
Hennessy Large Value Fund (HLVFX)	$29.46	-0.10%	-$0.03	+17.84%
Hennessy Total Return Fund (HDOGX)	$14.11	-0.28%	-$0.04	+13.53%

Sector and Specialty	Net Asset Value (NAV)	% Daily Change	NAV Daily Change	YTD Return
Hennessy Gas Utility Index Fund (GASFX)	$26.24	+0.31%	+$0.08	+19.34%
Hennessy Small Cap Financial Fund (HSFNX)	$23.73	+0.04%	+$0.01	+19.19%
Hennessy Large Cap Financial Fund (HLFNX)	$17.95	+0.28%	+$0.05	+22.69%
Hennessy Technology Fund (HTECX)	$12.12	-0.33%	-$0.04	+8.60%
Hennessy Japan Fund (HJPNX)	$18.84	+0.32%	+$0.06	+21.08%
Hennessy Japan Small Cap Fund (HJPSX)	$11.60	+1.84%	+$0.21	+27.61%

Balanced and Fixed Income	Net Asset Value (NAV)	% Daily Change	NAV Daily Change	YTD Return
Hennessy Equity and Income Fund (HEIFX)	$15.59	-0.26%	-$0.04	+10.83%
Hennessy Balanced Fund (HBFBX)	$12.80	-0.16%	-$0.02	+8.96%
Hennessy Core Bond Fund (HCBFX)	$9.74	+0.00%	+$0.00	+0.68%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the funds may be lower or higher than the performance quoted. Performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

The total annual operating expenses of the Investor Share Class Funds are as follow: Cornerstone Growth = 1.35%; Focus = 1.43%; Cornerstone Mid Cap 30 = 1.38%; Cornerstone Large Growth = 1.27%; Cornerstone Value = 1.26%; Large Value = 1.40%; Total Return = 1.38%; Gas Utility Index = 0.69%; Small Cap Financial = 1.51%; Large Cap Financial = 1.57%; Technology = 3.21% gross/1.96% net*; Japan = 2.04%; Japan Small Cap = 2.34%; Equity and Income = 1.35%; Balanced = 1.55%; Core Bond = 2.22% gross/1.40% net*. Performance shown is net of fees and expenses.

Performance for other Fund share classes will differ. Performance for the Focus, Gas Utility Index, Small Cap Financial. Large Cap Financial, Technology, Equity and Income and Core Bond Funds for periods on or prior to 10/26/12 is that of the predecessor FBR Fund. The Hennessy Equity & Income Fund is the successor to the FBR Balanced Fund pursuant to a reorganization that took place after the close of business on October 26, 2012. The Predecessor Balanced Fund was managed by FBR Fund Advisers, Inc. and had the same investment objective and substantially similar investment strategy as the Fund. The Predecessor Balanced Fund was the investment successor to the AFBA 5Star Balanced Fund (the “AFBA Predecessor Balanced Fund”) which commenced investment operations on June 3, 1997. On March 12, 2010, the AFBA Predecessor Balanced Fund was reorganized as the FBR Balanced Fund. Performance figures shown below represent the Advisor Class shares of the AFBA Predecessor Balanced Fund for periods prior to March 12, 2010. The Hennessy Core Bond Fund is the successor to the FBR Core Bond Fund pursuant to a reorganization that took place after the close of business on October 26, 2012. The Predecessor Core Bond Fund was managed by FBR Fund Advisers, Inc. and had the same investment objective and substantially similar investment strategy as the Fund. The Predecessor Core Bond Fund was the investment successor to the AFBA 5Star Total Return Bond Fund (the “AFBA Predecessor Bond Fund”) which commenced investment operations on June 3, 1997. On March 12, 2010, the AFBA Predecessor Bond Fund was reorganized as the FBR Core Bond Fund. Performance figures shown below represent the Advisor Class shares of the AFBA Predecessor Bond Fund for periods prior to March 12, 2010.

Average Annual Total Returns as of Quarter-End 03/31/13

Domestic Equity	3 Months	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Cornerstone Growth Fund HFCGX	+13.59%	+13.59%	+20.12%	+11.40%	+2.16%	+6.78%	+8.81%	11/01/96
Focus Fund HFCSX	+10.71%	+10.71%	+18.96%	+16.21%	+10.80%	+14.01%	+13.55%	01/03/97
Cornerstone Mid Cap 30 Fund HFMDX	+15.10%	+15.10%	+23.76%	+17.10%	+8.61%	n/a	+11.34%	09/17/03
Cornerstone Large Growth Fund HFLGX	+9.74%	+9.74%	+8.65%	+11.87%	n/a	n/a	+22.42%	03/20/09
Cornerstone Value Fund HFCVX	+9.81%	+9.81%	+15.73%	+11.73%	+6.29%	+8.70%	+6.29%	11/01/96
Large Value Fund HLVFX	+10.88%	+10.88%	+16.02%	+10.61%	+3.75%	+7.41%	+9.85%	09/30/84
Total Return Fund HDOGX	+9.11%	+9.11%	+12.33%	+12.42%	+4.90%	+6.84%	+4.15%	07/29/98

Sector and Specialty	3 Months	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Gas Utility Index Fund GASFX	+14.06%	+14.06%	+21.96%	+19.46%	+10.81%	+14.35%	+10.07%	05/10/89
Small Cap Financial Fund HSFNX	+12.76%	+12.76%	+22.50%	+5.24%	+8.91%	+7.53%	+10.75%	01/03/97
Large Cap Financial Fund HLFNX	+11.35%	+11.35%	+14.50%	+4.08%	+4.73%	+6.12%	+7.20%	01/03/97
Technology Fund HTECX	+4.75%	+4.75%	-3.79%	+3.48%	+3.11%	+8.37%	+4.65%	02/01/02
Japan Fund HJPNX	+11.76%	+11.76%	+14.86%	+12.11%	+4.50%	n/a	+7.16%	10/31/03
Japan Small Cap Fund HJPSX	+15.51%	+15.51%	+19.17%	+11.95%	+5.65%	n/a	+6.33%	08/31/07

Balanced and Fixed Income	3 Months	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Equity and Income Fund HEIFX	+6.28%	+6.28%	+9.77%	+11.26%	+6.73%	+9.76%	+6.90%	09/24/01
Balanced Fund HBFBX	+5.64%	+5.64%	+7.13%	+8.00%	+3.74%	+4.61%	+4.34%	03/08/96
Core Bond Fund HCBFX	+0.41%	+0.41%	+5.75%	+5.76%	+5.65%	+6.58%	+5.74%	09/24/01

Average Annual Total Returns as of Month-End 04/30/13

Domestic Equity	1 Month	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Cornerstone Growth Fund HFCGX	-2.60%	+10.63%	+17.09%	+9.30%	+0.81%	+5.70%	+8.59%	11/01/96
Focus Fund HFCSX	+2.86%	+13.88%	+20.54%	+15.23%	+10.69%	+13.10%	+13.67%	01/03/97
Cornerstone Mid Cap 30 Fund HFMDX	-0.06%	+15.03%	+20.78%	+15.92%	+6.81%	n/a	+11.23%	09/17/03
Cornerstone Large Growth Fund HFLGX	+0.51%	+10.30%	+10.10%	+10.81%	n/a	n/a	+22.07%	03/20/09
Cornerstone Value Fund HFCVX	+2.36%	+12.40%	+18.38%	+12.41%	+5.88%	+8.07%	+6.41%	11/01/96
Large Value Fund HLVFX	+1.62%	+12.68%	+18.35%	+10.89%	+3.07%	+6.71%	+9.88%	09/30/84
Total Return Fund HDOGX	+3.10%	+12.49%	+14.50%	+13.16%	+4.97%	+6.39%	+4.34%	07/29/98

Sector and Specialty	1 Month	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Gas Utility Index Fund GASFX	+4.39%	+19.06%	+23.43%	+20.02%	+10.64%	+13.98%	+10.23%	05/10/89
Small Cap Financial Fund HSFNX	-1.83%	+10.70%	+21.72%	+1.73%	+8.07%	+6.76%	+10.57%	01/03/97
Large Cap Financial Fund HLFNX	+1.60%	+13.12%	+19.00%	+3.52%	+4.42%	+5.65%	+7.27%	01/03/97
Technology Fund HTECX	-0.68%	+4.03%	-2.35%	+2.98%	+2.03%	+7.16%	+4.55%	02/01/02
Japan Fund HJPNX	+5.98%	+18.44%	+22.70%	+14.92%	+4.74%	n/a	+7.76%	10/31/03
Japan Small Cap Fund HJPSX	+7.81%	+24.53%	+27.22%	+13.07%	+7.60%	n/a	+7.66%	08/31/07

Balanced and Fixed Income	1 Month	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Equity and Income Fund HEIFX	+1.61%	+7.99%	+10.73%	+11.19%	+6.82%	+9.32%	+6.97%	09/24/01
Balanced Fund HBFBX	+2.26%	+8.02%	+8.80%	+8.55%	+3.84%	+4.39%	+4.45%	03/08/96
Core Bond Fund HCBFX	+0.78%	+1.20%	+5.29%	+5.55%	+5.92%	+6.26%	+5.76%	09/24/01
Back to top

Mutual fund investing involves risk. Principal loss is possible.

Small and medium-capitalization companies tend to have more limited liquidity and greater price volatility than large-capitalization companies. Investments in foreign securities may involve greater volatility and political, economic and currency risk and differences in accounting methods. A non-diversified fund, one that may concentrate its assets in fewer individual holdings than a diversified fund, is more exposed to individual stock volatility than a diversified fund. A fund that concentrates its investments within one or a small group of industries may be more volatile than a fund that invests in a broader range of industries. Real estate values (and the values of real estate-related securities) fluctuate with changes in general and local economic conditions and are particularly sensitive to economic downturns. IPO shares are subject to market risk and liquidity risk. The yields and principal values of debt securities will also fluctuate. Generally, values of debt securities change inversely with interest rates. Some Funds may invest a portion of its assets in lower rated, high-yielding bonds (commonly known as "junk bonds"). Mortgage- and asset-backed securities are subject to prepayment risk, which is the risk that the borrower will prepay some or all of the principal owed to the issuer.