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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          1.12723532 shares of HFLGX

Rainier Large Cap Equity, Institutional (RAIEX)                       $14.7365          1.17517522 shares of HILGX

 Rainier Mid Cap Equity, Original (RIMMX)                              $34.0115          1.48488000 shares of HFMDX

 Rainier Mid Cap Equity, Institutional (RAIMX)                         $36.1431          1.53612369 shares of HIMDX

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

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

 Hennessy Cornerstone Mid Cap 30, Original (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, has been adjourned to December 26, 2017. Pending shareholder approval, the Rainier Small/Mid Cap Equity Fund will be reorganized into the Hennessy Cornerstone Mid Cap 30 Fund in mid-January 2018. 

For more information, please read the FAQs regarding the reorganization.

 About Hennessy Funds

Hennessy Funds offers a wide range of domestic equity, multi-asset, sector and specialty mutual funds. Hennessy is committed to its consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach and to providing superior service to shareholders.