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 Investor Share Class Funds are as follow: Cornerstone Growth = 1.31%; Focus = 1.47%; Cornerstone Mid Cap 30 = 1.33%; Cornerstone Large Growth = 1.24%; Cornerstone Value = 1.25%; Large Value = 1.35%; Total Return = 1.28%; Equity and Income = 1.43%; Balanced = 1.68%; Gas Utility = 1.02%; Small Cap Financial = 1.50%; Large Cap Financial = 1.58%; Technology = 3.14%; Japan = 1.49%; Japan Small Cap = 1.88%. Performance shown is net of fees and expenses.
The performance shown for Investor Class shares of the Equity and Income Fund and for periods prior to 9/24/01 represents the performance of the Institutional Class shares of the Fund and includes expenses that are not applicable and are lower than those of Investor Class shares.
Performance for other Fund share classes will differ. Performance for the Focus, Gas Utility, Small Cap Financial, Large 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.
Hennessy Advisors, Inc. became the manager of the Large Value Fund on 3/20/09. Performance shown for the Large Value Fund for the period 4/20/04 to 3/20/09 reflects performance for Tamarack Value Fund, the predecessor to Hennessy Large Value Fund, and 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.