Hennessy Funds

Hennessy Select Large Value Fund (HSVFX)

Overview
The Hennessy Select Large Value Fund seeks long-term growth of capital and current income by purchasing larger capitalization companies that are out of favor and undervalued.

Investment Strategy
The Hennessy Select Large Value Fund invests in stocks which its portfolio managers consider to be undervalued based on earnings, dividends and/or assets, or on other widely recognized stock valuation measurements. Further, the portfolio managers believe that these companies have sound businesses with good future potential based on their fundamental characteristics.

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Fund Information as of 12/31/11

Equity Sector Weighting
Consumer Discretionary	9.5%
Consumer Staples	7.5%
Energy	13.1%
Financials	23.8%
Health Care	12.1%
Industrials	8.8%
Information Technology	9.8%
Materials	2.5%
Telecommunication Services	5.0%
Utilities	6.8%

Top 10 Holdings
Chevron Corp.	4.0%
Pfizer, Inc.	3.6%
Wells Fargo & Company	3.4%
Intel Corp.	3.1%
General Electric Co.	2.6%
JPMorgan Chase & Company	2.6%
Exxon Mobil Corp.	2.6%
Verizon Communications, Inc.	2.6%
Kraft Foods, Inc.	2.5%
Cisco Systems, Inc.	2.4%

Fund Information as of 12/31/11

Fund Information
Total Net Assets	$124 million
Beta (vs. S&P 500)*	1.02
Distributions Paid	Annually, generally in Nov. or Dec.
	Original Class	Institutional Class
Expense Ratio	1.41%	Gross 1.22%; Net 0.98%**
CUSIP	425 88P 502	425 88P 601
Ticker	HSVFX	HSVIX
SEC Fund Identifier	Series S000025096	Series S000025096
	Class C000074660	Class C000074661
Inception Date	9/30/84***	9/30/84***
Minimum Investment	$2,500	$250,000^
Minimum Investment (IRA)	$250	$250,000^

Performance as of 12/31/11

Domestic/Foreign Holdings
Switzerland	1.6%
United States	97.4%
Cash and Other Assets, Less Liabilities	1.0%

Portfolio Composition
Equity	99.0%
Cash	1.0%

Average Annual Total Returns
	3 Months	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception (9/30/84)
HSVFX	13.91%	0.58%	0.58%	9.99%	-2.64%	2.42%	9.29%
Russell 1000 Value Index	13.11%	0.39%	0.39%	11.55%	-2.64%	3.89%	10.65%
S&P 500 Index	11.82%	2.11%	2.11%	14.11%	-0.25%	2.92%	10.35%
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 shown 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.

Year by Year Total Returns
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
HSVFX	-14.47%	24.95%	16.34%	1.29%	15.28%	3.31%	-36.35%	19.45%	10.76%	0.58%
Russell 1000 Value Index	-15.52%	30.03%	16.49%	7.05%	22.25%	-0.17%	-36.85%	19.69%	15.51%	0.39%
S&P 500 Index	-22.10%	28.68%	10.88%	4.91%	15.80%	5.49%	-37.00%	26.46%	15.06%	2.11%

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.