Hennessy Funds -

Hennessy Funds Institutional Class Shares

Daily Fund Performance as of 05/25/12
	Net Asset Value (NAV)	% Daily Change	NAV Daily Change	YTD Return	Original Fund Inception Date
Hennessy Cornerstone Growth Fund (HICGX)	$11.58	+0.00%	+$0.00	+19.14%	11/01/96
Hennessy Focus 30 Fund (HIFTX)	$13.45	+0.30%	+$0.04	+5.41%	09/17/03
Hennessy Cornerstone Large Growth Fund (HILGX)	$10.22	+0.10%	+$0.01	+2.92%	03/20/09
Hennessy Cornerstone Value Fund (HICVX)	$12.80	-0.16%	-$0.02	+0.71%	11/01/96
Hennessy Select Large Value Fund (HSVIX)	$22.66	-0.18%	-$0.04	+4.14%	09/30/84
Hennessy Select SPARX Japan Fund (SPARX)	$13.95	+0.22%	+$0.03	-1.06%	10/31/03

With the exception of the Select SPARX Japan and Select Large Value Funds, the performance shown for Institutional Class shares for periods prior to March 3, 2008 represents the performance of the Original Class shares of each of the Funds adjusted to reflect the net expenses of the Institutional Class shares (0.98%). Hennessy Advisors, Inc. became the manager of the Select Large Value Fund on 3/20/09. Performance shown for the Select Large Value Fund for the period 4/20/04 to 3/20/09 reflects performance for Tamarack Value Fund, the predecessor to Hennessy Select Large Value Fund. Performance shown for the period 9/30/84 to 4/19/04 reflects performance for the Babson Value Fund, the predecessor to Tamarack Value Fund. The performance shown for Institutional shares of the Select Large Value Fund prior ro 3/20/09 represents the performnace of the Original Class shares of the predecessor funds adjusted to reflect the net expenses of the Institutional Class shares (0.98%). Hennessy Advisors, Inc. became the manager of the Select Large Value Fund on 3/20/09. Performance shown for the Select Large Value Fund for the period 4/20/04 to 3/20/09 reflects performance for Tamarack Value Fund, the predecessor to Hennessy Select Large Value Fund. Performance shown for the period 9/30/84 to 4/19/04 reflects performance for the Babson Value Fund, the predecessor to Tamarack Value Fund.

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 for the Institutional Share class of the Hennessy Funds are as follow: Cornerstone Growth (HICGX) = 1.09%; Focus 30 (HIFTX) = 1.14%; Cornerstone Large Growth (HILGX) = 1.14%; Cornerstone Value (HICVX) = 1.14%; Select Large Value (HSVIX) = 1.21% and Select SPARX Japan (SPARX) = 1.65%. However, with the exception of the Select SPARX Japan Fund, the expense ratio for each of the Hennessy Funds Institutional Class Shares is contractually capped at 0.98% indefinitely. Performance shown is net of fees and expenses.

Average Annual Total Returns as of Quarter-End 03/31/12
	3 Months	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Original Fund Inception Date
Cornerstone Growth Fund HICGX	+23.46%	+23.46%	-0.41%	+15.54%	-5.66%	+3.52%	+8.40%	11/01/96
Focus 30 Fund HIFTX	+6.19%	+6.19%	+1.73%	+25.29%	+3.01%	n/a	+10.34%	09/17/03
Cornerstone Large Growth Fund HILGX	+11.58%	+11.58%	+6.61%	+27.48%	n/a	n/a	+27.73%	03/20/09
Cornerstone Value Fund HICVX	+6.29%	+6.29%	+8.61%	+30.11%	+0.89%	+4.58%	+6.14%	11/01/96
Select Large Value Fund HSVIX	+11.31%	+11.31%	+5.40%	+19.38%	-0.18%	+2.73%	+9.68%	09/30/84
Select SPARX Japan Fund SPARX	+8.72%	+8.72%	+3.51%	+19.07%	-1.54%	n/a	+6.45%	10/31/03

Average Annual Total Returns as of Month-End 04/30/12
	1 Month	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Original Fund Inception Date
Cornerstone Growth Fund HICGX	-0.08%	+23.35%	-3.85%	+14.20%	-6.37%	+2.90%	+8.35%	11/01/96
Focus 30 Fund HIFTX	+2.51%	+8.86%	+0.00%	+22.42%	+2.93%	n/a	+10.56%	09/17/03
Cornerstone Large Growth Fund HILGX	-0.81%	+10.67%	+1.84%	+21.78%	n/a	n/a	+26.58%	03/20/09
Cornerstone Value Fund HICVX	+0.15%	+6.45%	+4.32%	+22.05%	+0.26%	+4.79%	+6.12%	11/01/96
Select Large Value Fund HSVIX	-0.33%	+10.94%	+3.28%	+15.87%	-1.05%	+2.79%	+9.63%	09/30/84
Select SPARX Japan Fund SPARX	-0.78%	+7.87%	+1.54%	+17.15%	-1.22%	n/a	+6.28%	10/31/03
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The Cornerstone Growth, Focus 30, Cornerstone Value, Select Large Value, Select SPARX Japan and Select SPARX Japan Smaller Companies Funds 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, Cornerstone Value, Select SPARX Japan and Select SPARX Japan Smaller Companies 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.