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 may be lower or higher than the performance quoted.
The total annual operating expenses of the Institutional Share Class Funds are as follow: Cornerstone Growth = 0.99%; Focus = 1.13%; Cornerstone Mid Cap 30 = 0.97%; Cornerstone Large Growth = 1.02%; Cornerstone Value = 0.95%; Equity and Income = 1.08%; Gas Utility = 0.64%; Small Cap Financial = 1.18%; Large Cap Financial = 1.23%; Technology (Gross/Net*) = 3.12% / 0.99%; Japan = 1.11%; Japan Small Cap = 1.51%. Performance shown is net of fees and expenses. *The Fund's investment manager has contractually agreed to limit expenses until 2/28/18.
Performance for other Fund share classes will differ. The performance shown for Institutional Class shares of the Cornerstone Growth, Cornerstone Mid Cap 30 and Cornerstone Value Funds for periods prior to March 3, 2008, for the Focus and Small Cap Financial Funds for periods prior to May 30, 2008, for the Technology Fund prior to March 12, 2010 and for the Large Cap Financial and Japan Small Cap prior to June 15, 2015, the Gas Utility Fund prior to Marcy 1, 2017 represents the performance of the Investor Class shares of each of the Funds and includes expenses that are not applicable to and are higher than those of the Institutional Class shares.
Performance for the Focus, Small Cap Financial, Technology, Equity and Income Fund for periods on or prior to 10/26/12 is that of the predecessor FBR Fund. The Hennessy Equity & Income Fund is the successor to the FBR Balanced Fund pursuant to a reorganization that took place after the close of business on October 26, 2012. The Predecessor Balanced Fund was managed by FBR Fund Advisers, Inc. and had the same investment objective and substantially similar investment strategy as the Fund. The Predecessor Balanced Fund was the investment successor to the AFBA 5Star Balanced Fund (the “AFBA Predecessor Balanced Fund”) which commenced investment operations on June 3, 1997. On March 12, 2010, the AFBA Predecessor Balanced Fund was reorganized as the FBR Balanced Fund. Performance figures shown represent the Advisor Class shares of the AFBA Predecessor Balanced Fund for periods prior to March 12, 2010.