Hennessy Focus Fund Investor Class NPORTP Hennessy Equity and Income Fund (Jul 2023 report)

Hennessy Equity and Income Fund
Schedule of Investments
July 31, 2023 (Unaudited)

	Number of
	Shares/Par				% of
	Amount		Value		Net Assets
COMMON STOCKS - 68.11%
Communication Services - 4.01%
Alphabet, Inc., Class C (a)		24,316	$	3,236,703		4.01	%

Consumer Discretionary - 9.61%
CarMax, Inc. (a)		12,592		1,040,225		1.29	%
Lowe’s Companies, Inc.		5,136		1,203,211		1.49	%
O’Reilly Automotive, Inc. (a)		1,757		1,626,613		2.02	%
Starbucks Corp.		18,502		1,879,248		2.33	%
The Home Depot, Inc.		5,994		2,001,037		2.48	%
				7,750,334		9.61	%
Consumer Staples - 6.06%
Altria Group, Inc.		36,052		1,637,482		2.03	%
Church & Dwight Co., Inc.		16,722		1,599,794		1.98	%
Nestlé S.A. - ADR (b)		13,437		1,651,407		2.05	%
				4,888,683		6.06	%
Energy - 2.12%
Chevron Corp.		10,468		1,713,193		2.12	%

Financials - 16.84%
Berkshire Hathaway, Inc., Class B (a)		9,962		3,506,225		4.35	%
BlackRock, Inc.		3,323		2,455,199		3.04	%
Fiserv, Inc. (a)		14,563		1,837,996		2.28	%
The Charles Schwab Corp.		29,480		1,948,628		2.42	%
The Progressive Corp.		13,616		1,715,344		2.13	%
Visa, Inc., Class A		8,895		2,114,608		2.62	%
				13,578,000		16.84	%
Health Care - 2.86%
Johnson & Johnson		8,299		1,390,331		1.72	%
Pfizer, Inc.		25,497		919,422		1.14	%
				2,309,753		2.86	%
Industrials - 8.61%
FedEx Corp.		7,120		1,922,044		2.38	%
Norfolk Southern Corp.		7,117		1,662,460		2.06	%
Old Dominion Freight Line, Inc.		4,207		1,764,794		2.19	%
Republic Services, Inc.		10,562		1,596,024		1.98	%
				6,945,322		8.61	%
Information Technology - 9.05%
Apple, Inc.		21,023		4,129,969		5.12	%
Cisco Systems, Inc.		23,531		1,224,553		1.52	%
Texas Instruments, Inc.		10,802		1,944,360		2.41	%
				7,298,882		9.05	%
Materials - 8.95%
Air Products and Chemicals, Inc.		5,190		1,584,663		1.96	%
Albemarle Corp.		7,861		1,668,733		2.07	%
Martin Marietta Materials, Inc.		5,212		2,326,949		2.89	%
NewMarket Corp.		3,618		1,634,251		2.03	%
				7,214,596		8.95	%
Total Common Stocks (Cost $31,370,556)				54,935,466		68.11	%

PREFERRED STOCKS - 1.11%
Communication Services - 0.04%
AT&T, Inc., Series C, 4.750%, Perpetual		1,835		33,911		0.04	%

Consumer Discretionary - 0.02%
Ford Motor Co., 6.000%, 12/01/2059		515		12,530		0.02	%

Consumer Staples - 0.03%
CHS, Inc., Series 4, 7.500%, Perpetual		940		24,609		0.03	%

Financials - 1.00%
AEGON Funding Co. LLC, 5.100%, 12/15/2049		985		20,902		0.03	%
American International Group, Inc., Series A, 5.850%, Perpetual		1,015		25,111		0.03	%
Arch Capital Group Ltd., Series F, 5.450%, Perpetual (b)		726		16,589		0.02	%
Axis Capital Holdings Ltd., Series E, 5.500%, Perpetual (b)		1,005		20,532		0.03	%
Bank of America Corp., Series KK, 5.375%, Perpetual		1,675		38,173		0.05	%
Bank of Hawaii Corp., Series A, 4.375%, Perpetual		770		12,358		0.01	%
Capital One Financial Corp., Series I, 5.000%, Perpetual		1,900		37,563		0.05	%
Carlyle Finance LLC, 4.625%, 05/15/2061		630		11,372		0.01	%
Citigroup, Inc., Series K, 6.875% to 11/15/2023 then 3 Month CME Term SOFR + 4.316%, Perpetual (c)		780		19,812		0.02	%
Citizens Financial Group, Inc., Series D, 6.350% to 04/06/2024 then 3 Month CME Term SOFR + 3.904%, Perpetual (c)		1,180		28,025		0.03	%
Cullen/Frost Bankers, Inc., Series B, 4.450%, Perpetual		860		16,134		0.02	%
Equitable Holdings, Inc., Series A, 5.250%, Perpetual		1,190		24,740		0.03	%
Federal Agricultural Mortgage Corp., Series F, 5.250%, Perpetual		585		12,320		0.01	%
Fifth Third Bancorp, Series I, 6.625% to 12/31/2023 then 3 Month CME Term SOFR + 3.972%, Perpetual (c)		765		19,400		0.02	%
First Citizens BancShares Inc., Series C, 5.625%, Perpetual		675		13,986		0.02	%
First Horizon Corp., Series B, 6.625% to 08/01/2025 then 3 Month LIBOR USD + 4.262%, Perpetual (c)		575		12,736		0.02	%
Hartford Financial Services Group, Inc., Series G, 6.000%, Perpetual		1,125		27,833		0.03	%
Huntington Bancshares, Inc., Series J, 6.875% to 04/15/2028 then 5 Year CMT Rate + 2.704% , Perpetual (c)		1,325		31,774		0.04	%
JPMorgan Chase & Co.
Series JJ, 4.550%, Perpetual		1,310		26,842		0.04	%
Series LL, 4.625%, Perpetual		1,285		26,831		0.03	%
KeyCorp
Series G, 5.625%, Perpetual		955		20,733		0.03	%
Series E, 6.125% to 12/15/2026 then 3 Month CME Term SOFR + 4.154%, Perpetual (c)		512		11,535		0.01	%
MetLife, Inc., Series F, 4.750%, Perpetual		1,720		36,258		0.04	%
Morgan Stanley, Series O, 4.250%, Perpetual		2,365		44,840		0.06	%
Regions Financial Corp., Series C, 5.700% to 05/15/2029 then 3 Month LIBOR USD + 3.148%, Perpetual (c)		1,035		22,511		0.03	%
Synchrony Financial, Series A, 5.625%, Perputual		1,255		21,636		0.03	%
Synovus Financial Corp., Series E, 5.875% to 07/01/2024 then 5 Year CMT Rate + 4.127%, Perpetual (c)		920		19,412		0.02	%
The Allstate Corp., Series H, 5.100%, Perpetual		1,120		24,114		0.03	%
The Charles Schwab Corp., Series J, 4.450%, Perpetual		1,495		29,481		0.04	%
The Goldman Sachs Group, Inc., Series K, 6.375% to 5/10/2024 then 3 Month CME Term SOFR + 3.812%, Perpetual (c)		895		22,402		0.03	%
Truist Financial Corp., Series O, 5.250%, Perpetual		1,625		36,595		0.05	%
US Bancorp, Series O, 4.500%, Perpetual		1,295		25,045		0.03	%
Wells Fargo & Co.
Series Z, 4.750%, Perpetual		1,555		29,701		0.04	%
Series Y, 5.625%, Perpetual		780		18,135		0.02	%
				805,431		1.00	%
Utilities - 0.02%
Entergy Arkansas LLC, 4.875%, 9/1/2066		770		17,502		0.02	%
Total Preferred Stocks (Cost $1,032,781)				893,983		1.11	%

REITS - 0.03%
Real Estate - 0.03%
Public Storage, Series P, 4.000%, Perpetual		1,185		22,492		0.03	%
Total REITS (Cost $21,072)				22,492		0.03	%

CORPORATE BONDS - 14.76%
Communication Services - 1.65%
AT&T, Inc., 4.250%, 03/01/2027		980,000		946,744		1.17	%
Comcast Corp., 4.650%, 02/15/2033		250,000		246,872		0.31	%
T-Mobile USA, Inc., 3.875%, 04/15/2030		150,000		137,897		0.17	%
				1,331,513		1.65	%
Consumer Discretionary - 0.81%
Lowe’s Companies, Inc., 2.625%, 04/01/2031		325,000		274,602		0.34	%
Starbucks Corp., 3.500%, 03/01/2028		400,000		376,906		0.47	%
				651,508		0.81	%
Energy - 1.69%
Canadian Natural Resources Ltd., 3.900%, 02/01/2025 (b)		1,000,000		969,972		1.20	%
The Williams Companies, Inc., 2.600%, 03/15/2031		475,000		393,876		0.49	%
				1,363,848		1.69	%
Financials - 6.44%
Aflac, Inc., 3.600%, 04/01/2030		300,000		275,061		0.34	%
Bank of America Corp., 2.299% to 07/21/2031 then SOFR + 1.220%, 07/21/2032 (c)		575,000		459,472		0.57	%
Fifth Third Bancorp, 3.650%, 01/25/2024		225,000		222,523		0.28	%
Huntington Bancshares, Inc.
2.550%, 02/04/2030		525,000		432,110		0.53	%
4.000%, 05/15/2025		365,000		351,773		0.44	%
JPMorgan Chase & Co., 2.069% to 06/01/2028 then SOFR + 1.015%, 06/01/2029 (c)		325,000		280,235		0.35	%
Marsh & McLennan Cos, Inc., 4.375%, 03/15/2029		275,000		268,676		0.33	%
Morgan Stanley
1.593% to 05/04/2026 then SOFR + 0.879%, 05/04/2027 (c)		295,000		264,750		0.33	%
2.239% to 07/21/2031 then SOFR + 1.178%, 07/21/2032 (c)		330,000		262,518		0.32	%
PayPal Holdings, Inc., 2.850%, 10/01/2029		750,000		667,937		0.83	%
Prudential Financial, Inc., 3.878%, 03/27/2028		260,000		250,032		0.31	%
Regions Financial Corp., 1.800%, 08/12/2028		325,000		271,123		0.34	%
State Street Corp., 4.821% to 01/26/2033 then SOFR + 1.567, 01/26/2034 (c)		175,000		168,326		0.21	%
The Goldman Sachs Group, Inc., 4.223% to 0501/2028 then 3 Month CME Term SOFR + 1.563%, 05/01/2029 (c)		300,000		284,557		0.35	%
Willis North America, Inc., 3.600%, 05/15/2024		750,000		736,082		0.91	%
				5,195,175		6.44	%
Health Care - 2.12%
Edwards Lifesciences Corp., 4.300%, 06/15/2028		700,000		678,696		0.85	%
Evernorth Health, Inc., 3.500%, 06/15/2024		700,000		686,279		0.85	%
Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030		425,000		339,873		0.42	%
				1,704,848		2.12	%
Industrials - 0.82%
Boeing Co., 2.196%, 02/04/2026		225,000		207,634		0.26	%
General Electric Co., 3.625%, 05/01/2030		380,000		339,947		0.42	%
The Timken Co., 6.875%, 05/08/2028		110,000		114,410		0.14	%
				661,991		0.82	%
Information Technology - 1.23%
Autodesk, Inc., 2.850%, 01/15/2030		675,000		590,943		0.73	%
Broadcom, Inc., 4.110%, 09/15/2028		425,000		402,673		0.50	%
				993,616		1.23	%
Total Corporate Bonds (Cost $13,123,710)				11,902,499		14.76	%

MORTGAGE-BACKED SECURITIES - 2.53%
Federal Agency Mortgage-Backed Obligations - 2.53%
Fannie Mae Pool
3.000%, 10/01/2043		799,606		718,207		0.89	%
3.500%, 01/01/2042		147,074		137,051		0.17	%
6.000%, 10/01/2037		74,150		75,272		0.09	%
Fannie Mae REMICS
Series 2013-52, 1.250%, 06/25/2043		37,703		30,770		0.04	%
Series 2012-16, 2.000%, 11/25/2041		35,371		30,796		0.04	%
Freddie Mac Gold Pool
3.000%, 05/01/2042		425,698		382,835		0.47	%
3.000%, 09/01/2042		534,919		481,069		0.60	%
5.500%, 04/01/2037		29,495		30,292		0.04	%
Freddie Mac REMICS
Series 4146, 1.500%, 10/15/2042		9,358		8,932		0.01	%
Series 4309, 2.000%, 10/15/2043		31,331		27,898		0.04	%
Series 3870, 2.750%, 01/15/2041		9,895		9,397		0.01	%
Series 4322, 3.000%, 05/15/2043		44,313		42,104		0.05	%
Government National Mortgage Association, Series 2013-24, 1.750%, 02/16/2043		79,968		68,872		0.08	%
Total Mortgage-Backed Securities (Cost $2,262,736)				2,043,495		2.53	%

U.S. TREASURY OBLIGATIONS - 11.61%
U.S. Treasury Notes - 11.61%
0.250%, 08/31/2025		1,250,000		1,137,378		1.41	%
0.625%, 03/31/2027		450,000		393,539		0.49	%
0.750%, 04/30/2026		1,500,000		1,353,398		1.68	%
1.250%, 12/31/2026		625,000		563,135		0.70	%
1.250%, 04/30/2028		425,000		371,062		0.46	%
1.500%, 02/15/2025		200,000		189,293		0.23	%
1.875%, 07/31/2026		1,550,000		1,436,898		1.78	%
2.500%, 03/31/2027		300,000		281,227		0.35	%
2.625%, 04/15/2025		300,000		288,152		0.36	%
3.000%, 10/31/2025		450,000		433,037		0.53	%
2.750%, 08/15/2032		550,000		499,125		0.62	%
3.375%, 05/15/2033		175,000		166,811		0.21	%
3.500%, 02/15/2033		225,000		216,738		0.27	%
3.625%, 05/15/2026		350,000		341,387		0.42	%
4.125%, 09/30/2027		350,000		347,566		0.43	%
4.125%, 11/15/2032		500,000		505,469		0.63	%
4.250%, 09/30/2024		600,000		592,746		0.73	%
4.250%, 05/31/2025		250,000		246,826		0.31	%
Total U.S. Treasury Obligations (Cost $9,999,423)				9,363,787		11.61	%

SHORT-TERM INVESTMENTS - 1.33%
Money Market Funds - 1.33%
First American Treasury Obligations Fund, Institutional Class, 5.17% (d)		1,073,338		1,073,338		1.33	%
Total Short-Term Investments (Cost $1,073,338)				1,073,338		1.33	%

Total Investments (Cost $58,883,616) - 99.48%				80,235,060		99.48	%
Other Assets in Excess of Liabilities - 0.52%				416,361		0.52	%
TOTAL NET ASSETS - 100.00%			$	80,651,421		100.00	%


Percentages are stated as a percent of net assets.

ADR — American Depositary Receipt
CMT — Constant Maturity Treasury
LIBOR — London Interbank Offered Rate
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 current rate as of July 31, 2023.
(d)	The rate listed is the fund’s seven-day yield as of July 31, 2023.

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, 2023
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.

If market quotations are 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, any security or other asset
will be valued at its fair value in accordance with Rule 2a-5 under the 1940 Act as determined under the fair value procedures of Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”), subject
to oversight by the Board of Trustees of the Fund (the “Board”). 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 Advisor will regularly evaluate, with the assistance of the Valuation and Liquidity Committee, whether the Fund’s fair value pricing
procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application of such procedures.

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 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, 2023, are as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	3,236,703	$	–	$	–	$	3,236,703
Consumer Discretionary		7,750,334		–		–		7,750,334
Consumer Staples		4,888,683		–		–		4,888,683
Energy		1,713,193		–		–		1,713,193
Financials		13,578,000		–		–		13,578,000
Health Care		2,309,753		–		–		2,309,753
Industrials		6,945,322		–		–		6,945,322
Information Technology		7,298,882		–		–		7,298,882
Materials		7,214,596		–		–		7,214,596
Total Common Stocks	$	54,935,466	$	–	$	–	$	54,935,466

Preferred Stocks
Communication Services	$	33,911	$	–	$	–	$	33,911
Consumer Discretionary		12,530		–		–		12,530
Consumer Staples		24,609		–		–		24,609
Financials		805,431		–		–		805,431
Utilities		17,502		–		–		17,502
Total Preferred Stocks	$	893,983	$	–	$	–	$	893,983

REITS
Real Estate	$	22,492	$	–	$	–	$	22,492
Total REITS	$	22,492	$	–	$	–	$	22,492

Corporate Bonds
Communication Services	$	–	$	1,331,513	$	–	$	1,331,513
Consumer Discretionary		–		651,508		–		651,508
Energy		–		1,363,848		–		1,363,848
Financials		–		5,195,175		–		5,195,175
Health Care		–		1,704,848		–		1,704,848
Industrials		–		661,991		–		661,991
Information Technology		–		993,616		–		993,616
Total Corporate Bonds	$	–	$	11,902,499	$	–	$	11,902,499

Mortgage-Backed Securities
Federal Agency Mortgage-Backed Obligations	$	–	$	2,043,495	$	–	$	2,043,495
Total Mortgage-Backed Securities	$	–	$	2,043,495	$	–	$	2,043,495

U.S. Treasury Obligations
U.S. Treasury Notes	$	–	$	9,363,787	$	–	$	9,363,787
Total U.S. Treasury Obligations	$	–	$	9,363,787	$	–	$	9,363,787

Short-Term Investments
Money Market Funds	$	1,073,338	$	–	$	–	$	1,073,338
Total Short-Term Investments	$	1,073,338	$	–	$	–	$	1,073,338

Total Investments	$	56,925,279	$	23,309,781	$	–	$	80,235,060

Hennessy Focus Fund Investor Class (HFCSX) NPORT-PHennessy Equity and Income Fund (Jul 2023 report)