Hennessy Funds -

Hennessy Funds Institutional 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 (HICGX)	$14.73	-0.54%	-$0.08	+15.89%
Hennessy Focus Fund (HFCIX)	$59.38	-0.20%	-$0.12	+18.69%
Hennessy Cornerstone Mid Cap 30 Fund (HIMDX)	$17.50	-0.51%	-$0.09	+21.70%
Hennessy Cornerstone Large Growth Fund (HILGX)	$12.63	-0.08%	-$0.01	+16.30%
Hennessy Cornerstone Value Fund (HICVX)	$16.02	-0.19%	-$0.03	+15.67%
Hennessy Large Value Fund (HLVIX)	$29.54	-0.10%	-$0.03	+17.97%

Sector and Specialty	Net Asset Value (NAV)	% Daily Change	NAV Daily Change	YTD Return
Hennessy Small Cap Financial Fund (HISFX)	$14.89	+0.07%	+$0.01	+19.31%
Hennessy Technology Fund (HTCIX)	$12.21	-0.25%	-$0.03	+8.82%
Hennessy Japan Fund (HJPIX)	$19.10	+0.32%	+$0.06	+21.12%

Balanced and Fixed Income	Net Asset Value (NAV)	% Daily Change	NAV Daily Change	YTD Return
Hennessy Core Bond Fund (HCBIX)	$8.82	+0.00%	+$0.00	+0.82%
Hennessy Equity and Income Fund (HEIIX)	$14.81	-0.20%	-$0.03	+11.05%

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 Instituional Share Class Funds are as follow: Cornerstone Growth = 1.12% gross/0.99% net*; Focus = 1.14%; Cornerstone Mid Cap 30 = 1.17% gross/0.99% net*; Cornerstone Large Growth = 1.41% gross/0.98% net*; Cornerstone Value = 1.20% gross/0.98% net*; Large Value = 1.22% gross/0.98% net*; Small Cap Financial = 1.31%; Technology = 4.12% gross/1.71% net**; Japan = 1.86%; Equity and Income = 1.08%; Core Bond = 1.40% gross/1.15% net**. Performance shown is net of fees and expenses.

The performance shown for Institutional Class shares of the Cornerstone Growth, Cornerstone Mid Cap 30 and Cornerstone Value Funds for periods prior to March 3, 2008, for the Focus and Small Cap Financial Funds for periods prior to May 30, 2008, for the Large Value Fund for periods prior to March, 20, 2009, and for the Technology Fund prior to March 12, 2010 represents the performance of the Investor Class shares of each of the Funds and includes expenses that are not applicable to and are higher than those of the Institutional Class shares. Performance for the Focus, Small 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 Fund is a successor to the Predecessor 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. Hennessy Advisors, Inc. became the manager of the Large Value Fund on 3/20/09. Performance shown for the Large Value Fund for the period 4/20/04 to 3/20/09 reflects performance for Tamarack Value Fund, the predecessor to Hennessy 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.

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 Investor Class
Cornerstone Growth Fund HICGX	+13.69%	+13.69%	+20.42%	+11.77%	+2.49%	+6.96%	+8.92%	11/01/96
Focus Fund HFCIX	+10.79%	+10.79%	+19.33%	+16.60%	+11.16%	+14.20%	+13.66%	01/03/97
Cornerstone Mid Cap 30 Fund HIMDX	+15.16%	+15.16%	+24.22%	+17.52%	+9.02%	n/a	+11.56%	09/17/03
Cornerstone Large Growth Fund HILGX	+9.76%	+9.76%	+8.90%	+12.20%	n/a	n/a	+22.78%	03/20/09
Cornerstone Value Fund HICVX	+9.89%	+9.89%	+16.04%	+12.07%	+6.59%	+8.86%	+6.39%	11/01/96
Large Value Fund HLVIX	+10.94%	+10.94%	+16.47%	+11.07%	+4.07%	+7.58%	+9.91%	09/30/84

Sector and Specialty	3 Months	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date Investor Class
Small Cap Financial Fund HISFX	+12.82%	+12.82%	+22.79%	+5.45%	+9.16%	+7.65%	+10.83%	01/03/97
Technology Fund HTCIX	+4.81%	+4.81%	-3.61%	+3.69%	+3.23%	+8.44%	+4.70%	02/01/02
Japan Fund HJPIX	+11.79%	+11.79%	+15.10%	+12.42%	+4.70%	n/a	+7.33%	10/31/03

Balanced and Fixed Income	3 Months	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Core Bond Fund HCBIX	+0.47%	+0.47%	+6.00%	+6.01%	+5.90%	+6.83%	+5.92%	06/03/97
Equity and Income Fund HEIIX	+6.40%	+6.40%	+10.04%	+11.52%	+6.97%	+10.02%	+7.06%	06/03/97

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 Investor Class
Cornerstone Growth Fund HICGX	-2.56%	+10.78%	+17.43%	+9.68%	+1.15%	+5.88%	+8.70%	11/01/96
Focus Fund HFCIX	+2.85%	+13.95%	+20.89%	+15.52%	+11.04%	+13.29%	+13.78%	01/03/97
Cornerstone Mid Cap 30 Fund HIMDX	-0.06%	+15.09%	+21.10%	+16.35%	+7.19%	n/a	+11.44%	09/17/03
Cornerstone Large Growth Fund HILGX	+0.50%	+10.31%	+10.35%	+11.11%	n/a	n/a	+22.42%	03/20/09
Cornerstone Value Fund HICVX	+2.43%	+12.56%	+18.69%	+12.75%	+6.20%	+8.23%	+6.51%	11/01/96
Large Value Fund HLVIX	+1.66%	+12.78%	+18.79%	+11.35%	+3.40%	+6.88%	+9.94%	09/30/84

Sector and Specialty	1 Month	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date Investor Class
Small Cap Financial Fund HISFX	-1.85%	+10.74%	+21.99%	+1.89%	+8.31%	+6.88%	+10.65%	01/03/97
Technology Fund HTCIX	-0.60%	+4.19%	-2.26%	+3.19%	+2.17%	+7.23%	+4.61%	02/01/02
Japan Fund HJPIX	+5.96%	+18.45%	+22.92%	+15.23%	+4.91%	n/a	+7.92%	10/31/03

Balanced and Fixed Income	1 Month	Year-to-Date	One Year	Three Year	Five Year	Ten Year	Since Inception	Inception Date
Core Bond Fund HCBIX	+0.80%	+1.27%	+5.49%	+5.79%	+6.17%	+6.52%	+5.95%	06/03/97
Equity and Income Fund HEIIX	+1.69%	+8.20%	+11.06%	+11.44%	+7.10%	+9.58%	+7.13%	06/03/97
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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.