Hennessy Focus Fund Investor Class (HFCSX) NPORT-P Hennessy Equity and Income Fund (Jul 2022 report)

Hennessy Equity and Income Fund
Schedule of Investments
July 31, 2022 (Unaudited)
	Number of
	Shares/Par				% of
	Amount		Value		Net Assets
COMMON STOCKS - 63.40%
Communication Services - 6.92%
Alphabet, Inc., Class C (a)		31,447	$	3,667,978		3.83	%
Meta Platforms, Inc. (a)		10,092		1,605,637		1.68	%
Verizon Communications, Inc.		29,314		1,354,014		1.41	%
				6,627,629		6.92	%
Consumer Discretionary - 8.50%
CarMax, Inc. (a)		16,285		1,621,009		1.69	%
Lowe’s Companies, Inc.		6,642		1,272,142		1.33	%
O’Reilly Automotive, Inc. (a)		4,133		2,907,937		3.04	%
The Home Depot, Inc.		7,753		2,333,188		2.44	%
				8,134,276		8.50	%
Consumer Staples - 6.35%
Altria Group, Inc.		46,626		2,045,016		2.13	%
Church & Dwight Co., Inc.		21,625		1,902,351		1.99	%
Nestlé S.A. - (b)		17,380		2,135,307		2.23	%
				6,082,674		6.35	%
Energy - 0.17%
Enbridge, Inc. - (b)		925		41,560		0.04	%
Kinder Morgan, Inc.		2,200		39,578		0.04	%
Targa Resources Corp.		550		38,011		0.04	%
The Williams Companies, Inc.		1,225		41,760		0.05	%
				160,909		0.17	%
Financials - 12.34%
Berkshire Hathaway, Inc., Class B (a)		14,219		4,274,231		4.47	%
BlackRock, Inc.		4,297		2,875,467		3.00	%
The Charles Schwab Corp.		38,125		2,632,531		2.75	%
The Progressive Corp.		17,607		2,025,862		2.12	%
				11,808,091		12.34	%
Health Care - 3.70%
Johnson & Johnson		10,734		1,873,298		1.96	%
Pfizer, Inc.		32,975		1,665,567		1.74	%
				3,538,865		3.70	%
Industrials - 6.38%
FedEx Corp.		9,206		2,145,827		2.24	%
Norfolk Southern Corp.		9,203		2,311,517		2.42	%
Old Dominion Freight Line, Inc.		5,439		1,650,791		1.72	%
				6,108,135		6.38	%
Information Technology - 13.30%
Apple, Inc.		27,189		4,418,484		4.62	%
Cisco Systems, Inc.		30,433		1,380,745		1.44	%
Fiserv, Inc. (a)		18,833		1,990,272		2.08	%
Texas Instruments, Inc.		13,968		2,498,736		2.61	%
Visa, Inc., Class A		11,504		2,440,113		2.55	%
				12,728,350		13.30	%
Materials - 5.74%
Air Products and Chemicals, Inc.		6,710		1,665,623		1.74	%
Martin Marietta Materials, Inc.		6,742		2,373,724		2.48	%
NewMarket Corp.		4,679		1,454,233		1.52	%
				5,493,580		5.74	%
Total Common Stocks (Cost $37,612,846)				60,682,509		63.40	%
PREFERRED STOCKS - 1.84%
Communication Services - 0.06%
AT&T, Inc.
Series A, 5.000%, Perpetual		860		19,410		0.02	%
Series C, 4.750%, Perpetual		1,935		40,248		0.04	%
				59,658		0.06	%
Consumer Discretionary - 0.03%
Ford Motor Co.
6.000%, 12/01/2059		515		13,297		0.01	%
6.200%,  06/01/2059		513		13,656		0.02	%
				26,953		0.03	%
Consumer Staples - 0.03%
CHS, Inc., Series 3, 6.750% to 09/30/2024 then 3 Month LIBOR USD + 4.155%, Perpetual (c)		355		9,475		0.01	%
CHS, Inc., Series 4, 7.500% Perpetual		840		22,672		0.02	%
				32,147		0.03	%
Financials - 1.72%
AEGON Funding Co. LLC, 5.100%, 12/15/2049		1,175		27,566		0.03	%
American International Group, Inc., Series A, 5.850%, Perpetual		1,435		37,611		0.04	%
Arch Capital Group Ltd.
Series F, 5.450%, Perpetual (b)		401		9,760		0.01	%
Series G, 4.550%, Perpetual (b)		1,010		20,503		0.02	%
Axis Capital Holdings Ltd., Series E, 5.500%, Perpetual (b)		905		21,177		0.02	%
Bank of America Corp.
Series KK, 5.375%, Perpetual		815		20,008		0.02	%
Series LL, 5.000%, Perpetual		1,420		32,745		0.03	%
Series QQ, 4.250%, Perpetual		1,575		31,012		0.03	%
Bank of Hawaii Corp., Series A, 4.375%, Perpetual		1,060		20,988		0.02	%
Bank OZK, Series A, 4.625%, Perpetual		1,395		27,886		0.03	%
Cadence Bank, Series A, 5.500%, Perpetual		565		13,843		0.01	%
Capital One Financial Corp.
Series J, 4.800%, Perpetual		2,060		42,889		0.05	%
Series I, 5.000%, Perpetual		1,900		42,389		0.04	%
Carlyle Finance LLC, 4.625%, 05/15/2061		995		19,721		0.02	%
Citigroup, Inc., Series K, 6.875% to 11/15/2023 then 3 Month LIBOR USD + 4.130%, Perpetual (c)		780		20,943		0.02	%
Citizens Financial Group, Inc.
Series E, 5.000%, Perpetual		550		12,254		0.01	%
Series D, 6.350% to 04/06/2024 then 3 Month LIBOR USD + 3.642%, Perpetual (c)		980		25,284		0.03	%
ConnectOne Bancorp, Inc., Series A, 5.250% to 09/01/2026 then 5 Year CMT Rate + 4.420%, Perpetual (c)		625		14,994		0.02	%
Cullen/Frost Bankers, Inc., Series B, 4.450%, Perpetual		860		18,507		0.02	%
Equitable Holdings, Inc., Series A, 5.250%, Perpetual		1,270		30,201		0.03	%
Federal Agricultural Mortgage Corp., Series F, 5.250%, Perpetual		585		13,315		0.01	%
Fifth Third Bancorp, Series K, 4.950%, Perpetual		1,580		39,184		0.04	%
First Citizens BancShares, Inc., Series A, 5.375%, Perpetual		1,495		34,251		0.04	%
First Horizon Corp.
Series D, 6.100% to 05/01/2024 then 3 Month LIBOR USD + 3.859%, Perpetual (c)		530		13,414		0.01	%
Series B, 6.625% to 08/01/2025 then 3 Month LIBOR USD + 4.262%, Perpetual (c)		700		18,046		0.02	%
First Republic Bank, Series N, 4.500%, Perpetual		1,625		33,036		0.03	%
Hartford Financial Services Group, Inc., Series G, 6.000%, Perpetual		1,505		39,461		0.04	%
Huntington Bancshares, Inc., Series H, 4.500%, Perpetual		2,275		46,001		0.05	%
JPMorgan Chase & Co.
Series JJ, 4.550%, Perpetual		1,900		40,185		0.04	%
Series LL, 4.625%, Perpetual		1,875		40,294		0.04	%
KeyCorp
Series G, 5.625%, Perpetual		535		13,375		0.02	%
Series F, 5.650%, Perpetual		755		18,799		0.02	%
Series E, 6.125% to 12/15/2026 then 3 Month LIBOR USD + 3.892%, Perpetual (c)		412		10,984		0.01	%
MetLife, Inc., Series F, 4.750%, Perpetual		1,725		41,210		0.04	%
Morgan Stanley
Series O, 4.250%, Perpetual		2,365		46,070		0.05	%
Series K, 5.850% to 04/15/2027 then 3 Month LIBOR USD + 3.491%, Perpetual (c)		735		18,875		0.02	%
Series I, 6.375% to 10/15/2024 then 3 Month LIBOR USD + 3.708%, Perpetual (c)		790		20,919		0.02	%
PacWest Bancorp, Series A, 7.750% to 09/01/2027 then 5 Year CMT Rate + 4.820%, Perpetual (c)		350		9,065		0.01	%
Regions Financial Corp.
Series E, 4.450%, Perpetual		1,960		39,455		0.04	%
Series C, 5.700% to 05/15/2029 then 3 Month LIBOR USD + 3.148%, Perpetual (c)		1,035		26,020		0.03	%
Signature Bank, Series A, 5.000%,		1,460		29,331		0.03	%
State Street Corp., Series D, 5.900% to 03/15/2024 then 3 Month LIBOR USD + 3.108%, Perpetual (c)		1,975		50,856		0.05	%
SVB Financial Group, Series A, 5.250%, Perpetual		1,185		26,473		0.03	%
Synchrony Financial, Series A, 5.625%, Perpetual		1,815		37,498		0.04	%
Synovus Financial Corp.
Series E, 5.875% to 07/01/2024 then 5 Year CMT Rate + 4.127%, Perpetual (c)		710		18,155		0.02	%
Series D, 6.300% to 06/21/2023 then 3 Month LIBOR USD + 3.352%, Perpetual (c)		740		18,922		0.02	%
Texas Capital Bancshares, Inc., Series B, 5.750%, Perpetual		595		14,179		0.02	%
The Allstate Corp., Series H,  5.100%, Perpetual		1,120		27,429		0.03	%
The Charles Schwab Corp., Series J, 4.450%, Perpetual		1,495		33,428		0.04	%
The Goldman Sachs Group, Inc.
Series J, 5.500% to 05/10/2023 then 3 Month LIBOR USD + 3.640%, Perpetual (c)		955		23,951		0.03	%
Series K, 6.375% to 05/10/2024 then 3 Month LIBOR USD + 3.550%, Perpetual (c)		895		23,753		0.03	%
Truist Financial Corp.
Series R, 4.750%, Perpetual		2,190		47,655		0.05	%
Series O, 5.250%, Perpetual		1,625		39,536		0.04	%
US Bancorp
Series O,4.500%, Perpetual		1,295		27,389		0.03	%
Series B, 3.500% to 08/29/2022 then 3 Month LIBOR USD + 0.600%, Perpetual (c)		1,970		39,006		0.04	%
Voya Financial, Inc., Series B, 5.350% to 09/15/2029 then 5 Year CMT Rate + 3.210%, Perpetual (c)		1,105		27,260		0.03	%
Washington Federal, Inc., Series A, 4.875%, Perpetual		1,395		29,965		0.03	%
Wells Fargo & Co.
Series Z, 4.750%, Perpetual		1,930		40,376		0.04	%
Series R, 6.625% to 03/15/2024 then 3 Month LIBOR USD + 3.690%, Perpetual (c)		1,505		39,009		0.04	%
				1,646,411		1.72	%
Total Preferred Stocks (Cost $1,895,371)				1,765,169		1.84	%
REITS - 2.39%
Financials - 0.19%
Annaly Capital Management Inc, Series I, 6.750% to 06/30/2024 then 3 Month LIBOR USD + 4.989%, Perpetual (c)		1,195		28,166		0.03	%
Apollo Commercial Real Estate Finance, Inc.		3,130		40,001		0.04	%
Chimera Investment Corp.		2,930		30,677		0.03	%
Chimera Investment Corp., Series C, 7.750% to 09/30/2025 then 3 Month LIBOR USD + 4.743%, Perpetual (c)		1,265		27,552		0.03	%
Chimera Investment Corp., Series B, 8.000% to 03/30/2024 then 3 Month LIBOR USD + 5.791%, Perpetual (c)		575		12,650		0.01	%
Starwood Property Trust, Inc.		1,805		42,634		0.05	%
				181,680		0.19	%
Real Estate - 2.20%
Kimco Realty Corp., Series M, 5.250%, Perpetual		955		24,057		0.02	%
Public Storage, Series P, 4.000%, Perpetual		1,185		23,664		0.02	%
STORE Capital Corp.		71,081		2,062,771		2.16	%
				2,110,492		2.20	%
Total REITS (Cost $1,974,926)				2,292,172		2.39	%
CORPORATE BONDS - 17.31%
Communication Services - 1.20%
AT&T, Inc., 4.250%, 03/01/2027		980,000		1,001,259		1.05	%
T-Mobile USA, Inc., 3.875%, 04/15/2030		150,000		144,477		0.15	%
				1,145,736		1.20	%
Consumer Discretionary - 1.76%
Alibaba Group Holding Ltd., 3.600%, 11/28/2024 (b)		1,000,000		993,030		1.04	%
Lowe’s Companies, Inc., 2.625%, 04/01/2031		325,000		291,130		0.31	%
Starbucks Corp., 3.500%, 03/01/2028		400,000		395,403		0.41	%
				1,679,563		1.76	%
Energy - 1.47%
Canadian Natural Resources Ltd., 3.900%, 02/01/2025 (b)		1,000,000		996,297		1.04	%
The Williams Companies, Inc., 2.600%, 03/15/2031		475,000		413,701		0.43	%
				1,409,998		1.47	%
Financials - 8.20%
Aflac, Inc., 3.600%, 04/01/2030		300,000		293,697		0.31	%
Bank of America Corp., 2.299% to 07/21/2031 then SOFR + 1.220%, 07/21/2032 (c)		575,000		483,926		0.51	%
Dell International LLC / EMC Corp., 5.450%, 06/15/2023		322,000		325,626		0.34	%
Fifth Third Bancorp, 3.650%, 01/25/2024		225,000		224,947		0.23	%
General Motors Financial Co, Inc., 3.700%, 05/09/2023		1,075,000		1,073,817		1.12	%
Huntington Bancshares, Inc.
2.550%, 02/04/2030		525,000		463,825		0.49	%
4.000%, 05/15/2025		365,000		367,566		0.38	%
JPMorgan Chase & Co., 2.069% to 06/01/2028 then SOFR + 1.015%, 06/01/2029 (c)		325,000		287,262		0.30	%
Marsh & McLennan Cos, Inc., 4.375%, 03/15/2029		275,000		280,838		0.29	%
Morgan Stanley
1.593% to 05/04/2026 then SOFR + 0.879%, 05/04/2027 (c)		295,000		268,820		0.28	%
2.239% to 07/21/2031 then SOFR + 1.178%, 07/21/2032 (c)		330,000		279,264		0.29	%
Prudential Financial, Inc., 3.878%, 03/27/2028		260,000		261,986		0.27	%
Regions Financial Corp., 1.800%, 08/12/2028		325,000		285,849		0.30	%
Synchrony Financial, 3.950%, 12/01/2027		650,000		611,257		0.64	%
Synovus Financial Corp., 3.125%, 11/01/2022		1,300,000		1,298,687		1.36	%
The Goldman Sachs Group, Inc., 4.223% to 05/01/2028 then 3 Month LIBOR USD + 1.301%, 05/01/2029 (c)		300,000		296,863		0.31	%
Willis North America, Inc., 3.600%, 05/15/2024		750,000		747,007		0.78	%
				7,851,237		8.20	%
Health Care - 1.84%
Edwards Lifesciences Corp., 4.300%, 06/15/2028		700,000		708,255		0.74	%
Evernorth Health, Inc., 3.500%, 06/15/2024		700,000		694,199		0.73	%
Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030		425,000		356,608		0.37	%
				1,759,062		1.84	%
Industrials - 0.59%
General Electric Co., 3.625%, 05/01/2030		380,000		358,231		0.37	%
The Boeing Co., 2.196%, 02/04/2026		225,000		209,869		0.22	%
				568,100		0.59	%
Information Technology - 2.25%
Autodesk, Inc., 2.850%, 01/15/2030		675,000		614,800		0.64	%
Broadcom, Inc., 4.110%, 09/15/2028		425,000		416,341		0.44	%
International Business Machines Corp.
2.200%, 02/09/2027		125,000		117,847		0.12	%
2.720%, 02/09/2032		325,000		294,675		0.31	%
PayPal Holdings, Inc., 2.850%, 10/01/2029		750,000		705,475		0.74	%
				2,149,138		2.25	%
Total Corporate Bonds (Cost $17,450,614)				16,562,834		17.31	%
MORTGAGE-BACKED SECURITIES - 2.67%
Federal Agency Mortgage-Backed Obligations - 2.67%
Fannie Mae Pool
3.000%, 10/01/2043		893,546		880,925		0.92	%
3.500%, 01/01/2042		161,932		163,822		0.17	%
6.000%, 10/01/2037		77,187		81,792		0.09	%
Fannie Mae REMICS
Series 2013-52, 1.250%, 06/25/2043		42,540		38,935		0.04	%
Series 2012-16, 2.000%, 11/25/2041		40,899		38,798		0.04	%
Series 2010-134, 2.250%, 03/25/2039		4,831		4,814		0.01	%
Freddie Mac Gold Pool
3.000%, 05/01/2042		456,825		450,719		0.47	%
3.000%, 09/01/2042		653,022		644,295		0.67	%
5.500%, 04/01/2037		34,646		37,284		0.04	%
Freddie Mac REMICS
Series 4146, 1.500%, 10/15/2042		14,692		14,349		0.02	%
Series 4309, 2.000%, 10/15/2043		38,116		36,920		0.04	%
Series 3870, 2.750%, 01/15/2041		13,924		13,795		0.01	%
Series 4322, 3.000%, 05/15/2043		59,102		58,834		0.06	%
Government National Mortgage Association, Series 2013-24, 1.750%, 02/16/2043		91,827		87,128		0.09	%
Total Mortgage-Backed Securities (Cost $2,589,534)				2,552,410		2.67	%
U.S. TREASURY OBLIGATIONS - 9.70%
U.S. Treasury Notes - 9.70%
0.250%, 08/31/2025		1,250,000		1,155,200		1.21	%
0.500%, 11/30/2023		750,000		726,255		0.76	%
0.625%, 03/31/2027		450,000		408,955		0.43	%
0.750%, 04/30/2026		1,500,000		1,392,422		1.46	%
1.000%, 07/31/2028		500,000		452,422		0.47	%
1.250%, 12/31/2026		625,000		586,755		0.61	%
1.250%, 04/30/2028		425,000		391,531		0.41	%
1.500%, 02/15/2025		200,000		193,309		0.20	%
1.500%, 11/30/2028		75,000		69,703		0.07	%
1.875%, 07/31/2026		1,550,000		1,498,838		1.57	%
1.875%, 02/15/2032		575,000		537,984		0.56	%
2.250%, 03/31/2024		350,000		346,015		0.36	%
2.500%, 03/31/2027		200,000		198,141		0.21	%
2.625%, 04/15/2025		300,000		298,142		0.31	%
2.750%, 02/15/2024		575,000		573,293		0.60	%
3.000%, 10/31/2025		450,000		452,549		0.47	%
Total U.S. Treasury Obligations (Cost $9,728,022)				9,281,514		9.70	%
INVESTMENT COMPANIES (EXCLUDING MONEY MARKET FUNDS) - 0.52%
Financials - 0.52%
Apollo Investment Corp.		3,225		37,087		0.04	%
Ares Capital Corp.		1,995		38,683		0.04	%
Bain Capital Specialty Finance, Inc.		2,655		38,418		0.04	%
BlackRock TCP Capital Corp.		3,015		39,014		0.04	%
Carlyle Secured Lending, Inc.		2,935		39,887		0.04	%
FS KKR Capital Corp.		1,865		40,415		0.04	%
Golub Capital BDC, Inc.		2,775		38,961		0.04	%
Hercules Capital, Inc.		2,325		36,991		0.04	%
Monroe Capital Corp.		4,000		36,680		0.04	%
New Mountain Finance Corp.		3,130		40,471		0.04	%
Oaktree Specialty Lending Corp.		5,730		40,339		0.04	%
Sixth Street Specialty Lending, Inc.		1,825		35,113		0.04	%
TriplePoint Venture Growth BDC Corp.		2,500		34,825		0.04	%
Total Investment Companies (Excluding Money Market Funds) (Cost $550,539)				496,884		0.52	%
SHORT-TERM INVESTMENTS - 1.98%
Money Market Funds - 1.98%
First American Government Obligations Fund, Institutional Class, 1.87% (d)		1,894,390		1,894,390		1.98	%
Total Short-Term Investments (Cost $1,894,390)				1,894,390		1.98	%
Total Investments (Cost $73,696,242) - 99.81%				95,527,882		99.81	%
Other Assets in Excess of Liabilities - 0.19%				181,383		0.19	%
TOTAL NET ASSETS - 100.00%			$	95,709,265		100.00	%

Percentages are stated as a percent of net assets.
ADR — American Depositary Receipt
LIBOR — London Interbank Offered Rate
PLC — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
(a)	Non-income-producing security.
(b)	U.S.-traded security of a foreign corporation.
(c)	Variable rate security; rate disclosed is the rate as of July 31, 2022.
(d)	The rate listed is the fund’s seven-day yield as of July 31, 2022.

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.                               
                               
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.

Summary of Fair Value Exposure as of July 31, 2022
The Fund follows its valuation policies and procedures in determining its net asset value (“NAV”) and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:

Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market (“Nasdaq”) generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).

Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.

Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.

Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor. The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of July 31, 2022, are as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	6,627,629	$	–	$	–	$	6,627,629
Consumer Discretionary		8,134,276		–		–		8,134,276
Consumer Staples		6,082,674		–		–		6,082,674
Energy		160,909		–		–		160,909
Financials		11,808,091		–		–		11,808,091
Health Care		3,538,865		–		–		3,538,865
Industrials		6,108,135		–		–		6,108,135
Information Technology		12,728,350		–		–		12,728,350
Materials		5,493,580		–		–		5,493,580
Total Common Stocks	$	60,682,509	$	–	$	–	$	60,682,509
Preferred Stocks
Communication Services	$	59,658	$	–	$	–	$	59,658
Consumer Discretionary		26,953		–		–		26,953
Consumer Staples		32,147		–		–		32,147
Financials		1,646,411		–		–		1,646,411
Total Preferred Stocks	$	1,765,169	$	–	$	–	$	1,765,169
REITS
Financials	$	181,680	$	–	$	–	$	181,680
Real Estate		2,110,492		–		–		2,110,492
Total REITS	$	2,292,172	$	–	$	–	$	2,292,172
Corporate Bonds
Communication Services	$	–	$	1,145,736	$	–	$	1,145,736
Consumer Discretionary		–		1,679,563		–		1,679,563
Energy		–		1,409,998		–		1,409,998
Financials		–		7,851,237		–		7,851,237
Health Care		–		1,759,062		–		1,759,062
Industrials		–		568,100		–		568,100
Information Technology		–		2,149,138		–		2,149,138
Total Corporate Bonds	$	–	$	16,562,834	$	–	$	16,562,834
Mortgage-Backed Securities
Federal Agency Mortgage-Backed Obligations	$	–	$	2,552,410	$	–	$	2,552,410
Total Mortgage-Backed Securities	$	–	$	2,552,410	$	–	$	2,552,410
U.S. Treasury Obligations
U.S. Treasury Notes	$	–	$	9,281,514	$	–	$	9,281,514
Total U.S. Treasury Obligations	$	–	$	9,281,514	$	–	$	9,281,514
Investment Companies (Excluding Money Market Funds)
Financials	$	496,884	$	–	$	–	$	496,884
Total Investment Companies (Excluding Money Market Funds)	$	496,884	$	–	$	–	$	496,884
Short-Term Investments
Money Market Funds	$	1,894,390	$	–	$	–	$	1,894,390
Total Short-Term Investments	$	1,894,390	$	–	$	–	$	1,894,390
Total Investments	$	67,131,124	$	28,396,758	$	–	$	95,527,882