Hennessy Equity and Income Fund (Formerly FBR Balanced Fund)

Objective
The Fund seeks both long-term capital growth and current income.

Investment Strategy
The Fund invests in stocks, bonds and other fixed-income securities which are designed to provide broad market exposure and low volatility versus the S&P 500 Index. It employs a balanced approach which largely focuses on a portfolio of dividend-paying stocks and fixed income securities.

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Fund Information as of 03/31/13
Equity Sector Weighting
Consumer Discretionary
4.2%
Consumer Staples
10.9%
Energy
4.0%
Financials
10.2%
Health Care
3.8%
Industrials
3.0%
Information Technology
10.2%
Materials
7.1%
Telecommunication Services
2.2%
Utilities
3.0%
Cash
1.1%
Top 10 Equity Holdings
Newmarket Corp.
2.6%
Eaton Vance Corp.
2.6%
Carmax, Inc.
2.6%
Bristol-Myers Squibb Co.
2.5%
Albemarle Corp.
2.3%
Wells Fargo & Co.
2.3%
Chevron Corp.
2.3%
Dominion Resources, Inc.
2.2%
Verizon Communications, Inc.
2.2%
Berkshire Hathaway, Inc.-Cl B
2.2%
Fixed Income Sleeve Quality Distribution
Aaa/AAA
44.77%
Aa/AA
3.94%
A
22.66%
Baa/BBB
25.36%
Below Baa/BBB
2.75%
Non-rated
0.0%
Fund Information
Total Net Assets $268 million  
Beta (vs. S&P 500) 0.55 (10 year)  
  Investor Class Institutional Class
Expense Ratio 1.35% 1.08%
30-Day SEC Yield 0.92% 1.23%
Ticker HEIFX HEIIX
CUSIP 425 88P 825 425 88P 817
Inception Date 9/24/01 6/03/97
Minimum Investment $2,500 $250,000*
Minimum Investment (IRA) $250 $250,000*

Performance as of 03/31/13
Average Annual Total Returns
3 Months
1 Year
3 Year
5 Year
10 Year
Since Inception (6/03/97)
HEIFX (Investor Class)
6.28%
9.77%
11.26%
6.73%
9.76%
6.90%
S&P 500 Index
10.61%
13.96%
12.67%
5.81%
8.53%
5.89%

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 fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by clicking here.

Performance for periods prior to 10/26/12 is that of the FBR Balanced Fund.
 

 

The Fund’s composition and sector weightings are shown as a percentage of the Fund’s total net assets. Portfolio composition and sector weightings are subject to change at any time and should not be considered a recommendation to buy or sell a particular security. The S&P 500 is an unmanaged indices commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.

Mutual fund investing involves risk; Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. The risk is greater for longer term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in foreign securities may involve greater volatility and political, economic and currency risk and differences in accounting methods. The Fund may invest in IPO's which will fluctuate considerably due to the absence of a prior public market and may have a magnified impact on the Fund.

Credit Quality Bond Ratings typically range from AAA/Aaa (highest) to D (lowest). The credit ratings shown are based on each portfolio security’s rating as generally provided by Moody’s. If a Moody’s rating is not available, then the rating is provided by Standard and Poor’s (“S&P”), a Nationally Recognized Statistical Rating Organization (“NRSRO”). The credit quality of the investments in the Fund’s portfolio does not apply to the stability or safety of the Fund. These ratings are updated by Financial Counselors, Inc. (“FCI”) quarterly and may change over time. Please note, the Fund's sub-advisor, FCI, is not a NRSRO nor has the Fund itself been rated by a NRSRO.

SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the 30-day period prior to quarter-end.

Beta is a measure of a portfolio’s sensitivity to market movements (as represented by the S&P 500). The index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund’s historical returns have fluctuated more (less) than the index.

* Initial minimum investment of $250,000 may be waived for certain fee-based or retirement plans.