Hennessy Japan Fund NCSR Certified annual shareholder report (management investment company)

0000891944 hennessy:SAndP500IndexOneMember 2014-10-31 2019-12-31 0000891944 hennessy:C000118916Member 2014-10-31 2024-02-29 0000891944 hennessy:Russell1000IndexOneMember 2014-10-31 2020-03-31 0000891944 hennessy:BlendedDJIATreasuryIndexMember 2014-10-31 2022-07-31 0000891944 hennessy:C000205117Member 2014-10-31 2017-12-31 0000891944 hennessy:RussellNomuraTotalMarketTMIndexMember 2014-10-31 2019-12-31 0000891944 hennessy:TokyoStockPriceIndexTOPIXOneMember 2014-10-31 2017-01-31 0000891944 hennessy:Russell2000IndexFinancialsMember 2014-10-31 2018-12-31 0000891944 hennessy:C000239897Member 2021-03-15 2022-04-30

As filed with the Securities and Exchange Commission on January 8, 2025

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number (811-07168)

Hennessy Funds Trust
(Exact name of registrant as specified in charter)

7250 Redwood Boulevard, Suite 200
Novato, California	94945
(Address of principal executive offices)	(Zip code)

Teresa M. Nilsen

7250 Redwood Boulevard, Suite 200

Novato, California

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-966-4354

Date of fiscal year end: October 31, 2024

Date of reporting period: October 31, 2024

Item 1.

Reports to Stockholders.

(a)

Annual Shareholder Report

Hennessy Cornerstone Growth Fund

Investor Class

HFCGX

This annual shareholder report contains important information about the Hennessy Cornerstone Growth Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents . You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com .

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$161	1.29%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund outperformed both the Russell 2000® Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

● Holdings in the Industrials, Information Technology, and Energy sectors contributed the most to performance.● Holdings in the Financials, Health Care, and Real Estate sectors detracted the most from performance.● Stocks that contributed most to performance included Super Micro Computer, Inc., Modine Manufacturing Co., and Sprouts Farmers Market, Inc.● Stocks that detracted most from performance included Koppers Holdings Inc., Stellantis N.V., and Dave & Buster’s Entertainment, Inc.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Industrials and Consumer Discretionary companies and was most underweight Health Care and Financials companies.

Performance

● The majority of outperformance was due to stock selection rather than sector allocation.

● The Fund outperformed the broader market, as represented by the S&P 500® Index, despite small- and mid-cap stocks significantly underperforming such broader market during the period.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Cornerstone Growth Fund	Russell 2000® Index	S&P 500® Index
10/31/2014	10000	10000	10000
11/30/2014	10203	10009	10269
12/31/2014	10359	10294	10243
1/31/2015	10075	9963	9936
2/28/2015	10755	10555	10507
3/31/2015	10857	10738	10340
4/30/2015	10364	10465	10440
5/31/2015	10658	10703	10574
6/30/2015	10771	10784	10369
7/31/2015	10964	10658	10586
8/31/2015	10401	9989	9948
9/30/2015	10203	9498	9702
10/31/2015	10707	10034	10520
11/30/2015	10605	10360	10551
12/31/2015	10246	9840	10385
1/31/2016	9517	8975	9869
2/29/2016	9775	8974	9856
3/31/2016	10219	9690	10525
4/30/2016	9951	9842	10566
5/31/2016	10096	10064	10755
6/30/2016	10262	10058	10783
7/31/2016	10739	10658	11181
8/31/2016	10589	10847	11196
9/30/2016	10605	10968	11199
10/31/2016	10171	10446	10994
11/30/2016	11071	11611	11401
12/31/2016	11104	11936	11627
1/31/2017	11023	11984	11847
2/28/2017	10996	12215	12318
3/31/2017	11055	12231	12332
4/30/2017	11066	12365	12459
5/31/2017	10782	12113	12634
6/30/2017	11066	12532	12713
7/31/2017	11479	12625	12974
8/31/2017	11618	12465	13014
9/30/2017	12492	13243	13283
10/31/2017	12942	13355	13593
11/30/2017	12883	13740	14009
12/31/2017	12947	13685	14165
1/31/2018	13322	14042	14976
2/28/2018	12395	13499	14424
3/31/2018	12481	13673	14058
4/30/2018	12593	13792	14112
5/31/2018	12952	14629	14451
6/30/2018	12797	14734	14540
7/31/2018	12738	14990	15081
8/31/2018	13440	15637	15573
9/30/2018	13263	15260	15662
10/31/2018	11881	13603	14591
11/30/2018	11409	13819	14888
12/31/2018	10200	12178	13544
1/31/2019	11335	13548	14629
2/28/2019	11494	14252	15099
3/31/2019	11064	13954	15393
4/30/2019	11229	14428	16016
5/31/2019	10582	13306	14998
6/30/2019	11482	14246	16055
7/31/2019	11611	14328	16286
8/31/2019	11159	13621	16028
9/30/2019	11117	13904	16328
10/31/2019	11264	14270	16681
11/30/2019	11835	14858	17287
12/31/2019	12311	15286	17809
1/31/2020	11717	14796	17802
2/29/2020	10535	13550	16336
3/31/2020	7476	10606	14319
4/30/2020	8753	12063	16154
5/31/2020	9653	12848	16923
6/30/2020	10176	13302	17260
7/31/2020	10888	13670	18233
8/31/2020	11641	14441	19544
9/30/2020	11747	13958	18801
10/31/2020	11711	14251	18301
11/30/2020	13788	16877	20305
12/31/2020	14494	18337	21085
1/31/2021	14794	19260	20872
2/28/2021	15794	20460	21448
3/31/2021	17029	20666	22387
4/30/2021	17452	21100	23582
5/31/2021	18194	21143	23747
6/30/2021	18252	21553	24301
7/31/2021	17258	20775	24878
8/31/2021	17670	21239	25635
9/30/2021	16882	20613	24443
10/31/2021	17547	21490	26155
11/30/2021	18070	20594	25974
12/31/2021	18681	21055	27138
1/31/2022	16723	19028	25734
2/28/2022	16776	19231	24963
3/31/2022	17695	19470	25890
4/30/2022	17209	17540	23632
5/31/2022	18300	17567	23676
6/30/2022	15946	16122	21721
7/31/2022	17545	17805	23724
8/31/2022	17336	17441	22757
9/30/2022	15468	15769	20661
10/31/2022	17986	17506	22334
11/30/2022	18808	17914	23582
12/31/2022	17761	16752	22223
1/31/2023	18876	18384	23619
2/28/2023	18357	18074	23043
3/31/2023	17467	17210	23889
4/30/2023	16607	16901	24262
5/31/2023	16391	16745	24367
6/30/2023	18822	18106	25977
7/31/2023	20053	19213	26812
8/31/2023	19937	18252	26385
9/30/2023	19712	17178	25127
10/31/2023	18442	16006	24599
11/30/2023	19495	17455	26845
12/31/2023	21239	19588	28065
1/31/2024	22078	18826	28536
2/29/2024	24775	19890	30060
3/31/2024	26617	20602	31027
4/30/2024	25334	19152	29760
5/31/2024	27246	20113	31236
6/30/2024	25707	19927	32356
7/31/2024	27798	21952	32750
8/31/2024	27953	21624	33545
9/30/2024	28023	21775	34261
10/31/2024	27510	21460	33950

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Growth Fund	49.17%	19.55%	10.65%
Russell 2000® Index	34.07%	8.50%	7.94%
S&P 500® Index	38.02%	15.27%	13.00%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.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 Frank Russell Company. 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. Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$511,430,886
Number of Holdings	50
Annual Portfolio Turnover	94%
Total Advisory Fee	$2,550,903

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	2.11%
Consumer Discretionary	18.88%
Consumer Staples	3.78%
Energy	4.70%
Financials	12.97%
Health Care	11.53%
Industrials	33.20%
Information Technology	7.78%
Materials	1.16%
Real Estate	1.49%
Short-Term Investments and Other	2.34%
Liabilities in Excess of Other Assets	-0.01%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

To help keep the Fund’s costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. you may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

Annual Shareholder Report

Hennessy Cornerstone Growth Fund

Institutional Class

HICGX

This annual shareholder report contains important information about the Hennessy Cornerstone Growth Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$121	0.97%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund outperformed both the Russell 2000® Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

Positioning

Performance

● The majority of outperformance was due to stock selection rather than sector allocation.

● The Fund outperformed the broader market, as represented by the S&P 500® Index, despite small- and mid-cap stocks significantly underperforming such broader market during the period.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Cornerstone Growth Fund	Russell 2000® Index	S&P 500® Index
10/31/2014	250000	250000	250000
11/30/2014	255110	250224	256724
12/31/2014	259041	257355	256077
01/31/2015	251965	249077	248390
02/28/2015	268999	263864	262665
03/31/2015	271619	268461	258511
04/30/2015	259434	261614	260991
05/31/2015	266771	267587	264347
06/30/2015	269654	269591	259230
07/31/2015	274502	266458	264661
08/31/2015	260482	249713	248693
09/30/2015	255634	237462	242540
10/31/2015	268213	250840	262999
11/30/2015	265723	259000	263781
12/31/2015	256815	245996	259621
01/31/2016	238555	224364	246737
02/29/2016	245123	224354	246404
03/31/2016	256289	242260	263120
04/30/2016	249590	246062	264140
05/31/2016	253268	251605	268883
06/30/2016	257603	251446	269580
07/31/2016	269688	266459	279519
08/31/2016	266010	271171	279912
09/30/2016	266404	274192	279965
10/31/2016	255632	261157	274858
11/30/2016	278358	290279	285037
12/31/2016	279146	298412	290671
01/31/2017	277307	299589	296184
02/28/2017	276782	305371	307944
03/31/2017	278227	305771	308304
04/30/2017	278621	309124	311470
05/31/2017	271527	302835	315853
06/30/2017	278621	313304	317824
07/31/2017	289130	315631	324360
08/31/2017	292677	311616	325353
09/30/2017	314746	331063	332064
10/31/2017	326306	333885	339813
11/30/2017	324992	343508	350235
12/31/2017	326568	342121	354129
01/31/2018	336158	351062	374404
02/28/2018	312775	337469	360605
03/31/2018	315140	341833	351441
04/30/2018	318030	344789	352789
05/31/2018	327225	365718	361285
06/30/2018	323284	368338	363509
07/31/2018	321971	374758	377036
08/31/2018	339705	390914	389322
09/30/2018	335370	381511	391538
10/31/2018	300558	340073	364776
11/30/2018	288736	345478	372210
12/31/2018	258268	304440	338603
01/31/2019	286965	338689	365737
02/28/2019	291002	356297	377480
03/31/2019	280331	348840	384815
04/30/2019	284513	360690	400396
05/31/2019	268362	332639	374952
06/30/2019	291146	356149	401377
07/31/2019	294463	358199	407146
08/31/2019	283071	340513	400696
09/30/2019	282206	347598	408194
10/31/2019	285955	356753	417035
11/30/2019	300520	371438	432173
12/31/2019	312633	382148	445217
01/31/2020	297636	369892	445042
02/29/2020	267641	338754	408407
03/31/2020	190060	265155	357963
04/30/2020	222506	301575	403852
05/31/2020	245434	321200	423087
06/30/2020	258701	332553	431501
07/31/2020	277014	341758	455831
08/31/2020	296194	361014	488596
09/30/2020	298933	348955	470031
10/31/2020	298212	356263	457531
11/30/2020	351135	421931	507614
12/31/2020	369160	458428	527131
01/31/2021	376947	481498	521809
02/28/2021	402616	511507	536198
03/31/2021	434196	516644	559681
04/30/2021	445156	527493	589551
05/31/2021	464190	528581	593669
06/30/2021	465777	538822	607528
07/31/2021	440541	519366	621959
08/31/2021	451212	530983	640871
09/30/2021	431168	515327	611064
10/31/2021	448328	537249	653876
11/30/2021	461739	514862	649345
12/31/2021	477542	526363	678446
01/31/2022	427535	475688	643339
02/28/2022	429000	480766	624076
03/31/2022	452630	486750	647248
04/30/2022	440357	438508	590807
05/31/2022	468383	439171	591891
06/30/2022	408301	403052	543034
07/31/2022	449333	445132	593104
08/31/2022	444204	436023	568916
09/30/2022	396212	394237	516520
10/31/2022	461056	437638	558338
11/30/2022	482122	447860	589540
12/31/2022	455328	418793	555574
01/31/2023	484072	459611	590483
02/28/2023	471128	451848	576076
03/31/2023	448285	430259	597226
04/30/2023	426204	422523	606548
05/31/2023	420874	418620	609184
06/30/2023	483501	452655	649436
07/31/2023	515100	480336	670299
08/31/2023	512244	456306	659627
09/30/2023	506724	429442	628177
10/31/2023	474173	400155	614969
11/30/2023	501394	436372	671131
12/31/2023	546337	489690	701621
01/31/2024	567984	470644	713411
02/29/2024	637521	497255	751504
03/31/2024	685220	515056	775684
04/30/2024	652272	478805	744001
05/31/2024	701886	502826	780892
06/30/2024	662233	498174	808912
07/31/2024	716445	548789	818759
08/31/2024	720660	540591	838619
09/30/2024	722575	544369	856530
10/31/2024	709549	536506	848762

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Growth Fund	49.64%	19.93%	11.00%
Russell 2000® Index	34.07%	8.50%	7.94%
S&P 500® Index	38.02%	15.27%	13.00%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.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 Frank Russell Company. 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.Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$511,430,886
Number of Holdings	50
Annual Portfolio Turnover	94%
Total Advisory Fee	$2,550,903

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	2.11%
Consumer Discretionary	18.88%
Consumer Staples	3.78%
Energy	4.70%
Financials	12.97%
Health Care	11.53%
Industrials	33.20%
Information Technology	7.78%
Materials	1.16%
Real Estate	1.49%
Short-Term Investments and Other	2.34%
Liabilities in Excess of Other Assets	-0.01%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Focus Fund

Investor Class

HFCSX

This annual shareholder report contains important information about the Hennessy Focus Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$177	1.49%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund slightly outperformed the Russell 3000® Index (the Fund’s primary benchmark) and slightly underperformed the Russell Midcap® Growth Index.

Investment Strategy

We implement the Fund’s strategy through a concentrated portfolio of approximately 25 companies that we believe are high-quality businesses with large growth opportunities, excellent management, low tail risk, and discount valuations. We invest with a long-term time horizon and encourage shareholders to do the same. Periods can be influenced by many transitory issues unrelated to the growth in the intrinsic value of the Fund’s holdings.

Factors Influencing Performance

The biggest contributors to the Fund’s performance relative to the Russell 3000® Index were stock selection in the Communication Services sector, the Fund’s overweighting to the Financials sector, and the Fund’s underweighting to the Health Care sector. The biggest contributors to the Fund’s performance relative to the Russell Midcap® Growth Index were the Fund’s overweighting to the Communication Services sector and the Fund’s underweighting to the Consumer Staples and Health Care sectors.On an individual stock basis, the leading contributors to the Fund’s performance were AST SpaceMobile, Inc. (up 619%), Brookfield Corp. (up 83%), and Applied Materials, Inc. (up 38%).The biggest detractors from the Fund’s performance relative to the Russell 3000® Index were stock selection in the Information Technology and Financials sectors and the Fund’s underweighting to the Informational Technology sector. The biggest detractors from the Fund’s performance relative to the Russell Midcap® Growth Index were stock selection in the Information Technology, Real Estate, and Financials sectors.On an individual stock basis, the leading detractors from the Fund’s performance were Shenandoah Telecommunications Co. (down 41%), Floor & Decor Holdings, Inc. (down 5% since the Fund’s purchase), and CDW Corp. (down 5%).

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Focus Fund	Russell 3000® Index	Russell Midcap® Growth Index
10/31/2014	10000	10000	10000
11/30/2014	10292	10242	10329
12/31/2014	10470	10242	10299
01/31/2015	10153	9957	10126
02/28/2015	10871	10534	10823
03/31/2015	11020	10427	10853
04/30/2015	10900	10474	10777
05/31/2015	10953	10619	10905
06/30/2015	10988	10441	10729
07/31/2015	11284	10616	10903
08/31/2015	10669	9975	10269
09/30/2015	10415	9684	9872
10/31/2015	11183	10449	10494
11/30/2015	11135	10507	10516
12/31/2015	10771	10291	10279
01/31/2016	10156	9711	9501
02/29/2016	10271	9707	9650
03/31/2016	10984	10391	10338
04/30/2016	11000	10455	10332
05/31/2016	11192	10642	10501
06/30/2016	10925	10664	10500
07/31/2016	11389	11087	11020
08/31/2016	11319	11116	10988
09/30/2016	11249	11133	10982
10/31/2016	11002	10892	10536
11/30/2016	11352	11380	10994
12/31/2016	11542	11602	11032
01/31/2017	11662	11820	11400
02/28/2017	12005	12260	11728
03/31/2017	12062	12268	11793
04/30/2017	12050	12398	11968
05/31/2017	12276	12525	12253
06/30/2017	12438	12638	12290
07/31/2017	12576	12876	12495
08/31/2017	12587	12901	12583
09/30/2017	13022	13216	12939
10/31/2017	13227	13504	13301
11/30/2017	13512	13914	13746
12/31/2017	13766	14053	13820
01/31/2018	14292	14794	14602
02/28/2018	13568	14249	14143
03/31/2018	13438	13963	14120
04/30/2018	13414	14016	13987
05/31/2018	13775	14412	14510
06/30/2018	13847	14506	14566
07/31/2018	14144	14987	14879
08/31/2018	14384	15514	15736
09/30/2018	14186	15539	15669
10/31/2018	12960	14395	14118
11/30/2018	13473	14683	14477
12/31/2018	12325	13317	13163
01/31/2019	13316	14460	14676
02/28/2019	13941	14968	15536
03/31/2019	14044	15187	15746
04/30/2019	14783	15793	16454
05/31/2019	14469	14771	15507
06/30/2019	15197	15809	16596
07/31/2019	15401	16044	16984
08/31/2019	15473	15717	16675
09/30/2019	15792	15993	16485
10/31/2019	16091	16337	16790
11/30/2019	16738	16958	17626
12/31/2019	16622	17447	17832
01/31/2020	16835	17428	17999
02/29/2020	15710	16002	16758
03/31/2020	11596	13801	14259
04/30/2020	13270	15629	16491
05/31/2020	14402	16465	18148
06/30/2020	15036	16841	18573
07/31/2020	15806	17797	20057
08/31/2020	16747	19087	20603
09/30/2020	15841	18392	20314
10/31/2020	14998	17995	20339
11/30/2020	16858	20184	23071
12/31/2020	17535	21092	24178
01/31/2021	17094	20998	24097
02/28/2021	18259	21654	24509
03/31/2021	19880	22431	24041
04/30/2021	20877	23587	25392
05/31/2021	20960	23695	25004
06/30/2021	21313	24279	26703
07/31/2021	21737	24689	26978
08/31/2021	22230	25393	27849
09/30/2021	21475	24254	26500
10/31/2021	22928	25894	28358
11/30/2021	22205	25500	27160
12/31/2021	23067	26504	27255
01/31/2022	21151	24945	23738
02/28/2022	20656	24317	23450
03/31/2022	20934	25105	23826
04/30/2022	19020	22852	21144
05/31/2022	19581	22822	20325
06/30/2022	17912	20912	18806
07/31/2022	19925	22874	21107
08/31/2022	18453	22021	20416
09/30/2022	16105	19979	18683
10/31/2022	17070	21617	20151
11/30/2022	18476	22745	21248
12/31/2022	17303	21414	19972
01/31/2023	19195	22888	21715
02/28/2023	18517	22353	21501
03/31/2023	18065	22951	21797
04/30/2023	18379	23196	21481
05/31/2023	17812	23286	21495
06/30/2023	19803	24876	23156
07/31/2023	20102	25768	23857
08/31/2023	20083	25270	23070
09/30/2023	18612	24067	21946
10/31/2023	17670	23429	20826
11/30/2023	19298	25613	23367
12/31/2023	20910	26972	25139
01/31/2024	20374	27271	25003
02/29/2024	21509	28747	26883
03/31/2024	21837	29674	27526
04/30/2024	19867	28369	25927
05/31/2024	21219	29709	26204
06/30/2024	21306	30629	26641
07/31/2024	24262	31198	26803
08/31/2024	24948	31877	27469
09/30/2024	25320	32537	28384
10/31/2024	24373	32298	28880

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Focus Fund	37.93%	8.66%	9.32%
Russell 3000® Index	37.86%	14.60%	12.44%
Russell Midcap® Growth Index	38.67%	11.46%	11.19%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$674,729,060
Number of Holdings	23
Annual Portfolio Turnover	10%
Total Advisory Fee	$5,881,996

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	18.53%
Consumer Discretionary	23.52%
Financials	29.77%
Health Care	2.58%
Industrials	9.48%
Information Technology	8.03%
Real Estate	7.17%
Short-Term Investments and Other	1.08%
Liabilities in Excess of Other Assets	-0.16%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Focus Fund

Institutional Class

HFCIX

This annual shareholder report contains important information about the Hennessy Focus Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$132	1.11%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund slightly outperformed the Russell 3000® Index (the Fund’s primary benchmark) and slightly underperformed the Russell Midcap® Growth Index.

Investment Strategy

Factors Influencing Performance

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Focus Fund	Russell 3000® Index	Russell Midcap® Growth Index
10/31/2014	250000	250000	250000
11/30/2014	257376	256058	258217
12/31/2014	261880	256056	257485
01/31/2015	253988	248929	253147
02/28/2015	272031	263342	270570
03/31/2015	275862	260665	271333
04/30/2015	272951	261844	269428
05/31/2015	274330	265466	272628
06/30/2015	275249	261025	268237
07/31/2015	282834	265390	272584
08/31/2015	267473	249369	256724
09/30/2015	261228	242102	246806
10/31/2015	280574	261225	262340
11/30/2015	279425	262673	262912
12/31/2015	270382	257281	256970
01/31/2016	255028	242764	237517
02/29/2016	257984	242686	241240
03/31/2016	275987	259773	258458
04/30/2016	276486	261383	258301
05/31/2016	281169	266059	262537
06/30/2016	274758	266606	262497
07/31/2016	286504	277187	275497
08/31/2016	284815	277894	274688
09/30/2016	283165	278331	274551
10/31/2016	277023	272309	263396
11/30/2016	285928	284495	274847
12/31/2016	290803	290047	275802
01/31/2017	293951	295506	284997
02/28/2017	302664	306496	293192
03/31/2017	304199	306705	294817
04/30/2017	304007	309956	299191
05/31/2017	309804	313128	306335
06/30/2017	313987	315954	307243
07/31/2017	317596	321911	312376
08/31/2017	317941	322531	314580
09/30/2017	329034	330397	323475
10/31/2017	334331	337607	332527
11/30/2017	341663	347858	343641
12/31/2017	348133	351335	345492
01/31/2018	361568	369854	365039
02/28/2018	343334	356222	353581
03/31/2018	340187	349071	353004
04/30/2018	339649	350397	349670
05/31/2018	348939	360289	362748
06/30/2018	350858	362645	364150
07/31/2018	358536	374680	371967
08/31/2018	364716	387838	393406
09/30/2018	359764	388480	391733
10/31/2018	328824	359875	352942
11/30/2018	341914	367083	361919
12/31/2018	312904	332919	329079
01/31/2019	338139	361495	366893
02/28/2019	354186	374208	388407
03/31/2019	356845	379672	393647
04/30/2019	375736	394833	411349
05/31/2019	367853	369283	387685
06/30/2019	386465	395220	414911
07/31/2019	391783	401095	424598
08/31/2019	393742	392919	416864
09/30/2019	401952	399815	412117
10/31/2019	409695	408421	419757
11/30/2019	426301	423946	440640
12/31/2019	423474	436187	445802
01/31/2020	428998	435711	449973
02/29/2020	400450	400038	418945
03/31/2020	295652	345025	356463
04/30/2020	338397	390721	412282
05/31/2020	367359	411616	453698
06/30/2020	383723	421026	464332
07/31/2020	403496	444933	501428
08/31/2020	427656	477166	515069
09/30/2020	404683	459792	507857
10/31/2020	383259	449868	508479
11/30/2020	430960	504596	576778
12/31/2020	448383	527297	604447
01/31/2021	437206	524952	602429
02/28/2021	467150	541360	612717
03/31/2021	508832	560764	601030
04/30/2021	534488	589671	634800
05/31/2021	536808	592363	625099
06/30/2021	545946	606970	667577
07/31/2021	557051	617234	674453
08/31/2021	569844	634836	696223
09/30/2021	550655	606352	662504
10/31/2021	588050	647357	708955
11/30/2021	569633	637503	679001
12/31/2021	591953	662607	681382
01/31/2022	543015	623622	593454
02/28/2022	530492	607913	586250
03/31/2022	537825	627632	595662
04/30/2022	488804	571307	528591
05/31/2022	503387	570541	508130
06/30/2022	460628	522810	470146
07/31/2022	512532	571859	527680
08/31/2022	474799	550518	510396
09/30/2022	414491	499469	467076
10/31/2022	439454	540428	503784
11/30/2022	475787	568636	531192
12/31/2022	445709	535341	499310
01/31/2023	494655	572211	542882
02/28/2023	477269	558837	537522
03/31/2023	465835	573780	544927
04/30/2023	473961	579893	537034
05/31/2023	459504	582149	537365
06/30/2023	511001	621902	578899
07/31/2023	518939	644195	596416
08/31/2023	518561	631759	576753
09/30/2023	480765	601666	548658
10/31/2023	456575	585717	520661
11/30/2023	498812	640334	584180
12/31/2023	540690	674298	628466
01/31/2024	526865	681771	625080
02/29/2024	556420	718676	672078
03/31/2024	565120	741858	688149
04/30/2024	514352	709215	648184
05/31/2024	549508	742724	655094
06/30/2024	551892	765717	666036
07/31/2024	628759	779950	670073
08/31/2024	646754	796929	686721
09/30/2024	656526	813414	709604
10/31/2024	632096	807441	722000

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Focus Fund	38.44%	9.06%	9.72%
Russell 3000® Index	37.86%	14.60%	12.44%
Russell Midcap® Growth Index	38.67%	11.46%	11.19%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$674,729,060
Number of Holdings	23
Annual Portfolio Turnover	10%
Total Advisory Fee	$5,881,996

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	18.53%
Consumer Discretionary	23.52%
Financials	29.77%
Health Care	2.58%
Industrials	9.48%
Information Technology	8.03%
Real Estate	7.17%
Short-Term Investments and Other	1.08%
Liabilities in Excess of Other Assets	-0.16%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Cornerstone Mid Cap 30 Fund

Investor Class

HFMDX

This annual shareholder report contains important information about the Hennessy Cornerstone Mid Cap 30 Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$169	1.33%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund outperformed both the Russell Midcap® Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

● Holdings in the Consumer Discretionary, Industrials, and Consumer Staples sectors contributed the most to performance.● Holdings in the Financials, Information Technology, and Real Estate sectors detracted the most from performance.● Stocks that contributed most to performance included Modine Manufacturing Co., Sprouts Farmers Market, Inc., and Abercrombie & Fitch Co.● Stocks that detracted most from performance included Par Pacific Holdings, Inc., PBF Energy, Inc., and Insight Enterprises, Inc.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Consumer Discretionary and Energy companies and was most underweight Information Technology and Health Care companies.

Performance

● The majority of outperformance was due to stock selection rather than sector allocation.

● The Fund outperformed the broader market, as represented by the S&P 500® Index, despite small- and mid-cap stocks significantly underperforming such broader market during the period.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Cornerstone Mid Cap 30 Fund	Russell Midcap® Index	S&P 500® Index
10/31/2014	10000	10000	10000
11/30/2014	10411	10256	10269
12/31/2014	10442	10278	10243
01/31/2015	10191	10117	9936
02/28/2015	10833	10677	10507
03/31/2015	10995	10684	10340
04/30/2015	10967	10587	10440
05/31/2015	11425	10742	10574
06/30/2015	11610	10520	10369
07/31/2015	11961	10598	10586
08/31/2015	11431	10038	9948
09/30/2015	11012	9677	9702
10/31/2015	11235	10277	10520
11/30/2015	10939	10303	10551
12/31/2015	10444	10027	10385
01/31/2016	9892	9370	9869
02/29/2016	10202	9476	9856
03/31/2016	10839	10252	10525
04/30/2016	10349	10360	10566
05/31/2016	10489	10530	10755
06/30/2016	10371	10578	10783
07/31/2016	10867	11061	11181
08/31/2016	10658	11034	11196
09/30/2016	10794	11056	11199
10/31/2016	10349	10705	10994
11/30/2016	11115	11282	11401
12/31/2016	11053	11411	11627
01/31/2017	11194	11686	11847
02/28/2017	11608	12017	12318
03/31/2017	11495	11998	12332
04/30/2017	11608	12090	12459
05/31/2017	11478	12201	12634
06/30/2017	11704	12322	12713
07/31/2017	11835	12503	12974
08/31/2017	11778	12406	13014
09/30/2017	12368	12750	13283
10/31/2017	12730	12963	13593
11/30/2017	13082	13399	14009
12/31/2017	13319	13524	14165
01/31/2018	13353	14033	14976
02/28/2018	12266	13453	14424
03/31/2018	12395	13461	14058
04/30/2018	12719	13441	14112
05/31/2018	13279	13746	14451
06/30/2018	13070	13841	14540
07/31/2018	13130	14186	15081
08/31/2018	13124	14626	15573
09/30/2018	12590	14533	15662
10/31/2018	11389	13325	14591
11/30/2018	11362	13653	14888
12/31/2018	10285	12299	13544
01/31/2019	11400	13625	14629
02/28/2019	11765	14210	15099
03/31/2019	11522	14332	15393
04/30/2019	11728	14878	16016
05/31/2019	10641	13965	14998
06/30/2019	11456	14924	16055
07/31/2019	11428	15137	16286
08/31/2019	10876	14706	16028
09/30/2019	11213	14995	16328
10/31/2019	11250	15153	16681
11/30/2019	11775	15695	17287
12/31/2019	11906	16055	17809
01/31/2020	11887	15926	17802
02/29/2020	10623	14543	16336
03/31/2020	7466	11709	14319
04/30/2020	8936	13390	16154
05/31/2020	9995	14331	16923
06/30/2020	10257	14590	17260
07/31/2020	11353	15446	18233
08/31/2020	12159	15989	19544
09/30/2020	12524	15678	18801
10/31/2020	12430	15778	18301
11/30/2020	13995	17959	20305
12/31/2020	14688	18800	21085
01/31/2021	16028	18751	20872
02/28/2021	17339	19795	21448
03/31/2021	18351	20330	22387
04/30/2021	18585	21367	23582
05/31/2021	19053	21538	23747
06/30/2021	18875	21855	24301
07/31/2021	18688	22023	24878
08/31/2021	18679	22583	25635
09/30/2021	17451	21653	24443
10/31/2021	18529	22941	26155
11/30/2021	18070	22142	25974
12/31/2021	18686	23046	27138
01/31/2022	17790	21348	25734
02/28/2022	18657	21195	24963
03/31/2022	19343	21737	25890
04/30/2022	18838	20063	23632
05/31/2022	19439	20079	23676
06/30/2022	16828	18075	21721
07/31/2022	18638	19859	23724
08/31/2022	19077	19236	22757
09/30/2022	17323	17453	20661
10/31/2022	19849	19002	22334
11/30/2022	20601	20144	23582
12/31/2022	19207	19056	22223
01/31/2023	20720	20638	23619
02/28/2023	21170	20138	23043
03/31/2023	20962	19828	23889
04/30/2023	20189	19724	24262
05/31/2023	20316	19173	24367
06/30/2023	22740	20773	25977
07/31/2023	24367	21597	26812
08/31/2023	23271	20847	26385
09/30/2023	23063	19800	25127
10/31/2023	21839	18811	24599
11/30/2023	23698	20736	26845
12/31/2023	25120	22338	28065
01/31/2024	24942	22020	28536
02/29/2024	27842	23251	30060
03/31/2024	29534	24259	31027
04/30/2024	28300	22949	29760
05/31/2024	31187	23603	31236
06/30/2024	30691	23447	32356
07/31/2024	32841	24552	32750
08/31/2024	32701	25050	33545
09/30/2024	33184	25607	34261
10/31/2024	33680	25469	33950

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Mid Cap 30 Fund	54.22%	24.52%	12.91%
Russell Midcap® Index	35.39%	10.94%	9.80%
S&P 500® Index	38.02%	15.27%	13.00%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.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 Frank Russell Company. 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.Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$1,597,111,530
Number of Holdings	59¹
Annual Portfolio Turnover	94%
Total Advisory Fee	$7,873,052

Due to the timing of the Fund's annual rebalance, the Fund held more than 30 securities at year end.

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	5.37%
Consumer Discretionary	27.96%
Consumer Staples	7.75%
Energy	7.23%
Financials	6.52%
Industrials	28.50%
Information Technology	5.23%
Materials	3.77%
Real Estate	1.89%
Utilities	1.93%
Short-Term Investments and Other	3.85%
Liabilities in Excess of Other Assets	-0.11%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Cornerstone Mid Cap 30 Fund

Institutional Class

HIMDX

This annual shareholder report contains important information about the Hennessy Cornerstone Mid Cap 30 Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$121	0.95%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund outperformed both the Russell Midcap® Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

Positioning

Performance

● The majority of outperformance was due to stock selection rather than sector allocation.

● The Fund outperformed the broader market, as represented by the S&P 500® Index, despite small- and mid-cap stocks significantly underperforming such broader market during the period.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Cornerstone Mid Cap 30 Fund	Russell Midcap® Index	S&P 500® Index
10/31/2014	250000	250000	250000
11/30/2014	260331	256397	256724
12/31/2014	261280	256940	256077
01/31/2015	254977	252931	248390
02/28/2015	271144	266935	262665
03/31/2015	275118	267095	258511
04/30/2015	274570	264667	260991
05/31/2015	286079	268544	264347
06/30/2015	290737	262990	259230
07/31/2015	299643	264941	264661
08/31/2015	286353	250960	248693
09/30/2015	275940	241925	242540
10/31/2015	281557	256923	262999
11/30/2015	274296	257578	263781
12/31/2015	261873	250674	259621
01/31/2016	248024	234250	246737
02/29/2016	255918	236898	246404
03/31/2016	271982	256301	263120
04/30/2016	259795	259011	264140
05/31/2016	263396	263258	268883
06/30/2016	260488	264457	269580
07/31/2016	273090	276531	279519
08/31/2016	267966	275840	279912
09/30/2016	271428	276398	279965
10/31/2016	260349	267627	274858
11/30/2016	279737	282060	285037
12/31/2016	278113	285263	290671
01/31/2017	281875	292147	296184
02/28/2017	292325	300414	307944
03/31/2017	289538	299945	308304
04/30/2017	292464	302255	311470
05/31/2017	289399	305016	315853
06/30/2017	295112	308050	317824
07/31/2017	298456	312586	324360
08/31/2017	297062	310156	325353
09/30/2017	312111	318750	332064
10/31/2017	321446	324069	339813
11/30/2017	330363	334973	350235
12/31/2017	336416	338088	354129
01/31/2018	337413	350815	374404
02/28/2018	310015	336324	360605
03/31/2018	313502	336533	351441
04/30/2018	321638	336021	352789
05/31/2018	335918	343648	361285
06/30/2018	330605	346020	363509
07/31/2018	332431	354640	377036
08/31/2018	332265	365656	389322
09/30/2018	318981	363313	391538
10/31/2018	288594	333127	364776
11/30/2018	287930	341315	372210
12/31/2018	260913	307463	338603
01/31/2019	289163	340630	365737
02/28/2019	298350	355261	377480
03/31/2019	292378	358307	384815
04/30/2019	297661	371941	400396
05/31/2019	270100	349117	374952
06/30/2019	291000	373097	401377
07/31/2019	290311	378424	407146
08/31/2019	276531	367645	400696
09/30/2019	284799	374886	408194
10/31/2019	286177	378828	417035
11/30/2019	299498	392366	432173
12/31/2019	302714	401369	445217
01/31/2020	302484	398151	445042
02/29/2020	270329	363567	408407
03/31/2020	190172	292713	357963
04/30/2020	227609	334752	403852
05/31/2020	254711	358285	423087
06/30/2020	261372	364740	431501
07/31/2020	289392	386157	455831
08/31/2020	309834	399734	488596
09/30/2020	319480	391952	470031
10/31/2020	317183	394451	457531
11/30/2020	357147	448972	507614
12/31/2020	374832	470006	527131
01/31/2021	409284	468763	521809
02/28/2021	442816	494869	536198
03/31/2021	468999	508260	559681
04/30/2021	475201	534163	589551
05/31/2021	487144	538450	593669
06/30/2021	482780	546375	607528
07/31/2021	478186	550579	621959
08/31/2021	477957	564576	640871
09/30/2021	446721	541316	611064
10/31/2021	474512	573513	653876
11/30/2021	463028	553543	649345
12/31/2021	478871	576152	678446
01/31/2022	455978	533707	643339
02/28/2022	478170	529868	624076
03/31/2022	496157	543437	647248
04/30/2022	483309	501574	590807
05/31/2022	498960	501974	591891
06/30/2022	431918	451873	543034
07/31/2022	478404	496479	593104
08/31/2022	490083	480903	568916
09/30/2022	444999	436333	516520
10/31/2022	510173	475059	558338
11/30/2022	529561	503609	589540
12/31/2022	494071	476391	555574
01/31/2023	533122	515952	590483
02/28/2023	544724	503438	576076
03/31/2023	539630	495712	597226
04/30/2023	519822	493094	606548
05/31/2023	523218	479317	609184
06/30/2023	585755	519313	649436
07/31/2023	627918	539913	670299
08/31/2023	599903	521187	659627
09/30/2023	594527	495003	628177
10/31/2023	563400	470277	614969
11/30/2023	611505	518391	671131
12/31/2023	648559	558460	701621
01/31/2024	643882	550508	713411
02/29/2024	719340	581264	751504
03/31/2024	762993	606483	775684
04/30/2024	731188	573722	744001
05/31/2024	806022	590085	780892
06/30/2024	793550	586177	808912
07/31/2024	849363	613803	818759
08/31/2024	846245	626240	838619
09/30/2024	858718	640178	856530
10/31/2024	872125	636730	848762

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Mid Cap 30 Fund	54.74%	24.97%	13.31%
Russell Midcap® Index	35.39%	10.94%	9.80%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$1,597,111,530
Number of Holdings	59¹
Annual Portfolio Turnover	94%
Total Advisory Fee	$7,873,052

Due to the timing of the Fund's annual rebalance, the Fund held more than 30 securities at year end.

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	5.37%
Consumer Discretionary	27.96%
Consumer Staples	7.75%
Energy	7.23%
Financials	6.52%
Industrials	28.50%
Information Technology	5.23%
Materials	3.77%
Real Estate	1.89%
Utilities	1.93%
Short-Term Investments and Other	3.85%
Liabilities in Excess of Other Assets	-0.11%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Cornerstone Large Growth Fund

Investor Class

HFLGX

This annual shareholder report contains important information about the Hennessy Cornerstone Large Growth Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$142	1.27%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Russell 1000® Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

● Holdings in the Consumer Discretionary, Industrials, and Materials sectors contributed the most to performance.● Holdings in the Information Technology, Financials, and Communications Services sectors detracted the most from performance.● Stocks that contributed most to performance included Dell Technologies Inc., Pulte Group, Inc., and Builders FirstSource, Inc.● Stocks that detracted most from performance included Dollar General Corp., Lamb Weston Holdings, Inc., and APA Corp.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Energy and Consumer Discretionary companies and was most underweight Information Technology and Financials companies.

Performance

● The Fund’s underperformance was due to both sector allocation and stock selection.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Cornerstone Large Growth Fund	Russell 1000® Index	S&P 500® Index
10/31/2014	10000	10000	10000
11/30/2014	10323	10262	10269
12/31/2014	10407	10238	10243
01/31/2015	10181	9957	9936
02/28/2015	10757	10532	10507
03/31/2015	10648	10401	10340
04/30/2015	10640	10475	10440
05/31/2015	10648	10612	10574
06/30/2015	10368	10413	10369
07/31/2015	10368	10613	10586
08/31/2015	9761	9975	9948
09/30/2015	9395	9702	9702
10/31/2015	10111	10486	10520
11/30/2015	10080	10521	10551
12/31/2015	9720	10332	10385
01/31/2016	9397	9776	9869
02/29/2016	9690	9772	9856
03/31/2016	10306	10453	10525
04/30/2016	9942	10510	10566
05/31/2016	9690	10694	10755
06/30/2016	9518	10718	10783
07/31/2016	10134	11127	11181
08/31/2016	10276	11141	11196
09/30/2016	10387	11150	11199
10/31/2016	10377	10933	10994
11/30/2016	11205	11364	11401
12/31/2016	11148	11577	11627
01/31/2017	11209	11810	11847
02/28/2017	11567	12267	12318
03/31/2017	11556	12275	12332
04/30/2017	11597	12405	12459
05/31/2017	11740	12563	12634
06/30/2017	11843	12651	12713
07/31/2017	11873	12901	12974
08/31/2017	11638	12942	13014
09/30/2017	12057	13217	13283
10/31/2017	12006	13520	13593
11/30/2017	12742	13933	14009
12/31/2017	13052	14088	14165
01/31/2018	13765	14861	14976
02/28/2018	13296	14316	14424
03/31/2018	12977	13991	14058
04/30/2018	12711	14038	14112
05/31/2018	12892	14397	14451
06/30/2018	12945	14490	14540
07/31/2018	13392	14990	15081
08/31/2018	13754	15506	15573
09/30/2018	13701	15565	15662
10/31/2018	13030	14464	14591
11/30/2018	13339	14758	14888
12/31/2018	11879	13414	13544
01/31/2019	12879	14538	14629
02/28/2019	13173	15030	15099
03/31/2019	13199	15292	15393
04/30/2019	13719	15910	16016
05/31/2019	12306	14896	14998
06/30/2019	13399	15942	16055
07/31/2019	13813	16189	16286
08/31/2019	13253	15893	16028
09/30/2019	13746	16168	16328
10/31/2019	14053	16511	16681
11/30/2019	14732	17135	17287
12/31/2019	15149	17629	17809
01/31/2020	14562	17649	17802
02/29/2020	13100	16206	16336
03/31/2020	10778	14065	14319
04/30/2020	12226	15923	16154
05/31/2020	12895	16763	16923
06/30/2020	13196	17134	17260
07/31/2020	13934	18137	18233
08/31/2020	14767	19469	19544
09/30/2020	14494	18757	18801
10/31/2020	13947	18305	18301
11/30/2020	15559	20460	20305
12/31/2020	15981	21325	21085
01/31/2021	16096	21150	20872
02/28/2021	17290	21763	21448
03/31/2021	19088	22586	22387
04/30/2021	19620	23802	23582
05/31/2021	19793	23915	23747
06/30/2021	19936	24514	24301
07/31/2021	20310	25023	24878
08/31/2021	20670	25748	25635
09/30/2021	19577	24565	24443
10/31/2021	20641	26269	26155
11/30/2021	20282	25917	25974
12/31/2021	21519	26967	27138
01/31/2022	20447	25446	25734
02/28/2022	20217	24748	24963
03/31/2022	20728	25583	25890
04/30/2022	19359	23303	23632
05/31/2022	19326	23267	23676
06/30/2022	16754	21319	21721
07/31/2022	18370	23304	23724
08/31/2022	17793	22409	22757
09/30/2022	16061	20336	20661
10/31/2022	18007	21967	22334
11/30/2022	19557	23155	23582
12/31/2022	18655	21809	22223
01/31/2023	20379	23271	23619
02/28/2023	19713	22717	23043
03/31/2023	19458	23436	23889
04/30/2023	19223	23726	24262
05/31/2023	18773	23837	24367
06/30/2023	20811	25447	25977
07/31/2023	22124	26322	26812
08/31/2023	21516	25861	26385
09/30/2023	20713	24646	25127
10/31/2023	19713	24050	24599
11/30/2023	21183	26296	26845
12/31/2023	22705	27595	28065
01/31/2024	22339	27979	28536
02/29/2024	23500	29490	30060
03/31/2024	25169	30436	31027
04/30/2024	23846	29141	29760
05/31/2024	24111	30513	31236
06/30/2024	23581	31523	32356
07/31/2024	24559	31981	32750
08/31/2024	24599	32740	33545
09/30/2024	25027	33440	34261
10/31/2024	24314	33206	33950

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Large Growth Fund	23.34%	11.59%	9.29%
Russell 1000® Index	38.07%	15.00%	12.75%
S&P 500® Index	38.02%	15.27%	13.00%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.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 Frank Russell Company. 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.Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$145,162,717
Number of Holdings	51
Annual Portfolio Turnover	54%
Total Advisory Fee	$1,084,833

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	2.07%
Consumer Discretionary	22.60%
Consumer Staples	13.24%
Energy	14.70%
Financials	2.22%
Health Care	6.41%
Industrials	18.82%
Information Technology	13.80%
Materials	5.54%
Short-Term Investments and Other	0.81%
Liabilities in Excess of Other Assets	-0.06%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Cornerstone Large Growth Fund

Institutional Class

HILGX

This annual shareholder report contains important information about the Hennessy Cornerstone Large Growth Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$112	1.00%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Russell 1000® Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

Positioning

Performance

● The Fund’s underperformance was due to both sector allocation and stock selection.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Cornerstone Large Growth Fund	Russell 1000® Index	S&P 500® Index
10/31/2014	250000	250000	250000
11/30/2014	258007	256545	256724
12/31/2014	260129	255948	256077
01/31/2015	254721	248917	248390
02/28/2015	269012	263300	262665
03/31/2015	266308	260021	258511
04/30/2015	266115	261867	260991
05/31/2015	266308	265293	264347
06/30/2015	259356	260316	259230
07/31/2015	259356	265334	264661
08/31/2015	244293	249373	248693
09/30/2015	235023	242538	242540
10/31/2015	252983	262162	262999
11/30/2015	252211	263028	263781
12/31/2015	243300	258296	259621
01/31/2016	235265	244393	246737
02/29/2016	242547	244309	246404
03/31/2016	258114	261328	263120
04/30/2016	249075	262749	264140
05/31/2016	243049	267351	268883
06/30/2016	238530	267956	269580
07/31/2016	254097	278164	279519
08/31/2016	257612	278533	279912
09/30/2016	260374	278754	279965
10/31/2016	260374	273318	274858
11/30/2016	280963	284093	285037
12/31/2016	279907	289430	290671
01/31/2017	281433	295250	296184
02/28/2017	290594	306679	307944
03/31/2017	290085	306873	308304
04/30/2017	291357	310117	311470
05/31/2017	295174	314075	315853
06/30/2017	297719	316268	317824
07/31/2017	298482	322531	324360
08/31/2017	292630	323540	325353
09/30/2017	303062	330430	332064
10/31/2017	302045	338008	339813
11/30/2017	320620	348316	350235
12/31/2017	328421	352199	354129
01/31/2018	346210	371533	374404
02/28/2018	334528	357893	360605
03/31/2018	326829	349769	351441
04/30/2018	319926	350958	352789
05/31/2018	324970	359917	361285
06/30/2018	326032	362244	363509
07/31/2018	337448	374746	377036
08/31/2018	346741	387658	389322
09/30/2018	345413	389130	391538
10/31/2018	328687	361594	364776
11/30/2018	336386	368953	372210
12/31/2018	299994	335350	338603
01/31/2019	325021	363453	365737
02/28/2019	332696	375759	377480
03/31/2019	333364	382301	384815
04/30/2019	346712	397740	400396
05/31/2019	311006	372394	374952
06/30/2019	338703	398538	401377
07/31/2019	349047	404727	407146
08/31/2019	335032	397314	400696
09/30/2019	347713	404201	408194
10/31/2019	355388	412767	417035
11/30/2019	372740	428367	432173
12/31/2019	383440	440737	445217
01/31/2020	368363	441213	445042
02/29/2020	331698	405158	408407
03/31/2020	273102	351617	357963
04/30/2020	309767	398080	403852
05/31/2020	326901	419084	423087
06/30/2020	334439	428351	431501
07/31/2020	353286	453434	455831
08/31/2020	374531	486715	488596
09/30/2020	367677	468926	470031
10/31/2020	353971	457618	457531
11/30/2020	394748	511506	507614
12/31/2020	405551	533130	527131
01/31/2021	408807	528739	521809
02/28/2021	438834	544063	536198
03/31/2021	484780	564652	559681
04/30/2021	498527	595047	589551
05/31/2021	503230	597872	593669
06/30/2021	506848	612853	607528
07/31/2021	516254	625584	621959
08/31/2021	525661	643690	640871
09/30/2021	497804	614123	611064
10/31/2021	524937	656735	653876
11/30/2021	515893	647925	649345
12/31/2021	547750	674170	678446
01/31/2022	520736	636160	643339
02/28/2022	514503	618703	624076
03/31/2022	527802	639581	647248
04/30/2022	493307	582568	590807
05/31/2022	492476	581683	591891
06/30/2022	426813	532967	543034
07/31/2022	468372	582607	593104
08/31/2022	453826	560237	568916
09/30/2022	409773	508400	516520
10/31/2022	459229	549174	558338
11/30/2022	499126	578883	589540
12/31/2022	476222	545222	555574
01/31/2023	520326	581776	590483
02/28/2023	503478	567932	576076
03/31/2023	497035	585898	597226
04/30/2023	491089	593158	606548
05/31/2023	479691	595921	609184
06/30/2023	531724	636168	649436
07/31/2023	565421	658044	670299
08/31/2023	550555	646533	659627
09/30/2023	529742	616149	628177
10/31/2023	504469	601257	614969
11/30/2023	542130	657411	671131
12/31/2023	581295	689865	701621
01/31/2024	572002	699486	713411
02/29/2024	601945	737259	751504
03/31/2024	644277	760894	775684
04/30/2024	610721	728516	744001
05/31/2024	617948	762821	780892
06/30/2024	604526	788068	808912
07/31/2024	629306	799537	818759
08/31/2024	630338	818489	838619
09/30/2024	641696	835989	856530
10/31/2024	623627	830148	848762

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Large Growth Fund	23.62%	11.90%	9.57%
Russell 1000® Index	38.07%	15.00%	12.75%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$145,162,717
Number of Holdings	51
Annual Portfolio Turnover	54%
Total Advisory Fee	$1,084,833

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	2.07%
Consumer Discretionary	22.60%
Consumer Staples	13.24%
Energy	14.70%
Financials	2.22%
Health Care	6.41%
Industrials	18.82%
Information Technology	13.80%
Materials	5.54%
Short-Term Investments and Other	0.81%
Liabilities in Excess of Other Assets	-0.06%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Cornerstone Value Fund

Investor Class

HFCVX

This annual shareholder report contains important information about the Hennessy Cornerstone Value Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$136	1.22%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Russell 1000® Value Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

● Holdings in the Consumer Staples, Energy, and Communication Services sectors contributed the most to performance.● Holdings in Industrials, Utilities, and Real Estate sectors detracted the most from performance.● Stocks that contributed most to performance included Manulife Financial Corp., Wells Fargo & Co., and JPMorgan Chase & Co.● Stocks that detracted most from performance included Equinor ASA, BP PLC, and CVS Health Corp.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Energy and Consumer Staples companies and was most underweight Industrials and Utilities companies.

Performance

● While security selection contributed positively to the Fund’s performance, sector allocation contributed strongly to the Fund’sunderperformance.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Cornerstone Value Fund	Russell 1000® Value Index	S&P 500® Index
10/31/2014	10000	10000	10000
11/30/2014	10255	10205	10269
12/31/2014	10112	10267	10243
01/31/2015	9790	9857	9936
02/28/2015	10195	10334	10507
03/31/2015	9956	10193	10340
04/30/2015	10367	10289	10440
05/31/2015	10178	10412	10574
06/30/2015	9945	10204	10369
07/31/2015	9795	10249	10586
08/31/2015	9307	9639	9948
09/30/2015	8990	9348	9702
10/31/2015	9823	10053	10520
11/30/2015	9768	10091	10551
12/31/2015	9468	9874	10385
01/31/2016	9092	9364	9869
02/29/2016	9240	9362	9856
03/31/2016	9992	10036	10525
04/30/2016	10117	10247	10566
05/31/2016	10054	10406	10755
06/30/2016	10088	10496	10783
07/31/2016	10493	10801	11181
08/31/2016	10527	10884	11196
09/30/2016	10538	10861	11199
10/31/2016	10453	10693	10994
11/30/2016	10937	11304	11401
12/31/2016	11102	11587	11627
01/31/2017	11323	11669	11847
02/28/2017	11579	12089	12318
03/31/2017	11556	11965	12332
04/30/2017	11492	11943	12459
05/31/2017	11567	11931	12634
06/30/2017	11777	12126	12713
07/31/2017	12033	12287	12974
08/31/2017	11864	12144	13014
09/30/2017	12411	12504	13283
10/31/2017	12505	12595	13593
11/30/2017	12825	12980	14009
12/31/2017	13229	13170	14165
01/31/2018	13820	13679	14976
02/28/2018	12940	13026	14424
03/31/2018	12846	12797	14058
04/30/2018	13061	12839	14112
05/31/2018	13202	12915	14451
06/30/2018	13188	12947	14540
07/31/2018	13638	13460	15081
08/31/2018	13665	13659	15573
09/30/2018	13732	13686	15662
10/31/2018	12960	12977	14591
11/30/2018	13128	13364	14888
12/31/2018	11993	12081	13544
01/31/2019	12854	13021	14629
02/28/2019	13088	13437	15099
03/31/2019	13190	13523	15393
04/30/2019	13566	14003	16016
05/31/2019	12478	13102	14998
06/30/2019	13268	14043	16055
07/31/2019	13307	14159	16286
08/31/2019	12963	13743	16028
09/30/2019	13472	14233	16328
10/31/2019	13636	14432	16681
11/30/2019	14066	14878	17287
12/31/2019	14487	15288	17809
01/31/2020	13719	14959	17802
02/29/2020	12409	13510	16336
03/31/2020	10373	11201	14319
04/30/2020	11332	12460	16154
05/31/2020	11549	12887	16923
06/30/2020	11649	12802	17260
07/31/2020	11833	13308	18233
08/31/2020	12317	13858	19544
09/30/2020	11700	13518	18801
10/31/2020	11424	13340	18301
11/30/2020	13268	15135	20305
12/31/2020	13562	15715	21085
01/31/2021	13605	15571	20872
02/28/2021	14453	16512	21448
03/31/2021	15574	17484	22387
04/30/2021	15874	18183	23582
05/31/2021	16508	18607	23747
06/30/2021	16456	18394	24301
07/31/2021	16242	18541	24878
08/31/2021	16430	18909	25635
09/30/2021	16148	18251	24443
10/31/2021	16773	19178	26155
11/30/2021	16388	18502	25974
12/31/2021	17618	19669	27138
01/31/2022	18283	19211	25734
02/28/2022	18184	18988	24963
03/31/2022	18651	19524	25890
04/30/2022	18094	18423	23632
05/31/2022	19190	18781	23676
06/30/2022	17466	17140	21721
07/31/2022	17861	18276	23724
08/31/2022	17466	17732	22757
09/30/2022	16083	16177	20661
10/31/2022	18229	17836	22334
11/30/2022	19351	18950	23582
12/31/2022	18698	18186	22223
01/31/2023	19232	19129	23619
02/28/2023	18618	18454	23043
03/31/2023	18539	18369	23889
04/30/2023	18985	18646	24262
05/31/2023	17816	17927	24367
06/30/2023	18886	19118	25977
07/31/2023	19559	19790	26812
08/31/2023	19015	19256	26385
09/30/2023	18708	18513	25127
10/31/2023	17965	17860	24599
11/30/2023	18945	19207	26845
12/31/2023	19785	20271	28065
01/31/2024	19836	20292	28536
02/29/2024	19928	21041	30060
03/31/2024	20954	22092	31027
04/30/2024	20513	21149	29760
05/31/2024	21159	21819	31236
06/30/2024	20851	21614	32356
07/31/2024	21682	22719	32750
08/31/2024	22359	23328	33545
09/30/2024	22308	23652	34261
10/31/2024	22164	23392	33950

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Value Fund	23.38%	10.20%	8.28%
Russell 1000® Value Index	30.98%	10.14%	8.87%
S&P 500® Index	38.02%	15.27%	13.00%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.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 Frank Russell Company. 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.Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$281,962,897
Number of Holdings	50
Annual Portfolio Turnover	22%
Total Advisory Fee	$2,022,870

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	7.68%
Consumer Discretionary	3.44%
Consumer Staples	20.10%
Energy	19.86%
Financials	19.76%
Health Care	15.91%
Industrials	2.53%
Information Technology	8.52%
Short-Term Investments and Other	2.06%
Other Assets in Excess of Liabilities	0.14%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Cornerstone Value Fund

Institutional Class

HICVX

This annual shareholder report contains important information about the Hennessy Cornerstone Value Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$110	0.98%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Russell 1000® Value Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Energy and Consumer Staples companies and was most underweight Information Industrials and Utilities companies.

Performance

● While security selection contributed positively to the Fund’s performance, sector allocation contributed strongly to the Fund’sunderperformance.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Cornerstone Value Fund	Russell 1000® Value Index	S&P 500® Index
10/31/2014	250000	250000	250000
11/30/2014	256382	255119	256724
12/31/2014	252943	256684	256077
01/31/2015	244878	246423	248390
02/28/2015	255168	258348	262665
03/31/2015	249050	254831	258511
04/30/2015	259340	257213	260991
05/31/2015	254612	260304	264347
06/30/2015	248772	255107	259230
07/31/2015	245017	256225	264661
08/31/2015	232780	240965	248693
09/30/2015	224854	233691	242540
10/31/2015	245712	251323	262999
11/30/2015	244461	252285	263781
12/31/2015	236853	246860	259621
01/31/2016	227590	234104	246737
02/29/2016	231295	234045	246404
03/31/2016	250249	250904	263120
04/30/2016	253384	256175	264140
05/31/2016	251959	260154	268883
06/30/2016	252956	262403	269580
07/31/2016	263075	270022	279519
08/31/2016	264072	272104	279912
09/30/2016	264357	271537	279965
10/31/2016	262220	267335	274858
11/30/2016	274476	282603	285037
12/31/2016	278566	289666	290671
01/31/2017	284266	291730	296184
02/28/2017	290697	302213	307944
03/31/2017	290259	299134	308304
04/30/2017	288651	298573	311470
05/31/2017	290697	298280	315853
06/30/2017	296105	303156	317824
07/31/2017	302535	307185	324360
08/31/2017	298297	303607	325353
09/30/2017	312182	312599	332064
10/31/2017	314520	314869	339813
11/30/2017	322558	324511	350235
12/31/2017	332823	329248	354129
01/31/2018	347697	341977	374404
02/28/2018	325723	325647	360605
03/31/2018	323357	319919	351441
04/30/2018	328766	320975	352789
05/31/2018	332485	322880	361285
06/30/2018	332316	323680	363509
07/31/2018	343641	336491	377036
08/31/2018	344317	341464	389322
09/30/2018	346176	342142	391538
10/31/2018	326738	324425	364776
11/30/2018	330963	334111	372210
12/31/2018	302468	302028	338603
01/31/2019	324172	325536	365737
02/28/2019	330091	335937	377480
03/31/2019	332853	338073	384815
04/30/2019	342521	350065	400396
05/31/2019	314898	327557	374952
06/30/2019	334826	351070	401377
07/31/2019	336010	353980	407146
08/31/2019	327526	343572	400696
09/30/2019	340153	355829	408194
10/31/2019	344297	360803	417035
11/30/2019	355148	371958	432173
12/31/2019	365926	382190	445217
01/31/2020	346533	373968	445042
02/29/2020	313651	337751	408407
03/31/2020	262219	280031	357963
04/30/2020	286459	311512	403852
05/31/2020	291940	322187	423087
06/30/2020	294680	320049	431501
07/31/2020	299317	332702	455831
08/31/2020	311543	346459	488596
09/30/2020	295945	337949	470031
10/31/2020	288989	333507	457531
11/30/2020	335783	378368	507614
12/31/2020	343246	392875	527131
01/31/2021	344329	389277	521809
02/28/2021	365999	412802	536198
03/31/2021	394603	437093	559681
04/30/2021	402187	454573	589551
05/31/2021	418223	465185	593669
06/30/2021	416923	459857	607528
07/31/2021	411505	463533	621959
08/31/2021	416706	472725	640871
09/30/2021	409338	456271	611064
10/31/2021	425374	479439	653876
11/30/2021	415622	462544	649345
12/31/2021	446917	491724	678446
01/31/2022	464001	480270	643339
02/28/2022	461495	474696	624076
03/31/2022	473568	488097	647248
04/30/2022	459445	460566	590807
05/31/2022	487235	469519	591891
06/30/2022	443728	428496	543034
07/31/2022	453750	456911	593104
08/31/2022	443956	443297	568916
09/30/2022	408649	404426	516520
10/31/2022	463317	445892	558338
11/30/2022	492019	473756	589540
12/31/2022	475365	454658	555574
01/31/2023	488961	478219	590483
02/28/2023	473351	461357	576076
03/31/2023	471588	459233	597226
04/30/2023	482919	466152	606548
05/31/2023	453208	448173	609184
06/30/2023	480653	477944	649436
07/31/2023	497774	494751	670299
08/31/2023	484177	481395	659627
09/30/2023	476372	462818	628177
10/31/2023	457489	446489	614969
11/30/2023	482415	480176	671131
12/31/2023	503882	506774	701621
01/31/2024	505448	507299	713411
02/29/2024	507796	526013	751504
03/31/2024	534152	552311	775684
04/30/2024	522931	528719	744001
05/31/2024	539370	545479	780892
06/30/2024	531803	540348	808912
07/31/2024	552939	567972	818759
08/31/2024	570423	583208	838619
09/30/2024	569379	591302	856530
10/31/2024	565726	584795	848762

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Cornerstone Value Fund	23.66%	10.44%	8.51%
Russell 1000® Value	30.98%	10.14%	8.87%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$281,962,897
Number of Holdings	50
Annual Portfolio Turnover	22%
Total Advisory Fee	$2,022,870

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	7.68%
Consumer Discretionary	3.44%
Consumer Staples	20.10%
Energy	19.86%
Financials	19.76%
Health Care	15.91%
Industrials	2.53%
Information Technology	8.52%
Short-Term Investments and Other	2.06%
Other Assets in Excess of Liabilities	0.14%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Total Return Fund

Investor Class

HDOGX

This annual shareholder report contains important information about the Hennessy Total Return Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$390	3.62%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the 75/25 Blended DJIA/Treasury Index (the Fund’s primary benchmark) and the Dow Jones Industrial Average.

Factors Influencing Performance

● Holdings in the Information Technology, Industrials, and Financials sectors contributed the most to performance.● Holdings in the Consumer Staples sector detracted from performance.● Stocks that contributed most to performance included 3M Company, International Business Machines Corporation, and The Goldman Sachs Group, Inc.● Stocks that detracted most from performance included Walgreens Boots Alliance, Inc., Solventum Corporation, and Merck & Co., Inc.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Communication Services and Materials companies and was most underweight Financials and Consumer Discretionary companies.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Total Return Fund	Dow Jones Industrial Average	75/25 Blended DJIA/Treasury Index
10/31/2014	10000	10000	10000
11/30/2014	10216	10286	10215
12/31/2014	10027	10298	10224
01/31/2015	9815	9929	9949
02/28/2015	10238	10526	10398
03/31/2015	10010	10332	10253
04/30/2015	10222	10378	10288
05/31/2015	10201	10518	10392
06/30/2015	9970	10301	10232
07/31/2015	10034	10355	10272
08/31/2015	9572	9714	9795
09/30/2015	9452	9582	9695
10/31/2015	10122	10406	10320
11/30/2015	10101	10479	10375
12/31/2015	10126	10320	10258
01/31/2016	9993	9764	9843
02/29/2016	10072	9837	9899
03/31/2016	10597	10547	10436
04/30/2016	10683	10612	10485
05/31/2016	10778	10664	10524
06/30/2016	11030	10765	10599
07/31/2016	11172	11081	10834
08/31/2016	11125	11110	10855
09/30/2016	11198	11064	10823
10/31/2016	10953	10977	10760
11/30/2016	11269	11622	11234
12/31/2016	11434	12022	11526
01/31/2017	11393	12097	11581
02/28/2017	11708	12722	12031
03/31/2017	11584	12646	11978
04/30/2017	11626	12829	12110
05/31/2017	11601	12921	12176
06/30/2017	11643	13146	12338
07/31/2017	11928	13498	12588
08/31/2017	11962	13586	12653
09/30/2017	12261	13880	12861
10/31/2017	12320	14497	13292
11/30/2017	12556	15111	13717
12/31/2017	12711	15402	13919
01/31/2018	12936	16307	14537
02/28/2018	12383	15661	14108
03/31/2018	12316	15099	13733
04/30/2018	12486	15151	13773
05/31/2018	12486	15364	13924
06/30/2018	12592	15290	13879
07/31/2018	12849	16029	14388
08/31/2018	13029	16439	14670
09/30/2018	13211	16762	14893
10/31/2018	12935	15927	14342
11/30/2018	13411	16262	14576
12/31/2018	12725	14866	13644
01/31/2019	13119	15950	14397
02/28/2019	13513	16593	14839
03/31/2019	13741	16622	14866
04/30/2019	13800	17064	15170
05/31/2019	13345	15986	14460
06/30/2019	13895	17155	15261
07/31/2019	13965	17346	15395
08/31/2019	13676	17116	15251
09/30/2019	13921	17468	15492
10/31/2019	13961	17570	15568
11/30/2019	14041	18292	16052
12/31/2019	14323	18633	16282
01/31/2020	13712	18468	16179
02/29/2020	12740	16667	15002
03/31/2020	11763	14397	13481
04/30/2020	12754	16012	14615
05/31/2020	12986	16758	15126
06/30/2020	12696	17062	15332
07/31/2020	12818	17490	15621
08/31/2020	12930	18875	16549
09/30/2020	12593	18464	16280
10/31/2020	12235	17630	15729
11/30/2020	13400	19771	17161
12/31/2020	13632	20445	17601
01/31/2021	13632	20046	17343
02/28/2021	13969	20734	17790
03/31/2021	14881	22140	18695
04/30/2021	14859	22756	19086
05/31/2021	15154	23259	19402
06/30/2021	15071	23263	19405
07/31/2021	14928	23575	19600
08/31/2021	15049	23928	19820
09/30/2021	14606	22924	19196
10/31/2021	14892	24282	20049
11/30/2021	14441	23432	19523
12/31/2021	15241	24727	20333
01/31/2022	15362	23926	19839
02/28/2022	15175	23138	19349
03/31/2022	15553	23713	19711
04/30/2022	15364	22569	18999
05/31/2022	16018	22643	19049
06/30/2022	14966	21157	18112
07/31/2022	15122	22600	19041
08/31/2022	14577	21759	18517
09/30/2022	13717	19852	17312
10/31/2022	15059	22645	19145
11/30/2022	15864	24013	20029
12/31/2022	15454	23031	19432
01/31/2023	15642	23705	19874
02/28/2023	15206	22770	19303
03/31/2023	15477	23245	19625
04/30/2023	15453	23843	20020
05/31/2023	14906	23088	19564
06/30/2023	15360	24167	20273
07/31/2023	15887	24999	20817
08/31/2023	15791	24497	20526
09/30/2023	15344	23660	20024
10/31/2023	15138	23362	19857
11/30/2023	15887	25501	21243
12/31/2023	16693	26757	22053
01/31/2024	16718	27108	22294
02/29/2024	16604	27786	22735
03/31/2024	17097	28399	23137
04/30/2024	16649	27003	22308
05/31/2024	16982	27699	22767
06/30/2024	16715	28039	23000
07/31/2024	17541	29305	23804
08/31/2024	17735	29900	24196
09/30/2024	17916	30485	24577
10/31/2024	17487	30102	24369

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Total Return Fund	15.52%	4.61%	5.75%
75/25 Blended DJIA/Treasury Index	22.72%	9.38%	9.32%
Dow Jones Industrial Average	28.85%	11.37%	11.65%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$49,044,336
Number of Holdings	15
Annual Portfolio Turnover	32%
Total Advisory Fee	$299,567

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	7.44%
Consumer Staples	8.92%
Energy	6.92%
Financials	4.75%
Health Care	13.97%
Industrials	8.17%
Information Technology	12.35%
Materials	6.36%
Money Market Funds	2.47%
U.S. Treasury Bills	72.90%
Liabilities in Excess of Other Assets	-44.32%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Equity and Income Fund

Investor Class

HEIFX

This annual shareholder report contains important information about the Hennessy Equity and Income Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$171	1.55%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed the S&P 500® Index.

Factors Influencing Performance

Equities: The positive returns of the Fund’s equity allocation reflected solid overall economic growth, decelerating inflation, and a strong labor market. Headwinds to the Fund’s relative performance included less exposure to growth, momentum, and volatility factors and greater relative exposure to quality and shareholder yield factors. The concentration of the S&P 500® Index in a few holdings made relative performance challenging. The absolute return of the Fund’s equity allocation lagged the strong return of the broader market. The Fund’s focus on downside protection typically results in lower upside participation in rising markets and greater downside protection in declining markets.Fixed Income: The majority of the performance of the Fund’s fixed income allocation was attributed to two primary factors. The largest contributor to performance was sector allocation. The Fund held an overweight position in investment-grade corporate bonds, a sector that tightened generally by 45 basis points over the period. The second driver of performance was the result of active duration management decisions made throughout the year. Specifically, the Fund’s duration was extended as interest rates approached the highs of the year in April 2024. This strategy enabled the Fund to capitalize on several months of subsequent rate decreases before the portfolio was repositioned to a neutral duration in mid-August 2024. The strategic timing of this adjustment added value for shareholders.

Positioning

The Fund seeks a balanced portfolio with the goal of maintaining broad market exposure with low volatility. The Fund’s equity allocation is designed to invest in companies with sustainably high returns on capital and balance sheet flexibility at reasonable valuations. The Fund’s fixed income allocation focuses on high-quality domestic corporate, agency, and government bonds.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Equity and Income Fund	S&P 500® Index
10/31/2014	10000	10000
11/30/2014	10240	10269
12/31/2014	10288	10243
1/31/2015	10176	9936
2/28/2015	10475	10507
3/31/2015	10328	10340
4/30/2015	10328	10440
5/31/2015	10415	10574
6/30/2015	10242	10369
7/31/2015	10267	10586
8/31/2015	9872	9948
9/30/2015	9716	9702
10/31/2015	10143	10520
11/30/2015	10174	10551
12/31/2015	10019	10385
1/31/2016	9709	9869
2/29/2016	9696	9856
3/31/2016	10078	10525
4/30/2016	10175	10566
5/31/2016	10227	10755
6/30/2016	10268	10783
7/31/2016	10489	11181
8/31/2016	10437	11196
9/30/2016	10299	11199
10/31/2016	10131	10994
11/30/2016	10449	11401
12/31/2016	10592	11627
1/31/2017	10734	11847
2/28/2017	11010	12318
3/31/2017	10943	12332
4/30/2017	11028	12459
5/31/2017	11141	12634
6/30/2017	11154	12713
7/31/2017	11246	12974
8/31/2017	11275	13014
9/30/2017	11486	13283
10/31/2017	11565	13593
11/30/2017	11821	14009
12/31/2017	12023	14165
1/31/2018	12346	14976
2/28/2018	12023	14424
3/31/2018	11853	14058
4/30/2018	11710	14112
5/31/2018	11861	14451
6/30/2018	11863	14540
7/31/2018	12187	15081
8/31/2018	12421	15573
9/30/2018	12492	15662
10/31/2018	11963	14591
11/30/2018	12076	14888
12/31/2018	11503	13544
1/31/2019	11928	14629
2/28/2019	12198	15099
3/31/2019	12389	15393
4/30/2019	12709	16016
5/31/2019	12233	14998
6/30/2019	12638	16055
7/31/2019	12762	16286
8/31/2019	12663	16028
9/30/2019	12827	16328
10/31/2019	12967	16681
11/30/2019	13198	17287
12/31/2019	13342	17809
1/31/2020	13386	17802
2/29/2020	12583	16336
3/31/2020	11368	14319
4/30/2020	12227	16154
5/31/2020	12670	16923
6/30/2020	12803	17260
7/31/2020	13327	18233
8/31/2020	13931	19544
9/30/2020	13674	18801
10/31/2020	13452	18301
11/30/2020	14270	20305
12/31/2020	14538	21085
1/31/2021	14397	20872
2/28/2021	14623	21448
3/31/2021	15369	22387
4/30/2021	15822	23582
5/31/2021	15907	23747
6/30/2021	15962	24301
7/31/2021	16142	24878
8/31/2021	16312	25635
9/30/2021	15723	24443
10/31/2021	16309	26155
11/30/2021	16224	25974
12/31/2021	16968	27138
1/31/2022	16383	25734
2/28/2022	15747	24963
3/31/2022	15952	25890
4/30/2022	14972	23632
5/31/2022	15053	23676
6/30/2022	14250	21721
7/31/2022	15070	23724
8/31/2022	14574	22757
9/30/2022	13656	20661
10/31/2022	14254	22334
11/30/2022	15035	23582
12/31/2022	14618	22223
1/31/2023	15108	23619
2/28/2023	14763	23043
3/31/2023	14942	23889
4/30/2023	15214	24262
5/31/2023	14963	24367
6/30/2023	15667	25977
7/31/2023	15960	26812
8/31/2023	15772	26385
9/30/2023	15155	25127
10/31/2023	14777	24599
11/30/2023	15668	26845
12/31/2023	16142	28065
1/31/2024	16119	28536
2/29/2024	16553	30060
3/31/2024	16984	31027
4/30/2024	16355	29760
5/31/2024	16641	31236
6/30/2024	16731	32356
7/31/2024	17315	32750
8/31/2024	17761	33545
9/30/2024	17831	34261
10/31/2024	17796	33950

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Equity and Income Fund	20.43%	6.54%	5.93%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$59,525,606
Number of Holdings	85
Annual Portfolio Turnover	15%
Total Advisory Fee	$521,187

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	6.06%
Consumer Discretionary	8.78%
Consumer Staples	5.26%
Energy	2.36%
Financials	28.10%
Health Care	3.94%
Industrials	9.91%
Information Technology	10.30%
Materials	7.80%
Mortgage-Backed Securities	3.03%
U.S. Treasury Obligations	12.67%
Short-Term Investments and Other	2.53%
Liabilities in Excess of Other Assets	-0.80%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Equity and Income Fund

Institutional Class

HEIIX

This annual shareholder report contains important information about the Hennessy Equity and Income Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$130	1.18%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed the S&P 500® Index.

Factors Influencing Performance

Positioning

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Equity and Income Fund	S&P 500® Index
10/31/2014	250000	250000
11/30/2014	256013	256724
12/31/2014	257273	256077
1/31/2015	254469	248390
2/28/2015	262056	262665
3/31/2015	258542	258511
4/30/2015	258542	260991
5/31/2015	260858	264347
6/30/2015	256523	259230
7/31/2015	257352	264661
8/31/2015	247397	248693
9/30/2015	243729	242540
10/31/2015	254384	262999
11/30/2015	255216	263781
12/31/2015	251488	259621
1/31/2016	243784	246737
2/29/2016	243442	246404
3/31/2016	253348	263120
4/30/2016	255581	264140
5/31/2016	257127	268883
6/30/2016	258181	269580
7/31/2016	263869	279519
8/31/2016	262662	279912
9/30/2016	259294	279965
10/31/2016	255145	274858
11/30/2016	263270	285037
12/31/2016	267050	290671
1/31/2017	270639	296184
2/28/2017	277627	307944
3/31/2017	275935	308304
4/30/2017	278210	311470
5/31/2017	281242	315853
6/30/2017	281675	317824
7/31/2017	283955	324360
8/31/2017	284906	325353
9/30/2017	290305	332064
10/31/2017	292402	339813
11/30/2017	298883	350235
12/31/2017	304113	354129
1/31/2018	312365	374404
2/28/2018	304314	360605
3/31/2018	300101	351441
4/30/2018	296666	352789
5/31/2018	300506	361285
6/30/2018	300690	363509
7/31/2018	309003	377036
8/31/2018	315086	389322
9/30/2018	316907	391538
10/31/2018	303686	364776
11/30/2018	306737	372210
12/31/2018	292005	338603
1/31/2019	303024	365737
2/28/2019	310077	377480
3/31/2019	315131	384815
4/30/2019	323325	400396
5/31/2019	311145	374952
6/30/2019	321514	401377
7/31/2019	324849	407146
8/31/2019	322625	400696
9/30/2019	326710	408194
10/31/2019	330280	417035
11/30/2019	336306	432173
12/31/2019	340180	445217
1/31/2020	341135	445042
2/29/2020	320830	408407
3/31/2020	290187	357963
4/30/2020	312047	403852
5/31/2020	323577	423087
6/30/2020	327005	431501
7/31/2020	340269	455831
8/31/2020	355944	488596
9/30/2020	349591	470031
10/31/2020	344027	457531
11/30/2020	365075	507614
12/31/2020	371983	527131
1/31/2021	368653	521809
2/28/2021	374289	536198
3/31/2021	393490	559681
4/30/2021	405312	589551
5/31/2021	407625	593669
6/30/2021	409275	607528
7/31/2021	413911	621959
8/31/2021	418547	640871
9/30/2021	403397	611064
10/31/2021	418624	653876
11/30/2021	416302	649345
12/31/2021	435704	678446
1/31/2022	421079	643339
2/28/2022	404799	624076
3/31/2022	410003	647248
4/30/2022	385121	590807
5/31/2022	387056	591891
6/30/2022	366583	543034
7/31/2022	387657	593104
8/31/2022	375179	568916
9/30/2022	351502	516520
10/31/2022	367352	558338
11/30/2022	387097	589540
12/31/2022	376473	555574
1/31/2023	389642	590483
2/28/2023	380767	576076
3/31/2023	385194	597226
4/30/2023	392370	606548
5/31/2023	386055	609184
6/30/2023	404355	649436
7/31/2023	412131	670299
8/31/2023	407523	659627
9/30/2023	391832	628177
10/31/2023	382014	614969
11/30/2023	405114	671131
12/31/2023	417503	701621
1/31/2024	417188	713411
2/29/2024	428523	751504
3/31/2024	439558	775684
4/30/2024	423465	744001
5/31/2024	431038	780892
6/30/2024	433637	808912
7/31/2024	448830	818759
8/31/2024	460542	838619
9/30/2024	462296	856530
10/31/2024	461661	848762

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Equity and Income Fund	20.85%	6.93%	s6.33%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$59,525,606
Number of Holdings	85
Annual Portfolio Turnover	15%
Total Advisory Fee	$521,187

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	6.06%
Consumer Discretionary	8.78%
Consumer Staples	5.26%
Energy	2.36%
Financials	28.10%
Health Care	3.94%
Industrials	9.91%
Information Technology	10.30%
Materials	7.80%
Mortgage-Backed Securities	3.03%
U.S. Treasury Obligations	12.67%
Short-Term Investments and Other	2.53%
Liabilities in Excess of Other Assets	-0.80%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Balanced Fund

Investor Class

HBFBX

This annual shareholder report contains important information about the Hennessy Balanced Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$192	1.82%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the 50/50 Blended DJIA/Treasury Index (the Fund’s primary benchmark) and the Dow Jones Industrial Average.

Factors Influencing Performance

● Holdings in the Industrials, Information Technology, and Financials sectors contributed the most to performance.● Holdings in the Consumer Staples sector detracted from performance.● Stocks that contributed most to performance included 3M Company, The Goldman Sachs Group, Inc., and International Business Machines Corporation.● Stocks that detracted most from performance included Walgreens Boots Alliance, Inc., Merck & Co., Inc., and Solventum Corporation.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Materials and Communication Services companies and was most underweight Financials and Consumer Discretionary companies.

Performance

● The majority of underperformance was due to sector allocation rather than stock selection.

● The Fund underperformed the broader market due to both its allocation to U.S. Treasury securities, which underperformed equities, as well as the individual stocks it owned.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Balanced Fund	Dow Jones Industrial Average	50/50 Blended DJIA/Treasury Index
10/31/2014	10000	10000	10000
11/30/2014	10162	10286	10144
12/31/2014	10017	10298	10145
1/31/2015	9863	9929	9969
2/28/2015	10154	10526	10267
3/31/2015	9973	10332	10173
4/30/2015	10110	10378	10199
5/31/2015	10102	10518	10270
6/30/2015	9925	10301	10164
7/31/2015	9965	10355	10192
8/31/2015	9641	9714	9876
9/30/2015	9534	9582	9814
10/31/2015	10011	10406	10235
11/30/2015	9987	10479	10263
12/31/2015	9991	10320	10185
1/31/2016	9891	9764	9921
2/29/2016	9908	9837	9959
3/31/2016	10275	10547	10325
4/30/2016	10341	10612	10362
5/31/2016	10366	10664	10386
6/30/2016	10557	10765	10447
7/31/2016	10689	11081	10600
8/31/2016	10656	11110	10613
9/30/2016	10706	11064	10595
10/31/2016	10532	10977	10556
11/30/2016	10789	11622	10863
12/31/2016	10905	12022	11053
1/31/2017	10887	12097	11096
2/28/2017	11119	12722	11385
3/31/2017	11022	12646	11349
4/30/2017	11066	12829	11436
5/31/2017	11048	12921	11478
6/30/2017	11085	13146	11580
7/31/2017	11317	13498	11743
8/31/2017	11317	13586	11787
9/30/2017	11520	13880	11916
10/31/2017	11538	14497	12182
11/30/2017	11690	15111	12437
12/31/2017	11815	15402	12559
1/31/2018	12056	16307	12932
2/28/2018	11729	15661	12677
3/31/2018	11638	15099	12460
4/30/2018	11725	15151	12485
5/31/2018	11735	15364	12587
6/30/2018	11785	15290	12564
7/31/2018	11920	16029	12876
8/31/2018	12017	16439	13055
9/30/2018	12112	16762	13187
10/31/2018	11937	15927	12872
11/30/2018	12257	16262	13022
12/31/2018	11827	14866	12486
1/31/2019	12122	15950	12958
2/28/2019	12395	16593	13232
3/31/2019	12533	16622	13267
4/30/2019	12573	17064	13458
5/31/2019	12258	15986	13054
6/30/2019	12651	17155	13557
7/31/2019	12692	17346	13637
8/31/2019	12467	17116	13572
9/30/2019	12618	17468	13720
10/31/2019	12659	17570	13783
11/30/2019	12823	18292	14070
12/31/2019	12973	18633	14215
1/31/2020	12578	18468	14169
2/29/2020	12002	16667	13512
3/31/2020	11392	14397	12658
4/30/2020	11895	16012	13366
5/31/2020	11981	16758	13675
6/30/2020	11818	17062	13802
7/31/2020	11904	17490	13979
8/31/2020	12043	18875	14532
9/30/2020	11839	18464	14376
10/31/2020	11667	17630	14052
11/30/2020	12420	19771	14908
12/31/2020	12587	20445	15163
1/31/2021	12554	20046	15016
2/28/2021	12878	20734	15276
3/31/2021	13413	22140	15795
4/30/2021	13435	22756	16018
5/31/2021	13640	23259	16195
6/30/2021	13534	23263	16196
7/31/2021	13437	23575	16307
8/31/2021	13523	23928	16429
9/30/2021	13221	22924	16083
10/31/2021	13372	24282	16557
11/30/2021	13059	23432	16263
12/31/2021	13592	24727	16704
1/31/2022	13626	23926	16411
2/28/2022	13514	23138	16128
3/31/2022	13719	23713	16298
4/30/2022	13562	22569	15890
5/31/2022	13909	22643	15933
6/30/2022	13237	21157	15370
7/31/2022	13372	22600	15907
8/31/2022	13058	21759	15594
9/30/2022	12515	19852	14877
10/31/2022	13279	22645	15929
11/30/2022	13762	24013	16435
12/31/2022	13429	23031	16132
1/31/2023	13558	23705	16397
2/28/2023	13266	22770	16077
3/31/2023	13465	23245	16315
4/30/2023	13406	23843	16540
5/31/2023	13077	23088	16280
6/30/2023	13324	24167	16680
7/31/2023	13643	24999	17006
8/31/2023	13643	24497	16870
9/30/2023	13380	23660	16611
10/31/2023	13249	23362	16545
11/30/2023	13654	25501	17355
12/31/2023	14133	26757	17844
1/31/2024	14169	27108	17997
2/29/2024	14073	27786	18227
3/31/2024	14388	28399	18464
4/30/2024	14134	27003	18031
5/31/2024	14340	27699	18306
6/30/2024	14217	28039	18459
7/31/2024	14728	29305	18943
8/31/2024	14874	29900	19197
9/30/2024	15014	30485	19450
10/31/2024	14769	30102	19327

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Balanced Fund	11.47%	3.13%	3.98%
50/50 Blended DJIA/Treasury Index	16.82%	7.00%	6.81%
Dow Jones Industrial Average	28.85%	11.37%	11.65%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$12,711,042
Number of Holdings	16
Annual Portfolio Turnover	57%
Total Advisory Fee	$79,916

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	5.04%
Consumer Discretionary	0.77%
Consumer Staples	6.39%
Energy	4.97%
Financials	3.26%
Health Care	10.05%
Industrials	4.09%
Information Technology	9.25%
Materials	4.51%
Short-Term Investments and Other	51.4%
Other Assets in Excess of Liabilities	0.19%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Energy Transition Fund

Investor Class

HNRGX

This annual shareholder report contains important information about the Hennessy Energy Transition Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$252	2.44%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the S&P 500® Energy Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

● Holdings in Utilities, Materials, and small-capitalization Oilfield Services companies contributed the most to performance.● Holdings in large-capitalization Oilfield Services companies detracted the most from performance.● Stocks that contributed most to performance included Solaris Energy Infrastructure, Inc., NextEra Energy, Inc. and Freeport-McMoRan, Inc.● Stocks that detracted most from performance included Haliburton Co., Schlumberger N.V., and NOV, Inc.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Exploration & Production, Materials, and Utilities companies and was most underweight Integrated Oil companies.

Performance

● The majority of underperformance was due to sub-industry allocation to large-capitalization Oilfield Services companies.

● The Fund underperformed the broader market, as represented by the S&P 500® Index, due to the Fund’s significant weighting toward hydrocarbon-oriented Energy stocks, which underperformed such broader market during the period.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Energy Transition Fund	S&P 500® Index	S&P 500® Energy Index
10/31/2014	10000	10000	10000
11/30/2014	9368	10269	9151
12/31/2014	9001	10243	9197
1/31/2015	8870	9936	8754
2/28/2015	9434	10507	9109
3/31/2015	9462	10340	8934
4/30/2015	10394	10440	9529
5/31/2015	9745	10574	9075
6/30/2015	9312	10369	8766
7/31/2015	8328	10586	8096
8/31/2015	7872	9948	7757
9/30/2015	6931	9702	7240
10/31/2015	7665	10520	8068
11/30/2015	7721	10551	8049
12/31/2015	6780	10385	7255
1/31/2016	6418	9869	7036
2/29/2016	6225	9856	6904
3/31/2016	7166	10525	7546
4/30/2016	8117	10566	8203
5/31/2016	8065	10755	8155
6/30/2016	8173	10783	8423
7/31/2016	8343	11181	8260
8/31/2016	8724	11196	8355
9/30/2016	9133	11199	8613
10/31/2016	8583	10994	8362
11/30/2016	9665	11401	9065
12/31/2016	9693	11627	9239
1/31/2017	9815	11847	8907
2/28/2017	9585	12318	8712
3/31/2017	9505	12332	8622
4/30/2017	9095	12459	8373
5/31/2017	8663	12634	8088
6/30/2017	8587	12713	8074
7/31/2017	8686	12974	8276
8/31/2017	8211	13014	7847
9/30/2017	9015	13283	8627
10/31/2017	8940	13593	8569
11/30/2017	9161	14009	8720
12/31/2017	9877	14165	9146
1/31/2018	10008	14976	9495
2/28/2018	9039	14424	8468
3/31/2018	9152	14058	8608
4/30/2018	10036	14112	9414
5/31/2018	10319	14451	9700
6/30/2018	10098	14540	9769
7/31/2018	10375	15081	9908
8/31/2018	10135	15573	9581
9/30/2018	10084	15662	9829
10/31/2018	8620	14591	8722
11/30/2018	8145	14888	8578
12/31/2018	6799	13544	7491
1/31/2019	7806	14629	8323
2/28/2019	7877	15099	8541
3/31/2019	7961	15393	8722
4/30/2019	8131	16016	8728
5/31/2019	6926	14998	7755
6/30/2019	7609	16055	8474
7/31/2019	7420	16286	8323
8/31/2019	6583	16028	7652
9/30/2019	6813	16328	7940
10/31/2019	6625	16681	7759
11/30/2019	6578	17287	7900
12/31/2019	7190	17809	8376
1/31/2020	6348	17802	7449
2/29/2020	5402	16336	6365
3/31/2020	2884	14319	4150
4/30/2020	4192	16154	5386
5/31/2020	4371	16923	5487
6/30/2020	4320	17260	5416
7/31/2020	4451	18233	5139
8/31/2020	4578	19544	5086
9/30/2020	3915	18801	4348
10/31/2020	4112	18301	4156
11/30/2020	5054	20305	5321
12/31/2020	5341	21085	5555
1/31/2021	5741	20872	5765
2/28/2021	6809	21448	7072
3/31/2021	6945	22387	7269
4/30/2021	7011	23582	7312
5/31/2021	7514	23747	7734
6/30/2021	7886	24301	8091
7/31/2021	7147	24878	7422
8/31/2021	7006	25635	7270
9/30/2021	7980	24443	7956
10/31/2021	8615	26155	8781
11/30/2021	8065	25974	8334
12/31/2021	8300	27138	8591
1/31/2022	9344	25734	10232
2/28/2022	10180	24963	10961
3/31/2022	11228	25890	11943
4/30/2022	11095	23632	11759
5/31/2022	12703	23676	13614
6/30/2022	10318	21721	11326
7/31/2022	11319	23724	12427
8/31/2022	11559	22757	12778
9/30/2022	10414	20661	11592
10/31/2022	12858	22334	14485
11/30/2022	13001	23582	14668
12/31/2022	12245	22223	14236
1/31/2023	12721	23619	14636
2/28/2023	12020	23043	13595
3/31/2023	11603	23889	13571
4/30/2023	11742	24262	14019
5/31/2023	10789	24367	12613
6/30/2023	11844	25977	13451
7/31/2023	13064	26812	14446
8/31/2023	13149	26385	14708
9/30/2023	13144	25127	15094
10/31/2023	12962	24599	14193
11/30/2023	12786	26845	14050
12/31/2023	12700	28065	14047
1/31/2024	12341	28536	13994
2/29/2024	12796	30060	14439
3/31/2024	14215	31027	15970
4/30/2024	14284	29760	15848
5/31/2024	14643	31236	15786
6/30/2024	14113	32356	15583
7/31/2024	14514	32750	15912
8/31/2024	14252	33545	15641
9/30/2024	13968	34261	15222
10/31/2024	13851	33950	15342

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Energy Transition Fund	6.85%	15.89%	3.31%
S&P 500® Energy Index	8.09%	14.61%	4.37%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$14,612,549
Number of Holdings	24
Annual Portfolio Turnover	14%
Total Advisory Fee	$193,777

Sector Breakdown (% of net assets)

sector breakdown	(%)
Downstream	5.81%
Exploration and Production	41.80%
Integrated	11.80%
Materials	4.44%
Midstream	6.42%
Oil Services	19.67%
Utilities	9.75%
Short-Term Investments and Other	1.37%
Liabilities in Excess of Other Assets	-1.12%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Energy Transition Fund

Institutional Class

HNRIX

This annual shareholder report contains important information about the Hennessy Energy Transition Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$219	2.11%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the S&P 500® Energy Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

Positioning

Performance

● The majority of underperformance was due to sub-industry allocation to large-capitalization Oilfield Services companies.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Energy Transition Fund	S&P 500® Index	S&P 500® Energy Index
10/31/2014	250000	250000	250000
11/30/2014	234089	256724	228787
12/31/2014	224930	256077	229924
1/31/2015	221755	248390	218865
2/28/2015	235865	262665	227736
3/31/2015	236688	258511	223364
4/30/2015	259969	260991	238218
5/31/2015	243860	264347	226872
6/30/2015	233043	259230	219161
7/31/2015	208469	264661	202394
8/31/2015	197064	248693	193941
9/30/2015	173548	242540	181002
10/31/2015	192008	262999	201715
11/30/2015	193536	263781	201226
12/31/2015	170020	259621	181370
1/31/2016	160967	246737	175891
2/29/2016	156146	246404	172591
3/31/2016	179779	263120	188657
4/30/2016	203648	264140	205072
5/31/2016	202472	268883	203883
6/30/2016	205294	269580	210573
7/31/2016	209527	279519	206509
8/31/2016	219169	279912	208889
9/30/2016	229516	279965	215325
10/31/2016	215641	274858	209061
11/30/2016	243104	285037	226631
12/31/2016	243693	290671	230991
1/31/2017	246873	296184	222681
2/28/2017	241220	307944	217795
3/31/2017	239217	308304	215557
4/30/2017	228970	311470	209329
5/31/2017	218016	315853	202210
6/30/2017	216250	317824	201852
7/31/2017	218723	324360	206901
8/31/2017	206827	325353	196174
9/30/2017	227086	332064	215667
10/31/2017	225319	339813	214241
11/30/2017	230973	350235	218016
12/31/2017	248993	354129	228660
1/31/2018	252291	374404	237380
2/28/2018	228028	360605	211694
3/31/2018	230855	351441	215213
4/30/2018	253234	352789	235348
5/31/2018	260418	361285	242503
6/30/2018	254882	363509	244224
7/31/2018	262067	377036	247693
8/31/2018	255943	389322	239526
9/30/2018	254647	391538	245723
10/31/2018	217899	364776	218043
11/30/2018	205767	372210	214455
12/31/2018	171963	338603	187282
1/31/2019	197404	365737	208091
2/28/2019	199289	377480	213542
3/31/2019	201409	384815	218048
4/30/2019	205767	400396	218199
5/31/2019	175379	374952	193891
6/30/2019	192693	401377	211866
7/31/2019	187982	407146	208089
8/31/2019	166899	400696	191302
9/30/2019	172670	408194	198516
10/31/2019	167959	417035	193976
11/30/2019	166781	432173	197503
12/31/2019	182370	445217	209406
1/31/2020	161005	445042	186229
2/29/2020	137043	408407	159121
3/31/2020	73184	357963	103754
4/30/2020	106353	403852	134651
5/31/2020	110838	423087	137187
6/30/2020	109658	431501	135408
7/31/2020	112963	455831	128465
8/31/2020	116150	488596	127154
9/30/2020	99388	470031	108700
10/31/2020	104464	457531	103902
11/30/2020	128426	507614	133030
12/31/2020	135626	527131	138881
1/31/2021	145896	521809	144138
2/28/2021	173045	536198	176796
3/31/2021	176586	559681	181732
4/30/2021	178238	589551	182805
5/31/2021	191222	593669	193347
6/30/2021	200784	607528	202269
7/31/2021	182015	621959	185546
8/31/2021	178474	640871	181752
9/30/2021	203380	611064	198911
10/31/2021	219552	653876	219526
11/30/2021	205505	649345	208357
12/31/2021	211602	678446	214770
1/31/2022	238202	643339	255800
2/28/2022	259723	624076	274031
3/31/2022	286458	647248	298587
4/30/2022	283116	590807	293990
5/31/2022	324287	591891	340348
6/30/2022	263600	543034	283155
7/31/2022	288997	593104	310676
8/31/2022	295280	568916	319465
9/30/2022	266273	516520	289808
10/31/2022	328698	558338	362142
11/30/2022	332440	589540	366696
12/31/2022	313192	555574	355909
1/31/2023	325451	590483	365911
2/28/2023	307669	576076	339871
3/31/2023	297162	597226	339291
4/30/2023	300665	606548	350491
5/31/2023	276417	609184	315320
6/30/2023	303493	649436	336274
7/31/2023	334880	670299	361147
8/31/2023	337170	659627	367698
9/30/2023	337170	628177	377366
10/31/2023	332455	614969	354826
11/30/2023	328145	671131	351263
12/31/2023	325989	701621	351187
1/31/2024	316829	713411	349865
2/29/2024	328684	751504	360978
3/31/2024	365189	775684	399250
4/30/2024	367075	744001	396200
5/31/2024	376370	780892	394666
6/30/2024	362899	808912	389578
7/31/2024	373271	818759	397804
8/31/2024	366671	838619	391045
9/30/2024	359531	856530	380555
10/31/2024	356433	848762	383554

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Energy Transition Fund	7.21%	16.24%	3.61%
S&P 500® Energy Index	8.09%	14.61%	4.37%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$14,612,549
Number of Holdings	24
Annual Portfolio Turnover	14%
Total Advisory Fee	$193,777

Sector Breakdown (% of net assets)

sector breakdown	(%)
Downstream	5.81%
Exploration and Production	41.80%
Integrated	11.80%
Materials	4.44%
Midstream	6.42%
Oil Services	19.67%
Utilities	9.75%
Short-Term Investments and Other	1.37%
Liabilities in Excess of Other Assets	-1.12%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Midstream Fund

Investor Class

HMSFX

This annual shareholder report contains important information about the Hennessy Midstream Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$201	1.75%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Alerian US Midstream Energy Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

● Holdings in large-capitalization hydrocarbon processing and transportation companies structured as master limited partnerships and C-corp. companies contributed the most to performance.● Holdings in the natural gas transportation-oriented master limited partnerships and natural gas liquid processing C-corp. structured companies detracted the most from performance.● Stocks that contributed most to performance included Energy Transfer, LP, ONEOK, Inc., and MPLX, LP.● Stocks that detracted most from performance included Cheniere Energy Partners, LP and EnLink Midstream, LLC.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight natural gas and natural gas liquids transportation master limited partnerships and C corp. structured companies and was most underweight gathering and processing service-oriented companies.

Performance

● The majority of the Fund’s underperformance was due to stock selection, rather than sub-industry allocation.

● The Fund underperformed the broader market, as represented by the S&P 500® Index, due to the Fund’s significant weighting toward hydrocarbon-oriented transportation master limited partnerships and C-corp. structured companies, which underperformed such broader market during the period.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Midstream Fund	S&P 500® Index	Alerian US Midstream Energy Index
10/31/14	10000	10000	10000
10/31/15	7665	10520	7280
10/31/16	7994	10994	7351
10/31/17	7798	13593	7175
10/31/18	7238	14591	7420
10/31/19	6784	16681	7354
10/31/20	3926	18301	4626
10/31/21	7004	26155	8788
10/31/22	8687	22334	11093
10/31/23	10110	24599	12337
10/31/24	12618	33950	17806

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Midstream Fund	24.81%	13.22%	2.35%
Alerian US Midstream Energy Index	44.33%	19.35%	5.94%
S&P 500® Index	38.02%	15.27%	13.00%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine MLP Fund.Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.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.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$67,303,172
Number of Holdings	17
Annual Portfolio Turnover	6%
Total Advisory Fee	$686,633

Sector Breakdown (% of net assets)

sector breakdown	(%)
Crude Oil and Refined Products	21.00%
Geathering and Processing	24.40%
Natural Gas/NGL Transportation	56.70%
Short-Term Investments and Other	5.80%
Liabilities in Excess of Other Assets	-7.90%

Sector sub-classifications may differ from those utilized for compliance purposes.

Specified Level of Distributions Disclosure

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. Under the distribution policy, to the extent that sufficient investment income is not available on a quarterly basis, the Fund’s distributions could consist of return of capital in order to maintain the distribution rate. 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. During fiscal year 2024, the Fund maintained consistent distributions of $0.2575 per share per quarter. On a tax basis, the estimated component of the cumulative distribution for fiscal year 2024 includes an estimated return of capital of $0.7774 (75.48%) per share. This amount is an estimate, and the actual amounts and sources for tax reporting purposes may change upon final determination of tax characteristics and based on tax regulations.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Midstream Fund

Institutional Class

HMSIX

This annual shareholder report contains important information about the Hennessy Midstream Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$169	1.50%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Alerian US Midstream Energy Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

Positioning

Performance

● The majority of the Fund’s underperformance was due to stock selection, rather than sub-industry allocation.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Midstream Fund	S&P 500® Index	Alerian US Midstream Energy Index
10/31/14	250000	250000	250000
10/31/15	192167	262999	181997
10/31/16	200963	274858	183773
10/31/17	196466	339813	179363
10/31/18	182934	364776	185512
10/31/19	171768	417035	183844
10/31/20	99740	457531	115648
10/31/21	178106	653876	219710
10/31/22	221591	558338	277314
10/31/23	258528	614969	308432
10/31/24	323938	848762	445154

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Midstream Fund	25.30%	13.53%	2.62%
Alerian US Midstream Energy Index	44.33%	19.35%	5.94%
S&P 500® Index	38.02%	15.27%	13.00%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine MLP Fund.Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.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.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$67,303,172
Number of Holdings	17
Annual Portfolio Turnover	6%
Total Advisory Fee	$686,633

Sector Breakdown (% of net assets)

sector breakdown	(%)
Crude Oil and Refined Products	21.00%
Geathering and Processing	24.40%
Natural Gas/NGL Transportation	56.70%
Short-Term Investments and Other	5.80%
Liabilities in Excess of Other Assets	-7.90%

Sector sub-classifications may differ from those utilized for compliance purposes.

Specified Level of Distributions Disclosure

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Gas Utility Fund

Investor Class

GASFX

This annual shareholder report contains important information about the Hennessy Gas Utility Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$114	0.99%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund slightly underperformed the AGA Stock Index (the Fund’s primary benchmark) and significantly underperformed the S&P 500® Index.

Factors Influencing Performance

● Holdings in the Oil & Gas Storage & Transportation industry and Multi-Utilities contributed the most to performance.● Exposure to Oil & Gas Exploration & Production sectors detracted from performance.● Stocks that contributed the most to performance included Kinder Morgan Inc., TC Energy Corp., and ONEOK, Inc.● Only EQT Corp. detracted from performance.

Positioning

● At the end of the period, the Fund was most exposed to Multi-Utilities, Oil & Gas Storage & Transportation, and Electric Utilities companies.

Performance

● The Fund’s slight underperformance to its primary benchmark was due to the Fund’s fees and expenses.

● The Fund’s strong absolute performance was largely due to the prospect of lower interest rates, which makes dividend-paying utilities more attractive, as well as strong demand for electricity due to the buildout of data centers related to Artificial Intelligence.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Gas Utility Fund	S&P 500® Index	AGA Stock Index
10/31/2014	10000	10000	10000
11/30/2014	9901	10269	9897
12/31/2014	10098	10243	10080
1/31/2015	10059	9936	10065
2/28/2015	9880	10507	9872
3/31/2015	9913	10340	9917
4/30/2015	10023	10440	10038
5/31/2015	9983	10574	9999
6/30/2015	9489	10369	9508
7/31/2015	9616	10586	9665
8/31/2015	9211	9948	9256
9/30/2015	8889	9702	8956
10/31/2015	9341	10520	9416
11/30/2015	8879	10551	8953
12/31/2015	8482	10385	8581
1/31/2016	8684	9869	8793
2/29/2016	8869	9856	8991
3/31/2016	9518	10525	9663
4/30/2016	9613	10566	9768
5/31/2016	9711	10755	9884
6/30/2016	10426	10783	10635
7/31/2016	10429	11181	10640
8/31/2016	10065	11196	10277
9/30/2016	10340	11199	10570
10/31/2016	10137	10994	10362
11/30/2016	9981	11401	10216
12/31/2016	10238	11627	10492
1/31/2017	10476	11847	10743
2/28/2017	10751	12318	11030
3/31/2017	10806	12332	11101
4/30/2017	10824	12459	11127
5/31/2017	11046	12634	11369
6/30/2017	10856	12713	11183
7/31/2017	11128	12974	11480
8/31/2017	11275	13014	11642
9/30/2017	11080	13283	11461
10/31/2017	11190	13593	11586
11/30/2017	11389	14009	11805
12/31/2017	10958	14165	11371
1/31/2018	10619	14976	11025
2/28/2018	10013	14424	10403
3/31/2018	10235	14058	10652
4/30/2018	10538	14112	10979
5/31/2018	10662	14451	11122
6/30/2018	10972	14540	11458
7/31/2018	11100	15081	11607
8/31/2018	11149	15573	11677
9/30/2018	11048	15662	11585
10/31/2018	10870	14591	11403
11/30/2018	11215	14888	11750
12/31/2018	10573	13544	11076
1/31/2019	11350	14629	11917
2/28/2019	11679	15099	12272
3/31/2019	12061	15393	12690
4/30/2019	12103	16016	12750
5/31/2019	11944	14998	12596
6/30/2019	12386	16055	13088
7/31/2019	12142	16286	12841
8/31/2019	12281	16028	13011
9/30/2019	12704	16328	13475
10/31/2019	12531	16681	13306
11/30/2019	12201	17287	12955
12/31/2019	12771	17809	13586
1/31/2020	13105	17802	13962
2/29/2020	11757	16336	12551
3/31/2020	10332	14319	10976
4/30/2020	10957	16154	11673
5/31/2020	11133	16923	11875
6/30/2020	10729	17260	11467
7/31/2020	11181	18233	11954
8/31/2020	11027	19544	11803
9/30/2020	10779	18801	11553
10/31/2020	10966	18301	11768
11/30/2020	11649	20305	12530
12/31/2020	11581	21085	12465
1/31/2021	11472	20872	12346
2/28/2021	11244	21448	12124
3/31/2021	12463	22387	13456
4/30/2021	13041	23582	14096
5/31/2021	13121	23747	14200
6/30/2021	12825	24301	13892
7/31/2021	12981	24878	14032
8/31/2021	13116	25635	14201
9/30/2021	12610	24443	13655
10/31/2021	13149	26155	14255
11/30/2021	12791	25974	13888
12/31/2021	13841	27138	15048
1/31/2022	14138	25734	15384
2/28/2022	14314	24963	15525
3/31/2022	15675	25890	17080
4/30/2022	15332	23632	16713
5/31/2022	16024	23676	17497
6/30/2022	14661	21721	16004
7/31/2022	15706	23724	17168
8/31/2022	15484	22757	16941
9/30/2022	13789	20661	15103
10/31/2022	14482	22334	15868
11/30/2022	15332	23582	16814
12/31/2022	14693	22223	16126
1/31/2023	14938	23619	16409
2/28/2023	14262	23043	15679
3/31/2023	14564	23889	16023
4/30/2023	14919	24262	16435
5/31/2023	14059	24367	15506
6/30/2023	14575	25977	16040
7/31/2023	14926	26812	16449
8/31/2023	14309	26385	15776
9/30/2023	13732	25127	15140
10/31/2023	13756	24599	15183
11/30/2023	14500	26845	16030
12/31/2023	14732	28065	16303
1/31/2024	14311	28536	15851
2/29/2024	14502	30060	16076
3/31/2024	15176	31027	16832
4/30/2024	15163	29760	16831
5/31/2024	15740	31236	17497
6/30/2024	15529	32356	17231
7/31/2024	16505	32750	18344
8/31/2024	17191	33545	19111
9/30/2024	17702	34261	19706
10/31/2024	17929	33950	19872

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Gas Utility Fund	30.34%	7.43%	6.01%
AGA Stock Index	30.88%	8.35%	7.11%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$477,829,775
Number of Holdings	49
Annual Portfolio Turnover	13%
Total Advisory Fee	$1,785,847

Sector Breakdown (% of net assets)

sector breakdown	(%)
Energy	34.01%
Financials	4.82%
Industrials	1.06%
Utilities	59.79%
Short-Term Investments and Other	0.33%
Liabilities in Excess of Other Assets	-0.01%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Gas Utility Fund

Institutional Class

HGASX

This annual shareholder report contains important information about the Hennessy Gas Utility Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$80	0.69%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund slightly underperformed the AGA Stock Index (the Fund’s primary benchmark) and significantly underperformed the S&P 500® Index.

Factors Influencing Performance

Positioning

● At the end of the period, the Fund was most exposed to Multi-Utilities, Oil & Gas Storage & Transportation, and Electric Utilities companies.

Performance

● The Fund’s slight underperformance to its primary benchmark was due to the Fund’s fees and expenses.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Gas Utility Fund	S&P 500® Index	AGA Stock Index
10/31/2014	250000	250000	250000
11/30/2014	247524	256724	247414
12/31/2014	252459	256077	252009
1/31/2015	251466	248390	251623
2/28/2015	246997	262665	246810
3/31/2015	247821	258511	247926
4/30/2015	250569	260991	250962
5/31/2015	249570	264347	249977
6/30/2015	237221	259230	237696
7/31/2015	240406	264661	241625
8/31/2015	230263	248693	231397
9/30/2015	222226	242540	223911
10/31/2015	233527	262999	235398
11/30/2015	221973	263781	223825
12/31/2015	212047	259621	214518
1/31/2016	217107	246737	219828
2/29/2016	221730	246404	224777
3/31/2016	237954	263120	241574
4/30/2016	240325	264140	244205
5/31/2016	242783	268883	247102
6/30/2016	260638	269580	265877
7/31/2016	260726	279519	265999
8/31/2016	251632	279912	256914
9/30/2016	258490	279965	264251
10/31/2016	253433	274858	259041
11/30/2016	249530	285037	255397
12/31/2016	255947	290671	262294
1/31/2017	261910	296184	268565
2/28/2017	268776	307944	275749
3/31/2017	270264	308304	277514
4/30/2017	270719	311470	278174
5/31/2017	276357	315853	284230
6/30/2017	271721	317824	279571
7/31/2017	278615	324360	286989
8/31/2017	282383	325353	291046
9/30/2017	277513	332064	286528
10/31/2017	280380	339813	289657
11/30/2017	285466	350235	295120
12/31/2017	274723	354129	284264
1/31/2018	266319	374404	275620
2/28/2018	251191	360605	260078
3/31/2018	256848	351441	266300
4/30/2018	264565	352789	274484
5/31/2018	267671	361285	278046
6/30/2018	275558	363509	286456
7/31/2018	278875	377036	290164
8/31/2018	280202	389322	291921
9/30/2018	277827	391538	289620
10/31/2018	273343	364776	285069
11/30/2018	282120	372210	293760
12/31/2018	266056	338603	276909
1/31/2019	285667	365737	297914
2/28/2019	294057	377480	306793
3/31/2019	303765	384815	317255
4/30/2019	304928	400396	318747
5/31/2019	301017	374952	314912
6/30/2019	312169	401377	327212
7/31/2019	306100	407146	321017
8/31/2019	309720	400696	325276
9/30/2019	320460	408194	336869
10/31/2019	316076	417035	332657
11/30/2019	307949	432173	323877
12/31/2019	322413	445217	339643
1/31/2020	330886	445042	349058
2/29/2020	296995	408407	313782
3/31/2020	260964	357963	274400
4/30/2020	276804	403852	291837
5/31/2020	281362	423087	296885
6/30/2020	271329	431501	286668
7/31/2020	282678	455831	298861
8/31/2020	278895	488596	295078
9/30/2020	272727	470031	288832
10/31/2020	277465	457531	294201
11/30/2020	294915	507614	313239
12/31/2020	293255	527131	311632
1/31/2021	290612	521809	308658
2/28/2021	284822	536198	303092
3/31/2021	315914	559681	336405
4/30/2021	330607	589551	352399
5/31/2021	332634	593669	355005
6/30/2021	325239	607528	347310
7/31/2021	329320	621959	350796
8/31/2021	332892	640871	355025
9/30/2021	320023	611064	341386
10/31/2021	333753	653876	356364
11/30/2021	324771	649345	347202
12/31/2021	351629	678446	376194
1/31/2022	359340	643339	384604
2/28/2022	363827	624076	388135
3/31/2022	398509	647248	427005
4/30/2022	389763	590807	417834
5/31/2022	407678	591891	437427
6/30/2022	372961	543034	400089
7/31/2022	399783	593104	429195
8/31/2022	394106	568916	423529
9/30/2022	351052	516520	377566
10/31/2022	368898	558338	396688
11/30/2022	390598	589540	420338
12/31/2022	374405	555574	403152
1/31/2023	380826	590483	410216
2/28/2023	363704	576076	391964
3/31/2023	371370	597226	400570
4/30/2023	380596	606548	410866
5/31/2023	358760	609184	387651
6/30/2023	371893	649436	400989
7/31/2023	381032	670299	411229
8/31/2023	365233	659627	394400
9/30/2023	350617	628177	378512
10/31/2023	351398	614969	379577
11/30/2023	370443	671131	400743
12/31/2023	376490	701621	407569
1/31/2024	365850	713411	396281
2/29/2024	370924	751504	401908
3/31/2024	388122	775684	420791
4/30/2024	387793	744001	420783
5/31/2024	402771	780892	437433
6/30/2024	397479	808912	430771
7/31/2024	422539	818759	458590
8/31/2024	440131	838619	477781
9/30/2024	453413	856530	492654
10/31/2024	459427	848762	496789

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Gas Utility Fund	30.74%	7.77%	6.27%
AGA Stock Index	30.88%	8.35%	7.11%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$477,829,775
Number of Holdings	49
Annual Portfolio Turnover	13%
Total Advisory Fee	$1,785,847

Sector Breakdown (% of net assets)

sector breakdown	(%)
Energy	34.01%
Financials	4.82%
Industrials	1.06%
Utilities	59.79%
Short-Term Investments and Other	0.33%
Liabilities in Excess of Other Assets	-0.01%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Japan Fund

Investor Class

HJPNX

This annual shareholder report contains important information about the Hennessy Japan Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$164	1.42%

How did the Fund perform last year and what affected its performance?

For the one year period ended October 31, 2024, the Fund outperformed both the Russell/Nomura Total Market™ Index (the Fund’s primary benchmark) and the Tokyo Stock Price Index (TOPIX).

Factors Influencing Performance

Exposure to Financial and Industrial sectors contributed positively, while exposure to the Communication Service sector detracted from the Fund’s performance. Positive contributions were led by Insurance companies such as MS&AD Insurance Group Holdings, Inc., Tokio Marine Holdings, Inc., and Sompo Holdings, Inc. With pressure from the Japanese Financial Services Agency, these insurers have adopted plans for divesting certain strategic equity holdings, which has been positively received by the market. We believe that corporate governance reforms remain the biggest driver of the Japanese stock market.

Positioning

As of October 31, 2024, our sector allocation to Financials is approximately 27% versus a 13% weighting in the Fund’s primary benchmark. We believe in our investment approach to concentrate on a limited number of high-conviction stocks with a long-term investment horizon.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Japan Fund	Russell/Nomura Total Market™ Index	Tokyo Stock Price Index (TOPIX)
10/31/2014	10000	10000	10000
11/30/2014	9729	9950	9994
12/31/2014	9646	9801	9926
01/31/2015	10005	10015	10142
02/28/2015	10519	10658	10732
03/31/2015	10721	10804	10923
04/30/2015	10813	11282	11298
05/31/2015	10831	11401	11446
06/30/2015	11052	11256	11329
07/31/2015	11346	11273	11391
08/31/2015	10744	10704	10788
09/30/2015	9867	9997	10092
10/31/2015	11056	10979	11065
11/30/2015	11116	10944	10985
12/31/2015	10896	10949	11015
01/31/2016	10464	10122	10154
02/29/2016	10570	9811	9871
03/31/2016	10974	10334	10394
04/30/2016	11208	10669	10708
05/31/2016	11709	10712	10788
06/30/2016	11851	10489	10542
07/31/2016	12081	11033	11206
08/31/2016	12145	11129	11163
09/30/2016	12687	11423	11446
10/31/2016	12774	11571	11612
11/30/2016	12186	11349	11298
12/31/2016	12122	11312	11422
01/31/2017	12811	11698	11858
02/28/2017	12761	11934	12043
03/31/2017	12802	11927	12025
04/30/2017	13050	12132	12172
05/31/2017	13730	12475	12560
06/30/2017	13817	12705	12726
07/31/2017	14038	12923	12997
08/31/2017	14166	12936	13046
09/30/2017	14355	13255	13305
10/31/2017	15044	13906	13902
11/30/2017	15765	14223	14326
12/31/2017	16006	14384	14455
01/31/2018	16581	15080	15077
02/28/2018	16213	14746	14849
03/31/2018	16227	14559	14597
04/30/2018	16195	14619	14689
05/31/2018	16420	14469	14548
06/30/2018	16365	14105	14160
07/31/2018	16153	14193	14197
08/31/2018	16585	14135	14185
09/30/2018	17366	14562	14615
10/31/2018	15446	13228	13329
11/30/2018	16016	13365	13415
12/31/2018	14955	12310	12388
01/31/2019	15447	13145	13188
02/28/2019	15700	13238	13231
03/31/2019	16044	13243	13317
04/30/2019	16545	13386	13434
05/31/2019	15778	12845	12898
06/30/2019	16343	13339	13360
07/31/2019	16081	13363	13378
08/31/2019	15792	13154	13225
09/30/2019	16394	13764	13772
10/31/2019	17083	14357	14455
11/30/2019	17322	14516	14548
12/31/2019	17653	14780	14825
01/31/2020	16976	14477	14591
02/29/2020	15716	13028	13157
03/31/2020	14795	12264	12357
04/30/2020	15720	13046	13015
05/31/2020	17506	13869	13800
06/30/2020	17860	13806	13755
07/31/2020	18412	13703	13471
08/31/2020	19346	14584	14528
09/30/2020	19673	14777	14789
10/31/2020	19692	14555	14506
11/30/2020	21611	16263	16163
12/31/2020	22158	16855	16808
01/31/2021	21753	16741	16614
02/28/2021	21629	17012	16835
03/31/2021	21086	17192	17158
04/30/2021	20718	17030	16867
05/31/2021	20856	17093	17072
06/30/2021	20718	17167	17026
07/31/2021	20943	16920	16843
08/31/2021	21928	17419	17360
09/30/2021	22559	17841	17837
10/31/2021	21988	17345	17207
11/30/2021	21592	16812	16656
12/31/2021	21478	17082	16990
01/31/2022	19096	16140	16159
02/28/2022	18149	16059	16096
03/31/2022	17517	15928	15931
04/30/2022	15270	14464	14404
05/31/2022	15642	14928	14785
06/30/2022	14384	13682	13713
07/31/2022	15549	14564	14458
08/31/2022	14931	14128	14108
09/30/2022	13422	12812	12769
10/31/2022	13664	13135	13068
11/30/2022	15400	14452	14331
12/31/2022	14894	14447	14464
01/31/2023	15814	15331	15325
02/28/2023	15168	14726	14769
03/31/2023	15957	15381	15373
04/30/2023	15995	15490	15431
05/31/2023	16496	15628	15583
06/30/2023	17336	16202	16200
07/31/2023	17555	16751	16726
08/31/2023	17248	16371	16394
09/30/2023	16649	16113	16076
10/31/2023	16241	15470	15366
11/30/2023	17401	16679	16595
12/31/2023	18297	17335	17363
01/31/2024	18746	17878	18054
02/29/2024	20298	18502	18501
03/31/2024	21126	19097	19107
04/30/2024	20042	18245	18209
05/31/2024	20875	18445	18445
06/30/2024	21353	18313	18281
07/31/2024	22053	19439	19439
08/31/2024	22718	19663	19505
09/30/2024	22787	19723	19551
10/31/2024	21294	18799	18704

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Japan Fund	31.08%	4.50%	7.85%
Russell/Nomura Total Market™ Index	21.52%	5.54%	6.52%
TOPIX	21.72%	5.29%	6.46%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$413,607,966
Number of Holdings	27
Annual Portfolio Turnover	17%
Total Advisory Fee	$3,059,845

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	2.59%
Consumer Discretionary	9.10%
Consumer Staples	10.40%
Financials	26.10%
Health Care	3.84%
Industrials	23.90%
Information Technology	10.99%
Materials	6.72%
Short-Term Investments and Other	5.74%
Other Assets in Excess of Liabilities	0.71%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Japan Fund

Institutional Class

HJPIX

This annual shareholder report contains important information about the Hennessy Japan Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$118	1.02%

How did the Fund perform last year and what affected its performance?

For the one year period ended October 31, 2024, the Fund outperformed both the Russell/Nomura Total Market™ Index (the Fund’s primary benchmark) and the Tokyo Stock Price Index (TOPIX).

Factors Influencing Performance

Positioning

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Japan Fund	Russell/Nomura Total Market™ Index	Tokyo Stock Price Index (TOPIX)
10/31/2014	250000	250000	250000
11/30/2014	243228	248754	249846
12/31/2014	241196	245017	248154
01/31/2015	250226	250385	253538
02/28/2015	263093	266438	268308
03/31/2015	268172	270096	273077
04/30/2015	270542	282054	282462
05/31/2015	270993	285013	286154
06/30/2015	276637	281389	283231
07/31/2015	284086	281821	284769
08/31/2015	269074	267589	269692
09/30/2015	247178	249924	252308
10/31/2015	277088	274485	276615
11/30/2015	278668	273609	274615
12/31/2015	273138	273737	275385
01/31/2016	262415	253039	253846
02/29/2016	265011	245278	246769
03/31/2016	275282	258340	259846
04/30/2016	281264	266727	267692
05/31/2016	293905	267797	269692
06/30/2016	297630	262219	263538
07/31/2016	303386	275816	280154
08/31/2016	305192	278224	279077
09/30/2016	318849	285579	286154
10/31/2016	321106	289266	290308
11/30/2016	306546	283714	282462
12/31/2016	304966	282788	285538
01/31/2017	322460	292453	296462
02/28/2017	321219	298339	301077
03/31/2017	322348	298178	300615
04/30/2017	328781	303310	304308
05/31/2017	346050	311882	314000
06/30/2017	348307	317620	318154
07/31/2017	353950	323082	324923
08/31/2017	357336	323393	326154
09/30/2017	362190	331379	332615
10/31/2017	379684	347651	347538
11/30/2017	398081	355573	358154
12/31/2017	404387	359612	361385
01/31/2018	418958	376997	376923
02/28/2018	409809	368648	371231
03/31/2018	410260	363981	364923
04/30/2018	409696	365474	367231
05/31/2018	415456	361722	363692
06/30/2018	414214	352627	354000
07/31/2018	409131	354819	354923
08/31/2018	420201	353383	354615
09/30/2018	440081	364041	365385
10/31/2018	391622	330699	333231
11/30/2018	406194	334130	335385
12/31/2018	379373	307741	309692
01/31/2019	391951	328628	329692
02/28/2019	398523	330960	330769
03/31/2019	407475	331080	332923
04/30/2019	420392	334639	335846
05/31/2019	400903	321125	322462
06/30/2019	415407	333476	334000
07/31/2019	408948	334083	334462
08/31/2019	401696	328855	330615
09/30/2019	417106	344094	344308
10/31/2019	434783	358929	361385
11/30/2019	441015	362910	363692
12/31/2019	449601	369505	370615
01/31/2020	432523	361933	364769
02/29/2020	400531	325700	328923
03/31/2020	377191	306590	308923
04/30/2020	400872	326156	325385
05/31/2020	446527	346714	345012
06/30/2020	455749	345145	343877
07/31/2020	470094	342567	336763
08/31/2020	494003	364608	363211
09/30/2020	502656	369419	369729
10/31/2020	503111	363886	362645
11/30/2020	552409	406572	404068
12/31/2020	566679	421384	420200
01/31/2021	556431	418518	415346
02/28/2021	553471	425301	420872
03/31/2021	539808	429805	428942
04/30/2021	530358	425739	421675
05/31/2021	534115	427315	426789
06/30/2021	530699	429178	425652
07/31/2021	536734	422995	421085
08/31/2021	562124	435474	433991
09/30/2021	578634	446018	445934
10/31/2021	564060	433616	430172
11/30/2021	554154	420294	416406
12/31/2021	551379	427062	424749
01/31/2022	490449	403507	403985
02/28/2022	466285	401469	402408
03/31/2022	450214	398203	398265
04/30/2022	392637	361609	360109
05/31/2022	402233	373209	369620
06/30/2022	369976	342046	342825
07/31/2022	400152	364112	361457
08/31/2022	384312	353188	352692
09/30/2022	345580	320290	319223
10/31/2022	351824	328382	326711
11/30/2022	396683	361298	358277
12/31/2022	383734	361177	361602
01/31/2023	407667	383275	383120
02/28/2023	391018	368154	369226
03/31/2023	411482	384531	384325
04/30/2023	412639	387252	385782
05/31/2023	425703	390705	389577
06/30/2023	447439	405040	405012
07/31/2023	453336	418784	418162
08/31/2023	445590	409267	409860
09/30/2023	430212	402828	401898
10/31/2023	419922	386750	384160
11/30/2023	449983	416965	414875
12/31/2023	473318	433363	434063
01/31/2024	485099	446956	451342
02/29/2024	525473	462546	462515
03/31/2024	547071	477435	477686
04/30/2024	519092	456135	455215
05/31/2024	540935	461130	461128
06/30/2024	553575	457814	457020
07/31/2024	571860	485984	485968
08/31/2024	589286	491582	487626
09/30/2024	591249	493067	488769
10/31/2024	552593	469986	467606

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Japan Fund	31.59%	4.91%	8.25%
Russell/Nomura Total Market™ Index	21.52%	5.54%	6.52%
TOPIX	21.72%	5.29%	6.46%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$413,607,966
Number of Holdings	27
Annual Portfolio Turnover	17%
Total Advisory Fee	$3,059,845

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	2.59%
Consumer Discretionary	9.10%
Consumer Staples	10.40%
Financials	26.10%
Health Care	3.84%
Industrials	23.90%
Information Technology	10.99%
Materials	6.72%
Short-Term Investments and Other	5.74%
Other Assets in Excess of Liabilities	0.71%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Japan Small Cap Fund

Investor Class

HJPSX

This annual shareholder report contains important information about the Hennessy Japan Small Cap Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$162	1.52%

How did the Fund perform last year and what affected its performance?

For the one year period ended October 31, 2024, the Fund underperformed both the Russell/Nomura Small Cap™ Index (the Fund’s primary benchmark) and the Tokyo Stock Price Index (TOPIX).

Factors Influencing Performance

In January through March 2024, the Fund faced performance pressures from the strong broader market rally, which was driven primarily by large-cap companies, whereas the Fund had lower exposure due to its outsized allocation toward small-cap companies relative to the broader market. From March through September 2024, substantial shifts in the external environment, such as fluctuations in the yen and diminished expectations for rising interest rates, further weighed on the Fund’s performance, creating additional headwinds.

Positioning

Our portfolio is strategically positioned to capture the recovery in domestic consumption. We believe the Japanese economy is at a pivotal turning point and has moved away from a prolonged deflationary period toward a virtuous cycle of inflation, wage growth, and earnings expansion. We believe the market will benefit from rising consumer spending and improved corporate profitability as real wage growth becomes more sustainable.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Japan Small Cap Fund	Russell/Nomura Small Cap™ Index	Tokyo Stock Price Index (TOPIX)
10/31/2014	10000	10000	10000
11/30/2014	9696	9816	9994
12/31/2014	9862	9866	9926
01/31/2015	10039	10101	10142
02/28/2015	10195	10526	10732
03/31/2015	10362	10656	10923
04/30/2015	10654	10992	11298
05/31/2015	11050	11070	11446
06/30/2015	11404	11228	11329
07/31/2015	11175	11205	11391
08/31/2015	10716	10882	10788
09/30/2015	10477	10452	10092
10/31/2015	10727	11139	11065
11/30/2015	10956	11345	10985
12/31/2015	11004	11395	11015
01/31/2016	10595	10622	10154
02/29/2016	10239	10417	9871
03/31/2016	11069	11188	10394
04/30/2016	11026	11490	10708
05/31/2016	11338	11649	10788
06/30/2016	11457	11539	10542
07/31/2016	11845	12100	11206
08/31/2016	11522	11752	11163
09/30/2016	12211	12442	11446
10/31/2016	12168	12671	11612
11/30/2016	11910	12245	11298
12/31/2016	11941	12277	11422
01/31/2017	12601	12704	11858
02/28/2017	13349	13181	12043
03/31/2017	13712	13167	12025
04/30/2017	13778	13456	12172
05/31/2017	14382	13867	12560
06/30/2017	14778	14236	12726
07/31/2017	15240	14588	12997
08/31/2017	15504	14833	13046
09/30/2017	15999	15216	13305
10/31/2017	16406	15790	13902
11/30/2017	17263	16215	14326
12/31/2017	17862	16615	14455
01/31/2018	18659	17375	15077
02/28/2018	18367	17066	14849
03/31/2018	18401	16967	14597
04/30/2018	18412	16979	14689
05/31/2018	18626	16893	14548
06/30/2018	18143	16460	14160
07/31/2018	18154	16378	14197
08/31/2018	18019	16154	14185
09/30/2018	18401	16432	14615
10/31/2018	16839	14745	13329
11/30/2018	17311	15145	13415
12/31/2018	15627	13604	12388
01/31/2019	16276	14353	13188
02/28/2019	16798	14625	13231
03/31/2019	16427	14508	13317
04/30/2019	16821	14625	13434
05/31/2019	16508	14015	12898
06/30/2019	17019	14427	13360
07/31/2019	17169	14521	13378
08/31/2019	16589	14139	13225
09/30/2019	17100	14745	13772
10/31/2019	17900	15535	14455
11/30/2019	18086	15806	14548
12/31/2019	18744	16099	14825
01/31/2020	17781	15392	14591
02/29/2020	15571	13355	13157
03/31/2020	14396	12801	12357
04/30/2020	15513	13650	13015
05/31/2020	17358	14753	13800
06/30/2020	17181	14485	13755
07/31/2020	16923	14190	13471
08/31/2020	17640	15176	14528
09/30/2020	18545	15850	14789
10/31/2020	18486	15434	14506
11/30/2020	20378	16339	16163
12/31/2020	21262	16898	16808
01/31/2021	20708	16759	16614
02/28/2021	20414	16889	16835
03/31/2021	21368	17409	17158
04/30/2021	20849	17177	16867
05/31/2021	20755	16962	17072
06/30/2021	20861	17279	17026
07/31/2021	21321	17145	16843
08/31/2021	21179	17557	17360
09/30/2021	21627	17816	17837
10/31/2021	21344	17255	17207
11/30/2021	19966	16229	16656
12/31/2021	20273	16423	16990
01/31/2022	18972	15482	16159
02/28/2022	19114	15748	16096
03/31/2022	17801	15116	15931
04/30/2022	16441	13891	14404
05/31/2022	16926	14215	14785
06/30/2022	16051	13443	13713
07/31/2022	16997	14275	14458
08/31/2022	16678	13966	14108
09/30/2022	15637	13018	12769
10/31/2022	15507	13039	13068
11/30/2022	17068	14238	14331
12/31/2022	16960	14489	14464
01/31/2023	18055	15152	15325
02/28/2023	17519	14627	14769
03/31/2023	18340	15189	15373
04/30/2023	18186	15288	15431
05/31/2023	17650	14868	15583
06/30/2023	18174	15221	16200
07/31/2023	18483	15919	16726
08/31/2023	18328	15777	16394
09/30/2023	18007	15472	16076
10/31/2023	17543	14908	15366
11/30/2023	18638	15922	16595
12/31/2023	19722	16719	17363
01/31/2024	19422	16678	18054
02/29/2024	19854	16991	18501
03/31/2024	20490	17475	19107
04/30/2024	19830	16664	18209
05/31/2024	19938	16643	18445
06/30/2024	20034	16536	18281
07/31/2024	21439	17790	19439
08/31/2024	21078	18060	19505
09/30/2024	21475	18487	19551
10/31/2024	19962	17412	18704

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Japan Small Cap Fund	13.79%	2.20%	7.16%
Russell/Nomura Small Cap™ Index	16.80%	2.31%	5.70%
TOPIX	21.72%	5.29%	6.46%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$109,181,957
Number of Holdings	66
Annual Portfolio Turnover	28%
Total Advisory Fee	$902,610

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	0.97%
Consumer Discretionary	14.87%
Consumer Staples	5.92%
Energy	0.61%
Financials	3.81%
Health Care	5.39%
Industrials	39.21%
Information Technology	11.14%
Materials	8.80%
Real Estate	5.48%
Utilities	0.52%
Short-Term Investments and Other	2.60%
Other Assets in Excess of Liabilities	0.68%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Japan Small Cap Fund

Institutional Class

HJSIX

This annual shareholder report contains important information about the Hennessy Japan Small Cap Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$120	1.12%

How did the Fund perform last year and what affected its performance?

For the one year period ended October 31, 2024, the Fund underperformed both the Russell/Nomura Small Cap™ Index (the Fund’s primary benchmark) and the Tokyo Stock Price Index (TOPIX).

Factors Influencing Performance

Positioning

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Japan Small Cap Fund	Russell/Nomura Small Cap™ Index	Tokyo Stock Price Index (TOPIX)
10/31/2014	250000	250000	250000
11/30/2014	242395	245405	249846
12/31/2014	246538	246662	248154
01/31/2015	250968	252516	253538
02/28/2015	254877	263143	268308
03/31/2015	259047	266407	273077
04/30/2015	266344	274802	282462
05/31/2015	276248	276746	286154
06/30/2015	285108	280708	283231
07/31/2015	279636	280137	284769
08/31/2015	268169	272049	269692
09/30/2015	262435	261312	252308
10/31/2015	268429	278464	276615
11/30/2015	274423	283617	274615
12/31/2015	275652	284873	275385
01/31/2016	265143	265552	253846
02/29/2016	256520	260426	246769
03/31/2016	277268	279706	259846
04/30/2016	276190	287240	267692
05/31/2016	284005	291228	269692
06/30/2016	286969	288470	263538
07/31/2016	296938	302490	280154
08/31/2016	289124	293796	279077
09/30/2016	306369	311060	286154
10/31/2016	305291	316786	290308
11/30/2016	298825	306131	282462
12/31/2016	299405	306914	285538
01/31/2017	316226	317595	296462
02/28/2017	335009	329529	301077
03/31/2017	344540	329167	300615
04/30/2017	345942	336404	304308
05/31/2017	361361	346685	314000
06/30/2017	371453	355897	318154
07/31/2017	382947	364700	324923
08/31/2017	389956	370827	326154
09/30/2017	402291	380398	332615
10/31/2017	412663	394751	347538
11/30/2017	434530	405375	358154
12/31/2017	449909	415364	361385
01/31/2018	470281	434387	376923
02/28/2018	462821	426650	371231
03/31/2018	463682	424167	364923
04/30/2018	464543	424465	367231
05/31/2018	469995	422333	363692
06/30/2018	457656	411500	354000
07/31/2018	458230	409447	354923
08/31/2018	455074	403861	354615
09/30/2018	464830	410795	365385
10/31/2018	425520	368629	333231
11/30/2018	437571	378614	335385
12/31/2018	395321	340099	309692
01/31/2019	411966	358830	329692
02/28/2019	425342	365613	330769
03/31/2019	416127	362694	332923
04/30/2019	426233	365625	335846
05/31/2019	418208	350374	322462
06/30/2019	431583	360684	334000
07/31/2019	435150	363019	334462
08/31/2019	420883	353481	330615
09/30/2019	433664	368623	344308
10/31/2019	454173	388387	361385
11/30/2019	458929	395153	363692
12/31/2019	476051	402467	370615
01/31/2020	451568	384792	364769
02/29/2020	395651	333884	328923
03/31/2020	366030	320037	308923
04/30/2020	394442	341254	325385
05/31/2020	441594	368821	345012
06/30/2020	437362	362113	343877
07/31/2020	430713	354760	336763
08/31/2020	449150	379402	363211
09/30/2020	472122	396244	369729
10/31/2020	470913	385855	362645
11/30/2020	519273	408486	404068
12/31/2020	542139	422462	420200
01/31/2021	528145	418982	415346
02/28/2021	520843	422224	420872
03/31/2021	545486	435237	428942
04/30/2021	532100	429432	421675
05/31/2021	529970	424045	426789
06/30/2021	533012	431979	425652
07/31/2021	544877	428614	421085
08/31/2021	541227	438916	433991
09/30/2021	553092	445404	445934
10/31/2021	545790	431379	430172
11/30/2021	510803	405724	416406
12/31/2021	518815	410575	424749
01/31/2022	485660	387061	403985
02/28/2022	489650	393688	402408
03/31/2022	455881	377901	398265
04/30/2022	421191	347287	360109
05/31/2022	433778	355382	369620
06/30/2022	411675	336076	342825
07/31/2022	435927	356871	361457
08/31/2022	427945	349141	352692
09/30/2022	401544	325439	319223
10/31/2022	398167	325968	326711
11/30/2022	438383	355954	358277
12/31/2022	435849	362215	361602
01/31/2023	464118	378789	383120
02/28/2023	450449	365686	369226
03/31/2023	471885	379719	384325
04/30/2023	467846	382190	385782
05/31/2023	454488	371688	389577
06/30/2023	467846	380532	405012
07/31/2023	476234	397966	418162
08/31/2023	472195	394435	409860
09/30/2023	463808	386806	401898
10/31/2023	452313	372691	384160
11/30/2023	480894	398060	414875
12/31/2023	508813	417978	434063
01/31/2024	501266	416952	451342
02/29/2024	512587	424778	462515
03/31/2024	528940	436887	477686
04/30/2024	512273	416597	455215
05/31/2024	515103	416067	461128
06/30/2024	517933	413394	457020
07/31/2024	554412	444748	485968
08/31/2024	545292	451490	487626
09/30/2024	555670	462165	488769
10/31/2024	516675	435298	467606

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Japan Small Cap Fund	14.23%	2.61%	7.53%
Russell/Nomura Small Cap™ Index	16.80%	2.31%	5.70%
TOPIX	21.72%	5.29%	6.46%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.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 Frank Russell Company. 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.The inception date of Institutional Class shares is June 15, 2015. Performance shown prior to the inception of Institutional Class shares reflects the performance of Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$109,181,957
Number of Holdings	66
Annual Portfolio Turnover	28%
Total Advisory Fee	$902,610

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	0.97%
Consumer Discretionary	14.87%
Consumer Staples	5.92%
Energy	0.61%
Financials	3.81%
Health Care	5.39%
Industrials	39.21%
Information Technology	11.14%
Materials	8.80%
Real Estate	5.48%
Utilities	0.52%
Short-Term Investments and Other	2.60%
Other Assets in Excess of Liabilities	0.68%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Large Cap Financial Fund

Investor Class

HLFNX

This annual shareholder report contains important information about the Hennessy Large Cap Financial Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$236	1.89%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund slightly outperformed the Russell 1000® Index Financials (the Fund’s primary benchmark) and significantly outperformed the Russell 1000® Index.

Factors Influencing Performance

● Holdings in the Diversified Banks and Regional Banks sub-industries contributed the most to performance.● Holdings in the Financial Exchanges & Data sub-industry detracted from performance.● Stocks that contributed the most to performance included Wells Fargo & Company, M&T Bank Corporation, and KeyCorp.● Stocks that detracted the most from performance included Flagstar Financial, Inc. and Coinbase Global, Inc.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Transaction & Payment Processing Services companies and Diversified Banks and was most underweight Property & Casualty Insurance companies andAsset Management & Custody Banks.

Performance

● The majority of outperformance was due to sub-industry allocation rather than stock selection.

● As investors seem to have been anticipating lower interest rates and a strong economy, financial companies have outperformed the broader stock market, as represented by the Russell 1000® Index, this year by a significant amount.

● The outperformance of financial stocks has been fueled by solid earnings results and attractive valuations compared to such broader market.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Large Cap Financial Fund	Russell 1000® Index	Russell 1000® Index Financials
10/31/2014	10000	10000	10000
11/30/2014	10216	10262	10249
12/31/2014	10428	10238	10405
01/31/2015	9621	9957	9845
02/28/2015	10104	10532	10384
03/31/2015	10019	10401	10348
04/30/2015	10067	10475	10348
05/31/2015	10295	10612	10541
06/30/2015	10301	10413	10488
07/31/2015	10455	10613	10855
08/31/2015	9786	9975	10155
09/30/2015	9330	9702	9900
10/31/2015	9743	10486	10541
11/30/2015	10088	10521	10711
12/31/2015	9791	10332	10478
01/31/2016	8762	9776	9624
02/29/2016	8393	9772	9397
03/31/2016	8762	10453	10090
04/30/2016	9136	10510	10373
05/31/2016	9136	10694	10608
06/30/2016	8580	10718	10307
07/31/2016	8926	11127	10704
08/31/2016	9335	11141	11030
09/30/2016	9206	11150	10844
10/31/2016	9493	10933	10878
11/30/2016	10809	11364	11780
12/31/2016	11256	11577	12211
01/31/2017	11256	11810	12298
02/28/2017	11820	12267	12912
03/31/2017	11338	12275	12635
04/30/2017	11279	12405	12628
05/31/2017	11250	12563	12584
06/30/2017	11755	12651	13162
07/31/2017	12091	12901	13441
08/31/2017	11973	12942	13344
09/30/2017	12443	13217	13816
10/31/2017	12949	13520	14187
11/30/2017	13308	13933	14648
12/31/2017	13437	14088	14844
01/31/2018	14544	14861	15603
02/28/2018	14304	14316	15122
03/31/2018	13744	13991	14782
04/30/2018	13658	14038	14778
05/31/2018	13830	14397	14881
06/30/2018	13615	14490	14838
07/31/2018	14033	14990	15389
08/31/2018	14464	15506	15811
09/30/2018	14132	15565	15532
10/31/2018	13184	14464	14715
11/30/2018	13301	14758	15140
12/31/2018	11861	13414	13640
01/31/2019	12976	14538	14903
02/28/2019	13546	15030	15381
03/31/2019	13217	15292	15356
04/30/2019	14389	15910	16365
05/31/2019	13540	14896	15604
06/30/2019	14459	15942	16475
07/31/2019	15022	16189	16898
08/31/2019	14300	15893	16526
09/30/2019	14066	16168	16931
10/31/2019	14338	16511	17234
11/30/2019	15155	17135	17888
12/31/2019	15390	17629	18245
01/31/2020	15694	17649	18193
02/29/2020	14465	16206	16454
03/31/2020	11449	14065	13124
04/30/2020	12938	15923	14518
05/31/2020	13724	16763	15158
06/30/2020	13926	17134	15263
07/31/2020	14440	18137	15887
08/31/2020	15371	19469	16583
09/30/2020	15060	18757	15834
10/31/2020	14148	18305	15849
11/30/2020	16746	20460	18408
12/31/2020	17937	21325	19563
01/31/2021	17329	21150	19255
02/28/2021	19014	21763	21420
03/31/2021	19324	22586	22650
04/30/2021	20775	23802	24091
05/31/2021	20959	23915	25119
06/30/2021	20946	24514	24347
07/31/2021	21232	25023	24278
08/31/2021	22100	25748	25575
09/30/2021	21213	24565	25069
10/31/2021	22378	26269	27081
11/30/2021	21111	25917	25662
12/31/2021	21310	26967	26418
01/31/2022	20584	25446	26337
02/28/2022	19779	24748	25906
03/31/2022	18900	25583	25945
04/30/2022	16889	23303	23293
05/31/2022	17482	23267	24085
06/30/2022	15285	21319	21499
07/31/2022	16610	23304	23073
08/31/2022	16303	22409	22623
09/30/2022	14859	20336	20867
10/31/2022	16510	21967	23366
11/30/2022	17295	23155	24916
12/31/2022	16008	21809	23538
01/31/2023	17594	23271	25257
02/28/2023	17008	22717	24697
03/31/2023	13599	23436	22321
04/30/2023	13957	23726	22952
05/31/2023	13363	23837	22056
06/30/2023	14035	25447	23531
07/31/2023	15900	26322	25037
08/31/2023	14700	25861	24253
09/30/2023	14085	24646	23702
10/31/2023	13271	24050	23032
11/30/2023	15014	26296	25599
12/31/2023	16740	27595	27177
01/31/2024	16529	27979	27766
02/29/2024	16892	29490	29058
03/31/2024	18186	30436	30663
04/30/2024	17430	29141	29226
05/31/2024	17837	30513	30545
06/30/2024	17656	31523	30438
07/31/2024	19015	31981	32550
08/31/2024	19160	32740	33814
09/30/2024	18913	33440	33520
10/31/2024	19894	33206	34454

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Large Cap Financial Fund	49.91%	6.77%	7.12%
Russell 1000® Index Financials	49.59%	14.86%	13.17%
Russell 1000® Index	38.07%	15.00%	12.75%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$28,795,722
Number of Holdings	24
Annual Portfolio Turnover	37%
Total Advisory Fee	$256,284

Sector Breakdown (% of net assets)

sector breakdown	(%)
Financials	99.16%
Short-Term Investments and Other	0.94%
Liabilities in Excess of Other Assets	-0.10%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Large Cap Financial Fund

Institutional Class

HILFX

This annual shareholder report contains important information about the Hennessy Large Cap Financial Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$197	1.57%

How did the Fund perform last year and what affected its performance?

Factors Influencing Performance

Positioning

Performance

● The majority of outperformance was due to sub-industry allocation rather than stock selection.

● The outperformance of financial stocks has been fueled by solid earnings results and attractive valuations compared to such broader market.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Large Cap Financial Fund	Russell 1000® Index	Russell 1000® Index Financials
10/31/2014	250000	250000	250000
11/30/2014	255391	256545	256223
12/31/2014	260701	255948	260127
01/31/2015	240535	248917	246132
02/28/2015	252608	263300	259588
03/31/2015	250485	260021	258707
04/30/2015	251679	261867	258701
05/31/2015	257384	265293	263515
06/30/2015	257517	260316	262205
07/31/2015	261497	265334	271370
08/31/2015	244913	249373	253887
09/30/2015	233503	242538	247500
10/31/2015	243984	262162	263515
11/30/2015	252741	263028	267776
12/31/2015	245359	258296	261947
01/31/2016	219663	244393	240597
02/29/2016	210559	244309	234936
03/31/2016	219957	261328	252238
04/30/2016	229354	262749	259321
05/31/2016	229354	267351	265203
06/30/2016	215698	267956	257684
07/31/2016	224362	278164	267588
08/31/2016	234640	278533	275754
09/30/2016	231556	278754	271108
10/31/2016	238751	273318	271952
11/30/2016	271936	284093	294498
12/31/2016	283473	289430	305263
01/31/2017	283473	295250	307446
02/28/2017	297796	306679	322804
03/31/2017	285711	306873	315872
04/30/2017	284368	310117	315704
05/31/2017	283771	314075	314610
06/30/2017	296602	316268	329045
07/31/2017	305256	322531	336037
08/31/2017	302272	323540	333599
09/30/2017	314357	330430	345407
10/31/2017	326889	338008	354670
11/30/2017	336139	348316	366206
12/31/2017	339404	352199	371096
01/31/2018	367506	371533	390069
02/28/2018	361573	357893	378051
03/31/2018	347522	349769	369554
04/30/2018	345337	350958	369461
05/31/2018	349864	359917	372023
06/30/2018	344400	362244	370938
07/31/2018	355172	374746	384723
08/31/2018	366101	387658	395278
09/30/2018	357982	389130	388299
10/31/2018	334096	361594	367868
11/30/2018	337218	368953	378503
12/31/2018	300712	335350	341008
01/31/2019	329175	363453	372576
02/28/2019	343648	375759	384516
03/31/2019	335447	382301	383899
04/30/2019	365197	397740	409114
05/31/2019	343809	372394	390090
06/30/2019	367287	398538	411884
07/31/2019	381760	404727	422461
08/31/2019	363428	397314	413138
09/30/2019	357639	404201	423285
10/31/2019	364714	412767	430858
11/30/2019	385458	428367	447203
12/31/2019	391569	440737	456123
01/31/2020	399449	441213	454822
02/29/2020	368252	405158	411356
03/31/2020	291546	351617	328096
04/30/2020	329497	398080	362948
05/31/2020	349598	419084	378955
06/30/2020	354905	428351	381584
07/31/2020	367930	453434	397166
08/31/2020	391891	486715	414587
09/30/2020	384011	468926	395853
10/31/2020	360855	457618	396221
11/30/2020	427269	511506	460202
12/31/2020	457822	533130	489084
01/31/2021	442385	528739	481381
02/28/2021	485642	544063	535505
03/31/2021	493843	564652	566240
04/30/2021	530990	595047	602267
05/31/2021	535975	597872	627986
06/30/2021	535815	612853	608681
07/31/2021	543212	625584	606953
08/31/2021	565564	643690	639387
09/30/2021	543051	614123	626724
10/31/2021	572961	656735	677037
11/30/2021	540639	647925	641551
12/31/2021	545919	674170	660458
01/31/2022	527502	636160	658436
02/28/2022	507057	618703	647648
03/31/2022	484754	639581	648621
04/30/2022	433220	582568	582324
05/31/2022	448427	581683	602136
06/30/2022	392162	532967	537479
07/31/2022	426462	582607	576816
08/31/2022	418690	560237	565582
09/30/2022	381687	508400	521665
10/31/2022	424265	549174	584146
11/30/2022	444541	578883	622897
12/31/2022	411541	545222	588462
01/31/2023	452185	581776	631414
02/28/2023	437239	567932	617429
03/31/2023	349755	585898	558026
04/30/2023	359050	593158	573804
05/31/2023	343923	595921	551408
06/30/2023	361237	636168	588264
07/31/2023	409354	658044	625927
08/31/2023	378734	646533	606318
09/30/2023	362878	616149	592561
10/31/2023	341918	601257	575808
11/30/2023	387118	657411	639987
12/31/2023	431560	689865	679432
01/31/2024	426358	699486	694153
02/29/2024	435833	737259	726453
03/31/2024	469459	760894	766580
04/30/2024	449952	728516	730658
05/31/2024	460541	762821	763622
06/30/2024	455897	788068	760941
07/31/2024	491195	799537	813749
08/31/2024	495096	818489	845348
09/30/2024	488779	835989	838007
10/31/2024	514417	830148	861347

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Large Cap Financial Fund	50.45%	7.12%	7.48%
Russell 1000® Index Financials	49.59%	14.86%	13.17%
Russell 1000® Index	38.07%	15.00%	12.75%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.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 Frank Russell Company. 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.The inception date of Institutional Class shares is June 15, 2015. Performance shown prior to the inception of Institutional Class shares reflects the performance of Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$28,795,722
Number of Holdings	24
Annual Portfolio Turnover	37%
Total Advisory Fee	$256,284

Sector Breakdown (% of net assets)

sector breakdown	(%)
Financials	99.16%
Short-Term Investments and Other	0.94%
Liabilities in Excess of Other Assets	-0.10%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Small Cap Financial Fund

Investor Class

HSFNX

This annual shareholder report contains important information about the Hennessy Small Cap Financial Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$197	1.62%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed the Russell 2000® Index Financials (the Fund’s primary benchmark) and outperformed the Russell 2000® Index.

Factors Influencing Performance

● Holdings in the Regional Banks sub-industry contributed the most to performance.● Stocks that contributed the most to performance included BankUnited, Inc., HomeTrust Bancshares, Inc., and Associated Banc-Corp.● Stocks that detracted the most from performance included California BanCorp and Flagstar Financial, Inc.

Positioning

● At the end of the period, compared to its primary benchmark, the Fund was most overweight Regional Banks and was most underweight Property & Casualty Insurance companies and Commercial and Residential Mortgage Finance companies.

Performance

● While security selection contributed positively to the Fund’s performance, sub-industry allocation contributed strongly to the Fund’s underperformance.

● As investors seem to have been anticipating lower interest rates and a strong economy, small-cap financial companies have outperformed small caps in the aggregate this year by a significant amount.

● The outperformance of small-cap financial stocks has been fueled by solid earnings results and attractive valuations compared to the broader market, as represented by the Russell 2000® Index.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Small Cap Financial Fund	Russell 2000® Index	Russell 2000® Index Financials
10/31/2014	10000	10000	10000
11/30/2014	9896	10009	9950
12/31/2014	10200	10294	10206
01/31/2015	9532	9963	9796
02/28/2015	10210	10555	10163
03/31/2015	10450	10738	10387
04/30/2015	10426	10465	10184
05/31/2015	10609	10703	10247
06/30/2015	11109	10784	10452
07/31/2015	11191	10658	10585
08/31/2015	10854	9989	9927
09/30/2015	11013	9498	9933
10/31/2015	11451	10034	10431
11/30/2015	12100	10360	10792
12/31/2015	11398	9840	10267
01/31/2016	10711	8975	9576
02/29/2016	10407	8974	9533
03/31/2016	10949	9690	10298
04/30/2016	11377	9842	10463
05/31/2016	11681	10064	10768
06/30/2016	11098	10058	10713
07/31/2016	11501	10658	11282
08/31/2016	12089	10847	11671
09/30/2016	12125	10968	11513
10/31/2016	12115	10446	11293
11/30/2016	14086	11611	12682
12/31/2016	15206	11936	13464
01/31/2017	14705	11984	13269
02/28/2017	14863	12215	13618
03/31/2017	14443	12231	13340
04/30/2017	14327	12365	13385
05/31/2017	13855	12113	12933
06/30/2017	14455	12532	13539
07/31/2017	14507	12625	13654
08/31/2017	13949	12465	13288
09/30/2017	15095	13243	14101
10/31/2017	15148	13355	14183
11/30/2017	15666	13740	14588
12/31/2017	15175	13685	14242
01/31/2018	15591	14042	14442
02/28/2018	15238	13499	13736
03/31/2018	15232	13673	14046
04/30/2018	15333	13792	14202
05/31/2018	16025	14629	14946
06/30/2018	15830	14734	14972
07/31/2018	15710	14990	15247
08/31/2018	15874	15637	15601
09/30/2018	15169	15260	15058
10/31/2018	13816	13603	13900
11/30/2018	14257	13819	14347
12/31/2018	12768	12178	12700
01/31/2019	13771	13548	14035
02/28/2019	14754	14252	14644
03/31/2019	13535	13954	14115
04/30/2019	14417	14428	14800
05/31/2019	13508	13306	13975
06/30/2019	14330	14246	14671
07/31/2019	14511	14328	14850
08/31/2019	13387	13621	14258
09/30/2019	13939	13904	14855
10/31/2019	14545	14270	15239
11/30/2019	14848	14858	15528
12/31/2019	15306	15286	15775
01/31/2020	14373	14796	15294
02/29/2020	13174	13550	13873
03/31/2020	9482	10606	10374
04/30/2020	10590	12063	11221
05/31/2020	10325	12848	11249
06/30/2020	10666	13302	11705
07/31/2020	10325	13670	11616
08/31/2020	10659	14441	12115
09/30/2020	9984	13958	11431
10/31/2020	12164	14251	12515
11/30/2020	14317	16877	14279
12/31/2020	15701	18337	15467
01/31/2021	16270	19260	15458
02/28/2021	19090	20460	17295
03/31/2021	20461	20666	18451
04/30/2021	21340	21100	18897
05/31/2021	22050	21143	19318
06/30/2021	20602	21553	18682
07/31/2021	19835	20775	18276
08/31/2021	21080	21239	19029
09/30/2021	21473	20613	18958
10/31/2021	22163	21490	20061
11/30/2021	21860	20594	19464
12/31/2021	22413	21055	20099
01/31/2022	22498	19028	19418
02/28/2022	22740	19231	19485
03/31/2022	21370	19470	18819
04/30/2022	19453	17540	17020
05/31/2022	20219	17567	17608
06/30/2022	18579	16122	16335
07/31/2022	20305	17805	17900
08/31/2022	19943	17441	17352
09/30/2022	19076	15769	16070
10/31/2022	20922	17506	18092
11/30/2022	21391	17914	18399
12/31/2022	19911	16752	16989
01/31/2023	20685	18384	17942
02/28/2023	20785	18074	17977
03/31/2023	16749	17210	15508
04/30/2023	15774	16901	15014
05/31/2023	14692	16745	14214
06/30/2023	15836	18106	15302
07/31/2023	18914	19213	17420
08/31/2023	17468	18252	16228
09/30/2023	16625	17178	15444
10/31/2023	15790	16006	14917
11/30/2023	17568	17455	16463
12/31/2023	20823	19588	19069
01/31/2024	19858	18826	18102
02/29/2024	18658	19890	18016
03/31/2024	19282	20602	18717
04/30/2024	17879	19152	17525
05/31/2024	18504	20113	18332
06/30/2024	18869	19927	18491
07/31/2024	22380	21952	21564
08/31/2024	22469	21624	21631
09/30/2024	22185	21775	21412
10/31/2024	22607	21460	21687

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Small Cap Financial Fund	43.17%	9.22%	8.50%
Russell 2000® Index Financials	45.38%	7.31%	8.05%
Russell 2000® Index	34.07%	8.50%	7.94%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$87,201,263
Number of Holdings	34
Annual Portfolio Turnover	54%
Total Advisory Fee	$658,265

Sector Breakdown (% of net assets)

sector breakdown	(%)
Financials	97.87%
Short-Term Investments and Other	2.25%
Liabilities in Excess of Other Assets	-0.12%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Small Cap Financial Fund

Institutional Class

HISFX

This annual shareholder report contains important information about the Hennessy Small Cap Financial Fund – Institutional Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$156	1.28%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed the Russell 2000® Index Financials (the Fund’s primary benchmark) and outperformed the Russell 2000® Index.

Factors Influencing Performance

Positioning

Performance

● While security selection contributed positively to the Fund’s performance, sub-industry allocation contributed strongly to the Fund’s underperformance.

● The outperformance of small-cap financial stocks has been fueled by solid earnings results and attractive valuations compared to the broader market, as represented by the Russell 2000® Index.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Small Cap Financial Fund	Russell 2000® Index	Russell 2000® Index Financials
10/31/2014	250000	250000	250000
11/30/2014	247591	250224	248750
12/31/2014	255130	257355	255148
01/31/2015	238560	249077	244890
02/28/2015	255529	263864	254067
03/31/2015	261718	268461	259663
04/30/2015	261119	261614	254600
05/31/2015	265910	267587	256177
06/30/2015	278487	269591	261288
07/31/2015	280483	266458	264615
08/31/2015	272099	249713	248169
09/30/2015	276291	237462	248324
10/31/2015	287470	250840	260770
11/30/2015	303641	259000	269809
12/31/2015	286257	245996	256676
01/31/2016	269103	224364	239391
02/29/2016	261384	224354	238323
03/31/2016	275107	242260	257444
04/30/2016	286043	246062	261563
05/31/2016	293762	251605	269200
06/30/2016	279181	251446	267822
07/31/2016	289474	266459	282050
08/31/2016	304269	271171	291781
09/30/2016	305341	274192	287826
10/31/2016	305127	261157	282315
11/30/2016	354873	290279	317057
12/31/2016	383356	298412	336609
01/31/2017	370903	299589	331728
02/28/2017	375054	305371	340450
03/31/2017	364311	305771	333506
04/30/2017	361625	309124	334627
05/31/2017	349904	302835	323318
06/30/2017	365043	313304	338482
07/31/2017	366508	315631	341356
08/31/2017	352590	311616	332192
09/30/2017	381647	331063	352529
10/31/2017	383112	333885	354568
11/30/2017	396298	343508	364705
12/31/2017	383872	342121	356062
01/31/2018	394703	351062	361041
02/28/2018	385985	337469	343391
03/31/2018	385985	341833	351157
04/30/2018	388627	344789	355047
05/31/2018	406328	365718	373655
06/30/2018	401308	368338	374291
07/31/2018	398402	374758	381180
08/31/2018	402629	390914	390034
09/30/2018	385193	381511	376456
10/31/2018	350848	340073	347510
11/30/2018	362208	345478	358686
12/31/2018	324527	304440	317494
01/31/2019	350042	338689	350878
02/28/2019	374983	356297	366106
03/31/2019	344308	348840	352880
04/30/2019	366956	360690	370005
05/31/2019	343734	332639	349372
06/30/2019	364662	356149	366768
07/31/2019	369536	358199	371249
08/31/2019	340868	340513	356446
09/30/2019	355202	347598	371369
10/31/2019	370396	356753	380969
11/30/2019	378423	371438	388205
12/31/2019	390099	382148	394366
01/31/2020	366412	369892	382352
02/29/2020	336127	338754	346834
03/31/2020	241976	265155	259339
04/30/2020	270161	301575	280527
05/31/2020	263564	321200	281223
06/30/2020	272260	332553	292634
07/31/2020	263564	341758	290402
08/31/2020	272260	361014	302873
09/30/2020	254869	348955	285783
10/31/2020	310940	356263	312881
11/30/2020	366112	421931	356984
12/31/2020	401446	458428	386663
01/31/2021	416144	481498	386459
02/28/2021	488717	511507	432376
03/31/2021	523932	516644	461265
04/30/2021	546591	527493	472432
05/31/2021	564964	528581	482961
06/30/2021	527912	538822	467041
07/31/2021	508621	519366	456892
08/31/2021	540467	530983	475732
09/30/2021	550878	515327	473938
10/31/2021	568639	537249	501522
11/30/2021	561290	514862	486594
12/31/2021	575573	526363	502480
01/31/2022	577762	475688	485449
02/28/2022	584327	480766	487128
03/31/2022	549311	486750	470465
04/30/2022	499914	438508	425497
05/31/2022	519923	439171	440188
06/30/2022	478029	403052	408387
07/31/2022	522424	445132	447496
08/31/2022	513357	436023	433795
09/30/2022	491160	394237	401750
10/31/2022	538994	437638	452298
11/30/2022	551187	447860	459986
12/31/2022	513160	418793	424729
01/31/2023	533175	459611	448551
02/28/2023	535936	451848	449421
03/31/2023	432062	430259	387690
04/30/2023	406870	422523	375354
05/31/2023	379262	418620	355354
06/30/2023	408940	452655	382546
07/31/2023	488313	480336	435501
08/31/2023	451042	456306	405703
09/30/2023	429646	429442	386107
10/31/2023	407905	400155	372932
11/30/2023	454148	436372	411579
12/31/2023	538338	489690	476736
01/31/2024	513633	470644	452547
02/29/2024	482660	497255	450391
03/31/2024	498884	515056	467920
04/30/2024	462749	478805	438137
05/31/2024	478973	502826	458289
06/30/2024	488560	498174	462273
07/31/2024	579635	548789	539090
08/31/2024	582216	540591	540778
09/30/2024	574842	544369	535292
10/31/2024	585903	536506	542171

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Small Cap Financial Fund	43.64%	9.61%	8.89%
Russell 2000® Index Financials	45.38%	7.31%	8.05%
Russell 2000® Index	34.07%	8.50%	7.94%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$87,201,263
Number of Holdings	34
Annual Portfolio Turnover	54%
Total Advisory Fee	$658,265

Sector Breakdown (% of net assets)

sector breakdown	(%)
Financials	97.87%
Short-Term Investments and Other	2.25%
Liabilities in Excess of Other Assets	-0.12%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Technology Fund

Investor Class

HTECX

This annual shareholder report contains important information about the Hennessy Technology Fund – Investor Class (the “Fund”) for the period of November 1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$142	1.23%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Nasdaq Composite Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

● Holdings in the Semiconductors, Systems Software, and Application Software industries contributed the most to performance.● Holdings in the Electronic Components industry detracted the most from performance.● Stocks that contributed the most to performance included NVIDIA Corp., Cellebrite DI Ltd., and Commvault Systems, Inc.● Stocks that detracted the most from performance included Super Micro Computer, Inc., Qualys, Inc., and Viasat, Inc.

Positioning

● At the end of the period, the Fund was most exposed to companies in the Systems Software, Semiconductors, and Application Software industries.

Performance

● While the Fund’s absolute performance was strong, it was underexposed to the large “Magnificent Seven”companies that accounted for a large share of the primary benchmarks’ performance.

● The Fund’s exposure to companies such as NVIDIA Corp. and Broadcom Inc., that are helping to power the next generation of artificial intelligence computing, contributed strongly to performance.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Technology Fund	S&P 500® Index	Nasdaq Composite Index
10/31/2014	10000	10000	10000
11/30/2014	10155	10269	10366
12/31/2014	9913	10243	10252
01/31/2015	9731	9936	10039
02/28/2015	10336	10507	10767
03/31/2015	10175	10340	10641
04/30/2015	10283	10440	10732
05/31/2015	10525	10574	11029
06/30/2015	10276	10369	10857
07/31/2015	10518	10586	11170
08/31/2015	9697	9948	10422
09/30/2015	9361	9702	10087
10/31/2015	10336	10520	11039
11/30/2015	10417	10551	11180
12/31/2015	10256	10385	10966
01/31/2016	9280	9869	10109
02/29/2016	9206	9856	10006
03/31/2016	9758	10525	10700
04/30/2016	9798	10566	10498
05/31/2016	10114	10755	10899
06/30/2016	9899	10783	10675
07/31/2016	10518	11181	11385
08/31/2016	10707	11196	11519
09/30/2016	10962	11199	11744
10/31/2016	10646	10994	11478
11/30/2016	10485	11401	11799
12/31/2016	10464	11627	11939
01/31/2017	10962	11847	12458
02/28/2017	11319	12318	12945
03/31/2017	11218	12332	13148
04/30/2017	11265	12459	13456
05/31/2017	11642	12634	13815
06/30/2017	11649	12713	13695
07/31/2017	12059	12974	14164
08/31/2017	11891	13014	14367
09/30/2017	12147	13283	14526
10/31/2017	12423	13593	15051
11/30/2017	12544	14009	15403
12/31/2017	12578	14165	15477
01/31/2018	13420	14976	16623
02/28/2018	13516	14424	16334
03/31/2018	13412	14058	15878
04/30/2018	13420	14112	15890
05/31/2018	14003	14451	16764
06/30/2018	13626	14540	16927
07/31/2018	13929	15081	17298
08/31/2018	15229	15573	18311
09/30/2018	14867	15662	18182
10/31/2018	13324	14591	16516
11/30/2018	13457	14888	16597
12/31/2018	12348	13544	15038
01/31/2019	14021	14629	16509
02/28/2019	15006	15099	17103
03/31/2019	14947	15393	17565
04/30/2019	15941	16016	18403
05/31/2019	14038	14998	16970
06/30/2019	15227	16055	18245
07/31/2019	15737	16286	18638
08/31/2019	15219	16028	18180
09/30/2019	15567	16328	18277
10/31/2019	16051	16681	18956
11/30/2019	16892	17287	19836
12/31/2019	17177	17809	20556
01/31/2020	17072	17802	20972
02/29/2020	15519	16336	19658
03/31/2020	13347	14319	17687
04/30/2020	15223	16154	20426
05/31/2020	16086	16923	21835
06/30/2020	16819	17260	23160
07/31/2020	17351	18233	24748
08/31/2020	18468	19544	27148
09/30/2020	18145	18801	25763
10/31/2020	17883	18301	25181
11/30/2020	21207	20305	28179
12/31/2020	22842	21085	29789
01/31/2021	22833	20872	30218
02/28/2021	24107	21448	30523
03/31/2021	24879	22387	30669
04/30/2021	25390	23582	32335
05/31/2021	25313	23747	31869
06/30/2021	26336	24301	33636
07/31/2021	26268	24878	34036
08/31/2021	26693	25635	35426
09/30/2021	25168	24443	33560
10/31/2021	25950	26155	36007
11/30/2021	25187	25974	36127
12/31/2021	25895	27138	36395
01/31/2022	23846	25734	33134
02/28/2022	23060	24963	32024
03/31/2022	23111	25890	33139
04/30/2022	20624	23632	28752
05/31/2022	20701	23676	28196
06/30/2022	18484	21721	25756
07/31/2022	20469	23724	28946
08/31/2022	19683	22757	27635
09/30/2022	17543	20661	24749
10/31/2022	19090	22334	25723
11/30/2022	20482	23582	26883
12/31/2022	19091	22223	24554
01/31/2023	21116	23619	27187
02/28/2023	20974	23043	26914
03/31/2023	22032	23889	28739
04/30/2023	20445	24262	28758
05/31/2023	22393	24367	30462
06/30/2023	24005	25977	32490
07/31/2023	24470	26812	33814
08/31/2023	23851	26385	33119
09/30/2023	22754	25127	31210
10/31/2023	21851	24599	30350
11/30/2023	24238	26845	33638
12/31/2023	25953	28065	35514
01/31/2024	26082	28536	35885
02/29/2024	27346	30060	38117
03/31/2024	27772	31027	38822
04/30/2024	26301	29760	37121
05/31/2024	27488	31236	39713
06/30/2024	28894	32356	42108
07/31/2024	29449	32750	41802
08/31/2024	29436	33545	42109
09/30/2024	29449	34261	43270
10/31/2024	28739	33950	43056

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Technology Fund	31.52%	12.36%	11.13%
Nasdaq Composite Index	41.87%	17.83%	15.72%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$7,893,487
Number of Holdings	60
Annual Portfolio Turnover	84%
Total Advisory Fee	$57,066

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	8.28%
Information Technology	88.96%
Short-Term Investments and Other	2.92%
Liabilities in Excess of Other Assets	-0.16%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Technology Fund

Institutional Class

HTCIX

This annual shareholder report contains important information about the Hennessy Technology Fund – Institutional Class (the “Fund”) for the period of November1, 2023, to October 31, 2024.You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$114	0.98%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed both the Nasdaq Composite Index (the Fund’s primary benchmark) and the S&P 500® Index.

Factors Influencing Performance

Positioning

● At the end of the period, the Fund was most exposed to companies in the Systems Software, Semiconductors, and Application Software industries.

Performance

● While the Fund’s absolute performance was strong, it was underexposed to the large “Magnificent Seven”companies that accounted for a large share of the primary benchmarks’ performance.

● The Fund’s exposure to companies such as NVIDIA Corp. and Broadcom Inc., that are helping to power the next generation of artificial intelligence computing, contributed strongly to performance.

How did the Fund perform over the last 10 years?

Change in Value of $250,000 Investment

Date	Hennessy Technology Fund	S&P 500® Index	Nasdaq Composite Index
10/31/2014	250000	250000	250000
11/30/2014	253828	256724	259145
12/31/2014	247836	256077	256312
01/31/2015	243509	248390	250968
02/28/2015	258655	262665	269167
03/31/2015	254660	258511	266024
04/30/2015	257490	260991	268311
05/31/2015	263648	264347	275725
06/30/2015	257490	259230	271430
07/31/2015	263648	264661	279252
08/31/2015	243176	248693	260538
09/30/2015	234687	242540	252187
10/31/2015	259321	262999	275986
11/30/2015	261485	263781	279507
12/31/2015	257490	259621	274159
01/31/2016	233189	246737	252731
02/29/2016	231358	246404	250140
03/31/2016	245173	263120	267497
04/30/2016	246338	264140	262442
05/31/2016	254328	268883	272483
06/30/2016	248835	269580	266872
07/31/2016	264647	279519	284619
08/31/2016	269308	279912	287964
09/30/2016	275965	279965	293608
10/31/2016	268142	274858	286938
11/30/2016	264148	285037	294972
12/31/2016	263648	290671	298469
01/31/2017	276298	296184	311438
02/28/2017	285453	307944	323615
03/31/2017	282956	308304	328695
04/30/2017	284121	311470	336406
05/31/2017	293775	315853	345378
06/30/2017	293941	317824	342384
07/31/2017	304427	324360	354098
08/31/2017	300100	325353	359178
09/30/2017	306758	332064	363147
10/31/2017	313748	339813	376268
11/30/2017	316744	350235	385085
12/31/2017	317866	354129	386928
01/31/2018	339240	374404	415566
02/28/2018	341614	360605	408348
03/31/2018	339057	351441	396938
04/30/2018	339240	352789	397248
05/31/2018	354037	361285	419090
06/30/2018	344720	363509	423185
07/31/2018	352393	377036	432462
08/31/2018	385458	389322	457774
09/30/2018	376324	391538	454551
10/31/2018	337413	364776	412903
11/30/2018	340884	372210	414936
12/31/2018	312772	338603	375939
01/31/2019	355203	365737	412726
02/28/2019	380200	377480	427574
03/31/2019	378940	384815	439123
04/30/2019	403936	400396	460085
05/31/2019	355834	374952	424262
06/30/2019	386292	401377	456115
07/31/2019	399315	407146	465943
08/31/2019	386081	400696	454489
09/30/2019	394904	408194	456928
10/31/2019	407507	417035	473890
11/30/2019	428723	432173	495902
12/31/2019	436269	445217	513888
01/31/2020	433678	445042	524306
02/29/2020	394175	408407	491449
03/31/2020	339128	357963	442176
04/30/2020	386835	403852	510659
05/31/2020	409070	423087	545866
06/30/2020	427418	431501	579010
07/31/2020	441234	455831	618697
08/31/2020	469513	488596	678704
09/30/2020	461525	470031	644077
10/31/2020	455049	457531	629537
11/30/2020	539670	507614	704486
12/31/2020	581379	527131	744717
01/31/2021	581379	521809	755453
02/28/2021	613944	536198	763087
03/31/2021	633578	559681	766714
04/30/2021	646748	589551	808373
05/31/2021	644832	593669	796718
06/30/2021	671172	607528	840904
07/31/2021	669735	621959	850903
08/31/2021	680510	640871	885641
09/30/2021	641959	611064	838989
10/31/2021	662073	653876	900181
11/30/2021	642677	649345	903186
12/31/2021	660799	678446	909874
01/31/2022	608665	643339	828358
02/28/2022	588834	624076	800611
03/31/2022	590114	647248	828482
04/30/2022	526784	590807	718791
05/31/2022	529023	591891	704890
06/30/2022	472411	543034	643908
07/31/2022	523266	593104	723659
08/31/2022	503116	568916	690869
09/30/2022	448422	516520	618713
10/31/2022	488083	558338	643081
11/30/2022	523906	589540	672080
12/31/2022	488517	555574	613843
01/31/2023	540261	590483	679673
02/28/2023	536725	576076	672841
03/31/2023	564044	597226	718476
04/30/2023	523548	606548	718950
05/31/2023	573364	609184	761559
06/30/2023	614824	649436	812238
07/31/2023	626715	670299	845346
08/31/2023	610967	659627	827980
09/30/2023	583006	628177	780245
10/31/2023	560187	614969	758746
11/30/2023	621252	671131	840942
12/31/2023	665604	701621	887855
01/31/2024	669139	713411	897122
02/29/2024	701600	751504	952928
03/31/2024	712527	775684	970539
04/30/2024	675246	744001	928022
05/31/2024	705778	780892	992825
06/30/2024	742095	808912	1052711
07/31/2024	756558	818759	1045052
08/31/2024	756236	838619	1052737
09/30/2024	756879	856530	1081751
10/31/2024	738560	848762	1076404

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	5 Year	10 Year
Hennessy Technology Fund	31.84%	12.63%	11.44%
Nasdaq Composite Index	41.87%	17.83%	15.72%
S&P 500® Index	38.02%	15.27%	13.00%

Key Fund Statistics

(as of October 31, 2024)


Fund Size	$7,893,487
Number of Holdings	60
Annual Portfolio Turnover	84%
Total Advisory Fee	$57,066

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	8.28%
Information Technology	88.96%
Short-Term Investments and Other	2.92%
Liabilities in Excess of Other Assets	-0.16%

Sector sub-classifications may differ from those utilized for compliance purposes.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

Householding

Annual Shareholder Report

Hennessy Stance ESG ETF

STNC

This annual shareholder report contains important information about the Hennessy Stance ESG ETF (the “Fund”) for the period of November 1, 2023, to October31,2024.You can find additional information about the Fund at https://www.hennessyetfs.com/etfs/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 orfundsinfo@hennessyfunds.com. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Hennessy Stance ESG ETF	$97	0.85%

How did the Fund perform last year and what affected its performance?

For the one-year period ended October 31, 2024, the Fund underperformed the S&P 500® Index.

Factors Influencing Performance

The largest driver of the Fund’s underperformance relative to the S&P 500® Index was the Fund having less exposure to mega-cap names that have been large contributors to benchmark performance. The Fund has a targeted maximum position size in a single security of 3.5%, whereas the “Magnificent Seven”stocks (Microsoft, Tesla, Facebook (Meta), Apple, Amazon, NVIDIA, and Google (Alphabet)) comprised more than 31% of the S&P 500® Index by weight as of October 31, 2024.

Positioning

The Fund invests in companies that have two key properties: (1) they are in the top half of their sector peers based on up to 25 sustainability-related key performance indicators and (2) they are identified by our machine-learning model as most likely to outperform both in absolute returns and in risk adjusted returns over the next quarter. Investments are then allocated with the goal of having the least amount of risk. We generally expect the Fund to outperform in a down market and underperform in a rising market environment after a large downturn.

How did the Fund perform over the last 10 years?

Change in Value of $10,000 Investment

Date	Hennessy Stance ESG ETF	S&P 500® Index
03/15/2021	10000	10000
04/30/2021	10043	10549
07/31/2021	10802	11129
10/31/2021	11116	11700
01/31/2022	10899	11512
04/30/2022	10304	10572
07/31/2022	10351	10613
10/31/2022	10294	9991
01/31/2023	10684	10566
04/30/2023	10796	10853
07/31/2023	10942	11994
10/31/2023	9677	11004
01/31/2024	11374	12766
04/30/2024	11691	13313
07/31/2024	12136	14651
10/31/2024	12405	15188

Average Annual Total Returns

for Periods Ended October 31, 2024

	1 Year	SinceInception (3/15/21)
Hennessy Stance ESG ETF - NAV	28.18%	6.17%
S&P 500® Index	38.02%	12.20%

Past performance does not guarantee future results. The graph above illustrates the performance of an initial investment of $10,000 in the Fund made on its inception date compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyetfs.com/. Performance for periods including or prior to December 22, 2022, is that of the Stance Equity ESG Large Cap Core ETF.

Key Fund Statistics

(as of October31,2024)


Fund Size	$99,824,552
Number of Holdings	36
Annual Portfolio Turnover	291%
Total Advisory Fee	$905,589

Sector Breakdown (% of net assets)

sector breakdown	(%)
Communication Services	6.50%
Consumer Discretionary	20.05%
Consumer Staples	3.31%
Financials	19.98%
Health Care	21.89%
Industrials	11.98%
Information Technology	9.43%
Materials	1.54%
Utilities	4.95%
Short-Term Investments and Other	0.35%
Other Assets in Excess of Liabilities	0.02%

Sector sub-classifications may differ from those utilized for compliance purposes.

Material Fund Changes

This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by February 28, 2025, at https://www.hennessyetfs.com/etfs/regulatory-documents or upon request at fundsinfo@hennessyfunds.com or by calling 1-800-966-4354.

On October 24, 2023, and January 31, 2024, respectively, the Fund acquired the net assets of CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund (together, the “CCM Funds”) in the amounts of $12,436,393 and $49,220,453 and issued 490,155 and 2,015,987 shares of the Fund to prior shareholders of the CCM Funds in a non-taxable reorganization. The CCM Funds and the Fund have substantially similar investment objectives.

Effective as of April 22, 2024, Austin Wen, CFA, replaced Ryan Dofflemeyer as a Portfolio Manager of the Fund.

Effective as of December 18, 2024, the exchange on which shares of the Fund trade changed from NYSE Arca, Inc. to The Nasdaq Stock Market LLC.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyetfs.com/etfs/regulatory-documents.

Householding

Householding is a method of delivery, based on the preference of the individual beneficial owner, in which a single copy of certain shareholder documents can be delivered to beneficial owners who share the same address, even if their accounts are registered under different names. Householding for the Fund may be available through the banks, broker-dealers and other financial intermediaries acting as authorized participants of the Fund. If you are interested in enrolling in householding and receiving a single copy of the prospectus and other shareholder documents, please contact your financial intermediary. If you currently are enrolled in householding and wish to change your householding status, please contact your financial intermediary.

(b)	Not applicable.

Item 2.

Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics or granted any waivers from any provisions thereunder during the period covered by this report. A copy of the registrant’s code of ethics is filed herewith.

Item 3.

Audit Committee Financial Expert.

The registrant’s board of trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the financial and business experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant’s level of financial complexity.

Item 4.

Principal Accountant Fees and Services.

(a)–(d)

The registrant has engaged its principal accountant, Tait, Weller & Baker LLP, to perform audit services, audit-related services, tax services, and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit‑related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, tax planning, and review of federal and state tax returns. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years by the registrant’s principal accountant:

	FYE 10/31/2024	FYE 10/31/2023
(a) Audit Fees	$331,300	$328,300
(b) Audit-Related Fees	-	-
(c) Tax Fees	$70,550	$69,900
(d) All Other Fees	-	-

(e)(1)

The audit committee has adopted pre-approval procedures for audit and non-audit services provided to the registrant. Under the procedures, at any regularly scheduled audit committee meeting, the audit committee may pre-approve any audit, audit-related, tax, and other non-audit services to be rendered or that may be rendered by a principal accountant to the registrant and certain non-audit services to be rendered by a principal accountant to the investment advisor to the registrant’s series or such advisor’s affiliates that provide ongoing services to the registrant. The audit committee either specifically pre-approves the services or pre-approves a type of a service. No pre-approval is required for non-audit services that meet the following criteria: (1) the aggregate amount of fees to be paid for all such non-audit services is not more than 5% of the total revenues paid by the registrant to the principal accountant in the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the audit committee and approved prior to the completion of the audit.

The audit committee must pre-approve a principal accountant’s engagements for non-audit services with the investment advisor to the registrant’s series and such advisor’s affiliates that provide ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, unless the aggregate amount of fees to be paid for all such services provided constitutes no more than 5% of the aggregate revenues paid to the principal accountant by the registrant, the investment advisor and such advisor’s affiliates that provide ongoing services to the registrant, during the fiscal year in which the services are to be provided.

If a service has not been pre-approved at a regularly scheduled audit committee meeting, and if, in the opinion of the Chief Compliance Officer of the registrant, a proposed engagement must commence before the next regularly scheduled audit committee meeting, any member of the audit committee is authorized under the procedures to pre-approve the engagement. The Chief Compliance Officer of the registrant will arrange for this interim review, coordinate with the designated member of the audit committee and provide, with the assistance of the principal accountant, information about the service to be pre-approved for the interim period. Any interim pre-approval decisions are reported (for informational purposes) to the audit committee at its next regularly scheduled meeting.

All of the tax services referenced above were pre-approved in accordance with the pre-approval procedures for audit and non-audit services.

(e)(2)

None of the fees billed by Tait, Weller & Baker LLP applicable to non-audit services in each of Items 4(b) through (d) of this Form were pursuant to a waiver of a pre‑approval requirement.

(f)

Not applicable. All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

(g)

The principal accountant has not provided any non-audit services in the last two fiscal years to the registrant, to the investment advisor to the registrant’s series, Hennessy Advisors, Inc., or to any entity controlling, controlled by, or under common control with Hennessy Advisors, Inc.

(h)

In assessing the independence of the registrant’s principal accountant, the registrant’s board of trustees noted that the principal accountant has not provided any non‑audit services to the investment advisor to the registrant’s series, Hennessy Advisors, Inc., or to any entity controlling, controlled by, or under common control with Hennessy Advisors, Inc.

(i)

Not applicable.

(j)

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

(a)

The registrant is an issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The independent members of the committee are as follows: Robert Doyle, J. Dennis DeSousa, Doug Franklin, Claire Garvie, and Gerald Richardson.

(b)	Not applicable.

Item 6.

Investments.

(a)	The Schedules of Investments are included within the financial statements filed under Item 7(a) of this Form.

(b)	Not applicable.

Financial Statements and Other Information

Name of registrant: Hennessy Funds Trust

Date of fiscal year end: October 31, 2024

Date of reporting period: November 1, 2023 – October 31, 2024

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

ANNUAL FINANCIAL STATEMENTS

AND OTHER INFORMATION

OCTOBER 31, 2024


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

www.hennessyfunds.com | 1-800-966-4354

(This Page Intentionally Left Blank.)

Contents

Financial Statements
Schedules of Investments
Hennessy Cornerstone Growth Fund	2
Hennessy Focus Fund	4
Hennessy Cornerstone Mid Cap 30 Fund	6
Hennessy Cornerstone Large Growth Fund	8
Hennessy Cornerstone Value Fund	10
Hennessy Total Return Fund	12
Hennessy Equity and Income Fund	14
Hennessy Balanced Fund	17
Hennessy Energy Transition Fund	18
Hennessy Midstream Fund	20
Hennessy Gas Utility Fund	21
Hennessy Japan Fund	23
Hennessy Japan Small Cap Fund	24
Hennessy Large Cap Financial Fund	26
Hennessy Small Cap Financial Fund	27
Hennessy Technology Fund	28
Statements of Assets and Liabilities	30
Statements of Operations	34
Statements of Changes in Net Assets	38
Statement of Cash Flows – Hennessy Total Return Fund	46
Financial Highlights
Hennessy Cornerstone Growth Fund	47
Hennessy Focus Fund	49
Hennessy Cornerstone Mid Cap 30 Fund	51
Hennessy Cornerstone Large Growth Fund	53
Hennessy Cornerstone Value Fund	55
Hennessy Total Return Fund	57
Hennessy Equity and Income Fund	58
Hennessy Balanced Fund	60
Hennessy Energy Transition Fund	61
Hennessy Midstream Fund	63
Hennessy Gas Utility Fund	65
Hennessy Japan Fund	67
Hennessy Japan Small Cap Fund	69
Hennessy Large Cap Financial Fund	71
Hennessy Small Cap Financial Fund	73
Hennessy Technology Fund	75
Notes to the Financial Statements	77
Report of Independent Registered Public Accounting Firm	88
Federal Tax Distribution Information	89

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Cornerstone Growth Fund

COMMON STOCKS – 97.67%	Number of				% of
	Shares		Value		Net Assets
Communication Services – 2.11%
Live Nation Entertainment, Inc. (a)		91,900	$	10,765,166		2.11	%

Consumer Discretionary – 18.88%
American Eagle Outfitters, Inc.		365,700		7,164,063		1.40	%
Dave & Buster’s Entertainment, Inc. (a)		148,700		5,491,491		1.07	%
Dream Finders Homes, Inc., Class A (a)		223,400		6,668,490		1.30	%
Gap, Inc.		380,300		7,898,831		1.55	%
Groupon, Inc. (a)		811,200		8,322,912		1.63	%
Guess?, Inc.		306,000		5,198,940		1.02	%
PVH Corp.		76,180		7,500,683		1.47	%
Stellantis NV		339,200		4,619,904		0.90	%
Stride, Inc. (a)		152,100		14,187,888		2.77	%
Toll Brothers, Inc.		74,800		10,953,712		2.14	%
Universal Technical Institute, Inc. (a)		654,800		10,895,872		2.13	%
Urban Outfitters, Inc. (a)		213,500		7,675,325		1.50	%
				96,578,111		18.88	%

Consumer Staples – 3.78%
Sprouts Farmers Market, Inc. (a)		150,600		19,341,558		3.78	%

Energy – 4.70%
Liberty Energy, Inc.		456,900		7,799,283		1.52	%
TechnipFMC PLC		375,800		10,030,102		1.96	%
Ultrapar Participacoes SA – ADR		1,716,900		6,215,178		1.22	%
				24,044,563		4.70	%

Financials – 12.97%
Allstate Corp.		55,500		10,351,860		2.03	%
Assurant, Inc.		51,200		9,815,040		1.92	%
LendingTree, Inc. (a)		229,800		13,105,494		2.56	%
Mercury General Corp.		182,200		12,322,186		2.41	%
Oscar Health, Inc., Class A (a)		652,200		10,956,960		2.14	%
SiriusPoint Ltd. (a)		743,205		9,765,714		1.91	%
				66,317,254		12.97	%

Health Care – 11.53%
Amneal Pharmaceuticals, Inc. (a)		1,583,500		13,412,245		2.62	%
Brookdale Senior Living, Inc. (a)		1,421,400		8,912,178		1.74	%
DaVita, Inc. (a)		69,500		9,716,795		1.90	%
Tenet Healthcare Corp. (a)		91,800		14,230,836		2.78	%
Teva Pharmaceutical
Industries Ltd. – ADR (a)		688,700		12,699,628		2.49	%
				58,971,682		11.53	%

Industrials – 33.27%
American Woodmark Corp. (a)		95,800		8,690,018		1.70	%
AZZ, Inc.		124,600		9,492,028		1.86	%
Blue Bird Corp. (a)		249,600		10,510,656		2.06	%
Cimpress PLC (a)		104,600		7,218,446		1.41	%
EMCOR Group, Inc.		27,000		12,043,890		2.35	%
Greenbrier Companies, Inc.		187,000		11,083,490		2.17	%
Griffon Corp.		132,700		8,344,176		1.63	%
IES Holdings, Inc. (a)		78,300		17,121,469		3.35	%
Interface, Inc.		577,100		10,081,937		1.97	%
JELD-WEN Holding, Inc. (a)		452,300		6,404,568		1.25	%
Masterbrand, Inc. (a)		521,200		9,360,752		1.83	%
Moog, Inc., Class A		61,000		11,504,600		2.25	%
Quanex Building Products Corp.		258,418		7,509,627		1.47	%
REV Group, Inc.		436,900		11,577,850		2.26	%
Tutor Perini Corp. (a)		647,281		16,777,524		3.28	%
VSE Corp.		121,246		12,442,264		2.43	%
				170,163,295		33.27	%

Information Technology – 7.78%
Celestica, Inc. (a)		208,700		14,275,080		2.79	%
Dell Technologies, Inc., Class C		80,100		9,902,763		1.94	%
Penguin Solutions, Inc. (a)		459,000		6,907,950		1.35	%
Turtle Beach Corp. (a)		543,600		8,681,292		1.70	%
				39,767,085		7.78	%

Materials – 1.16%
Koppers Holdings, Inc.		174,900		5,948,349		1.16	%

Real Estate – 1.49%
Forestar Group, Inc. (a)		240,700		7,598,899		1.49	%

Total Common Stocks
(Cost $475,041,097)				499,495,962		97.67	%

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Cornerstone Growth Fund

SHORT-TERM INVESTMENTS – 2.34%	Number of					% of
	Shares		Value			Net Assets
Money Market Funds – 2.34%
First American Government
Obligations Fund – Class X, 4.781% (b)		11,977,133	$	11,977,133			2.34	%

Total Short-Term Investments
(Cost $11,977,133)				11,977,133			2.34	%

Total Investments
(Cost $487,018,230) – 100.01%				511,473,095			100.01	%
Liabilities in Excess of
Other Assets – (0.01)%				(42,209	)		(0.01	)%

TOTAL NET ASSETS – 100.00%			$	511,430,886			100.00	%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

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 October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	10,765,166	$	—	$	—	$	10,765,166
Consumer Discretionary		96,578,111		—		—		96,578,111
Consumer Staples		19,341,558		—		—		19,341,558
Energy		24,044,563		—		—		24,044,563
Financials		66,317,254		—		—		66,317,254
Health Care		58,971,682		—		—		58,971,682
Industrials		170,163,295		—		—		170,163,295
Information Technology		39,767,085		—		—		39,767,085
Materials		5,948,349		—		—		5,948,349
Real Estate		7,598,899		—		—		7,598,899
Total Common Stocks	$	499,495,962	$	—	$	—	$	499,495,962
Short-Term Investments
Money Market Funds	$	11,977,133	$	—	$	—	$	11,977,133
Total Short-Term Investments	$	11,977,133	$	—	$	—	$	11,977,133
Total Investments	$	511,473,095	$	—	$	—	$	511,473,095

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Focus Fund

COMMON STOCKS – 92.98%	Number of					% of
	Shares		Value			Net Assets
Communication Services – 18.53%
AST SpaceMobile, Inc. (a)		2,982,567	$	71,014,920			10.53	%
Cogent Communications Holdings, Inc.		492,488		39,532,012			5.86	%
Shenandoah Telecommunications Co.		796,737		11,026,840			1.63	%
Warner Music Group Corp., Class A		107,601		3,438,928			0.51	%
				125,012,700			18.53	%

Consumer Discretionary – 23.52%
CarMax, Inc. (a)		551,679		39,930,526			5.92	%
Floor & Decor Holdings, Inc., Class A (a)		62,000		6,389,100			0.95	%
Hilton Worldwide Holdings, Inc.		84,181		19,769,908			2.93	%
NVR, Inc. (a)		2,348		21,490,798			3.18	%
O’Reilly Automotive, Inc. (a)		39,839		45,939,944			6.81	%
Restoration Hardware Holdings, Inc. (a)		79,151		25,173,975			3.73	%
				158,694,251			23.52	%

Financials – 29.77%
Aon PLC, Class A		126,627		46,455,648			6.89	%
Brookfield Asset Management Ltd.		455,853		24,178,443			3.58	%
Brookfield Corp.		916,868		48,594,004			7.20	%
Brookfield Wealth Solutions Ltd.		15,721		834,313			0.12	%
Encore Capital Group, Inc. (a)		926,569		42,325,672			6.27	%
Markel Group, Inc. (a)		24,959		38,487,027			5.71	%
				200,875,107			29.77	%

Health Care – 2.58%
Danaher Corp.		70,807		17,394,448			2.58	%

Industrials – 9.48%
Ashtead Group PLC		616,544		46,015,018			6.82	%
TransDigm Group, Inc.		13,794		17,963,926			2.66	%
				63,978,944			9.48	%

Information Technology – 8.03%
Applied Materials, Inc.		149,465		27,139,855			4.02	%
CDW Corp.		143,625		27,034,534			4.01	%
				54,174,389			8.03	%

Real Estate – 1.07%
Altus Group Ltd.		191,795		7,256,624			1.07	%

Total Common Stocks
(Cost $258,696,352)				627,386,463			92.98	%

REITS – 6.10%
Real Estate – 6.10%
American Tower Corp., Class A		192,727		41,154,924			6.10	%

Total REITS
(Cost $148,400)				41,154,924			6.10	%


SHORT-TERM INVESTMENTS – 1.08%
Money Market Funds – 1.08%
First American Government
Obligations Fund – Class X, 4.821% (b)		7,285,087		7,285,087			1.08	%

Total Short-Term Investments
(Cost $7,285,087)				7,285,087			1.08	%

Total Investments
(Cost $266,129,839) – 100.16%				675,826,474			100.16	%
Liabilities in Excess of
Other Assets – (0.16)%				(1,097,414	)		(0.16	)%

TOTAL NET ASSETS – 100.00%			$	674,729,060			100.00	%

Percentages are stated as a percent of net assets.

PLC – Public Limited Company

REIT – Real Estate Investment Trust

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Focus Fund

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	125,012,700	$	—	$	—	$	125,012,700
Consumer Discretionary		158,694,251		—		—		158,694,251
Financials		200,875,107		—		—		200,875,107
Health Care		17,394,448		—		—		17,394,448
Industrials		63,978,944		—		—		63,978,944
Information Technology		54,174,389		—		—		54,174,389
Real Estate		7,256,624		—		—		7,256,624
Total Common Stocks	$	627,386,463	$	—	$	—	$	627,386,463
REITS
Real Estate	$	41,154,924	$	—	$	—	$	41,154,924
Total REITS	$	41,154,924	$	—	$	—	$	41,154,924
Short-Term Investments
Money Market Funds	$	7,285,087	$	—	$	—	$	7,285,087
Total Short-Term Investments	$	7,285,087	$	—	$	—	$	7,285,087
Total Investments	$	675,826,474	$	—	$	—	$	675,826,474

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Cornerstone Mid Cap 30 Fund

COMMON STOCKS – 96.26%	Number of				% of
	Shares		Value		Net Assets
Communication Services – 5.37%
Cinemark Holdings, Inc. (a)		1,833,000	$	54,531,750		3.42	%
Lumen Technologies, Inc. (a)		4,882,700		31,200,453		1.95	%
				85,732,203		5.37	%

Consumer Discretionary – 27.96%
Abercrombie & Fitch Co., Class A (a)		37,500		4,942,125		0.31	%
Brinker International, Inc. (a)		369,200		37,920,532		2.37	%
Cheesecake Factory, Inc.		1,054,400		48,734,368		3.05	%
Gap, Inc.		1,228,700		25,520,099		1.60	%
Group 1 Automotive, Inc.		36,000		13,115,520		0.82	%
Guess?, Inc.		405,300		6,886,047		0.43	%
Hanesbrands, Inc. (a)		4,363,800		30,328,410		1.90	%
KB Home		383,400		30,096,900		1.89	%
M/I Homes, Inc. (a)		187,500		28,423,125		1.78	%
Mattel, Inc. (a)		1,717,400		35,000,612		2.19	%
Meritage Homes Corp.		205,800		37,290,960		2.34	%
Modine Manufacturing Co. (a)		284,700		33,529,119		2.10	%
Newell Rubbermaid, Inc.		4,154,800		36,562,240		2.29	%
Nordstrom, Inc.		1,324,000		29,935,640		1.87	%
Peloton Interactive, Inc., Class A (a)		5,681,100		48,289,350		3.02	%
				446,575,047		27.96	%

Consumer Staples – 7.75%
Coca-Cola Consolidated, Inc.		19,256		21,648,750		1.35	%
Ingredion, Inc.		243,200		32,287,232		2.02	%
Post Holdings, Inc. (a)		283,400		30,950,114		1.94	%
Sprouts Farmers Market, Inc. (a)		303,300		38,952,819		2.44	%
				123,838,915		7.75	%

Energy – 7.23%
California Resources Corp.		229,500		11,927,115		0.75	%
CONSOL Energy, Inc.		125,700		13,942,644		0.87	%
EnLink Midstream LLC		802,500		11,909,100		0.74	%
Liberty Energy, Inc.		693,900		11,844,873		0.74	%
Oceaneering International, Inc. (a)		403,400		9,842,960		0.62	%
Par Pacific Holdings, Inc. (a)		369,300		5,705,685		0.36	%
PBF Energy, Inc., Class A		224,234		6,395,154		0.40	%
Plains GP Holdings LP.		614,100		10,562,520		0.66	%
World Kinect Corp.		1,276,434		33,378,749		2.09	%
				115,508,800		7.23	%

Financials – 6.52%
Lincoln National Corp.		975,100		33,884,725		2.12	%
NCR Atleos Corp. (a)		205,050		5,368,209		0.34	%
Oscar Health, Inc., Class A (a)		1,993,200		33,485,760		2.10	%
Voya Financial, Inc.		390,900		31,389,270		1.96	%
				104,127,964		6.52	%

Industrials – 28.61%
Alaska Air Group, Inc. (a)		726,400		34,801,824		2.18	%
Applied Industrial Technologies, Inc.		78,900		18,272,451		1.14	%
Comfort Systems USA, Inc.		70,700		27,646,528		1.73	%
Dycom Industries, Inc. (a)		164,700		28,712,151		1.80	%
EMCOR Group, Inc.		59,700		26,630,379		1.67	%
Flowserve Corp.		312,500		16,450,000		1.03	%
Fluor Corp. (a)		963,500		50,371,780		3.15	%
Granite Construction, Inc.		397,200		33,384,660		2.09	%
Herc Holdings, Inc.		238,459		49,871,315		3.12	%
KBR, Inc.		472,700		31,675,627		1.98	%
MDU Resources Group, Inc.		1,699,100		49,019,035		3.07	%
MillerKnoll, Inc.		425,100		9,505,236		0.60	%
MSC Industrial Direct Co., Inc., Class A		115,800		9,156,306		0.57	%
Oshkosh Corp.		129,400		13,229,856		0.83	%
Parsons Corp. (a)		233,300		25,233,728		1.58	%
Sterling Infrastructure, Inc. (a)		116,275		17,958,674		1.13	%
XPO, Inc. (a)		114,800		14,984,844		0.94	%
				456,904,394		28.61	%

Information Technology – 5.23%
Insight Enterprises, Inc. (a)		147,400		25,783,208		1.61	%
Kyndryl Holdings, Inc. (a)		721,100		16,505,979		1.03	%
NCR Voyix Corp. (a)		507,300		6,498,513		0.41	%
RingCentral, Inc., Class A (a)		964,300		34,724,443		2.18	%
				83,512,143		5.23	%

Materials – 3.77%
Carpenter Technology Corp.		195,200		29,182,400		1.83	%
Graphic Packaging Holding Co.		1,093,500		30,902,310		1.94	%
				60,084,710		3.77	%

Real Estate – 1.89%
Redfin Corp. (a)		2,912,600		30,203,662		1.89	%

Utilities – 1.93%
UGI Corp.		1,291,300		30,874,983		1.93	%

Total Common Stocks
(Cost $1,408,729,332)				1,537,362,821		96.26	%

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Cornerstone Mid Cap 30 Fund

SHORT-TERM INVESTMENTS – 3.85%	Number of					% of
	Shares		Value			Net Assets
Money Market Funds – 3.85%
First American Government
Obligations Fund – Class X, 4.821% (b)		61,456,754	$	61,456,754			3.85	%

Total Short-Term Investments
(Cost $61,456,754)				61,456,754			3.85	%

Total Investments
(Cost $1,470,186,086) – 100.11%				1,598,819,575			100.11	%
Liabilities in Excess of
Other Assets – (0.11)%				(1,708,045	)		(0.11	)%

TOTAL NET ASSETS – 100.00%			$	1,597,111,530			100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	85,732,203	$	—	$	—	$	85,732,203
Consumer Discretionary		446,575,047		—		—		446,575,047
Consumer Staples		123,838,915		—		—		123,838,915
Energy		115,508,800		—		—		115,508,800
Financials		104,127,964		—		—		104,127,964
Industrials		456,904,394		—		—		456,904,394
Information Technology		83,512,143		—		—		83,512,143
Materials		60,084,710		—		—		60,084,710
Real Estate		30,203,662		—		—		30,203,662
Utilities		30,874,983		—		—		30,874,983
Total Common Stocks	$	1,537,362,821	$	—	$	—	$	1,537,362,821
Short-Term Investments
Money Market Funds	$	61,456,754	$	—	$	—	$	61,456,754
Total Short-Term Investments	$	61,456,754	$	—	$	—	$	61,456,754
Total Investments	$	1,598,819,575	$	—	$	—	$	1,598,819,575

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Cornerstone Large Growth Fund

COMMON STOCKS – 99.25%	Number of				% of
	Shares		Value		Net Assets
Communication Services – 2.07%
Omnicom Group, Inc.		29,700	$	2,999,700		2.07	%

Consumer Discretionary – 22.50%
AutoZone, Inc. (a)		1,000		3,009,000		2.07	%
Best Buy Co., Inc.		35,400		3,201,222		2.21	%
Darden Restaurants, Inc.		16,500		2,640,330		1.82	%
DR Horton, Inc.		17,100		2,889,900		1.99	%
Genuine Parts Co.		19,100		2,190,770		1.51	%
Lowe’s Companies, Inc.		12,000		3,141,960		2.16	%
NVR, Inc. (a)		400		3,661,124		2.52	%
PulteGroup, Inc.		25,000		3,238,250		2.23	%
Tractor Supply Co.		11,900		3,159,569		2.18	%
Ulta Beauty, Inc. (a)		5,500		2,029,390		1.40	%
Williams-Sonoma, Inc.		26,100		3,500,793		2.41	%
				32,662,308		22.50	%

Consumer Staples – 13.24%
Altria Group, Inc.		63,600		3,463,656		2.39	%
Dollar General Corp.		19,800		1,584,792		1.09	%
Kimberly-Clark Corp.		21,400		2,871,452		1.98	%
Lamb Weston Holdings, Inc.		24,700		1,918,943		1.32	%
Philip Morris International, Inc.		27,800		3,689,060		2.54	%
The Hershey Co.		13,900		2,468,362		1.70	%
The Kroger Co.		57,700		3,217,929		2.22	%
				19,214,194		13.24	%

Energy – 14.65%
Cheniere Energy, Inc.		16,100		3,081,218		2.12	%
ConocoPhillips		23,800		2,607,052		1.79	%
Devon Energy Corp.		60,700		2,347,876		1.62	%
EOG Resources, Inc.		23,000		2,805,080		1.93	%
Exxon Mobil Corp.		26,800		3,129,704		2.16	%
Halliburton Co.		77,300		2,144,302		1.48	%
Marathon Petroleum Corp.		17,000		2,472,990		1.70	%
Valero Energy Corp.		20,700		2,686,032		1.85	%
				21,274,254		14.65	%

Financials – 2.22%
LPL Financial Holdings, Inc.		11,400		3,216,852		2.22	%

Health Care – 6.41%
Cencora, Inc.		12,100		2,759,768		1.90	%
HCA Healthcare, Inc.		9,400		3,372,156		2.32	%
McKesson Corp.		5,400		2,703,186		1.86	%
Solventum Corp. (a)		6,625		480,843		0.33	%
				9,315,953		6.41	%

Industrials – 18.82%
3M Co.		24,300		3,121,821		2.15	%
Builders FirstSource, Inc. (a)		15,800		2,708,120		1.86	%
Caterpillar, Inc.		9,100		3,423,420		2.36	%
Deere & Co.		6,800		2,751,892		1.90	%
Lockheed Martin Corp.		5,800		3,167,090		2.18	%
Masco Corp.		38,800		3,100,508		2.14	%
PACCAR, Inc.		28,000		2,919,840		2.01	%
United Parcel Service, Inc., Class B		16,600		2,225,396		1.53	%
United Rentals, Inc.		4,800		3,901,440		2.69	%
				27,319,527		18.82	%

Information Technology – 13.80%
Cisco Systems, Inc.		52,400		2,869,948		1.98	%
Cognizant Technology
Solutions Corp., Class A		35,300		2,633,027		1.81	%
Dell Technologies, Inc., Class C		33,200		4,104,516		2.83	%
HP, Inc.		88,100		3,129,312		2.16	%
Jabil, Inc.		20,500		2,523,345		1.74	%
Microchip Technology, Inc.		30,900		2,267,133		1.56	%
ON Semiconductor Corp. (a)		35,500		2,502,395		1.72	%
				20,029,676		13.80	%

Materials – 5.54%
CF Industries Holdings, Inc.		33,600		2,762,928		1.90	%
Nucor Corp.		15,700		2,226,888		1.54	%
Steel Dynamics, Inc.		23,400		3,053,700		2.10	%
				8,043,516		5.54	%

Total Common Stocks
(Cost $122,820,882)				144,075,980		99.25	%

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Cornerstone Large Growth Fund

SHORT-TERM INVESTMENTS – 0.81%	Number of					% of
	Shares		Value			Net Assets
Money Market Funds – 0.81%
First American Government
Obligations Fund – Class X, 4.781% (b)		1,182,168	$	1,182,168			0.81	%

Total Short-Term Investments
(Cost $1,182,168)				1,182,168			0.81	%

Total Investments
(Cost $124,003,050) – 100.06%				145,258,148			100.06	%
Liabilities in Excess of
Other Assets – (0.06)%				(95,431	)		(0.06	)%

TOTAL NET ASSETS – 100.00%			$	145,162,717			100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	2,999,700	$	—	$	—	$	2,999,700
Consumer Discretionary		32,662,308		—		—		32,662,308
Consumer Staples		19,214,194		—		—		19,214,194
Energy		21,274,254		—		—		21,274,254
Financials		3,216,852		—		—		3,216,852
Health Care		9,315,953		—		—		9,315,953
Industrials		27,319,527		—		—		27,319,527
Information Technology		20,029,676		—		—		20,029,676
Materials		8,043,516		—		—		8,043,516
Total Common Stocks	$	144,075,980	$	—	$	—	$	144,075,980
Short-Term Investments
Money Market Funds	$	1,182,168	$	—	$	—	$	1,182,168
Total Short-Term Investments	$	1,182,168	$	—	$	—	$	1,182,168
Total Investments	$	145,258,148	$	—	$	—	$	145,258,148

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Cornerstone Value Fund

COMMON STOCKS – 97.80%	Number of				% of
	Shares		Value		Net Assets
Communication Services – 7.68%
AT&T, Inc.		310,060	$	6,988,752		2.48	%
BCE, Inc.		123,700		3,990,562		1.42	%
Comcast Corp., Class A		116,300		5,078,821		1.80	%
Verizon Communications, Inc.		132,800		5,594,864		1.98	%
				21,652,999		7.68	%

Consumer Discretionary – 3.44%
Ford Motor Co.		429,800		4,422,642		1.57	%
Starbucks Corp.		54,100		5,285,570		1.87	%
				9,708,212		3.44	%

Consumer Staples – 20.10%
Altria Group, Inc.		121,000		6,589,660		2.34	%
British American Tobacco PLC ADR		166,100		5,810,178		2.06	%
Kenvue, Inc.		229,500		5,262,435		1.87	%
Keurig Dr Pepper, Inc.		157,500		5,189,625		1.84	%
Kraft Heinz Co.		133,900		4,480,294		1.59	%
PepsiCo, Inc.		30,300		5,032,224		1.78	%
Philip Morris International, Inc.		52,900		7,019,830		2.49	%
The Coca-Cola Co.		84,100		5,492,571		1.95	%
The Procter & Gamble Co.		33,400		5,517,012		1.95	%
Unilever PLC ADR		103,100		6,279,821		2.23	%
				56,673,650		20.10	%

Energy – 19.86%
Baker Hughes Co.		161,500		6,149,920		2.18	%
BP PLC ADR		145,400		4,268,944		1.51	%
Canadian Natural Resources Ltd.		154,800		5,266,296		1.87	%
Cenovus Energy, Inc.		316,700		5,089,369		1.80	%
Chevron Corp.		34,675		5,160,333		1.83	%
Equinor ASA ADR		167,600		3,935,248		1.40	%
Exxon Mobil Corp.		51,010		5,956,948		2.11	%
Petroleo Brasileiro SA ADR		309,700		4,165,465		1.48	%
Shell PLC ADR		79,600		5,376,980		1.91	%
Suncor Energy, Inc.		154,000		5,816,580		2.06	%
TotalEnergies SE ADR		77,000		4,817,120		1.71	%
				56,003,203		19.86	%

Financials – 19.76%
Bank of America Corp.		151,800		6,348,276		2.25	%
Citigroup, Inc.		96,600		6,198,822		2.20	%
HSBC Holdings PLC ADR		127,700		5,890,801		2.09	%
JPMorgan Chase & Co.		29,600		6,568,832		2.33	%
Manulife Financial Corp.		234,300		6,843,903		2.43	%
Morgan Stanley		55,600		6,463,500		2.29	%
Royal Bank of Canada		50,600		6,117,034		2.17	%
Toronto-Dominion Bank		83,500		4,615,045		1.64	%
Wells Fargo & Co.		102,600		6,660,792		2.36	%
				55,707,005		19.76	%

Health Care – 15.91%
AbbVie, Inc.		30,700		6,258,809		2.22	%
Bristol-Myers Squibb Co.		100,200		5,588,154		1.98	%
CVS Health Corp.		63,800		3,602,148		1.28	%
Gilead Sciences, Inc.		58,900		5,231,498		1.86	%
GSK PLC ADR		126,960		4,667,050		1.65	%
Johnson & Johnson		31,200		4,987,632		1.77	%
Medtronic PLC		57,800		5,158,650		1.83	%
Merck & Co., Inc.		42,500		4,348,600		1.54	%
Pfizer, Inc.		177,200		5,014,760		1.78	%
				44,857,301		15.91	%

Industrials – 2.53%
RTX Corp.		59,000		7,138,410		2.53	%

Information Technology – 8.52%
Cisco Systems, Inc.		99,800		5,466,046		1.94	%
HP, Inc.		167,800		5,960,256		2.12	%
International Business Machines Corp.		31,000		6,408,320		2.27	%
Texas Instruments, Inc.		30,400		6,176,064		2.19	%
				24,010,686		8.52	%

Total Common Stocks
(Cost $218,419,477)				275,751,466		97.80	%

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Cornerstone Value Fund

SHORT-TERM INVESTMENTS – 2.06%	Number of				% of
	Shares		Value		Net Assets
Money Market Funds – 2.06%
First American Government
Obligations Fund – Class X, 4.821% (a)		5,813,779	$	5,813,779		2.06	%

Total Short-Term Investments
(Cost $5,813,779)				5,813,779		2.06	%

Total Investments
(Cost $224,233,256) – 99.86%				281,565,245		99.86	%
Other Assets in Excess of
Liabilities – 0.14%				397,652		0.14	%

TOTAL NET ASSETS – 100.00%			$	281,962,897		100.00	%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

(a) The rate listed is the fund’s seven-day yield as of October 31, 2024.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	21,652,999	$	—	$	—	$	21,652,999
Consumer Discretionary		9,708,212		—		—		9,708,212
Consumer Staples		56,673,650		—		—		56,673,650
Energy		56,003,203		—		—		56,003,203
Financials		55,707,005		—		—		55,707,005
Health Care		44,857,301		—		—		44,857,301
Industrials		7,138,410		—		—		7,138,410
Information Technology		24,010,686		—		—		24,010,686
Total Common Stocks	$	275,751,466	$	—	$	—	$	275,751,466
Short-Term Investments
Money Market Funds	$	5,813,779	$	—	$	—	$	5,813,779
Total Short-Term Investments	$	5,813,779	$	—	$	—	$	5,813,779
Total Investments	$	281,565,245	$	—	$	—	$	281,565,245

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Total Return Fund

COMMON STOCKS – 68.88%	Number of Shares/					% of
	Par Amount		Value			Net Assets
Communication Services – 7.44%
Verizon Communications, Inc.		86,600	$	3,648,458			7.44	%

Consumer Staples – 8.92%
The Coca-Cola Co.		55,000		3,592,050			7.32	%
Walgreens Boots Alliance, Inc.		82,900		784,234			1.60	%
				4,376,284			8.92	%

Energy – 6.92%
Chevron Corp.		22,800		3,393,096			6.92	%

Financials – 4.75%
The Goldman Sachs Group, Inc.		4,500		2,330,055			4.75	%

Health Care – 13.97%
Amgen, Inc.		11,100		3,553,776			7.25	%
Johnson & Johnson		19,400		3,101,284			6.32	%
Merck & Co., Inc.		1,900		194,408			0.40	%
				6,849,468			13.97	%

Industrials – 8.17%
3M Co.		31,200		4,008,264			8.17	%

Information Technology – 12.35%
Cisco Systems, Inc.		42,600		2,333,202			4.76	%
International Business Machines Corp.		18,000		3,720,960			7.59	%
				6,054,162			12.35	%

Materials – 6.36%
Dow, Inc.		63,200		3,120,816			6.36	%

Total Common Stocks
(Cost $30,273,013)				33,780,603			68.88	%

SHORT-TERM
INVESTMENTS – 75.44%
U.S. Treasury Bills – 72.97%
4.620%, 11/07/2024 (a)(b)	$	9,000,000		8,992,388			18.33	%
4.630%, 12/12/2024 (a)(b)		9,000,000		8,950,493			18.25	%
4.550%, 01/09/2025 (a)(b)		18,000,000		17,846,086			36.39	%
				35,788,967			72.97	%

Money Market Funds – 2.47%
First American Government
Obligations Fund – Class X, 4.821% (c)		1,210,603		1,210,603			2.47	%

Total Short-Term Investments
(Cost $36,997,888)				36,999,570			75.44	%

Total Investments
(Cost $67,270,901) – 144.32%				70,780,173			144.32	%
Liabilities in Excess of
Other Assets – (44.32)%				(21,735,837	)		(44.32	)%

TOTAL NET ASSETS – 100.00%			$	49,044,336			100.00	%

Percentages are stated as a percent of net assets.

(a)	The rate listed is the discount rate at issue.
(b)	All or a portion of this security is pledged as collateral for securities sold subject to repurchase. The aggregate fair value of the collateral is $23,859,306.
(c)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Total Return Fund

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	3,648,458	$	—	$	—	$	3,648,458
Consumer Staples		4,376,284		—		—		4,376,284
Energy		3,393,096		—		—		3,393,096
Financials		2,330,055		—		—		2,330,055
Health Care		6,849,468		—		—		6,849,468
Industrials		4,008,264		—		—		4,008,264
Information Technology		6,054,162		—		—		6,054,162
Materials		3,120,816		—		—		3,120,816
Total Common Stocks	$	33,780,603	$	—	$	—	$	33,780,603
Short-Term Investments
U.S. Treasury Bills	$	—	$	35,788,967	$	—	$	35,788,967
Money Market Funds		1,210,603		—		—		1,210,603
Total Short-Term Investments	$	1,210,603	$	35,788,967	$	—	$	36,999,570
Total Investments	$	34,991,206	$	35,788,967	$	—	$	70,780,173

Schedule of Reverse Repurchase Agreements

Face Value		Counterparty	Rate		Principal Trade Date	Maturity Date	Maturity Amount
$	5,397,000	Jefferies LLC		5.45%	8/9/2024	11/7/2024	$	5,470,534
	5,397,000	Jefferies LLC		5.35%	9/12/2024	12/12/2024		5,469,185
	10,794,000	Jefferies LLC		5.00%	10/10/2024	1/9/2025		10,928,925
$	21,588,000						$	21,868,644

As of October 31, 2024, the fair value of securities held as collateral for reverse repurchase agreements was $23,859,306 as noted on the Schedule of Investments.

Reverse repurchase agreements are carried at face value; hence, they are not included in the fair valuation hierarchy. The face value of the reverse repurchase agreements at October 31, 2024, was $21,588,000. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. The face value plus interest due at maturity is equal to $21,868,644.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Equity and Income Fund

COMMON STOCKS – 68.85%	Number of Shares/				% of
	Par Amount		Value		Net Assets
Communication Services – 4.49%
Alphabet, Inc., Class C		15,481	$	2,673,414		4.49	%

Consumer Discretionary – 8.30%
CarMax, Inc. (a)		8,016		580,198		0.98	%
Lowe’s Companies, Inc.		3,270		856,184		1.44	%
O’Reilly Automotive, Inc. (a)		738		851,017		1.43	%
Starbucks Corp.		11,780		1,150,906		1.93	%
The Home Depot, Inc.		3,816		1,502,550		2.52	%
				4,940,855		8.30	%

Consumer Staples – 5.26%
Altria Group, Inc.		20,066		1,092,794		1.84	%
Church & Dwight Co., Inc.		10,646		1,063,642		1.79	%
Nestlé S.A. – ADR		10,289		972,516		1.63	%
				3,128,952		5.26	%

Energy – 1.67%
Chevron Corp.		6,664		991,737		1.67	%

Financials – 21.82%
Berkshire Hathaway, Inc., Class B (a)		6,046		2,726,262		4.58	%
Blackrock, Inc.		2,116		2,075,860		3.49	%
Chubb, Ltd.		4,527		1,278,606		2.15	%
Fiserv, Inc. (a)		9,272		1,834,929		3.08	%
The Charles Schwab Corp.		18,768		1,329,337		2.23	%
The Progressive Corp.		8,668		2,104,851		3.54	%
Visa, Inc., Class A		5,662		1,641,131		2.75	%
				12,990,976		21.82	%

Health Care – 2.19%
Johnson & Johnson		5,284		844,700		1.42	%
Pfizer, Inc.		16,232		459,366		0.77	%
				1,304,066		2.19	%

Industrials – 8.75%
FedEx Corp.		4,534		1,241,636		2.09	%
Norfolk Southern Corp.		6,897		1,727,216		2.90	%
Old Dominion Freight Line, Inc.		4,495		904,933		1.52	%
Republic Services, Inc.		6,724		1,331,352		2.24	%
				5,205,137		8.75	%

Information Technology – 8.57%
Apple, Inc.		11,319		2,557,075		4.29	%
TE Connectivity PLC		7,781		1,147,075		1.93	%
Texas Instruments, Inc.		6,877		1,397,131		2.35	%
				5,101,281		8.57	%

Materials – 7.80%
Air Products and Chemicals, Inc.		6,521		2,024,966		3.40	%
Martin Marietta Materials, Inc.		2,380		1,409,769		2.37	%
NewMarket Corp.		2,303		1,209,006		2.03	%
				4,643,741		7.80	%

Total Common Stocks
(Cost $21,273,643)				40,980,159		68.85	%


CORPORATE BONDS – 13.72%
Communication Services – 1.57%
AT&T, Inc., 4.250%, 3/1/2027	$	550,000		546,056		0.92	%
Comcast Corp., 4.650%, 2/15/2033		250,000		246,221		0.41	%
T-Mobile USA, Inc., 3.875%, 4/15/2030		150,000		142,509		0.24	%
				934,786		1.57	%

Consumer Discretionary – 0.48%
Lowe’s Companies, Inc., 2.625%, 4/1/2031		325,000		285,336		0.48	%

Energy – 0.69%
The Williams Companies, Inc.,
2.600%, 3/15/2031		475,000		411,551		0.69	%

Financials – 6.34%
Aflac, Inc., 3.600%, 4/1/2030		300,000		283,762		0.48	%
Bank of America Corp.,
2.299% to 7/21/2031 then SOFR +
1.220%, 07/21/2032 (b)		575,000		483,428		0.81	%
Huntington Bancshares, Inc.
2.550%, 2/4/2030		525,000		463,053		0.78	%
4.000%, 5/15/2025		365,000		363,014		0.61	%
JPMorgan Chase & Co.,
2.069% to 6/1/2028 then SOFR +
1.015%, 06/01/2029 (b)		325,000		295,448		0.50	%
Morgan Stanley,
2.239% to 7/21/2031 then SOFR +
1.178%, 07/21/2032 (b)		680,000		569,693		0.96	%
Prudential Financial, Inc.,
3.878%, 3/27/2028		260,000		253,984		0.43	%
Regions Financial Corp.,
1.800%, 8/12/2028		325,000		289,459		0.48	%
State Street Corp.,
4.821% to 1/26/2033 then SOFR +
1.567%, 01/26/2034 (b)		175,000		172,617		0.29	%
The Goldman Sachs Group, Inc.,
4.223% to 5/1/2028 then 3 mo. Term
SOFR + 1.563%, 05/01/2029 (b)		300,000		293,219		0.49	%
Wells Fargo & Co.,
5.499% to 1/23/2034 then SOFR +
1.780%, 01/23/2035 (b)		300,000		303,948		0.51	%
				3,771,625		6.34	%

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Equity and Income Fund

	Number of Shares/					% of
	Par Amount		Value			Net Assets
Health Care – 1.75%
Edwards Lifesciences Corp.,
4.300%, 6/15/2028	$	700,000	$	687,944			1.15	%
Regeneron Pharmaceuticals, Inc.,
1.750%, 9/15/2030		425,000		356,877			0.60	%
				1,044,821			1.75	%

Industrials – 1.16%
General Electric Co., 3.625%, 5/1/2030		380,000		357,046			0.60	%
The Boeing Co., 2.196%, 2/4/2026		225,000		216,744			0.37	%
Timken Co., 6.875%, 5/8/2028		110,000		114,550			0.19	%
				688,340			1.16	%

Information Technology – 1.73%
Autodesk, Inc., 2.850%, 1/15/2030		675,000		615,173			1.03	%
Broadcom, Inc., 4.110%, 9/15/2028		425,000		415,336			0.70	%
				1,030,509			1.73	%

Total Corporate Bonds
(Cost $8,807,967)				8,166,968			13.72	%


MORTGAGE-BACKED SECURITIES – 3.03%
Federal Agency Mortgage-Backed Obligations – 3.03%
Fannie Mae Pool
3.000%, AU4405, 10/1/2043		740,628		660,713			1.11	%
3.500%, AB4300, 1/1/2042		128,205		118,188			0.20	%
6.000%, 928831, 10/1/2037		70,061		71,334			0.12	%
Fannie Mae REMICS
Series 2013-52, 1.250%, 6/25/2043		34,343		28,204			0.05	%
Series 2012-16, 2.000%, 11/25/2041		30,165		27,092			0.04	%
Freddie Mac Gold Pool
5.500%, G02922, 4/1/2037		23,744		24,131			0.04	%
3.000%, Q08238, 5/1/2042		393,891		352,250			0.59	%
3.000%, Q11129, 9/1/2042		448,177		401,550			0.67	%
Freddie Mac REMICS
Series 4146, 1.500%, 10/15/2042		4,659		4,560			0.01	%
Series 4309, 2.000%, 10/15/2043		24,483		22,543			0.04	%
Series 3870, 2.750%, 1/15/2041		6,058		5,912			0.01	%
Series 4322, 3.000%, 5/15/2043		29,428		28,697			0.05	%
Government National Mortgage
Association, Series 2013-24,
1.750%, 2/16/2043		68,575		60,306			0.10	%
				1,805,480			3.03	%

Total Mortgage-Backed Securities
(Cost $2,005,060)				1,805,480			3.03	%


U.S. TREASURY
OBLIGATIONS – 12.67%
U.S. Treasury Notes – 12.67%
0.625%, 03/31/2027		450,000		414,123			0.70	%
0.750%, 04/30/2026		1,000,000		950,117			1.60	%
1.250%, 12/31/2026		625,000		588,110			0.99	%
1.875%, 07/31/2026		1,000,000		961,328			1.61	%
2.750%, 08/15/2032		150,000		135,205			0.23	%
3.375%, 05/15/2033		200,000		187,383			0.31	%
3.500%, 02/15/2033		225,000		213,161			0.36	%
3.625%, 05/15/2026		350,000		346,931			0.58	%
3.875%, 08/15/2034		150,000		145,137			0.24	%
3.875%, 10/15/2027		600,000		595,758			1.00	%
4.000%, 02/15/2034		350,000		342,535			0.58	%
4.000%, 02/28/2030		200,000		198,336			0.33	%
4.125%, 10/31/2027		400,000		399,930			0.67	%
4.125%, 09/30/2027		275,000		275,011			0.46	%
4.125%, 11/15/2032		50,000		49,630			0.08	%
4.375%, 08/31/2028		300,000		302,185			0.51	%
4.375%, 11/30/2028		450,000		453,507			0.76	%
4.500%, 11/15/2033		275,000		279,641			0.47	%
4.625%, 11/15/2026		500,000		504,512			0.85	%
4.875%, 05/31/2026		200,000		201,984			0.34	%
Total U.S. Treasury Obligations
(Cost $7,725,167)				7,544,524			12.67	%


SHORT-TERM INVESTMENTS – 2.53%
Money Market Funds – 2.53%
First American Government
Obligations Fund – Class X, 4.781% (c)		1,285,417		1,285,417			2.16	%
First American Treasury
Obligations Fund Class X – 4.74% (c)		222,801		222,801			0.37	%
				1,508,218			2.53	%

Total Short-Term Investments
(Cost $1,508,218)				1,508,218			2.53	%

Total Investments
(Cost $41,320,055) – 100.80%				60,005,349			100.80	%
Liabilities in Excess of
Other Assets – (0.80)%				(479,743	)		(0.80	)%

TOTAL NET ASSETS – 100.00%			$	59,525,606			100.00	%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

SOFR – Secured Overnight Financing Rate

(a)	Non-income producing security.
(b)	Variable rate security; rate disclosed is the rate as of October 31, 2024
(c)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Equity and Income Fund

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	2,673,414	$	—	$	—	$	2,673,414
Consumer Discretionary		4,940,855		—		—		4,940,855
Consumer Staples		3,128,952		—		—		3,128,952
Energy		991,737		—		—		991,737
Financials		12,990,976		—		—		12,990,976
Health Care		1,304,066		—		—		1,304,066
Industrials		5,205,137		—		—		5,205,137
Information Technology		5,101,281		—		—		5,101,281
Materials		4,643,741		—		—		4,643,741
Total Common Stocks	$	40,980,159	$	—	$	—	$	40,980,159
Corporate Bonds
Communication Services	$	—	$	934,786	$	—	$	934,786
Consumer Discretionary		—		285,336		—		285,336
Energy		—		411,551		—		411,551
Financials		—		3,771,625		—		3,771,625
Health Care		—		1,044,821		—		1,044,821
Industrials		—		688,340		—		688,340
Information Technology		—		1,030,509		—		1,030,509
Total Corporate Bonds	$	—	$	8,166,968	$	—	$	8,166,968
Mortgage-Backed Securities
Federal Agency Mortgage-Backed Obligations	$	—	$	1,805,480	$	—	$	1,805,480
Total Mortgage-Backed Securities	$	—	$	1,805,480	$	—	$	1,805,480
U.S. Treasury Obligations
U.S. Treasury Notes	$	—	$	7,544,524	$	—	$	7,544,524
Total U.S. Treasury Obligations	$	—	$	7,544,524	$	—	$	7,544,524
Short-Term Investments
Money Market Funds	$	1,508,218	$	—	$	—	$	1,508,218
Total Short-Term Investments	$	1,508,218	$	—	$	—	$	1,508,218
Total Investments	$	42,488,377	$	17,516,972	$	—	$	60,005,349

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Balanced Fund

COMMON STOCKS – 48.33%	Number of Shares/				% of
	Par Amount		Value		Net Assets
Communication Services – 5.04%
Verizon Communications, Inc.		15,200	$	640,376		5.04	%

Consumer Discretionary – 0.77%
The Home Depot, Inc.		250		98,438		0.77	%

Consumer Staples – 6.39%
The Coca-Cola Co.		9,750		636,772		5.01	%
Walgreens Boots Alliance, Inc.		18,550		175,483		1.38	%
				812,255		6.39	%

Energy – 4.97%
Chevron Corp.		4,250		632,485		4.97	%

Financials – 3.26%
The Goldman Sachs Group, Inc.		800		414,232		3.26	%

Health Care – 10.05%
Amgen, Inc.		2,000		640,320		5.04	%
Johnson & Johnson		2,800		447,608		3.52	%
Merck & Co., Inc.		1,850		189,292		1.49	%
				1,277,220		10.05	%

Industrials – 4.09%
3M Co.		4,050		520,304		4.09	%

Information Technology – 9.25%
Cisco Systems, Inc.		9,000		492,930		3.88	%
International Business Machines Corp.		3,300		682,176		5.37	%
				1,175,106		9.25	%

Materials – 4.51%
Dow, Inc.		11,600		572,808		4.51	%

Total Common Stocks
(Cost $5,585,753)				6,143,224		48.33	%


SHORT-TERM
INVESTMENTS – 51.48%
Money Market Funds – 3.16%
First American Government
Obligations Fund – Class X, 4.781% (a)		401,928		401,928		3.16	%

U.S. Treasury Bills – 48.32%
4.685%, 11/29/2024 (b)	$	3,800,000		3,786,142		29.79	%
4.510%, 01/23/2025 (b)		1,100,000		1,088,752		8.57	%
4.915%, 06/12/2025 (b)		1,300,000		1,266,537		9.96	%
				6,141,431		48.32	%

Total Short-Term Investments
(Cost $6,537,928)				6,543,359		51.48	%

Total Investments
(Cost $12,123,681) – 99.81%				12,686,583		99.81	%
Other Assets in Excess of
Liabilities – 0.19%				24,459		0.19	%

TOTAL NET ASSETS – 100.00%			$	12,711,042		100.00	%

Percentages are stated as a percent of net assets.

(a)	The rate listed is the fund’s seven-day yield as of October 31, 2024.
(b)	The rate listed is the discount rate at issue.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	640,376	$	—	$	—	$	640,376
Consumer Discretionary		98,438		—		—		98,438
Consumer Staples		812,255		—		—		812,255
Energy		632,485		—		—		632,485
Financials		414,232		—		—		414,232
Health Care		1,277,220		—		—		1,277,220
Industrials		520,304		—		—		520,304
Information Technology		1,175,106		—		—		1,175,106
Materials		572,808		—		—		572,808
Total Common Stocks	$	6,143,224	$	—	$	—	$	6,143,224
Short-Term Investments
Money Market Funds	$	401,928	$	—	$	—	$	401,928
U.S. Treasury Bills		—		6,141,431		—		6,141,431
Total Short-Term Investments	$	401,928	$	6,141,431	$	—	$	6,543,359
Total Investments	$	6,545,152	$	6,141,431	$	—	$	12,686,583

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Energy Transition Fund

COMMON STOCKS – 99.75%	Number of					% of
	Shares		Value			Net Assets
Downstream – 5.81%
Phillips 66		3,500	$	426,370			2.92	%
Valero Energy Corp.		3,250		421,720			2.89	%
				848,090			5.81	%

Exploration and Production – 41.86%
Antero Resources Corp. (a)		27,200		703,936			4.82	%
Canadian Natural Resources Ltd.		19,600		666,792			4.56	%
Comstock Resources, Inc.		30,000		346,800			2.37	%
ConocoPhillips		7,245		793,617			5.43	%
Diamondback Energy, Inc.		4,120		728,292			4.98	%
EOG Resources, Inc.		5,530		674,439			4.62	%
EQT Corp.		22,600		825,804			5.65	%
Marathon Oil Corp.		25,800		714,660			4.89	%
Suncor Energy, Inc.		17,560		663,241			4.54	%
				6,117,581			41.86	%

Integrated – 11.80%
Chevron Corp.		5,157		767,465			5.25	%
Exxon Mobil Corp.		8,202		957,830			6.55	%
				1,725,295			11.80	%

Materials – 4.44%
Freeport-McMoRan, Inc.		14,420		649,188			4.44	%

Midstream – 6.42%
Cheniere Energy, Inc.		4,900		937,762			6.42	%

Oil Services – 19.67%
Halliburton Co.		19,980		554,245			3.79	%
NOV, Inc.		23,400		362,934			2.48	%
ProFrac Holding Corp., Class A (a)		40,000		238,200			1.63	%
Schlumberger NV		14,810		593,437			4.06	%
Solaris Energy Infrastructure, Inc., Class A		38,920		511,409			3.50	%
TechnipFMC PLC		8,240		219,925			1.51	%
Tenaris SA – ADR		12,000		394,560			2.70	%
				2,874,710			19.67	%

Utilities – 9.75%
National Fuel Gas Co.		12,300		744,519			5.10	%
NextEra Energy, Inc.		8,570		679,173			4.65	%
				1,423,692			9.75	%

Total Common Stocks
(Cost $10,042,385)				14,576,318			99.75	%

SHORT-TERM INVESTMENTS – 1.37%
Money Market Funds – 1.37%
First American Government
Obligations Fund – Class X, 4.781% (b)		199,810		199,810			1.37	%

Total Short-Term Investments
(Cost $199,810)				199,810			1.37	%

Total Investments
(Cost $10,242,195) – 101.12%				14,776,128			101.12	%
Liabilities in Excess of
Other Assets – (1.12)%				(163,579	)		(1.12	)%

TOTAL NET ASSETS – 100.00%			$	14,612,549			100.00	%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Note: The Fund concentrates its investments in the Energy industry. For presentation purposes, the Fund uses custom categories.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Energy Transition Fund

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Downstream	$	848,090	$	—	$	—	$	848,090
Exploration and Production		6,117,581		—		—		6,117,581
Integrated		1,725,295		—		—		1,725,295
Materials		649,188		—		—		649,188
Midstream		937,762		—		—		937,762
Oil Services		2,874,710		—		—		2,874,710
Utilities		1,423,692		—		—		1,423,692
Total Common Stocks	$	14,576,318	$	—	$	—	$	14,576,318
Short-Term Investments
Money Market Funds	$	199,810	$	—	$	—	$	199,810
Total Short-Term Investments	$	199,810	$	—	$	—	$	199,810
Total Investments	$	14,776,128	$	—	$	—	$	14,776,128

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Midstream Fund

COMMON STOCKS – 49.12%	Number of					% of
	Shares		Value			Net Assets
Crude Oil and Refined Products – 0.43%
South Bow Corp. (a)		11,700	$	292,032			0.43	%

Gathering and Processing – 17.82%
Antero Midstream Corp.		337,900		4,855,623			7.21	%
EnLink Midstream LLC		106,300		1,577,492			2.34	%
EQT Corp.		81,468		2,976,841			4.42	%
Targa Resources Corp.		15,500		2,587,880			3.85	%
				11,997,836			17.82	%

Natural Gas/NGL Transportation – 30.87%
Cheniere Energy, Inc.		15,100		2,889,838			4.29	%
DT Midstream, Inc.		19,300		1,739,895			2.59	%
Kinder Morgan, Inc.		123,490		3,026,740			4.50	%
ONEOK, Inc.		58,845		5,700,903			8.47	%
TC Energy Corp.		58,500		2,720,835			4.04	%
The Williams Companies, Inc.		89,652		4,695,075			6.98	%
				20,773,286			30.87	%

Total Common Stocks
(Cost $16,362,271)				33,063,154			49.12	%


PARTNERSHIPS AND TRUSTS – 52.94%
Crude Oil and Refined Products – 20.50%
MPLX LP		156,449		6,949,465			10.33	%
Plains All American Pipeline LP		420,626		6,843,585			10.17	%
				13,793,050			20.50	%

Gathering and Processing – 6.60%
Western Midstream Partners LP		117,700		4,440,821			6.60	%

Natural Gas/NGL Transportation – 25.84%
Cheniere Energy Partners LP		10,600		535,830			0.80	%
Energy Transfer LP		570,900		9,408,432			13.98	%
Enterprise Products Partners LP		259,700		7,443,002			11.06	%
				17,387,264			25.84	%

Total Partnerships and Trusts
(Cost $15,137,172)				35,621,135			52.94	%


SHORT-TERM INVESTMENTS – 5.79%
Money Market Funds – 5.79%
First American Government
Obligations Fund – Class X, 4.781% (b)		3,667,850		3,667,850			5.45	%
First American Treasury
Obligations Fund – Class X, 4.793% (b)		226,791		226,791			0.34	%
				3,894,641			5.79	%

Total Short-Term Investments
(Cost $3,894,641)				3,894,641			5.79	%

Total Investments
(Cost $35,394,084) – 107.85%				72,578,930			107.85	%
Liabilities in Excess of
Other Assets – (7.85)%				(5,275,758	)		(7.85	)%

TOTAL NET ASSETS – 100.00%			$	67,303,172			100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Note: The Fund concentrates its investments in the Energy industry. For presentation purposes, the Fund uses custom categories.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Crude Oil and Refined Products	$	292,032	$	—	$	—	$	292,032
Gathering and Processing		11,997,836		—		—		11,997,836
Natural Gas/NGL Transportation		20,773,286		—		—		20,773,286
Total Common Stocks	$	33,063,154	$	—	$	—	$	33,063,154
Partnerships and Trusts
Crude Oil and Refined Products	$	13,793,050	$	—	$	—	$	13,793,050
Gathering and Processing		4,440,821		—		—		4,440,821
Natural Gas/NGL Transportation		17,387,264		—		—		17,387,264
Total Partnerships and Trusts	$	35,621,135	$	—	$	—	$	35,621,135
Short-Term Investments
Money Market Funds	$	3,894,641	$	—	$	—	$	3,894,641
Total Short-Term Investments	$	3,894,641	$	—	$	—	$	3,894,641
Total Investments	$	72,578,930	$	—	$	—	$	72,578,930

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Gas Utility Fund

COMMON STOCKS – 99.68%	Number of					% of
	Shares		Value			Net Assets
Energy – 34.01%
Cheniere Energy, Inc.		129,847	$	24,850,119			5.20	%
DT Midstream, Inc.		143,200		12,909,480			2.70	%
Enbridge, Inc.		574,365		23,204,346			4.86	%
EQT Corp.		649,700		23,740,038			4.97	%
Kinder Morgan, Inc.		1,047,601		25,676,701			5.37	%
ONEOK, Inc.		254,900		24,694,712			5.17	%
South Bow Corp. (a)		97,580		2,435,597			0.51	%
TC Energy Corp.		537,900		25,017,729			5.23	%
				162,528,722			34.01	%

Financials – 4.82%
Berkshire Hathaway, Inc., Class A (a)		34		23,016,623			4.82	%

Industrials – 1.06%
MDU Resources Group, Inc.		175,707		5,069,147			1.06	%

Utilities – 59.79%
Algonquin Power & Utilities Corp.		113,564		549,650			0.11	%
ALLETE, Inc.		375		23,966			–	%
Alliant Energy Corp.		30,050		1,803,000			0.38	%
Ameren Corp.		41,580		3,622,034			0.76	%
Atmos Energy Corp.		169,186		23,479,633			4.91	%
Avangrid, Inc.		81,100		2,896,081			0.61	%
Avista Corp.		24,572		920,959			0.19	%
Black Hills Corp.		44,647		2,642,656			0.55	%
CenterPoint Energy, Inc.		421,728		12,453,628			2.61	%
Chesapeake Utilities Corp.		28,158		3,373,047			0.71	%
CMS Energy Corp.		162,398		11,304,525			2.36	%
Consolidated Edison, Inc.		136,136		13,842,308			2.90	%
Dominion Energy, Inc.		63,077		3,754,974			0.79	%
DTE Energy Co.		50,804		6,310,873			1.32	%
Duke Energy Corp.		111,687		12,874,160			2.69	%
Entergy Corp.		3,360		520,061			0.11	%
Essential Utilities, Inc.		166,900		6,442,340			1.35	%
Exelon Corp.		143,231		5,628,978			1.18	%
Fortis, Inc.		115,376		4,987,704			1.04	%
MGE Energy, Inc.		9,379		848,706			0.18	%
National Fuel Gas Co.		75,024		4,541,203			0.95	%
National Grid PLC-ADR		198,844		12,644,490			2.65	%
New Jersey Resources Corp.		123,834		5,682,742			1.19	%
NiSource, Inc.		385,581		13,557,028			2.84	%
Northwest Natural Holding Co.		52,903		2,057,398			0.43	%
Northwestern Energy Group, Inc.		18,398		983,557			0.20	%
ONE Gas, Inc.		83,575		5,956,390			1.25	%
PG&E Corp.		814,949		16,478,269			3.45	%
PPL Corp.		181,119		5,897,235			1.23	%
Public Service Enterprise Group, Inc.		174,490		15,601,151			3.26	%
RGC Resources, Inc.		15,654		320,437			0.07	%
Sempra		280,380		23,375,281			4.89	%
Southwest Gas Holdings, Inc.		82,617		6,051,695			1.27	%
Spire, Inc.		60,641		3,872,534			0.81	%
The Southern Co.		258,000		23,485,740			4.92	%
UGI Corp.		108,052		2,583,523			0.54	%
Unitil Corp.		14,998		868,234			0.18	%
WEC Energy Group, Inc.		170,640		16,301,239			3.41	%
Xcel Energy, Inc.		107,099		7,155,284			1.50	%
				285,692,713			59.79	%

Total Common Stocks
(Cost $215,627,159)				476,307,205			99.68	%


SHORT-TERM INVESTMENTS – 0.33%
Money Market Funds – 0.33%
First American Government
Obligations Fund – Class X, 4.821% (b)		1,581,567		1,581,567			0.33	%

Total Short-Term Investments
(Cost $1,581,567)				1,581,567			0.33	%

Total Investments
(Cost $217,208,726) – 100.01%				477,888,772			100.01	%
Liabilities in Excess of
Other Assets – (0.01)%				(58,997	)		(0.01	)%

TOTAL NET ASSETS – 100.00%			$	477,829,775			100.00	%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Gas Utility Fund

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Energy	$	162,528,722	$	—	$	—	$	162,528,722
Financials		23,016,623		—		—		23,016,623
Industrials		5,069,147		—		—		5,069,147
Utilities		285,692,713		—		—		285,692,713
Total Common Stocks	$	476,307,205	$	—	$	—	$	476,307,205
Short-Term Investments
Money Market Funds	$	1,581,567	$	—	$	—	$	1,581,567
Total Short-Term Investments	$	1,581,567	$	—	$	—	$	1,581,567
Total Investments	$	477,888,772	$	—	$	—	$	477,888,772

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Japan Fund

COMMON STOCKS – 93.55%	Number of				% of
	Shares		Value		Net Assets
Communication Services – 2.59%
Nippon Telegraph & Telephone Corp.		4,299,700	$	4,148,503		1.00	%
SoftBank Group Corp.		109,900		6,552,072		1.59	%
				10,700,575		2.59	%

Consumer Discretionary – 9.10%
Asics Corp.		265,800		4,642,701		1.13	%
Fast Retailing Co. Ltd.		39,000		12,469,139		3.01	%
Sony Group Corp.		1,166,800		20,532,783		4.96	%
				37,644,623		9.10	%

Consumer Staples – 10.40%
Rohto Pharmaceutical Co. Ltd.		517,800		11,643,958		2.81	%
Seven & i Holdings Co. Ltd.		1,868,900		26,912,054		6.51	%
Unicharm Corp.		138,700		4,472,378		1.08	%
				43,028,390		10.40	%

Financials – 26.01%
Japan Exchange Group, Inc.		842,200		9,871,481		2.39	%
Mitsubishi UFJ Financial Group, Inc.		1,815,300		19,133,705		4.63	%
Mizuho Financial Group		234,700		4,874,955		1.18	%
MS&AD Insurance Group Holdings, Inc.		746,100		16,503,235		3.99	%
ORIX Corp.		973,900		20,519,958		4.96	%
Sompo Holdings, Inc.		802,900		17,213,441		4.16	%
Tokio Marine Holdings, Inc.		540,200		19,455,932		4.70	%
				107,572,707		26.01	%

Health Care – 3.84%
Olympus Corp.		504,700		8,883,877		2.15	%
Santen Pharmaceutical Co. Ltd.		586,600		7,015,066		1.69	%
				15,898,943		3.84	%

Industrials – 23.90%
Daikin Industries, Ltd.		122,000		14,646,921		3.54	%
Hitachi Ltd.		1,356,900		34,091,923		8.24	%
Mitsubishi Corp.		1,170,900		21,420,535		5.18	%
Recruit Holdings Co. Ltd.		470,000		28,699,389		6.94	%
				98,858,768		23.90	%

Information Technology – 10.99%
Keyence Corp.		21,300		9,615,111		2.32	%
Renesas Electronics Corp.		1,194,000		15,997,595		3.87	%
Socionext, Inc.		292,200		5,439,928		1.32	%
Tokyo Electron Ltd.		97,800		14,391,569		3.48	%
				45,444,203		10.99	%

Materials – 6.72%
Nissan Chemical Corp.		260,900		8,811,953		2.13	%
Shin-Etsu Chemical Co. Ltd.		518,000		18,981,573		4.59	%
				27,793,526		6.72	%

Total Common Stocks
(Cost $268,641,274)				386,941,735		93.55	%


SHORT-TERM INVESTMENTS – 5.74%
Money Market Funds – 5.74%
First American Government
Obligations Fund – Class X, 4.781% (a)		21,004,470		21,004,470		5.08	%
First American Treasury
Obligations Fund – Class X, 4.735% (a)		2,741,643		2,741,643		0.66	%
				23,746,113		5.74	%

Total Short-Term Investments
(Cost $23,746,113)				23,746,113		5.74	%

Total Investments
(Cost $292,387,387) – 99.29%				410,687,848		99.29	%
Other Assets in Excess of
Liabilities – 0.71%				2,920,118		0.71	%

TOTAL NET ASSETS – 100.00%			$	413,607,966		100.00	%

Percentages are stated as a percent of net assets.

(a)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	—	$	10,700,575	$	—	$	10,700,575
Consumer Discretionary		—		37,644,623		—		37,644,623
Consumer Staples		—		43,028,390		—		43,028,390
Financials		—		107,572,707		—		107,572,707
Health Care		—		15,898,943		—		15,898,943
Industrials		—		98,858,768		—		98,858,768
Information Technology		—		45,444,203		—		45,444,203
Materials		—		27,793,526		—		27,793,526
Total Common Stocks	$	—	$	386,941,735	$	—	$	386,941,735
Short-Term Investments
Money Market Funds	$	23,746,113	$	—	$	—	$	23,746,113
Total Short-Term Investments	$	23,746,113	$	—	$	—	$	23,746,113
Total Investments	$	23,746,113	$	386,941,735	$	—	$	410,687,848

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Japan Small Cap Fund

COMMON STOCKS – 96.72%	Number of				% of
	Shares		Value		Net Assets
Communication Services – 0.97%
Macromill, Inc.		200,000	$	1,056,942		0.97	%

Consumer Discretionary – 14.87%
Aeon Fantasy Co. Ltd.		90,400		1,578,537		1.45	%
J Front Retailing Co. Ltd.		206,800		2,196,148		2.01	%
Koshidaka Holdings Co. Ltd.		291,900		2,289,705		2.10	%
LITALICO, Inc.		210,700		1,504,852		1.38	%
Musashi Seimitsu Industry Co. Ltd.		175,400		2,275,232		2.08	%
Nojima Corp.		38,100		534,346		0.49	%
Onward Holdings Co. Ltd.		383,400		1,309,181		1.20	%
Saizeriya Co. Ltd.		43,900		1,620,457		1.48	%
Topre Corp.		110,900		1,277,475		1.17	%
Treasure Factory Co. Ltd.		188,000		1,647,762		1.51	%
				16,233,695		14.87	%

Consumer Staples – 5.92%
Ariake Japan Co. Ltd.		54,000		1,885,302		1.73	%
Cosmos Pharmaceutical Corp.		43,600		2,095,549		1.92	%
Nishimoto Co. Ltd.		147,000		1,266,758		1.16	%
Warabeya Nichiyo Holdings Co. Ltd.		90,000		1,212,292		1.11	%
				6,459,901		5.92	%

Energy – 0.61%
Iwatani Corp.		50,800		662,229		0.61	%

Financials – 3.81%
Musashino Bank Ltd.		125,600		2,190,742		2.01	%
Nishi-Nippon Financial Holdings, Inc.		182,500		1,965,452		1.80	%
				4,156,194		3.81	%

Health Care – 5.39%
Nihon Kohden Corp.		162,600		2,423,767		2.22	%
Paramount Bed Holdings Co. Ltd.		69,800		1,206,223		1.10	%
PeptiDream, Inc. (a)		123,100		2,259,660		2.07	%
				5,889,650		5.39	%

Industrials – 39.21%
Amada Co. Ltd.		218,300		2,151,326		1.97	%
Creek & River Co. Ltd.		96,300		1,010,385		0.93	%
Daihen Corp.		62,200		2,580,210		2.36	%
Furukawa Co. Ltd.		89,500		971,983		0.89	%
Gakujo Co. Ltd.		112,500		1,224,309		1.12	%
Hanwa Co. Ltd.		34,500		1,143,103		1.05	%
Integrated Design & Engineering
Holdings Co. Ltd.		80,100		2,279,001		2.09	%
Kanamoto Co. Ltd.		93,300		1,686,233		1.54	%
Keihan Holdings Co. Ltd.		78,400		1,463,511		1.34	%
Kyudenko Corp.		53,100		1,906,311		1.75	%
Mitsubishi Logisnext Co. Ltd.		183,000		1,360,876		1.25	%
Nabtesco Corp.		101,800		1,650,149		1.51	%
Nichiha Corp.		71,700		1,619,245		1.48	%
Nissei ASB Machine Co. Ltd.		54,700		1,660,073		1.52	%
Nittoku Co. Ltd.		80,200		885,506		0.81	%
Penta-Ocean Construction Co. Ltd.		606,900		2,520,915		2.31	%
Raksul, Inc.		147,200		1,240,212		1.14	%
SBS Holdings, Inc.		96,200		1,580,369		1.45	%
Tadano Ltd.		314,400		2,001,406		1.83	%
Takasago Thermal Engineering Co. Ltd.		61,100		1,959,432		1.79	%
Tanseisha Co. Ltd.		299,900		1,583,357		1.45	%
Tocalo Co. Ltd.		137,900		1,604,124		1.47	%
TRE Holdings Corp.		240,700		2,823,012		2.59	%
Trusco Nakayama Corp.		111,900		1,652,943		1.51	%
Tsukishima Holdings Co. Ltd.		251,200		2,254,335		2.06	%
				42,812,326		39.21	%

Information Technology – 11.14%
Canon Marketing Japan, Inc.		42,800		1,285,672		1.18	%
Computer Engineering & Consulting Ltd.		55,100		649,031		0.60	%
Future Corp.		161,900		2,073,013		1.90	%
Macnica Holdings, Inc.		75,900		865,741		0.79	%
Mimaki Engineering Co., Ltd.		165,700		1,459,988		1.34	%
NEC Networks & System Integration Corp.		126,600		2,674,581		2.45	%
Nippon Signal Co. Ltd.		207,400		1,266,570		1.16	%
Optex Group Co. Ltd.		15,600		165,924		0.15	%
SIIX Corp.		186,400		1,364,624		1.25	%
Towa Corp.		27,600		353,384		0.32	%
				12,158,528		11.14	%

Materials – 8.80%
Asia Pile Holdings Corp.		307,800		1,612,902		1.48	%
Daicel Corp.		119,400		1,053,833		0.96	%
Maeda Kosen Co. Ltd.		185,400		2,145,965		1.96	%
Nissan Chemical Corp.		54,800		1,850,882		1.70	%
Tokyo Ohka Kogyo Co. Ltd.		78,700		1,811,260		1.66	%
Toyobo Co. Ltd.		178,200		1,136,049		1.04	%
				9,610,891		8.80	%

Real Estate – 5.48%
Relo Group, Inc.		236,800		2,880,524		2.64	%
Star Mica Holdings Co. Ltd.		214,200		896,867		0.82	%
Tosei Corp.		141,900		2,206,966		2.02	%
				5,984,357		5.48	%

Utilities – 0.52%
EF-ON INC		244,900		568,853		0.52	%

Total Common Stocks
(Cost $99,504,131)				105,593,566		96.72	%

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Japan Small Cap Fund

SHORT-TERM INVESTMENTS – 2.60%	Number of				% of
	Shares		Value		Net Assets
Money Market Funds – 2.60%
First American Government
Obligations Fund – Class X, 4.781% (b)		2,841,090	$	2,841,090		2.60	%

Total Short-Term Investments
(Cost $2,841,090)				2,841,090		2.60	%

Total Investments
(Cost $102,345,221) – 99.32%				108,434,656		99.32	%
Other Assets in Excess of
Liabilities – 0.68%				747,301		0.68	%

TOTAL NET ASSETS – 100.00%			$	109,181,957		100.00	%

Percentages are stated as a percent of net assets.

REIT – Real Estate Investment Trust

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	—	$	1,056,942	$	—	$	1,056,942
Consumer Discretionary		—		16,233,695		—		16,233,695
Consumer Staples		—		6,459,901		—		6,459,901
Energy		—		662,229		—		662,229
Financials		—		4,156,194		—		4,156,194
Health Care		—		5,889,650		—		5,889,650
Industrials		—		42,812,326		—		42,812,326
Information Technology		—		12,158,528		—		12,158,528
Materials		—		9,610,891		—		9,610,891
Real Estate		—		5,984,357		—		5,984,357
Utilities		—		568,853		—		568,853
Total Common Stocks	$	—	$	105,593,566	$	—	$	105,593,566
Short-Term Investments
Money Market Funds	$	2,841,090	$	—	$	—	$	2,841,090
Total Short-Term Investments	$	2,841,090	$	—	$	—	$	2,841,090
Total Investments	$	2,841,090	$	105,593,566	$	—	$	108,434,656

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Large Cap Financial Fund

COMMON STOCKS – 99.16%	Number of					% of
	Shares		Value			Net Assets
Financials – 99.16%
Bank of America Corp.		39,000	$	1,630,980			5.66	%
Berkshire Hathaway, Inc., Class B (a)		3,000		1,352,760			4.70	%
Capital One Financial Corp.		7,500		1,220,925			4.24	%
Citigroup, Inc.		24,000		1,540,080			5.35	%
Citizens Financial Group, Inc.		15,000		631,800			2.19	%
Coinbase Global, Inc., Class A (a)		6,000		1,075,500			3.74	%
Equitable Holdings, Inc.		19,000		861,460			2.99	%
Fifth Third Bancorp		13,500		589,680			2.05	%
First Citizens BancShares, Inc., Class A		500		968,675			3.36	%
JPMorgan Chase & Co.		7,000		1,553,440			5.39	%
KeyCorp		56,500		974,625			3.38	%
M&T Bank Corp.		7,500		1,460,100			5.07	%
Mastercard, Inc., Class A		3,000		1,498,770			5.21	%
Morgan Stanley		12,500		1,453,125			5.05	%
PayPal Holdings, Inc. (a)		19,000		1,506,700			5.23	%
Synchrony Financial		16,000		882,240			3.06	%
The Charles Schwab Corp.		15,900		1,126,197			3.91	%
The Goldman Sachs Group, Inc.		2,400		1,242,696			4.32	%
The PNC Financial Services Group, Inc.		8,000		1,506,160			5.23	%
Truist Financial Corp.		25,000		1,076,250			3.74	%
U.S. Bancorp		10,500		507,255			1.76	%
Visa, Inc., Class A		4,800		1,391,280			4.83	%
Webster Financial Corp.		17,000		880,600			3.06	%
Wells Fargo & Co.		25,000		1,623,000			5.64	%
				28,554,298			99.16	%
Total Common Stocks
(Cost $17,234,932)				28,554,298			99.16	%


SHORT-TERM INVESTMENTS – 0.94%
Money Market Funds – 0.94%
First American Government
Obligations Fund – Class X, 4.781% (b)		270,332		270,332			0.94	%

Total Short-Term Investments
(Cost $270,332)				270,332			0.94	%

Total Investments
(Cost $17,505,264) – 100.10%				28,824,630			100.10	%
Liabilities in Excess of
Other Assets – (0.10)%				(28,908	)		(0.10	)%

TOTAL NET ASSETS – 100.00%			$	28,795,722			100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Financials	$	28,554,298	$	—	$	—	$	28,554,298
Total Common Stocks	$	28,554,298	$	—	$	—	$	28,554,298
Short-Term Investments
Money Market Funds	$	270,332	$	—	$	—	$	270,332
Total Short-Term Investments	$	270,332	$	—	$	—	$	270,332
Total Investments	$	28,824,630	$	—	$	—	$	28,824,630

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Small Cap Financial Fund

COMMON STOCKS – 97.87%	Number of					% of
	Shares		Value			Net Assets
Financials – 97.87%
Associated Banc-Corp.		155,000	$	3,679,700			4.22	%
Banc of California, Inc.		270,000		4,147,200			4.76	%
BankUnited, Inc.		97,000		3,427,980			3.93	%
Banner Corp.		45,000		2,881,800			3.30	%
Brookline Bancorp, Inc.		324,000		3,645,000			4.18	%
Columbia Banking System, Inc.		58,000		1,653,580			1.90	%
ConnectOne Bancorp, Inc.		104,000		2,520,960			2.89	%
Dime Community Bancshares, Inc.		65,000		1,954,550			2.24	%
Eagle Bancorp, Inc.		138,000		3,616,980			4.15	%
Eastern Bankshares, Inc.		225,000		3,674,250			4.21	%
First BanCorp.		40,000		771,200			0.88	%
Flagstar Financial, Inc.		130,000		1,315,600			1.51	%
Flushing Financial Corp.		170,000		2,664,750			3.06	%
Hancock Whitney Corp.		35,000		1,822,800			2.09	%
HomeStreet, Inc.		80,000		724,400			0.83	%
HomeTrust Bancshares, Inc.		90,000		2,983,500			3.42	%
Independent Bank Corp.		59,000		3,711,100			4.26	%
Independent Bank Group, Inc.		45,000		2,626,200			3.01	%
Midland States Bancorp, Inc.		95,000		2,356,950			2.70	%
NB Bancorp, Inc. (a)		155,000		2,927,950			3.36	%
Northeast Community Bancorp, Inc.		49,000		1,272,040			1.46	%
OceanFirst Financial Corp.		215,000		3,913,000			4.49	%
Old National Bancorp		115,000		2,214,900			2.54	%
Orange County Bancorp, Inc.		30,000		1,587,600			1.82	%
Pacific Premier Bancorp, Inc.		115,000		2,933,650			3.36	%
Provident Financial Services, Inc.		170,000		3,175,600			3.64	%
Southern California Bancorp (a)		190,000		2,770,200			3.18	%
Texas Capital Bancshares, Inc. (a)		13,000		1,000,350			1.15	%
The Hingham Institution for Savings		5,000		1,267,600			1.45	%
UMB Financial Corp.		13,000		1,426,490			1.64	%
WaFd, Inc.		97,000		3,296,060			3.78	%
Washington Trust Bancorp, Inc.		70,000		2,389,100			2.74	%
Western New England Bancorp, Inc.		440,000		3,832,400			4.39	%
Wintrust Financial Corp.		10,000		1,158,900			1.33	%
				85,344,340			97.87	%

Total Common Stocks
(Cost $66,751,543)				85,344,340			97.87	%


SHORT-TERM INVESTMENTS – 2.25%
Money Market Funds – 2.25%
First American Government
Obligations Fund – Class X, 4.781% (b)		1,959,809		1,959,809			2.25	%

Total Short-Term Investments
(Cost $1,959,809)				1,959,809			2.25	%

Total Investments
(Cost $68,711,352) – 100.12%				87,304,149			100.12	%
Liabilities in Excess of
Other Assets – (0.12)%				(102,886	)		(0.12	)%

TOTAL NET ASSETS – 100.00%			$	87,201,263			100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Financials	$	85,344,340	$	—	$	—	$	85,344,340
Total Common Stocks	$	85,344,340	$	—	$	—	$	85,344,340
Short-Term Investments
Money Market Funds	$	1,959,809	$	—	$	—	$	1,959,809
Total Short-Term Investments	$	1,959,809	$	—	$	—	$	1,959,809
Total Investments	$	87,304,149	$	—	$	—	$	87,304,149

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Schedule of Investments

Hennessy Technology Fund

COMMON STOCKS – 97.24%	Number of					% of
	Shares		Value			Net Assets
Communication Services – 8.28%
Meta Platforms, Inc., Class A		230	$	130,543			1.65	%
ROBLOX Corp., Class A (a)		2,959		153,040			1.94	%
Shutterstock, Inc.		3,680		118,091			1.50	%
Yelp, Inc. (a)		3,745		127,854			1.62	%
Ziff Davis, Inc. (a)		2,677		123,865			1.57	%
				653,393			8.28	%

Information Technology – 88.96%
Adobe, Inc. (a)		254		121,432			1.54	%
Aehr Test Systems (a)		9,883		139,153			1.76	%
Apple, Inc.		574		129,672			1.64	%
Applied Materials, Inc.		638		115,848			1.47	%
Arlo Technologies, Inc. (a)		11,052		112,288			1.42	%
Arrow Electronics, Inc. (a)		976		115,822			1.47	%
ASE Technology Holding Co. Ltd. – ADR		12,837		122,722			1.55	%
ASML Holding NV		155		104,245			1.32	%
Atlassian Corp., Class A (a)		811		152,906			1.94	%
Autodesk, Inc. (a)		481		136,508			1.73	%
Avnet, Inc.		2,406		130,429			1.65	%
Bentley Systems, Inc., Class B		2,572		124,125			1.57	%
BlackLine, Inc. (a)		2,474		136,985			1.73	%
CDW Corp.		577		108,609			1.37	%
Cellebrite DI Ltd. (a)		7,759		140,826			1.78	%
Clear Secure, Inc., Class A		4,006		147,341			1.87	%
CommVault Systems, Inc. (a)		861		134,480			1.70	%
Crowdstrike Holdings, Inc., Class A (a)		457		135,670			1.72	%
Daktronics, Inc. (a)		10,096		131,551			1.67	%
DocuSign, Inc. (a)		2,120		147,086			1.86	%
DXC Technology Co. (a)		6,310		125,317			1.59	%
ePlus, Inc. (a)		1,323		117,681			1.49	%
Fortinet, Inc. (a)		1,688		132,778			1.68	%
Gartner, Inc. (a)		257		129,142			1.64	%
Hackett Group, Inc.		5,035		122,451			1.55	%
Hewlett Packard Enterprise Co.		6,492		126,529			1.60	%
Immersion Corp.		14,609		123,154			1.56	%
InterDigital, Inc.		927		139,458			1.77	%
International Business Machines Corp.		592		122,378			1.55	%
Jabil, Inc.		1,069		131,583			1.67	%
KLA-Tencor Corp.		167		111,260			1.41	%
Lam Research Corp.		1,580		117,473			1.49	%
Logitech International SA		1,468		119,936			1.52	%
Microsoft Corp.		305		123,937			1.57	%
Motorola Solutions, Inc.		293		131,660			1.67	%
NetApp, Inc.		1,078		124,304			1.57	%
NVIDIA Corp.		1,068		141,788			1.80	%
Oracle Corp.		775		130,076			1.65	%
Palo Alto Networks, Inc. (a)		386		139,087			1.76	%
Pure Storage, Inc., Class A (a)		2,645		132,382			1.68	%
QUALCOMM, Inc.		769		125,170			1.59	%
Qualys, Inc. (a)		1,006		119,955			1.52	%
Sanmina Corp. (a)		1,900		133,190			1.69	%
Semtech Corp. (a)		2,821		124,660			1.58	%
ServiceNow, Inc. (a)		148		138,082			1.75	%
STMicroelectronics NV		4,308		116,919			1.48	%
TD SYNNEX Corp.		1,093		126,078			1.60	%
Teradata Corp. (a)		4,308		138,847			1.76	%
United Microelectronics Corp. – ADR		14,994		102,559			1.30	%
Vertex, Inc., Class A (a)		3,560		147,776			1.87	%
Viasat, Inc. (a)		10,739		103,094			1.31	%
Vishay Intertechnology, Inc.		6,856		116,278			1.47	%
Vishay Precision Group, Inc. (a)		5,129		119,044			1.51	%
Vontier Corp.		3,859		143,092			1.81	%
Zscaler, Inc. (a)		761		137,581			1.74	%
				7,022,397			88.96	%

Total Common Stocks
(Cost $6,243,051)				7,675,790			97.24	%


SHORT-TERM INVESTMENTS – 2.92%
Money Market Funds – 2.92%
First American Government
Obligations Fund – Class X, 4.781% (b)		230,446		230,446			2.92	%

Total Short-Term Investments
(Cost $230,446)				230,446			2.92	%

Total Investments
(Cost $6,473,497) – 100.16%				7,906,236			100.16	%
Liabilities in Excess of
Other Assets – (0.16)%				(12,749	)		(0.16	)%

TOTAL NET ASSETS – 100.00%			$	7,893,487			100.00	%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Schedule of Investments

Hennessy Technology Fund

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	653,393	$	—	$	—	$	653,393
Information Technology		7,022,397		—		—		7,022,397
Total Common Stocks	$	7,675,790	$	—	$	—	$	7,675,790
Short-Term Investments
Money Market Funds	$	230,446	$	—	$	—	$	230,446
Total Short-Term Investments	$	230,446	$	—	$	—	$	230,446
Total Investments	$	7,906,236	$	—	$	—	$	7,906,236

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Assets and Liabilities

as of October 31, 2024

	HENNESSY
	CORNERSTONE
	GROWTH		HENNESSY
	FUND		FOCUS FUND
ASSETS:
Investments in securities, at value (cost $487,018,230, $266,129,839, $1,470,186,086, $124,003,050,
$224,233,256, $67,270,901, $41,320,055, and $12,123,681)	$	511,473,095	$	675,826,474
Dividends and interest receivable		101,473		33,483
Receivable for fund shares sold		488,183		104,444
Receivable for securities sold		—		—
Return of capital receivable		—		—
Dividend tax reclaim receivable		8,270		—
Prepaid expenses and other assets		56,285		52,385
Total assets		512,127,306		676,016,786

LIABILITIES:
Payable for fund securities purchased		—		—
Payable for fund shares redeemed		159,405		366,931
Payable to advisor		319,962		533,498
Payable to administrator		72,376		116,062
Payable to auditor		22,753		22,756
Accrued distribution fees		49,028		68,608
Accrued service fees		28,685		34,739
Accrued trustees’ fees		5,308		5,319
Reverse repurchase agreement		—		—
Accrued interest payable		—		—
Deferred income tax		—		—
Accrued expenses and other payables		38,903		139,813
Total liabilities		696,420		1,287,726
NET ASSETS	$	511,430,886	$	674,729,060

NET ASSETS CONSIST OF:
Capital stock	$	419,027,879	$	178,645,675
Total distributable earnings (accumulated deficit)		92,403,007		496,083,385
Total net assets	$	511,430,886	$	674,729,060

NET ASSETS
Investor Class:
Shares authorized (no par value)	Unlimited		Unlimited
Net assets applicable to outstanding shares	$	337,857,628	$	394,899,994
Shares issued and outstanding		9,543,549		7,826,492
Net asset value, offering price, and redemption price per share	$	35.40	$	50.46

Institutional Class:
Shares authorized (no par value)	Unlimited		Unlimited
Net assets applicable to outstanding shares	$	173,573,258	$	279,829,066
Shares issued and outstanding		4,685,791		5,275,329
Net asset value, offering price, and redemption price per share	$	37.04	$	53.04

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Assets and Liabilities

as of October 31, 2024

HENNESSY		HENNESSY
CORNERSTONE		CORNERSTONE		HENNESSY		HENNESSY		HENNESSY		HENNESSY
MID CAP 30		LARGE		CORNERSTONE		TOTAL RETURN		EQUITY AND		BALANCED
FUND		GROWTH FUND		VALUE FUND		FUND		INCOME FUND		FUND


$	1,598,819,575	$	145,258,148	$	281,565,245	$	70,780,173	$	60,005,349	$	12,686,583
	415,629		104,659		754,536		64,542		167,432		12,232
	3,489,169		843		20,225		201		23		50,000
	87,878,269		—		—		—		—		—
	227,457		—		—		—		—		—
	—		534		18,063		—		20,539		—
	87,320		21,798		29,588		11,639		20,574		9,364
	1,690,917,419		145,385,982		282,387,657		70,856,555		60,213,917		12,758,179


	91,346,901		—		—		—		577,046		—
	994,193		28,726		64,830		—		5,430		100
	986,775		93,922		179,338		25,651		40,793		6,571
	218,800		23,311		43,180		9,101		10,708		3,855
	22,753		22,753		22,753		22,753		22,745		22,753
	88,698		24,734		60,240		8,723		6,121		1,703
	52,465		11,170		23,543		4,275		2,722		1,095
	5,314		5,316		5,309		5,317		5,307		5,312
	—		—		—		21,588,000		—		—
	—		—		—		139,415		—		—
	—		—		—		—		—		—
	89,990		13,333		25,567		8,984		17,439		5,748
	93,805,889		223,265		424,760		21,812,219		688,311		47,137
$	1,597,111,530	$	145,162,717	$	281,962,897	$	49,044,336	$	59,525,606	$	12,711,042


$	1,191,231,514	$	117,979,093	$	215,369,065	$	45,014,682	$	34,754,830	$	12,016,562
	405,880,016		27,183,624		66,593,832		4,029,654		24,770,776		694,480
$	1,597,111,530	$	145,162,717	$	281,962,897	$	49,044,336	$	59,525,606	$	12,711,042



Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited
$	627,170,809	$	127,753,243	$	273,891,323	$	49,044,336	$	31,748,803	$	12,711,042
	23,687,184		10,703,744		12,672,109		3,646,749		2,046,283		1,054,307
$	26.48	$	11.94	$	21.61	$	13.45	$	15.52	$	12.06


Unlimited		Unlimited		Unlimited			N/A	Unlimited			N/A
$	969,940,721	$	17,409,474	$	8,071,574		N/A	$	27,776,803		N/A
	34,685,222		1,441,404		372,255		N/A		1,909,192		N/A
$	27.96	$	12.08	$	21.68		N/A	$	14.55		N/A

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Assets and Liabilities

as of October 31, 2024

	HENNESSY
	ENERGY			HENNESSY
	TRANSITION			MIDSTREAM
	FUND			FUND
ASSETS:
Investments in securities, at value (cost $10,242,195, $35,394,084, $217,208,726, $292,387,387,
$102,345,221, $17,505,264, $68,711,352, and $6,473,497)	$	14,776,128		$	72,578,930
Dividends and interest receivable		3,344			83,436
Receivable for fund shares sold		68			2,534
Receivable for securities sold		—			—
Return of capital receivable		—			323,871
Dividend tax reclaim receivable		—			—
Due from Advisor		—			—
Prepaid expenses and other assets		9,077			12,314
Total assets		14,788,617			73,001,085

LIABILITIES:
Payable for fund securities purchased		—			—
Payable for fund shares redeemed		120,520			49,343
Payable to advisor		16,190			65,990
Payable to administrator		—			—
Payable to auditor		23,397			41,305
Accrued distribution fees		1,831			3,033
Accrued service fees		583			1,822
Accrued trustees’ fees		5,313			5,306
Reverse repurchase agreement		—			—
Accrued interest payable		—			—
Deferred income tax		—			5,518,263
Accrued expenses and other payables		8,234			12,851
Total liabilities		176,068			5,697,913
NET ASSETS	$	14,612,549		$	67,303,172

NET ASSETS CONSIST OF:
Capital stock	$	46,681,439		$	58,796,387
Total distributable earnings (accumulated deficit)		(32,068,890	)		8,506,785
Total net assets	$	14,612,549		$	67,303,172

NET ASSETS
Investor Class:
Shares authorized (no par value)	Unlimited			Unlimited
Net assets applicable to outstanding shares	$	6,474,025		$	20,531,472
Shares issued and outstanding		250,194			1,801,844
Net asset value, offering price, and redemption price per share	$	25.88		$	11.39

Institutional Class:
Shares authorized (no par value)	Unlimited			Unlimited
Net assets applicable to outstanding shares	$	8,138,524		$	46,771,700
Shares issued and outstanding		307,571			3,914,872
Net asset value, offering price, and redemption price per share	$	26.46		$	11.95

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Assets and Liabilities

as of October 31, 2024

						HENNESSY		HENNESSY
HENNESSY				HENNESSY		LARGE CAP		SMALL CAP		HENNESSY
GAS UTILITY		HENNESSY		JAPAN SMALL		FINANCIAL		FINANCIAL		TECHNOLOGY
FUND		JAPAN FUND		CAP FUND		FUND		FUND		FUND


$	477,888,772	$	410,687,848	$	108,434,656	$	28,824,630	$	87,304,149	$	7,906,236
	458,903		3,144,622		803,948		33,714		40,232		1,156
	8,545		727,167		45,702		18,000		545		962
	—		234,142		—		—		—		—
	—		—		—		—		—		—
	—		221,356		51,356		—		—		615
	—		—		—		—		—		3,623
	31,770		48,567		21,169		17,546		22,604		16,386
	478,387,990		415,063,702		109,356,831		28,893,890		87,367,530		7,928,978


	—		—		4,235		—		—		—
	92,781		1,039,256		20,531		26,101		22,311		—
	162,956		292,462		76,799		21,903		66,006		—
	76,376		64,645		18,391		6,288		14,557		—
	22,753		22,757		22,753		22,753		22,747		22,749
	64,804		8,706		5,002		3,277		11,943		887
	36,403		4,658		2,625		1,785		6,762		452
	5,310		5,316		5,311		5,307		5,311		5,315
	—		—		—		—		—		—
	—		—		—		—		718		—
	—		—		—		—		—		—
	96,832		17,936		19,227		10,754		15,912		6,088
	558,215		1,455,736		174,874		98,168		166,267		35,491
$	477,829,775	$	413,607,966	$	109,181,957	$	28,795,722	$	87,201,263	$	7,893,487


$	212,150,968	$	274,998,535	$	99,296,481	$	20,965,065	$	66,250,395	$	6,143,073
	265,678,807		138,609,431		9,885,476		7,830,657		20,950,868		1,750,414
$	477,829,775	$	413,607,966	$	109,181,957	$	28,795,722	$	87,201,263	$	7,893,487


Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited
$	426,631,173	$	52,493,765	$	30,023,751	$	21,294,756	$	80,803,625	$	5,209,648
	15,473,975		1,214,968		1,805,303		777,965		2,898,516		233,845
$	27.57	$	43.21	$	16.63	$	27.37	$	27.88	$	22.28


Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited
$	51,198,602	$	361,114,201	$	79,158,206	$	7,500,966	$	6,397,638	$	2,683,839
	1,861,993		8,019,116		4,817,668		270,899		402,582		116,792
$	27.50	$	45.03	$	16.43	$	27.69	$	15.89	$	22.98

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Operations

for the year ended October 31, 2024

	HENNESSY
	CORNERSTONE
	GROWTH			HENNESSY
	FUND			FOCUS FUND
INVESTMENT INCOME:
Distributions received from master limited partnerships	$	—		$	—
Return of capital on distributions received		—			—
Dividend income⁽¹⁾		3,217,852			6,053,689
Interest income		560,896			537,935
Total investment income		3,778,748			6,591,624

EXPENSES:
Investment advisory fees (See Note 5)		2,550,903			5,881,996
Sub-transfer agent expenses – Investor Class (See Note 5)		399,756			759,447
Sub-transfer agent expenses – Institutional Class (See Note 5)		83,202			205,702
Distribution fees – Investor Class (See Note 5)		379,960			561,798
Administration, accounting, custody, and transfer agent fees (See Note 5)		306,606			573,772
Service fees – Investor Class (See Note 5)		253,306			374,532
Federal and state registration fees		47,104			56,136
Trustees’ fees and expenses		22,909			25,902
Audit fees		22,757			22,757
Compliance expense (See Note 5)		22,715			22,869
Reports to shareholders		22,308			42,028
Legal fees		5,006			13,525
Interest expense (See Notes 7 and 9)		—			4,175
Income tax expense		—			—
Other expenses		42,047			112,356
Total expenses before waivers and reimbursements		4,158,579			8,656,995
Service provider expense waiver (See Note 5)		—			—
Expense reimbursement by advisor – Investor Class (See Note 5)		—			—
Expense reimbursement by advisor – Institutional Class (See Note 5)		—			—
Net expenses		4,158,579			8,656,995
NET INVESTMENT INCOME (LOSS)	$	(379,831	)	$	(2,065,371	)

REALIZED AND UNREALIZED GAINS:
Net realized gain on investments	$	87,209,748		$	108,696,237
Net change in unrealized appreciation/depreciation on investments		6,152,759			98,523,270
Deferred income tax		—			—
Net gain on investments		93,362,507			207,219,507
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	92,982,676		$	205,154,136

⁽¹⁾	Net of foreign taxes withheld and issuance fees of $68,533, $160,956, $0, $0, $554,723, $0, $5,704, and $0.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Operations

for the year ended October 31, 2024

HENNESSY		HENNESSY
CORNERSTONE		CORNERSTONE		HENNESSY		HENNESSY		HENNESSY		HENNESSY
MID CAP 30		LARGE		CORNERSTONE		TOTAL RETURN		EQUITY AND		BALANCED
FUND		GROWTH FUND		VALUE FUND		FUND		INCOME FUND		FUND

$	—	$	—	$	—	$	—	$	—	$	—
	—		—		—		—		—		—
	11,429,078		3,056,413		11,930,640		1,449,561		743,516		269,695
	1,810,397		112,775		166,870		1,921,602		655,086		333,100
	13,239,475		3,169,188		12,097,510		3,371,163		1,398,602		602,795


	7,873,052		1,084,833		2,022,870		299,567		521,187		79,916
	983,949		109,313		185,887		34,949		70,087		6,237
	536,534		11,301		6,475		—		27,314		—
	689,543		192,733		398,330		74,892		51,059		19,979
	923,783		139,013		248,565		55,255		70,064		23,590
	459,695		128,489		265,553		49,928		34,040		13,319
	91,134		33,732		35,247		20,246		31,756		20,016
	29,403		22,400		23,071		21,587		21,674		21,362
	22,757		22,757		22,757		22,757		22,743		22,757
	23,331		22,491		22,575		22,435		22,435		22,407
	67,046		11,491		17,208		9,144		10,541		5,920
	18,240		3,092		5,480		1,161		1,544		462
	—		258		4,425		1,184,387		126		1,767
	—		—		—		—		—		—
	121,411		27,224		49,876		8,753		12,451		5,017
	11,839,878		1,809,127		3,308,319		1,805,061		897,021		242,749
	—		—		—		—		—		—
	—		—		—		—		—		—
	—		—		—		—		—		—
	11,839,878		1,809,127		3,308,319		1,805,061		897,021		242,749
$	1,399,597	$	1,360,061	$	8,789,191	$	1,566,102	$	501,581	$	360,046


$	278,822,792	$	5,023,205	$	7,254,630	$	720,394	$	7,451,969	$	207,706
	126,453,711		23,155,669		40,523,513		4,854,980		4,549,342		863,545
	—		—		—		—		—		—
	405,276,503		28,178,874		47,778,143		5,575,374		12,001,311		1,071,251
$	406,676,100	$	29,538,935	$	56,567,334	$	7,141,476	$	12,502,892	$	1,431,297

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Operations

for the year ended October 31, 2024

	HENNESSY
	ENERGY			HENNESSY
	TRANSITION			MIDSTREAM
	FUND			FUND
INVESTMENT INCOME:
Distributions received from master limited partnerships	$	—		$	2,480,229
Return of capital on distributions received		—			(2,480,229	)
Dividend income⁽¹⁾		454,072			974,080
Interest income		12,279			91,385
Total investment income		466,351			1,065,465

EXPENSES:
Investment advisory fees (See Note 5)		193,777			686,633
Sub-transfer agent expenses – Investor Class (See Note 5)		14,372			47,023
Sub-transfer agent expenses – Institutional Class (See Note 5)		9,194			40,679
Distribution fees – Investor Class (See Note 5)		11,270			29,164
Administration, accounting, custody, and transfer agent fees (See Note 5)		25,618			65,858
Service fees – Investor Class (See Note 5)		7,513			19,443
Federal and state registration fees		30,546			32,439
Trustees’ fees and expenses		21,366			21,783
Audit fees		23,396			41,307
Compliance expense (See Note 5)		22,407			22,449
Reports to shareholders		8,079			14,286
Legal fees		541			1,403
Interest expense (See Notes 7 and 9)		3,420			—
Income tax expense		—			—
Other expenses		6,253			16,177
Total expenses before waivers and reimbursements		377,752			1,038,644
Service provider expense waiver (See Note 5)		(25,618	)		(65,858	)
Expense reimbursement by advisor – Investor Class (See Note 5)		—			(15,904	)
Expense reimbursement by advisor – Institutional Class (See Note 5)		—			28,041
Net expenses		352,134			984,923
NET INVESTMENT INCOME (LOSS)	$	114,217		$	80,542

REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments	$	2,446,699		$	822,198
Net change in unrealized appreciation/depreciation on investments		(1,819,834	)		17,964,696
Net change in unrealized appreciation/depreciation on foreign currency		—			—
Deferred income tax		—			(5,518,263	)
Net gain (loss) on investments		626,865			13,268,631
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	741,082		$	13,349,173

⁽¹⁾	Net of foreign taxes withheld and issuance fees of $11,111, $24,695, $512,278, $755,488, $285,630, $0, $7,668, and $5,324.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Operations

for the year ended October 31, 2024

								HENNESSY		HENNESSY
HENNESSY					HENNESSY			LARGE CAP		SMALL CAP		HENNESSY
GAS UTILITY		HENNESSY			JAPAN SMALL			FINANCIAL		FINANCIAL		TECHNOLOGY
FUND		JAPAN FUND			CAP FUND			FUND		FUND		FUND

$	—	$	—		$	—		$	—	$	—	$	—
	—		—			—			—		—		—
	15,260,438		6,799,399			2,573,743			777,291		2,371,023		67,795
	116,685		595,024			276,898			15,687		164,954		10,000
	15,377,123		7,394,423			2,850,641			792,978		2,535,977		77,795


	1,785,847		3,059,845			902,610			256,284		658,265		57,066
	624,099		117,093			77,203			36,511		122,176		5,584
	54,684		254,490			73,896			10,424		7,951		1,668
	595,075		79,545			49,163			29,890		98,010		7,741
	394,071		340,053			109,766			37,063		75,471		18,881
	396,717		53,030			32,776			19,926		65,340		5,161
	36,825		56,983			41,029			31,981		34,946		31,107
	24,064		24,667			22,114			21,393		21,600		21,311
	22,757		22,757			22,757			22,757		22,743		22,743
	22,701		22,673			22,477			22,421		22,449		22,407
	36,795		31,253			16,622			8,555		11,349		6,612
	8,603		7,597			2,600			633		1,447		365
	22,305		2			—			2,881		718		307
	—		—			—			—		—		—
	235,027		56,102			22,366			9,173		15,605		4,920
	4,259,570		4,126,090			1,395,379			509,892		1,158,070		205,873
	—		—			—			—		—		(18,881	)
	—		—			—			—		—		(66,424	)
	—		—			—			—		—		(31,785	)
	4,259,570		4,126,090			1,395,379			509,892		1,158,070		88,783
$	11,117,553	$	3,268,333		$	1,455,262		$	283,086	$	1,377,907	$	(10,988	)


$	31,301,117	$	21,733,323		$	4,432,544		$	1,119,131	$	4,939,106	$	1,187,606
	76,748,141		68,355,005			8,128,236			10,431,649		19,197,947		826,584
	—		(108,741	)		(4,453	)		—		—		—
	—		—			—			—		—		—
	108,049,258		89,979,587			12,556,327			11,550,780		24,137,053		2,014,190
$	119,166,811	$	93,247,920		$	14,011,589		$	11,833,866	$	25,514,960	$	2,003,202

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Changes in Net Assets

	Hennessy Cornerstone Growth Fund

	Year Ended			Year Ended
	October 31, 2024			October 31, 2023
OPERATIONS:
Net investment income (loss)	$	(379,831	)	$	1,626,833
Net realized gain (loss) on investments		87,209,748			(4,138,289	)
Net change in unrealized appreciation/depreciation on investments		6,152,759			5,434,239
Net increase (decrease) in net assets resulting from operations		92,982,676			2,922,783

DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings – Investor Class		(606,782	)		(5,391,788	)
Distributable earnings – Institutional Class		(167,282	)		(694,551	)
Total distributions		(774,064	)		(6,086,339	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		187,004,052			11,362,449
Proceeds from shares subscribed – Institutional Class		176,079,733			9,926,784
Dividends reinvested – Investor Class		578,789			5,220,465
Dividends reinvested – Institutional Class		152,443			627,346
Cost of shares redeemed – Investor Class		(66,009,736	)		(26,505,700	)
Cost of shares redeemed – Institutional Class		(42,258,515	)		(6,562,918	)
Net increase (decrease) in net assets derived from capital share transactions		255,546,766			(5,931,574	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		347,755,378			(9,095,130	)

NET ASSETS:
Beginning of year		163,675,508			172,770,638
End of year	$	511,430,886		$	163,675,508

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		5,583,614			465,038
Shares sold – Institutional Class		5,015,256			400,968
Shares issued to holders as reinvestment of dividends – Investor Class		20,835			227,645
Shares issued to holders as reinvestment of dividends – Institutional Class		5,260			26,210
Shares redeemed – Investor Class		(1,996,103	)		(1,164,869	)
Shares redeemed – Institutional Class		(1,230,851	)		(266,969	)
Net increase (decrease) in shares outstanding		7,398,011			(311,977	)

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Changes in Net Assets

Hennessy Focus Fund						Hennessy Cornerstone Mid Cap 30 Fund						Hennessy Cornerstone Large Growth Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023

$	(2,065,371	)	$	(2,967,717	)	$	1,399,597		$	1,162,868		$	1,360,061		$	1,525,599
	108,696,237			155,366,048			278,822,792			63,162,651			5,023,205			4,429,506
	98,523,270			(118,570,475	)		126,453,711			(36,349,926	)		23,155,669			6,248,824
	205,154,136			33,827,856			406,676,100			27,975,593			29,538,935			12,203,929


	(79,757,816	)		(55,979,529	)		(30,621,646	)		(37,371,548	)		(4,666,709	)		(19,315,909	)
	(49,294,820	)		(38,238,761	)		(30,645,521	)		(30,112,291	)		(700,235	)		(2,556,836	)
	(129,052,636	)		(94,218,290	)		(61,267,167	)		(67,483,839	)		(5,366,944	)		(21,872,745	)


	29,277,840			5,238,833			282,252,860			118,407,401			730,180			1,360,431
	123,166,611			33,286,516			597,592,597			149,518,551			1,517,612			1,393,373
	77,544,027			54,418,112			29,980,981			36,888,250			4,502,505			18,623,426
	44,780,385			35,095,377			29,053,170			29,290,877			687,942			2,501,083
	(109,103,205	)		(97,262,475	)		(131,986,048	)		(52,168,702	)		(11,559,927	)		(13,722,728	)
	(138,696,803	)		(139,348,625	)		(146,433,185	)		(40,806,405	)		(3,548,864	)		(1,777,358	)
	26,968,855			(108,572,262	)		660,460,375			241,129,972			(7,670,552	)		8,378,227
	103,070,355			(168,962,696	)		1,005,869,308			201,621,726			16,501,439			(1,290,589	)


	571,658,705			740,621,401			591,242,222			389,620,496			128,661,278			129,951,867
$	674,729,060		$	571,658,705		$	1,597,111,530		$	591,242,222		$	145,162,717		$	128,661,278


	600,016			107,578			12,231,650			6,016,089			64,598			131,258
	2,677,784			655,626			24,551,093			7,194,865			130,300			131,707
	1,909,481			1,168,021			1,609,285			2,163,534			419,889			1,887,812
	1,052,418			721,682			1,481,549			1,638,192			63,274			250,554
	(2,423,040	)		(1,980,392	)		(5,870,859	)		(2,782,892	)		(1,002,293	)		(1,344,112	)
	(2,894,254	)		(2,730,525	)		(6,109,706	)		(2,066,940	)		(301,654	)		(171,833	)
	922,405			(2,058,010	)		27,893,012			12,162,848			(625,886	)		885,386

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Changes in Net Assets

	Hennessy Cornerstone Value Fund
	Year Ended			Year Ended
	October 31, 2024			October 31, 2023
OPERATIONS:
Net investment income (loss)	$	8,789,191		$	9,448,170
Net realized gain (loss) on investments		7,254,630			(3,834,975	)
Net change in unrealized appreciation/depreciation on investments		40,523,513			(8,473,514	)
Net increase (decrease) in net assets resulting from operations		56,567,334			(2,860,319	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings – Investor Class		(9,186,043	)		(26,252,846	)
Distributable earnings – Institutional Class		(284,175	)		(2,313,856	)
Total distributions		(9,470,218	)		(28,566,702	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		1,844,518			11,286,745
Proceeds from shares subscribed – Institutional Class		1,069,369			6,698,572
Dividends reinvested – Investor Class		8,633,177			24,939,854
Dividends reinvested – Institutional Class		258,511			2,247,245
Cost of shares redeemed – Investor Class		(28,713,534	)		(29,291,239	)
Cost of shares redeemed – Institutional Class		(2,125,183	)		(23,714,925	)
Net increase (decrease) in net assets derived from capital share transactions		(19,033,142	)		(7,833,748	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		28,063,974			(39,260,769	)

NET ASSETS:
Beginning of year		253,898,923			293,159,692
End of year	$	281,962,897		$	253,898,923

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		91,909			577,984
Shares sold – Institutional Class		53,722			332,692
Shares issued to holders as reinvestment of dividends – Investor Class		446,390			1,290,673
Shares issued to holders as reinvestment of dividends – Institutional Class		13,353			116,262
Shares redeemed – Investor Class		(1,445,888	)		(1,532,736	)
Shares redeemed – Institutional Class		(107,627	)		(1,233,563	)
Net increase (decrease) in shares outstanding		(948,141	)		(448,688	)

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Changes in Net Assets

Hennessy Total Return Fund						Hennessy Equity and Income Fund						Hennessy Balanced Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023

$	1,566,102		$	1,594,586		$	501,581		$	740,773		$	360,046		$	281,960
	720,394			2,437,331			7,451,969			6,577,550			207,706			24,850
	4,854,980			(3,681,426	)		4,549,342			(3,501,366	)		863,545			(338,727	)
	7,141,476			350,491			12,502,892			3,816,957			1,431,297			(31,917	)


	(3,616,720	)		(4,133,781	)		(3,105,856	)		(1,298,637	)		(376,967	)		(743,448	)
	N/A			N/A			(3,077,045	)		(1,743,953	)		N/A			N/A
	(3,616,720	)		(4,133,781	)		(6,182,901	)		(3,042,590	)		(376,967	)		(743,448	)


	419,282			4,112,285			361,950			316,740			4,638,036			1,168,635
	N/A			N/A			2,227,852			1,100,458			N/A			N/A
	3,438,144			3,946,628			3,000,628			1,260,827			365,342			729,717
	N/A			N/A			2,617,818			1,285,409			N/A			N/A
	(5,881,147	)		(10,088,636	)		(9,212,958	)		(6,701,151	)		(5,638,415	)		(1,723,755	)
	N/A			N/A			(14,790,153	)		(15,950,410	)		N/A			N/A
	(2,023,721	)		(2,029,723	)		(15,794,863	)		(18,688,127	)		(635,037	)		174,597
	1,501,035			(5,813,013	)		(9,474,872	)		(17,913,760	)		419,293			(600,768	)


	47,543,301			53,356,314			69,000,478			86,914,238			12,291,749			12,892,517
$	49,044,336		$	47,543,301		$	59,525,606		$	69,000,478		$	12,711,042		$	12,291,749


	31,697			308,055			24,874			22,144			394,942			102,839
	N/A			N/A			162,896			81,665			N/A			N/A
	265,100			299,644			216,412			88,230			30,750			63,200
	N/A			N/A			200,484			95,776			N/A			N/A
	(443,078	)		(774,401	)		(627,737	)		(462,960	)		(477,224	)		(150,502	)
	N/A			N/A			(1,078,531	)		(1,168,441	)		N/A			N/A
	(146,281	)		(166,702	)		(1,101,602	)		(1,343,586	)		(51,532	)		15,537

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Changes in Net Assets

	Hennessy Energy Transition Fund
	Year Ended			Year Ended
	October 31, 2024			October 31, 2023
OPERATIONS:
Net investment income (loss)	$	114,217		$	190,297
Net realized gain (loss) on investments		2,446,699			1,977,506
Net change in unrealized appreciation/depreciation on investments and foreign currency		(1,819,834	)		(2,314,370	)
Net increase (decrease) in net assets resulting from operations		741,082			(146,567	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings – Investor Class		—			(51,574	)
Return of capital – Investor Class		—			—
Distributable earnings – Institutional Class		—			(87,195	)
Return of capital – Institutional Class		—			—
Total distributions		—			(138,769	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		826,073			3,946,163
Proceeds from shares subscribed – Institutional Class		1,770,310			2,359,407
Dividends reinvested – Investor Class		—			47,756
Dividends reinvested – Institutional Class		—			86,765
Cost of shares redeemed – Investor Class		(3,752,323	)		(5,037,219	)
Cost of shares redeemed – Institutional Class		(5,369,899	)		(4,259,986	)
Net increase (decrease) in net assets derived from capital share transactions		(6,525,839	)		(2,857,114	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(5,784,757	)		(3,142,450	)

NET ASSETS:
Beginning of year		20,397,306			23,539,756
End of year	$	14,612,549		$	20,397,306

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		32,213			166,878
Shares sold – Institutional Class		69,692			100,869
Shares issued to holders as reinvestment of dividends – Investor Class		—			2,122
Shares issued to holders as reinvestment of dividends – Institutional Class		—			3,794
Shares redeemed – Investor Class		(152,192	)		(221,723	)
Shares redeemed – Institutional Class		(225,321	)		(183,343	)
Net increase (decrease) in shares outstanding		(275,608	)		(131,403	)

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Changes in Net Assets

Hennessy Midstream Fund						Hennessy Gas Utility Fund						Hennessy Japan Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023

$	80,542		$	(36,118	)	$	11,117,553		$	11,286,812		$	3,268,333		$	2,318,825
	822,198			4,940,132			31,301,117			20,986,535			21,733,323			42,400,692
	12,446,433			2,693,911			76,748,141			(54,552,818	)		68,246,264			6,442,668
	13,349,173			7,597,925			119,166,811			(22,279,471	)		93,247,920			51,162,185


	(310,240	)		(1,196,626	)		(25,604,263	)		(38,297,319	)		(2,789,944	)		—
	(1,489,856	)		(266,609	)		—			—			—			—
	(651,672	)		(2,875,616	)		(3,717,985	)		(6,775,915	)		(14,520,668	)		—
	(3,129,507	)		(640,689	)		—			—			—			—
	(5,581,275	)		(4,979,540	)		(29,322,248	)		(45,073,234	)		(17,310,612	)		—


	6,761,271			6,315,025			5,548,732			8,286,887			21,905,975			20,718,473
	7,301,317			6,346,640			7,890,354			13,926,472			134,234,776			125,835,127
	1,299,243			1,090,514			24,042,649			36,097,085			2,698,448			—
	3,572,791			3,298,865			3,561,181			6,392,644			14,281,682			—
	(6,649,066	)		(2,904,969	)		(67,542,228	)		(61,097,011	)		(28,127,178	)		(21,606,576	)
	(6,998,085	)		(7,050,850	)		(26,637,584	)		(48,130,570	)		(86,372,015	)		(211,849,600	)
	5,287,471			7,095,225			(53,136,896	)		(44,524,493	)		58,621,688			(86,902,576	)
	13,055,369			9,713,610			36,707,667			(111,877,198	)		134,558,996			(35,740,391	)


	54,247,803			44,534,193			441,122,108			552,999,306			279,048,970			314,789,361
$	67,303,172		$	54,247,803		$	477,829,775		$	441,122,108		$	413,607,966		$	279,048,970


	606,486			662,994			230,697			335,314			522,382			585,760
	616,439			637,501			326,870			578,892			3,221,145			3,442,909
	119,217			114,390			1,023,187			1,467,946			76,013			—
	313,677			334,274			152,311			260,586			387,352			—
	(599,504	)		(299,262	)		(2,813,424	)		(2,499,516	)		(686,959	)		(626,166	)
	(608,303	)		(716,204	)		(1,138,705	)		(1,939,801	)		(2,016,273	)		(6,060,158	)
	448,012			733,693			(2,219,064	)		(1,796,579	)		1,503,660			(2,657,655	)

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statements of Changes in Net Assets

	Hennessy Japan Small Cap Fund
	Year Ended			Year Ended
	October 31, 2024			October 31, 2023
OPERATIONS:
Net investment income (loss)	$	1,455,262		$	1,329,033
Net realized gain (loss) on investments		4,432,544			207,238
Net change in unrealized appreciation/depreciation on investments and foreign currency		8,123,783			9,306,806
Net increase (decrease) in net assets resulting from operations		14,011,589			10,843,077

DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings – Investor Class		(297,604	)		(198,569	)
Distributable earnings – Institutional Class		(914,493	)		(658,423	)
Total distributions		(1,212,097	)		(856,992	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class		6,202,819			5,265,277
Proceeds from shares subscribed – Institutional Class		18,992,960			44,132,157
Dividends reinvested – Investor Class		288,648			191,702
Dividends reinvested – Institutional Class		907,721			641,326
Cost of shares redeemed – Investor Class		(12,937,514	)		(7,954,407	)
Cost of shares redeemed – Institutional Class		(20,616,892	)		(27,597,536	)
Net increase (decrease) in net assets derived from capital share transactions		(7,162,258	)		14,678,519
TOTAL INCREASE (DECREASE) IN NET ASSETS		5,637,234			24,664,604

NET ASSETS:
Beginning of year		103,544,723			78,880,119
End of year	$	109,181,957		$	103,544,723

CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class		365,195			350,407
Shares sold – Institutional Class		1,165,653			3,029,428
Shares issued to holders as reinvestment of dividends – Investor Class		17,774			13,791
Shares issued to holders as reinvestment of dividends – Institutional Class		56,732			46,881
Shares redeemed – Investor Class		(785,981	)		(538,838	)
Shares redeemed – Institutional Class		(1,279,525	)		(1,876,510	)
Net increase (decrease) in shares outstanding		(460,152	)		1,025,159

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Statements of Changes in Net Assets

Hennessy Large Cap Financial Fund						Hennessy Small Cap Financial Fund						Hennessy Technology Fund
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023			October 31, 2024			October 31, 2023

$	283,086		$	673,763		$	1,377,907		$	1,551,087		$	(10,988	)	$	(737	)
	1,119,131			(3,665,381	)		4,939,106			2,691,655			1,187,606			42,670
	10,431,649			(4,861,309	)		19,197,947			(28,455,053	)		826,584			724,024
	11,833,866			(7,852,927	)		25,514,960			(24,212,311	)		2,003,202			765,957


	(343,966	)		(1,558,247	)		(3,164,215	)		(7,452,661	)		—			(2,801	)
	(181,936	)		(1,514,267	)		(528,957	)		(1,876,496	)		—			(6,430	)
	(525,902	)		(3,072,514	)		(3,693,172	)		(9,329,157	)		—			(9,231	)


	1,178,009			760,547			19,347,685			2,129,827			304,942			371,996
	371,407			1,148,806			7,371,175			2,747,009			568,046			522,804
	334,786			1,514,582			3,082,419			7,283,862			—			2,743
	176,363			1,483,154			492,770			1,825,197			—			6,429
	(4,548,139	)		(3,144,689	)		(16,067,224	)		(20,718,495	)		(796,185	)		(569,642	)
	(9,480,261	)		(7,157,957	)		(10,323,135	)		(11,825,149	)		(532,311	)		(121,520	)
	(11,967,835	)		(5,395,557	)		3,903,690			(18,557,749	)		(455,508	)		212,810
	(659,871	)		(16,320,998	)		25,725,478			(52,099,217	)		1,547,694			969,536


	29,455,593			45,776,591			61,475,785			113,575,002			6,345,793			5,376,257
$	28,795,722		$	29,455,593		$	87,201,263		$	61,475,785		$	7,893,487		$	6,345,793


	48,787			38,167			752,848			86,638			15,198			21,312
	15,487			54,558			490,962			172,929			28,028			29,720
	14,468			66,892			124,439			274,193			—			189
	7,556			64,811			34,257			118,272			—			433
	(194,450	)		(148,352	)		(653,173	)		(855,557	)		(38,331	)		(33,810	)
	(422,417	)		(331,352	)		(704,006	)		(879,954	)		(25,502	)		(6,780	)
	(530,569	)		(255,276	)		45,327			(1,083,479	)		(20,607	)		11,064

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Statement of Cash Flows

Hennessy Total Return Fund for the year ended October 31, 2024

Cash flows from operating activities:
Net increase in net assets from operations	$	7,141,476
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Payments to purchase securities		(11,128,617	)
Proceeds from sale of securities		15,566,418
Proceeds from securities litigation		—
Net sale of short term investments		(338,357	)
Realized gain on investments in securities		(720,394	)
Net accretion of discount on securities		(1,839,273	)
Change in unrealized appreciation/depreciation on investments in securities		(4,854,980	)
Decreases in operating assets:
Decrease in dividends and interest receivable		7,105
Decrease in prepaid expenses and other assets		699
Increases (decreases) in operating liabilities:
Increase in payable to advisor		1,278
Decrease in payable to administrator		(376	)
Increase in payable for distribution fees		917
Increase in payable for service fees		213
Increase in accrued interest payable		3,703
Increase in accrued audit fees		7
Decrease in accrued trustee fees		(496	)
Increase in other accrued expenses and payables		2,288
Net cash provided by operating securities		3,841,611

Cash flows from financing activities:
Increase in reverse repurchase agreements		1,799,000
Proceeds on shares sold		419,112
Payment on shares redeemed		(5,881,147	)
Distributions paid in cash, net of reinvestments		(178,576	)
Net cash used for financing activities		(3,841,611	)
Net increase in cash		—

Cash:
Beginning balance		—
Ending balance		—

Supplemental information:
Non-cash financing activities not included herein, consisting of dividend reinvestment of dividends and distributions		3,438,144

Cash paid for interest		1,180,684

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Cornerstone Growth Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	23.82		$	24.07		$	29.83		$	19.91		$	19.15

Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.05	)		0.22			0.26			(0.14	)		(0.08	)
Net realized and unrealized gains on investments		11.73			0.35			0.62			10.06			0.84
Total from investment operations		11.68			0.57			0.88			9.92			0.76

Less distributions:
Dividends from net investment income		(0.10	)		(0.27	)		—			—			—
Dividends from net realized gains		—			(0.55	)		(6.64	)		—			—
Total distributions		(0.10	)		(0.82	)		(6.64	)		—			—
Net asset value, end of year	$	35.40		$	23.82		$	24.07		$	29.83		$	19.91

TOTAL RETURN		49.17	%		2.54	%		2.51	%		49.82	%		3.97	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	337.86		$	141.36		$	154.25		$	151.96		$	110.96
Ratio of expenses to average net assets		1.29	%		1.33	%		1.33	%		1.34	%		1.36	%
Ratio of net investment income (loss) to average net assets		(0.16	)%		0.95	%		1.10	%		(0.51	)%		(0.45	)%
Portfolio turnover rate⁽²⁾		94	%		90	%		102	%		98	%		98	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Cornerstone Growth Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	24.91		$	25.17		$	31.09		$	20.68		$	19.83

Income from investment operations:
Net investment income (loss)⁽¹⁾		0.01			0.29			0.34			(0.05	)		(0.03	)
Net realized and unrealized gains on investments		12.30			0.38			0.67			10.46			0.88
Total from investment operations		12.31			0.67			1.01			10.41			0.85

Less distributions:
Dividends from net investment income		(0.18	)		(0.35	)		—			—			—
Dividends from net realized gains		—			(0.58	)		(6.93	)		—			—
Total distributions		(0.18	)		(0.93	)		(6.93	)		—			—
Net asset value, end of year	$	37.04		$	24.91		$	25.17		$	31.09		$	20.68

TOTAL RETURN		49.64	%		2.85	%		2.84	%		50.34	%		4.29	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	173.57		$	22.32		$	18.52		$	15.78		$	11.65
Ratio of expenses to average net assets		0.97	%		1.02	%		1.01	%		1.01	%		1.05	%
Ratio of net investment income (loss) to average net assets		0.02	%		1.18	%		1.38	%		(0.17	)%		(0.14	)%
Portfolio turnover rate⁽²⁾		94	%		90	%		102	%		98	%		98	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Focus Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	46.14		$	51.12		$	80.48		$	71.68		$	85.11

Income from investment operations:
Net investment loss⁽¹⁾		(0.21	)		(0.29	)		(0.56	)		(0.63	)		(0.66	)
Net realized and unrealized gains (losses) on investments		15.14			2.15			(16.93	)		31.46			(4.21	)
Total from investment operations		14.93			1.86			(17.49	)		30.83			(4.87	)

Less distributions:
Dividends from net realized gains		(10.61	)		(6.84	)		(11.87	)		(22.03	)		(8.56	)
Total distributions		(10.61	)		(6.84	)		(11.87	)		(22.03	)		(8.56	)
Net asset value, end of year	$	50.46		$	46.14		$	51.12		$	80.48		$	71.68

TOTAL RETURN		37.93	%		3.52	%		-25.55	%		52.87	%		-6.79	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	394.90		$	357.13		$	431.67		$	709.40		$	678.72
Ratio of expenses to average net assets		1.49	%		1.50	%		1.52	%		1.49	%		1.51	%
Ratio of net investment loss to average net assets		(0.46	)%		(0.58	)%		(0.92	)%		(0.88	)%		(0.88	)%
Portfolio turnover rate⁽²⁾		10	%		12	%		5	%		4	%		5	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Focus Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	48.32		$	53.34		$	83.66		$	74.24		$	87.83

Income from investment operations:
Net investment loss⁽¹⁾		(0.06	)		(0.11	)		(0.34	)		(0.37	)		(0.39	)
Net realized and unrealized gains (losses) on investments		15.89			2.23			(17.63	)		32.62			(4.36	)
Total from investment operations		15.83			2.12			(17.97	)		32.25			(4.75	)

Less distributions:
Dividends from net realized gains		(11.11	)		(7.14	)		(12.35	)		(22.83	)		(8.84	)
Total distributions		(11.11	)		(7.14	)		(12.35	)		(22.83	)		(8.84	)
Net asset value, end of year	$	53.04		$	48.32		$	53.34		$	83.66		$	74.24

TOTAL RETURN		38.44	%		3.90	%		-25.27	%		53.43	%		-6.45	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	279.83		$	214.53		$	308.95		$	498.51		$	387.55
Ratio of expenses to average net assets		1.11	%		1.13	%		1.13	%		1.12	%		1.14	%
Ratio of net investment loss to average net assets		(0.12	)%		(0.22	)%		(0.53	)%		(0.50	)%		(0.51	)%
Portfolio turnover rate⁽²⁾		10	%		12	%		5	%		4	%		5	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Cornerstone Mid Cap 30 Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	18.92		$	20.83		$	19.78		$	13.27		$	12.01

Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.01	)		0.01			0.17			(0.14	)		(0.03	)
Net realized and unrealized gains on investments		9.47			1.68			1.22			6.65			1.29
Total from investment operations		9.46			1.69			1.39			6.51			1.26

Less distributions:
Dividends from net investment income		—			—			(0.34	)		—			—
Dividends from net realized gains		(1.90	)		(3.60	)		—			—			—
Total distributions		(1.90	)		(3.60	)		(0.34	)		—			—
Net asset value, end of year	$	26.48		$	18.92		$	20.83		$	19.78		$	13.27

TOTAL RETURN		54.22	%		10.03	%		7.12	%		49.06	%		10.49	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	627.17		$	297.37		$	215.00		$	219.58		$	188.71
Ratio of expenses to average net assets		1.33	%		1.34	%		1.35	%		1.36	%		1.37	%
Ratio of net investment income (loss) to average net assets		(0.06	)%		0.09	%		0.84	%		(0.74	)%		(0.27	)%
Portfolio turnover rate⁽²⁾		94	%		120	%		176	%		0	%		94	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Cornerstone Mid Cap 30 Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	19.91		$	21.84		$	20.66		$	13.81		$	12.46

Income from investment operations:
Net investment income (loss)⁽¹⁾		0.07			0.09			0.24			(0.07	)		0.01
Net realized and unrealized gains on investments		9.98			1.76			1.29			6.92			1.34
Total from investment operations		10.05			1.85			1.53			6.85			1.35

Less distributions:
Dividends from net investment income		—			—			(0.35	)		—			—
Dividends from net realized gains		(2.00	)		(3.78	)		—			—			—
Total distributions		(2.00	)		(3.78	)		(0.35	)		—			—
Net asset value, end of year	$	27.96		$	19.91		$	21.84		$	20.66		$	13.81

TOTAL RETURN		54.74	%		10.43	%		7.52	%		49.60	%		10.83	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	969.94		$	293.88		$	174.62		$	169.19		$	136.09
Ratio of expenses to average net assets		0.95	%		0.97	%		1.00	%		0.99	%		1.01	%
Ratio of net investment income (loss) to average net assets		0.27	%		0.44	%		1.18	%		(0.38	)%		0.09	%
Portfolio turnover rate⁽²⁾		94	%		120	%		176	%		0	%		94	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Cornerstone Large Growth Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	10.06		$	10.92		$	14.35		$	10.21		$	10.54

Income from investment operations:
Net investment income⁽¹⁾		0.10			0.11			0.09			0.09			0.09
Net realized and unrealized gains (losses) on investments		2.19			0.87			(1.66	)		4.64			(0.15	)
Total from investment operations		2.29			0.98			(1.57	)		4.73			(0.06	)

Less distributions:
Dividends from net investment income		(0.11	)		(0.08	)		(0.08	)		(0.10	)		(0.14	)
Dividends from net realized loss		(0.30	)		(1.76	)		(1.78	)		(0.49	)		(0.13	)
Total distributions		(0.41	)		(1.84	)		(1.86	)		(0.59	)		(0.27	)
Net asset value, end of year	$	11.94		$	10.06		$	10.92		$	14.35		$	10.21

TOTAL RETURN		23.34	%		9.48	%		-12.76	%		48.00	%		-0.75	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	127.75		$	112.89		$	115.15		$	143.11		$	103.11
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment		1.27	%		1.28	%		1.30	%		1.29	%		1.31	%
After expense reimbursement/recoupment		1.27	%		1.28	%		1.30	%		1.29	%		1.31	%⁽²⁾
Ratio of net investment income to average net assets:
Before expense reimbursement/recoupment		0.89	%		1.10	%		0.76	%		0.69	%		0.93	%
After expense reimbursement/recoupment		0.89	%		1.10	%		0.76	%		0.69	%		0.93	%
Portfolio turnover rate⁽³⁾		54	%		53	%		76	%		68	%		62	%

⁽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.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Cornerstone Large Growth Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	10.18		$	11.05		$	14.51		$	10.33		$	10.65

Income from investment operations:
Net investment income⁽¹⁾		0.14			0.14			0.13			0.12			0.13
Net realized and unrealized gains (losses) on investments		2.21			0.89			(1.68	)		4.68			(0.15	)
Total from investment operations		2.35			1.03			(1.55	)		4.80			(0.02	)

Less distributions:
Dividends from net investment income		(0.14	)		(0.12	)		(0.11	)		(0.13	)		(0.17	)
Dividends from net realized loss		(0.31	)		(1.78	)		(1.80	)		(0.49	)		(0.13	)
Total distributions		(0.45	)		(1.90	)		(1.91	)		(0.62	)		(0.30	)
Net asset value, end of year	$	12.08		$	10.18		$	11.05		$	14.51		$	10.33

TOTAL RETURN		23.62	%		9.85	%		-12.52	%		48.30	%		-0.40	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	17.41		$	15.77		$	14.80		$	18.39		$	12.60
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment		1.00	%		1.00	%		0.99	%		1.04	%		1.01	%
After expense reimbursement/recoupment		1.00	%		1.00	%		0.99	%		1.04	%		1.01	%⁽²⁾
Ratio of net investment income to average net assets:
Before expense reimbursement/recoupment		1.17	%		1.37	%		1.08	%		0.91	%		1.23	%
After expense reimbursement/recoupment		1.17	%		1.37	%		1.08	%		0.91	%		1.23	%
Portfolio turnover rate⁽³⁾		54	%		53	%		76	%		68	%		62	%

⁽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.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Cornerstone Value Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	18.14		$	20.30		$	19.59		$	13.69		$	17.43

Income from investment operations:
Net investment income⁽¹⁾		0.65			0.63			0.55			0.44			0.41
Net realized and unrealized gains (losses) on investments		3.51			(0.84	)		1.10			5.87			(3.01	)
Total from investment operations		4.16			(0.21	)		1.65			6.31			(2.60	)

Less distributions:
Dividends from net investment income		(0.69	)		(0.50	)		(0.51	)		(0.41	)		(0.47	)
Dividends from net realized gains		—			(1.45	)		(0.43	)		—			(0.67	)
Total distributions		(0.69	)		(1.95	)		(0.94	)		(0.41	)		(1.14	)
Net asset value, end of year	$	21.61		$	18.14		$	20.30		$	19.59		$	13.69

TOTAL RETURN		23.38	%		-1.45	%		8.68	%		46.82	%		-16.22	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	273.89		$	246.40		$	268.81		$	254.23		$	189.60
Ratio of expenses to average net assets		1.22	%		1.23	%		1.23	%		1.23	%		1.30	%
Ratio of net investment income to average net assets		3.21	%		3.31	%		2.74	%		2.43	%		2.71	%
Portfolio turnover rate⁽²⁾		22	%		31	%		36	%		41	%		32	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Cornerstone Value Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	18.17		$	20.34		$	19.63		$	13.71		$	17.45

Income from investment operations:
Net investment income⁽¹⁾		0.69			0.67			0.58			0.48			0.44
Net realized and unrealized gains (losses) on investments		3.52			(0.84	)		1.12			5.88			(3.01	)
Total from investment operations		4.21			(0.17	)		1.70			6.36			(2.57	)

Less distributions:
Dividends from net investment income		(0.70	)		(0.55	)		(0.56	)		(0.44	)		(0.49	)
Dividends from net realized gains		—			(1.45	)		(0.43	)		—			(0.68	)
Total distributions		(0.70	)		(2.00	)		(0.99	)		(0.44	)		(1.17	)
Net asset value, end of year	$	21.68		$	18.17		$	20.34		$	19.63		$	13.71

TOTAL RETURN		23.66	%		-1.26	%		8.92	%		47.19	%		-16.06	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	8.07		$	7.50		$	24.35		$	5.50		$	4.29
Ratio of expenses to average net assets:		0.98	%		1.06	%		1.00	%		0.99	%		1.08	%
Ratio of net investment income to average net assets:		3.44	%		3.48	%		2.92	%		2.67	%		2.94	%
Portfolio turnover rate⁽²⁾		22	%		31	%		36	%		41	%		32	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Total Return Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	12.53		$	13.47		$	13.54		$	11.97		$	13.98

Income from investment operations:
Net investment income⁽¹⁾		0.42			0.40			0.22			0.20			0.27
Net realized and unrealized gains (losses) on investments		1.47			(0.30	)		(0.07	)		2.33			(1.99	)
Total from investment operations		1.89			0.10			0.15			2.53			(1.72	)

Less distributions:
Dividends from net investment income		(0.43	)		(0.38	)		(0.22	)		(0.20	)		(0.29	)
Dividends from net realized gains		(0.54	)		(0.66	)		—			(0.76	)		—
Total distributions		(0.97	)		(1.04	)		(0.22	)		(0.96	)		(0.29	)
Net asset value, end of year	$	13.45		$	12.53		$	13.47		$	13.54		$	11.97

TOTAL RETURN		15.52	%		0.53	%		1.12	%		21.72	%		-12.36	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	49.04		$	47.54		$	53.36		$	54.45		$	50.67
Ratio of expenses to average net assets		3.62	%		3.37	%		1.77	%		1.35	%		1.73	%
Ratio of net investment income to average net assets		3.14	%		3.05	%		1.62	%		1.52	%		2.05	%
Portfolio turnover rate		32	%		36	%		24	%		19	%		39	%

⁽¹⁾	Calculated using the average shares outstanding method.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Equity and Income Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	14.10		$	14.06		$	17.26		$	15.12		$	15.72

Income from investment operations:
Net investment income⁽¹⁾		0.09			0.10			0.08			0.09			0.16
Net realized and unrealized gains (losses) on investments		2.63			0.42			(2.09	)		3.01			0.40
Total from investment operations		2.72			0.52			(2.01	)		3.10			0.56

Less distributions:
Dividends from net investment income		(0.09	)		(0.10	)		(0.08	)		(0.10	)		(0.16	)
Dividends from net realized gains		(1.21	)		(0.38	)		(1.11	)		(0.86	)		(1.00	)
Total distributions		(1.30	)		(0.48	)		(1.19	)		(0.96	)		(1.16	)
Net asset value, end of year	$	15.52		$	14.10		$	14.06		$	17.26		$	15.12

TOTAL RETURN		20.43	%		3.67	%		-12.60	%		21.24	%		3.74	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	31.75		$	34.29		$	39.17		$	53.97		$	51.29
Ratio of expenses to average net assets		1.55	%		1.52	%		1.51	%		1.49	%		1.49	%
Ratio of net investment income to average net assets		0.59	%		0.71	%		0.53	%		0.54	%		1.08	%
Portfolio turnover rate⁽²⁾		16	%		11	%		15	%		26	%		22	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Equity and Income Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	13.23		$	13.21		$	16.22		$	14.22		$	14.80

Income from investment operations:
Net investment income⁽¹⁾		0.13			0.15			0.13			0.14			0.20
Net realized and unrealized gains (losses) on investments		2.47			0.38			(1.97	)		2.83			0.38
Total from investment operations		2.60			0.53			(1.84	)		2.97			0.58

Less distributions:
Dividends from net investment income		(0.14	)		(0.15	)		(0.13	)		(0.16	)		(0.22	)
Dividends from net realized gains		(1.14	)		(0.36	)		(1.04	)		(0.81	)		(0.94	)
Total distributions		(1.28	)		(0.51	)		(1.17	)		(0.97	)		(1.16	)
Net asset value, end of year	$	14.55		$	13.23		$	13.21		$	16.22		$	14.22

TOTAL RETURN		20.85	%		3.99	%		-12.25	%		21.68	%		4.16	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	27.78		$	34.71		$	47.74		$	66.06		$	61.75
Ratio of expenses to average net assets		1.18	%		1.15	%		1.13	%		1.12	%		1.12	%
Ratio of net investment income to average net assets		0.97	%		1.08	%		0.90	%		0.91	%		1.44	%
Portfolio turnover rate⁽²⁾		16	%		11	%		15	%		26	%		22	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Balanced Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	11.12		$	11.82		$	12.39		$	10.84		$	12.38

Income from investment operations:
Net investment income⁽¹⁾		0.32			0.26			0.06			0.02			0.12
Net realized and unrealized gains (losses) on investments		0.95			(0.27	)		(0.15	)		1.56			(1.04	)
Total from investment operations		1.27			(0.01	)		(0.09	)		1.58			(0.92	)

Less distributions:
Dividends from net investment income		(0.32	)		(0.25	)		(0.05	)		(0.03	)		(0.12	)
Dividends from net realized gains		(0.01	)		(0.44	)		(0.43	)		—			(0.50	)
Total distributions		(0.33	)		(0.69	)		(0.48	)		(0.03	)		(0.62	)
Net asset value, end of year	$	12.06		$	11.12		$	11.82		$	12.39		$	10.84

TOTAL RETURN		11.47	%		-0.22	%		-0.70	%		14.62	%		-7.84	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	12.71		$	12.29		$	12.89		$	13.53		$	11.99
Ratio of expenses to average net assets		1.82	%		1.84	%		1.80	%		1.85	%		1.89	%
Ratio of net investment income to average net assets		2.70	%		2.26	%		0.49	%		0.17	%		1.05	%
Portfolio turnover rate		57	%		22	%		29	%		31	%		42	%

⁽¹⁾	Calculated using the average shares outstanding method.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Energy Transition Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	24.22		$	24.15		$	18.31		$	8.74		$	14.08

Income from investment operations:
Net investment income⁽¹⁾		0.13			0.17			0.16			0.06			0.04
Net realized and unrealized gains (losses) on investments		1.53			0.02			7.74			9.51			(5.38	)
Total from investment operations		1.66			0.19			7.90			9.57			(5.34	)

Less distributions:
Dividends from net investment income		—			(0.12	)		(2.06	)		—			—
Total distributions		—			(0.12	)		(2.06	)		—			—
Net asset value, end of year	$	25.88		$	24.22		$	24.15		$	18.31		$	8.74

TOTAL RETURN		6.85	%		0.81	%		49.24	%		109.50	%		-37.93	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	6.47		$	8.96		$	10.21		$	6.80		$	2.50
Ratio of expenses to average net assets:
Before expense reimbursement		2.61	%		2.42	%		2.42	%		2.96	%		2.59	%
After expense reimbursement⁽²⁾		2.44	%		2.27	%		2.25	%		2.74	%		2.03	%⁽³⁾
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement		0.36	%		0.59	%		0.64	%		0.16	%		(0.18	)%
After expense reimbursement		0.53	%		0.74	%		0.81	%		0.38	%		0.38	%
Portfolio turnover rate⁽⁴⁾		14	%		28	%		31	%		74	%		73	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Energy Transition Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	24.68		$	24.59		$	18.60		$	8.85		$	14.26

Income from investment operations:
Net investment income⁽¹⁾		0.24			0.25			0.23			0.07			0.12
Net realized and unrealized gains (losses) on investments		1.54			0.02			7.87			9.68			(5.50	)
Total from investment operations		1.78			0.27			8.10			9.75			(5.38	)

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	$	26.46		$	24.68		$	24.59		$	18.60		$	8.85

TOTAL RETURN		7.21	%		1.14	%		49.71	%		110.17	%		-37.80	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	8.14		$	11.43		$	13.33		$	9.45		$	3.82
Ratio of expenses to average net assets:
Before expense reimbursement		2.28	%		2.08	%		2.09	%		2.61	%		2.01	%
After expense reimbursement⁽²⁾		2.11	%		1.93	%		1.92	%		2.39	%		1.77	%⁽³⁾
Ratio of net investment income to average net assets:
Before expense reimbursement		0.77	%		0.92	%		0.96	%		0.22	%		0.79	%
After expense reimbursement		0.94	%		1.07	%		1.13	%		0.44	%		1.03	%
Portfolio turnover rate⁽⁴⁾		14	%		28	%		31	%		74	%		73	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Midstream Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	10.02		$	9.58		$	8.66		$	5.55		$	10.90

Income from investment operations:
Net investment loss⁽¹⁾⁽²⁾		(0.00	)⁽³⁾		(0.02	)		(0.07	)		(0.07	)		(0.10	)
Net realized and unrealized gains (losses) on investments		2.40			1.49			2.02			4.21			(4.22	)
Total from investment operations		2.40			1.47			1.95			4.14			(4.32	)

Less distributions:
Dividends from net investment income		(0.18	)		(0.84	)		(0.06	)		—			—
Dividends from return of capital		(0.85	)		(0.19	)		(0.97	)		(1.03	)		(1.03	)
Total distributions		(1.03	)		(1.03	)		(1.03	)		(1.03	)		(1.03	)
Net asset value, end of year	$	11.39		$	10.02		$	9.58		$	8.66		$	5.55

TOTAL RETURN		24.81	%		16.39	%		24.03	%		78.41	%		-42.13	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	20.53		$	16.79		$	11.47		$	6.72		$	3.81
Ratio of expenses to average net assets:
Before expense reimbursement		1.94	%		2.03	%		2.05	%		2.11	%		2.12	%
After expense reimbursement⁽⁴⁾		1.75	%		1.78	%		1.76	%		1.76	%		1.76	%
Ratio of net investment loss to average net assets:
Before expense reimbursement⁽²⁾		(0.23	)%		(0.50	)%		(1.08	)%		(1.26	)%		(1.63	)%
After expense reimbursement⁽²⁾		(0.04	)%		(0.25	)%		(0.79	)%		(0.91	)%		(1.27	)%
Portfolio turnover rate⁽⁵⁾		6	%		16	%		33	%		40	%		53	%

⁽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.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Midstream Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	10.43		$	9.91		$	8.90		$	5.68		$	11.09

Income from investment operations:
Net investment income (loss)⁽¹⁾⁽²⁾		0.02			(0.00	)⁽³⁾		(0.05	)		(0.05	)		(0.10	)
Net realized and unrealized gains (losses) on investments		2.53			1.55			2.09			4.30			(4.28	)
Total from investment operations		2.55			1.55			2.04			4.25			(4.38	)

Less distributions:
Dividends from net investment income		(0.18	)		(0.84	)		(0.06	)		—			—
Dividends from return of capital		(0.85	)		(0.19	)		(0.97	)		(1.03	)		(1.03	)
Total distributions		(1.03	)		(1.03	)		(1.03	)		(1.03	)		(1.03	)
Net asset value, end of year	$	11.95		$	10.43		$	9.91		$	8.90		$	5.68

TOTAL RETURN		25.30	%		16.67	%		24.41	%		78.57	%		-41.93	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	46.77		$	37.46		$	33.06		$	30.45		$	18.33
Ratio of expenses to average net assets:
Before expense reimbursement		1.54	%		1.65	%		1.69	%		1.74	%		1.79	%
After expense reimbursement⁽⁴⁾		1.50	%		1.53	%		1.51	%		1.51	%		1.51	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement⁽²⁾		0.17	%		(0.12	)%		(0.71	)%		(0.89	)%		(1.55	)%
After expense reimbursement⁽²⁾		0.21	%		(0.00	)%⁽³⁾		(0.53	)%		(0.66	)%		(1.27	)%
Portfolio turnover rate⁽⁵⁾		6	%		16	%		33	%		40	%		53	%

⁽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.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Gas Utility Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	22.57		$	25.91		$	26.09		$	24.08		$	29.64

Income from investment operations:
Net investment income⁽¹⁾		0.60			0.54			0.50			0.52			0.58
Net realized and unrealized gains (losses) on investments		5.95			(1.70	)		1.98			4.00			(4.14	)
Total from investment operations		6.55			(1.16	)		2.48			4.52			(3.56	)

Less distributions:
Dividends from net investment income		(0.61	)		(0.53	)		(0.50	)		(0.57	)		(0.56	)
Dividends from net realized gains		(0.94	)		(1.65	)		(2.16	)		(1.94	)		(1.44	)
Total distributions		(1.55	)		(2.18	)		(2.66	)		(2.51	)		(2.00	)
Net asset value, end of year	$	27.57		$	22.57		$	25.91		$	26.09		$	24.08

TOTAL RETURN		30.34	%		-5.01	%		10.14	%		19.91	%		-12.49	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	426.63		$	384.37		$	459.41		$	457.31		$	483.56
Ratio of expenses to average net assets		0.99	%		1.00	%		1.00	%		1.00	%		1.02	%
Ratio of net investment income to average net assets		2.46	%		2.21	%		1.88	%		2.06	%		2.24	%
Portfolio turnover rate⁽²⁾		13	%		12	%		31	%		15	%		16	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Gas Utility Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	22.51		$	25.84		$	26.01		$	24.01		$	29.56

Income from investment operations:
Net investment income⁽¹⁾		0.67			0.62			0.57			0.59			0.66
Net realized and unrealized gains (losses) on investments		5.94			(1.70	)		1.99			3.99			(4.13	)
Total from investment operations		6.61			(1.08	)		2.56			4.58			(3.47	)

Less distributions:
Dividends from net investment income		(0.68	)		(0.60	)		(0.58	)		(0.65	)		(0.64	)
Dividends from net realized gains		(0.94	)		(1.65	)		(2.15	)		(1.93	)		(1.44	)
Total distributions		(1.62	)		(2.25	)		(2.73	)		(2.58	)		(2.08	)
Net asset value, end of year	$	27.50		$	22.51		$	25.84		$	26.01		$	24.01

TOTAL RETURN		30.74	%		-4.74	%		10.53	%		20.29	%		-12.22	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	51.20		$	56.75		$	93.58		$	63.06		$	66.46
Ratio of expenses to average net assets		0.69	%		0.71	%		0.68	%		0.69	%		0.70	%
Ratio of net investment income to average net assets		2.76	%		2.52	%		2.13	%		2.35	%		2.57	%
Portfolio turnover rate⁽²⁾		13	%		12	%		31	%		15	%		16	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Japan Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	34.99		$	29.43		$	47.78		$	42.79		$	37.17

Income from investment operations:
Net investment income (loss)⁽¹⁾		0.19			0.23			(0.11	)		(0.23	)		(0.14	)
Net realized and unrealized gains (losses) on investments		10.21			5.33			(17.83	)		5.22			5.81
Total from investment operations		10.40			5.56			(17.94	)		4.99			5.67

Less distributions:
Dividends from net investment income		—			—			(0.41	)		—			(0.02	)
Dividends from net realized gains		(2.18	)		—			—			—			(0.03	)
Total distributions		(2.18	)		—			(0.41	)		—			(0.05	)
Net asset value, end of year	$	43.21		$	34.99		$	29.43		$	47.78		$	42.79

TOTAL RETURN		31.08	%		18.89	%		-37.86	%		11.66	%		15.27	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	52.49		$	45.61		$	39.55		$	86.11		$	142.30
Ratio of expenses to average net assets		1.42	%		1.44	%		1.44	%		1.43	%		1.43	%
Ratio of net investment income (loss) to average net assets		0.47	%		0.65	%		(0.30	)%		(0.49	)%		(0.37	)%
Portfolio turnover rate⁽²⁾		17	%		57	%		21	%		16	%		23	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Japan Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	36.32		$	30.43		$	49.54		$	44.19		$	38.37

Income from investment operations:
Net investment income (loss)⁽¹⁾		0.39			0.30			0.02			(0.03	)		0.02
Net realized and unrealized gains (losses) on investments		10.58			5.59			(18.39	)		5.38			5.99
Total from investment operations		10.97			5.89			(18.37	)		5.35			6.01

Less distributions:
Dividends from net investment income		—			—			(0.74	)		(0.00	)⁽²⁾		(0.16	)
Dividends from net realized gains		(2.26	)		—			—			—			(0.03	)
Total distributions		(2.26	)		—			(0.74	)		(0.00	)⁽²⁾		(0.19	)
Net asset value, end of year	$	45.03		$	36.32		$	30.43		$	49.54		$	44.19

TOTAL RETURN		31.59	%		19.36	%		-37.63	%		12.11	%		15.72	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	361.11		$	233.44		$	275.24		$	727.47		$	608.11
Ratio of expenses to average net assets		1.02	%		1.04	%		1.05	%		1.04	%		1.04	%
Ratio of net investment income (loss) to average net assets		0.92	%		0.84	%		0.04	%		(0.07	)%		0.04	%
Portfolio turnover rate⁽³⁾		17	%		57	%		21	%		16	%		23	%

⁽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.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Japan Small Cap Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	14.74		$	13.10		$	18.12		$	15.73		$	15.43

Income from investment operations:
Net investment income⁽¹⁾		0.16			0.14			0.12			0.03			0.01
Net realized and unrealized gains (losses) on investments		1.87			1.58			(5.07	)		2.40			0.50
Total from investment operations		2.03			1.72			(4.95	)		2.43			0.51

Less distributions:
Dividends from net investment income		(0.14	)		(0.08	)		(0.00	)⁽²⁾		(0.04	)		(0.21	)
Dividends from net realized gains		—			—			(0.07	)		—			—
Total distributions		(0.14	)		(0.08	)		(0.07	)		(0.04	)		(0.21	)
Net asset value, end of year	$	16.63		$	14.74		$	13.10		$	18.12		$	15.73

TOTAL RETURN		13.79	%		13.22	%		-27.41	%		15.46	%		3.27	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	30.02		$	32.56		$	31.23		$	46.15		$	46.41
Ratio of expenses to average net assets		1.52	%		1.51	%		1.57	%		1.53	%		1.55	%
Ratio of net investment income to average net assets		0.96	%		0.97	%		0.83	%		0.16	%		0.09	%
Portfolio turnover rate⁽³⁾		28	%		32	%		45	%		24	%		17	%

⁽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.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Japan Small Cap Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	14.56		$	12.97		$	17.94		$	15.58		$	15.28

Income from investment operations:
Net investment income⁽¹⁾		0.23			0.21			0.18			0.11			0.07
Net realized and unrealized gains (losses) on investments		1.83			1.54			(4.99	)		2.37			0.50
Total from investment operations		2.06			1.75			(4.81	)		2.48			0.57

Less distributions:
Dividends from net investment income		(0.19	)		(0.16	)		(0.09	)		(0.12	)		(0.27	)
Dividends from net realized gains		—			—			(0.07	)		—			—
Total distributions		(0.19	)		(0.16	)		(0.16	)		(0.12	)		(0.27	)
Net asset value, end of year	$	16.43		$	14.56		$	12.97		$	17.94		$	15.58

TOTAL RETURN		14.23	%		13.60	%		-27.05	%		15.90	%		3.69	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	79.16		$	70.99		$	47.65		$	66.58		$	34.58
Ratio of expenses to average net assets		1.12	%		1.11	%		1.17	%		1.13	%		1.13	%
Ratio of net investment income to average net assets		1.42	%		1.44	%		1.22	%		0.63	%		0.45	%
Portfolio turnover rate⁽²⁾		28	%		32	%		45	%		24	%		17	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Large Cap Financial Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	18.57		$	24.80		$	35.32		$	22.33		$	22.63

Income from investment operations:
Net investment income (loss)⁽¹⁾		0.20			0.35			0.15			(0.15	)		(0.05	)
Net realized and unrealized gains (losses) on investments		9.00			(4.92	)		(9.02	)		13.14			(0.25	)
Total from investment operations		9.20			(4.57	)		(8.87	)		12.99			(0.30	)

Less distributions:
Dividends from net investment income		(0.40	)		(0.13	)		—			—			—
Dividends from net realized gains		—			(1.53	)		(1.65	)		—			—
Total distributions		(0.40	)		(1.66	)		(1.65	)		—			—
Net asset value, end of year	$	27.37		$	18.57		$	24.80		$	35.32		$	22.33

TOTAL RETURN		49.91	%		-19.62	%		-26.22	%		58.17	%		-1.33	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	21.29		$	16.88		$	23.63		$	36.42		$	22.51
Ratio of expenses to average net assets		1.89	%		1.79	%		1.69	%		1.68	%		1.75	%
Ratio of net investment income (loss) to average net assets		0.84	%		1.64	%		0.55	%		(0.47	)%		(0.21	)%
Portfolio turnover rate⁽²⁾		37	%		114	%		78	%		62	%		88	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Large Cap Financial Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	18.76		$	25.11		$	35.63		$	22.44		$	22.68

Income from investment operations:
Net investment income (loss)⁽¹⁾		0.32			0.43			0.25			(0.03	)		0.02
Net realized and unrealized gains (losses) on investments		9.06			(4.99	)		(9.10	)		13.22			(0.26	)
Total from investment operations		9.38			(4.56	)		(8.85	)		13.19			(0.24	)

Less distributions:
Dividends from net investment income		(0.45	)		(0.24	)		—			—			—
Dividends from net realized gains		—			(1.55	)		(1.67	)		—			—
Total distributions		(0.45	)		(1.79	)		(1.67	)		—			—
Net asset value, end of year	$	27.69		$	18.76		$	25.11		$	35.63		$	22.44

TOTAL RETURN		50.45	%		-19.41	%		-25.95	%		58.78	%		-1.06	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	7.50		$	12.58		$	22.15		$	35.06		$	21.15
Ratio of expenses to average net assets		1.57	%		1.46	%		1.33	%		1.32	%		1.45	%
Ratio of net investment income (loss) to average net assets		1.35	%		1.99	%		0.89	%		(0.11	)%		0.08	%
Portfolio turnover rate⁽²⁾		37	%		114	%		78	%		62	%		88	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Small Cap Financial Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	20.42		$	29.47		$	31.52		$	17.46		$	21.60

Income from investment operations:
Net investment income⁽¹⁾		0.45			0.43			0.22			0.25			0.16
Net realized and unrealized gains (losses) on investments		8.20			(7.13	)		(1.96	)		14.01			(3.55	)
Total from investment operations		8.65			(6.70	)		(1.74	)		14.26			(3.39	)

Less distributions:
Dividends from net investment income		(0.48	)		(0.19	)		(0.22	)		(0.20	)		(0.09	)
Dividends from net realized gains		(0.71	)		(2.16	)		(0.09	)		—			(0.66	)
Total distributions		(1.19	)		(2.35	)		(0.31	)		(0.20	)		(0.75	)
Net asset value, end of year	$	27.88		$	20.42		$	29.47		$	31.52		$	17.46

TOTAL RETURN		43.17	%		-24.53	%		-5.60	%		82.20	%		-16.37	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	80.80		$	54.60		$	93.40		$	140.03		$	54.96
Ratio of expenses to average net assets		1.62	%		1.62	%		1.59	%		1.58	%		1.65	%
Ratio of net investment income to average net assets		1.83	%		1.83	%		0.72	%		0.90	%		0.96	%
Portfolio turnover rate⁽²⁾		54	%		72	%		27	%		28	%		75	%

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

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-800-966-4354

Financial Statements — Financial Highlights

Hennessy Small Cap Financial Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	11.82		$	17.24		$	18.57		$	10.37		$	12.92

Income from investment operations:
Net investment income⁽¹⁾		0.33			0.30			0.20			0.21			0.13
Net realized and unrealized gains (losses) on investments		4.71			(4.14	)		(1.14	)		8.26			(2.10	)
Total from investment operations		5.04			(3.84	)		(0.94	)		8.47			(1.97	)

Less distributions:
Dividends from net investment income		(0.56	)		(0.31	)		(0.34	)		(0.27	)		(0.19	)
Dividends from net realized gains		(0.41	)		(1.27	)		(0.05	)		—			(0.39	)
Total distributions		(0.97	)		(1.58	)		(0.39	)		(0.27	)		(0.58	)
Net asset value, end of year	$	15.89		$	11.82		$	17.24		$	18.57		$	10.37

TOTAL RETURN		43.64	%		-24.32	%		-5.21	%		82.88	%		-16.05	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	6.40		$	6.87		$	20.17		$	32.08		$	10.61
Ratio of expenses to average net assets		1.28	%		1.29	%		1.22	%		1.20	%		1.29	%
Ratio of net investment income to average net assets		2.35	%		2.13	%		1.13	%		1.31	%		1.27	%
Portfolio turnover rate⁽²⁾		54	%		72	%		27	%		28	%		75	%

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

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYFUNDS.COM

Financial Statements — Financial Highlights

Hennessy Technology Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	16.94		$	14.81		$	26.89		$	20.50		$	18.90

Income from investment operations:
Net investment income (loss)⁽¹⁾		(0.05	)		(0.01	)		0.00	⁽²⁾		(0.02	)		0.02
Net realized and unrealized gains (losses) on investments		5.39			2.15			(5.38	)		8.82			2.10
Total from investment operations		5.34			2.14			(5.38	)		8.80			2.12

Less distributions:
Dividends from net investment income		—			(0.01	)		—			(0.04	)		—
Dividends from net realized gains		—			—			(6.70	)		(2.37	)		(0.52	)
Total distributions		—			(0.01	)		(6.70	)		(2.41	)		(0.52	)
Net asset value, end of year	$	22.28		$	16.94		$	14.81		$	26.89		$	20.50

TOTAL RETURN		31.52	%		14.47	%		-26.44	%		45.11	%		11.42	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	5.21		$	4.35		$	3.99		$	6.06		$	4.26
Ratio of expenses to average net assets:
Before expense reimbursement		2.77	%		3.17	%		3.06	%		2.79	%		3.45	%
After expense reimbursement⁽³⁾		1.23	%		1.23	%		1.23	%		1.23	%		1.23	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement		(1.76	)%		(2.02	)%		(1.81	)%		(1.64	)%		(2.12	)%
After expense reimbursement		(0.22	)%		(0.08	)%		0.02	%		(0.08	)%		0.10	%
Portfolio turnover rate⁽⁴⁾		84	%		101	%		151	%		200	%		192	%

⁽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.

The accompanying notes are an integral part of these financial statements.

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Financial Statements — Financial Highlights

Hennessy Technology Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31
	2024			2023			2022			2021			2020
PER SHARE DATA:
Net asset value, beginning of year	$	17.43		$	15.26		$	27.65		$	21.08		$	19.40

Income from investment operations:
Net investment income⁽¹⁾		0.01			0.03			0.05			0.05			0.07
Net realized and unrealized gains (losses) on investments		5.54			2.21			(5.55	)		9.06			2.15
Total from investment operations		5.55			2.24			(5.50	)		9.11			2.22

Less distributions:
Dividends from net investment income		—			(0.07	)		—			(0.11	)		(0.01	)
Dividends from net realized gains		—			—			(6.89	)		(2.43	)		(0.53	)
Total distributions		—			(0.07	)		(6.89	)		(2.54	)		(0.54	)
Net asset value, end of year	$	22.98		$	17.43		$	15.26		$	27.65		$	21.08

TOTAL RETURN		31.84	%		14.77	%		-26.28	%		45.49	%		11.67	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	2.68		$	1.99		$	1.39		$	2.06		$	1.47
Ratio of expenses to average net assets:
Before expense reimbursement		2.47	%		2.85	%		2.73	%		2.44	%		3.08	%
After expense reimbursement⁽²⁾		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement		(1.46	)%		(1.70	)%		(1.48	)%		(1.29	)%		(1.74	)%
After expense reimbursement		0.03	%		0.17	%		0.27	%		0.17	%		0.36	%
Portfolio turnover rate⁽³⁾		84	%		101	%		151	%		200	%		192	%

⁽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.

The accompanying notes are an integral part of these financial statements.

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Notes to the Financial Statements

October 31, 2024

1). ORGANIZATION

The Hennessy Cornerstone Growth Fund (the “Growth Fund”), the Hennessy Focus Fund (the “Focus Fund”), the Hennessy Cornerstone Mid Cap 30 Fund (the “Mid Cap 30 Fund”), the Hennessy Cornerstone Large Growth Fund (the “Large Growth Fund”), the Hennessy Value Fund (the “Value Fund”), the Hennessy Total Return Fund (the “Total Return Fund”), the Hennessy Equity and Income Fund (the “Equity and Income Fund”), the Hennessy Balanced Fund (the “Balanced Fund”), the Hennessy Energy Transition Fund (the “Energy Transition Fund”), the Hennessy Midstream Fund (the “Midstream Fund”), the Hennessy Gas Utility Fund (the “Gas Utility Fund”), the Hennessy Japan Fund (the “Japan Fund”), the Hennessy Japan Small Cap Fund (the “Japan Small Cap Fund”), the Hennessy Large Cap Financial Fund (the “Large Cap Financial Fund”), the Hennessy Small Cap Financial Fund (the “Small Cap Financial Fund”), and the Hennessy Technology Fund (the “Technology Fund”) (each, a “Fund,” and collectively, the “Funds”) are each a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Funds are open-end management investment companies registered under the Investment Company Act of 1940, as amended.

The investment objective of the Growth Fund, the Mid Cap 30 Fund, and the Large Growth Fund is long-term growth of capital. The investment objective of the Focus Fund, the Large Cap Financial Fund, and the Small Cap Financial Fund is capital appreciation. The investment objective of the Value Fund and the Total Return Fund is total return, consisting of capital appreciation and current income. The investment objective of the Equity and the Income Fund is long-term capital growth and current income. The investment objective of the Balanced Fund is a combination of capital appreciation and current income. The investment objective of the Energy Transition Fund is to seek total return. The investment objective of the Midstream Fund is to seek capital appreciation through distribution growth along with current income. The investment objective of the Gas Utility Fund is income and capital appreciation. The investment objective of the Japan Fund, the Japan Small Cap Fund, and the Technology Fund, is long-term capital appreciation.

The Midstream Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Because the Midstream Fund is treated as a “C” corporation, it is not taxed as a regulated investment company under Subchapter M of the Code and is not required to comply with the diversification requirements applicable to regulated investment companies. The Growth Fund, the Mid Cap 30 Fund, the Large Growth Fund, the Value Fund, the Equity and Income Fund, the Energy Transition Fund, the Gas Utility Fund, the Japan Fund, the Japan Small Cap Fund, and the Technology Fund are diversified funds, but the Japan Fund employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds. The Focus Fund, the Total Return Fund, the Balanced Fund, the Midstream Fund, the Large Cap Financial Fund, and the Small Cap Financial Fund are non-diversified funds.

Each Fund other than the Total Return Fund and the Balanced Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class. The Total Return Fund and the Balanced Fund offer only Investor Class shares.

As investment companies, the Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (the “FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

2). SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).

a).

Securities Valuation – All investments in securities are valued in accordance with the Funds’ valuation policies and procedures, as described in Note 3.

b).

Federal Income Taxes – This paragraph applies to all Funds other than the Midstream Fund. Each Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, no Fund has made provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. Each Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. Each Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between

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book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2024 are as follows:

	Total
	Distributable			Capital
	Earnings			Stock
Growth Fund	$	(13,169,378	)	$	13,169,378
Focus Fund		(17,841,547	)		17,841,547
Mid Cap 30 Fund		(2,925,061	)		2,925,061
Large Growth Fund		(443,371	)		443,371
Value Fund		—			—
Total Return Fund		(216,685	)		216,685
Equity and Income Fund		(1,157,523	)		1,157,523
Balanced Fund		(73,532	)		73,532
Energy Transition Fund		9,305			(9,305	)
Gas Utility Fund		(2,365,086	)		2,365,086
Japan Fund		(2,875,390	)		2,875,390
Japan Small Cap Fund		(275,298	)		275,298
Large Cap Financial Fund		(32,176	)		32,176
Small Cap Financial Fund		(874,507	)		874,507
Technology Fund		2,520			(2,520	)

	This paragraph applies to the Midstream Fund. The Midstream Fund is taxed as a corporation and is obligated to pay U.S. federal and state income tax on its taxable income. Currently, the maximum marginal regular federal income tax rate for a corporation is 21%. The Midstream Fund invests a substantial portion of its assets in master limited partnerships (ÒMLPsÓ), which are treated as partnerships for federal income tax purposes. As a limited partner in MLPs, the Midstream Fund reports its allocable share of each MLP’s taxable income in computing its own taxable income. The Midstream Fund includes any tax expense or benefit in its Statement of Operations based on the component of income or gains/losses to which such expense or benefit relates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the carrying amount of assets and liabilities for income tax purposes. The Midstream Fund recognizes a valuation allowance if, based on the weight of available evidence, it is more likely than not that the Fund will not realize some portion or all of the deferred income tax assets. As of October 31, 2024, the Midstream Fund did not have a valuation allowance.
c).	Accounting for Uncertainty in Income Taxes – The Funds have accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Funds for the prior three fiscal years are open for examination. The Funds have reviewed all open tax years in major tax jurisdictions and concluded that there is no material impact on the net assets of any Fund and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. With the exception of the Midstream Fund, the major tax jurisdictions of the Funds are U.S. federal and Delaware. The Midstream Fund files U.S. federal income tax returns and various state income tax returns.
d).	Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. Each Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees.
	For those Funds with multiple classes of shares, income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
	Distributions received from investments in MLPs, if applicable, generally consist of ordinary income, capital gains, and return of capital. The Funds record investment income on the ex-date of the distributions. For financial statement purposes, the Funds use return of capital and income estimates to allocate the dividend income received. Such estimates are based on historical information available from the MLPs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the applicable Fund.
e).	Distributions to Shareholders – This paragraph applies to all Funds other than the Midstream Fund. Dividends from net investment income, if any, are declared and paid at the end of each calendar quarter for the following Funds: the Total Return Fund, the Equity and Income Fund, the Balanced Fund, and the Gas Utility Fund. Dividends from net investment income, if any, are declared and paid annually, usually in December, for all other Funds. Distributions of net realized capital gains for the Funds, if any, are declared and paid annually, usually in December. The rest of this subsection applies to the Midstream Fund. The Midstream Fund typically makes cash distributions to its shareholders quarterly at the beginning of the months of March, June, September, and December. Due to the tax treatment of the Midstream Fund’s allocations and distributions from MLPs, a significant portion of the Midstream Fund’s distributions to shareholders typically is treated as return of capital to shareholders for U.S. federal income tax purposes (i.e., as distributions in excess of the Midstream Fund’s current and accumulated earnings and profits as described below). However, no assurance can be given in this regard; just as the Midstream Fund’s corporate income tax liability can fluctuate materially from year to year, the extent to which the Midstream Fund is able to make return-of-capital distributions also can vary materially from year to year depending on a number of different factors, including the composition of the

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	Midstream Fund’s portfolio, the level of allocations of net income and other tax items for the Midstream Fund from its underlying MLP investments, the length of time the Midstream Fund has owned the MLP equity securities in its portfolio, and the extent to which the Midstream Fund disposes of MLP equity securities during a particular year, including to meet Midstream Fund shareholder redemption requests as necessary.
	In general, a distribution constitutes a return of capital to a shareholder rather than a dividend to the extent such distribution exceeds the Midstream Fund’s current and accumulated earnings and profits. The portion of any distribution treated as a return of capital constitutes a tax-free return of capital to the extent of a shareholder’s cost basis in shares of the Midstream Fund and thereafter generally is taxable to the shareholder as a capital gain. A return-of-capital distribution also reduces the shareholder’s cost basis in shares of the Midstream Fund (but not below zero). A lower cost basis means that a shareholder recognizes more gain or less loss when the shareholder eventually sells shares of the Midstream Fund, which increases the shareholder’s tax liability.
	The Midstream Fund attempts to maintain a stable distribution rate and therefore may distribute more or less than the actual amount of cash it receives from its investments in a particular period. Any undistributed cash would be available to supplement future distributions, and until distributed would increase the Midstream Fund’s net asset value (“NAV”). Correspondingly, such amounts, once distributed, decrease the Midstream Fund’s NAV. In addition, the Midstream Fund may opt not to make distributions in quarters in which the Midstream Fund believes that a distribution could cause adverse tax consequences to shareholders, including when the Midstream Fund believes that a distribution may not constitute a tax-free return of capital, as described above.
f).	Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction using the specific identification method for the best tax relief order by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
g).	Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
h).	Share Valuation – The NAV per share of each Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s NAV per share.
i).	Foreign Currency – Values of investments denominated in foreign currencies, if any, are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held. Such fluctuations are included in net realized and unrealized gain/loss on investments. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards, and other factors.
j.	Reverse Repurchase Agreements – Transactions involving reverse repurchase agreements by the Total Return Fund are treated as collateralized financing transactions and are recorded at their contracted resell or repurchase amounts, which approximates fair value. Upon entering into a reverse repurchase agreement transaction, the Total Return Fund establishes a segregated account in which it maintains liquid assets in an amount at least equal to the repurchase price marked to market daily (including accrued interest), and the Total Return Fund subsequently monitors the account to ensure that it maintains such equivalent value. Interest on reverse repurchase agreements is included in interest payable.
	As of October 31, 2024, securities with a fair value of $23,859,306 were pledged by the Total Return Fund to collateralize reverse repurchase agreements, which securities are included in investments in securities in its Statement of Assets and Liabilities.
k.)	REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other times, investments in a REIT may result in a Fund’s receipt of cash in excess of the REIT’s earnings. If a Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by a Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.
l).	Partnership Accounting Policy – To the extent a Fund receives distributions from underlying partnerships in which it invests, the Fund records its pro rata share of income/loss and capital gains/losses and accordingly adjusts the cost basis of the underlying partnerships for return of capital.
m).	Offsetting Assets and Liabilities – The Total Return Fund follows the financial reporting rules regarding offsetting assets and liabilities and related netting arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Reverse repurchase transactions are entered into by the Total Return Fund under Master Repurchase Agreements (“MRAs”) that permit the Total Return Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables under the MRA with collateral held with the counterparty and create one single net payment from the Fund. Upon a bankruptcy or insolvency of the MRA counterparty, the Total Return Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, the Total Return Fund’s use of the proceeds of the MRA may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Total Return Fund’s obligation to repurchase the securities. For additional information regarding the offsetting of assets and liabilities as of October 31, 2024, please refer to the table in Note 9.

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n).

Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (the “Liquidity Program”). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

3). SECURITIES VALUATION

The Funds follow their valuation policies and procedures in determining their respective NAVs 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 a Fund has the ability to access at the date of measurement.
Level 2 –	Other significant observable inputs other than quoted prices included in Level 1 (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 a 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 Funds’ major categories of assets and liabilities on a recurring basis, as applicable:

	Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, MLPs, 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 Funds calculate their NAVs 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 a 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, such security will be valued at its fair value under the Fund’s established fair valuation procedures as implemented by Hennessy Advisors, Inc. (the “Advisor”), the Funds’ valuation designee. The Advisor, as the valuation designee, is subject to the oversight of the Board of Trustees of the Trust (the “Board”). 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 whether the Funds’ fair value pricing procedures continue to be appropriate in light of the specific circumstances of each Fund and the quality of prices obtained through the application of such procedures.

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The fair value of any 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 that a Fund’s NAV reflects the affected portfolio securities’ values as determined by the Advisor, the Board’s valuation designee, pursuant to the Fund’s fair value pricing procedures, 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 Japan Fund and the Japan Small Cap Fund do invest, and the other Funds except the Mid Cap 30 Fund, the Large Growth Fund, the Total Return Fund, and the Balanced Fund may invest, in foreign securities, for example, the value of a Fund’s portfolio securities may change on days when shareholders are unable to purchase or redeem Fund shares.

The Funds have 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 each 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 each Fund’s securities as of October 31, 2024, are included in its Schedule of Investments.

4). INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding government and short-term investments) during fiscal year 2024 were as follows:

	Purchases		Sales
Growth Fund	$	563,181,972	$	316,102,074
Focus Fund		63,364,077		163,128,415
Mid Cap 30 Fund		1,538,656,874		977,301,399
Large Growth Fund		78,142,854		87,553,580
Value Fund		58,026,721		80,704,661
Total Return Fund		11,128,617		15,566,418
Equity and Income Fund		5,020,123		24,807,078
Balanced Fund		3,769,305		4,419,291
Energy Transition Fund		2,137,995		7,983,092
Midstream Fund		4,312,095		3,800,217
Gas Utility Fund		56,150,634		125,499,094
Japan Fund		83,759,073		62,341,053
Japan Small Cap Fund		30,152,286		35,996,436
Large Cap Financial Fund		10,392,720		20,406,981
Small Cap Financial Fund		45,264,799		38,197,971
Technology Fund		6,286,803		6,761,265

Purchases and sales/maturities of long-term U.S. government securities for the Equity and Income Fund during fiscal year 2024 were $5,344,603 and $6,750,886, respectively. There were no purchases or sales/maturities of long-term U.S. government securities by any other Funds during fiscal year 2024.

5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Advisor provides the Funds with investment advisory services under Investment Advisory Agreements between the Advisor and the Trust. The Advisor provides or oversees the provision of all investment advice and furnishes office spaces, facilities, and most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee from each Fund. The net investment advisory fees expensed by each Fund during fiscal year 2024 are included in its Statement of Operations. The fee for each Fund is based on the average daily net assets of the Fund at an annual rate of:

Growth Fund	0.74%	Energy Transition Fund	1.25%
Focus Fund	0.90%	Midstream Fund	1.10%
Mid Cap 30 Fund	0.74%	Gas Utility Fund	0.40%
Large Growth Fund	0.74%	Japan Fund	0.80%
Value Fund	0.74%	Japan Small Cap Fund	0.80%
Total Return Fund	0.60%	Large Cap Financial Fund	0.90%
Equity and Income Fund	0.80%	Small Cap Financial Fund	0.90%
Balanced Fund	0.60%	Technology Fund	0.74%

The Advisor has delegated the day-to-day management of some of the Funds to a sub-advisor. The Advisor pays all sub-advisory fees from its own assets, and these fees are not an additional expense of the Funds. The following table lists each sub-advised Fund, the sub-advisor for such Fund, and the annual rate used to calculate the sub-advisory fee payable by the Advisor to such Fund’s sub-advisor:

Fund	Sub-Advisor	Annual Rate
Hennessy Focus Fund	Broad Run Investment Management, LLC	0.29%
Hennessy Equity and Income Fund	FCI Advisors (fixed income allocation)	0.27%
	The London Company of Virginia, LLC (equity allocation)	0.33%
Hennessy Japan Fund	SPARX Asset Management Co., Ltd.	$0-$500 million: 0.35%
		Above $500 million-$1 billion: 0.40%
		Above $1 billion: 0.42%
Hennessy Japan Small Cap Fund	SPARX Asset Management Co., Ltd.	$0-$500 million: 0.35%
		Above $500 million-$1 billion: 0.40%
		Above $1 billion: 0.42%

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During fiscal year 2024, the Advisor paid a sub-advisory fee at the average rate of 0.35% of the daily net assets of each of the Japan Fund and the Japan Small Cap Fund.

The Advisor has contractually agreed to (i) limit total annual operating expenses of the Midstream Fund to 1.75% of its net assets for Investor Class shares and 1.50% of its net assets for Institutional Class shares (excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) and (ii) limit total annual operating expenses of the Technology Fund to 0.98% of its net assets for both Investor Class shares and Institutional Class shares (excluding all federal, state, and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Advisor, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities), in each case, through February 28, 2025.

For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from a Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of October 31, 2024, expenses subject to potential recovery and the fiscal years in which they expire were as follows:

	Fiscal Year 2025		Fiscal Year 2026		Fiscal Year 2027		Total
Midstream Fund – Investor Class	$	13,391	$	19,218	$	15,904	$	48,513
Midstream Fund – Institutional Class		3,407		2,585		—		5,992
Technology Fund – Investor Class		73,628		72,197		66,424		212,249
Technology Fund – Institutional Class		23,122		25,964		31,785		80,871

The Advisor recouped $28,041 of previously waived expenses from Institutional Class shares of the Midstream Fund during fiscal year 2024. The Advisor did not recoup expenses from the Technology Fund during fiscal year 2024.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of each Fund, which compensates the Advisor for the non-investment advisory services it provides to each Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Funds attributable to Investor Class shares. The shareholder service fees expensed by each Fund during fiscal year 2024 are included in its Statement of Operations.

Each Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, each Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plans may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by each Fund during fiscal year 2024 are included in its Statement of Operations.

The Funds have entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Funds to brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by each Fund during fiscal year 2024 are included in its Statement of Operations.

The Gas Utility Fund has entered into an Administrative Services Agreement among the Gas Utility Fund, the Advisor, and the American Gas Association (“AGA”), pursuant to which the AGA provides administrative services to the Gas Utility Fund, including overseeing the calculation of the AGA Stock Index. ScottMadden, Inc. performs the actual computations required to produce the AGA Stock Index and receives a fee for such calculations pursuant to a contractual arrangement with AGA. AGA does not furnish other securities advice to the Gas Utility Fund or the Advisor or make recommendations regarding the purchase or sale of securities by the Gas Utility Fund. Under the terms of the Administrative Services Agreement, which has been approved by the Board, AGA provides the Gas Utility Fund with current information regarding the common stock composition of the AGA Stock Index at least monthly. In addition, on request, AGA provides the Gas Utility Fund and the Advisor with information on the natural gas industry. The Gas Utility Fund pays AGA a fee at an annual rate of 0.04% of the average daily net assets of the Gas Utility Fund.

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Funds with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Funds, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Funds’ custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Funds’ expenses and reviewing the Funds’ expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Funds’ custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by each Fund during fiscal year 2024 are included in its Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Energy Transition Fund, the Midstream Fund, and the Technology Fund. The fees voluntarily waived by Fund Services during fiscal year 2024 are included in the Statement of Operations for the Energy Transition Fund, the Midstream Fund, and the Technology Fund.

Quasar Distributors, LLC, a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Funds’ principal underwriter in a continuous public offering of Fund shares.

The officers of the Funds are affiliated with the Advisor. With the exception of the Chief Compliance Officer and Senior Compliance Officer, such officers receive no compensation from the Funds for serving in their respective roles. The Funds make reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and Senior Compliance Officer. The compliance fees expensed by each Fund during fiscal year 2024 for reimbursement payments to the Advisor are included in its Statement of Operations.

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6). GUARANTEES AND INDEMNIFICATIONS

Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, each Fund expects the risk of loss to be remote.

7). LINE OF CREDIT

Each Fund has an uncommitted line of credit with the other Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Fund’s net assets, or 30% for the Gas Utility Fund, the Japan Fund, and the Japan Small Cap Fund, and 10% for the Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by each Funds’ assets (as to its own borrowings only). The following table shows the outstanding average daily balance, weighted average interest rate, and maximum amount outstanding during fiscal year 2024 for each Fund that utilized the line of credit, as well as the amount of borrowings outstanding under the line of credit as of October 31, 2024:


	Outstanding Daily		Weighted			Maximum		Amount
	Average Balance		Average Interest Rate			Amount Outstanding		Outstanding at October 31, 2024
Focus Fund	$	48,317		8.50	%	$	4,932,000	$	—
Large Growth Fund		2,989		8.50	%		453,000		—
Value Fund		51,202		8.50	%		1,233,000		—
Equity and Income Fund		1,454		8.50	%		308,000		—
Balanced Fund		20,443		8.50	%		1,616,000		—
Energy Transition Fund		39,579		8.50	%		2,496,000		—
Gas Utility Fund		258,126		8.50	%		7,362,000		—
Japan Fund		19		8.50	%		7,000		—
Large Cap Financial Fund		33,342		8.50	%		2,244,000		—
Small Cap Financial Fund		8,828		8.00	%		3,231,000		—
Technology Fund		3,549		8.50	%		231,000		—

The interest expensed by each Fund under the line of credit during fiscal year 2024 is included in its Statement of Operations.

8). FEDERAL TAX INFORMATION

a).	All Funds other than the Midstream Fund –As of October 31, 2024, the components of accumulated earnings (losses) for income tax purposes were as follows:

	Growth			Focus			Mid Cap 30			Large Growth
	Fund			Fund			Fund			Fund
Cost of investments for tax purposes	$	487,023,994		$	266,171,819		$	1,471,694,139		$	124,007,371
Gross tax unrealized appreciation	$	67,309,332		$	414,785,154		$	167,421,162		$	28,828,988
Gross tax unrealized depreciation		(42,860,231	)		(5,130,499	)		(40,295,726	)		(7,578,211	)
Net tax unrealized appreciation	$	24,449,101		$	409,654,655		$	127,125,436		$	21,250,777
Undistributed ordinary income	$	1,089,939		$	—		$	6,062,965		$	2,770,315
Undistributed long-term capital gains		66,863,967			88,765,061			272,691,615			3,162,532
Total distributable earnings	$	67,953,906		$	88,765,061		$	278,754,580		$	5,932,847
Other accumulated gain/(loss)	$	—		$	(2,336,331	)	$	—		$	—
Total accumulated gain/(loss)	$	92,403,007		$	496,083,385		$	405,880,016		$	27,183,624

							Equity and
	Value			Total Return			Income			Balanced
	Fund			Fund			Fund			Fund
Cost of investments for tax purposes	$	225,381,435		$	67,316,092		$	41,535,116		$	12,155,298
Gross tax unrealized appreciation	$	63,541,881		$	7,127,206		$	20,126,503		$	1,198,897
Gross tax unrealized depreciation		(7,358,071	)		(3,663,125	)		(1,656,304	)		(667,612	)
Net tax unrealized appreciation	$	56,183,810		$	3,464,081		$	18,470,199		$	531,285
Undistributed ordinary income	$	10,410,022		$	80,158		$	6,435		$	20,636
Undistributed long-term capital gains		—			485,415			6,294,142			142,559
Total distributable earnings	$	10,410,022		$	565,573		$	6,300,577		$	163,195
Other accumulated gain/(loss)	$	—		$	—		$	—		$	—
Total accumulated gain/(loss)	$	66,593,832		$	4,029,654		$	24,770,776		$	694,480

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	Energy Transition			Gas Utility			Japan			Japan Small
	Fund			Fund			Fund			Cap Fund
Cost of investments for tax purposes	$	10,255,203		$	237,433,280		$	296,504,179		$	102,866,966
Gross tax unrealized appreciation	$	4,729,509		$	264,873,594		$	129,942,682		$	16,113,580
Gross tax unrealized depreciation		(208,584	)		(24,418,102	)		(15,925,820	)		(10,587,013	)
Net tax unrealized appreciation	$	4,520,925		$	240,455,492		$	114,016,862		$	5,526,567
Undistributed ordinary income	$	—		$	89,922		$	5,417,582		$	1,307,095
Undistributed long-term capital gains		—			25,133,393			19,174,987			3,051,814
Total distributable earnings	$	—		$	25,223,315		$	24,592,569		$	4,358,909
Other accumulated gain/(loss)	$	(36,589,815	)	$	—		$	—		$	—
Total accumulated gain/(loss)	$	(32,068,890	)	$	265,678,807		$	138,609,431		$	9,885,476

	Large Cap			Small Cap
	Financial			Financial			Technology
	Fund			Fund			Fund
Cost of investments for tax purposes	$	18,512,683		$	70,911,146		$	6,486,263
Gross tax unrealized appreciation	$	11,413,952		$	19,454,266		$	1,814,272
Gross tax unrealized depreciation		(1,102,005	)		(3,061,263	)		(394,299	)
Net tax unrealized appreciation	$	10,311,947		$	16,393,003		$	1,419,973
Undistributed ordinary income	$	187,318		$	1,680,961		$	—
Undistributed long-term capital gains		—			2,876,904			339,646
Total distributable earnings	$	187,318		$	4,557,865		$	339,646
Other accumulated gain/(loss)	$	(2,668,608	)	$	—		$	(9,205	)
Total accumulated gain/(loss)	$	7,830,657		$	20,950,868		$	1,750,414

Any differences between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) may be attributable to capital loss carryforwards, wash sales, partnership adjustments, late-year ordinary losses, and investments in passive foreign investment companies.

Capital loss carryforwards available as of October 31, 2024, to offset future gains, as well as capital loss carryforwards utilized during fiscal year 2024, are as follows:

					Capital Loss
	Non-Expiring		Non-Expiring		Carryforwards
	Short Term		Long Term		Utilized		Total
Growth Fund	$	—	$	—	$	4,508,485	$	—
Focus Fund		—		—		—		—
Mid Cap 30 Fund		—		—		—		—
Large Growth Fund		—		—		—		—
Value Fund		—		—		4,306,123		—
Total Return Fund		—		—		—		—
Equity and Income Fund		—		—		—		—
Balanced Fund		—		—		—		—
Energy Transition Fund		18,432,357		18,157,458		1,830,571		36,589,815
Gas Utility Fund		—		—		—		—
Japan Fund		—		—		—		—
Japan Small Cap Fund		—		—		1,191,834		—
Large Cap Financial Fund		2,668,608		—		—		2,668,608
Small Cap Financial Fund		—		—		—		—
Technology Fund		—		—		847,141		—

As of October 31, 2024, the following Funds deferred, on a tax basis, a late-year ordinary loss as follows:

Growth Fund	$	—	Energy Transition Fund	$	—
Focus Fund		2,336,331	Gas Utility Fund		—
Mid Cap 30 Fund		—	Japan Fund		—
Large Growth Fund		—	Japan Small Cap Fund		—
Value Fund		—	Large Cap Financial Fund		—
Total Return Fund		—	Small Cap Financial Fund		—
Equity and Income Fund		—	Technology Fund		9,205
Balanced Fund		—

Late-year ordinary losses are net ordinary losses incurred after December 31, 2023, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.

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b).	Midstream Fund – As of October 31, 2024, the components of accumulated earnings (losses) for income tax purposes for the Midstream Fund were as follows:

	Investments
Cost of investments for tax purposes	$	31,095,709
Gross tax unrealized appreciation	$	42,946,663
Gross tax unrealized depreciation		(1,463,443	)
Net tax unrealized appreciation/(depreciation)	$	41,483,220

As of October 31, 2024, deferred tax assets (liabilities) for the Midstream Fund consisted of the following:

Deferred tax assets (liabilities):
Net operating losses	$	584,967
Capital loss		1,535,592
Unrealized (gain) loss on investments		(7,638,822	)
Total deferred tax assets, net		(5,518,263	)
Valuation allowance		—
Net	$	(5,518,263	)

	For fiscal year 2024, the Midstream Fund had an effective tax rate of 0% and a federal statutory rate of 21%, with the difference resulting from a change in the valuation allowance of the deferred tax assets.
	Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
	The Midstream Fund may carry forward any net capital loss five years to offset any future realized capital gains. The Midstream Fund may carry forward indefinitely any net operating loss arising in a tax year ending after December 31, 2019. As of October 31, 2024, the Midstream Fund had $7,178,863 in capital loss carryforwards that will expire as of October 31, 2025.
	As of October 31, 2024, the Midstream Fund had $2,641,562 in net operating loss carryforwards that the Fund may carry forward indefinitely.
	Total income taxes of the Midstream Fund have been computed by applying the federal statutory income tax rate of 21% plus a blended state income tax rate. The Midstream Fund applied this effective rate to net investment income and realized and unrealized gains on investments before taxes in computing its total income taxes.

Tax expense (benefit) at statutory rates	$	3,962,162
State income tax expense, net of federal benefit		193,785
Tax expense (benefit) on permanent items⁽¹⁾		(48,774	)
Tax expense (benefit) on expired carryforwards		1,779,299
Tax expense (benefit) due to change in effective state rates		—
Total current tax expense (benefit)		—
Change in valuation allowance		(368,210	)
Total tax expense	$	5,518,262

⁽¹⁾ Permanent items consist of dividends-received deductions.

The Midstream Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Midstream Fund’s tax positions in all open tax years and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. federal tax returns and state tax returns filed or expected to be filed. No income tax returns are currently under examination. Generally, the tax returns of the Midstream Fund for the prior three fiscal years are open for examination. Due to the nature of the Midstream Fund’s investments, the Midstream Fund may be required to file income tax returns in several states. The Midstream Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

During fiscal years 2024 and 2023, the tax character of distributions paid by the Funds were as follows (estimated in the case of the Midstream Fund):

	Fiscal Year 2024		Fiscal Year 2023			Fiscal Year 2024		Fiscal Year 2023
Growth Fund					Energy Transition Fund
Ordinary income⁽¹⁾	$	774,064	$	2,073,376	Ordinary income⁽¹⁾	$	—	$	138,769
Long-term capital gains		—		4,012,963	Long-term capital gains		—		—
Total distributions	$	774,064	$	6,086,339	Total distributions	$	—	$	138,769

Focus Fund					Midstream Fund
Ordinary income⁽¹⁾	$	—	$	—	Ordinary income⁽¹⁾	$	961,912	$	4,072,242
Long-term capital gains		129,052,636		94,218,290	Return of capital		4,619,363		907,298
Total distributions	$	129,052,636	$	94,218,290	Total distributions	$	5,581,275	$	4,979,540

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	Fiscal Year 2024		Fiscal Year 2023			Fiscal Year 2024		Fiscal Year 2023
Mid Cap 30 Fund					Gas Utility Fund
Ordinary income⁽¹⁾	$	—	$	—	Ordinary income⁽¹⁾	$	11,304,235	$	13,981,342
Long-term capital gains		61,267,167		67,483,839	Long-term capital gains		18,018,013		31,091,892
Total distributions	$	61,267,167	$	67,483,839	Total distributions	$	29,322,248	$	45,073,234

Large Growth Fund					Japan Fund
Ordinary income⁽¹⁾	$	1,525,599	$	1,161,564	Ordinary income⁽¹⁾	$	—	$	—
Long-term capital gains		3,841,345		20,711,181	Long-term capital gains		17,310,612		—
Total distributions	$	5,366,944	$	21,872,745	Total distributions	$	17,310,612	$	—

Value Fund					Japan Small Cap Fund
Ordinary income⁽¹⁾	$	9,470,218	$	7,801,294	Ordinary income⁽¹⁾	$	1,212,097	$	856,992
Long-term capital gains		—		20,765,408	Long-term capital gains		—		—
Total distributions	$	9,470,218	$	28,566,702	Total distributions	$	1,212,097	$	856,992

Total Return Fund					Large Cap Financial Fund
Ordinary income⁽¹⁾	$	1,610,256	$	1,508,864	Ordinary income⁽¹⁾	$	525,902	$	338,619
Long-term capital gains		2,006,464		2,624,917	Long-term capital gains		—		2,733,895
Total distributions	$	3,616,720	$	4,133,781	Total distributions	$	525,902	$	3,072,514

Equity and Income Fund					Small Cap Financial Fund
Ordinary income⁽¹⁾	$	510,738	$	743,879	Ordinary income⁽¹⁾	$	1,582,796	$	995,722
Long-term capital gains		5,672,163		2,298,711	Long-term capital gains		2,110,376		8,333,435
Total distributions	$	6,182,901	$	3,042,590	Total distributions	$	3,693,172	$	9,329,157

Balanced Fund					Technology Fund
Ordinary income⁽¹⁾	$	363,643	$	265,250	Ordinary income⁽¹⁾	$	—	$	9,231
Long-term capital gains		13,324		478,198	Long-term capital gains		—		—
Total distributions	$	376,967	$	743,448	Total distributions	$	—	$	9,231

⁽¹⁾ Ordinary income includes short-term capital gains.

9). REVERSE REPURCHASE AGREEMENTS

Under a reverse repurchase agreement, the Total Return Fund sells securities and agrees to repurchase them at a mutually agreed date and price. Reverse repurchase agreements are regarded as a form of secured borrowing by the Total Return Fund. Securities sold under reverse repurchase agreements are reflected as a liability in the Statement of Assets and Liabilities. Interest payments made under reverse repurchase agreements during fiscal year 2024, totaled $1,184,387 and are recorded as interest expense in the Statement of Operations.

During fiscal year 2024, the average daily balance and average interest rate in effect for reverse repurchase agreements held by the Total Return Fund were $20,944,096 and 5.56%, respectively. Below is information about the scheduled maturity date, amount, and interest rate for outstanding reverse repurchase agreements held by the Total Return Fund as of October 31, 2024:

Maturity Date	Amount		Interest Rate
November 7, 2024	$	5,397,000	5.45%
December 12, 2024	$	5,397,000	5.35%
January 9, 2025	$	10,794,000	5.00%

Outstanding reverse repurchase agreements as of October 31, 2024, comprised 44.02% of the Total Return Fund’s net assets.

Below is information about reverse repurchase agreements held by the Total Return Fund that are eligible for offset in the Statement of Assets and Liabilities, on both a gross and net basis:

						Gross Amounts Not Offset in the
						Statement of Assets and Liabilities
		Gross Amounts		Net Amounts
		Offset in the		Presented in the
Gross Amounts		Statement of		Statement of				Collateral
of Recognized		Assets and		Assets and		Financial		Pledged
Liabilities		Liabilities		Liabilities		Instruments		(Received)		Net Amount

$	21,588,000	$	—	$	21,588,000	$	21,588,000	$	—	$	—
$	21,588,000	$	—	$	21,588,000	$	21,588,000	$	—	$	—

For additional information, please refer to the “Offsetting Assets and Liabilities” section in Note 2.

10). GLOBAL EVENTS

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and among Israel, Hamas, and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility with the markets in Europe and the Middle East, and have had negative impacts on markets in the United States. These events could also have negative effects on the Funds’ investments that cannot be foreseen at the present time. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions, or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Your investment would be negatively impacted if the value of your portfolio holdings decreases as a result of such events, if these events adversely impact the operations and effectiveness of the Advisor or other key service providers or if these events disrupt systems and processes necessary or beneficial to the management of accounts. These events may negatively impact broad segments of businesses and populations and could have a significant and rapid negative impact on the performance of the Funds’ investments, increase the Funds’ volatility, or exacerbate pre-existing risks to the applicable Fund.

11). EVENTS SUBSEQUENT TO YEAR END

Management has evaluated the Funds’ related events and transactions that occurred subsequent to October 31, 2024, through the date of issuance of the Funds’ financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 5, 2024, capital gains were declared and paid to shareholders of record on December 4, 2024, as follows:

	Short-term				Long-term
	Investor Class		Institutional Class		Investor Class		Institutional Class
Growth Fund		N/A		N/A	$	4.45193	$	4.65975
Focus Fund		N/A		N/A	$	6.88263	$	7.23822
Mid Cap 30 Fund		N/A		N/A	$	4.21283	$	4.45095
Large Growth Fund	$	0.11932	$	0.12077	$	0.26756	$	0.27083
Value Fund	$	0.25690	$	0.25777		N/A		N/A
Total Return Fund		N/A		N/A	$	0.13442		N/A
Equity and Income Fund		N/A		N/A	$	1.66289	$	1.55969
Balanced Fund		N/A		N/A	$	0.13645		N/A
Gas Utility Fund		N/A		N/A	$	1.42703	$	1.42361
Japan Fund		N/A		N/A	$	2.00636	$	2.09189
Japan Small Cap Fund		N/A		N/A	$	0.47313	$	0.46762
Small Cap Financial Fund	$	0.34238	$	0.19522	$	0.91344	$	0.52084
Technology Fund		N/A		N/A	$	0.96992	$	1.00068

On December 2, 2024, distributions were declared and paid to shareholders of record on November 29, 2024, as follows:

	Return of Capital
	Investor Class	Institutional Class
Midstream Fund	$0.2575	$0.2575

HENNESSY FUNDS

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and the

Shareholders of the Hennessy Funds Trust

Novato, CA

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Hennessy Cornerstone Growth Fund, Hennessy Focus Fund, Hennessy Cornerstone Mid Cap 30 Fund, Hennessy Cornerstone Large Growth Fund, Hennessy Cornerstone Value Fund, Hennessy Total Return Fund, Hennessy Equity and Income Fund, Hennessy Balanced Fund, Hennessy Energy Transition Fund, Hennessy Midstream Fund, Hennessy Gas Utility Fund, Hennessy Japan Fund, Hennessy Japan Small Cap Fund, Hennessy Large Cap Financial Fund, Hennessy Small Cap Financial Fund, and Hennessy Technology Fund (the “Funds”), each a series of Hennessy Funds Trust, including the schedules of investments, as of October 31, 2024, the related statements of operations for the year then ended, the statement of cash flows of the Hennessy Total Return Fund for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2024, the results of their operations for the year then ended, the results of cash flows of the Hennessy Total Return Fund for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.


	TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

December 24, 2024

WWW.HENNESSYFUNDS.COM

Federal Tax Distribution Information (Unaudited)

For fiscal year 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

Growth Fund	100.00%	Energy Transition Fund	0.00%
Focus Fund	0.00%	Gas Utility Fund	100.00%
Mid Cap 30 Fund	0.00%	Japan Fund	0.00%
Large Growth Fund	100.00%	Japan Small Cap Fund	100.00%
Value Fund	100.00%	Large Cap Financial Fund	100.00%
Total Return Fund	93.13%	Small Cap Financial Fund	97.39%
Equity and Income Fund	100.00%	Technology Fund	0.00%
Balanced Fund	75.85%

For corporate shareholder, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2024 were as follows:

Growth Fund	100.00%	Energy Transition Fund	0.00%
Focus Fund	0.00%	Gas Utility Fund	100.00%
Mid Cap 30 Fund	0.00%	Japan Fund	0.00%
Large Growth Fund	100.00%	Japan Small Cap Fund	0.00%
Value Fund	79.15%	Large Cap Financial Fund	100.00%
Total Return Fund	93.13%	Small Cap Financial Fund	97.43%
Equity and Income Fund	100.00%	Technology Fund	0.00%
Balanced Fund	76.22%

The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Funds were as follows:

Growth Fund	0.00%	Energy Transition Fund	0.00%
Focus Fund	0.00%	Gas Utility Fund	0.00%
Mid Cap 30 Fund	0.00%	Japan Fund	0.00%
Large Growth Fund	0.00%	Japan Small Cap Fund	0.00%
Value Fund	0.00%	Large Cap Financial Fund	0.00%
Total Return Fund	0.00%	Small Cap Financial Fund	0.00%
Equity and Income Fund	0.00%	Technology Fund	0.00%
Balanced Fund	0.00%

For fiscal year 2024, the Japan Fund and Japan Small Cap Fund earned foreign-source income and paid foreign taxes as noted below, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

Fund Name	Country	Gross Foreign Income	Foreign Tax Paid
Japan Fund	Japan	$7,554,877	$755,488
Japan Small Cap Fund	Japan	$2,859,373	$285,630

HENNESSY FUNDS

1-800-966-4354

For information, questions, or assistance, please call

The Hennessy Funds

800-966-4354 or 415-899-1555

INVESTMENT ADVISOR

Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

ADMINISTRATOR,

TRANSFER AGENT,

DIVIDEND PAYING AGENT, &

SHAREHOLDER SERVICING AGENT

U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

CUSTODIAN

U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

TRUSTEES

Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Doug Franklin

Claire Garvie

Gerald P. Richardson

COUNSEL

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR

Quasar Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.hennessyfunds.com | 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

ANNUAL FINANCIAL STATEMENTS

AND OTHER INFORMATION

OCTOBER 31, 2024

HENNESSY STANCE ESG ETF

Ticker STNC

www.hennessyetfs.com | 1-877-671-3199

(This Page Intentionally Left Blank.)

Contents

Financial Statements
Schedule of Investments	2
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to the Financial Statements	8
Report of Independent Registered Public Accounting Firm	13
Federal Tax Distribution Information	14

HENNESSY FUNDS

1-877-671-3199

Financial Statements — Schedule of Investments

as of October 31, 2024

COMMON STOCKS – 99.63%	Number of				% of
	Shares		Value		Net Assets
Communication Services – 6.50%
AT&T, Inc.		150,842	$	3,399,979		3.41	%
Verizon Communications, Inc.		73,275		3,087,076		3.09	%
				6,487,055		6.50	%

Consumer Discretionary – 20.05%
AutoZone, Inc.(a)		1,036		3,117,324		3.12	%
Best Buy Co., Inc.		32,768		2,963,210		2.97	%
Deckers Outdoor Corp.(a)		20,119		3,236,946		3.25	%
Hilton Worldwide Holdings, Inc.		13,777		3,235,528		3.24	%
Lennar Corp., Class A		8,213		1,398,674		1.40	%
O’Reilly Automotive, Inc.(a)		2,574		2,968,182		2.97	%
TJX Companies, Inc.		27,367		3,093,292		3.10	%
				20,013,156		20.05	%

Consumer Staples – 3.31%
Tyson Foods, Inc., Class A		56,317		3,299,613		3.31	%

Financials – 19.98%
Aon PLC, Class A		9,425		3,457,750		3.46	%
Everest Group Ltd.		8,101		2,880,796		2.89	%
Hartford Financial Services Group, Inc.		28,105		3,103,916		3.11	%
Mastercard, Inc., Class A		6,294		3,144,420		3.15	%
MSCI, Inc.		862		492,375		0.49	%
The Bank of New York Mellon Corp.		46,212		3,482,536		3.49	%
Wells Fargo & Co.		52,076		3,380,774		3.39	%
				19,942,567		19.98	%

Health Care – 21.89%
AbbVie, Inc.		6,935		1,413,839		1.42	%
Amgen, Inc.		10,021		3,208,323		3.21	%
Boston Scientific Corp.(a)		37,665		3,164,613		3.17	%
Catalent, Inc.(a)		52,013		3,047,962		3.05	%
Edwards Lifesciences Corp.(a)		18,304		1,226,551		1.23	%
Johnson & Johnson		19,780		3,162,031		3.17	%
Regeneron Pharmaceuticals, Inc.(a)		3,122		2,616,860		2.62	%
The Cigna Group		9,349		2,943,159		2.95	%
Viatris, Inc.		92,384		1,071,654		1.07	%
				21,854,992		21.89	%

Industrials – 11.98%
3M Co.		24,379		3,131,970		3.14	%
Deere & Co.		5,414		2,190,992		2.19	%
PACCAR, Inc.		31,177		3,251,138		3.26	%
Waste Management, Inc.		15,671		3,382,585		3.39	%
				11,956,685		11.98	%

Information Technology – 9.43%
Apple, Inc.		14,467		3,268,240		3.27	%
Cognizant Technology
Solutions Corp., Class A		38,201		2,849,413		2.86	%
HP, Inc.		92,835		3,297,499		3.30	%
				9,415,152		9.43	%

Materials – 1.54%
DuPont de Nemours, Inc.		18,574		1,541,456		1.54	%

Utilities – 4.95%
Consolidated Edison, Inc.		31,544		3,207,394		3.21	%
Eversource Energy		26,421		1,739,823		1.74	%
				4,947,217		4.95	%

Total Common Stocks
(Cost $96,577,870)				99,457,893		99.63	%


SHORT-TERM INVESTMENTS – 0.35%
Money Market Funds – 0.35%
First American Government
Obligations Fund - Class X, 4.821%(b)		347,540		347,540		0.35	%

Total Short-Term Investments
(Cost $347,540)				347,540		0.35	%

Total Investments
(Cost $96,925,410) – 99.98%				99,805,433		99.98	%
Other Assets in
Excess of Liabilities - 0.02%				19,119		0.02	%

TOTAL NET ASSETS – 100.00%			$	99,824,552		100.00	%

Percentages are stated as a percent of net assets.

PLC – Public Limited Company

(a)	Non-income producing security.
(b)	The rate listed is the fund’s seven-day yield as of October 31, 2024.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYETFS.COM

Financial Statements — Schedule of Investments

as of October 31, 2024

Summary of Fair Value Exposure as of October 31, 2024

The following is a summary of the inputs used to value the Fund’s net assets as of October 31, 2024 (see Note 3 in the accompanying Notes to the Financial Statements):

Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	6,487,055	$	—	$	—	$	6,487,055
Consumer Discretionary		20,013,156		—		—		20,013,156
Consumer Staples		3,299,613		—		—		3,299,613
Financials		19,942,567		—		—		19,942,567
Health Care		21,854,992		—		—		21,854,992
Industrials		11,956,685		—		—		11,956,685
Information Technology		9,415,152		—		—		9,415,152
Materials		1,541,456		—		—		1,541,456
Utilities		4,947,217		—		—		4,947,217
Total Common Stocks	$	99,457,893	$	—	$	—	$	99,457,893
Short-Term Investments
Money Market Funds	$	347,540	$	—	$	—	$	347,540
Total Short-Term Investments	$	347,540	$	—	$	—	$	347,540
Total Investments	$	99,805,433	$	—	$	—	$	99,805,433

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-877-671-3199

Financial Statements — Statement of Assets and Liabilities

as of October 31, 2024

ASSETS:
Investments in securities, at value (cost $96,925,410)	$	99,805,433
Dividends and interest receivable		134,782
Total assets		99,940,215

LIABILITIES:
Payable to advisor		73,744
Accrued expenses and other payables		41,919
Total liabilities		115,663
NET ASSETS	$	99,824,552

NET ASSETS CONSIST OF:
Par value	$	3,251
Capital stock		109,957,794
Accumulated deficit		(10,136,493	)
Total net assets	$	99,824,552

NET ASSETS:
Shares authorized ($0.001 par value)		100,000,000
Net assets applicable to outstanding shares	$	99,824,552
Shares issued and outstanding		3,251,142
Net asset value, offering price, and redemption price per share	$	30.70

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYETFS.COM

Financial Statements — Statement of Operations

as of October 31, 2024

INVESTMENT INCOME:
Dividend income	$	1,462,525	⁽¹⁾
Total investment income		1,462,525

EXPENSES:
Investment advisory fees (See Note 5)		905,589
Total expenses before waivers		905,589
Expense reimbursement from advisor		(95,325	)
Net expenses		810,264
NET INVESTMENT INCOME	$	652,261

REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized loss on investments	$	(2,847,935	)
Net realized gain from redemption in-kind		31,301,143
Net change in unrealized appreciation/depreciation on investments		(13,422,739	)
Net gain on investments		15,030,469
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,682,730

⁽¹⁾	Net of foreign taxes and issuance fees withheld of $1,163.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-877-671-3199

Financial Statements — Statements of Changes in Net Assets

				Two-Month
	Year Ended			Period Ended			Year Ended
	October 31, 2024			October 31, 2023⁽¹⁾			August 31, 2023
OPERATIONS:
Net investment income (loss)	$	652,261		$	(404	)	$	118,013
Net realized gain (loss) on investments		28,453,208			(2,637,379	)		2,948,962
Net change in unrealized appreciation/depreciation on investments		(13,422,739	)		(1,930,821	)		454,119
Net increase (decrease) in net assets resulting from operations		15,682,730			(4,568,604	)		3,521,094

DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings		(50,006	)		—			(247,449	)
Total distributions		(50,006	)		—			(247,449	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued in the Reorganization (See Note 9)		71,656,846			—			—
Proceeds from shares subscribed		158,492,724			596,298			4,008,931
Cost of shares redeemed		(186,352,895	)		(938,382	)		(4,506,305	)
Net increase (decrease) in net assets derived from capital share transactions		43,796,675			(342,084	)		(497,374	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		59,429,399			(4,910,688	)		2,776,271

NET ASSETS:
Beginning of period		40,395,153			45,305,841			42,529,570
End of period	$	99,824,552		$	40,395,153		$	45,305,841

CHANGES IN SHARES OUTSTANDING:
Shares issued in the Reorganization (See Note 9)		2,506,142			—			—
Shares sold		5,435,000			25,000			155,000
Shares redeemed		(6,375,000	)		(35,000	)		(175,000	)
Net increase (decrease) in shares outstanding		1,566,142			(10,000	)		(20,000	)

⁽¹⁾	The period ended October 31, 2023, consists of 2 months due to the Fund’s fiscal year end change from August 31 to October 31, effective October 8, 2023.

The accompanying notes are an integral part of these financial statements.

WWW.HENNESSYETFS.COM

Financial Statements — Financial Highlights

For a share outstanding throughout each period

				Two-Month
	Year Ended			Period Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			August 31,			August 31,			August 31,
	2024			2023			2023			2022			2021⁽¹⁾
PER SHARE DATA:
Net asset value, beginning of period	$	23.97		$	26.73		$	24.80		$	27.82		$	25.00

Income from investment operations:
Net investment income (loss)⁽²⁾		0.20			(0.00	)⁽³⁾		0.07			0.20			0.02
Net realized and unrealized gains (losses) on investments		6.55			(2.76	)		2.01			(3.10	)		2.80
Total from investment operations		6.75			(2.76	)		2.08			(2.90	)		2.82

Less distributions:
Dividends from net investment income		(0.02	)		—			(0.15	)		(0.10	)		—
Dividends from net realized gains		—			—			—			(0.02	)		—
Total distributions		(0.02	)		—			(0.15	)		(0.12	)		—
Net asset value, end of period	$	30.70		$	23.97		$	26.73		$	24.80		$	27.82
Market value, end of period	$	30.75		$	23.98		$	26.74		$	24.83		$	27.91

TOTAL RETURN ON NET ASSET VALUE⁽⁴⁾		28.18	%		-10.31	%⁽⁶⁾		8.39	%		-10.50	%		11.23	%⁽⁶⁾
TOTAL RETURN ON MARKET PRICE⁽⁵⁾		28.36	%		-10.34	%⁽⁶⁾		8.32	%		-10.63	%		11.56	%⁽⁶⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)	$	99.82		$	40.40		$	45.31		$	42.53		$	37.29
Ratio of expenses to average net assets:
Before expense reimbursement		0.95	%		0.95	%⁽⁷⁾		0.95	%		0.95	%		0.95	%⁽⁷⁾
After expense reimbursement		0.85	%		0.85	%⁽⁷⁾		0.85	%		0.85	%		0.85	%⁽⁷⁾
Ratio of net investment loss to average net assets:
Before expense reimbursement		0.58	%		(0.11	)%⁽⁷⁾		0.17	%		0.64	%		0.09	%⁽⁷⁾
After expense reimbursement		0.68	%		(0.01	)%⁽⁷⁾		0.27	%		0.74	%		0.19	%⁽⁷⁾
Portfolio turnover rate⁽⁸⁾		291	%⁽⁹⁾		62	%⁽⁶⁾		274	%		290	%		180	%⁽⁶⁾

⁽¹⁾	Inception date of the Fund was March 15, 2021.
⁽²⁾	Calculated using the average shares outstanding method.
⁽³⁾	Amount is between $(0.005) and $0.005.
⁽⁴⁾	Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.
⁽⁵⁾	Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period, and redemption at market price on the last day of the period.
⁽⁶⁾	Not annualized.
⁽⁷⁾	Annualized.
⁽⁸⁾	Excludes effect of in-kind transfers.
⁽⁹⁾	The cost of purchases and proceeds from sales of securities that were incurred to realign the CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund portfolios subsequent to November 10, 2023 and February 23, 2024, the reorganization dates, respectively, are excluded from the portfolio turnover rate calculation. See Note 9 of the Notes to Financial Statements for further information regarding this reorganization. If such amounts had not been excluded, the portfolio turnover rate would have been 316% for the year ended October 31, 2024.

The accompanying notes are an integral part of these financial statements.

HENNESSY FUNDS

1-877-671-3199

Notes to the Financial Statements

October 31, 2024

1). ORGANIZATION

The Hennessy Stance ESG ETF (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an actively managed exchange-traded fund that operates pursuant to an exemptive order from the Securities and Exchange Commission (the “SEC”). The Fund is a successor to the Stance Equity ESG Large Cap Core ETF (the “Predecessor Fund”) pursuant to a reorganization that took place after the close of business on December 22, 2022. Prior to December 22, 2022, the Fund had no investment operations. The Fund is the accounting and performance information successor of the Predecessor Fund. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund and offers one class of shares. Effective October 8, 2023, the Fund changed its fiscal year end for financial reporting purposes from August 31 to October 31.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (the “FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

2). SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).

a).	Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
b).	Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of partnership income and wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
	Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2024 are as follows:

	Total
	Distributable	Capital
	Earnings	Stock
	$(34,021,376)	$34,021,376

c).	Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no material impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.
d).	Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value (“NAV”) of the Fund. As discussed further in Note 5, most expenses of the Fund are paid by Hennessy Advisors, Inc. (the “Advisor”) under a unitary fee arrangement.
e).	Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
f).	Security Transactions – Investment transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
g).	Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
h).	Share Valuation –The NAV per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading.

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i).

Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the “Liquidity Program”). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

3). SECURITIES VALUATION

The Fund follows its valuation policies and procedures in determining its 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 other than quoted prices included in Level 1 (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, such security will be valued at its fair value under the Fund’s established fair valuation procedures as implemented by the Advisor, the Fund’s valuation designee. The Advisor, as the valuation designee, is subject to the oversight of the Board of Trustees of the Trust (the “Board”). 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 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 the application of such procedures.

HENNESSY FUNDS

1-877-671-3199

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 shareholders are 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 October 31, 2024, are included in the Schedule of Investments.

4). INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2024 were $276,667,929 and $273,749,815, respectively. There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2024.

Purchases and sales of in-kind transactions for the Fund during fiscal year 2024 were $155,109,701 and $184,135,999, respectively.

5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement (the “Investment Advisory Agreement”). The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a unitary management fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.95%. From the unitary management fee, the Advisor pays most of the expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, and other services. The net investment advisory fees expensed by the Fund during fiscal year 2024 are included in the Statement of Operations.

The Advisor has delegated the day-to-day management of the portfolio composition of the Fund to a sub-advisor, Stance Capital, LLC (“Stance Capital”), and has delegated the responsibility for selecting broker-dealers to execute purchase and sale transactions for the Fund to Vident Advisory, LLC (“Vident”), as instructed by Stance Capital and subject to the supervision of the Advisor and the Board. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During fiscal year 2024, the Advisor (not the Fund) paid a sub-advisory fee to Stance Capital at the average rate of 0.40% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement with Stance Capital, the Advisor pays sub-advisory fees to Stance Capital at an annual rate of 0.40% of the average daily net assets up to $125 million, 0.37% of average daily net assets for assets over $125 million and up to $250 million, and 0.35% for average daily net assets over $250 million. During fiscal year 2024, the Advisor (not the Fund) paid a sub-advisory fee to Vident at the average rate of 0.05% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement with Vident, the Advisor pays sub-advisory fees to Vident of at an annual rate of 0.05% of the Fund’s average daily net assets up to $250 million, 0.045% of average daily net assets for assets over $250 million and up to $500 million, and 0.04% for average daily net assets in excess of $500 million, subject to a minimum sub-advisory fee to of $18,750 on an annual basis.

The Advisor has contractually agreed to waive a portion of its unitary management fee to the extent necessary to limit the Fund’s annual operating expenses (excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) to 0.85% of the Fund’s net assets through February 28, 2025.

During fiscal year 2024, the Advisor waived the following amount:

$95,325

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. Under the terms of the Investment Advisory Agreement, the Advisor pays the Fund’s administrative, accounting, custody, and transfer agency fees.

Quasar Distributors, LLC, a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.

The officers of the Fund are affiliated with the Advisor. Under the terms of the Investment Advisory Agreement, the Advisor pays the Fund’s Chief Compliance Officer and Senior Compliance Officer fees.

6). GUARANTEES AND INDEMNIFICATIONS

Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

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7). FEDERAL TAX INFORMATION

As of October 31, 2024, the components of accumulated earnings (losses) for income tax purposes were as follows:

	Investments
Cost of investments for tax purposes	$	97,125,650
Gross tax unrealized appreciation	$	4,933,399
Gross tax unrealized depreciation		(2,253,616	)
Net tax unrealized appreciation/(depreciation)	$	2,679,783
Undistributed ordinary income	$	652,261
Undistributed long-term capital gains		—
Total distributable earnings	$	652,261
Other accumulated gain/(loss)	$	(9,573,472	)
Total accumulated gain/(loss)	$	(6,241,428	)

As of October 31, 2024, the Fund had $6,959,747 in unlimited short-term capital loss carryforwards, $1,958,193 in limited short-term capital loss carryforwards, and $655,532 in limited long-term capital loss carryforwards. As of October 31, 2024, the Fund did not defer, on a tax basis, any late-year ordinary losses. Late-year ordinary losses are net ordinary losses incurred after December 31, 2023, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.

During fiscal year 2024, the two-month period ended October 31, 2023, and the fiscal year ended August 31, 2023, the tax character of distributions paid by the Fund were as follows:

			Two-Month
	Year Ended		Period Ended		Year Ended
	October 31, 2024		October 31, 2023		August 31, 2023
Ordinary income⁽¹⁾	$	50,006	$	—	$	247,449
Long-term capital gains		—		—		—
Total distributions	$	50,006	$	—	$	247,449

⁽¹⁾ Ordinary income includes short-term capital gains.

8). SHARE TRANSACTIONS

Shares of the Fund were listed and traded on the NYSE Arca, Inc. (the “Exchange”) during fiscal year 2024. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 5,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants and do not have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $300, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are displayed in the capital shares transactions section of the Statement of Changes in Net Assets. Shares of the Fund have equal rights and privileges.

From time to time, settlement of securities related to in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

9). AGREEMENT AND PLAN OF REORGANIZATION

On December 6, 2022, shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization between the Trust, on behalf of the Fund, and The RBB Fund, Inc., a Maryland corporation, on behalf of the Predecessor Fund. The Agreement and Plan of Reorganization provided for the transfer of all of the assets of the Predecessor Fund to the Fund and the assumption of the liabilities (other than any excluded liabilities) of the Predecessor Fund by the Fund. The Fund was created to carry out the reorganization and has a substantially similar investment objective and substantially similar principal investment strategies as the Predecessor Fund. The following table illustrates the specifics of the reorganization of the Predecessor Fund into the Fund as of December 22, 2022:

Predecessor	Shares Issued to
Fund Net	Shareholders of	Fund Net		Tax Status
Assets	Predecessor Fund	Assets	Combined Net Assets	of Transfer
$42,147,609⁽¹⁾	1,670,000	$0	$42,147,609	Non-taxable

⁽¹⁾

Includes accumulated net investment income, accumulated realized gains, and unrealized appreciation in the amounts of $14,189, $5,465,299, and $2,059,710, respectively.

HENNESSY FUNDS

1-877-671-3199

On October 24, 2023, and January 31, 2024, shareholders of each of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund, respectively, approved an Agreement and Plan of Reorganization between the Trust, on behalf of the Fund, and Quaker Investment Trust, a Massachusetts business trust, on behalf of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund, respectively. The Agreements and Plans of Reorganization provided for the transfer of all of the assets of the CCM Small /Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund to the Fund and the assumption of the liabilities (other than any excluded liabilities) of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund by the Fund. The CCM Small/Mid-Cap Impact Value Fund, the CCM Core Impact Equity Fund, and the Fund have substantially similar investment objectives. The following tables illustrate the specifics of the reorganization of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund into the Fund:

CCM Small/Mid-Cap
Impact Value Fund	Shares Issued to Shareholder of		Combined	Tax Status
Net Assets	CCM Small/Mid-Cap Impact Value Fund	Fund Net Assets	Net Assets	of Transfer
$12,436,393⁽¹⁾	490,155	$42,752,473	$55,188,866	Non-taxable

CCM Core Impact
Equity Fund	Shares Issued to Shareholders of		Combined	Tax Status
Net Assets	CCM Core Impact Equity Fund	Fund Net Assets	Net Assets	of Transfer
$59,220,453⁽²⁾	2,015,987	$113,981,011	$173,201,464	Non-taxable

	⁽¹⁾	Includes accumulated net investment loss, accumulated realized losses, and unrealized appreciation in the amounts of $(129,972), $(3,067,772), and $1,219,276, respectively.
	⁽²⁾	Includes accumulated net investment loss, accumulated realized losses, and unrealized appreciation in the amounts of $(454,376), $(242,945), and $17,358,330, respectively.

For financial reporting purposes, the Fund is deemed to be the accounting survivor and as a result, the statement of Operations and Financial Highlights reflect the operations of the Fund only. The assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Assuming the reorganizations had been completed on November 1, 2023, the beginning of the reporting period, the unaudited pro forma results of operations as of October 31, 2024, would have been as follows:

	(Unaudited)
Net investment loss	$	576,555
Net realized gain on investments		33,918,701
Net change in unrealized appreciation/depreciation on investments		(4,886,454	)
Net increase in net assets resulting from operations	$	29,608,802

Because the Fund has been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund that have been included in the Fund’s Statement of Operations since November 10, 2023, and February 23, 2024, the dates the reorganizations were completed, respectively.

10). GLOBAL EVENTS

A rise in protectionist trade policies, the possibility of a national or global recession, risks associated with pandemic and epidemic diseases, trade tensions, the possibility of changes to some international trade agreements, political events, and continuing political tension and armed conflicts may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Ukraine and Russia in Europe and among Israel, Hamas, and other militant groups in the Middle East have caused and could continue to cause significant market disruptions and volatility with the markets in Europe and the Middle East, and have had negative impacts on markets in the United States. These events could also have negative effects on the Fund’s investments that cannot be foreseen at the present time. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions, or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Your investment would be negatively impacted if the value of your portfolio holdings decreases as a result of such events, if these events adversely impact the operations and effectiveness of the Advisor or other key service providers or if these events disrupt systems and processes necessary or beneficial to the management of accounts. These events may negatively impact broad segments of businesses and populations and could have a significant and rapid negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, or exacerbate pre-existing risks to the Fund.

11). EVENTS SUBSEQUENT TO YEAR END

Management has evaluated the Fund’s related events and transactions that occurred subsequent to October 31, 2024, through the date of issuance of the Fund’s financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Fund paid a distribution to shareholders as follows:

Record Date	Ex-Date	Payable Date	Ordinary Income Rate
12/13/2024	12/13/2024	12/16/2024	$0.29199371 per share

Effective as of December 18, 2024, the exchange on which the shares of the Fund are listed and traded changed from NYSE Arca, Inc. to The Nasdaq Stock Market LLC.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the Shareholders of the Hennessy Stance ESG ETF

Novato, CA

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Hennessy Stance ESG ETF (the “Fund”), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the year ended October 31, 2024, two-month period ended October 31, 2023, and for the year ended August 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year ended October 31, 2024, two-month period ended October 31, 2023 and for the year ended August 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for the year ended August 31, 2022, and for the period March 15, 2021 (commencement of operations) through August 31, 2021, were audited by other auditors, whose report dated October 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.


	TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

December 24, 2024

HENNESSY FUNDS

1-877-671-3199

Federal Tax Distribution Information (Unaudited)

100.00%

For corporate shareholder, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2024 were as follows:

100.00%

0.00%

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For information, questions, or assistance, please call

The Hennessy Funds

877-671-3199 or 415-899-1555

INVESTMENT ADVISOR

Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

ADMINISTRATOR,

TRANSFER AGENT,

DIVIDEND PAYING AGENT, &

SHAREHOLDER SERVICING AGENT

U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

CUSTODIAN

U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

TRUSTEES

Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Doug Franklin

Claire Garvie

Gerald P. Richardson

COUNSEL

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR

Quasar Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.hennessyetfs.com | 1-877-671-3199

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

(b)	Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable. There were no changes in or disagreements with accountants during the period covered by this report.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable. There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable. The trustee fees and compliance expenses for the Hennessy mutual funds are included in the financial statements and related footnotes filed under Item 7 of this Form. For the Hennessy Stance ESG ETF, all fund expenses, including trustee fee and compliance expenses, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Statement of Additional Information for the Hennessy Stance ESG ETF.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable. The registrant’s board of trustees did not approve any investment advisory contracts during the most recent fiscal half year.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

Not applicable. There have not been any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees during the period.

Item 16.

Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing date of this report, as required by Rule 30a‑3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Exchange Act. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized, and reported and made known to them by others within the registrant and by the registrant’s service providers.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation.

Not applicable to this report.

Item 19.

Exhibits.

(a)	(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing of an exhibit. Filed herewith.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

(3) A separate certification for each principal executive and principal financial officer of the registrant pursuant to Rule 30a‑2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c‑1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by such Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Certifications pursuant to Rule 30a‑2(b) under the Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		HENNESSY FUNDS TRUST (Registrant)

	By:	/s/ Neil J. Hennessy Neil J. Hennessy President
	Date:	January 8, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Neil J. Hennessy Neil J. Hennessy, President and Principal Executive Officer	Date: January 8, 2025

By:	/s/ Teresa M. Nilsen Teresa M. Nilsen, Treasurer and Principal Financial Officer	Date: January 8, 2025

Hennessy Japan Fund (HJPNX) N-CSRCertified annual shareholder report (management investment company)