DOMESTIC EQUITY	Investor	Institutional
Hennessy Cornerstone Growth Fund	HFCGX	HICGX
Hennessy Focus Fund	HFCSX	HFCIX
Hennessy Cornerstone Mid Cap 30 Fund	HFMDX	HIMDX
Hennessy Cornerstone Large Growth Fund	HFLGX	HILGX
Hennessy Cornerstone Value Fund	HFCVX	HICVX
MULTI-ASSET
Hennessy Total Return Fund	HDOGX	—
Hennessy Equity and Income Fund	HEIFX	HEIIX
Hennessy Balanced Fund	HBFBX	—
SECTOR & SPECIALTY
Hennessy Energy Transition Fund	HNRGX	HNRIX
Hennessy Midstream Fund	HMSFX	HMSIX
Hennessy Gas Utility Fund	GASFX	HGASX
Hennessy Japan Fund	HJPNX	HJPIX
Hennessy Japan Small Cap Fund	HJPSX	HJSIX
Hennessy Large Cap Financial Fund	HLFNX	HILFX
Hennessy Small Cap Financial Fund	HSFNX	HISFX
Hennessy Technology Fund	HTECX	HTCIX

Summary Information:
Domestic Equity
Hennessy Cornerstone Growth Fund	2
Hennessy Focus Fund	5
Hennessy Cornerstone Mid Cap 30 Fund	8
Hennessy Cornerstone Large Growth Fund	11
Hennessy Cornerstone Value Fund	14
Multi-Asset
Hennessy Total Return Fund	17
Hennessy Equity and Income Fund	20
Hennessy Balanced Fund	24
Sector & Specialty
Hennessy Energy Transition Fund	27
Hennessy Midstream Fund	31
Hennessy Gas Utility Fund	35
Hennessy Japan Fund	38
Hennessy Japan Small Cap Fund	41
Hennessy Large Cap Financial Fund	44
Hennessy Small Cap Financial Fund	47
Hennessy Technology Fund	50
Important Additional Fund Information	53
Additional Investment Information	54
Management of the Funds	56
Shareholder Information
Pricing of Fund Shares	60
Share Classes	60
Account Minimum Investments – Investor Class	61
Account Minimum Investments – Institutional Class	61
Market Timing Policy	61
Telephone Privileges	61
How to Purchase Shares	62
Automatic Investment Plan	63
Retirement Plans	64
How to Sell Shares	64
How to Exchange Shares	66
Systematic Cash Withdrawal Program	66
Dividends and Distributions	67
Tax Information	67
Descriptions of Indices	68
Important Notice Regarding Delivery of Shareholder Documents	69
Electronic Delivery	69
Financial Highlights	71

HENNESSY FUNDS

1-800-966-4354

The Hennessy Cornerstone Growth Fund seeks long-term growth of capital.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.44%		0.28%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.34%		0.28%
Total Annual Fund Operating Expenses		1.33%		1.02%

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$135	$421	$729	$1,601
Institutional	$104	$325	$563	$1,248

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 90% of the average value of its portfolio.

 

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.  The Fund invests in growth-oriented common stocks by utilizing a quantitative formula known as the Cornerstone Growth Strategy (the “Growth Strategy”). From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations exceeding $175 million, the Growth Strategy identifies the 50 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria:

	•	Price-to-sales ratio below 1.5
		The Growth Strategy uses price-to-sales as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company’s potential value.
	•	Annual earnings that are higher than the previous year
		The Growth Strategy considers improved earnings to be a key indicator of a company’s financial strength.
	•	Positive stock price appreciation over the past three-month and six-month periods
		The Growth Strategy considers stock price appreciation because it is often associated with positive fundamentals, such as strong growth or improving profitability.

The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Growth Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Growth Strategy’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

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DOMESTIC EQUITY – HENNESSY CORNERSTONE GROWTH FUND

As of January 31, 2024, the average and median market capitalizations of the stocks held by the Fund were $15.7 billion and $4.2 billion, respectively.

 

Formula Investing Risk: The Fund will adhere to the Growth Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors.

Growth and Value Investing Risk: Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The industries in which the Fund concentrates its investments at any given time are solely the result of the Growth Formula and may change significantly when the Fund is rebalanced. The Fund is currently substantially invested in the Energy and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

High Portfolio Turnover Risk:  High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund’s performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole.  The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 2000^® Index and the S&P 500^® Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the Hennessy Cornerstone Growth Fund, a series of Hennessy Mutual Funds, Inc. (the “Predecessor Growth Fund”). The performance information provided for the periods on or prior to February 28, 2014, is historical information for the Predecessor Growth Fund, which had the same investment adviser and the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY CORNERSTONE GROWTH FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 36.11% for the quarter ended June 30, 2020, and the lowest quarterly return was -39.27% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Cornerstone Growth
Fund – Investor Shares
Return before taxes	19.58%	15.80%	8.84%
Return after taxes
on distributions	19.47%	14.39%	7.95%
Return after taxes
on distributions and
sale of Fund shares	11.67%	12.62%	7.09%
Hennessy Cornerstone Growth
Fund – Institutional Shares
Return before taxes	19.99%	16.17%	9.17%
Russell 2000® Index
(reflects no deduction for
fees, expenses, or taxes)	16.93%	9.97%	7.16%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

DOMESTIC EQUITY – HENNESSY FOCUS FUND

The Hennessy Focus Fund seeks capital appreciation.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.90%		0.90%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.45%		0.23%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.35%		0.23%
Total Annual Fund Operating Expenses		1.50%		1.13%

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$153	$474	$818	$1,791
Institutional	$115	$359	$622	$1,375

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of its portfolio.

 

The Fund invests in (i) domestic companies whose securities are listed on U.S. national securities exchanges, (ii) foreign companies listed on U.S. national securities exchanges, (iii) foreign companies through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges, and (iv) foreign companies traded on foreign exchanges. Investments consist primarily of common stocks. As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. The Fund invests without regard to market capitalization.

The Portfolio Managers implement the Fund’s strategy through a concentrated portfolio of approximately 25 companies that the Portfolio Managers believe are high-quality businesses with large growth opportunities, excellent management, low tail risk, and discount valuations. The Fund’s holdings are conviction-weighted with the top ten positions comprising approximately 60-80% of the Fund’s assets. Once a potential investment is identified, the Portfolio Managers attempt to purchase shares at a price they believe represents a discount to a conservative estimate of the company’s intrinsic value. Generally, the Portfolio Managers may sell a business for a variety of reasons, including (i) source of funds for what they believe is a superior investment idea, (ii) adverse change in their assessment of a business’s quality, growth, or management, (iii) valuation, or (iv) risk management at the company or portfolio level.

The Fund may from time to time hold a significant portion of its portfolio in cash or cash equivalents.  If market conditions reduce the availability of securities with acceptable valuations, the Fund may hold larger than usual cash reserves for extended periods until securities with acceptable valuations become available.

 

Non-Diversification Risk:  The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller

 

HENNESSY FUNDS

1-800-966-4354

5

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Investor: HFCSX

Institutional: HFCIX

 

number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities.  As of January 31, 2024, approximately 63% of the Fund’s assets were invested in its top 10 holdings.

Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Consumer Discretionary, Financials, and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Consumer Discretionary sector may be affected by commodity price volatility, consumer preferences, competition, changing demographics, and labor relations. These companies depend heavily on disposable household income and consumer spending, and social trends and marketing campaigns may significantly affect demand for their products. Consumer discretionary companies may also lose value more quickly in periods of economic downturns because their products are viewed as nonessential luxury items. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate fluctuations, and other factors. Finally, companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

Real Estate Investment Risk: The Fund invests in real estate investments, including real estate investment trusts (REITs), and is therefore subject to risks associated with the real estate market.  Real estate investments are particularly susceptible to economic downturns, changes in regulations, and fluctuating interest rates.

Small-Sized and Medium-Sized Companies Risk:  The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

Temporary Defensive Positions Risk:  From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions.  To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective.  For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 3000^® Index, as well as an additional index that includes securities with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities in which the Fund invests, the Russell Midcap^® Growth Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus.  The

WWW.HENNESSYFUNDS.COM

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DOMESTIC EQUITY – HENNESSY FOCUS FUND

Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY FOCUS FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 29.66% for the quarter ended June 30, 2020, and the lowest quarterly return was -30.24% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Focus Fund –
Investor Shares
Return before taxes	20.85%	11.15%	8.21%
Return after taxes
on distributions	14.89%	6.67%	5.36%
Return after taxes
on distributions and
sale of Fund shares	16.12%	8.55%	6.31%
Hennessy Focus Fund –
Institutional Shares
Return before taxes	21.31%	11.56%	8.60%
Russell 3000® Index
(reflects no deduction for
fees, expenses, or taxes)	25.96%	15.16%	11.48%
Russell Midcap®
Growth Index
(reflects no deduction for
fees, expenses, or taxes)	25.87%	13.81%	10.57%

We use the Russell Midcap^® Growth Index as an additional index because it reflects the performance of investments with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities held by the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

 

The Hennessy Cornerstone Mid Cap 30 Fund seeks long-term growth of capital.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.45%		0.23%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.35%		0.23%
Total Annual Fund Operating Expenses		1.34%		0.97%

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$136	$425	$734	$1,613
Institutional	$  99	$309	$536	$1,190

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 120% of the average value of its portfolio.

 

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, but not through American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Under normal circumstances, the Fund invests at least 80% of its net assets in mid-cap growth-oriented common stocks by utilizing a quantitative formula known as the Cornerstone Mid Cap 30 Formula (the “Mid Cap 30 Formula”). From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations between $1 billion and $10 billion, the Mid Cap 30 Formula identifies the 30 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria:

	•	Price-to-sales ratio below 1.5
		The Mid Cap 30 Formula uses price-to-sales as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company’s potential value.
	•	Annual earnings that are higher than the previous year
		The Mid Cap 30 Formula considers improved earnings to be a key indicator of a company’s financial strength.
	•	Positive stock price appreciation over the past three-month and six-month periods
		The Mid Cap 30 Formula considers stock price appreciation because it is often associated with positive fundamentals, such as strong growth or improving profitability.

The Fund purchases these 30 stocks weighted equally by dollar amount, with 3.33% of the portfolio’s assets invested in each. Using the Mid Cap 30 Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the fall. Stocks meeting the Mid Cap 30 Formula’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 3.33% weighting.

DOMESTIC EQUITY – HENNESSY CORNERSTONE MID CAP 30 FUND

Formula Investing Risk: The Fund will adhere to the Mid Cap 30 Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors.

Growth and Value Investing Risk: Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.  Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The industries in which the Fund concentrates its investments at any given time are solely the result of the Mid Cap 30 Formula and may change significantly when the Fund is rebalanced. The Fund is currently substantially invested in the Consumer Discretionary, Energy, and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Consumer Discretionary sector may be affected by commodity price volatility, consumer preferences, competition, changing demographics, and labor relations. These companies depend heavily on disposable household income and consumer spending, and social trends and marketing campaigns may significantly affect demand for their products. Consumer discretionary companies may also lose value more quickly in periods of economic downturns because their products are viewed as nonessential luxury items. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets. Finally, companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

High Portfolio Turnover Risk:  High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund’s performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500^® Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell Midcap^® Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the Hennessy Cornerstone Mid Cap 30 Fund, a series of Hennessy Mutual Funds, Inc. (the “Predecessor Mid Cap 30 Fund”). The

HENNESSY FUNDS

1-800-966-4354

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Investor: HFMDX

Institutional: HIMDX

performance information provided for the periods on or prior to February 28, 2014, is historical information for the Predecessor Mid Cap 30 Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY CORNERSTONE MID CAP 30 FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 37.39% for the quarter ended June 30, 2020, and the lowest quarterly return was -37.29% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates.

 

AVERAGE ANNUAL TOTAL RETURNS 

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Cornerstone Mid Cap 30
Fund – Investor Shares
Return before taxes	30.78%	19.55%	10.85%
Return after taxes
on distributions	27.91%	17.87%	8.70%
Return after taxes
on distributions and
sale of Fund shares	20.07%	15.68%	8.24%
Hennessy Cornerstone Mid Cap 30
Fund – Institutional Shares
Return before taxes	31.27%	19.98%	11.23%
Russell Midcap® Index
(reflects no deduction for
fees, expenses, or taxes)	17.23%	12.68%	9.42%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

We use the Russell Midcap^® Index as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

DOMESTIC EQUITY – HENNESSY CORNERSTONE LARGE GROWTH FUND

The Hennessy Cornerstone Large Growth Fund seeks long-term growth of capital.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.39%		0.26%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.29%		0.26%
Total Annual Fund Operating Expenses		1.28%		1.00%

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$130	$406	$702	$1,545
Institutional	$102	$318	$552	$1,225

The Fund pays transaction costs, such as commissions, when it buys and sells securities or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio.

 

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, but not through American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in growth-oriented common stocks of larger companies by utilizing a quantitative formula known as the Cornerstone Large Growth Formula (the “Large Growth Formula”). Beginning with the investable common stocks of public companies in the S&P Capital IQ Database, the Large Growth Formula identifies the 50 common stocks that meet the following criteria, in the specified order:

	1)	Above-average market capitalization
	2)	Price-to-cash flow ratio less than the median of the remaining securities
	3)	Positive total capital
	4)	Highest one-year return on total capital

The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each.  Using the Large Growth Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter.  Stocks meeting the Large Growth Formula’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold.  Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

 

Formula Investing Risk: The Fund will adhere to the Large Growth Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors.

Growth and Value Investing Risk: Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

Medium-Sized Company Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 1000^® Index and the S&P 500^® Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY CORNERSTONE LARGE GROWTH FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 22.43% for the quarter ended June 30, 2020, and the lowest quarterly return was -28.85% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

 

AVERAGE ANNUAL TOTAL RETURNS 

(for the periods ended December 31, 2023)

	One	Five	Ten
	Year	Years	Years
Hennessy Cornerstone Large
Growth Fund – Investor Shares
Return before taxes	21.71%	13.83%	9.75%
Return after taxes
on distributions	20.61%	11.65%	7.01%
Return after taxes
on distributions and
sale of Fund shares	13.57%	10.85%	7.19%
Hennessy Cornerstone Large
Growth Fund – Institutional Shares
Return before taxes	22.06%	14.14%	10.02%
Russell 1000® Index
(reflects no deduction for
fees, expenses, or taxes)	26.53%	15.52%	11.80%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

DOMESTIC EQUITY – HENNESSY CORNERSTONE LARGE GROWTH FUND

The Hennessy Cornerstone Value Fund seeks total return, consisting of capital appreciation and current income.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.34%		0.32%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.24%		0.32%
Total Annual Fund Operating Expenses		1.23%		1.06%

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$125	$390	$676	$1,489
Institutional	$108	$337	$585	$1,294

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.

 

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in larger, dividend-paying common stocks by utilizing a quantitative formula known as the Cornerstone Value Strategy (the “Value Strategy”). From the investable common stocks of public companies in the S&P Capital IQ Database, the Value Strategy identifies the 50 common stocks with the highest dividend yield as of the date of purchase that also meet the following criteria:

	•	Above-average market capitalization
	•	Above-average number of shares outstanding
	•	Twelve-month sales that are 50% greater than the average
	•	Above-average cash flow

The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Value Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Value Strategy’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

As of January 31, 2024, the average and median market capitalizations of the stocks held by the Fund were $151.3 billion and $126.4 billion, respectively.

 

Formula Investing Risk: The Fund will adhere to the Value Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal

WWW.HENNESSYFUNDS.COM

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DOMESTIC EQUITY – HENNESSY CORNERSTONE VALUE FUND

 

tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund’s portfolio in a given year are experiencing financial difficulty or are out of favor with investors.

Value Investing Risk:  Value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

Medium-Sized Companies Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The industries in which the Fund concentrates its investments at any given time are solely the result of the Value Strategy and may change significantly when the Fund is rebalanced. The Fund is currently substantially invested in the Energy, Financials, and Health Care sectors, and its performance is therefore tied closely to, and affected by, developments in these industries.  Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors. Finally, companies in the Health Care sector are subject to extensive government regulation and can be significantly affected by government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and an increased emphasis on outpatient services.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk: Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500^® Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000^® Value Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the Hennessy Cornerstone Value Fund, a series of Hennessy Mutual Funds, Inc. (the “Predecessor Value Fund”). The performance information provided for the periods on or prior to February 28, 2014, is historical information for the Predecessor Value Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

For the period shown in the bar chart, the Fund’s highest quarterly return was 16.26% for the quarter ended December 31, 2022, and the lowest quarterly return was -28.40% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates.

 

AVERAGE ANNUAL TOTAL RETURNS 

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Cornerstone Value
Fund – Investor Shares
Return before taxes	5.81%	10.53%	7.85%
Return after taxes
on distributions	4.95%	9.14%	6.20%
Return after taxes
on distributions and
sale of Fund shares	4.06%	8.22%	5.97%
Hennessy Cornerstone Value
Fund – Institutional Shares
Return before taxes	6.00%	10.75%	8.07%
Russell 1000® Value Index
(reflects no deduction for
fees, expenses, or taxes)	11.46%	10.91%	8.40%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

We use the Russell 1000^® Value Index as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

MULTI-ASSET – HENNESSY TOTAL RETURN FUND

The Hennessy Total Return Fund seeks total return, consisting of capital appreciation and current income.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES
(fees paid directly from your investment)		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.60%
Distribution and Service (12b-1) Fees		0.15%
Other Expenses		2.62%
Shareholder Servicing	0.10%
Interest Expense	2.12%
Remaining Other Expenses	0.40%
Total Annual Fund Operating Expenses		3.37%

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on the assumptions, your costs would be:

 

One Year	Three Years	Five Years	Ten Years
$340	$1,036	$1,755	$3,658

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

 

The Fund invests in the 10 highest dividend-yielding Dow Jones Industrial Average (“DJIA”) stocks (known as the “Dogs of the Dow”) and in U.S. Treasury securities with a maturity of less than one year.

The Fund invests approximately 50% of its assets in the 10 Dogs of the Dow stocks in roughly equal dollar amounts and approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year. The Fund then utilizes a borrowing strategy that allows the Fund’s performance to approximate what it would be if the Fund had an asset allocation of roughly 75% Dogs of the Dow stocks and 25% U.S. Treasury securities. The Fund typically borrows money by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities.

The total portfolio is divided into multiple sub-portfolios, each of which uses the Dogs of the Dow strategy. On various dates throughout the year, each of these sub-portfolios is reviewed. In a review, the Investment Manager determines the 10 highest yielding common stocks in the DJIA by annualizing the last quarterly or semi-annual ordinary dividend declared on each stock and dividing the result by the market value of that stock. The Fund then purchases those stocks in approximately equal amounts for the sub-portfolio being reviewed. From time to time, the Fund also may purchase an approximately equal amount of U.S. Treasury securities having a remaining maturity of less than one year for the sub-portfolio being reviewed. On the next date, another sub-portfolio is reviewed in a similar manner.

Regardless of whether they remain in the DJIA or retain the characteristics of Dogs of the Dow Stocks, the Fund generally holds the stock investments within each sub-portfolio for one year, at which time the applicable sub-portfolio is up for another review.  At the end of the one-year period, the Fund sells any stocks in the applicable sub-portfolio that are no longer Dogs of the Dow stocks and replaces them with stocks that are Dogs of the Dow stocks. Additionally, the Fund may sell a portion of the stocks that remain in the applicable sub-portfolio so that the rebalanced portion of the sub-portfolio adheres to the Fund’s asset allocation strategy.

Borrowing Risk: The Fund borrows against its investments by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities. Purchasing U.S. Treasury securities with borrowed money is an investment technique that increases investment risk because if the securities purchased with borrowed money decline in value, the Fund’s losses would be greater than if it had used cash to make purchases. Also, the Fund incurs interest costs when it borrows money, and these costs may exceed the investment returns it earns on the securities purchased with borrowed money. Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when the Fund seeks to repurchase.  If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer, trustee, or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds from the reverse repurchase agreement may effectively be restricted pending such decision.

Formula Investing Risk: The Fund will adhere to its strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund’s portfolio in a given year are experiencing financial difficulty or are out of favor with investors.

Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk: Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Hennessy Total Return Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 75/25 Blended DJIA/Treasury Index (which consists of 75% common stocks represented by the DJIA and 25% short-duration Treasury securities represented by the ICE BofAML U.S. 3-Month Treasury Bill Index). For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the Hennessy Total Return Fund, a series of The Hennessy Funds, Inc. (the “Predecessor Total Return Fund”). The performance information provided for the periods on or prior to February 28, 2014, is historical information for the Predecessor Total Return Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

MULTI-ASSET – HENNESSY TOTAL RETURN FUND

For the period shown on the bar chart, the Fund’s highest quarterly return was 12.66% for the quarter ended December 31, 2022, and the lowest quarterly return was -17.87% for the quarter ended March 31, 2020.

 

AVERAGE ANNUAL TOTAL RETURNS 

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Total Return Fund
Return before taxes	8.02%	5.58%	5.83%
Return after taxes
on distributions	6.09%	4.32%	4.18%
Return after taxes
on distributions and
sale of Fund shares	5.99%	4.24%	4.36%
75/25 Blended
DJIA/Treasury Index
(reflects no deduction for
fees, expenses, or taxes)	13.49%	10.08%	8.78%
Dow Jones
Industrial Average
(reflects no deduction for
fees, expenses, or taxes)	16.18%	12.47%	11.08%

We use the 75/25 Blended DJIA/Treasury Index as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

 

The Hennessy Equity and Income Fund seeks long-term capital growth and current income.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.80%		0.80%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.57%		0.35%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.47%		0.35%
Acquired Fund Fees and Expenses1		0.06%		0.06%
Total Annual Fund Operating Expenses		1.58%		1.21%

1	Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

	One Year	Three Years	Five Years	Ten Years
Investor	$161	$499	$860	$1,878
Institutional	$123	$384	$665	$1,466

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 11% of the average value of its portfolio.

The Fund is designed as a balanced fund that seeks income and long-term capital appreciation with reduced volatility of returns.  The Portfolio Managers’ approach places a focus on seeking downside protection.  Under normal circumstances, the Fund will invest up to 70% of its assets in equity securities and its remaining assets in fixed income securities.

The Fund invests primarily in domestic companies whose securities are listed on U.S. national securities exchanges. The Fund may also invest in (i) foreign companies listed on U.S. national securities exchanges and (ii) foreign companies through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of common stocks, asset-backed and mortgage-backed securities, and debt instruments. As a non-principal investment strategy, the Fund may also invest in preferred stocks, equity-like instruments, and high-yield bonds (commonly referred to as “junk bonds”). The Fund may invest directly in fixed income securities or it may invest indirectly in fixed income securities by investing in other investment companies (including exchange-traded funds, referred to as ETFs) that invest in fixed income securities.  The Fund invests without regard to market capitalization.

 

EQUITY ALLOCATION

The equity Portfolio Managers utilize a fundamental, value-oriented investment approach, focusing on larger, high-quality companies with demonstrated market dominance, low business risk, and solid long-term growth prospects.  In choosing which securities to purchase, the equity Portfolio Managers give consideration to companies that have shareholder-oriented management, with a history of alignment with shareholder interests through stock incentives, insider buying, and corporate stock buybacks.  Many of the stocks held by the Fund are expected to pay dividends.  Generally, the equity Portfolio Managers may choose to sell a position if it begins to have a significant negative effect on total portfolio value, if they believe it has reached an excessive valuation level, when the company’s fundamentals deteriorate, or when a more attractive candidate is identified through the screening process.

WWW.HENNESSYFUNDS.COM

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MULTI-ASSET – HENNESSY EQUITY AND INCOME FUND

 

FIXED INCOME ALLOCATION

The fixed income Portfolio Managers focus on higher quality, intermediate-term fixed income securities, but they may invest up to 10% of the Fund’s assets in junk bonds.

The fixed income Portfolio Managers continuously analyze and assess the variables that influence bond prices. They use this proprietary approach, which combines economic data and technical factors, to evaluate the probability of interest rate movements in order to manage the duration of the portfolio in an effort to mitigate downside risk and maximize total return.  They purchase and sell securities in accordance with these principles to meet previously identified sector allocations, duration targets, and curve strategies for the fixed income allocation of the Fund.

As of January 31, 2024, the bonds and cash equivalents held in the fixed income allocation of the Fund had a dollar-weighted average effective maturity of 4.24 years.

Debt Investments Risk:  The yields and principal values of debt securities fluctuate. Generally, values of debt securities change inversely with interest rates.  That is, as interest rates go up, the values of debt securities tend to go down and vice versa.  These fluctuations tend to increase in magnitude as a bond’s maturity increases such that a longer-term bond will increase or decrease more significantly with a given change in interest rates than a shorter-term bond.

Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors.

Asset-Backed and Mortgage-Backed Securities Risk:  Asset-backed and mortgage-backed securities are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns.

Foreign Securities Risk:  The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Investment Company Securities Risk:  When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company’s losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company.

ETF Risk:  In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Market and Equity Investments Risk:  The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

Temporary Defensive Positions Risk:  From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions.  To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective.  For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with an index that reflects a broad measure of market performance, the S&P 500® Index. For additional information on this index, please see “Descriptions of Indices” on page 68 of this Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY EQUITY AND INCOME FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 12.62% for the quarter ended June 30, 2020, and the lowest quarterly return was -14.79% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Equity and Income
Fund – Investor Shares
Return before taxes	10.43%	7.01%	5.73%
Return after taxes
on distributions	8.14%	5.36%	4.14%
Return after taxes
on distributions and
sale of Fund shares	7.73%	5.41%	4.35%
Hennessy Equity and Income
Fund – Institutional Shares
Return before taxes	10.90%	7.41%	6.12%
S&P 500® Index
(reflects no deduction for
f ees, expenses, or taxes)	26.29%	15.69%	12.03%

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

MULTI-ASSET – HENNESSY EQUITY AND INCOME FUND

The Hennessy Balanced Fund seeks a combination of capital appreciation and current income.

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES
(fees paid directly from your investment)		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.60%
Distribution and Service (12b-1) Fees		0.15%
Other Expenses		1.10%
Shareholder Servicing	0.10%
Remaining Other Expenses1	1.00%
Total Annual Fund Operating Expenses		1.85%

1

Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

One Year	Three Years	Five Years	Ten Years
$188	$582	$1,001	$2,169

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio.

The Fund invests approximately 50% of its assets in roughly equal dollar amounts in the 10 highest dividend-yielding Dow Jones Industrial Average (“DJIA”) stocks (known as the “Dogs of the Dow”), but limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year.

The total portfolio is divided into multiple sub-portfolios, each of which uses the Dogs of the Dow strategy. On various dates throughout the year, each of these sub-portfolios is reviewed. During the review, the Investment Manager determines the 10 highest yielding common stocks in the DJIA by annualizing the last quarterly or semi-annual ordinary dividend declared on each stock and dividing the result by the market value of that stock. The Fund then purchases those stocks in approximately equal amounts for the sub-portfolio being reviewed. From time to time, the Fund also may purchase an approximately equal amount of U.S. Treasury securities having a remaining maturity of less than one year for the sub-portfolio being reviewed. On the next date, another sub-portfolio is reviewed in a similar manner.

Regardless of whether they remain in the DJIA or retain the characteristics of Dogs of the Dow stocks, the Fund generally holds the stock investments within each sub-portfolio for one year, at which time the applicable sub-portfolio is up for another review. At the end of the one-year period, the Fund sells any stocks in the applicable sub-portfolio that are no longer Dogs of the Dow stocks and replaces them with stocks that are Dogs of the Dow stocks. Additionally, the Fund may sell a portion of the stocks that remain in the applicable sub-portfolio so that the rebalanced portion of the sub-portfolio adheres to the Fund’s asset allocation strategy.

MULTI-ASSET – HENNESSY BALANCED FUND

Formula Investing Risk: The Fund will adhere to its strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund’s portfolio in a given year are experiencing financial difficulty or are out of favor with investors.

Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk: Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Hennessy Balanced Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 50/50 Blended DJIA/Treasury Index (which consists of 50% common stocks represented by the DJIA and 50% short-duration Treasury securities represented by the ICE BofAML 1-Year Treasury Note Index).  For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the Hennessy Balanced Fund, a series of The Hennessy Funds, Inc. (the “Predecessor Balanced Fund”). The performance information provided for the periods on or prior to February 28, 2014, is historical information for the Predecessor Balanced Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

For the period shown on the bar chart, the Fund’s highest quarterly return was 7.31% for the quarter ended December 31, 2022, and the lowest quarterly return was -12.19% for the quarter ended March 31, 2020.

 

AVERAGE ANNUAL TOTAL RETURNS 

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Balanced Fund
Return before taxes	5.24%	3.63%	3.77%
Return after taxes
on distributions	4.57%	2.80%	2.70%
Return after taxes
on distributions and
sale of Fund shares	3.48%	2.76%	2.84%
50/50 Blended
DJIA/Treasury Index
(reflects no deduction for
fees, expenses, or taxes)	10.62%	7.40%	6.34%
Dow Jones
Industrial Average
(reflects no deduction for
fees, expenses, or taxes)	16.18%	12.47%	11.08%

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

SECTOR & SPECIALTY – HENNESSY ENERGY TRANSITION FUND

The Hennessy Energy Transition Fund seeks total return.

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		1.25%		1.25%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		1.02%		0.83%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.92%		0.83%
Total Annual Fund Operating Expenses		2.42%		2.08%
Service Provider Expense Waiver1		(0.15)%		(0.15)%
Net Annual Fund Operating Expenses		2.27%		1.93%

1	Certain service provider expenses will be voluntarily waived through July 31, 2025, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million.

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

	One Year	Three Years	Five Years	Ten Years
Investor	$230	$740	$1,277	$2,745
Institutional	$196	$637	$1,105	$2,399

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.

 

The Fund invests in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of common stocks. The Fund may also invest up to 25% of its total assets in securities of energy-related master limited partnerships (“MLPs”). As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. With respect to up to 10% of its total assets, the Fund may invest in high-yield debt securities, preferred shares, and convertible securities (commonly referred to as “junk securities”). The Fund invests without regard to market capitalization.

Under normal circumstances, the Fund invests at least 80% of its net assets in companies operating in the United States across the full spectrum of the energy supply/demand value chain, including traditional upstream, midstream, and downstream energy companies, as well as renewable energy companies and energy end users.

The Portfolio Managers use a proprietary research and investment process that involves fundamental and quantitative analysis of various macroeconomic and commodity price and other factors to select the Fund’s investments and determine the weighting of each investment. The Portfolio Managers may sell all or a portion of a position of the Fund’s portfolio holding for a number of reasons, including (1) the issuer’s fundamentals deteriorating, (2) the parameters established for the security’s profits or losses being realized, or (3) the Fund requiring cash to meet redemption requests.

Industry Concentration Risk: The Fund concentrates its investments in the Energy sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets.

MLP Risk: Investment in securities of an MLP involves risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. MLPs are generally considered interest-rate sensitive investments. During periods when interest rates are rising, these investments may not provide attractive returns. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund will be taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099.

MLP Tax Risk: A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation or other form of taxable entity for U.S. federal income tax purposes. This would require the MLP to pay U.S. federal income tax, excise tax, or another form of tax on its taxable income, thereby reducing the amount of cash available for distribution by the MLP and potentially causing any distributions received by the Fund to be taxed as dividend income, return of capital, or capital gain. Therefore, if any MLPs owned by the Fund were treated as corporations or other forms of taxable entity for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs could be materially reduced, which could cause a material decrease in the net asset value per share of the Fund’s shares. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund are taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099. Furthermore, because the MLP itself does not pay federal income tax, its income or loss is allocated to its shareholders, including the Fund, regardless of whether the shareholders receive any cash payment from the MLP.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk: Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (the “Code”) (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

SECTOR & SPECIALTY – HENNESSY ENERGY TRANSITION FUND

Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Cash Flow Risk: The Fund expects that a substantial portion of the cash flow it receives will be derived from its investments in MLPs. The amount and tax characterization of cash available for distribution by such companies depends upon the amount of cash generated by the such companies’ operations. Cash available for distribution may vary widely from quarter to quarter and will be affected by various factors affecting each company’s operations. The Fund periodically will distribute more than its income and net realized capital gains, which means a portion of each shareholder’s distribution would be a return of capital. A return of capital distribution reduces the basis of a shareholder’s shares so the shareholder may be required to recognize a capital gain when the shareholder sells shares.

RIC Qualification Risk: To qualify for treatment as a regulated investment company (“RIC”) under the Code, the Fund must meet certain income source, asset diversification, and annual distribution requirements. The Fund’s MLP investments may make it more difficult for the Fund to meet these requirements. The asset diversification requirements include a requirement that, at the end of each quarter of each taxable year, not more than 25% of the value of the Fund’s total assets is invested in the securities (including debt securities) of one or more qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests will be qualified publicly traded partnerships. If the Fund’s MLP investments exceed this 25% limitation, which could occur if the Fund’s investment in an MLP affiliate were recharacterized as an investment in an MLP, then the Fund would not satisfy the diversification requirements and could fail to qualify as a RIC. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as a corporation and would become subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund’s net assets, the amount of income available for distribution, and the amount of the Fund’s distributions.

Liquidity Risk: The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or the Fund may be forced to sell an illiquid asset to meet redemption requests or other cash needs and may only be able to sell those investments at a loss. Illiquid assets may also be difficult to value.

Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500^® Index, as well as an additional index that reflects the market sector in which the Fund invests, the S&P 500^® Energy Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the BP Capital TwinLine Energy Fund, a series of Professionally Managed Portfolios (the “Predecessor BP TwinLine Energy Fund”), pursuant to a reorganization that took place on October 26, 2018. The performance information provided for the periods on or prior to October 26, 2018, is historical information for the Predecessor BP TwinLine Energy Fund. The Predecessor BP TwinLine Energy Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

For the period shown in the bar chart, the Fund’s highest quarterly return was 49.76% for the quarter ended June 30, 2020, and the lowest quarterly return was -59.88% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Energy
Transition Fund –
Investor Shares1
Return before taxes	3.72%	13.31%	3.32%
Return after taxes
on distributions	3.72%	12.26%	2.74%
Return after taxes
on distributions and
sale of Fund shares	2.20%	10.12%	2.31%
Hennessy Energy
Transition Fund –
Institutional Shares
Return before taxes	4.09%	13.65%	3.60%
S&P 500® Energy Index
(reflects no deduction for
fees, expenses, or taxes)	-1.33%	13.40%	3.48%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

1	Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load.

We use the S&P 500^® Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

SECTOR & SPECIALTY – HENNESSY MIDSTREAM FUND

The Hennessy Midstream Fund seeks capital appreciation through distribution growth and current income.

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		1.10%		1.10%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.78%		0.55%
Shareholder Servicing	0.10%		None
Franchise and Income
Tax Expenses1	0.03%		0.03%
Remaining Other Expenses	0.65%		0.52%
Total Annual Fund Operating Expenses		2.03%		1.65%
Expense Reimbursement2,3		(0.25)%		(0.12)%
Total Annual Fund Operating Expenses
After Expense Reimbursement		1.78%		1.53%

1	Includes state franchise taxes and federal and state income tax expenses, including deferred tax expenses (benefits). The Fund accrues a deferred tax liability (or asset) for its future tax liability associated with the Fund’s potential tax expense (benefit) if it were to recognize the unrealized gains (losses) in its portfolio.  Such deferred tax expenses (benefits) may vary greatly from year to year and from day to day depending on the nature of the Fund’s investments, the performance of those investments, and general market conditions, and any estimate of deferred income tax expense (benefit) cannot be reliably predicted from year to year.  While the Fund’s deferred income tax expense (benefit) for the prior fiscal year was zero, the Fund could accrue a deferred income tax expense (benefit) in the future that could significantly impact the Fund’s annual fund operating expenses and subsequently its net asset value.
2	The Fund’s investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 1.75% and 1.50% of the average daily net assets of the Investor Class and Institutional Class shares of the Fund, respectively. The contractual arrangement will continue until February 28, 2025, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date). The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.
3	Certain service provider expenses will be voluntarily waived through July 31, 2025, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million.

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

	One Year	Three Years	Five Years	Ten Years
Investor	$181	$612	$1,070	$2,339
Institutional	$156	$509	$   886	$1,944

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16% of the average value of its portfolio.

The Fund invests in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of master limited partnerships (“MLPs”) and common stocks. As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. With respect to up to 10% of its total assets, the Fund may invest in high-yield debt securities, preferred shares, and convertible securities (commonly referred to as “junk securities”). The Fund invests without regard to market capitalization.

Under normal circumstances, the Fund invests at least 80% of its net assets in midstream energy infrastructure companies. An issuer is considered to be a midstream energy infrastructure

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company if it owns and operates assets used in energy logistics, including, without limitation, assets used in transporting, storing, gathering, processing, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, or electricity, or provides energy-related equipment and services.

In selecting investments for the Fund, the Portfolio Managers combine a top-down deductive reasoning approach with a detailed bottom-up analysis of individual companies that have exposure to the trends identified. The Portfolio Managers may sell all or a portion of a position of the Fund’s portfolio holding for a number of reasons, including (1) the issuer’s fundamentals deteriorating, (2) the parameters established for the security’s profits or losses being realized, or (3) the Fund requiring cash to meet redemption requests.

The Fund is non-diversified under the Investment Company Act and under Subchapter M of the Internal Revenue Code (the “Code”). Accordingly, the Fund typically invests a greater portion of its assets, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. In addition, as a “C” corporation, the Fund generally will be subject to U.S. federal income tax on its taxable income at the tax rate applicable to corporations (currently 21%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local income taxes by reason of its investments in equity securities of MLPs.

 

Industry Concentration Risk: The Fund concentrates its investments in the Energy sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets.

Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities.  As of January 31, 2024, approximately 86% of the Fund’s assets were invested in its top 10 holdings.

Tax Risks: Tax risks associated with investments in the Fund include, but are not limited to, the following:

Fund Structure Risk. Unlike most open-end mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes and unlike entities treated as partnerships for tax purposes, the Fund will be taxable as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. This means the Fund generally will be subject to U.S. federal income tax on its taxable income at the tax rate applicable to corporations (currently 21%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local income taxes by reason of its investments in equity securities of MLPs. Fund income and losses will not be passed through to shareholders.

MLP Tax Risk. A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation or other form of taxable entity for U.S. federal income tax purposes. This would require the MLP to pay U.S. federal income tax, excise tax, or another form of tax on its taxable income, thereby reducing the amount of cash available for distribution by the MLP and potentially causing any distributions received by the Fund to be taxed as dividend income, return of capital, or capital gain. Therefore, if any of the MLPs owned by the Fund were treated as corporations or other form of taxable entity for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs could be materially reduced, which could cause a material decrease in the net asset value of the Fund’s shares. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund are taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099. Furthermore, because the MLP itself does not pay federal income tax, its income or loss is allocated to its shareholders, including the Fund, regardless of whether the shareholders receive any cash payment from the MLP.

Tax Estimation/NAV Risk. In calculating the Fund’s net asset value, the Fund will account for its current taxes and deferred tax liability or asset balances. The Fund will accrue a deferred income tax liability balance, at the then-effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund from the companies in which it invests that are considered to be return of capital and for any net operating gains. Any deferred tax liability balance reduces the Fund’s net asset value. The

 

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SECTOR & SPECIALTY – HENNESSY MIDSTREAM FUND

Fund may also accrue a deferred tax asset balance, which reflects an estimate of the Fund’s future tax benefit associated with net operating losses and unrealized losses. Any deferred tax asset balance will increase the Fund’s net asset value.

MLP Risk: Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. MLPs are generally considered interest-rate sensitive investments. During periods when interest rates are rising, these investments may not provide attractive returns.

Dividend Distribution Risk: The Fund’s dividend distribution policy is intended to provide consistent distributions to its shareholders at a rate that over time is similar to the distribution rate the Fund receives from the companies in which it invests, without offset for the expenses of the Fund. The amount of the Fund’s distributions is based on, among other considerations, cash and stock distributions the Fund actually receives from portfolio investments, including returns of capital and any special cash payments received to offset distribution reductions resulting from restructurings. Furthermore, the Fund’s total distribution payment amount may be derived from net income, net profit from the sale of securities, or other capital sources (the latter of which represents a return of capital). A return of capital occurs when some or all of the money that a shareholder invested in the Fund is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” Shareholders should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions. For certain securities held by the Fund, such as MLP units, the percentages attributed to each category (net income, net profit from sale, and other capital sources) are estimated using historical information because the character of the amounts received from such entities is unknown until after the end of the calendar year.

Cash Flow Risk: The Fund expects that a substantial portion of the cash flow it receives will be derived from its investments in MLPs. The amount and tax characterization of cash available for distribution by such companies depends upon the amount of cash generated by such companies’ operations. Cash available for distribution may vary widely from quarter to quarter and will be affected by various factors affecting each company’s operations. The Fund periodically will distribute more than its income and net realized capital gains, which means a portion of a shareholder’s distribution would be a return of capital. A return of capital distribution reduces the basis of a shareholder’s shares so a shareholder may be required to recognize a capital gain when the shareholder sells shares.

Medium-Sized Company Risk: The Fund invests in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Liquidity Risk: MLP common units and equity securities of MLP affiliates, including I-Shares, often trade on national securities exchanges. However, certain securities, including those of issuers with smaller capitalizations, may trade less frequently. The market movements of such securities with limited trading volumes may be more abrupt or erratic than those with higher trading volumes. As a result of the limited liquidity of such securities, the Fund could have greater difficulty selling such securities at the time and price that the Fund would like. This may also adversely affect the Fund’s ability to remit dividend payments to shareholders.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk: Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on

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large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political other conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500^® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Alerian US Midstream Energy Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the BP Capital TwinLine MLP Fund, a series of Professionally Managed Portfolios (the “Predecessor BP TwinLine MLP Fund”), pursuant to a reorganization that took place on October 26, 2018. The performance information provided for the periods on or prior to October 26, 2018, is historical information for the Predecessor BP TwinLine MLP Fund. The Predecessor BP TwinLine MLP Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY MIDSTREAM FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 37.93% for the quarter ended June 30, 2020, and the lowest quarterly return was -53.24% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Midstream Fund –
Investor Shares1
Return before taxes1	23.39%	10.66%	1.93%
Return after taxes
on distributions1	20.93%	10.18%	1.67%
Return after taxes
on distributions and
sale of Fund shares1	15.34%	8.43%	1.45%
Hennessy Midstream Fund –
Institutional Shares
Return before taxes	23.65%	10.92%	2.18%
Alerian US Midstream
Energy Index
(reflects no deduction for
fees, expenses, or taxes)	19.16%	14.19%	4.65%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

1	Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load.

We use the Alerian US Midstream Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

SECTOR & SPECIALTY – HENNESSY GAS UTILITY FUND

The Hennessy Gas Utility Fund seeks income and capital appreciation.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.40%		0.40%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.45%		0.31%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	0.35%		0.31%
Total Annual Fund Operating Expenses		1.00%		0.71%

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

	One Year	Three Years	Five Years	Ten Years
Investor	$102	$318	$552	$1,225
Institutional	$  73	$227	$395	$   883

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of its portfolio.

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.  The Fund intends to provide investment results that replicate the performance of the American Gas Association Stock Index (the “AGA Stock Index”).  The AGA Stock Index is maintained by the American Gas Association, a national trade association of natural gas distribution companies, and is licensed exclusively to the Investment Manager for use as an investment strategy. Calculated monthly, the AGA Stock Index consists of all member companies of the American Gas Association whose securities are traded on a U.S. stock exchange, which include natural gas distribution, gas pipeline, diversified gas, and combination gas and electric companies.  The stocks included in the Fund are chosen solely on the basis of their inclusion in the AGA Stock Index.

Under normal circumstances, the Fund intends to invest at least 85% of its net assets in the common stock of companies that have natural gas distribution and transmission operations, and no attempt is made to actively manage the Fund’s portfolio by using economic, financial, or market analysis.  The adverse financial situation of a company will not result in its elimination from the Fund’s portfolio unless the company is removed from the AGA Stock Index.  The percentage of the Fund’s assets invested in the stock of a particular company is approximately the same as the percentage weighting of such company in the AGA Stock Index.  The percentage weighting of each company in the AGA Stock Index is an amount equal to such company’s market capitalization multiplied by the percentage of such company’s assets devoted to natural gas distribution and transmission.  The latter component of this calculation is used to recognize the natural gas distribution and transmission component of the company’s asset base.

There is no predetermined acceptable range of the difference between the total return of the AGA Stock Index and the total return of the Fund.  Any difference is likely the result of various expenses incurred by the Fund, such as management fees, transaction costs, and other operating expenses, as well as

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subscription and redemption activity.  On the other hand, the Fund does attempt to achieve a correlation of monthly returns with the AGA Stock Index of approximately 95% or better.  A correlation of 100% would mean the total return of the Fund’s assets would increase and decrease at exactly the same rate as the total return of the AGA Stock Index.

 

Industry Concentration Risk: The Fund concentrates its investments in the natural gas and transmission industry and its performance is therefore tied closely to, and affected by, developments in this industry. Natural gas companies may be adversely affected by fluctuations in natural gas prices, reduced supply or demand of natural gas, the disruption of natural gas supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on natural gas assets.

Index Tracking Risk:  While the Fund seeks to track the performance of the AGA Stock Index as closely as possible, the Fund’s return may not always be able to match or achieve a high correlation due to factors such as the expenses incurred by the Fund, such as management fees, transaction costs, and other operating expenses, that are not incurred by the AGA Stock Index and the possibility that the Fund may experience significant subscriptions or redemptions.  In addition, the Fund may not be fully invested at all times as a result of cash flows into the Fund or reserves of cash that are maintained in order to cover operating expenses and meet redemption requests.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk:  The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index reflecting a broad measure of market performance, the S&P 500^® Index, as well as an additional index that reflects the market sector in which the Fund invests, the AGA Stock Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available at www.hennessyfunds.com.

SECTOR & SPECIALTY – HENNESSY GAS UTILITY FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 14.07% for the quarter ended March 31, 2019, and the lowest quarterly return was -19.09% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Gas Utility
Fund – Investor Shares
Return before taxes	0.27%	6.86%	5.86%
Return after taxes
on distributions	-1.26%	4.72%	4.09%
Return after taxes
on distributions and
sale of Fund shares	1.22%	5.19%	4.42%
Hennessy Gas Utility
Fund – Institutional Shares
Return before taxes	0.56%	7.19%	6.10%
AGA Stock Index
(reflects no deduction for
fees, expenses, or taxes)	1.10%	8.04%	7.01%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

We use the AGA Stock Index as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return before taxes” or its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

 

The inception date of the Fund’s Institutional Class shares is March 1, 2017. Performance shown prior to the inception of Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to, and are higher than, the Fund’s Institutional Class shares.

 

The Hennessy Japan Fund seeks long-term capital appreciation.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.80%		0.80%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.50%		0.25%
Shareholder Servicing	0.10%		None
Remaining Other Expenses1	0.40%		0.25%
Total Annual Fund Operating Expenses		1.45%		1.05%

1

Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$148	$459	$792	$1,735
Institutional	$107	$334	$579	$1,283

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio.

 

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of Japanese companies.  The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan.  Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies.  The Fund invests in companies regardless of market capitalization. As of January 31, 2024, the average market capitalization of the stocks held by the Fund was $49.12 billion.

 

While the Fund is considered a diversified mutual fund, it employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds.

 

Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential “value gap” by screening for companies that they identify as having strong businesses and management, trading at attractive prices.  The Portfolio Managers limit the portfolio to what they consider to be their best ideas and maintain a concentrated number of holdings. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company’s prospects have changed, that a company’s stock is fully valued by the market, or that the company is beginning to show deteriorating fundamentals.  They also may sell an investment if it becomes, in their determination, too large of a position in the Fund.

 

SECTOR & SPECIALTY – HENNESSY JAPAN FUND

Foreign Securities, Foreign Currency, and Japan-Specific Risk: There are specific risks associated with investing in the securities of foreign companies, including fluctuations in the exchange rates of foreign currencies that impact the U.S. dollar value of a security. The Fund concentrates its investments in the securities of Japanese companies, and the Fund’s performance may be affected by the social, political, and economic conditions in Japan. The Japanese economy has at times in the past been negatively affected by government intervention and protectionism, a deflationary macroeconomic environment, a heavy reliance on international trade, and natural disasters. Some of these factors, as well as a large government debt burden, an aging population, and changes to fiscal, monetary, or trade policies, may affect Japanese markets and the Fund’s performance. Japan’s international trade impacts Japan’s economic growth, and adverse economic conditions in the United States or other trading partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political, and social instability in those countries.

Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Financials and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

Small-Sized and Medium-Sized Companies Risk:  The Fund may invest in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Investment Company Securities Risk: When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company’s losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company.

ETF Risk: In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Market and Equity Investments Risk:  The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell/Nomura Total Market^™ Index and the Tokyo Stock Price Index (TOPIX). For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus.  The Fund is the successor to the Hennessy Japan Fund, a series of Hennessy SPARX Funds Trust (the “Predecessor Japan Fund”). The performance information provided for the periods on or prior to February 28, 2014, is

HENNESSY FUNDS

1-800-966-4354

39

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Investor: HJPNX

Institutional: HJPIX

historical information for the Predecessor Japan Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY JAPAN FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 20.72% for the quarter ended June 30, 2020, and the lowest quarterly return was -18.44% for the quarter ended March 31, 2022.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

	One	Five	Ten
	Year	Years	Years
Hennessy Japan Fund –
Investor Shares
Return before taxes	22.85%	4.12%	7.33%
Return after taxes
on distributions	21.16%	3.81%	7.19%
Return after taxes
on distributions and
sale of Fund shares	14.64%	3.22%	5.99%
Hennessy Japan Fund –
Institutional Shares
Return before taxes	23.35%	4.52%	7.72%
Russell/Nomura
Total Market Index
(reflects no deduction for
fees, expenses, or taxes)	19.99%	7.09%	5.54%
TOPIX
(reflects no deduction for
fees, expenses, or taxes)	20.04%	6.99%	5.43%

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

Returns are presented in U.S. dollar terms.

 

SECTOR & SPECIALTY – HENNESSY JAPAN SMALL CAP FUND

The Hennessy Japan Small Cap Fund seeks long-term capital appreciation.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.80%		0.80%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.57%		0.32%
Shareholder Servicing	0.10%		None
Remaining Other Expenses1	0.47%		0.32%
Total Annual Fund Operating Expenses		1.52%		1.12%

1

Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$155	$480	$829	$1,813
Institutional	$114	$356	$617	$1,363

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio.

 

 

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of smaller Japanese companies, typically considered to be companies with market capitalizations in the bottom 20% of all publicly traded Japanese companies.  As of December 31, 2023, the bottom 20% of publicly traded Japanese companies had market capitalizations below approximately 469 billion Japanese yen, or the equivalent of $3.2 billion.  This market capitalization range will vary due to market conditions.  The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds, and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies.

 

Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential “value gap” by screening for small-cap companies that they identify as having strong businesses and management, trading at attractive prices.  The portfolio is limited to what the Portfolio Managers consider to be their best ideas and is unconstrained by its benchmarks.  The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company’s prospects have changed, that a company’s stock is fully valued by the market, or that the company is beginning to show deteriorating fundamentals.  They also may sell an investment if it becomes, in their determination, too large of a position in the Fund.

 

Foreign Securities, Foreign Currency, and Japan-Specific Risk: There are specific risks associated with investing in the securities of foreign companies, including fluctuations in the exchange rates of foreign currencies that impact the U.S. dollar value of a security. The Fund concentrates its investments in the securities of Japanese companies, and the Fund’s performance may be affected by the social, political, and economic conditions in Japan. The Japanese economy has at times in the past been negatively affected by government intervention and protectionism, a deflationary macroeconomic environment, a heavy reliance on international trade, and natural disasters. Some of these factors, as well as a large government debt burden, an aging population, and changes to fiscal, monetary, or trade policies, may affect Japanese markets and the Fund’s performance. Japan’s international trade impacts Japan’s economic growth, and adverse economic conditions in the United States or other trading partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political, and social instability in those countries.

Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Industrials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

Small-Sized and Medium-Sized Companies Risk:  The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Investment Company Securities Risk:  When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company’s losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company.

ETF Risk: In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Market and Equity Investments Risk:  The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Tokyo Stock Price Index (TOPIX), as well as an additional index that reflects the types of securities in which the Fund invests, the Russell/Nomura Small Cap^™ Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus.  The Fund is the successor to the Hennessy Japan Small Cap Fund, a series of Hennessy SPARX Funds Trust (the “Predecessor Japan Small Cap Fund”). The performance information provided for the periods on or prior to February 28, 2014, is historical information for the Predecessor Japan Small Cap Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as

WWW.HENNESSYFUNDS.COM

42

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SECTOR & SPECIALTY – HENNESSY JAPAN SMALL CAP FUND

the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

 

HENNESSY JAPAN SMALL CAP FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 19.35% for the quarter ended June 30, 2020, and the lowest quarterly return was -23.20% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Japan Small Cap
Fund – Investor Shares
Return before taxes	16.29%	4.77%	8.08%
Return after taxes
on distributions	16.26%	4.77%	7.61%
Return after taxes
on distributions and
sale of Fund shares	10.01%	3.88%	6.57%
Hennessy Japan Small Cap
Fund – Institutional Shares
Return before taxes	16.74%	5.18%	8.42%
Russell/Nomura
Small Cap™ Index
(reflects no deduction for
fees, expenses, or taxes)	15.39%	4.21%	5.36%
TOPIX
(reflects no deduction for
fees, expenses, or taxes)	20.04%	6.99%	5.43%

We use the Russell/Nomura Small Cap^™ Index as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

The inception date of the Fund’s Institutional Class shares is June 15, 2015.  Performance shown prior to the inception of Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

 

Returns are presented in U.S. dollar terms.

 

The Hennessy Large Cap Financial Fund seeks capital appreciation.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.90%		0.90%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.75%		0.57%
Shareholder Servicing	0.10%		None
Remaining Other Expenses1	0.65%		0.57%
Total Annual Fund Operating Expenses		1.80%		1.47%

1

Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$183	$566	$975	$2,116
Institutional	$150	$465	$803	$1,757

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 114% of the average value of its portfolio.

 

The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.  The Fund’s investments consist primarily of common stocks.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of large-cap companies principally engaged in the business of providing financial services, including information technology companies that are primarily engaged in providing products or services to financial services companies.  An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities.  Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate.  Investments may include mortgage banking companies, discount brokerage companies, insurance companies, consumer finance companies, payment processing companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, and real estate investment trusts. The Fund considers a large-cap company to be one that has a market capitalization of $3 billion or more, measured at the time of purchase.

 

When evaluating securities to purchase in the banking industry, the Portfolio Managers generally select companies that have low price-to-earnings and low price-to-book ratios relative to peers. When evaluating other financial service companies, the Portfolio Managers generally focus on companies using technology to develop and grow alternative delivery channels of traditional financial products. They view digital financial services as a long-term growth opportunity.  The Portfolio Managers may choose to sell a security if they believe it has reached an excessive valuation level, when the company’s specific metrics or industry fundamentals deteriorate, or if the investment process

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SECTOR & SPECIALTY – HENNESSY LARGE CAP FINANCIAL FUND

 

identifies a potentially superior investment idea. They may also choose to sell a position when the company’s market capitalization drops below $3 billion.

 

The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.

 

Industry Concentration Risk: The Fund primarily invests in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors.

Mortgage and Real Estate Investments Risk: Because the Fund focuses on financial services companies that issue mortgages and invest in mortgage-backed securities and other real estate investments, the Fund is subject to risks associated with the real estate market. Mortgages and real estate investments are particularly sensitive to economic downturns, changes in regulations, and fluctuating interest rates. In particular, they are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns.

Medium-Sized Companies Risk:  The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Non-Diversification Risk:  The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk:  The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Temporary Defensive Positions Risk:  From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions.  To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective.  For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

Tax Law Change Risk:  Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 1000^® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 1000^® Index Financials.  For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available at www.hennessyfunds.com.

HENNESSY FUNDS

1-800-966-4354

45rmance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses.

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Investor: HLFNX

Institutional: HILFX

 

HENNESSY LARGE CAP FINANCIAL FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 22.26% for the quarter ended December 31, 2016, and the lowest quarterly return was -25.61% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Large Cap Financial
Fund – Investor Shares
Return before taxes	4.57%	7.13%	5.64%
Return after taxes
on distributions	4.15%	6.45%	4.63%
Return after taxes
on distributions and
sale of Fund shares	3.01%	5.65%	4.36%
Hennessy Large Cap Financial
Fund – Institutional Shares
Return before taxes	4.86%	7.49%	5.97%
Russell 1000® Index Financials
(reflects no deduction for
fees, expenses, or taxes)	15.46%	14.78%	11.59%
Russell 1000® Index
(reflects no deduction for
fees, expenses, or taxes)	26.53%	15.52%	11.80%

We use the Russell 1000^® Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

The inception date of the Fund’s Institutional Class shares is June 15, 2015.  Performance shown prior to the inception of Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

 

SECTOR & SPECIALTY – HENNESSY SMALL CAP FINANCIAL FUND

The Hennessy Small Cap Financial Fund seeks capital appreciation.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.90%		0.90%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		0.58%		0.40%
Shareholder Servicing	0.10%		None
Remaining Other Expenses1	0.48%		0.40%
Total Annual Fund Operating Expenses		1.63%		1.30%

1

Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$166	$514	$887	$1,933
Institutional	$132	$412	$713	$1,568

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 72% of the average value of its portfolio.

 

The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.  The Fund’s investments consist primarily of common stocks.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-cap companies principally engaged in the business of providing financial services.  An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities.  Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate. Investments may include mortgage banking companies, discount brokerage companies, insurance companies, consumer finance companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, companies in the information technology industries that are primarily engaged in providing products or services to the types of companies listed above, and real estate investment trusts.  The Fund considers a small-cap company to be one that has a market capitalization of less than $3 billion, measured at the time of purchase.

When evaluating securities to purchase, the Portfolio Managers generally look for companies that have low price-to-earnings ratios and low price-to-book ratios relative to other financial services companies.  The Portfolio Managers may choose to sell a security if they believe it has reached an excessive valuation level, when the company’s specific metrics or industry fundamentals deteriorate, or if the investment process identifies a potentially superior investment idea. They may also choose to sell a position when the company’s market capitalization rises above $3 billion.

HENNESSY FUNDS

1-800-966-4354

47

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Investor: HSFNX

Institutional: HISFX

The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.

 

Industry Concentration Risk:  The Fund primarily invests in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors.

Mortgage and Real Estate Investments Risk: Because the Fund focuses on financial services companies that issue mortgages and invest in mortgage-backed securities and other real estate investments, the Fund is subject to risks associated with the real estate market. Mortgages and real estate investments are particularly sensitive to economic downturns, changes in regulations, and fluctuating interest rates. In particular, they are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns.

Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.  Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Non-Diversification Risk:  The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk:  The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk: Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

Temporary Defensive Positions Risk:  From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions.  To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective.  For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 2000^® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 2000^® Index Financials.  For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available at www.hennessyfunds.com.

SECTOR & SPECIALTY – HENNESSY SMALL CAP FINANCIAL FUND

For the period shown in the bar chart, the Fund’s highest quarterly return was 57.27% for the quarter ended December 31, 2020, and the lowest quarterly return was -38.05% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Small Cap Financial
Fund – Investor Shares
Return before taxes	4.58%	10.28%	7.03%
Return after taxes
on distributions	3.41%	9.32%	5.39%
Return after taxes
on distributions and
sale of Fund shares	3.47%	8.10%	5.29%
Hennessy Small Cap Financial
Fund – Institutional Shares
Return before taxes	4.91%	10.65%	7.42%
Russell 2000® Index Financials
(reflects no deduction for
fees, expenses, or taxes)	12.24%	8.47%	7.36%
Russell 2000® Index
(reflects no deduction for
fees, expenses, or taxes)	16.93%	9.97%	7.16%

We use the Russell 2000^® Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund.

 

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

 

The Hennessy Technology Fund seeks long-term capital appreciation.

 

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

SHAREHOLDER FEES		Investor		Institutional
(fees paid directly from your investment)		None		None

ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		0.15%		None
Other Expenses		2.28%		2.11%
Shareholder Servicing	0.10%		None
Remaining Other Expenses	2.18%		2.11%
Total Annual Fund Operating Expenses		3.17%		2.85%
Expense Reimbursement1,2		(1.94)%		(1.87)%
Total Annual Fund Operating Expenses
After Expense Reimbursement		1.23%		0.98%

1

The Fund’s investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Fund’s investment manager, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 0.98% of the average daily net assets of Investor Class and Institutional Class shares of the Fund.  The contractual arrangement will continue until February 28, 2025, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date).  The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.

2	Certain service provider expenses will be voluntarily waived through July 31, 2025, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million.

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses are equal to the total annual fund operating expenses after expense reimbursement for the first year and equal to total annual fund operating expenses for the remaining years.  Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

 

	One Year	Three Years	Five Years	Ten Years
Investor	$125	$795	$1,490	$3,341
Institutional	$100	$706	$1,338	$3,041

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio.  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 101% of the average value of its portfolio.

 

The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies that are principally engaged in the research, design, development, manufacturing, or distributing of products or services in the technology industry. Potential investments include, but are not limited to, the following sub-industries: IT consulting and other services, internet services and infrastructure, application software, systems software, communications equipment, technology hardware, storage and peripherals, electronic equipment and instruments, electronic components, electronic manufacturing services, technology distributors, semiconductor materials and equipment, semiconductors, interactive home entertainment, and interactive media and services.

WWW.HENNESSYFUNDS.COM

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SECTOR & SPECIALTY – HENNESSY TECHNOLOGY FUND

 

From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations exceeding $175 million, the portfolio management team identifies approximately 60 stocks (weighted equally by dollar amount) with the following attributes:

 

	•	Sector-leading cash flows and profits
	•	History of delivering returns in excess of cost of capital
	•	Attractive relative valuation
	•	Ability to generate cash
	•	Attractive balance sheet risk profile
	•	Prospects for sustainable profitability

The universe of stocks is re-screened and the portfolio is rebalanced approximately on a monthly basis.

 

Industry Concentration Risk:  The Fund concentrates its investments within the Information Technology sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Technology companies face intense competition and may be subject to extensive regulatory requirements.  They may have limited product lines, markets, financial resources, or personnel.  The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, and unpredictable changes in growth rates.

High Portfolio Turnover Risk:  High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund’s performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account.

Small-Sized and Medium-Sized Companies Risk:  The Fund may invest in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Market and Equity Investments Risk:  The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets.

Tax Law Change Risk: Tax law is subject to change, possibly with retroactive effect, or to different interpretations. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in 2025). More recently, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the NASDAQ Composite Index and the S&P 500^® Index.  For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available at www.hennessyfunds.com.

For the period shown in the bar chart, the Fund’s highest quarterly return was 26.01% for the quarter ended June 30, 2020, and the lowest quarterly return was -22.30% for the quarter ended March 31, 2020.

 

Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates.

 

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2023)

 

	One	Five	Ten
	Year	Years	Years
Hennessy Technology Fund –
Investor Shares
Return before taxes	35.95%	16.02%	10.29%
Return after taxes
on distributions	35.95%	13.24%	8.23%
Return after taxes
on distributions and
sale of Fund shares	21.28%	12.13%	7.72%
Hennessy Technology Fund –
Institutional Shares
Return before taxes	36.25%	16.30%	10.60%
NASDAQ Composite Index
(reflects no deduction for
fees, expenses, or taxes)	44.64%	18.75%	14.80%
S&P 500® Index
(reflects no deduction for
fees, expenses, or taxes)	26.29%	15.69%	12.03%

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

 

	•	Each Fund only purchases stocks that have historical trading volume sufficient to allow for purchase of the required number of shares without materially affecting the share price.
	•	Each Fund selects stocks from investable common stocks of public companies in the S&P Capital IQ Database. The S&P Capital IQ Database is a robust and comprehensive source of data on publicly traded domestic and foreign common stocks and contains financial, statistical, and market data for different regions of the world.1  The Portfolio Managers may conduct an initial screening of common stocks in the Database to remove certain stocks based on characteristics such as limited liquidity, share price below a minimum threshold, and irregularity of dividends.

1

Although S&P Global Market Intelligence (“S&P Global”) obtains information for inclusion in, or for use in, the S&P Capital IQ Database from sources that it considers reliable, S&P Global does not guarantee the accuracy or completeness of the information contained in the S&P Capital IQ Database. S&P Global makes no warranty, express or implied, as to the results to be obtained by the Funds and the advisability of investing in the Funds, or any other persons or entity from the use of the S&P Capital IQ Database. S&P Global makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the S&P Capital IQ Database. “Standard & Poor’s,” “S&P,” and “Capital IQ” are trademarks of S&P Global. The Funds are not sponsored, endorsed, sold, or promoted by S&P Global or any of its affiliates or parent companies.

	•	Each Fund offers a consistent and disciplined approach to investing based on a buy and hold philosophy that rejects the idea of market timing. Except as provided below, the Investment Manager expects stocks held in each Fund’s portfolio to remain the same until the next rebalance period, regardless of any adverse developments concerning a company, an industry, the economy, or the stock market generally. However, in the event that earnings or other information that formed the basis for selecting a stock are restated and the resulting data would have precluded the stock from being selected for the portfolio, the Investment Manager reserves the right to replace that stock with another stock meeting the Fund’s criteria.
	•	When each Fund receives new cash flow from the sale of its shares, it is first used to the extent necessary to meet redemptions. Any remaining cash is invested pro rata across the Fund’s portfolio (without any intention to rebalance the portfolio on an interim basis). Such purchases are generally made on a weekly basis, but may be made on a more or less frequent basis at the discretion of the Investment Manager depending on certain factors, including the size of the Fund and the amount of cash to be invested. To the extent redemptions exceed new cash flow, each Fund may meet redemption requests by selling securities on a pro rata basis. Thus, interim purchases and sales of securities are based on current portfolio weightings and are made without regard to whether or not a particular security continues to meet the Fund’s criteria.

•

In an effort to minimize transaction costs, each Fund may accumulate funds and make purchases in larger blocks to avoid odd lot transactions. However, neither Fund takes temporary defensive positions. Each Fund invests accumulated funds in money market instruments (such as U.S. Treasury securities, commercial paper, commercial paper master notes, and repurchase agreements) or money market mutual funds.

ADDITIONAL INVESTMENT INFORMATION

•

When funding redemption requests, each Fund first utilizes any accumulated funds described above. If it is necessary for the Fund to sell portfolio securities to meet redemption requests, it endeavors to maintain its asset allocation strategy. Each Fund may vary the percentage of each issue of common stock sold to avoid odd lot transactions, thereby reducing total transaction costs.

Fund		Management Fee
(All Class Shares)		(As a % of Fund Assets)
Hennessy Cornerstone Growth Fund		0.74%
Hennessy Focus Fund		0.90%
Hennessy Cornerstone Mid Cap 30 Fund		0.74%
Hennessy Cornerstone Large Growth Fund		0.74%
Hennessy Cornerstone Value Fund		0.74%
Hennessy Total Return Fund		0.60%
Hennessy Equity and Income Fund		0.80%
Hennessy Balanced Fund		0.60%
Hennessy Energy Transition Fund		1.25%
Hennessy Midstream Fund		1.10%
Hennessy Gas Utility Fund		0.40%
Hennessy Japan Fund		0.80%
Hennessy Japan Small Cap Fund		0.80%
Hennessy Large Cap Financial Fund		0.90%
Hennessy Small Cap Financial Fund		0.90%
Hennessy Technology Fund		0.74%

	•	For the Hennessy Focus Fund, at the rate of 0.29%;
	•	For the equity allocation of the Hennessy Equity and Income Fund, at the rate of 0.33%;
	•	For the fixed income allocation of the Hennessy Equity and Income Fund, at the rate of 0.27%;
	•	For the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund, at the rate of 0.35% of the first $500 million of its daily net assets, 0.40% of the next $500 million of its daily net assets, and 0.42% of its daily net assets over $1 billion.

MANAGEMENT OF THE FUNDS

	•	sets the Fund’s overall investment strategies;
	•	performs daily reconciliations of the Fund’s positions and cash;
	•	monitors the liquidity of the Fund;
	•	monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws;
	•	maintains a comprehensive compliance program and conducts ongoing reviews of the compliance programs of the Fund’s sub-advisor;
	•	oversees the selection and continued employment of the Fund’s sub-advisor, reviews the Fund’s investment performance, and monitors the sub-advisor’s adherence to the Fund’s investment objectives, policies, and restrictions;
	•	oversees outside service providers;
	•	maintains in-house marketing and distribution departments on behalf of the Fund;
	•	prepares or directs the preparation of all regulatory filings for the Fund;
	•	oversees distribution of the Fund through third-party financial intermediary platforms;
	•	pays the incentive compensation of the Fund’s compliance officer and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives;
	•	provides a quarterly compliance certification to the Board; and
	•	prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

	•	maintaining a toll-free number that current shareholders may call to ask questions about their accounts or the Funds;
	•	responding generally to shareholder questions;
	•	actively participating as a liaison between shareholders and U.S. Bank Global Fund Services; and
	•	providing such other similar services as may be requested.

	FOR QUESTIONS PLEASE CALL
		Hennessy Funds
		1-800-966-4354 or
		1-415-899-1555
		10 a.m. - 7 p.m. ET, M-Th; 5 p.m. F
		7 a.m. - 4 p.m. PT, M-Th; 2 p.m. F
		U.S. Bank Global Fund Services,
		Transfer Agent for the Funds
		1-800-261-6950
		9 a.m. - 8 p.m. ET, M-F
		6 a.m. - 5 p.m. PT, M-F

SHAREHOLDER INFORMATION

For regular mail delivery:	For overnight delivery:
Hennessy Funds	Hennessy Funds
c/o U.S. Bank Global Fund Services	c/o U.S. Bank Global Fund Services
P.O. Box 701	615 East Michigan St., 3rd Floor
Milwaukee, WI 53201-0701	Milwaukee, WI 53202-5207

SHAREHOLDER INFORMATION

Hennessy Funds
c/o U.S. Bank N.A.	Credit: U.S. Bank Global Fund Services
777 E. Wisconsin Ave.	Account Number: 112-952-137
Milwaukee, WI 53202	Further Credit: Mutual fund name, shareholder
ABA# 075000022	name, and account number

	•	Coverdell Education Savings Account
	•	Traditional IRA
	•	Roth IRA
	•	SEP-IRA for sole proprietors, partnerships and corporations
	•	SIMPLE-IRA

	•	The redemption request includes a change of address, or a change of address request was received by the Transfer Agent within the last 30 calendar days;
	•	The redemption proceeds are to be payable or sent to any person, address, or bank account not on record;
	•	Account ownership is being changed; or
	•	The redemption request is over $100,000 (Investor Class shares only).

SHAREHOLDER INFORMATION

SHAREHOLDER INFORMATION

	•	Automatic Reinvestment Option – Both dividend and capital gains distributions will be reinvested in additional Fund shares.
	•	Split Cash Reinvest Options:

		o	Your dividends will be paid in cash and your capital gains distributions will be reinvested in additional Fund shares; or
		o	Your dividends will be reinvested in additional Fund shares and your capital gains distributions will be paid in cash.

•

All Cash Option – Both dividends and capital gains distributions will be paid in cash.

SHAREHOLDER INFORMATION

1	The Alerian US Midstream Energy Index is a servicemark of GKD Index Partners, LLC d/b/a Alerian (“Alerian”), and its use is granted under a license from Alerian. Alerian makes no express or implied warranties, representations, or promises regarding the originality, merchantability, suitability, or fitness for a particular purpose or use with respect to the Alerian indices. No party may rely on, and Alerian does not accept any liability for any errors, omissions, interruptions, or defects in, the Alerian indices or underlying data. In no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including lost profits), even if notified of the possibility of such damages.
2	Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
3	The Dow Jones Industrial Average is the property of the Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or its investment advisor. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information included in this Prospectus.
4	Standard & Poor’s Financial Services LLC is the source and owner of the S&P® and S&P 500® trademarks.

Hennessy Cornerstone Growth Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	24.07			$	29.83			$	19.91			$	19.15			$	22.17
Income from investment operations:
Net investment income (loss)(1)			0.22				0.26				(0.14	)			(0.08	)			(0.01	)
Net realized and unrealized gains (losses) on investments			0.35				0.62				10.06				0.84				(1.19	)
Total from investment operations			0.57				0.88				9.92				0.76				(1.20	)
Less distributions:
Dividends from net investment income			(0.27	)			—				—				—				—
Dividends from net realized gains			(0.55	)			(6.64	)			—				—				(1.82	)
Total distributions			(0.82	)			(6.64	)			—				—				(1.82	)
Net asset value, end of year		$	23.82			$	24.07			$	29.83			$	19.91			$	19.15
TOTAL RETURN			2.54	%			2.51	%			49.82	%			3.97	%			-5.19	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	141.36			$	154.25			$	151.96			$	110.96			$	125.10
Ratio of expenses to average net assets			1.33	%			1.33	%			1.34	%			1.36	%			1.34	%
Ratio of net investment income (loss) to average net assets			0.95	%			1.10	%			(0.51	)%			(0.45	)%			(0.07	)%
Portfolio turnover rate(2)			90	%			102	%			98	%			98	%			95	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE GROWTH FUND

Hennessy Cornerstone Growth Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	25.17			$	31.09			$	20.68			$	19.83			$	22.88
Income from investment operations:
Net investment income (loss)(1)			0.29				0.34				(0.05	)			(0.03	)			0.05
Net realized and unrealized gains (losses) on investments			0.38				0.67				10.46				0.88				(1.22	)
Total from investment operations			0.67				1.01				10.41				0.85				(1.17	)
Less distributions:
Dividends from net investment income			(0.35	)			—				—				—				—
Dividends from net realized gains			(0.58	)			(6.93	)			—				—				(1.88	)
Total distributions			(0.93	)			(6.93	)			—				—				(1.88	)
Net asset value, end of year		$	24.91			$	25.17			$	31.09			$	20.68			$	19.83
TOTAL RETURN			2.85	%			2.84	%			50.34	%			4.29	%			-4.86	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	22.32			$	18.52			$	15.78			$	11.65			$	14.62
Ratio of expenses to average net assets			1.02	%			1.01	%			1.01	%			1.05	%			1.01	%
Ratio of net investment income (loss) to average net assets			1.18	%			1.38	%			(0.17	)%			(0.14	)%			0.27	%
Portfolio turnover rate(2)			90	%			102	%			98	%			98	%			95	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

Hennessy Focus Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	51.12			$	80.48			$	71.68			$	85.11			$	83.20
Income from investment operations:
Net investment loss(1)			(0.29	)			(0.56	)			(0.63	)			(0.66	)			(0.52	)
Net realized and unrealized gains (losses) on investments			2.15				(16.93	)			31.46				(4.21	)			16.90
Total from investment operations			1.86				(17.49	)			30.83				(4.87	)			16.38
Less distributions:
Dividends from net realized gains			(6.84	)			(11.87	)			(22.03	)			(8.56	)			(14.47	)
Total distributions			(6.84	)			(11.87	)			(22.03	)			(8.56	)			(14.47	)
Net asset value, end of year		$	46.14			$	51.12			$	80.48			$	71.68			$	85.11
TOTAL RETURN			3.52	%			-25.55	%			52.87	%			-6.79	%			24.16	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	357.13			$	431.67			$	709.40			$	678.72			$	1,213.20
Ratio of expenses to average net assets			1.50	%			1.52	%			1.49	%			1.51	%			1.47	%
Ratio of net investment loss to average net assets			(0.58	)%			(0.92	)%			(0.88	)%			(0.88	)%			(0.67	)%
Portfolio turnover rate(2)			12	%			5	%			4	%			5	%			2	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY FOCUS FUND

Hennessy Focus Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	53.34			$	83.66			$	74.24			$	87.83			$	85.66
Income from investment operations:
Net investment loss(1)			(0.11	)			(0.34	)			(0.37	)			(0.39	)			(0.25	)
Net realized and unrealized gains (losses) on investments			2.23				(17.63	)			32.62				(4.36	)			17.41
Total from investment operations			2.12				(17.97	)			32.25				(4.75	)			17.16
Less distributions:
Dividends from net realized gains			(7.14	)			(12.35	)			(22.83	)			(8.84	)			(14.99	)
Total distributions			(7.14	)			(12.35	)			(22.83	)			(8.84	)			(14.99	)
Net asset value, end of year		$	48.32			$	53.34			$	83.66			$	74.24			$	87.83
TOTAL RETURN			3.90	%			-25.27	%			53.43	%			-6.45	%			24.59	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	214.53			$	308.95			$	498.51			$	387.55			$	586.25
Ratio of expenses to average net assets			1.13	%			1.13	%			1.12	%			1.14	%			1.12	%
Ratio of net investment loss to average net assets			(0.22	)%			(0.53	)%			(0.50	)%			(0.51	)%			(0.32	)%
Portfolio turnover rate(2)			12	%			5	%			4	%			5	%			2	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

Hennessy Cornerstone Mid Cap 30 Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	20.83			$	19.78			$	13.27			$	12.01			$	16.87
Income from investment operations:
Net investment income (loss)(1)			0.01				0.17				(0.14	)			(0.03	)			(0.02	)
Net realized and unrealized gains (losses) on investments			1.68				1.22				6.65				1.29				(0.34	)
Total from investment operations			1.69				1.39				6.51				1.26				(0.36	)
Less distributions:
Dividends from net investment income			—				(0.34	)			—				—				—
Dividends from net realized gains			(3.60	)			—				—				—				(4.50	)
Total distributions			(3.60	)			(0.34	)			—				—				(4.50	)
Net asset value, end of year		$	18.92			$	20.83			$	19.78			$	13.27			$	12.01
TOTAL RETURN			10.03	%			7.12	%			49.06	%			10.49	%			-1.22	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	297.37			$	215.00			$	219.58			$	188.71			$	206.11
Ratio of expenses to average net assets			1.34	%			1.35	%			1.36	%			1.37	%			1.36	%
Ratio of net investment income (loss) to average net assets			0.09	%			0.84	%			(0.74	)%			(0.27	)%			(0.15	)%
Portfolio turnover rate(2)			120	%			176	%			0	%			94	%			70	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE MID CAP 30 FUND

Hennessy Cornerstone Mid Cap 30 Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	21.84			$	20.66			$	13.81			$	12.46			$	17.38
Income from investment operations:
Net investment income (loss)(1)			0.09				0.24				(0.07	)			0.01				0.03
Net realized and unrealized gains (losses) on investments			1.76				1.29				6.92				1.34				(0.36	)
Total from investment operations			1.85				1.53				6.85				1.35				(0.33	)
Less distributions:
Dividends from net investment income			—				(0.35	)			—				—				—
Dividends from net realized gains			(3.78	)			—				—				—				(4.59	)
Total distributions			(3.78	)			(0.35	)			—				—				(4.59	)
Net asset value, end of year		$	19.91			$	21.84			$	20.66			$	13.81			$	12.46
TOTAL RETURN			10.43	%			7.52	%			49.60	%			10.83	%			-0.84	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	293.88			$	174.62			$	169.19			$	136.09			$	168.79
Ratio of expenses to average net assets			0.97	%			1.00	%			0.99	%			1.01	%			1.00	%
Ratio of net investment income (loss) to average net assets			0.44	%			1.18	%			(0.38	)%			0.09	%			0.20	%
Portfolio turnover rate(2)			120	%			176	%			0	%			94	%			70	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

Hennessy Cornerstone Large Growth Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	10.92			$	14.35			$	10.21			$	10.54			$	12.24
Income from investment operations:
Net investment income(1)			0.11				0.09				0.09				0.09				0.13
Net realized and unrealized gains (losses) on investments			0.87				(1.66	)			4.64				(0.15	)			0.56
Total from investment operations			0.98				(1.57	)			4.73				(0.06	)			0.69
Less distributions:
Dividends from net investment income			(0.08	)			(0.08	)			(0.10	)			(0.14	)			(0.09	)
Dividends from net realized gains			(1.76	)			(1.78	)			(0.49	)			(0.13	)			(2.30	)
Total distributions			(1.84	)			(1.86	)			(0.59	)			(0.27	)			(2.39	)
Net asset value, end of year		$	10.06			$	10.92			$	14.35			$	10.21			$	10.54
TOTAL RETURN			9.48	%			-12.76	%			48.00	%			-0.75	%			7.84	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	112.89			$	115.15			$	143.11			$	103.11			$	117.62
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment			1.28	%			1.30	%			1.29	%			1.31	%			1.31	%
After expense reimbursement/recoupment			1.28	%			1.30	%			1.29	%			1.31	%(2)			1.29	%
Ratio of net investment income to average net assets:
Before expense reimbursement/recoupment			1.10	%			0.76	%			0.69	%			0.93	%			1.24	%
After expense reimbursement/recoupment			1.10	%			0.76	%			0.69	%			0.93	%			1.26	%
Portfolio turnover rate(3)			53	%			76	%			68	%			62	%			57	%

(1)	Calculated using the average shares outstanding method.
(2)	The Fund had an expense limitation agreement in place through November 30, 2019.
(3)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE LARGE GROWTH FUND

Hennessy Cornerstone Large Growth Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	11.05			$	14.51			$	10.33			$	10.65			$	12.38
Income from investment operations:
Net investment income(1)			0.14				0.13				0.12				0.13				0.16
Net realized and unrealized gains (losses) on investments			0.89				(1.68	)			4.68				(0.15	)			0.56
Total from investment operations			1.03				(1.55	)			4.80				(0.02	)			0.72
Less distributions:
Dividends from net investment income			(0.12	)			(0.11	)			(0.13	)			(0.17	)			(0.12	)
Dividends from net realized gains			(1.78	)			(1.80	)			(0.49	)			(0.13	)			(2.33	)
Total distributions			(1.90	)			(1.91	)			(0.62	)			(0.30	)			(2.45	)
Net asset value, end of year		$	10.18			$	11.05			$	14.51			$	10.33			$	10.65
TOTAL RETURN			9.85	%			-12.52	%			48.30	%			-0.40	%			8.12	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	15.77			$	14.80			$	18.39			$	12.60			$	18.42
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment			1.00	%			0.99	%			1.04	%			1.01	%			1.00	%
After expense reimbursement/recoupment			1.00	%			0.99	%			1.04	%			1.01	%(2)			0.98	%
Ratio of net investment income to average net assets:
Before expense reimbursement/recoupment			1.37	%			1.08	%			0.91	%			1.23	%			1.56	%
After expense reimbursement/recoupment			1.37	%			1.08	%			0.91	%			1.23	%			1.58	%
Portfolio turnover rate(3)			53	%			76	%			68	%			62	%			57	%

(1)	Calculated using the average shares outstanding method.
(2)	The Fund had an expense limitation agreement in place through November 30, 2019.
(3)	Calculated on the basis of the Fund as a whole.

Hennessy Cornerstone Value Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	20.30			$	19.59			$	13.69			$	17.43			$	19.29
Income from investment operations:
Net investment income(1)			0.63				0.55				0.44				0.41				0.47
Net realized and unrealized gains (losses) on investments			(0.84	)			1.10				5.87				(3.01	)			0.30
Total from investment operations			(0.21	)			1.65				6.31				(2.60	)			0.77
Less distributions:
Dividends from net investment income			(0.50	)			(0.51	)			(0.41	)			(0.47	)			(0.41	)
Dividends from net realized gains			(1.45	)			(0.43	)			—				(0.67	)			(2.22	)
Total distributions			(1.95	)			(0.94	)			(0.41	)			(1.14	)			(2.63	)
Net asset value, end of year		$	18.14			$	20.30			$	19.59			$	13.69			$	17.43
TOTAL RETURN			-1.45	%			8.68	%			46.82	%			-16.22	%			5.22	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	246.40			$	268.81			$	254.23			$	189.60			$	253.95
Ratio of expenses to average net assets			1.23	%			1.23	%			1.23	%			1.30	%			1.23	%
Ratio of net investment income to average net assets			3.31	%			2.74	%			2.43	%			2.71	%			2.75	%
Portfolio turnover rate(2)			31	%			36	%			41	%			32	%			27	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE VALUE FUND

Hennessy Cornerstone Value Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	20.34			$	19.63			$	13.71			$	17.45			$	19.33
Income from investment operations:
Net investment income(1)			0.67				0.58				0.48				0.44				0.50
Net realized and unrealized gains (losses) on investments			(0.84	)			1.12				5.88				(3.01	)			0.29
Total from investment operations			(0.17	)			1.70				6.36				(2.57	)			0.79
Less distributions:
Dividends from net investment income			(0.55	)			(0.56	)			(0.44	)			(0.49	)			(0.45	)
Dividends from net realized gains			(1.45	)			(0.43	)			—				(0.68	)			(2.22	)
Total distributions			(2.00	)			(0.99	)			(0.44	)			(1.17	)			(2.67	)
Net asset value, end of year		$	18.17			$	20.34			$	19.63			$	13.71			$	17.45
TOTAL RETURN			-1.26	%			8.92	%			47.19	%			-16.06	%			5.37	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	7.50			$	24.35			$	5.50			$	4.29			$	6.44
Ratio of expenses to average net asset			1.06	%			1.00	%			0.99	%			1.08	%			1.08	%
Ratio of net investment income to average net assets			3.48	%			2.92	%			2.67	%			2.94	%			2.92	%
Portfolio turnover rate(2)			31	%			36	%			41	%			32	%			27	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY TOTAL RETURN FUND

Hennessy Total Return Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	13.47			$	13.54			$	11.97			$	13.98			$	13.57
Income from investment operations:
Net investment income(1)			0.40				0.22				0.20				0.27				0.24
Net realized and unrealized gains (losses) on investments			(0.30	)			(0.07	)			2.33				(1.99	)			0.81
Total from investment operations			0.10				0.15				2.53				(1.72	)			1.05
Less distributions:
Dividends from net investment income			(0.38	)			(0.22	)			(0.20	)			(0.29	)			(0.24	)
Dividends from net realized gains			(0.66	)			—				(0.76	)			—				(0.40	)
Total distributions			(1.04	)			(0.22	)			(0.96	)			(0.29	)			(0.64	)
Net asset value, end of year		$	12.53			$	13.47			$	13.54			$	11.97			$	13.98
TOTAL RETURN			0.53	%			1.12	%			21.72	%			-12.36	%			7.93	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	47.54			$	53.36			$	54.45			$	50.67			$	72.94
Ratio of expenses to average net assets			3.37	%			1.77	%			1.35	%			1.73	%			2.31	%
Ratio of net investment income to average net assets			3.05	%			1.62	%			1.52	%			2.05	%			1.74	%
Portfolio turnover rate			36	%			24	%			19	%			39	%			30	%

(1)	Calculated using the average shares outstanding method.

Hennessy Equity and Income Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	14.06			$	17.26			$	15.12			$	15.72			$	15.82
Income from investment operations:
Net investment income(1)			0.10				0.08				0.09				0.16				0.18
Net realized and unrealized gains (losses) on investments			0.42				(2.09	)			3.01				0.40				1.02
Total from investment operations			0.52				(2.01	)			3.10				0.56				1.20
Less distributions:
Dividends from net investment income			(0.10	)			(0.08	)			(0.10	)			(0.16	)			(0.17	)
Dividends from net realized gains			(0.38	)			(1.11	)			(0.86	)			(1.00	)			(1.13	)
Total distributions			(0.48	)			(1.19	)			(0.96	)			(1.16	)			(1.30	)
Net asset value, end of year		$	14.10			$	14.06			$	17.26			$	15.12			$	15.72
TOTAL RETURN			3.67	%			-12.60	%			21.24	%			3.74	%			8.39	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	34.29			$	39.17			$	53.97			$	51.29			$	93.51
Ratio of expenses to average net assets			1.52	%			1.51	%			1.49	%			1.49	%			1.46	%
Ratio of net investment income to average net assets			0.71	%			0.53	%			0.54	%			1.08	%			1.16	%
Portfolio turnover rate(2)			11	%			15	%			26	%			22	%			16	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY EQUITY AND INCOME FUND

Hennessy Equity and Income Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	13.21			$	16.22			$	14.22			$	14.80			$	14.93
Income from investment operations:
Net investment income(1)			0.15				0.13				0.14				0.20				0.22
Net realized and unrealized gains (losses) on investments			0.38				(1.97	)			2.83				0.38				0.96
Total from investment operations			0.53				(1.84	)			2.97				0.58				1.18
Less distributions:
Dividends from net investment income			(0.15	)			(0.13	)			(0.16	)			(0.22	)			(0.24	)
Dividends from net realized gains			(0.36	)			(1.04	)			(0.81	)			(0.94	)			(1.07	)
Total distributions			(0.51	)			(1.17	)			(0.97	)			(1.16	)			(1.31	)
Net asset value, end of year		$	13.23			$	13.21			$	16.22			$	14.22			$	14.80
TOTAL RETURN			3.99	%			-12.25	%			21.68	%			4.16	%			8.76	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	34.71			$	47.74			$	66.06			$	61.75			$	80.40
Ratio of expenses to average net assets			1.15	%			1.13	%			1.12	%			1.12	%			1.09	%
Ratio of net investment income to average net assets			1.08	%			0.90	%			0.91	%			1.44	%			1.53	%
Portfolio turnover rate(2)			11	%			15	%			26	%			22	%			16	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY BALANCED FUND

Hennessy Balanced Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	11.82			$	12.39			$	10.84			$	12.38			$	12.34
Income from investment operations:
Net investment income(1)			0.26				0.06				0.02				0.12				0.13
Net realized and unrealized gains (losses) on investments			(0.27	)			(0.15	)			1.56				(1.04	)			0.59
Total from investment operations			(0.01	)			(0.09	)			1.58				(0.92	)			0.72
Less distributions:
Dividends from net investment income			(0.25	)			(0.05	)			(0.03	)			(0.12	)			(0.13	)
Dividends from net realized gains			(0.44	)			(0.43	)			—				(0.50	)			(0.55	)
Total distributions			(0.69	)			(0.48	)			(0.03	)			(0.62	)			(0.68	)
Net asset value, end of year		$	11.12			$	11.82			$	12.39			$	10.84			$	12.38
TOTAL RETURN			-0.22	%			-0.70	%			14.62	%			-7.84	%			6.05	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	12.29			$	12.89			$	13.53			$	11.99			$	12.30
Ratio of expenses to average net assets			1.84	%			1.80	%			1.85	%			1.89	%			1.88	%
Ratio of net investment income to average net assets			2.26	%			0.49	%			0.17	%			1.05	%			1.04	%
Portfolio turnover rate			22	%			29	%			31	%			42	%			52	%

(1)	Calculated using the average shares outstanding method.

Hennessy Energy Transition Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	24.15			$	18.31			$	8.74			$	14.08			$	18.32
Income from investment operations:
Net investment income (loss)(1)			0.17				0.16				0.06				0.04				(0.07	)
Net realized and unrealized gains (losses) on investments			0.02				7.74				9.51				(5.38	)			(4.17	)
Total from investment operations			0.19				7.90				9.57				(5.34	)			(4.24	)
Less distributions:
Dividends from net investment income			(0.12	)			(2.06	)			—				—				—
Total distributions			(0.12	)			(2.06	)			—				—				—
Net asset value, end of year		$	24.22			$	24.15			$	18.31			$	8.74			$	14.08
TOTAL RETURN			0.81	%			49.24	%			109.50	%			-37.93	%			-23.14	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	8.96			$	10.21			$	6.80			$	2.50			$	6.83
Ratio of expenses to average net assets:
Before expense reimbursement			2.42	%			2.42	%			2.96	%			2.59	%			1.97	%
After expense reimbursement			2.27	%(3)			2.25	%(3)			2.74	%(3)			2.03	%(2)(3)			1.97	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement			0.59	%			0.64	%			0.16	%			(0.18	)%			(0.46	)%
After expense reimbursement			0.74	%			0.81	%			0.38	%			0.38	%			(0.46	)%
Portfolio turnover rate(4)			28	%			31	%			74	%			73	%			87	%

(1)	Calculated using the average shares outstanding method.
(2)	The Fund had an expense limitation agreement in place through October 25, 2020.
(3)	Certain service provider expenses were voluntarily waived during the fiscal year.
(4)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY ENERGY TRANSITION FUND

Hennessy Energy Transition Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	24.59			$	18.60			$	8.85			$	14.26			$	18.50
Income from investment operations:
Net investment income (loss)(1)			0.25				0.23				0.07				0.12				(0.02	)
Net realized and unrealized gains (losses) on investments			0.02				7.87				9.68				(5.50	)			(4.22	)
Total from investment operations			0.27				8.10				9.75				(5.38	)			(4.24	)
Less distributions:
Dividends from net investment income			(0.18	)			(2.11	)			—				(0.03	)			—
Total distributions			(0.18	)			(2.11	)			—				(0.03	)			—
Net asset value, end of year		$	24.68			$	24.59			$	18.60			$	8.85			$	14.26
TOTAL RETURN			1.14	%			49.71	%			110.17	%			-37.80	%			-22.92	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	11.43			$	13.33			$	9.45			$	3.82			$	44.37
Ratio of expenses to average net assets:
Before expense reimbursement			2.08	%			2.09	%			2.61	%			2.01	%			1.66	%
After expense reimbursement			1.93	%(3)			1.92	%(3)			2.39	%(3)			1.77	%(2)(3)			1.66	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement			0.92	%			0.96	%			0.22	%			0.79	%			(0.12	)%
After expense reimbursement			1.07	%			1.13	%			0.44	%			1.03	%			(0.12	)%
Portfolio turnover rate(4)			28	%			31	%			74	%			73	%			87	%

(1)	Calculated using the average shares outstanding method.
(2)	The Fund had an expense limitation agreement in place through October 25, 2020.
(3)	Certain service provider expenses were voluntarily waived during the fiscal year.
(4)	Calculated on the basis of the Fund as a whole.

Hennessy Midstream Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	9.58			$	8.66			$	5.55			$	10.90			$	12.66
Income from investment operations:
Net investment loss(1)(2)			(0.02	)			(0.07	)			(0.07	)			(0.10	)			(0.10	)
Net realized and unrealized gains (losses) on investments			1.49				2.02				4.21				(4.22	)			(0.63	)
Total from investment operations			1.47				1.95				4.14				(4.32	)			(0.73	)
Less distributions:
Dividends from net investment income			(0.84	)			(0.06	)			—				—				—
Dividends from return of capital			(0.19	)			(0.97	)			(1.03	)			(1.03	)			(1.03	)
Total distributions			(1.03	)			(1.03	)			(1.03	)			(1.03	)			(1.03	)
Net asset value, end of year		$	10.02			$	9.58			$	8.66			$	5.55			$	10.90
TOTAL RETURN			16.39	%			24.03	%			78.41	%			-42.13	%			-6.28	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	16.79			$	11.47			$	6.72			$	3.81			$	9.20
Ratio of expenses to average net assets:
Before expense reimbursement			2.03	%			2.05	%			2.11	%			2.12	%			1.89	%
After expense reimbursement			1.78	%(3)			1.76	%(3)			1.76	%(3)			1.76	%(3)			1.76	%
Ratio of net investment loss to average net assets:
Before expense reimbursement(2)			(0.50	)%			(1.08	)%			(1.26	)%			(1.63	)%			(0.92	)%
After expense reimbursement(2)			(0.25	)%			(0.79	)%			(0.91	)%			(1.27	)%			(0.79	)%
Portfolio turnover rate(4)			16	%			33	%			40	%			53	%			41	%

(1)	Calculated using the average shares outstanding method.
(2)	Includes current and deferred tax benefit/expense from net investment income/loss only.
(3)	Certain service provider expenses were voluntarily waived during the fiscal year.
(4)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY MIDSTREAM FUND

Hennessy Midstream Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	9.91			$	8.90			$	5.68			$	11.09			$	12.83
Income from investment operations:
Net investment loss(1)(2)			(0.00	)(3)			(0.05	)			(0.05	)			(0.10	)			(0.09	)
Net realized and unrealized gains (losses) on investments			1.55				2.09				4.30				(4.28	)			(0.62	)
Total from investment operations			1.55				2.04				4.25				(4.38	)			(0.71	)
Less distributions:
Dividends from net investment income			(0.84	)			(0.06	)			—				—				—
Dividends from return of capital			(0.19	)			(0.97	)			(1.03	)			(1.03	)			(1.03	)
Total distributions			(1.03	)			(1.03	)			(1.03	)			(1.03	)			(1.03	)
Net asset value, end of year		$	10.43			$	9.91			$	8.90			$	5.68			$	11.09
TOTAL RETURN			16.67	%			24.41	%			78.57	%			-41.93	%			-6.10	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	37.46			$	33.06			$	30.45			$	18.33			$	31.78
Ratio of expenses to average net assets:
Before expense reimbursement			1.65	%			1.69	%			1.74	%			1.79	%			1.56	%
After expense reimbursement			1.53	%(4)			1.51	%(4)			1.51	%(4)			1.51	%(4)			1.51	%
Ratio of net investment loss to average net assets:
Before expense reimbursement(2)			(0.12	)%			(0.71	)%			(0.89	)%			(1.55	)%			(0.76	)%
After expense reimbursement(2)			(0.00	)%(3)			(0.53	)%			(0.66	)%			(1.27	)%			(0.71	)%
Portfolio turnover rate(5)			16	%			33	%			40	%			53	%			41	%

(1)	Calculated using the average shares outstanding method.
(2)	Includes current and deferred tax benefit/expense from net investment income/loss only.
(3)	Amount is between $(0.005) and $0.005.
(4)	Certain service provider expenses were voluntarily waived during the fiscal year.
(5)	Calculated on the basis of the Fund as a whole.

Hennessy Gas Utility Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	25.91			$	26.09			$	24.08			$	29.64			$	28.68
Income from investment operations:
Net investment income(1)			0.54				0.50				0.52				0.58				0.56
Net realized and unrealized gains (losses) on investments			(1.70	)			1.98				4.00				(4.14	)			3.50
Total from investment operations			(1.16	)			2.48				4.52				(3.56	)			4.06
Less distributions:
Dividends from net investment income			(0.53	)			(0.50	)			(0.57	)			(0.56	)			(0.62	)
Dividends from net realized gains			(1.65	)			(2.16	)			(1.94	)			(1.44	)			(2.48	)
Total distributions			(2.18	)			(2.66	)			(2.51	)			(2.00	)			(3.10	)
Net asset value, end of year		$	22.57			$	25.91			$	26.09			$	24.08			$	29.64
TOTAL RETURN			-5.01	%			10.14	%			19.91	%			-12.49	%			15.28	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	384.37			$	459.41			$	457.31			$	483.56			$	764.10
Ratio of expenses to average net assets			1.00	%			1.00	%			1.00	%			1.02	%			1.00	%
Ratio of net investment income to average net assets			2.21	%			1.88	%			2.06	%			2.24	%			1.98	%
Portfolio turnover rate(2)			12	%			31	%			15	%			16	%			12	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY GAS UTILITY FUND

Hennessy Gas Utility Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	25.84			$	26.01			$	24.01			$	29.56			$	28.65
Income from investment operations:
Net investment income(1)			0.62				0.57				0.59				0.66				0.64
Net realized and unrealized gains (losses) on investments			(1.70	)			1.99				3.99				(4.13	)			3.50
Total from investment operations			(1.08	)			2.56				4.58				(3.47	)			4.14
Less distributions:
Dividends from net investment income			(0.60	)			(0.58	)			(0.65	)			(0.64	)			(0.73	)
Dividends from net realized gains			(1.65	)			(2.15	)			(1.93	)			(1.44	)			(2.50	)
Total distributions			(2.25	)			(2.73	)			(2.58	)			(2.08	)			(3.23	)
Net asset value, end of year		$	22.51			$	25.84			$	26.01			$	24.01			$	29.56
TOTAL RETURN			-4.74	%			10.53	%			20.29	%			-12.22	%			15.63	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	56.75			$	93.58			$	63.06			$	66.46			$	107.18
Ratio of expenses to average net assets			0.71	%			0.68	%			0.69	%			0.70	%			0.69	%
Ratio of net investment income to average net assets			2.52	%			2.13	%			2.35	%			2.57	%			2.25	%
Portfolio turnover rate(2)			12	%			31	%			15	%			16	%			12	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

Hennessy Japan Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	29.43			$	47.78			$	42.79			$	37.17			$	33.63
Income from investment operations:
Net investment income (loss)(1)			0.23				(0.11	)			(0.23	)			(0.14	)			0.05
Net realized and unrealized gains (losses) on investments			5.33				(17.83	)			5.22				5.81				3.50
Total from investment operations			5.56				(17.94	)			4.99				5.67				3.55
Less distributions:
Dividends from net investment income			—				(0.41	)			—				(0.02	)			(0.01	)
Dividends from net realized gains			—				—				—				(0.03	)			—
Total distributions			—				(0.41	)			—				(0.05	)			(0.01	)
Net asset value, end of year		$	34.99			$	29.43			$	47.78			$	42.79			$	37.17
TOTAL RETURN			18.89	%			-37.86	%			11.66	%			15.27	%			10.60	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	45.61			$	39.55			$	86.11			$	142.30			$	87.22
Ratio of expenses to average net assets			1.44	%			1.44	%			1.43	%			1.43	%			1.43	%
Ratio of net investment income (loss) to average net assets			0.65	%			(0.30	)%			(0.49	)%			(0.37	)%			0.14	%
Portfolio turnover rate(2)			57	%			21	%			16	%			23	%			9	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY JAPAN FUND

Hennessy Japan Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	30.43			$	49.54			$	44.19			$	38.37			$	34.67
Income from investment operations:
Net investment income (loss)(1)			0.30				0.02				(0.03	)			0.02				0.21
Net realized and unrealized gains (losses) on investments			5.59				(18.39	)			5.38				5.99				3.60
Total from investment operations			5.89				(18.37	)			5.35				6.01				3.81
Less distributions:
Dividends from net investment income			—				(0.74	)			(0.00	)(2)			(0.16	)			(0.11	)
Dividends from net realized gains			—				—				—				(0.03	)			—
Total distributions			—				(0.74	)			(0.00	)(2)			(0.19	)			(0.11	)
Net asset value, end of year		$	36.32			$	30.43			$	49.54			$	44.19			$	38.37
TOTAL RETURN			19.36	%			-37.63	%			12.11	%			15.72	%			11.02	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	233.44			$	275.24			$	727.47			$	608.11			$	611.41
Ratio of expenses to average net assets			1.04	%			1.05	%			1.04	%			1.04	%			1.03	%
Ratio of net investment income (loss) to average net assets			0.84	%			0.04	%			(0.07	)%			0.04	%			0.59	%
Portfolio turnover rate(3)			57	%			21	%			16	%			23	%			9	%

(1)	Calculated using the average shares outstanding method.
(2)	Amount is between $(0.005) and $0.005.
(3)	Calculated on the basis of the Fund as a whole.

Hennessy Japan Small Cap Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	13.10			$	18.12			$	15.73			$	15.43			$	14.99
Income from investment operations:
Net investment income(1)			0.14				0.12				0.03				0.01				0.03
Net realized and unrealized gains (losses) on investments			1.58				(5.07	)			2.40				0.50				0.88
Total from investment operations			1.72				(4.95	)			2.43				0.51				0.91
Less distributions:
Dividends from net investment income			(0.08	)			(0.00	)(2)			(0.04	)			(0.21	)			—
Dividends from net realized gains			—				(0.07	)			—				—				(0.47	)
Total distributions			(0.08	)			(0.07	)			(0.04	)			(0.21	)			(0.47	)
Net asset value, end of year		$	14.74			$	13.10			$	18.12			$	15.73			$	15.43
TOTAL RETURN			13.22	%			-27.41	%			15.46	%			3.27	%			6.30	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	32.56			$	31.23			$	46.15			$	46.41			$	66.30
Ratio of expenses to average net assets			1.51	%			1.57	%			1.53	%			1.55	%			1.52	%
Ratio of net investment income to average net assets			0.97	%			0.83	%			0.16	%			0.09	%			0.23	%
Portfolio turnover rate(3)			32	%			45	%			24	%			17	%			21	%

(1)	Calculated using the average shares outstanding method.
(2)	Amount is between $(0.005) and $0.005.
(3)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY JAPAN SMALL CAP FUND

Hennessy Japan Small Cap Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	12.97			$	17.94			$	15.58			$	15.28			$	14.83
Income from investment operations:
Net investment income(1)			0.21				0.18				0.11				0.07				0.09
Net realized and unrealized gains (losses) on investments			1.54				(4.99	)			2.37				0.50				0.86
Total from investment operations			1.75				(4.81	)			2.48				0.57				0.95
Less distributions:
Dividends from net investment income			(0.16	)			(0.09	)			(0.12	)			(0.27	)			(0.04	)
Dividends from net realized gains			—				(0.07	)			—				—				(0.46	)
Total distributions			(0.16	)			(0.16	)			(0.12	)			(0.27	)			(0.50	)
Net asset value, end of year		$	14.56			$	12.97			$	17.94			$	15.58			$	15.28
TOTAL RETURN			13.60	%			-27.05	%			15.90	%			3.69	%			6.73	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	70.99			$	47.65			$	66.58			$	34.58			$	63.78
Ratio of expenses to average net assets			1.11	%			1.17	%			1.13	%			1.13	%			1.12	%
Ratio of net investment income to average net assets			1.44	%			1.22	%			0.63	%			0.45	%			0.61	%
Portfolio turnover rate(2)			32	%			45	%			24	%			17	%			21	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

Hennessy Large Cap Financial Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	24.80			$	35.32			$	22.33			$	22.63			$	21.43
Income from investment operations:
Net investment income (loss)(1)			0.35				0.15				(0.15	)			(0.05	)			(0.05	)
Net realized and unrealized gains (losses) on investments			(4.92	)			(9.02	)			13.14				(0.25	)			1.84
Total from investment operations			(4.57	)			(8.87	)			12.99				(0.30	)			1.79
Less distributions:
Dividends from net investment income			(0.13	)			—				—				—				—
Dividends from net realized gains			(1.53	)			(1.65	)			—				—				(0.59	)
Total distributions			(1.66	)			(1.65	)			—				—				(0.59	)
Net asset value, end of year		$	18.57			$	24.80			$	35.32			$	22.33			$	22.63
TOTAL RETURN			-19.62	%			-26.22	%			58.17	%			-1.33	%			8.75	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	16.88			$	23.63			$	36.42			$	22.51			$	23.63
Ratio of expenses to average net assets			1.79	%			1.69	%			1.68	%			1.75	%			1.82	%
Ratio of net investment income (loss) to average net assets			1.64	%			0.55	%			(0.47	)%			(0.21	)%			(0.23	)%
Portfolio turnover rate(2)			114	%			78	%			62	%			88	%			83	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY LARGE CAP FINANCIAL FUND

Hennessy Large Cap Financial Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	25.11			$	35.63			$	22.44			$	22.68			$	21.39
Income from investment operations:
Net investment income (loss)(1)			0.43				0.25				(0.03	)			0.02				0.01
Net realized and unrealized gains (losses) on investments			(4.99	)			(9.10	)			13.22				(0.26	)			1.87
Total from investment operations			(4.56	)			(8.85	)			13.19				(0.24	)			1.88
Less distributions:
Dividends from net investment income			(0.24	)			—				—				—				—
Dividends from net realized gains			(1.55	)			(1.67	)			—				—				(0.59	)
Total distributions			(1.79	)			(1.67	)			—				—				(0.59	)
Net asset value, end of year		$	18.76			$	25.11			$	35.63			$	22.44			$	22.68
TOTAL RETURN			-19.41	%			-25.95	%			58.78	%			-1.06	%			9.16	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	12.58			$	22.15			$	35.06			$	21.15			$	21.97
Ratio of expenses to average net assets			1.46	%			1.33	%			1.32	%			1.45	%			1.43	%
Ratio of net investment income (loss) to average net assets			1.99	%			0.89	%			(0.11	)%			0.08	%			0.05	%
Portfolio turnover rate(2)			114	%			78	%			62	%			88	%			83	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

Hennessy Small Cap Financial Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	29.47			$	31.52			$	17.46			$	21.60			$	21.96
Income from investment operations:
Net investment income(1)			0.43				0.22				0.25				0.16				0.10
Net realized and unrealized gains (losses) on investments			(7.13	)			(1.96	)			14.01				(3.55	)			0.93
Total from investment operations			(6.70	)			(1.74	)			14.26				(3.39	)			1.03
Less distributions:
Dividends from net investment income			(0.19	)			(0.22	)			(0.20	)			(0.09	)			(0.07	)
Dividends from net realized gains			(2.16	)			(0.09	)			—				(0.66	)			(1.32	)
Total distributions			(2.35	)			(0.31	)			(0.20	)			(0.75	)			(1.39	)
Net asset value, end of year		$	20.42			$	29.47			$	31.52			$	17.46			$	21.60
TOTAL RETURN			-24.53	%			-5.60	%			82.20	%			-16.37	%			5.27	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	54.60			$	93.40			$	140.03			$	54.96			$	89.36
Ratio of expenses to average net assets			1.62	%			1.59	%			1.58	%			1.65	%			1.58	%
Ratio of net investment income to average net assets			1.83	%			0.72	%			0.90	%			0.96	%			0.47	%
Portfolio turnover rate(2)			72	%			27	%			28	%			75	%			46	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY SMALL CAP FINANCIAL FUND

Hennessy Small Cap Financial Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	17.24			$	18.57			$	10.37			$	12.92			$	13.28
Income from investment operations:
Net investment income(1)			0.30				0.20				0.21				0.13				0.10
Net realized and unrealized gains (losses) on investments			(4.14	)			(1.14	)			8.26				(2.10	)			0.54
Total from investment operations			(3.84	)			(0.94	)			8.47				(1.97	)			0.64
Less distributions:
Dividends from net investment income			(0.31	)			(0.34	)			(0.27	)			(0.19	)			(0.18	)
Dividends from net realized gains			(1.27	)			(0.05	)			—				(0.39	)			(0.82	)
Total distributions			(1.58	)			(0.39	)			(0.27	)			(0.58	)			(1.00	)
Net asset value, end of year		$	11.82			$	17.24			$	18.57			$	10.37			$	12.92
TOTAL RETURN			-24.32	%			-5.21	%			82.88	%			-16.05	%			5.57	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	6.87			$	20.17			$	32.08			$	10.61			$	20.74
Ratio of expenses to average net assets			1.29	%			1.22	%			1.20	%			1.29	%			1.23	%
Ratio of net investment income to average net assets			2.13	%			1.13	%			1.31	%			1.27	%			0.84	%
Portfolio turnover rate(2)			72	%			27	%			28	%			75	%			46	%

(1)	Calculated using the average shares outstanding method.
(2)	Calculated on the basis of the Fund as a whole.

Hennessy Technology Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	14.81			$	26.89			$	20.50			$	18.90			$	18.04
Income from investment operations:
Net investment income (loss)(1)			(0.01	)			0.00	(2)			(0.02	)			0.02				(0.03	)
Net realized and unrealized gains (losses) on investments			2.15				(5.38	)			8.82				2.10				3.15
Total from investment operations			2.14				(5.38	)			8.80				2.12				3.12
Less distributions:
Dividends from net investment income			(0.01	)			—				(0.04	)			—				—
Dividends from net realized gains			—				(6.70	)			(2.37	)			(0.52	)			(2.26	)
Total distributions			(0.01	)			(6.70	)			(2.41	)			(0.52	)			(2.26	)
Net asset value, end of year		$	16.94			$	14.81			$	26.89			$	20.50			$	18.90
TOTAL RETURN			14.47	%			-26.44	%			45.11	%			11.42	%			20.47	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	4.35			$	3.99			$	6.06			$	4.26			$	3.89
Ratio of expenses to average net assets:
Before expense reimbursement			3.17	%			3.06	%			2.79	%			3.45	%			3.84	%
After expense reimbursement			1.23	%(3)			1.23	%(3)			1.23	%(3)			1.23	%(3)			1.23	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement			(2.02	)%			(1.81	)%			(1.64	)%			(2.12	)%			(2.80	)%
After expense reimbursement			(0.08	)%			0.02	%			(0.08	)%			0.10	%			(0.19	)%
Portfolio turnover rate(4)			101	%			151	%			200	%			192	%			185	%

(1)	Calculated using the average shares outstanding method.
(2)	Amount is between $(0.005) and $0.005.
(3)	Certain service provider expenses were voluntarily waived during the fiscal year.
(4)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — HENNESSY TECHNOLOGY FUND

Hennessy Technology Fund

		Year Ended October 31,
		2023				2022				2021				2020				2019
PER SHARE DATA:
Net asset value, beginning of year		$	15.26			$	27.65			$	21.08			$	19.40			$	18.47
Income from investment operations:
Net investment income(1)			0.03				0.05				0.05				0.07				0.01
Net realized and unrealized gains (losses) on investments			2.21				(5.55	)			9.06				2.15				3.23
Total from investment operations			2.24				(5.50	)			9.11				2.22				3.24
Less distributions:
Dividends from net investment income			(0.07	)			—				(0.11	)			(0.01	)			—
Dividends from net realized gains			—				(6.89	)			(2.43	)			(0.53	)			(2.31	)
Total distributions			(0.07	)			(6.89	)			(2.54	)			(0.54	)			(2.31	)
Net asset value, end of year		$	17.43			$	15.26			$	27.65			$	21.08			$	19.40
TOTAL RETURN			14.77	%			-26.28	%			45.49	%			11.67	%			20.77	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)		$	1.99			$	1.39			$	2.06			$	1.47			$	1.34
Ratio of expenses to average net assets:
Before expense reimbursement			2.85	%			2.73	%			2.44	%			3.08	%			3.47	%
After expense reimbursement			0.98	%(2)			0.98	%(2)			0.98	%(2)			0.98	%(2)			0.98	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement			(1.70	)%			(1.48	)%			(1.29	)%			(1.74	)%			(2.43	)%
After expense reimbursement			0.17	%			0.27	%			0.17	%			0.36	%			0.06	%
Portfolio turnover rate(3)			101	%			151	%			200	%			192	%			185	%

(1)	Calculated using the average shares outstanding method.
(2)	Certain service provider expenses were voluntarily waived during the fiscal year.
(3)	Calculated on the basis of the Fund as a whole.

	1.	Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income, and date of birth;
	2.	Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and other financial information; and
	3.	Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

		•	Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;
		•	Age and marital status;
		•	Commercial information, including records of products purchased;
		•	Browsing history, search history, and information on interaction with our website;
		•	Geolocation data;
		•	Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and
		•	Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

PRIVACY POLICY AND FUND SYMBOLS AND CUSIPS

Fund – Investor Class	Symbol	CUSIP
Hennessy Cornerstone Growth Fund	HFCGX	425888104
Hennessy Focus Fund	HFCSX	42588P700
Hennessy Cornerstone Mid Cap 30 Fund	HFMDX	425888302
Hennessy Cornerstone Large Growth Fund	HFLGX	42588P205
Hennessy Cornerstone Value Fund	HFCVX	425888203
Hennessy Total Return Fund	HDOGX	425887205
Hennessy Equity and Income Fund	HEIFX	42588P825
Hennessy Balanced Fund	HBFBX	425887106
Hennessy Energy Transition Fund	HNRGX	42588P742
Hennessy Midstream Fund	HMSFX	42588P726
Hennessy Gas Utility Fund	GASFX	42588P833
Hennessy Japan Fund	HJPNX	425894102
Hennessy Japan Small Cap Fund	HJPSX	425894300
Hennessy Large Cap Financial Fund	HLFNX	42588P882
Hennessy Small Cap Financial Fund	HSFNX	42588P874
Hennessy Technology Fund	HTECX	42588P858

Fund – Institutional Class	Symbol	CUSIP
Hennessy Cornerstone Growth Fund	HICGX	425888500
Hennessy Focus Fund	HFCIX	42588P809
Hennessy Cornerstone Mid Cap 30 Fund	HIMDX	425888609
Hennessy Cornerstone Large Growth Fund	HILGX	42588P403
Hennessy Cornerstone Value Fund	HICVX	425888401
Hennessy Equity and Income Fund	HEIIX	42588P817
Hennessy Energy Transition Fund	HNRIX	42588P734
Hennessy Midstream Fund	HMSIX	42588P718
Hennessy Gas Utility Fund	HGASX	42588P759
Hennessy Japan Fund	HJPIX	425894201
Hennessy Japan Small Cap Fund	HJSIX	42588P767
Hennessy Large Cap Financial Fund	HILFX	42588P775
Hennessy Small Cap Financial Fund	HISFX	42588P866
Hennessy Technology Fund	HTCIX	42588P841

		Hennessy Funds
		7250 Redwood Blvd.
		Suite 200
		Novato, CA 94945