Hennessy Acquires Rainier Large Cap Equity and Rainier Mid Cap Equity Funds

December 1, 2017 - Hennessy Advisors, Inc., the investment manager of the Hennessy Funds, today announced that it has completed the acquisition of assets related to the management of the Rainier Large Cap Equity Fund and the Rainier Mid Cap Equity Fund. As a result, the Rainier Large Cap Equity Fund will be reorganized into the Hennessy Cornerstone Large Growth Fund, and the Rainier Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund effective for shareholders on December 4, 2017, based on closing prices as of December 1, 2017, as follows:

                                                                                                           NAV as of Dec. 1              Conversion Ratio

Rainier Large Cap Equity, Original (RIMEX)                                 $13.9939              1.12724036 shares of HFLGX

Rainier Large Cap Equity, Institutional (RAIEX)                           $14.7365             1.17517823 shares of HILGX

Rainier Mid Cap Equity, Original (RIMMX)                                    $34.0115              1.48488116 shares of HFMDX

Rainier Mid Cap Equity, Institutional (RAIMX)                              $36.1431             1.53612822 shares of HIMDX

Hennessy Cornerstone Large Growth, Investor (HFLGX)          $12.4143                            ___

Hennessy Cornerstone Large Growth, Institutional (HILGX)   $12.5398                            ___

Hennessy Cornerstone Mid Cap 30, Investor (HFMDX)             $22.9052                           ___

Hennessy Cornerstone Mid Cap 30, Institutional (HIMDX)       $23.5287                           ___

 “I want to thank the shareholders of the Rainier Large Cap Equity and Rainier Mid Cap Equity Funds for placing their confidence in us and welcome them into the Hennessy family of funds,” said Neil Hennessy, Chairman, CEO and President of Hennessy Advisors, Inc. and President and Chief Investment Officer of Hennessy Funds. “We are honored to have the opportunity to serve these shareholders and look forward to helping them meet their investment goals,” he added.

The Special Meeting of shareholders of the Rainier Small/Mid Cap Equity Fund, the last remaining Rainier U.S. Fund, was held December 26, 2017. Following the positive vote by shareholders at that meeting, the Rainier Small/Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund on January 16, 2018, based on fund prices as of January 12, 2018. 

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