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

Hennessy Japan Fund (HJPNX) N-CSRCertified annual shareholder report (management investment company)