Hennessy Funds

Hennessy Total Return Fund (HDOGX)

Overview
The Hennessy Total Return Fund seeks total return, consisting of capital appreciation and current income. The Fund invests in ten very large, dividend-yielding companies selected by the purely quantitative Total Return Formula. The Fund selects large-cap, value oriented stocks and a percentage of fixed income.

Investment Strategy
The Hennessy Total Return Fund invests 75% of its assets in the ten highest dividend-yielding Dow Jones Industrial stocks, known as the "Dogs of the Dow", and the remaining 25% in U.S. Treasury securities with a maturity of less than one year. Stocks for the portfolio are selected by strictly adhering to the following time-tested, quantitative formula:

Download Fund Fact Sheet

	The Hennessy Total Return Fund was named a Lipper Leader for Preservation among 10,251 funds in the Equity category for the period ending 3/31/13.
The overall Lipper calculation is based on an equal-weighted average of percentile ranks for the Preservation metrics over the three-, five-, and ten-year periods.

Universe of 30 Dow Jones Industrial Average stocks

Identify the 10 highest dividend- yielding stocks, also known as the "Dogs of the Dow"

Invest 75% of asset in Dogs of the Dow stocks

Invest 25% of asset in U.S. Treasury securities with a maturity of less than one year

Fund Information as of 03/31/13

Equity Sector Weighting
Consumer Discretionary	4.3%
Consumer Staples	6.2%
Energy	4.4%
Financials	3.1%
Health Care	21.5%
Industrials	4.1%
Information Technology	9.3%
Materials	6.1%
Telecommunication Services	13.9%

Top 10 Holdings

Pfizer, Inc.

7.6%

Verizon Communications, Inc.

7.4%

Johnson & Johnson

7.1%

Merck & Co., Inc..

6.7%

AT&T, Inc.

6.5%

Du Pont (E.I.) De Nemours

6.1%

Intel Corp.

5.8%

Procter & Gamble Co.

5.2%

Chevron Corp.

4.4%

McDonald's Corporation

4.3%

Domestic/Foreign Holdings
USA	97.9%
Cash & Other Assets, Less Liabilities	2.1

Portfolio Composition
Equity	72.7%
Fixed Income	25.2%
Cash	2.1%

Fund Information
Total Net Assets	$79 million
Beta (vs. S&P 500)*	0.50
30-Day SEC Yield - net	1.23%
Expense Ratio - gross	1.38%**
Expense Ratio - net	1.30%**
12b-1 Fees	0.15%
CUSIP	425 887 205
Ticker	HDOGX
Inception Date	7/29/98
Minimum Investment	$2,500
Minimum Investment (IRA)	$250

Performance as of 03/31/13
Average Annual Total Returns
	3 Months	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception (7/29/98)
HDOGX (Investor)	9.11%	9.11%	12.33%	12.42%	4.90%	6.84%	4.15%
Dow Jones Industrial Average	11.93%	11.93%	13.37%	13.32%	6.50%	8.94%	5.82%
S&P 500 Index	10.61%	10.61%	13.96%	12.67%	5.81%	8.53%	4.18%
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.

Year by Year Total Returns
	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
HDOGX (Investor)	22.57%	2.34%	-0.11%	21.83%	2.03%	-31.76%	16.92%	14.09%	10.81%	6.77%
Dow Jones Ind. Average	28.28%	5.31%	1.72%	19.05%	8.88%	-31.93%	22.68%	14.06%	8.38%	10.24%
S&P 500 Index	28.68%	10.88%	4.91%	15.80%	5.49%	-37.00%	26.46%	15.06%	2.11%	16.00%

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 and Dow Jones Industrial Average are unmanaged indices commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.

The Dow Jones Industrial Average is the property of Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or their investment advisors. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information provided. One cannot invest directly in an index.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund.

Lipper ratings for Preservation reflect funds’ historical loss avoidance relative to other funds within the same asset class, as of 12/31/12. 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 period (out of 10,251 funds), the 5-year period (out of 8,570 funds) and the 10-year period (out of 5,063 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 2012, Reuters, All Rights Reserved.

Dividend Yield is calculated as the annual dividends paid by a company divided by the price of a share of their stock. 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.

** The gross expense ratio includes interest expense, while the net expense ratio excludes interest expense, which is estimated to be 0.10% annually.