FUNDS ACQUIRES THE HENLOPEN FUND
CA - July 1, 2005 - Hennessy Advisors, Inc. (OTCBB:HNNA), today
announced the purchase of $299 million in assets related to the
management contract for The Henlopen Fund (HENLX). The mutual fund
will now be called Hennessy Cornerstone Growth Fund, Series II and
will be managed using a time-tested, quantitative formula known
as the Cornerstone Growth Strategy®. This
formula is the same as the one employed in the Hennessy Cornerstone
Growth Fund (HFCGX), but because the two funds purchase stocks at
different times of the year, they should maintain substantially
different portfolios. The Hennessy Cornerstone Growth Fund, Series
II will retain the symbol HENLX.
firm was selected to manage this fund because of our history of
solid performance, comparable investment style, low expenses and
our reputation for quality service,” said Neil Hennessy, President
and Chairman of Hennessy Advisors, Inc. “I want to personally
welcome each Henlopen shareholder to the Hennessy family of funds,
and to reiterate our promise to manage the fund in the sole interest
of its shareholders. To that end, we are pleased to immediately
reduce the expense ratio of the fund from 1.38% to 1.25%,”
the assets from this acquisition, Hennessy Advisors now manages
total assets of more than $1.66 billion.
Advisors, Inc., based in Novato, California, is the investment manager
to six no-load mutual funds, which satisfy a variety of investment
horizons and risk tolerance levels. Each of the Hennessy Funds employs
a time-tested stock selection formula and is managed with unwavering
discipline and consistency.
Nothing in this section shall be considered a solicitation to buy
or an offer to sell a security to any person in any jurisdiction
where such offer, solicitation, purchase or sale would be unlawful
under the securities laws of such jurisdiction.