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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 Russell 1000 Value are unmanaged indices
commonly used to measure the performance of U.S. stocks. One cannot
invest directly in an index.
The Fund may invest in medium-capitalization
companies, which tend to have limited liquidity and greater price
volatility than large-capitalization companies.
* 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 expense ratio for Institutional Class
shares is contractually capped at 0.98% indefinitely.
*** Hennessy Advisors, Inc. became the manager of the Fund on 3/20/09.
^ Initial minimum investment of $250,000 may be waived for certain
fee-based or retirement plans.