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As filed with the Securities and Exchange Commission on July 2, 2026

 

 

 

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, 2026

 

Date of reporting period: April 30, 2026

 

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)

 

 

 

 

 

semi-annual shareholder report

Hennessy Cornerstone Growth Fund

Investor Class

HFCGX

 

logo

 

This semi-annual shareholder report contains important information about the Hennessy Cornerstone Growth Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$69
1.30%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$500,562,498
Number of Portfolio Holdings
52
Annual Portfolio Turnover*
0%
*Not annualized.

 

Sector Breakdown (% of net assets)

sector
%
Communication Services
0.14
Consumer Discretionary
0.079
Consumer Staples
0.201
Energy
0.019
Financials
0.277
Health Care
0.107
Industrials
0.107
Information Technology
0.027
Real Estate
0.017
Utilities
0.018
Short-Term Investments and Other
0.008
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Cornerstone Growth Fund

Institutional Class

HICGX

 

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This semi-annual shareholder report contains important information about the Hennessy Cornerstone Growth Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$52
0.98%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$500,562,498
Number of Portfolio Holdings
52
Annual Portfolio Turnover*
0%
*Not annualized.

 

Sector Breakdown (% of net assets)

sector
%
Communication Services
0.14
Consumer Discretionary
0.079
Consumer Staples
0.201
Energy
0.019
Financials
0.277
Health Care
0.107
Industrials
0.107
Information Technology
0.027
Real Estate
0.017
Utilities
0.018
Short-Term Investments and Other
0.008
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Focus Fund

Investor Class

HFCSX

 

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This semi-annual shareholder report contains important information about the Hennessy Focus Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$71
1.46%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$491,374,302
Number of Portfolio Holdings
25
Annual Portfolio Turnover*
3%
*Not annualized.

 

 

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
21.7%
Consumer Discretionary
16.7%
Financials
23.9%
Health Care
2.6%
Industrials
11.8%
Information Technology
11.7%
Real Estate
5.6%
Short-Term Investments and Other
6.0%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Focus Fund

Institutional Class

HFCIX

 

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This semi-annual shareholder report contains important information about the Hennessy Focus Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$54
1.12%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$491,374,302
Number of Portfolio Holdings
25
Annual Portfolio Turnover*
3%
*Not annualized.

 

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
21.7%
Consumer Discretionary
16.7%
Financials
23.9%
Health Care
2.6%
Industrials
11.8%
Information Technology
11.7%
Real Estate
5.6%
Short-Term Investments and Other
6.0%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Cornerstone Mid Cap 30 Fund

Investor Class

HFMDX

 

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This semi-annual shareholder report contains important information about the Hennessy Cornerstone Mid Cap 30 Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$71
1.33%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$1,285,463,558
Number of Portfolio Holdings
31
Annual Portfolio Turnover*
0%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
7.4%
Consumer Discretionary
19.3%
Consumer Staples
6.5%
Financials
4.7%
Industrials
34.1%
Information Technology
17.9%
Materials
2.9%
Real Estate
4.4%
Short-Term Investments and Other
2.8%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Cornerstone Mid Cap 30 Fund

Institutional Class

HIMDX

 

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This semi-annual shareholder report contains important information about the Hennessy Cornerstone Mid Cap 30 Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$52
0.98%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$1,285,463,558
Number of Portfolio Holdings
31
Annual Portfolio Turnover*
0%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
7.4%
Consumer Discretionary
19.3%
Consumer Staples
6.5%
Financials
4.7%
Industrials
34.1%
Information Technology
17.9%
Materials
2.9%
Real Estate
4.4%
Short-Term Investments and Other
2.8%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Cornerstone Large Growth Fund

Investor Class

HFLGX

 

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This semi-annual shareholder report contains important information about the Hennessy Cornerstone Large Growth Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$65
1.27%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$137,067,528
Number of Portfolio Holdings
51
Annual Portfolio Turnover*
60%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
1.9%
Consumer Discretionary
17.5%
Consumer Staples
15.7%
Energy
5.1%
Financials
17.6%
Health Care
15.9%
Industrials
11.8%
Information Technology
11.4%
Materials
1.8%
Short-Term Investments and Other
1.3%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Cornerstone Large Growth Fund

Institutional Class

HILGX

 

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This semi-annual shareholder report contains important information about the Hennessy Cornerstone Large Growth Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$50
0.98%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$137,067,528
Number of Portfolio Holdings
51
Annual Portfolio Turnover*
60%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
1.9%
Consumer Discretionary
17.5%
Consumer Staples
15.7%
Energy
5.1%
Financials
17.6%
Health Care
15.9%
Industrials
11.8%
Information Technology
11.4%
Materials
1.8%
Short-Term Investments and Other
1.3%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Cornerstone Value Fund

Investor Class

HFCVX

 

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This semi-annual shareholder report contains important information about the Hennessy Cornerstone Value Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$65
1.21%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$330,241,183
Number of Portfolio Holdings
51
Annual Portfolio Turnover*
19%
*Not annualized.

Sector Breakdown (% of net assets)

sector
%
Communication Services
0.079
Consumer Discretionary
0.064
Consumer Staples
0.171
Energy
0.24
Financials
0.154
Health Care
0.199
Information Technology
0.084
Short-Term Investments and Other
0.009000000000000001
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Cornerstone Value Fund

Institutional Class

HICVX

 

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This semi-annual shareholder report contains important information about the Hennessy Cornerstone Value Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$54
1.00%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$330,241,183
Number of Portfolio Holdings
51
Annual Portfolio Turnover*
19%
*Not annualized.

Sector Breakdown (% of net assets)

sector
%
Communication Services
0.079
Consumer Discretionary
0.064
Consumer Staples
0.171
Energy
0.24
Financials
0.154
Health Care
0.199
Information Technology
0.084
Short-Term Investments and Other
0.009000000000000001
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Total Return Fund

Investor Class

HDOGX

 

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This semi-annual shareholder report contains important information about the Hennessy Total Return Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$151
2.95%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$50,008,495
Number of Portfolio Holdings
20
Annual Portfolio Turnover*
30%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
7.7%
Consumer Discretionary
13.3%
Consumer Staples
14.2%
Energy
7.7%
Health Care
25.3%
Information Technology
0.9%
Short-Term Investments and Other
30.9%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Equity and Income Fund

Investor Class

HEIFX

 

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This semi-annual shareholder report contains important information about the Hennessy Equity and Income Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$86
1.66%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$41,253,935
Number of Portfolio Holdings
95
Annual Portfolio Turnover*
12%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
8.0%
Consumer Discretionary
5.3%
Consumer Staples
5.2%
Energy
2.9%
Financials
22.5%
Health Care
3.3%
Industrials
12.6%
Information Technology
14.0%
Materials
7.7%
Utilities
2.7%
Mortgage-Backed Securities
0.2%
U.S. Treasury Notes
13.6%
Short-Term Investments and Other
2.0%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Equity and Income Fund

Institutional Class

HEIIX

 

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This semi-annual shareholder report contains important information about the Hennessy Equity and Income Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$68
1.31%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$41,253,935
Number of Portfolio Holdings
95
Annual Portfolio Turnover*
12%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
8.0%
Consumer Discretionary
5.3%
Consumer Staples
5.2%
Energy
2.9%
Financials
22.5%
Health Care
3.3%
Industrials
12.6%
Information Technology
14.0%
Materials
7.7%
Utilities
2.7%
Mortgage-Backed Securities
0.2%
U.S. Treasury Notes
13.6%
Short-Term Investments and Other
2.0%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Balanced Fund

Investor Class

HBFBX

 

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This semi-annual shareholder report contains important information about the Hennessy Balanced Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$92
1.80%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$13,610,160
Number of Portfolio Holdings
17
Annual Portfolio Turnover*
19%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
4.9%
Consumer Discretionary
5.0%
Consumer Staples
8.7%
Energy
6.0%
Health Care
20.9%
Information Technology
5.3%
Short-Term Investments and Other
49.2%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Energy Transition Fund

Investor Class

HNRGX

 

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This semi-annual shareholder report contains important information about the Hennessy Energy Transition Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$139
2.37%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$23,995,368
Number of Portfolio Holdings
29
Annual Portfolio Turnover*
16%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Downstream
8.4%
Exploration and Production
32.8%
Integrated
9.3%
Materials
4.1%
Midstream
13.2%
Oil Services
24.5%
Utilities
4.5%
Short-Term Investments and Other
3.2%
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For presentation purposes, the Fund uses custom categories.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Energy Transition Fund

Institutional Class

HNRIX

 

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This semi-annual shareholder report contains important information about the Hennessy Energy Transition Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
2.07%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$23,995,368
Number of Portfolio Holdings
29
Annual Portfolio Turnover*
16%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Downstream
8.4%
Exploration and Production
32.8%
Integrated
9.3%
Materials
4.1%
Midstream
13.2%
Oil Services
24.5%
Utilities
4.5%
Short-Term Investments and Other
3.2%
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For presentation purposes, the Fund uses custom categories.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Midstream Fund

Investor Class

HMSFX

 

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This semi-annual shareholder report contains important information about the Hennessy Midstream Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$97
1.75%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$79,398,201
Number of Portfolio Holdings
16
Annual Portfolio Turnover*
0%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Crude Oil and Refined Products
23.2%
Geathering and Processing
19.0%
Natural Gas/NGL Transportation
59.1%
Short-Term Investments and Other
-1.3%
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For presentation purposes, the Fund uses custom categories.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Midstream Fund

Institutional Class

HMSIX

 

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This semi-annual shareholder report contains important information about the Hennessy Midstream Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
1.44%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$79,398,201
Number of Portfolio Holdings
16
Annual Portfolio Turnover*
0%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Crude Oil and Refined Products
23.2%
Geathering and Processing
19.0%
Natural Gas/NGL Transportation
59.1%
Short-Term Investments and Other
-1.3%
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For presentation purposes, the Fund uses custom categories.

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Gas Utility Fund

Investor Class

GASFX

 

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This semi-annual shareholder report contains important information about the Hennessy Gas Utility Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$52
0.97%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$539,971,302
Number of Portfolio Holdings
47
Annual Portfolio Turnover*
6%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Energy
38.7%
Financials
4.8%
Utilities
56.1%
Short-Term Investments and Other
0.4%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Gas Utility Fund

Institutional Class

HGASX

 

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This semi-annual shareholder report contains important information about the Hennessy Gas Utility Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$36
0.68%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$539,971,302
Number of Portfolio Holdings
47
Annual Portfolio Turnover*
6%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Energy
38.7%
Financials
4.8%
Utilities
56.1%
Short-Term Investments and Other
0.4%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Japan Fund

Investor Class

HJPNX

 

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This semi-annual shareholder report contains important information about the Hennessy Japan Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$71
1.39%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$447,550,466
Number of Portfolio Holdings
31
Annual Portfolio Turnover*
3%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
5.1%
Consumer Discretionary
11.8%
Consumer Staples
5.9%
Financials
34.5%
Health Care
0.6%
Industrials
18.0%
Information Technology
12.6%
Materials
6.3%
Real Estate
1.9%
Short-Term Investments and Other
3.3%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Japan Fund

Institutional Class

HJPIX

 

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This semi-annual shareholder report contains important information about the Hennessy Japan Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$53
1.04%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$447,550,466
Number of Portfolio Holdings
31
Annual Portfolio Turnover*
3%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
5.1%
Consumer Discretionary
11.8%
Consumer Staples
5.9%
Financials
34.5%
Health Care
0.6%
Industrials
18.0%
Information Technology
12.6%
Materials
6.3%
Real Estate
1.9%
Short-Term Investments and Other
3.3%
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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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Japan Small Cap Fund

Investor Class

HJPSX

 

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This semi-annual shareholder report contains important information about the Hennessy Japan Small Cap Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$79
1.48%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$131,830,605
Number of Portfolio Holdings
62
Annual Portfolio Turnover*
21%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
1.6%
Consumer Discretionary
18.9%
Consumer Staples
7.3%
Financials
9.9%
Health Care
2.8%
Industrials
31.4%
Information Technology
14.1%
Materials
4.8%
Real Estate
5.4%
Utilities
0.3%
Short-Term Investments and Other
3.5%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Japan Small Cap Fund

Institutional Class

HJSIX

 

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This semi-annual shareholder report contains important information about the Hennessy Japan Small Cap Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$58
1.09%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$131,830,605
Number of Portfolio Holdings
62
Annual Portfolio Turnover*
21%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
1.6%
Consumer Discretionary
18.9%
Consumer Staples
7.3%
Financials
9.9%
Health Care
2.8%
Industrials
31.4%
Information Technology
14.1%
Materials
4.8%
Real Estate
5.4%
Utilities
0.3%
Short-Term Investments and Other
3.5%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Large Cap Financial Fund

Investor Class

HLFNX

 

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This semi-annual shareholder report contains important information about the Hennessy Large Cap Financial Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$91
1.86%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$28,572,500
Number of Portfolio Holdings
26
Annual Portfolio Turnover*
17%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Financials
98.1%
Short-Term Investments and Other
1.9%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Large Cap Financial Fund

Institutional Class

HILFX

 

logo

 

This semi-annual shareholder report contains important information about the Hennessy Large Cap Financial Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$76
1.54%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$28,572,500
Number of Portfolio Holdings
26
Annual Portfolio Turnover*
17%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Financials
98.1%
Short-Term Investments and Other
1.9%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Small Cap Financial Fund

Investor Class

HSFNX

 

logo

 

This semi-annual shareholder report contains important information about the Hennessy Small Cap Financial Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$87
1.62%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$72,345,745
Number of Portfolio Holdings
27
Annual Portfolio Turnover*
10%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Financials
99.1%
Short-Term Investments and Other
0.9%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Small Cap Financial Fund

Institutional Class

HISFX

 

logo

 

This semi-annual shareholder report contains important information about the Hennessy Small Cap Financial Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$70
1.30%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$72,345,745
Number of Portfolio Holdings
27
Annual Portfolio Turnover*
10%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Financials
99.1%
Short-Term Investments and Other
0.9%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Technology Fund

Investor Class

HTECX

 

logo

 

This semi-annual shareholder report contains important information about the Hennessy Technology Fund – Investor Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$61
1.23%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$8,140,718
Number of Portfolio Holdings
61
Annual Portfolio Turnover*
55%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
12.3%
Information Technology
85.1%
Short-Term Investments and Other
2.6%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Technology Fund

Institutional Class

HTCIX

 

logo

 

This semi-annual shareholder report contains important information about the Hennessy Technology Fund – Institutional Class (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at 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 six months?

(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
$49
0.98%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$8,140,718
Number of Portfolio Holdings
61
Annual Portfolio Turnover*
55%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
12.3%
Information Technology
85.1%
Short-Term Investments and Other
2.6%
bar

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 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.

 

 

 

 

 

 

semi-annual Shareholder Report

Hennessy Sustainable ETF

STNC (Listed on The Nasdaq Stock Market LLC)

 

logo

 

This semi-annual shareholder report contains important information about the Hennessy Sustainable ETF (the “Fund”) for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://www.hennessyetfs.com/etfs/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Hennessy Sustainable ETF
$44
0.85%
*Annualized.

Key Fund Statistics

(as of April 30, 2026)

Fund Net Assets
$91,623,140
Number of Portfolio Holdings
48
Annual Portfolio Turnover*
138%
*Not annualized.

Sector Breakdown (% of net assets)

sector breakdown
(%)
Communication Services
7.8%
Consumer Discretionary
17.1%
Consumer Staples
8.5%
Financials
6.3%
Health Care
13.7%
Industrials
14.8%
Information Technology
19.8%
Materials
4.1%
Real Estate
2.9%
Utilities
4.8%
Short-Term Investments and Other
0.2%
bar

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.hennessyetfs.com/etfs/regulatory-documents.

Householding

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

 

 

 

 

 

 

(b)Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semi-annual reports.

 

Item 6. Investments.

 

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

 

(b)Not applicable.

 

 

 

 

 

Financial Statements and Other Information

Name of registrant: Hennessy Funds Trust

Date of fiscal year end: October 31, 2026

Date of reporting period: November 1, 2025 – April 30, 2026

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

  

 

 

 

(This Page Intentionally Left Blank.)

 

 

 

Contents

 

 

 

Financial Statements  
Schedules of Investments  
Hennessy Cornerstone Growth Fund 2
Hennessy Focus Fund 4
Hennessy Cornerstone Mid Cap 30 Fund 6
Hennessy Cornerstone Large Growth Fund 8
Hennessy Cornerstone Value Fund 10
Hennessy Total Return Fund 12
Hennessy Equity and Income Fund 14
Hennessy Balanced Fund 17
Hennessy Energy Transition Fund 18
Hennessy Midstream Fund 20
Hennessy Gas Utility Fund 21
Hennessy Japan Fund 23
Hennessy Japan Small Cap Fund 24
Hennessy Large Cap Financial Fund 26
Hennessy Small Cap Financial Fund 27
Hennessy Technology Fund 28
Statements of Assets and Liabilities 30
Statements of Operations 34
Statements of Changes in Net Assets 38
Statement of Cash Flows – Hennessy Total Return Fund 46
Financial Highlights  
Hennessy Cornerstone Growth Fund 48
Hennessy Focus Fund 50
Hennessy Cornerstone Mid Cap 30 Fund 52
Hennessy Cornerstone Large Growth Fund 54
Hennessy Cornerstone Value Fund 56
Hennessy Total Return Fund 58
Hennessy Equity and Income Fund 60
Hennessy Balanced Fund 62
Hennessy Energy Transition Fund 64
Hennessy Midstream Fund 66
Hennessy Gas Utility Fund 68
Hennessy Japan Fund 70
Hennessy Japan Small Cap Fund 72
Hennessy Large Cap Financial Fund 74
Hennessy Small Cap Financial Fund 76
Hennessy Technology Fund 78
Notes to the Financial Statements 80
Additional Information 91
Federal Tax Distribution Information 94

 

HENNESSY FUNDS 1-800-966-4354  

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Growth Fund — as of April 30, 2026 (Unaudited)

COMMON STOCKS – 97.3%   Shares  

Value

Communication Services – 14.0%                
Charter Communications, Inc. – Class A (a)     22,100     $ 3,650,257  
EverQuote, Inc. – Class A (a)     353,600       5,098,912  
Fox Corp. – Class A     167,400       10,628,226  
Live Nation Entertainment, Inc. (a)     62,195       9,823,078  
Millicom International Cellular SA     252,100       21,398,248  
Telephone and Data Systems, Inc.     225,400       10,156,524  
Verizon Communications, Inc.     197,185       9,470,796  
              70,226,041  
                 
Consumer Discretionary – 7.9%                
ADT, Inc.     1,052,600       7,926,078  
Brinker International, Inc. (a)     58,700       8,936,488  
Driven Brands Holdings, Inc. (a)     505,700       6,862,349  
Graham Holdings Co. – Class B     8,987       10,087,997  
Groupon, Inc. (a)     415,400       5,902,834  
              39,715,746  
                 
Consumer Staples – 20.1%                
BJ’s Wholesale Club Holdings, Inc. (a)     73,800       6,929,082  
Casey’s General Stores, Inc.     18,500       15,209,775  
Chefs’  Warehouse, Inc. (a)     155,598       12,074,405  
Fresh Del Monte Produce, Inc.     239,945       10,051,296  
Nomad Foods Ltd.     426,400       4,144,608  
Pilgrim’s Pride Corp.     154,300       5,107,330  
Post Holdings, Inc. (a)     73,200       7,667,700  
PriceSmart, Inc.     82,600       12,961,592  
The Kroger Co.     118,062       8,036,481  
Walmart, Inc.     86,900       11,464,717  
Weis Markets, Inc.     101,479       7,121,796  
              100,768,782  
                 
Financials – 27.7% (b)                
Allstate Corp.     36,412       7,910,871  
Axis Capital Holdings Ltd.     87,100       8,745,711  
Brighthouse Financial, Inc. (a)     145,847       9,080,434  
CNO Financial Group, Inc.     177,400       7,885,430  
EZCORP, Inc. – Class A (a)     430,300       14,105,234  
F&G Annuities & Life, Inc.     6,660       190,742  
Fidelity National Financial, Inc.     112,100       5,862,830  
Hanover Insurance Group, Inc.     43,400       8,145,746  
Horace Mann Educators Corp.     203,000       9,224,320  
Loews Corp.     82,400       9,279,064  
Markel Group, Inc. (a)     3,900       6,912,633  
Old Republic International Corp.     188,398       7,526,500  
Root, Inc. (a)     47,102       2,566,117  
StoneX Group, Inc. (a)     141,450       14,997,944  
    Shares  

Value

Financials (Continued)                
Travelers Cos., Inc.     27,100     $ 8,269,294  
Unum Group     89,500       7,194,010  
Virtu Financial, Inc. – Class A     215,400       10,696,764  
              138,593,644  
                 
Health Care – 10.7%                
Alignment Healthcare, Inc. (a)     471,600       10,629,864  
BrightSpring Health Services, Inc. (a)     488,300       23,423,751  
Cardinal Health, Inc.     60,100       11,592,088  
Fresenius Medical Care AG – ADR     337,800       7,624,146  
              53,269,849  
                 
Industrials – 10.7%                
Astronics Corp. (a)     377,800       26,974,920  
CSG Systems International, Inc.     139,767       11,238,665  
Pitney Bowes, Inc.     975,500       15,081,230  
              53,294,815  
                 
Information Technology – 2.7%                
Porch Group, Inc. (a)     1,398,100       13,463,703  
                 
Real Estate – 1.7%                
Compass, Inc. – Class A (a)     1,121,100       8,486,727  
                 
Utilities – 1.8%                
UGI Corp.     253,200       9,137,988  
                 
TOTAL COMMON STOCKS                
  (Cost $381,571,714)             486,957,295  
                 
MASTER LIMITED PARTNERSHIPS – 1.9%   Units    

Value

 
Energy – 1.9%                
Sunoco LP     140,200       9,764,930  
                 
TOTAL MASTER LIMITED PARTNERSHIPS                
  (Cost $7,601,576)             9,764,930  

 

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

 

2 WWW.HENNESSYFUNDS.COM

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Growth Fund — as of April 30, 2026 (Unaudited)

MONEY MARKET FUNDS – 0.8%   Shares   Value
First American Government                
  Obligations Fund – Class X, 3.58% (c)     4,033,067     $ 4,033,067  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $4,033,067)             4,033,067  
                 
TOTAL INVESTMENTS – 100.0%                
  (Cost $393,206,357)             500,755,292  
Liabilities in Excess of Other Assets – (0.0)% (d)             (192,794 )
                 
TOTAL NET ASSETS – 100.0%           $ 500,562,498  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

ADR – American Depositary Receipt

LP – Limited Partnership 

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

(d) Represents less than 0.05% of net assets.

 

Summary of Fair Value Exposure as of April 30, 2026

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 70,226,041     $     $     $ 70,226,041  
Consumer Discretionary     39,715,746                   39,715,746  
Consumer Staples     100,768,782                   100,768,782  
Financials     138,593,644                   138,593,644  
Health Care     53,269,849                   53,269,849  
Industrials     53,294,815                   53,294,815  
Information Technology     13,463,703                   13,463,703  
Real Estate     8,486,727                   8,486,727  
Utilities     9,137,988                   9,137,988  
Common Stocks – Total     486,957,295                   486,957,295  
Master Limited Partnerships:                                
Energy     9,764,930                   9,764,930  
Master Limited Partnerships – Total     9,764,930                   9,764,930  
Money Market Funds     4,033,067                   4,033,067  
Total Investments   $ 500,755,292     $     $     $ 500,755,292  

 

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

 

HENNESSY FUNDS 1-800-966-4354 3

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Focus Fund — as of April 30, 2026 (Unaudited)

COMMON STOCKS – 91.2%   Shares  

Value

Communication Services – 21.7%                
AST SpaceMobile, Inc. (a)     1,125,142     $ 83,147,994  
Cogent Communications Holdings, Inc.     492,488       11,154,853  
Shenandoah Telecommunications Co.     796,737       12,532,673  
              106,835,520  
                 
Consumer Discretionary – 16.7%                
CarMax, Inc. (a)     219,238       8,618,246  
Floor & Decor Holdings, Inc. – Class A (a)     62,000       3,000,800  
Hilton Worldwide Holdings, Inc.     64,041       20,753,767  
NVR, Inc. (a)     2,197       13,875,966  
O’Reilly Automotive, Inc. (a)     289,605       28,786,737  
Restoration Hardware Holdings, Inc. (a)     53,141       7,012,486  
              82,048,002  
                 
Financials – 23.9%                
Aon PLC – Class A     76,238       23,759,573  
Brookfield Asset Management Ltd. – Class A     557,377       26,759,670  
Brookfield Corp.     876,934       39,567,262  
Brookfield Wealth Solutions Ltd.     23,581       1,064,210  
Markel Group, Inc. (a)     14,842       26,307,000  
              117,457,715  
                 
Health Care – 2.6%                
Danaher Corp.     70,807       12,670,913  
                 
Industrials – 11.8%                
RELX PLC – ADR     47,000       1,719,730  
Sunbelt Rentals Holdings, Inc.     580,644       43,645,681  
TransDigm Group, Inc.     10,801       12,528,944  
              57,894,355  
                 
Information Technology – 11.7%                
Applied Materials, Inc.     107,512       42,412,409  
CDW Corp.     108,355       14,834,883  
              57,247,292  
                 
Real Estate – 2.8%                
Altus Group Ltd.     416,295       13,840,234  
                 
TOTAL COMMON STOCKS                
  (Cost $194,843,345)             447,994,031  
                 

REAL ESTATE INVESTMENT TRUSTS – 2.8%

               
Real Estate – 2.8%                
American Tower Corp.     76,623       13,999,788  
                 
TOTAL REAL ESTATE INVESTMENT TRUSTS                
  (Cost $58,999)             13,999,788  
MONEY MARKET FUNDS – 6.2%   Shares  

Value

First American Government                
  Obligations Fund – Class X, 3.58% (b)     23,970,275     $ 23,970,275  
                 
First American Treasury                
  Obligations Fund – Class X, 3.58% (b)     6,638,569       6,638,569  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $30,608,844)             30,608,844  
                 
TOTAL INVESTMENTS – 100.2%                
  (Cost $225,511,188)             492,602,663  
                 
Liabilities in Excess of Other Assets – (0.2)%             (1,228,361 )
                 
TOTAL NET ASSETS – 100.0%           $ 491,374,302  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

ADR – American Depositary Receipt

PLC – Public Limited Company

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

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

 

4 WWW.HENNESSYFUNDS.COM

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Focus Fund — as of April 30, 2026 (Unaudited)

 

Summary of Fair Value Exposure as of April 30, 2026

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 106,835,520     $     $     $ 106,835,520  
Consumer Discretionary     82,048,002                   82,048,002  
Financials     117,457,715                   117,457,715  
Health Care     12,670,913                   12,670,913  
Industrials     57,894,355                   57,894,355  
Information Technology     57,247,292                   57,247,292  
Real Estate     13,840,234                   13,840,234  
Common Stocks – Total     447,994,031                   447,994,031  
Real Estate Investment Trusts:                                
Real Estate     13,999,788                   13,999,788  
Real Estate Investment Trusts – Total     13,999,788                   13,999,788  
Money Market Funds     30,608,844                   30,608,844  
Total Investments   $ 492,602,663     $     $     $ 492,602,663  

 

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

 

HENNESSY FUNDS 1-800-966-4354 5

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Mid Cap 30 Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 97.2%   Shares  

Value

Communication Services – 7.4%                
EchoStar Corp. – Class A (a)     476,900     $ 58,725,466  
Nexstar Media Group, Inc.     173,500       36,112,290  
              94,837,756  
                 
Consumer Discretionary – 19.3%                
Autoliv, Inc.     285,800       33,132,794  
Cheesecake Factory, Inc.     646,700       40,658,029  
Lithia Motors, Inc.     106,800       30,984,816  
Macy’s, Inc.     2,121,700       41,479,235  
Peloton Interactive, Inc. – Class A (a)     4,487,400       24,456,330  
Penn Entertainment, Inc. (a)     1,804,900       31,513,554  
Wayfair, Inc. – Class A (a)     416,500       26,626,845  
Wolverine World Wide, Inc.     1,142,400       19,443,648  
              248,295,251  
                 
Consumer Staples – 6.5%                
Cal-Maine Foods, Inc.     346,800       26,793,768  
Casey’s General Stores, Inc.     69,500       57,139,425  
              83,933,193  
                 
Financials – 4.7%                
StoneX Group, Inc. (a)     564,600       59,864,538  
                 
Industrials – 34.1% (b)                
AECOM Technology Corp.     285,700       24,027,370  
American Airlines Group, Inc. (a)     2,810,900       32,915,639  
C.H. Robinson Worldwide, Inc.     288,000       52,361,280  
Dycom Industries, Inc. (a)     143,600       59,464,760  
Granite Construction, Inc.     335,200       45,945,864  
Jacobs Solutions, Inc.     250,500       32,417,205  
Leidos Holdings, Inc.     203,700       30,396,114  
Lyft, Inc. – Class A (a)     1,612,300       22,814,045  
MasTec, Inc. (a)     205,100       80,819,655  
Primoris Services Corp.     312,700       56,645,605  
              437,807,537  
                 
Information Technology – 17.9%                
Vistance Networks, Inc. (a)     2,239,000       28,648,005  
Sanmina Corp. (a)     304,900       66,413,318  
TD SYNNEX Corp.     241,100       55,014,198  
Viasat, Inc. (a)     1,204,700       79,401,777  
              229,477,298  
                 
Materials – 2.9%                
Crown Holdings, Inc.     385,500       37,898,505  
    Shares  

Value

Real Estate – 4.4%                
Jones Lang LaSalle, Inc. (a)     116,200       36,966,706  
Opendoor Technologies, Inc. (a)     3,734,900       20,093,762  
              57,060,468  
                 
TOTAL COMMON STOCKS                
  (Cost $1,017,587,087)             1,249,174,546  
                 
MONEY MARKET FUNDS – 3.0%                
                 
First American Government                
  Obligations Fund – Class X, 3.58% (c)     38,230,043       38,230,043  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $38,230,043)             38,230,043  
                 
TOTAL INVESTMENTS – 100.2%                
  (Cost $1,055,817,130)             1,287,404,589  
Liabilities in Excess of Other Assets – (0.2)%             (1,941,031 )
                 
TOTAL NET ASSETS – 100.0%           $ 1,285,463,558  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

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

 

6 WWW.HENNESSYFUNDS.COM

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Mid Cap 30 Fund — as of April 30, 2026 (Unaudited)

 

Summary of Fair Value Exposure as of April 30, 2026

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 94,837,756     $     $     $ 94,837,756  
Consumer Discretionary     248,295,251                   248,295,251  
Consumer Staples     83,933,193                   83,933,193  
Financials     59,864,538                   59,864,538  
Industrials     437,807,537                   437,807,537  
Information Technology     229,477,298                   229,477,298  
Materials     37,898,505                   37,898,505  
Real Estate     57,060,468                   57,060,468  
Common Stocks – Total     1,249,174,546                   1,249,174,546  
Money Market Funds     38,230,043                   38,230,043  
Total Investments   $ 1,287,404,589     $     $     $ 1,287,404,589  

 

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

 

HENNESSY FUNDS 1-800-966-4354 7

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Large Growth Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 98.7%   Shares  

Value

Communication Services – 1.9%                
Omnicom Group, Inc.     33,500     $ 2,570,120  
                 
Consumer Discretionary – 17.5%                
Amazon.com, Inc. (a)     11,500       3,048,190  
AutoZone, Inc. (a)     700       2,592,821  
Darden Restaurants, Inc.     12,900       2,587,224  
eBay, Inc.     29,200       3,021,616  
Lowe’s Companies, Inc.     9,900       2,364,021  
Lululemon Athletica, Inc. (a)     13,900       1,914,030  
NVR, Inc. (a)     300       1,894,761  
PulteGroup, Inc.     20,800       2,545,088  
Tractor Supply Co.     50,100       1,758,510  
Williams-Sonoma, Inc.     12,700       2,301,367  
              24,027,628  
                 
Consumer Staples – 15.7%                
Altria Group, Inc.     44,100       3,203,865  
Colgate-Palmolive Co.     31,700       2,705,912  
Dollar Tree, Inc. (a)     20,500       1,990,755  
Kimberly-Clark Corp.     26,500       2,608,395  
PepsiCo, Inc.     18,300       2,900,367  
Sysco Corp.     34,500       2,577,495  
The Kroger Co.     41,800       2,845,326  
The Procter & Gamble Co.     18,300       2,691,747  
              21,523,862  
                 
Energy – 5.1%                
Cheniere Energy, Inc.     12,900       3,546,855  
EOG Resources, Inc.     24,400       3,429,908  
              6,976,763  
                 
Financials – 17.6%                
Allstate Corp.     13,700       2,976,462  
Ameriprise Financial, Inc.     5,300       2,516,387  
Hartford Insurance Group, Inc.     20,500       2,804,605  
Marsh & McLennan Companies, Inc.     14,700       2,465,337  
PayPal Holdings, Inc.     47,900       2,401,706  
Progressive Corp.     13,100       2,636,768  
T. Rowe Price Group, Inc.     25,500       2,623,440  
Travelers Cos., Inc.     9,800       2,990,372  
W R Berkley Corp.     39,500       2,639,785  
              24,054,862  
                 
Health Care – 15.9%                
Bristol-Myers Squibb Co.     49,200       2,981,028  
Gilead Sciences, Inc.     21,300       2,786,892  
HCA Healthcare, Inc.     5,700       2,476,365  
    Shares  

Value

Health Care (Continued)                
Incyte Corp. (a)     25,900     $ 2,467,493  
Johnson & Johnson     12,300       2,827,155  
Merck & Co., Inc.     24,000       2,620,320  
United Therapeutics Corp. (a)     5,600       3,199,560  
Zoetis, Inc.     21,300       2,448,861  
              21,807,674  
                 
Industrials – 11.8%                
Broadridge Financial Solutions, Inc.     12,600       1,940,148  
Deere & Co.     5,200       3,067,324  
J.B. Hunt Transport Services, Inc.     12,900       3,244,737  
Leidos Holdings, Inc.     13,800       2,059,236  
Union Pacific Corp.     11,800       3,179,864  
United Parcel Service, Inc. – Class B     24,800       2,698,240  
              16,189,549  
                 
Information Technology – 11.4%                
Adobe, Inc. (a)     9,200       2,264,120  
Cognizant Technology Solutions Corp. – Class A     31,700       1,676,930  
Dell Technologies, Inc. – Class C     23,800       4,973,010  
Jabil, Inc.     10,800       3,644,892  
NetApp, Inc.     27,600       3,057,252  
              15,616,204  
                 
Materials – 1.8%                
Newmont Corp.     22,200       2,466,198  
                 
TOTAL COMMON STOCKS                
  (Cost $123,515,201)             135,232,860  

 

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

 

8 WWW.HENNESSYFUNDS.COM

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Large Growth Fund — as of April 30, 2026 (Unaudited)
MONEY MARKET FUNDS – 1.3%   Shares   Value
First American Government                
  Obligations Fund – Class X, 3.58% (b)     1,822,048     $ 1,822,048  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $1,822,048)             1,822,048  
                 
TOTAL INVESTMENTS – 100.0%                
  (Cost $125,337,249)             137,054,908  
Other Assets in Excess of Liabilities – 0.0% (c)             12,620  
                 
TOTAL NET ASSETS – 100.0%           $ 137,067,528  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of April 30, 2026.

(c) Represents less than 0.05% of net assets.

 

Summary of Fair Value Exposure as of April 30, 2026

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 2,570,120     $     $     $ 2,570,120  
Consumer Discretionary     24,027,628                   24,027,628  
Consumer Staples     21,523,862                   21,523,862  
Energy     6,976,763                   6,976,763  
Financials     24,054,862                   24,054,862  
Health Care     21,807,674                   21,807,674  
Industrials     16,189,549                   16,189,549  
Information Technology     15,616,204                   15,616,204  
Materials     2,466,198                   2,466,198  
Common Stocks – Total     135,232,860                   135,232,860  
Money Market Funds     1,822,048                   1,822,048  
Total Investments   $ 137,054,908     $     $     $ 137,054,908  

 

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

 

HENNESSY FUNDS 1-800-966-4354 9

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Value Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 99.1%   Shares    

Value

 
Communication Services – 7.9%                
AT&T, Inc.     253,960     $ 6,635,975  
Comcast Corp. – Class A     209,100       5,654,064  
T- Mobile US, Inc.     32,900       6,431,950  
Verizon Communications, Inc.     153,000       7,348,590  
              26,070,579  
                 
Consumer Discretionary – 6.4%                
Ford Motor Co.     439,900       5,313,992  
Home Depot, Inc.     15,700       5,162,160  
NIKE, Inc. – Class B     92,400       4,098,864  
Starbucks Corp.     63,000       6,635,790  
              21,210,806  
                 
Consumer Staples – 17.1%                
Altria Group, Inc.     98,400       7,148,760  
British American Tobacco PLC – ADR     104,600       6,150,480  
Coca-Cola Co.     83,800       6,600,088  
Colgate-Palmolive Co.     71,000       6,060,560  
Mondelez International, Inc. – Class A     105,400       6,475,776  
PepsiCo, Inc.     41,000       6,498,090  
Philip Morris International, Inc.     35,900       5,926,013  
The Procter & Gamble Co.     41,300       6,074,817  
Unilever PLC – ADR     92,744       5,470,041  
              56,404,625  
                 
Energy – 24.0%                
BP PLC – ADR     166,700       7,898,246  
Canadian Natural Resources Ltd.     167,400       7,983,306  
Chevron Corp.     35,975       6,954,327  
ConocoPhillips     61,400       7,722,892  
Equinor ASA – ADR     233,800       9,527,350  
Exxon Mobil Corp.     45,010       6,946,393  
Petroleo Brasileiro SA – Petrobras – ADR     441,600       9,728,448  
Shell PLC – ADR     81,200       7,362,404  
SLB Ltd.     124,100       7,058,808  
Suncor Energy, Inc.     118,700       8,126,202  
              79,308,376  
                 
Financials – 15.4%                
Bank of America Corp.     114,400       6,115,824  
Citigroup, Inc.     52,300       6,693,354  
HSBC Holdings PLC – ADR     72,200       6,632,292  
JPMorgan Chase & Co.     19,800       6,201,954  
Morgan Stanley     32,700       6,232,293  
Royal Bank of Canada     35,600       6,406,932  
    Shares    

Value

 
Financials (Continued)                
Toronto-Dominion Bank     63,900     $ 6,882,030  
Wells Fargo & Co.     69,000       5,673,870  
              50,838,549  
                 
Health Care – 19.9%                
Abbott Laboratories     49,400       4,485,026  
AbbVie, Inc.     27,800       5,874,696  
Bristol-Myers Squibb Co.     111,200       6,737,608  
CVS Health Corp.     73,400       6,113,486  
Gilead Sciences, Inc.     47,000       6,149,480  
GSK PLC – ADR     124,760       6,526,196  
Johnson & Johnson     27,800       6,389,830  
Medtronic PLC     60,000       4,858,200  
Merck & Co., Inc.     53,800       5,873,884  
Pfizer, Inc.     233,100       6,223,770  
UnitedHealth Group, Inc.     17,400       6,446,352  
              65,678,528  
                 
Information Technology – 8.4%                
Cisco Systems, Inc.     81,800       7,484,700  
International Business Machines Corp.     20,300       4,688,894  
QUALCOMM, Inc.     38,500       6,913,830  
Texas Instruments, Inc.     30,900       8,685,372  
              27,772,796  
                 
TOTAL COMMON STOCKS                
  (Cost $231,015,257)             327,284,259  

 

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

 

10 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Cornerstone Value Fund — as of April 30, 2026 (Unaudited)
MONEY MARKET FUNDS – 0.8%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (a)     2,628,125     $ 2,628,125  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $2,628,125)             2,628,125  
                 
TOTAL INVESTMENTS – 99.9%                
  (Cost $233,643,382)             329,912,384  
Other Assets in Excess of Liabilities – 0.1%             328,799  
                 
TOTAL NET ASSETS – 100.0%           $ 330,241,183  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

ADR – American Depositary Receipt 

PLC – Public Limited Company 

(a) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 26,070,579     $     $     $ 26,070,579  
Consumer Discretionary     21,210,806                   21,210,806  
Consumer Staples     56,404,625                   56,404,625  
Energy     79,308,376                   79,308,376  
Financials     50,838,549                   50,838,549  
Health Care     65,678,528                   65,678,528  
Information Technology     27,772,796                   27,772,796  
Common Stocks – Total     327,284,259                   327,284,259  
Money Market Funds     2,628,125                   2,628,125  
Total Investments   $ 329,912,384     $     $     $ 329,912,384  

 

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

 

HENNESSY FUNDS 1-800-966-4354 11

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Total Return Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 69.1%   Shares     Value  
Communication Services – 7.7%                
Verizon Communications, Inc.     80,500     $ 3,866,415  
                 
Consumer Discretionary – 13.3%                
Home Depot, Inc.     8,800       2,893,440  
McDonald’s Corp.     5,300       1,556,027  
NIKE, Inc. – Class B     49,900       2,213,564  
              6,663,031  
                 
Consumer Staples – 14.2%                
Coca-Cola Co.     47,200       3,717,472  
The Procter & Gamble Co.     23,000       3,383,070  
              7,100,542  
                 
Energy – 7.7%                
Chevron Corp.     19,900       3,846,869  
                 
Health Care – 25.3% (a)                
Amgen, Inc.     10,100       3,497,125  
Johnson & Johnson     8,200       1,884,770  
Merck & Co., Inc.     32,200       3,515,596  
UnitedHealth Group, Inc.     10,100       3,741,848  
              12,639,339  
                 
Information Technology – 0.9%                
Cisco Systems, Inc.     2,800       256,200  
International Business Machines Corp.     700       161,686  
              417,886  
                 
TOTAL COMMON STOCKS                
  (Cost $29,082,068)             34,534,082  
                 
U.S. TREASURY BILLS – 71.7%     Par       Value  
  3.61%, 05/07/2026 (b)(c)   $ 12,000,000       11,992,840  
  3.63%, 06/11/2026 (b)(c)     12,000,000       11,950,868  
  3.61%, 07/09/2026 (b)(c)     12,000,000       11,917,143  
                 
TOTAL U.S. TREASURY BILLS                
  (Cost $35,861,368)             35,860,851  
MONEY MARKET FUNDS – 2.7%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (c)(d)     1,350,784     $ 1,350,784  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $1,350,784)             1,350,784  
                 
TOTAL INVESTMENTS – 143.5%                
  (Cost $66,294,220)             71,745,717  
Liabilities in Excess of Other Assets – (43.5)%             (21,737,222 )
                 
TOTAL NET ASSETS – 100.0%           $ 50,008,495  

 

Par amount is in USD unless otherwise indicated. 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(b) The rate shown is the annualized yield as of April 30, 2026.
(c) All or a portion of the security has been pledged as collateral for reverse repurchase agreements. The fair value of assets committed as collateral as of April 30, 2026 was $23,907,232.
(d) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

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

 

12 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Total Return Fund — as of April 30, 2026 (Unaudited)

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 3,866,415     $     $     $ 3,866,415  
Consumer Discretionary     6,663,031                   6,663,031  
Consumer Staples     7,100,542                   7,100,542  
Energy     3,846,869                   3,846,869  
Health Care     12,639,339                   12,639,339  
Information Technology     417,886                   417,886  
Common Stocks – Total     34,534,082                   34,534,082  
U.S. Treasury Bills           35,860,851             35,860,851  
Money Market Funds     1,350,784                   1,350,784  
Total Investments   $ 35,884,866     $ 35,860,851     $     $ 71,745,717  

 

Reverse repurchase agreements are carried at face value; hence, they are not included in the fair valuation hierarchy.

 

Schedule of Reverse Repurchase Agreements

                                   
Counterparty     Interest Rate     Trade Date   Maturity Date   Net Closing Amount   Face Value  
Jefferies LLC   3.85%     02/05/2026   05/07/2026     $ 7,266,031     $ 7,196,000  
Jefferies LLC   3.87%     03/12/2026   06/11/2026       7,266,395       7,196,000  
Jefferies LLC   3.87%     04/09/2026   07/09/2026       7,266,395       7,196,000  
                    $ 21,798,821     $ 21,588,000  

 

As of April 30, 2026, the fair value of securities held as collateral for reverse repurchase agreements was $23,907,232 as noted on the Schedule of Investments.

 

The face value of the reverse repurchase agreements at April 30, 2026, was $21,588,000. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. The face value plus interest due at maturity is equal to $21,798,821.

 

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

 

HENNESSY FUNDS 1-800-966-4354 13

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Equity and Income Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 69.0%   Shares     Value  
Communication Services – 7.6%                
Alphabet, Inc. – Class C     8,195     $ 3,129,998  
                 
Consumer Discretionary – 3.7%                
Lowe’s Companies, Inc.     1,909       455,850  
O’Reilly Automotive, Inc. (a)     6,454       641,528  
Starbucks Corp.     4,030       424,480  
              1,521,858  
                 
Consumer Staples – 5.0%                
Altria Group, Inc.     11,711       850,804  
Church & Dwight Co., Inc.     6,214       603,131  
Nestlé S.A. – ADR     6,004       609,286  
              2,063,221  
                 
Energy – 1.8%                
Chevron Corp.     3,889       751,783  
                 
Financials – 15.9%                
Berkshire Hathaway, Inc. – Class B (a)     3,529       1,671,334  
Blackrock, Inc.     989       1,053,878  
Chubb Ltd.     3,375       1,103,625  
Progressive Corp.     5,059       1,018,276  
The Charles Schwab Corp.     6,739       617,562  
Visa, Inc. – Class A     3,305       1,090,121  
              6,554,796  
                 
Health Care – 1.7%                
Johnson & Johnson     3,085       709,087  
                 
Industrials – 11.1%                
FedEx Corp.     2,645       1,066,755  
Norfolk Southern Corp.     4,746       1,498,929  
Old Dominion Freight Line, Inc.     4,289       911,112  
Republic Services, Inc.     5,172       1,082,086  
              4,558,882  
                 
Information Technology – 11.8%                
Apple, Inc.     6,607       1,792,809  
Entegris, Inc.     7,078       1,000,688  
TE Connectivity PLC     4,542       961,360  
Texas Instruments, Inc.     4,014       1,128,255  
              4,883,112  
                 
Materials – 7.7%                
Air Products and Chemicals, Inc.     3,806       1,141,990  
Martin Marietta Materials, Inc.     1,798       1,113,088  
NewMarket Corp.     1,344       908,033  
              3,163,111  
    Shares     Value  
Utilities – 2.7%                
Dominion Energy, Inc.     17,395     $ 1,121,978  
                 
TOTAL COMMON STOCKS                
  (Cost $13,134,129)             28,457,826  
                 
CORPORATE BONDS – 15.2%     Par       Value  
Communication Services – 0.4%                
T-Mobile USA, Inc., 3.88%, 04/15/2030   $ 150,000       146,116  
                 
Consumer Discretionary – 1.6%                
Expedia Group, Inc., 3.25%, 02/15/2030     100,000       94,902  
General Motors Financial Co., Inc.,                
  5.80%, 01/07/2029     150,000       154,387  
Lowe’s Companies, Inc., 2.63%, 04/01/2031     325,000       297,097  
Marriott International, Inc., 5.00%, 10/15/2027     100,000       100,902  
              647,288  
                 
Consumer Staples – 0.2%                
Molson Coors Beverage Co., 3.00%, 07/15/2026     100,000       99,749  
                 
Energy – 1.1%                
Enterprise Products Operating LLC,                
  4.30%, 06/20/2028     100,000       100,071  
Kinder Morgan, Inc., 5.85%, 06/01/2035     140,000       146,757  
The Williams Companies, Inc., 2.60%, 03/15/2031     225,000       204,338  
              451,166  
                 
Financials – 6.6%                
Bank of America Corp., 2.30% to 07/21/2031                
  then SOFR + 1.22%, 07/21/2032     225,000       199,194  
Capital One Financial Corp., 6.31%                
  (SOFR + 2.64%), 06/08/2029     100,000       103,419  
Charles Schwab Corp., 6.20%                
  (SOFR + 1.88%), 11/17/2029     125,000       130,390  
Citigroup, Inc., 4.08% to 04/23/2028 then 3 mo.                
  Term SOFR + 1.45%, 04/23/2029     55,000       54,598  
Citizens Financial Group, Inc., 5.25% to 03/05/2030                
  then SOFR + 1.26%, 03/05/2031     140,000       141,888  
Fifth Third Bancorp, 4.34% to 04/25/2032 then                
  SOFR + 1.66%, 04/25/2033     185,000       178,547  
Goldman Sachs Group, Inc., 4.22% to 05/01/2028                
  then 3 mo. Term SOFR + 1.56%, 05/01/2029     300,000       298,049  
Huntington Bancshares, Inc., 2.55%, 02/04/2030     200,000       185,459  
JPMorgan Chase & Co., 2.07% to 06/01/2028                
   then SOFR + 1.02%, 06/01/2029     325,000       309,647  
KeyCorp, 2.25%, 04/06/2027     100,000       98,237  
Morgan Stanley, 2.24% to 07/21/2031                
  then SOFR + 1.18%, 07/21/2032     250,000       219,952  
Regions Financial Corp., 1.80%, 08/12/2028     325,000       305,777  

 

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

 

14 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Equity and Income Fund — as of April 30, 2026 (Unaudited)
    Par     Value  
Financials (Continued)                
State Street Corp., 4.82% to 01/26/2033                
   then SOFR + 1.57%, 01/26/2034   $ 175,000     $ 174,483  
Wells Fargo & Co., 5.50% to 01/23/2034                
  then SOFR + 1.78%, 01/23/2035     300,000       306,034  
              2,705,674  
                 
Health Care – 1.6%                
CVS Health Corp., 5.70%, 06/01/2034     150,000       154,770  
Edwards Lifesciences Corp., 4.30%, 06/15/2028     125,000       124,749  
Elevance Health, Inc., 4.00%, 09/15/2028     100,000       99,176  
GE HealthCare Technologies, Inc., 4.15%, 12/15/2028     100,000       99,389  
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030     225,000       200,066  
              678,150  
                 
Industrials – 1.5%                
General Electric Co., 3.63%, 05/01/2030     380,000       365,743  
Quanta Services, Inc., 4.30%, 08/09/2028     150,000       149,842  
Timken Co., 6.88%, 05/08/2028     110,000       114,145  
              629,730  
                 
Information Technology – 2.2%                
Autodesk, Inc., 2.85%, 01/15/2030     125,000       117,369  
Booz Allen Hamilton, Inc., 5.95%, 04/15/2035     125,000       126,003  
Dell International LLC / EMC Corp.,                
  4.75%, 04/01/2028     100,000       100,620  
Oracle Corp., 2.95%, 04/01/2030     175,000       160,414  
Roper Technologies, Inc., 4.25%, 09/15/2028     150,000       148,931  
Salesforce, Inc., 5.55%, 03/15/2036     125,000       124,752  
Workday, Inc., 3.80%, 04/01/2032     151,000       140,642  
              918,731  
                 
TOTAL CORPORATE BONDS                
  (Cost $6,454,851)             6,276,604  
                 
U.S. TREASURY SECURITIES – 13.6%                
                 
U.S. Treasury Notes                
  0.63%, 03/31/2027     225,000       218,749  
  4.13%, 09/30/2027     175,000       175,622  
  3.88%, 10/15/2027     600,000       600,047  
  4.13%, 10/31/2027     250,000       250,898  
  3.63%, 03/31/2028     150,000       149,285  
  3.88%, 03/31/2028     275,000       274,957  
  4.38%, 11/30/2028     150,000       151,723  
  2.88%, 04/30/2029     250,000       242,700  
  3.25%, 06/30/2029     125,000       122,534  
  3.63%, 08/31/2029     225,000       222,829  
  3.75%, 06/30/2030     100,000       99,113  
  3.63%, 08/31/2030     100,000       98,512  
  3.63%, 09/30/2031     200,000       195,711  
  2.75%, 08/15/2032     100,000       92,254  
  3.75%, 11/30/2032     200,000       195,102  
  3.88%, 12/31/2032     200,000       196,414  
  3.50%, 02/15/2033     425,000       407,710  
    Par     Value  
U.S. Treasury Notes (Continued)                
  3.38%, 05/15/2033   $ 200,000     $ 189,902  
  4.50%, 11/15/2033     275,000       279,549  
  4.00%, 02/15/2034     350,000       343,950  
  3.88%, 08/15/2034     150,000       145,594  
  4.63%, 02/15/2035     275,000       280,860  
  4.25%, 05/15/2035     300,000       297,814  
  4.25%, 08/15/2035     175,000       173,523  
  4.00%, 11/15/2035     200,000       194,141  
                 
TOTAL U.S. TREASURY SECURITIES                
  (Cost $5,632,709)             5,599,493  
                 
                 
MORTGAGE-BACKED SECURITIES – 0.2%
                 
Federal Agency Mortgage-Backed Obligations – 0.2%
Fannie Mae Pool, Pool 928831, 6.00%, 10/01/2037     19,501       20,152  
Fannie Mae REMICS, MD Series 2013-52,                
  Class MD, 1.25%, 06/25/2043     29,522       25,135  
Freddie Mac REMICS, JD Series 4309,                
  Class JD, 2.00%, 10/15/2043     17,861       16,779  
Freddie Mac REMICS, DJ Series 4322,                
  Class DJ, 3.00%, 05/15/2043     14,640       14,430  
                 
TOTAL MORTGAGE-BACKED SECURITIES                
  (Cost $81,413)             76,496  
                 
MONEY MARKET FUNDS – 2.0%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (b)     834,272       834,272  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $834,272)             834,272  
                 
TOTAL INVESTMENTS – 100.0%                
  (Cost $26,137,374)             41,244,691  
Other Assets in Excess of Liabilities – 0.0% (c)             9,244  
                 
TOTAL NET ASSETS – 100.0%           $ 41,253,935  

 

Par amount is in USD unless otherwise indicated. 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

ADR – American Depositary Receipt 

LLC – Limited Liability Company 

PLC – Public Limited Company 

SOFR – Secured Overnight Financing Rate 

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of April 30, 2026.

(c) Represents less than 0.05% of net assets.

 

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

 

HENNESSY FUNDS 1-800-966-4354 15

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Equity and Income Fund — as of April 30, 2026 (Unaudited)

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 3,129,998     $     $     $ 3,129,998  
Consumer Discretionary     1,521,858                   1,521,858  
Consumer Staples     2,063,221                   2,063,221  
Energy     751,783                   751,783  
Financials     6,554,796                   6,554,796  
Health Care     709,087                   709,087  
Industrials     4,558,882                   4,558,882  
Information Technology     4,883,112                   4,883,112  
Materials     3,163,111                   3,163,111  
Utilities     1,121,978                   1,121,978  
Common Stocks – Total     28,457,826                   28,457,826  
Corporate Bonds:                                
Communication Services           146,116             146,116  
Consumer Discretionary           647,288             647,288  
Consumer Staples           99,749             99,749  
Energy           451,166             451,166  
Financials           2,705,674             2,705,674  
Health Care           678,150             678,150  
Industrials           629,730             629,730  
Information Technology           918,731             918,731  
Corporate Bonds – Total           6,276,604             6,276,604  
U.S. Treasury Securities           5,599,493             5,599,493  
Mortgage-Backed Securities:                                
Federal Agency Mortgage-Backed Obligations           76,496             76,496  
Mortgage-Backed Securities – Total           76,496             76,496  
Money Market Funds     834,272                   834,272  
Total Investments   $ 29,292,098     $ 11,952,593     $     $ 41,244,691  

 

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

 

16 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Balanced Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 50.8%   Shares     Value  
Communication Services – 4.9%                
Verizon Communications, Inc.     14,000     $ 672,420  
                 
Consumer Discretionary – 5.0%                
Home Depot, Inc.     1,050       345,240  
NIKE, Inc. – Class B     7,650       339,354  
              684,594  
                 
Consumer Staples – 8.7%                
The Coca-Cola Co.     8,650       681,274  
The Procter & Gamble Co.     3,450       507,461  
              1,188,735  
                 
Energy – 6.0%                
Chevron Corp.     4,200       811,902  
                 
Health Care – 20.9%                
Amgen, Inc.     1,950       675,187  
Johnson & Johnson     2,500       574,625  
Merck & Co., Inc.     7,800       851,604  
UnitedHealth Group, Inc.     2,000       740,960  
              2,842,376  
                 
Information Technology – 5.3%                
Cisco Systems, Inc.     3,900       356,850  
International Business Machines Corp.     1,550       358,019  
              714,869  
                 
TOTAL COMMON STOCKS                
  (Cost $5,495,321)             6,914,896  
U.S. TREASURY BILLS – 47.0%   Par     Value  
  4.00%, 06/11/2026 (a)    $ 1,500,000     $ 1,493,431  
  3.71%, 09/03/2026 (a)     1,900,000       1,876,415  
  3.54%, 11/27/2026 (a)     2,000,000       1,958,744  
  3.50%, 01/21/2027 (a)     1,100,000       1,071,508  
                 
TOTAL U.S. TREASURY BILLS                
  (Cost $6,402,545)             6,400,098  
                 
MONEY MARKET FUNDS – 2.3%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (b)     305,440       305,440  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $305,440)             305,440  
                 
TOTAL INVESTMENTS – 100.1%                
  (Cost $12,203,306)             13,620,434  
Liabilities in Excess of Other Assets – (0.1)%             (10,274 )
                 
TOTAL NET ASSETS – 100.0%           $ 13,610,160  

 

Par amount is in USD unless otherwise indicated. 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) The rate shown is the annualized yield as of April 30, 2026.
(b) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 672,420     $     $     $ 672,420  
Consumer Discretionary     684,594                   684,594  
Consumer Staples     1,188,735                   1,188,735  
Energy     811,902                   811,902  
Health Care     2,842,376                   2,842,376  
Information Technology     714,869                   714,869  
Common Stocks – Total     6,914,896                   6,914,896  
U.S. Treasury Bills           6,400,098             6,400,098  
Money Market Funds     305,440                   305,440  
Total Investments   $ 7,220,336     $ 6,400,098     $     $ 13,620,434  

 

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

 

HENNESSY FUNDS 1-800-966-4354 17

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Energy Transition Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 93.8%   Shares     Value  
Downstream – 8.4%                
Marathon Petroleum Corp.     1,100     $ 273,119  
Phillips 66     5,800       1,039,070  
Valero Energy Corp.     2,800       707,224  
              2,019,413  
                 
Exploration and Production – 32.8% (a)                
Antero Resources Corp. (b)     19,900       781,274  
Canadian Natural Resources Ltd.     9,500       453,055  
ConocoPhillips     8,524       1,072,149  
Devon Energy Corp.     10,000       513,700  
Diamondback Energy, Inc.     5,620       1,155,640  
EOG Resources, Inc.     7,430       1,044,435  
EQT Corp.     12,100       726,968  
Expand Energy Corp.     10,100       1,031,715  
National Fuel Gas Co.     7,900       666,602  
Suncor Energy, Inc.     6,160       421,714  
              7,867,252  
                 
Integrated – 9.3%                
Chevron Corp.     5,157       996,900  
Exxon Mobil Corp.     8,002       1,234,948  
              2,231,848  
                 
Materials – 4.1%                
Freeport-McMoRan, Inc.     17,020       983,416  
                 
Midstream – 10.2%                
Cheniere Energy, Inc.     2,650       728,617  
Kinder Morgan, Inc.     6,800       223,516  
ONEOK, Inc.     6,500       600,990  
Williams Cos., Inc.     11,500       877,565  
              2,430,688  
                 
Oil Services – 24.5%                
Halliburton Co.     27,180       1,149,714  
Helmerich & Payne, Inc.     27,200       1,098,336  
NOV, Inc.     52,100       1,065,966  
ProFrac Holding Corp. – Class A (b)     58,500       441,090  
SLB Ltd.     19,210       1,092,665  
Tenaris SA – ADR     16,200       1,035,180  
              5,882,951  
                 
Utilities – 4.5%                
NextEra Energy, Inc.     11,070       1,083,532  
                 
TOTAL COMMON STOCKS                
  (Cost $14,760,413)             22,499,100  
MASTER LIMITED PARTNERSHIPS – 3.0%   Units     Value  
Midstream – 3.0%                
Energy Transfer LP     35,000     $ 706,650  
                 
TOTAL MASTER LIMITED PARTNERSHIPS                
  (Cost $692,601)             706,650  
                 
MONEY MARKET FUNDS – 2.7%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (c)     658,946       658,946  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $658,946)             658,946  
                 
TOTAL INVESTMENTS – 99.5%                
  (Cost $16,111,960)             23,864,696  
Other Assets in Excess of Liabilities – 0.5%             130,672  
                 
TOTAL NET ASSETS – 100.0%           $ 23,995,368  

 

Percentages are stated as a percent of net assets.

 

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

 

ADR – American Depositary Receipt 

LP – Limited Partnership 

(a)   To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(b) Non-income producing security.
(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

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

 

18 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Energy Transition Fund — as of April 30, 2026 (Unaudited)

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Downstream   $ 2,019,413     $     $     $ 2,019,413  
Exploration and Production     7,867,252                   7,867,252  
Integrated     2,231,848                   2,231,848  
Materials     983,416                   983,416  
Midstream     2,430,688                   2,430,688  
Oil Services     5,882,951                   5,882,951  
Utilities     1,083,532                   1,083,532  
Common Stocks – Total     22,499,100                   22,499,100  
Master Limited Partnerships:                                
Midstream     706,650                   706,650  
Master Limited Partnerships – Total     706,650                   706,650  
Money Market Funds     658,946                   658,946  
Total Investments   $ 23,864,696     $     $     $ 23,864,696  

 

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

 

HENNESSY FUNDS 1-800-966-4354 19

 

 

  

Financial Statements — Schedule of Investments

 

Hennessy Midstream Fund — as of April 30, 2026 (Unaudited)

MASTER LIMITED PARTNERSHIPS – 56.7%   Units     Value  
Crude Oil and Refined Products – 23.2%                
MPLX LP     162,519     $ 9,144,944  
Plains All American Pipeline LP     403,256       9,282,953  
              18,427,897  
                 
Gathering and Processing – 6.0%                
Western Midstream Partners LP     110,260       4,794,105  
                 
Natural Gas/NGL Transportation – 27.5% (a)                
Energy Transfer LP     534,760       10,796,804  
Enterprise Products Partners LP     285,390       11,044,593  
              21,841,397  
                 
TOTAL MASTER LIMITED PARTNERSHIPS                
  (Cost $11,322,558)             45,063,399  

 

COMMON STOCKS – 44.6%     Shares       Value  
Gathering and Processing – 13.0%                
Antero Midstream Corp.     296,910       6,490,453  
Targa Resources Corp.     14,530       3,778,962  
              10,269,415  
                 
Natural Gas/NGL Transportation – 31.6% (a)                
Cheniere Energy, Inc.     10,550       2,900,723  
DT Midstream, Inc.     18,080       2,675,659  
Kinder Morgan, Inc.     106,030       3,485,206  
ONEOK, Inc.     69,214       6,399,527  
TC Energy Corp.     46,500       3,112,245  
Williams Cos., Inc.     83,982       6,408,666  
              24,982,026  
                 
TOTAL COMMON STOCKS                
  (Cost $12,193,078)             35,251,441  
MONEY MARKET FUNDS – 13.7%     Shares       Value  
Fidelity Government Portfolio –                
  Institutional Class, 3.54% (b)     1,827,136     $ 1,827,136  
First American Government                
  Obligations Fund – Class X, 3.58% (b)     4,496,139       4,496,139  
First American Treasury                
  Obligations Fund – Class X, 3.59% (b)     4,496,139       4,496,139  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $10,819,414)             10,819,414  
                 
TOTAL INVESTMENTS – 115.0%                
  (Cost $34,335,050)             91,134,254  
Liabilities in Excess of Other Assets – (15.0)%             (11,736,053 )
                 
TOTAL NET ASSETS – 100.0%           $ 79,398,201  

 

Percentages are stated as a percent of net assets.

 

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

 

LP – Limited Partnership 

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(b) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Master Limited Partnerships:   Level 1     Level 2     Level 3     Total  
Crude Oil and Refined Products   $ 18,427,897     $     $     $ 18,427,897  
Gathering and Processing     4,794,105                   4,794,105  
Natural Gas/NGL Transportation     21,841,397                   21,841,397  
Master Limited Partnerships – Total     45,063,399                   45,063,399  
Common Stocks:                                
Gathering and Processing     10,269,415                   10,269,415  
Natural Gas/NGL Transportation     24,982,026                   24,982,026  
Common Stocks – Total     35,251,441                   35,251,441  
Money Market Funds     10,819,414                   10,819,414  
Total Investments   $ 91,134,254     $     $     $ 91,134,254  

 

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

 

20 WWW.HENNESSYFUNDS.COM

 

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Gas Utility Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 99.6%   Shares     Value  
Energy – 38.7% (a)                
Cheniere Energy, Inc.     94,147     $ 25,885,718  
DT Midstream, Inc.     129,000       19,090,710  
Enbridge, Inc.     492,465       27,292,410  
EQT Corp.     425,600       25,570,048  
Kinder Morgan, Inc.     808,901       26,588,576  
ONEOK, Inc.     309,900       28,653,354  
TC Energy Corp.     421,200       28,190,916  
Williams Cos., Inc.     365,800       27,914,198  
              209,185,930  
                 
Financials – 4.8%                
Berkshire Hathaway, Inc. – Class A (b)     36       25,628,400  
                 
Utilities – 56.1% (a)                
Algonquin Power & Utilities Corp.     141,064       885,882  
Alliant Energy Corp.     32,450       2,382,803  
Ameren Corp.     35,080       3,986,842  
Atmos Energy Corp.     143,286       27,221,474  
Avista Corp.     22,272       915,379  
Black Hills Corp.     45,147       3,399,118  
CenterPoint Energy, Inc.     334,228       14,589,052  
Chesapeake Utilities Corp.     25,058       3,160,315  
CMS Energy Corp.     141,098       10,827,861  
Consolidated Edison, Inc.     115,436       12,869,960  
Dominion Energy, Inc.     70,877       4,571,566  
DTE Energy Co.     42,104       6,386,756  
Duke Energy Corp.     94,887       12,292,611  
Essential Utilities, Inc.     100,300       3,831,460  
Exelon Corp.     127,231       5,851,354  
Fortis, Inc.     94,176       5,387,809  
MDU Resources Group, Inc.     179,707       4,048,799  
MGE Energy, Inc.     12,279       985,021  
National Fuel Gas Co.     65,524       5,528,915  
National Grid PLC – ADR     178,944       16,022,646  
New Jersey Resources Corp.     106,134       5,976,406  
NiSource, Inc.     354,481       17,114,343  
Northwest Natural Holding Co.     49,303       2,613,059  
Northwestern Energy Group, Inc.     13,798       998,147  
ONE Gas, Inc.     76,075       6,787,411  
PG&E Corp.     705,449       11,724,562  
PPL Corp.     156,719       5,867,559  
Public Service Enterprise Group, Inc.     153,290       12,517,661  
RGC Resources, Inc.     12,954       294,444  
Sempra     274,380       26,099,026  
Southwest Gas Holdings, Inc.     90,417       8,503,719  
  Shares     Value  
Utilities (Continued)                
Spire, Inc.     52,241     $ 4,763,334  
The Southern Co.     253,100       24,474,770  
UGI Corp.     92,952       3,354,638  
Unitil Corp.     13,598       713,351  
WEC Energy Group, Inc.     146,140       17,235,752  
Xcel Energy, Inc.     102,199       8,477,407  
              302,661,212  
                 
TOTAL COMMON STOCKS                
  (Cost $222,441,967)             537,475,542  
                 
MONEY MARKET FUNDS – 0.5%                
First American Government                
  Obligations Fund – Class X, 3.58% (c)     2,934,372       2,934,372  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $2,934,372)             2,934,372  
                 
TOTAL INVESTMENTS – 100.1%                
  (Cost $225,376,339)             540,409,914  
Liabilities in Excess of Other Assets – (0.1)%             (438,612 )
                 
TOTAL NET ASSETS – 100.0%           $ 539,971,302  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

ADR – American Depositary Receipt 

PLC – Public Limited Company 

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

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

 

HENNESSY FUNDS 1-800-966-4354 21

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Gas Utility Fund — as of April 30, 2026 (Unaudited)

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Energy   $ 209,185,930     $     $     $ 209,185,930  
Financials     25,628,400                   25,628,400  
Utilities     302,661,212                   302,661,212  
Common Stocks – Total     537,475,542                   537,475,542  
Money Market Funds     2,934,372                   2,934,372  
Total Investments   $ 540,409,914     $     $     $ 540,409,914  

 

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

 

22 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Japan Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 96.7%   Shares     Value  
Communication Services – 5.1%                
SoftBank Group Corp.     668,000     $ 22,818,096  
                 
Consumer Discretionary – 11.8%                
Fast Retailing Co. Ltd.     19,100       8,991,236  
Sekisui House Ltd.     530,000       11,540,212  
Sony Group Corp.     1,166,800       23,377,226  
Sumitomo Forestry Co. Ltd.     1,005,600       9,087,747  
              52,996,421  
                 
Consumer Staples – 5.9%                
Rohto Pharmaceutical Co. Ltd.     220,500       3,242,446  
Seven & i Holdings Co. Ltd.     1,868,900       22,335,357  
Unicharm Corp.     137,000       798,171  
              26,375,974  
                 
Financials – 34.5% (a)                
Japan Exchange Group, Inc.     351,200       4,183,399  
Mitsubishi UFJ Financial Group, Inc.     1,787,500       32,108,577  
Mizuho Financial Group     320,300       13,773,770  
MS&AD Insurance Group Holdings, Inc.     705,500       18,141,291  
ORIX Corp.     1,030,600       34,686,380  
Sompo Holdings, Inc.     651,700       24,253,288  
Tokio Marine Holdings, Inc.     591,100       27,070,471  
              154,217,176  
                 
Health Care – 0.6%                
Olympus Corp.     82,700       813,397  
Santen Pharmaceutical Co. Ltd.     187,900       1,936,400  
              2,749,797  
                 
Industrials – 18.0%                
Daikin Industries, Ltd.     74,400       10,512,363  
Hitachi Ltd.     1,161,700       36,940,142  
Mitsubishi Corp.     460,100       14,735,460  
Recruit Holdings Co. Ltd.     396,900       18,386,378  
              80,574,343  
      Shares       Value  
Information Technology – 12.6%                
Keyence Corp.     28,100     $ 12,888,513  
Renesas Electronics Corp.     168,900       3,415,605  
Socionext, Inc.     17,000       206,877  
SUMCO Corp.     300,500       4,794,373  
Tokyo Electron Ltd.     119,100       35,096,725  
              56,402,093  
                 
Materials – 6.3%                
Nissan Chemical Corp.     99,100       4,285,039  
Shin-Etsu Chemical Co. Ltd.     516,400       23,776,192  
              28,061,231  
                 
Real Estate – 1.9%                
Daiwa House Industry Co. Ltd.     275,200       8,396,617  
                 
TOTAL COMMON STOCKS                
  (Cost $241,084,781)             432,591,748  
                 
MONEY MARKET FUNDS – 2.9%                
First American Government                
  Obligations Fund – Class X, 3.58% (b)     13,180,594       13,180,594  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $13,180,594)             13,180,594  
                 
TOTAL INVESTMENTS – 99.6%                
  (Cost $254,265,375)             445,772,342  
Other Assets in Excess of Liabilities – 0.4%             1,778,124  
                 
TOTAL NET ASSETS – 100.0%           $ 447,550,466  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(b) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $     $ 22,818,096     $     $ 22,818,096  
Consumer Discretionary           52,996,421             52,996,421  
Consumer Staples     23,133,528       3,242,446             26,375,974  
Financials           154,217,176             154,217,176  
Health Care           2,749,797             2,749,797  
Industrials           80,574,343             80,574,343  
Information Technology           56,402,093             56,402,093  
Materials           28,061,231             28,061,231  
Real Estate           8,396,617             8,396,617  
Common Stocks – Total     23,133,528       409,458,220             432,591,748  
Money Market Funds     13,180,594                   13,180,594  
Total Investments   $ 36,314,122     $ 409,458,220     $     $ 445,772,342  

 

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

 

HENNESSY FUNDS 1-800-966-4354 23

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Japan Small Cap Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 96.5%   Shares     Value  
Communication Services – 1.6%                
Kakaku.com, Inc.     127,100     $ 2,127,873  
                 
Consumer Discretionary – 18.9%                
Aeon Fantasy Co. Ltd.     91,500       1,496,053  
Eternal Hospitality Group Co. Ltd.     78,100       1,503,226  
G-Tekt Corp.     108,100       1,244,903  
JVCKenwood Corp.     295,600       2,228,049  
Koshidaka Holdings Co. Ltd.     143,500       914,778  
LITALICO, Inc.     318,900       2,456,397  
Mizuno Corp.     116,100       2,464,816  
Musashi Seimitsu Industry Co. Ltd.     132,000       3,612,393  
NOK Corp.     182,900       3,252,594  
Onward Holdings Co. Ltd.     297,200       1,405,600  
Roland Corp.     55,600       1,450,000  
Saizeriya Co. Ltd.     29,500       957,236  
United Arrows Ltd.     120,200       1,895,317  
              24,881,362  
                 
Consumer Staples – 7.3%                
Ariake Japan Co. Ltd.     41,700       1,445,228  
Daikokutenbussan Co. Ltd.     79,500       2,444,246  
Sakata Seed Corp.     83,400       2,186,432  
Warabeya Nichiyo Holdings Co. Ltd.     65,800       1,167,141  
YAKUODO Holdings Co. Ltd.     109,800       1,238,888  
Yamami Co.     45,700       1,205,589  
              9,687,524  
                 
Financials – 9.9%                
Hokuhoku Financial Group, Inc.     83,200       3,171,830  
Nishi-Nippon Financial Holdings, Inc.     230,500       5,787,654  
Ogaki Kyoritsu Bank Ltd.     93,000       4,163,640  
              13,123,124  
                 
Health Care – 2.8%                
Charm Care Corp. KK     81,700       670,814  
Nihon Kohden Corp.     208,700       1,943,888  
PeptiDream, Inc. (a)     140,000       1,032,011  
              3,646,713  
                 
Industrials – 31.4% (b)                
AGC, Inc.     83,700       3,001,810  
CKD Corp.     102,300       3,963,937  
Daihen Corp.     32,600       3,225,243  
Fukuda Corp.     29,900       1,602,264  
Fukuyama Transporting Co. Ltd.     78,600       2,611,195  
Hanwa Co. Ltd.     64,500       666,216  
Kanamoto Co. Ltd.     97,600       2,877,027  
      Shares       Value  
Industrials (Continued)                
Nabtesco Corp.     68,700     $ 2,272,128  
Nissei ASB Machine Co. Ltd.     78,700       4,085,736  
Nitto Kogyo Corp.     62,900       1,819,445  
OSG Corp.     115,600       2,417,621  
Penta-Ocean Construction Co. Ltd.     128,200       1,436,385  
Sanwa Holdings Corp.     58,200       1,331,188  
SBS Holdings, Inc.     79,800       2,126,459  
Tanseisha Co. Ltd.     213,300       1,951,141  
Transcosmos, Inc.     107,500       2,624,437  
Trusco Nakayama Corp.     134,500       1,856,946  
Yurtec Corp.     99,500       1,593,734  
              41,462,912  
                 
Information Technology – 14.1%                
Canon Marketing Japan, Inc.     60,800       1,383,762  
Computer Engineering & Consulting Ltd.     91,800       1,137,022  
Comture Corp.     190,500       1,658,058  
Elecom Co. Ltd.     101,400       1,049,930  
Macnica Holdings, Inc.     75,900       1,282,107  
Mitsubishi Research Institute, Inc.     60,700       1,742,516  
Optex Group Co. Ltd.     97,100       1,806,235  
Towa Corp.     160,100       3,043,039  
Tsuzuki Denki Co. Ltd.     105,000       2,315,538  
Ulvac, Inc.     49,700       3,129,733  
              18,547,940  
                 
Materials – 4.8%                
Maeda Kosen Co. Ltd.     337,600       3,940,090  
Nissan Chemical Corp.     54,800       2,369,527  
              6,309,617  
                 
Real Estate – 5.4%                
Loadstar Capital KK     94,600       1,837,189  
Relo Group, Inc.     209,000       2,613,251  
Tosei Corp.     256,400       2,663,982  
              7,114,422  
                 
Utilities – 0.3%                
EF-ON INC     151,500       348,559  
                 
TOTAL COMMON STOCKS                
  (Cost $101,472,761)             127,250,046  

 

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

 

24 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments 

 

Hennessy Japan Small Cap Fund — as of April 30, 2026 (Unaudited)
MONEY MARKET FUNDS – 2.6%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (c)     3,362,982     $ 3,362,982  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $3,362,982)             3,362,982  
                 
TOTAL INVESTMENTS – 99.1%                
  (Cost $104,835,743)             130,613,028  
Other Assets in Excess of Liabilities – 0.9%             1,217,577  
                 
TOTAL NET ASSETS – 100.0%           $ 131,830,605  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 2,127,873     $     $     $ 2,127,873  
Consumer Discretionary     1,872,014       23,009,348             24,881,362  
Consumer Staples     1,205,589       8,481,935             9,687,524  
Financials           13,123,124             13,123,124  
Health Care           3,646,713             3,646,713  
Industrials           41,462,912             41,462,912  
Information Technology           18,547,940             18,547,940  
Materials           6,309,617             6,309,617  
Real Estate     2,613,251       4,501,171             7,114,422  
Utilities           348,559             348,559  
Common Stocks – Total     7,818,727       119,431,319             127,250,046  
Money Market Funds     3,362,982                   3,362,982  
Total Investments   $ 11,181,709     $ 119,431,319     $     $ 130,613,028  

 

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

 

HENNESSY FUNDS 1-800-966-4354 25

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Large Cap Financial Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 98.1%   Shares     Value  
Financials – 98.1% (a)                
Bank of America Corp.     34,000     $ 1,817,640  
Berkshire Hathaway, Inc. – Class B (b)     3,000       1,420,800  
Block, Inc. (b)     7,000       493,570  
Capital One Financial Corp.     7,000       1,339,100  
Citigroup, Inc.     19,000       2,431,620  
Citizens Financial Group, Inc.     12,000       780,600  
Coinbase Global, Inc. – Class A (b)     3,000       563,310  
Federal National Mortgage Association (b)     30,000       245,400  
Fiserv, Inc. (b)     9,000       563,850  
Huntington Bancshares, Inc.     15,000       251,400  
JPMorgan Chase & Co.     5,500       1,722,765  
KeyCorp     62,000       1,370,820  
M&T Bank Corp.     3,000       655,890  
Mastercard, Inc. – Class A     2,100       1,056,132  
Morgan Stanley     9,000       1,715,310  
PayPal Holdings, Inc.     10,000       501,400  
Robinhood Markets, Inc. – Class A (b)     10,000       728,900  
Synchrony Financial     15,000       1,143,000  
The Charles Schwab Corp.     2,500       229,100  
The Goldman Sachs Group, Inc.     1,500       1,385,655  
The PNC Financial Services Group, Inc.     8,000       1,784,000  
Truist Financial Corp.     36,000       1,854,000  
U.S. Bancorp     25,400       1,439,164  
Visa, Inc. – Class A     3,500       1,154,440  
Wells Fargo & Co.     16,700       1,373,241  
                 
TOTAL COMMON STOCKS                
  (Cost $15,213,825)             28,021,107  
MONEY MARKET FUNDS – 2.0%     Shares       Value  
First American Government                
  Obligations Fund – Class X, 3.58% (c)     567,376     $ 567,376  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $567,376)             567,376  
                 
TOTAL INVESTMENTS – 100.1%                
  (Cost $15,781,201)             28,588,483  
Liabilities in Excess of Other Assets – (0.1)%             (15,983 )
                 
TOTAL NET ASSETS – 100.0%           $ 28,572,500  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Financials   $ 28,021,107     $     $     $ 28,021,107  
Common Stocks – Total     28,021,107                   28,021,107  
Money Market Funds     567,376                   567,376  
Total Investments   $ 28,588,483     $     $     $ 28,588,483  

 

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

 

26 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Small Cap Financial Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 99.1%   Shares     Value  
Financials – 99.1% (a)                
Associated Banc-Corp.     35,000     $ 985,600  
Avidia Bancorp, Inc.     157,000       3,260,890  
Banc of California, Inc.     195,000       3,652,350  
Bancorp, Inc. (b)     47,000       2,812,010  
BankUnited, Inc.     53,000       2,463,440  
Banner Corp.     8,000       535,280  
Beacon Financial Corp.     112,000       3,195,360  
Bread Financial Holdings, Inc.     27,000       2,289,060  
California BanCorp     105,000       1,962,450  
Columbia Banking System, Inc.     100,000       2,960,000  
ConnectOne Bancorp, Inc.     140,000       4,090,800  
Customers Bancorp, Inc. (b)     35,000       2,669,450  
Eagle Bancorp, Inc.     135,000       3,489,750  
Eastern Bankshares, Inc.     110,000       2,225,300  
Flagstar Bank NA     220,000       3,073,400  
Hancock Whitney Corp.     17,000       1,147,670  
Independent Bank Corp.     34,000       2,651,660  
Kearny Financial Corp. of Maryland     285,000       2,291,400  
NB Bancorp, Inc.     180,000       3,533,400  
OceanFirst Financial Corp.     195,000       3,718,650  
Old National Bancorp     90,000       2,157,300  
Provident Financial Services, Inc.     180,000       4,082,400  
The Hingham Institution for Savings     13,000       3,694,600  
WaFd, Inc.     100,000       3,540,000  
Western New England Bancorp, Inc.     180,000       2,511,000  
Wintrust Financial Corp.     18,000       2,710,260  
                 
TOTAL COMMON STOCKS                
  (Cost $50,683,755)             71,703,480  
MONEY MARKET FUNDS – 1.0%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (c)     712,154     $ 712,154  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $712,154)             712,154  
                 
TOTAL INVESTMENTS – 100.1%                
  (Cost $51,395,909)             72,415,634  
Liabilities in Excess of Other Assets – (0.1)%             (69,889 )
                 
TOTAL NET ASSETS – 100.0%           $ 72,345,745  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Financials   $ 71,703,480     $     $     $ 71,703,480  
Common Stocks – Total     71,703,480                   71,703,480  
Money Market Funds     712,154                   712,154  
Total Investments   $ 72,415,634     $     $     $ 72,415,634  

 

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

 

HENNESSY FUNDS 1-800-966-4354 27

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Technology Fund — as of April 30, 2026 (Unaudited)
COMMON STOCKS – 97.4%   Shares     Value  
Communication Services – 12.3%                
Cargurus, Inc. (a)     3,543     $ 129,178  
Cars.com, Inc. (a)     13,198       145,046  
EverQuote, Inc. – Class A (a)     7,853       113,240  
fuboTV, Inc. (a)     9,405       115,870  
Meta Platforms, Inc. – Class A     213       130,337  
Shutterstock, Inc.     7,141       115,470  
TripAdvisor, Inc. (a)     11,041       122,886  
Yelp, Inc. (a)     4,708       129,941  
              1,001,968  
                 
Information Technology – 85.1% (b)                
Adobe, Inc. (a)     498       122,558  
Amdocs Ltd.     1,828       118,217  
Apple, Inc.     501       135,946  
Applied Materials, Inc.     347       136,888  
AppLovin Corp. – Class A (a)     299       133,459  
ASML Holding NV     95       136,704  
Atlassian Corp. – Class A (a)     1,814       124,422  
Autodesk, Inc. (a)     513       121,581  
Aviat Networks, Inc. (a)     5,836       133,819  
CDW Corp.     998       136,636  
Celestica, Inc. (a)     413       169,161  
Check Point Software Technologies Ltd. (a)     819       92,113  
Cognizant Technology Solutions Corp. – Class A     1,955       103,419  
Crane NXT Co.     2,929       130,868  
Docusign, Inc. (a)     2,537       116,677  
Everpure, Inc. – Class A (a)     1,985       141,828  
Extreme Networks, Inc. (a)     7,745       171,087  
Fortinet, Inc. (a)     1,470       123,936  
Gartner, Inc. (a)     788       117,010  
Globant SA (a)     2,630       108,435  
GoDaddy, Inc. – Class A (a)     1,449       125,759  
Ingram Micro Holding Corp.     4,807       147,911  
Insight Enterprises, Inc. (a)     1,743       127,065  
InterDigital, Inc.     391       115,955  
International Business Machines Corp.     496       114,566  
Jabil, Inc.     452       152,545  
Karooooo Ltd.     2,428       118,863  
Kimball Electronics, Inc. (a)     5,123       138,372  
KLA Corp.     80       140,028  
Lam Research Corp.     553       142,597  
Logitech International SA     1,315       130,553  
Micron Technology, Inc.     330       170,663  
Motorola Solutions, Inc.     274       120,294  
  Shares     Value  
Information Technology (Continued)                
NetApp, Inc.     1,230     $ 136,247  
Nice Ltd. – ADR (a)     1,069       109,059  
NVIDIA Corp.     708       141,295  
OneSpan, Inc.     11,184       129,511  
Open Text Corp.     5,421       122,840  
Oracle Corp.     851       137,343  
Pagaya Technologies Ltd. – Class A (a)     9,869       137,080  
PagerDuty, Inc. (a)     18,290       121,628  
Palo Alto Networks, Inc. (a)     733       131,442  
Progress Software Corp. (a)     4,281       119,226  
Qualys, Inc. (a)     1,326       115,269  
ScanSource, Inc. (a)     3,275       134,668  
Seagate Technology Holdings PLC     270       181,883  
Skyworks Solutions, Inc.     2,192       153,813  
Telefonaktiebolaget LM Ericsson – ADR     10,675       126,072  
Teradata Corp. (a)     4,682       123,371  
Turtle Beach Corp. (a)     12,053       138,850  
United Microelectronics Corp. – ADR     13,431       175,409  
Western Digital Corp.     407       176,850  
              6,931,791  
                 
TOTAL COMMON STOCKS                
  (Cost $6,871,245)             7,933,759  

 

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

 

28 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Schedule of Investments

 

Hennessy Technology Fund — as of April 30, 2026 (Unaudited)
MONEY MARKET FUNDS – 2.6%   Shares     Value  
First American Government                
  Obligations Fund – Class X, 3.58% (c)     208,159     $ 208,159  
                 
TOTAL MONEY MARKET FUNDS                
  (Cost $208,159)             208,159  
                 
TOTAL INVESTMENTS – 100.0%                
  (Cost $7,079,404)             8,141,918  
Liabilities in Excess of Other Assets – (0.0)% (d)             (1,200 )
                 
TOTAL NET ASSETS – 100.0%           $ 8,140,718  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

ADR – American Depositary Receipt 

PLC – Public Limited Company 

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.

(c) The rate shown represents the 7-day annualized yield as of April 30, 2026.

(d) Represents less than 0.05% of net assets.

 

Summary of Fair Value Exposure as of April 30, 2026 

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 1,001,968     $     $     $ 1,001,968  
Information Technology     6,931,791                   6,931,791  
Common Stocks – Total     7,933,759                   7,933,759  
Money Market Funds     208,159                   208,159  
Total Investments   $ 8,141,918     $     $     $ 8,141,918  

 

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

 

HENNESSY FUNDS 1-800-966-4354 29

 

 

 

Financial Statements — Statements of Assets and Liabilities

 

as of April 30, 2026 (Unaudited)

 

    HENNESSY
CORNERSTONE
GROWTH
FUND
  HENNESSY
FOCUS FUND
  HENNESSY
CORNERSTONE
MID CAP 30
FUND
  HENNESSY
CORNERSTONE
LARGE
GROWTH FUND
  HENNESSY
CORNERSTONE
VALUE FUND
ASSETS:                                                    
Investments, at value     $ 500,755,292       $ 492,602,663       $ 1,287,404,589       $ 137,054,908       $ 329,912,384    
Receivable for fund shares sold       349,061         30,672         333,893         1,058         2,775    
Dividends receivable       213,319         98,981         311,280         163,852         695,689    
Dividend tax reclaims receivable       37,248                         533         15,018    
Prepaid expenses and other assets       33,441         45,061         47,613         20,258         24,014    
Total assets       501,388,361         492,777,377         1,288,097,375         137,240,609         330,649,880    
                                                     
LIABILITIES:                                                    
Payable to advisor       295,686         373,844         737,734         83,085         195,404    
Payable for fund shares redeemed       273,364         485,130         1,241,867         550         21,191    
Payable to sub-transfer agents        83,583         64,571         252,945         4,514         25,519    
Payable to administrator       81,743         113,008         253,210         31,630         69,819    
Payable for distribution and shareholder servicing fees        54,118         85,202         94,773         26,551         68,656    
Payable for printing and mailing       12,839         14,262         14,321         5,658         6,876    
Payable for audit fees       11,214         11,217         11,214         11,214         11,214    
Payable to trustees       4,975         4,647         4,473         5,269         5,020    
Payable for compliance fees       1,829         1,889         1,886         1,879         1,820    
Payable to custodian foreign currency, at value               241,120                            

Payable for expenses and other liabilities 

      6,512         8,185         21,394         2,731         3,178    
Total liabilities       825,863         1,403,075         2,633,817         173,081         408,697    
NET ASSETS     $ 500,562,498       $ 491,374,302       $ 1,285,463,558       $ 137,067,528       $ 330,241,183    
                                                     
NET ASSETS CONSIST OF:                                                    
Paid-in capital     $ 401,415,346       $ 174,521,010       $ 1,052,112,124       $ 108,769,505       $ 218,669,477    

Total distributable earnings

      99,147,152         316,853,292         233,351,434         28,298,023         111,571,706    
Total net assets     $ 500,562,498       $ 491,374,302       $ 1,285,463,558       $ 137,067,528       $ 330,241,183    
                                                     
Institutional Class                                                    
Net assets     $ 247,778,570       $ 149,708,496       $ 821,805,762       $ 18,208,545       $ 11,777,306    
Shares issued and outstanding (unlimited shares authorized without par value)       6,445,736         3,811,213         29,561,420         1,487,835         468,651    
Net asset value per share       $38.44         $39.28         $27.80         $12.24         $25.13    
                                                     
Investor Class                                                    
Net assets     $ 252,783,928       $ 341,665,806       $ 463,657,796       $ 118,858,983       $ 318,463,877    
Shares issued and outstanding (unlimited shares authorized without par value)       6,895,790         9,194,089         17,596,334         9,815,735         12,699,501    
Net asset value per share       $36.66         $37.16         $26.35         $12.11         $25.08    
                                                     
COST:                                                    
Investments, at cost     $ 393,206,357       $ 225,511,188       $ 1,055,817,130       $ 125,337,249       $ 233,643,382    
PROCEEDS:                                                    

Foreign currency proceeds

    $       $ 239,813       $       $       $    

 

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

 

30 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Statements of Assets and Liabilities

 

as of April 30, 2026 (Unaudited)

  

    HENNESSY
TOTAL RETURN
FUND
  HENNESSY
EQUITY AND
INCOME FUND
  HENNESSY
BALANCED
FUND
  HENNESSY
ENERGY
TRANSITION
FUND
  HENNESSY
MIDSTREAM
FUND
ASSETS:                                                    
Investments, at value     $ 71,745,717       $ 41,244,691       $ 13,620,434       $ 23,864,696       $ 91,134,254    
Dividends receivable       86,513         27,887         14,548         4,329         273,549    
Receivable for fund shares sold       25         10                 165,211         40    
Receivable for investments sold               30,601                            
Dividend tax reclaims receivable               25,343                            
Interest receivable               110,704                         3    
Prepaid expenses and other assets       10,344         20,391         12,995         20,382         29,198    
Total assets       71,842,599         41,459,627         13,647,977         24,054,618         91,437,044    
                                                     
LIABILITIES:                                                    
Reverse repurchase agreements       21,588,000                                    
Interest payable       118,794         4                            
Payable for fund shares redeemed       52,143         17,225                 5,029         4,522    
Payable to advisor       24,516         26,816         6,669         23,309         68,727    
Payable to administrator       13,342         10,388         5,625                    
Payable for distribution and shareholder servicing fees       11,415         6,262         2,839         2,462         6,209    
Payable for audit fees       11,214         11,223         11,214         11,592         20,461    
Payable to trustees       5,427         5,388         5,410         5,404         5,360    
Payable for printing and mailing       2,812         4,779         1,491         3,550         4,436    
Payable to sub-transfer agents       2,542         11,369         567         4,633         12,378    
Payable for compliance fees       1,823         1,819         1,839         1,838         1,812    
Payable for investments purchased               105,507                            
Payable for deferred income tax                                       11,799,072    
Payable for current income tax                                       115,036    
Payable for expenses and other liabilities        2,076         4,912         2,163         1,433         830    
Total liabilities       21,834,104         205,692         37,817         59,250         12,038,843    
NET ASSETS     $ 50,008,495       $ 41,253,935       $ 13,610,160       $ 23,995,368       $ 79,398,201    
                                                     
NET ASSETS CONSIST OF:                                                    
Paid-in capital     $ 40,596,743       $ 23,947,309       $ 11,888,561       $ 49,173,314       $ 57,181,767    
Total distributable earnings/(accumulated losses)       9,411,752         17,306,626         1,721,599         (25,177,946 )       22,216,434    
Total net assets     $ 50,008,495       $ 41,253,935       $ 13,610,160       $ 23,995,368       $ 79,398,201    
                                                     
Institutional Class                                                    
Net assets       N/A       $ 17,378,220         N/A       $ 15,031,640       $ 49,641,542    
Shares issued and outstanding (unlimited shares authorized without par value)       N/A         1,320,475         N/A         370,591         3,534,363    
Net asset value per share       N/A         $13.16         N/A         $40.56         $14.05    
                                                     
Investor Class                                                    
Net assets     $ 50,008,495       $ 23,875,715       $ 13,610,160       $ 8,963,728       $ 29,756,659    
Shares issued and outstanding (unlimited shares authorized without par value)       3,334,626         1,699,431         1,043,349         226,307         2,242,761    
Net asset value per share       $15.00         $14.05         $13.04         $39.61         $13.27    
                                                     
COST:                                                    
Investments, at cost     $ 66,294,220       $ 26,137,374       $ 12,203,306       $ 16,111,960       $ 34,335,050    

 

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

 

HENNESSY FUNDS 1-800-966-4354 31

 

 

 

Financial Statements — Statements of Assets and Liabilities

 

as of April 30, 2026 (Unaudited)

  

    HENNESSY
GAS UTILITY
FUND
  HENNESSY
JAPAN FUND
  HENNESSY
JAPAN SMALL
CAP FUND
  HENNESSY
LARGE CAP
FINANCIAL
FUND
  HENNESSY
SMALL CAP
FINANCIAL
FUND
ASSETS:                                                    
Investments, at value     $ 540,409,914       $ 445,772,342       $ 130,613,028       $ 28,588,483       $ 72,415,634    
Dividends receivable       165,370         3,370,012         965,308         31,808         41,129    
Receivable for fund shares sold       5,070         112,355         140,480         152         4,320    
Receivable for investments sold               15,017         260,791                    
Dividend tax reclaims receivable               209,821         60,136                    
Foreign currency, at value               219,373         66,479                    
Prepaid expenses and other assets       37,970         27,447         20,648         21,342         21,704    
Total assets       540,618,324         449,726,367         132,126,870         28,641,785         72,482,787    
                                                     
LIABILITIES:                                                    
Payable to advisor       174,859         282,620         84,932         20,795         53,552    
Payable for fund shares redeemed       143,447         62,867         21,589         5,091         9,558    
Payable to administrator       113,221         92,773         30,823         8,617         16,935    
Payable for distribution and shareholder servicing fees       102,538         10,268         9,116         4,962         15,384    
Payable to sub-transfer agents       66,612         31,115         9,886         5,572         15,562    
Payable for audit fees       11,214         11,218         11,214         11,214         11,225    
Payable for printing and mailing       9,995         9,026         5,551         3,826         5,363    
Payable to trustees       4,955         4,897         5,271         5,370         5,345    
Payable for compliance fees       1,831         1,850         1,882         1,831         1,812    
Payable for investments purchased               1,663,918         113,692                    
Payable for expenses and other liabilities       18,350         5,349         2,309         2,007         2,306    
Total liabilities       647,022         2,175,901         296,265         69,285         137,042    
NET ASSETS     $ 539,971,302       $ 447,550,466       $ 131,830,605       $ 28,572,500       $ 72,345,745    
                                                     
NET ASSETS CONSIST OF:                                                    
Paid-in capital     $ 229,736,047       $ 280,347,788       $ 91,623,058       $ 16,549,935       $ 49,909,305    
Total distributable earnings       310,235,255         167,202,678         40,207,547         12,022,565         22,436,440    
Total net assets     $ 539,971,302       $ 447,550,466       $ 131,830,605       $ 28,572,500       $ 72,345,745    
                                                     
Institutional Class                                                    
Net assets     $ 68,185,690       $ 399,375,444       $ 89,770,214       $ 6,895,473       $ 6,299,125    
Shares issued and outstanding (unlimited shares authorized without par value)       2,257,550         8,293,329         4,254,793         213,626         385,207    
Net asset value per share       $30.20         $48.16         $21.10         $32.28         $16.35    
                                                     
Investor Class                                                    
Net assets     $ 471,785,612       $ 48,175,022       $ 42,060,391       $ 21,677,027       $ 66,046,620    
Shares issued and outstanding (unlimited shares authorized without par value)       15,579,940         1,045,051         1,963,432         681,339         2,247,310    
Net asset value per share       $30.28         $46.10         $21.42         $31.82         $29.39    
                                                     
COST:                                                    
Investments, at cost     $ 225,376,339       $ 254,265,375       $ 104,835,743       $ 15,781,201       $ 51,395,909    
Foreign currency, at cost     $       $ 214,135       $ 65,250       $       $    

 

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

 

32 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Statements of Assets and Liabilities

 

as of April 30, 2026 (Unaudited)

 

     
    HENNESSY
    TECHNOLOGY
    FUND
ASSETS:          
Investments, at value     $ 8,141,918  
Receivable from advisor       3,307  
Receivable for fund shares sold       1,175  
Dividends receivable       964  
Dividend tax reclaims receivable       955  
Prepaid expenses and other assets       18,477  
Total assets       8,166,796  
           
LIABILITIES:          
Payable for audit fees       11,227  
Payable to trustees       5,440  
Payable for printing and mailing       3,512  
Payable for compliance fees       1,847  
Payable for distribution and shareholder servicing fees       1,394  
Payable to sub-transfer agents       905  
Interest payable       5  
Payable for expenses and other liabilities       1,748  
Total liabilities       26,078  
NET ASSETS     $ 8,140,718  
           
NET ASSETS CONSIST OF:          
Paid-in capital     $ 6,516,095  
Total distributable earnings       1,624,623  
Total net assets     $ 8,140,718  
           
Institutional Class          
Net assets     $ 2,169,871  
Shares issued and outstanding (unlimited shares authorized without par value)       94,432  
Net asset value per share       $22.98  
           
Investor Class          
Net assets     $ 5,970,847  
Shares issued and outstanding (unlimited shares authorized without par value)       269,039  
Net asset value per share       $22.19  
           
COST:          
Investments, at cost     $ 7,079,404  

 

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

 

HENNESSY FUNDS 1-800-966-4354 33

 

 

 

Financial Statements — Statements of Operations

 

for the six months ended April 30, 2026 (Unaudited)

 

    HENNESSY
CORNERSTONE
GROWTH
FUND
  HENNESSY
FOCUS FUND
  HENNESSY
CORNERSTONE
MID CAP 30
FUND
  HENNESSY
CORNERSTONE
LARGE
GROWTH FUND
  HENNESSY
CORNERSTONE
VALUE FUND
INVESTMENT INCOME:                                                    
Dividend income     $ 4,102,949       $ 1,132,539       $ 5,162,681       $ 1,572,598       $ 5,578,159    
Less: dividend withholding taxes         (105,764 )       (76,900 )                       (148,956 )  
Less: issuance fees                                       (11,865 )  
Total investment income       3,997,185         1,055,639         5,162,681         1,572,598         5,417,338    
                                                     
EXPENSES:                                                    
Investment advisory fee (See Note 5)       1,753,574         2,347,984         4,505,403         501,860         1,138,432    
Sub-transfer agent expenses – Institutional Class (See Note 5)       125,146         71,777         430,863         3,905         5,644    
Sub-transfer agent expenses – Investor Class (See Note 5)       215,525         316,654         467,214         50,287         104,069    
Distribution expenses – Investor Class (See Note 5)       184,565         271,702         325,717         88,711         223,005    
  Administration, accounting, custody, and transfer agent fees (See Note 5)       184,336         224,769         519,963         63,190         135,894    
Shareholder service costs – Investor Class (See Note 5)       123,044         181,135         217,144         59,141         148,670    
Federal and state registration fees       32,616         29,414         56,924         16,563         18,744    
Reports to shareholders       19,041         16,086         59,873         6,807         10,157    
Trustees’ fees       13,305         13,486         18,296         11,222         12,127    
Compliance fees (See Note 5)       11,774         11,863         12,130         11,685         11,685    
Audit fees       11,222         11,222         11,222         11,222         11,222    
Legal fees       3,653         3,926         11,763         914         1,917    
Interest expense (See Note 7)       544                 2,978         95         682    
Other expenses and fees       35,874         38,619         91,255         11,792         22,379    
Total expenses       2,714,219         3,538,637         6,730,745         837,394         1,844,627    
NET INVESTMENT INCOME/(LOSS)     $ 1,282,966       $ (2,482,998 )     $ (1,568,064 )     $ 735,204       $ 3,572,711    
                                                     
REALIZED AND UNREALIZED GAIN (LOSS):                                                    
Net realized gain (loss) from:                                                    
Investments     $ 2,929,047       $ 56,555,803       $ 4,165,135       $ 15,856,197       $ 14,212,130    
Foreign currency translation                 2,333                            
Net realized gain (loss)       2,929,047         56,558,136         4,165,135         15,856,197         14,212,130    
Net change in unrealized appreciation (depreciation) on:                                                    
Investments       61,287,262         (84,646,800 )       167,592,261         (6,776,090 )       32,700,587    
Foreign currency translation               (1,307 )                          
Net change in unrealized appreciation (depreciation)       61,287,262         (84,648,107 )       167,592,261         (6,776,090 )       32,700,587    
Net realized and unrealized gain (loss)       64,216,309         (28,089,971 )       171,757,396         9,080,107         46,912,717    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS     $ 65,499,275       $ (30,572,969 )     $ 170,189,332       $ 9,815,311       $ 50,485,428    
                                                     

 

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

 

34 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Statements of Operations

 

for the six months ended April 30, 2026 (Unaudited)

 

    HENNESSY
TOTAL RETURN
FUND
  HENNESSY
EQUITY AND
INCOME FUND
  HENNESSY
BALANCED
FUND
  HENNESSY
ENERGY
TRANSITION
FUND
  HENNESSY
MIDSTREAM
FUND
INVESTMENT INCOME:                                                    
Dividend income     $ 603,020       $ 313,049       $ 116,530       $ 204,100       $ 734,764    
Less: dividend withholding taxes               (3,623 )               (2,783 )       (9,988 )  
Less: issuance fees               (17 )                          
Interest income       648,456         228,703         116,962                 17    
Total investment income       1,251,476         538,112         233,492         201,317         724,793    
                                                     
EXPENSES:                                                    
Interest expense (See Notes 7 and 9)       428,372         109                            
Investment advisory fee (See Note 5)       150,082         168,830         39,905         105,427         411,876    
Distribution expenses – Investor Class (See Note 5)       37,520         18,474         9,976         5,354         20,674    
Administration, accounting, custody, and transfer agent fees (See Note 5)       27,020         24,145         11,593         13,458         38,213    
Shareholder service costs – Investor Class (See Note 5)       25,014         12,251         6,651         3,569         13,782    
Sub-transfer agent expenses – Institutional Class (See Note 5)               8,430                 6,858         26,013    
Sub-transfer agent expenses – Investor Class (See Note 5)       17,510         23,892         3,325         5,677         32,316    
Compliance fees (See Note 5)       11,596         11,596         11,596         11,596         11,596    
Audit fees       11,222         11,222         11,222         11,584         20,453    
Trustees’ fees       10,771         10,682         10,501         10,501         10,863    
Federal and state registration fees       10,133         17,213         9,955         17,628         21,799    
Reports to shareholders       3,997         4,546         2,086         3,635         9,421    
Legal fees       365         2,279         90         92         549    
Other expenses and fees       4,270         4,887         2,733         3,276         11,056    
Total expenses       737,872         318,556         119,633         198,655         628,611    
Service provider expense waiver (See Note 5)                               (13,458 )       (38,213 )  
Expense reimbursement by advisor (See Note 5)                                       (8,353 )  
Net expenses       737,872         318,556         119,633         185,197         582,045    
NET INVESTMENT INCOME (BEFORE TAXES)      $ 513,604       $ 219,556       $ 113,859       $ 16,120       $ 142,748    
Current income taxes                                       (115,036 )  
NET INVESTMENT INCOME     $ 513,604       $ 219,556       $ 113,859       $ 16,120       $ 27,712    
REALIZED AND UNREALIZED GAIN (LOSS):                                                    
Net realized gain (loss) from:                                                    
Investments     $ 4,449,384       $ 2,348,553       $ 405,057       $ 1,119,752       $ 3,239,965    
Net realized gain (loss)       4,449,384         2,348,553         405,057         1,119,752         3,239,965    
Net change in unrealized appreciation (depreciation) on:                                                    
Investments       (1,542,562 )       1,018,011         296,495         4,147,717         16,458,489    
Deferred income tax                                       (4,128,702 )  
Foreign currency translation               9                            
Net change in unrealized appreciation (depreciation)       (1,542,562 )       1,018,020         296,495         4,147,717         12,329,787    
Net realized and unrealized gain (loss)        2,906,822         3,366,573         701,552         5,267,469         15,569,752    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS     $ 3,420,426       $ 3,586,129       $ 815,411       $ 5,283,589       $ 15,597,464    
                                                     

 

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

 

HENNESSY FUNDS 1-800-966-4354 35

 

 

 

Financial Statements — Statements of Operations

 

for the six months ended April 30, 2026 (Unaudited)

 

                              HENNESSY       HENNESSY    
      HENNESSY               HENNESSY       LARGE CAP       SMALL CAP    
    GAS UTILITY   HENNESSY   JAPAN SMALL     FINANCIAL       FINANCIAL    
    FUND   JAPAN FUND   CAP FUND   FUND   FUND
INVESTMENT INCOME:                                                    
Dividend income     $ 6,913,851       $ 4,773,182       $ 1,873,471       $ 272,823       $ 885,590    
Less: issuance fees       (1,790 )                                  
Less: dividend withholding taxes       (204,280 )       (458,456 )       (181,067 )                  
Total investment income       6,707,781         4,314,726         1,692,404         272,823         885,590    
                                                     
EXPENSES:                                                    
Investment advisory fee (See Note 5)       1,012,385         1,697,632         528,620         132,911         320,594    
Sub-transfer agent expenses – Institutional Class (See Note 5)       34,075         179,251         36,704         4,385         3,822    
Sub-transfer agent expenses – Investor Class (See Note 5)       344,067         45,697         44,390         20,200         60,028    
Distribution expenses – Investor Class (See Note 5)       333,178         35,176         30,297         16,408         48,654    
Shareholder service costs – Investor Class (See Note 5)       222,119         23,451         20,198         10,938         32,436    
Administration, accounting, custody, and transfer agent fees (See Note 5)       219,687         185,098         61,717         18,446         35,181    
Federal and state registration fees       21,996         28,038         17,293         16,480         18,207    
Reports to shareholders       16,228         13,697         7,169         4,086         5,454    
Trustees’ fees       13,302         12,848         11,222         10,590         10,860    
Compliance fees (See Note 5)       11,774         11,774         11,685         11,596         11,596    
Audit fees       11,222         11,222         11,222         11,222         11,222    
Interest expense (See Note 7)       3,348         4,034         3,513         145         72    
Legal fees       3,288         2,739         822         180         457    
Other expenses and fees       125,498         31,349         11,151         4,635         7,261    
Total expenses       2,372,167         2,282,006         796,003         262,222         565,844    
NET INVESTMENT INCOME     $ 4,335,614       $ 2,032,720       $ 896,401       $ 10,601       $ 319,746    
REALIZED AND UNREALIZED GAIN (LOSS):                                                    
Net realized gain (loss) from:                                                    
Investments     $ 14,611,250       $ 13,051,145       $ 14,355,949       $ (324,944 )     $ 3,540,003    
Foreign currency translation               (281,713 )       (113,741 )                  
Net realized gain (loss)       14,611,250         12,769,432         14,242,208         (324,944 )       3,540,003    
Net change in unrealized appreciation (depreciation) on:                                                    
Investments       57,972,672         12,658,936         3,432,722         (425,339 )       7,026,479    
Foreign currency translation               186,614         49,949                    
Net change in unrealized appreciation (depreciation)       57,972,672         12,845,550         3,482,671         (425,339 )       7,026,479    
Net realized and unrealized gain (loss)       72,583,922         25,614,982         17,724,879         (750,283 )       10,566,482    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS     $ 76,919,536       $ 27,647,702       $ 18,621,280       $ (739,682 )     $ 10,886,228    
                                                     

 

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

 

36 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Statements of Operations

 

for the six months ended April 30, 2026 (Unaudited)

 

    HENNESSY
    TECHNOLOGY
    FUND
INVESTMENT INCOME:          
Dividend income     $ 29,595  
Less: issuance fees       (326 )
Less: dividend withholding taxes       (2,204 )
Total investment income       27,065  
           
EXPENSES:          
Investment advisory fee (See Note 5)       29,228  
Federal and state registration fees       17,376  
Compliance fees (See Note 5)       11,596  
Audit fees       11,222  
Trustees’ fees       10,498  
Administration, accounting, custody, and transfer agent fees (See Note 5)       9,619  
Distribution expenses – Investor Class (See note 5)       4,316  
Sub-transfer agent expenses – Institutional Class (See Note 5)       536  
Sub-transfer agent expenses – Investor Class (See Note 5)       3,015  
Reports to shareholders       3,270  
Shareholder service costs – Investor Class (See Note 5)       2,877  
Legal fees       90  
Interest expense (See Note 7)       4  
Other expenses and fees       3,003  
Total expenses       106,650  
Service provider expense waiver (See Note 5)       (9,619 )
Expense reimbursement by advisor (See Note 5)       (51,125 )
Net expenses       45,906  
NET INVESTMENT LOSS     $ (18,841 )
REALIZED AND UNREALIZED GAIN (LOSS):          
Net realized gain (loss) from:          
Investments     $ 613,354  
Net realized gain (loss)       613,354  
Net change in unrealized appreciation (depreciation) on:          
Investments       (609,302 )
Net change in unrealized appreciation (depreciation)       (609,302 )
Net realized and unrealized gain (loss)       4,052  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS     $ (14,789 )
           

 

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

 

HENNESSY FUNDS 1-800-966-4354 37

 

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

 

      Hennessy Cornerstone Growth Fund       Hennessy Focus Fund    
                                   
    Six Months Ended             Six Months Ended            
    April 30, 2026   Year ended   April 30, 2026   Year ended
    (Unaudited)
 
  October 31, 2025
 
  (Unaudited)
 
  October 31, 2025
 
OPERATIONS:                                          
Net investment income (loss)     $ 1,282,966       $ 147,865       $ (2,482,998 )     $ (4,359,742 )  
Net realized gain (loss)       2,929,047         (12,602,621 )       56,558,136         215,026,776    
Net change in unrealized appreciation (depreciation)       61,287,262         21,806,808         (84,648,107 )       (57,958,360 )  
Net increase (decrease) in net assets from operations       65,499,275         9,352,052         (30,572,969 )       152,708,674    
                                           
DISTRIBUTIONS TO SHAREHOLDERS:                                          
From earnings – Institutional Class       (147,865 )       (23,640,467 )       (53,657,791 )       (37,079,720 )  
From earnings – Investor Class               (44,313,481 )       (122,267,924 )       (51,685,363 )  
Total distributions to shareholders       (147,865 )       (67,953,948 )       (175,925,715 )       (88,765,083 )  
                                           
CAPITAL TRANSACTIONS:                                          
Shares sold – Institutional Class       42,336,943         168,152,742         16,437,228         32,425,235    
Shares issued from reinvestment of distributions – Institutional Class       139,772         22,247,842         52,116,534         24,839,216    
Shares redeemed – Institutional Class       (36,862,787 )       (135,051,491 )       (42,921,948 )       (162,196,050 )  
Shares sold – Investor Class       4,721,139         82,754,032         10,530,565         17,517,239    
Shares issued from reinvestment of distributions – Investor Class               42,865,812         119,024,613         50,416,179    
Shares redeemed – Investor Class       (37,099,026 )       (171,822,880 )       (49,456,638 )       (109,531,838 )  
Net increase (decrease) in net assets from capital transactions       (26,763,959 )       9,146,057         105,730,354         (146,530,019 )  
NET INCREASE (DECREASE) IN NET ASSETS       38,587,451         (49,455,839 )       (100,768,330 )       (82,586,428 )  
NET ASSETS:                                          
Beginning of the period       461,975,047         511,430,886         592,142,632         674,729,060    
End of the period     $ 500,562,498       $ 461,975,047       $ 491,374,302       $ 592,142,632    
                                           
SHARES TRANSACTIONS:                                          
Shares sold – Institutional Class       1,182,156         5,069,648         386,873         658,300    
Shares issued from reinvestment of distributions – Institutional Class       3,971         616,985         1,344,943         516,730    
Shares redeemed – Institutional Class       (1,027,563 )       (4,085,252 )       (970,298 )       (3,400,664 )  
Shares sold – Investor Class       139,299         2,504,771         251,348         351,760    
Shares issued from reinvestment of distributions – Investor Class               1,242,392         3,242,077         1,102,957    
Shares redeemed – Investor Class       (1,092,169 )       (5,442,052 )       (1,246,098 )       (2,334,447 )  
Total increase (decrease) in shares outstanding       (794,306 )       (93,508 )       3,008,845         (3,105,364 )  
                                           

 

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

 

38 WWW.HENNESSYFUNDS.COM

 

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

 

      Hennessy Cornerstone Mid Cap 30 Fund       Hennessy Cornerstone Large Growth Fund    
                                   
    Six Months Ended             Six Months Ended            
    April 30, 2026   Year ended   April 30, 2026   Year ended
    (Unaudited)
 
  October 31, 2025
 
  (Unaudited)
 
  October 31, 2025
 
OPERATIONS:                                          
Net investment income (loss)     $ (1,568,064 )     $ 3,496,131       $ 735,204       $ 1,249,553    
Net realized gain (loss)       4,165,135         36,029,436         15,856,197         7,190,172    
Net change in unrealized appreciation (depreciation)       167,592,261         (64,638,291 )       (6,776,090 )       (2,761,349 )  
Net increase (decrease) in net assets from operations       170,189,332         (25,112,724 )       9,815,311         5,678,376    
                                           
DISTRIBUTIONS TO SHAREHOLDERS:                                          
From earnings – Institutional Class       (8,327,180 )       (173,232,185 )       (1,032,813 )       (770,276 )  
From earnings – Investor Class       (3,152,983 )       (106,325,530 )       (6,726,505 )       (5,162,662 )  
Total distributions to shareholders       (11,480,163 )       (279,557,715 )       (7,759,318 )       (5,932,938 )  
                                           
CAPITAL TRANSACTIONS:                                          
Shares sold – Institutional Class       101,102,224         626,530,452         1,537,321         1,476,333    
Shares issued from reinvestment of distributions – Institutional Class       8,088,288         166,271,011         1,016,879         756,303    
Shares redeemed – Institutional Class       (210,327,283 )       (744,655,970 )       (1,289,148 )       (2,896,568 )  
Shares sold – Investor Class       19,641,935         183,587,822         294,407         505,249    
Shares issued from reinvestment of distributions – Investor Class       2,996,037         101,214,406         6,509,055         4,969,391    
Shares redeemed – Investor Class       (70,088,158 )       (350,047,466 )       (7,540,218 )       (15,235,624 )  
Net increase (decrease) in net assets from capital transactions       (148,586,957 )       (17,099,745 )       528,296         (10,424,916 )  
NET INCREASE (DECREASE) IN NET ASSETS       10,122,212         (321,770,184 )       2,584,289         (10,679,478 )  
NET ASSETS:                                          
Beginning of the period       1,275,341,346         1,597,111,530         134,483,239         145,162,717    
End of the period     $ 1,285,463,558       $ 1,275,341,346       $ 137,067,528       $ 134,483,239    
                                           
SHARES TRANSACTIONS:                                          
Shares sold – Institutional Class       4,044,653         25,589,526         126,216         126,719    
Shares issued from reinvestment of distributions – Institutional Class       331,228         6,435,076         86,969         63,287    
Shares redeemed – Institutional Class       (8,428,941 )       (33,095,344 )       (106,301 )       (250,459 )  
Shares sold – Investor Class       823,904         7,636,601         24,582         43,733    
Shares issued from reinvestment of distributions – Investor Class       130,129         4,131,263         562,827         419,287    
Shares redeemed – Investor Class       (2,962,920 )       (15,849,827 )       (629,977 )       (1,308,461 )  
Total increase (decrease) in shares outstanding       (6,061,947 )       (5,152,705 )       64,316         (905,894 )  
                                           

 

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

 

HENNESSY FUNDS 1-800-966-4354 39

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

  

      Hennessy Cornerstone Value Fund       Hennessy Total Return Fund    
                                   
    Six Months Ended             Six Months Ended            
    April 30, 2026   Year ended   April 30, 2026   Year ended
    (Unaudited)
 
  October 31, 2025
 
  (Unaudited)
 
  October 31, 2025
 
OPERATIONS:                                          
Net investment income (loss)     $ 3,572,711       $ 7,799,078       $ 513,604       $ 1,154,333    
Net realized gain (loss)       14,212,130         15,078,702         4,449,384         (518,455 )  
Net change in unrealized appreciation (depreciation)       32,700,587         6,236,426         (1,542,562 )       3,484,787    
Net increase (decrease) in net assets from operations       50,485,428         29,114,206         3,420,426         4,120,665    
                                           
DISTRIBUTIONS TO SHAREHOLDERS:                                          
From earnings – Institutional Class       (707,061 )       (373,765 )       N/A         N/A    
From earnings – Investor Class       (20,428,280 )       (11,686,954 )       (526,822 )       (1,632,171 )  
Total distributions to shareholders       (21,135,341 )       (12,060,719 )       (526,822 )       (1,632,171 )  
                                           
CAPITAL TRANSACTIONS:                                          
Shares sold – Institutional Class       1,685,563         7,653,208         N/A         N/A    
Shares issued from reinvestment of distributions – Institutional Class       633,544         337,691         N/A         N/A    
Shares redeemed – Institutional Class       (1,178,016 )       (7,064,189 )       N/A         N/A    
Shares sold – Investor Class       1,385,655         5,517,026         311,406         898,175    
Shares issued from reinvestment of distributions – Investor Class       19,241,844         10,965,553         500,316         1,553,052    
Shares redeemed – Investor Class       (13,479,053 )       (23,824,114 )       (2,909,500 )       (4,771,388 )  
Net increase (decrease) in net assets from capital transactions       8,289,537         (6,414,825 )       (2,097,778 )       (2,320,161 )  
NET INCREASE (DECREASE) IN NET ASSETS       37,639,624         10,638,662         795,826         168,333    
NET ASSETS:                                          
Beginning of the period       292,601,559         281,962,897         49,212,669         49,044,336    
End of the period     $ 330,241,183       $ 292,601,559       $ 50,008,495       $ 49,212,669    
                                           
SHARES TRANSACTIONS:                                          
Shares sold – Institutional Class       70,851         353,571         N/A         N/A    
Shares issued from reinvestment of distributions – Institutional Class       28,084         16,314         N/A         N/A    
Shares redeemed – Institutional Class       (50,338 )       (322,086 )       N/A         N/A    
Shares sold – Investor Class       58,552         253,487         21,002         65,258    
Shares issued from reinvestment of distributions – Investor Class       854,912         529,866         33,530         113,549    
Shares redeemed – Investor Class       (575,119 )       (1,094,306 )       (196,320 )       (349,142 )  
Total increase (decrease) in shares outstanding       386,942         (263,154 )       (141,788 )       (170,335 )  
                                           

 

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

 

40 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

 

    Hennessy Equity and Income Fund   Hennessy Balanced Fund
                                 
      Six Months Ended           Six Months Ended      
      April 30, 2026   Year ended       April 30, 2026   Year ended  
      (Unaudited)   October 31, 2025       (Unaudited)   October 31, 2025  
OPERATIONS:                                                
Net investment income (loss)       $ 219,556       $ 350,556           $ 113,859       $ 265,331    
Net realized gain (loss)         2,348,553         6,703,429             405,057         (84,919 )  
Net change in unrealized appreciation (depreciation)         1,018,020         (4,595,990 )           296,495         557,731    
Net increase (decrease) in net assets from operations         3,586,129         2,457,995             815,411         738,143    
                                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                                
From earnings – Institutional Class         (2,034,512 )       (3,154,202 )           N/A         N/A    
From earnings – Investor Class         (2,716,330 )       (3,495,688 )           (116,565 )       (409,870 )  
Total distributions to shareholders         (4,750,842 )       (6,649,890 )           (116,565 )       (409,870 )  
                                                 
CAPITAL TRANSACTIONS:                                                
Shares sold – Institutional Class         178,663         1,194,662             N/A         N/A    
Shares issued from reinvestment of distributions – Institutional Class         1,973,825         3,029,457             N/A         N/A    
Shares redeemed – Institutional Class         (3,590,933 )       (10,666,310 )           N/A         N/A    
Shares sold – Investor Class         67,841         10,198,577             357,245         1,142,103    
Shares issued from reinvestment of distributions – Investor Class         2,640,693         3,387,249             114,236         394,247    
Shares redeemed – Investor Class         (3,324,393 )       (18,004,394 )           (599,456 )       (1,536,376 )  
Net increase (decrease) in net assets from capital transactions         (2,054,304 )       (10,860,759 )           (127,975 )       (26 )  
NET INCREASE (DECREASE) IN NET ASSETS         (3,219,017 )       (15,052,654 )           570,871         328,247    
                                                 
NET ASSETS:                                                
Beginning of the period         44,472,952         59,525,606             13,039,289         12,711,042    
End of the period       $ 41,253,935       $ 44,472,952           $ 13,610,160       $ 13,039,289    
                                                 
SHARES TRANSACTIONS:                                                
Shares sold – Institutional Class         13,783         85,539             N/A         N/A    
Shares issued from reinvestment of distributions – Institutional Class         158,291         225,408             N/A         N/A    
Shares redeemed – Institutional Class         (279,315 )       (792,423 )           N/A         N/A    
Shares sold – Investor Class         4,992         645,943             27,751         94,190    
Shares issued from reinvestment of distributions – Investor Class         198,404         236,324             8,902         32,737    
Shares redeemed – Investor Class         (245,481 )       (1,187,034 )           (46,886 )       (127,652 )  
Total increase (decrease) in shares outstanding         (149,326 )       (786,243 )           (10,233 )       (725 )  
                                                 

 

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

 

HENNESSY FUNDS 1-800-966-4354 41

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

 

    Hennessy Energy Transition Fund   Hennessy Midstream Fund
                                 
      Six Months Ended           Six Months Ended      
      April 30, 2026   Year ended       April 30, 2026   Year ended  
      (Unaudited)   October 31, 2025       (Unaudited)   October 31, 2025  
OPERATIONS:                                                
Net investment income (loss)       $ 16,120       $ 81,001           $ 27,712       $ (12,672 )  
Net realized gain (loss)         1,119,752         2,556,353             3,239,965         3,462,698    
Net change in unrealized appreciation (depreciation)         4,147,717         (928,915 )           12,329,787         1,003,762    
Net increase (decrease) in net assets from operations         5,283,589         1,708,439             15,597,464         4,453,788    
                                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                                
From earnings – Institutional Class         (52,443 )       (11,150 )           (1,897,145 )       (2,123,667 )  
From return of capital – Institutional Class                                     (1,910,357 )  
From earnings – Investor Class         (32,661 )       (4,830 )           (1,153,009 )       (1,167,782 )  
From return of capital – Investor Class                                     (1,050,486 )  
Total distributions to shareholders         (85,104 )       (15,980 )           (3,050,154 )       (6,252,292 )  
                                                 
CAPITAL TRANSACTIONS:                                                
Shares sold – Institutional Class         6,311,905         2,381,790             1,366,215         8,290,756    
Shares issued from reinvestment of distributions – Institutional Class         50,853         11,018             1,798,091         3,832,360    
Shares redeemed – Institutional Class         (1,336,669 )       (4,490,312 )           (6,746,385 )       (12,901,580 )  
Shares sold – Investor Class         1,861,451         1,659,818             3,054,762         14,151,145    
Shares issued from reinvestment of distributions – Investor Class         30,588         4,480             733,750         1,538,542    
Shares redeemed – Investor Class         (1,222,744 )       (2,770,303 )           (4,024,773 )       (9,746,660 )  
Net increase (decrease) in net assets from capital transactions         5,695,384         (3,203,509 )           (3,818,340 )       5,164,563    
NET INCREASE (DECREASE) IN NET ASSETS         10,893,869         (1,511,050 )           8,728,970         3,366,059    
                                                 
NET ASSETS:                                                
Beginning of the period         13,101,499         14,612,549             70,669,231         67,303,172    
End of the period       $ 23,995,368       $ 13,101,499           $ 79,398,201       $ 70,669,231    
                                                 
SHARES TRANSACTIONS:                                                
Shares sold – Institutional Class         173,260         82,691             103,989         615,179    
Shares issued from reinvestment of distributions – Institutional Class         1,654         408             137,880         289,216    
Shares redeemed – Institutional Class         (38,656 )       (156,337 )           (534,469 )       (992,304 )  
Shares sold – Investor Class         52,858         59,926             251,065         1,125,880    
Shares issued from reinvestment of distributions – Investor Class         1,018         170             59,337         122,585    
Shares redeemed – Investor Class         (35,295 )       (102,564 )           (325,454 )       (792,496 )  
Total increase (decrease) in shares outstanding         154,839         (115,706 )           (307,652 )       368,060    
                                                 

 

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

 

42 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

 

    Hennessy Gas Utility Fund   Hennessy Japan Fund
                                 
      Six Months Ended           Six Months Ended      
      April 30, 2026   Year ended       April 30, 2026   Year ended  
      (Unaudited)   October 31, 2025       (Unaudited)   October 31, 2025  
OPERATIONS:                                                
Net investment income (loss)       $ 4,335,614       $ 10,460,990           $ 2,032,720       $ 6,289,858    
Net realized gain (loss)         14,611,250         49,352,453             12,769,432         9,784,002    
Net change in unrealized appreciation (depreciation)         57,972,672         (3,619,143 )           12,845,550         60,601,300    
Net increase (decrease) in net assets from operations         76,919,536         56,194,300             27,647,702         76,675,160    
                                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                                
From earnings – Institutional Class         (6,060,685 )       (4,702,563 )           (43,158,245 )       (21,721,268 )  
From earnings – Investor Class         (42,904,046 )       (30,996,196 )           (5,532,077 )       (2,871,000 )  
Total distributions to shareholders         (48,964,731 )       (35,698,759 )           (48,690,322 )       (24,592,268 )  
                                                 
CAPITAL TRANSACTIONS:                                                
Shares sold – Institutional Class         6,723,301         28,119,334             52,485,271         67,022,322    
Shares issued from reinvestment of distributions – Institutional Class         5,882,374         3,870,572             42,703,634         21,485,258    
Shares redeemed – Institutional Class         (7,489,288 )       (24,667,850 )           (83,991,024 )       (89,420,061 )  
Shares sold – Investor Class         8,281,820         22,592,745             4,071,801         8,226,164    
Shares issued from reinvestment of distributions – Investor Class         40,441,229         29,062,148             5,368,470         2,782,634    
Shares redeemed – Investor Class         (35,172,868 )       (63,952,336 )           (8,460,393 )       (19,371,848 )  
Net increase (decrease) in net assets from capital transactions         18,666,568         (4,975,387 )           12,177,759         (9,275,531 )  
NET INCREASE (DECREASE) IN NET ASSETS         46,621,373         15,520,154             (8,864,861 )       42,807,361    
                                                 
NET ASSETS:                                                
Beginning of the period         493,349,929         477,829,775             456,415,327         413,607,966    
End of the period       $ 539,971,302       $ 493,349,929           $ 447,550,466       $ 456,415,327    
                                                 
SHARES TRANSACTIONS:                                                
Shares sold – Institutional Class         235,414         970,358             1,123,531         1,504,667    
Shares issued from reinvestment of distributions – Institutional Class         217,285         137,847             944,249         470,718    
Shares redeemed – Institutional Class         (272,368 )       (892,979 )           (1,788,399 )       (1,980,553 )  
Shares sold – Investor Class         284,406         800,363             90,483         193,644    
Shares issued from reinvestment of distributions – Investor Class         1,491,406         1,033,198             123,829         63,320    
Shares redeemed – Investor Class         (1,240,545 )       (2,262,863 )           (188,405 )       (452,788 )  
Total increase (decrease) in shares outstanding         715,598         (214,076 )           305,288         (200,992 )  
                                                 

 

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

 

HENNESSY FUNDS 1-800-966-4354 43

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

 

    Hennessy Japan Small Cap Fund   Hennessy Large Cap Financial Fund
                                 
      Six Months Ended           Six Months Ended      
      April 30, 2026   Year ended       April 30, 2026   Year ended  
      (Unaudited)   October 31, 2025       (Unaudited)   October 31, 2025  
OPERATIONS:                                                
Net investment income (loss)       $ 896,401       $ 1,685,087           $ 10,601       $ (14,283 )  
Net realized gain (loss)         14,242,208         16,131,177             (324,944 )       5,704,949    
Net change in unrealized appreciation (depreciation)         3,482,671         16,267,520             (425,339 )       1,913,255    
Net increase (decrease) in net assets from operations         18,621,280         34,083,784             (739,682 )       7,603,921    
                                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                                
From earnings – Institutional Class         (11,516,298 )       (3,349,956 )           (632,382 )       (57,383 )  
From earnings – Investor Class         (4,686,596 )       (1,125,405 )           (1,727,395 )       (129,935 )  
Total distributions to shareholders         (16,202,894 )       (4,475,361 )           (2,359,777 )       (187,318 )  
                                                 
CAPITAL TRANSACTIONS:                                                
Shares sold – Institutional Class         5,818,047         15,645,833             150,294         2,307,668    
Shares issued from reinvestment of distributions – Institutional Class         11,497,045         3,335,831             620,711         54,745    
Shares redeemed – Institutional Class         (20,194,724 )       (28,596,664 )           (1,685,340 )       (3,124,604 )  
Shares sold – Investor Class         2,760,204         4,735,884             499,884         3,604,239    
Shares issued from reinvestment of distributions – Investor Class         4,632,086         1,102,297             1,661,046         126,596    
Shares redeemed – Investor Class         (4,570,772 )       (5,543,228 )           (2,095,222 )       (6,660,383 )  
Net increase (decrease) in net assets from capital transactions         (58,114 )       (9,320,047 )           (848,627 )       (3,691,739 )  
NET INCREASE (DECREASE) IN NET ASSETS         2,360,272         20,288,376             (3,948,086 )       3,724,864    
                                                 
NET ASSETS:                                                
Beginning of the period         129,470,333         109,181,957             32,520,586         28,795,722    
End of the period       $ 131,830,605       $ 129,470,333           $ 28,572,500       $ 32,520,586    
                                                 
SHARES TRANSACTIONS:                                                
Shares sold – Institutional Class         283,943         845,507             4,689         70,456    
Shares issued from reinvestment of distributions – Institutional Class         605,857         195,315             18,662         1,819    
Shares redeemed – Institutional Class         (961,042 )       (1,532,455 )           (52,523 )       (100,376 )  
Shares sold – Investor Class         132,941         247,378             15,871         111,923    
Shares issued from reinvestment of distributions – Investor Class         241,037         63,516             50,595         4,250    
Shares redeemed – Investor Class         (222,633 )       (304,110 )           (64,805 )       (214,460 )  
Total increase (decrease) in shares outstanding         80,103         (484,849 )           (27,511 )       (126,388 )  
                                                 

 

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

 

44 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Statements of Changes in Net Assets

 

 

 

    Hennessy Small Cap Financial Fund   Hennessy Technology Fund
                                 
      Six Months Ended           Six Months Ended      
      April 30, 2026   Year ended       April 30, 2026   Year ended  
      (Unaudited)   October 31, 2025       (Unaudited)   October 31, 2025  
OPERATIONS:                                                
Net investment income (loss)       $ 319,746       $ 816,202           $ (18,841 )     $ (28,623 )  
Net realized gain (loss)         3,540,003         8,187,166             613,354         1,523,335    
Net change in unrealized appreciation (depreciation)         7,026,479         (4,599,551 )           (609,302 )       239,077    
Net increase (decrease) in net assets from operations         10,886,228         4,403,817             (14,789 )       1,733,789    
                                                 
DISTRIBUTIONS TO SHAREHOLDERS:                                                
From earnings – Institutional Class         (758,766 )       (544,794 )           (389,695 )       (116,886 )  
From earnings – Investor Class         (6,534,437 )       (4,675,618 )           (1,054,791 )       (222,761 )  
Total distributions to shareholders         (7,293,203 )       (5,220,412 )           (1,444,486 )       (339,647 )  
                                                 
CAPITAL TRANSACTIONS:                                                
Shares sold – Institutional Class         279,679         2,479,381             9,908         71,994    
Shares issued from reinvestment of distributions – Institutional Class         746,356         523,886             389,695         116,886    
Shares redeemed – Institutional Class         (1,247,243 )       (2,744,592 )           (130,321 )       (912,735 )  
Shares sold – Investor Class         2,600,423         6,020,415             107,498         292,091    
Shares issued from reinvestment of distributions – Investor Class         6,391,165         4,576,567             1,043,534         216,138    
Shares redeemed – Investor Class         (7,475,295 )       (29,782,690 )           (323,620 )       (568,704 )  
Net increase (decrease) in net assets from capital transactions         1,295,085         (18,927,033 )           1,096,694         (784,330 )  
NET INCREASE (DECREASE) IN NET ASSETS         4,888,110         (19,743,628 )           (362,581 )       609,812    
                                                 
NET ASSETS:                                                
Beginning of the period         67,457,635         87,201,263             8,503,299         7,893,487    
End of the period       $ 72,345,745       $ 67,457,635           $ 8,140,718       $ 8,503,299    
                                                 
SHARES TRANSACTIONS:                                                
Shares sold – Institutional Class         17,387         150,947             447         2,881    
Shares issued from reinvestment of distributions – Institutional Class         47,601         32,178             17,491         4,792    
Shares redeemed – Institutional Class         (79,359 )       (186,129 )           (6,063 )       (41,908 )  
Shares sold – Investor Class         92,152         214,899             4,792         12,652    
Shares issued from reinvestment of distributions – Investor Class         229,149         156,742             48,446         9,143    
Shares redeemed – Investor Class         (262,592 )       (1,081,556 )           (14,750 )       (25,089 )  
Total increase (decrease) in shares outstanding         44,338         (712,919 )           50,363         (37,529 )  
                                                 

 

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

 

HENNESSY FUNDS 1-800-966-4354 45

 

 

 

Financial Statements — Statement of Cash Flows

 

Hennessy Total Return Fund for the six months ended April 30, 2026 (Unaudited)

 

Cash flows from operating activities:    
Net increase in net assets resulting from operations   $ 3,420,426  
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash from operating activities:        
Purchases of investments     (10,475,127 )
Proceeds from sales of investments     13,072,000  
Purchase of short-term investments, net     (744,003 )
Net realized (gain) loss investments     (4,449,384 )
Change in unrealized (appreciation) depreciation on investments     1,542,562  
Amortization and accretion of premium and discount     (648,456 )
Increase (decrease) in payable to adviser     (520 )
Increase (decrease) in payable for expenses and other liabilities     (10,333 )
Increase (decrease) in payable for distribution and shareholder servicing fees     (216 )
Increase (decrease) in interest payable     (4,625 )
(Increase) decrease in prepaid expenses and other assets     1,243  
(Increase) decrease in dividend receivable     (6,506 )
Net cash used in operating activities     1,697,061  
         
Cash flows from financing activities:        
Cash proceeds from shares sold     311,515  
Cash payment for shares redeemed     (2,881,570 )
Cash distributions paid to shareholders     (26,506 )
Proceeds from reverse repurchase agreements     899,500  
Net cash provided by financing activities     (1,697,061 )
Net change in cash     0  
         
Cash and restricted cash:        
Beginning balance     0  
Ending balance     0  
         
Supplemental disclosures and non-cash information:        
Reinvested distributions paid     (500,316 )
Interest expense     432,997  

 

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

 

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HENNESSY FUNDS 1-800-966-4354 47

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Cornerstone Growth Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $ 33.53       $ 37.04       $ 24.91       $ 25.17       $ 31.09       $ 20.68  
                                                               
Investment operations:                                                              
Net investment income (loss) (a)       0.12       0.09       0.01       0.29       0.34       (0.05 )
Net realized and unrealized gain (loss) on investments (b)       4.81       1.17       12.30       0.38       0.67       10.46  
Total from investment operations       4.93       1.26       12.31       0.67       1.01       10.41  
                                                               
Less distributions from:                                                              
Net investment income       (0.02 )     (0.11 )     (0.18 )     (0.35 )            
Net realized gains             (4.66 )           (0.58 )     (6.93 )      
Total distributions       (0.02 )     (4.77 )     (0.18 )     (0.93 )     (6.93 )      
Net asset value, end of period       $ 38.44       $ 33.53       $ 37.04       $ 24.91       $ 25.17       $ 31.09  
                                                               
TOTAL RETURN (c)       14.72%       2.53%       49.64%       2.85%       2.84%       50.34%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)     $247,779     $210,800     $173,573     $22,319     $18,523     $15,781  
Ratio of expenses to average net assets (d)     0.98%     1.00%     0.97%     1.02%     1.01%     1.01%  
Ratio of net investment income (loss) to average net assets (d)     0.70%     0.27%     0.02%     1.18%     1.38%     (0.17)%  
Portfolio turnover rate (c)(e)     0% (f)   99%     94%     90%     102%     98%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Calculated on the basis of the Fund as a whole.
(f) Amount represents less than 0.5%.

 

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

 

48 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Cornerstone Growth Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $ 32.00       $ 35.40       $ 23.82       $ 24.07       $ 29.83       $ 19.91  
                                                               
Investment operations:                                                              
Net investment income (loss) (a)       0.07       (0.05 )     (0.05 )     0.22       0.26       (0.14 )
Net realized and unrealized gain (loss) on investments (b)       4.59       1.14       11.73       0.35       0.62       10.06  
Total from investment operations       4.66       1.09       11.68       0.57       0.88       9.92  
                                                               
Less distributions from:                                                              
Net investment income             (0.04 )     (0.10 )     (0.27 )            
Net realized gains             (4.45 )           (0.55 )     (6.64 )      
Total distributions             (4.49 )     (0.10 )     (0.82 )     (6.64 )      
Net asset value, end of period       $ 36.66       $ 32.00       $ 35.40       $ 23.82       $ 24.07       $ 29.83  
                                                               
TOTAL RETURN (c)       14.56%     2.18%       49.17%       2.54%       2.51%       49.82%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)       $252,784       $251,175       $337,858       $141,356       $154,248       $151,959  
Ratio of expenses to average net assets (d)       1.30%       1.32%       1.29%       1.33%       1.33%       1.34%  
Ratio of net investment income (loss) to average net assets (d)       0.40%       (0.14)%     (0.16)%       0.95%       1.10%       (0.51)%  
Portfolio turnover rate (c)(e)       0%  (f)     99%       94%       90%       102%       98%  

  

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Calculated on the basis of the Fund as a whole.
(f) Amount represents less than 0.5%.

 

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

 

HENNESSY FUNDS 1-800-966-4354 49

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Focus Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $ 61.47       $ 53.04       $ 48.32       $ 53.34       $ 83.66       $ 74.24  
                                                               
Investment operations:                                                              
Net investment loss (a)       (0.15 )     (0.25 )     (0.06 )     (0.11 )     (0.34 )     (0.37 )
Net realized and unrealized gain (loss) on investments (b)       (3.20 )     15.92       15.89       2.23       (17.63 )     32.62  
Total from investment operations       (3.35 )     15.67       15.83       2.12       (17.97 )     32.25  
                                                               
Less distributions from:                                                              
Net realized gains       (18.84 )     (7.24 )     (11.11 )     (7.14 )     (12.35 )     (22.83 )
Total distributions       (18.84 )     (7.24 )     (11.11 )     (7.14 )     (12.35 )     (22.83 )
Net asset value, end of period       $ 39.28       $ 61.47       $ 53.04       $ 48.32       $ 53.34       $ 83.66  
                                                               
TOTAL RETURN (c)       -5.03%       33.34%       38.44%       3.90%       -25.27%       53.43%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)       $149,708       $187,476       $279,829       $214,526       $308,954       $497,512  
Ratio of expenses to average net assets (d)       1.12%       1.10%       1.11%       1.13%       1.13%       1.12%  
Ratio of net investment income (loss) to average net assets (d)       (0.71)%       (0.51)%       (0.12)%       (0.22)%       (0.53)%       (0.50)%  
Portfolio turnover rate (c)(e)       3%       1%       10%       12%       5%       4%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Calculated on the basis of the Fund as a whole.

 

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

 

50 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Focus Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $ 58.25       $ 50.46       $ 46.14       $ 51.12       $ 80.48       $ 71.68  
                                                               
Investment operations:                                                              
Net investment loss (a)       (0.21 )     (0.44 )     (0.21 )     (0.29 )     (0.56 )     (0.63 )
Net realized and unrealized gain (loss) on investments (b)       (3.03 )     15.11       15.14       2.15       (16.93 )     31.46  
Total from investment operations       (3.24 )     14.67       14.93       1.86       (17.49 )     30.83  
                                                               
Less distributions from:                                                              
Net realized gains       (17.85 )     (6.88 )     (10.61 )     (6.84 )     (11.87 )     (22.03 )
Total distributions       (17.85 )     (6.88 )     (10.61 )     (6.84 )     (11.87 )     (22.03 )
Net asset value, end of period       $ 37.16       $ 58.25       $ 50.46       $ 46.14       $ 51.12       $ 80.48  
                                                               
TOTAL RETURN (c)       -5.19%       32.82%       37.93%       3.52%       -25.55%       52.87%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)       $341,666       $404,667       $394,900       $357,133       $431,668       $709,403  
Ratio of expenses to average net assets (d)       1.46%       1.48%       1.49%       1.50%       1.52%       1.49%  
Ratio of net investment income (loss) to average net assets (d)       (1.06)%       (0.92)%       (0.46)%       (0.58)%       (0.92)%       (0.88)%  
Portfolio turnover rate (c)(e)       3%       1%       10%       12%       5%       4%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 51

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Cornerstone Mid Cap 30 Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                            
Net asset value, beginning of period     $24.45       $27.96       $19.91       $21.84       $20.66       $13.81  
                                                 
Investment operations:                                                
Net investment income (loss) (a)     (0.02 )     0.09       0.07       0.09       0.24       (0.07 )

Net realized and unrealized gain (loss) on investments (b)

    3.62       0.97       9.98       1.76       1.29       6.92  
Total from investment operations     3.60       1.06       10.05       1.85       1.53       6.85  
                                                 
Less distributions from:                                                
Net investment income     (0.08 )     (0.12 )                 (0.35 )      
Net realized gains     (0.17 )     (4.45 )     (2.00 )     (3.78 )            
Total distributions     (0.25 )     (4.57 )     (2.00 )     (3.78 )     (0.35 )      
Net asset value, end of period     $27.80       $24.45       $27.96       $19.91       $21.84       $20.66  
                                                 
TOTAL RETURN (c)     14.89%     2.99%     54.74%     10.43%     7.52%     49.60%
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $821,806       $821,741       $969,941       $293,877       $174,624       $169,191  
Ratio of expenses to average net assets (d)     0.98%     0.98%     0.95%     0.97%     1.00%     0.99%

Ratio of net investment income (loss) to average net assets (d) 

    (0.13)%     0.36%     0.27%     0.44%     1.18%       (0.38)%
Portfolio turnover rate (c)(e)     0%     129%     94%     120%     176%     0%

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

52 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Financial Highlights 

 

Hennessy Cornerstone Mid Cap 30 Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $23.14       $26.48       $18.92       $20.83       $19.78       $13.27  
                                                 
Investment operations:                                                
Net investment income (loss) (a)     (0.06 )     0.00 (b)      (0.01 )     0.01       0.17       (0.14 )

Net realized and unrealized gain (loss) on investments (c) 

    3.43       0.91       9.47       1.68       1.22       6.65  
     Total from investment operations     3.37       0.91       9.46       1.69       1.39       6.51  
                                                 
Less distributions from:                                                
Net investment income           (0.04 )                 (0.34 )      
Net realized gains     (0.16 )     (4.21 )     (1.90 )     (3.60 )            
     Total distributions     (0.16 )     (4.25 )     (1.90 )     (3.60 )     (0.34 )      
Net asset value, end of period     $26.35       $23.14       $26.48       $18.92       $20.83       $19.78  
                                                 
TOTAL RETURN (d)     14.69%     2.60%     54.22%     10.03%     7.12%     49.06%
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $463,658       $453,600       $627,171       $297,365       $214,996       $219,577  
Ratio of expenses to average net assets (e)     1.33%     1.34%     1.33%     1.34%     1.35%     1.36%

Ratio of net investment income (loss) to average net assets (e) 

    (0.49)%     0.02%     (0.06)%     0.09%     0.84%     (0.74)%
Portfolio turnover rate (d)(f)     0%     129%     94%     120%     176%     0%

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Amount represents less than $0.005 per share.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 53

 

 

 

Financial Statements — Financial Highlights 

 

Hennessy Cornerstone Large Growth Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $12.09       $12.08       $10.18       $11.05       $14.51       $10.33  
                                                 
Investment operations:                                                
Net investment income (a)     0.08       0.14       0.14       0.14       0.13       0.12  

Net realized and unrealized gain (loss) on investments (b) 

    0.80       0.40       2.21       0.89       (1.68 )     4.68  
Total from investment operations     0.88       0.54       2.35       1.03       (1.55 )     4.80  
                                                 
Less distributions from:                                                
Net investment income     (0.14 )     (0.14 )     (0.14 )     (0.12 )     (0.11 )     (0.13 )
Net realized gains     (0.59 )     (0.39 )     (0.31 )     (1.78 )     (1.80 )     (0.49 )
Total distributions     (0.73 )     (0.53 )     (0.45 )     (1.90 )     (1.91 )     (0.62 )
Net asset value, end of period     $12.24       $12.09       $12.08       $10.18       $11.05       $14.51  
                                                 
TOTAL RETURN (c)     7.60%     4.59%     23.62%     9.85%     -12.52%     48.30%
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $18,209       $16,699       $17,409       $15,771       $14,801       $18,394  
Ratio of expenses to average net assets (d)     0.98%     1.00%     1.00%     1.00%     0.99%     1.04%

Ratio of net investment income (loss) to average net assets (d) 

    1.34%       1.18%     1.17%     1.37%     1.08%       0.91%
Portfolio turnover rate (c)(e)     60%     46%     54%     53%     76%     68%

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

54 WWW.HENNESSYFUNDS.COM

 

 

Financial Statements — Financial Highlights 

 

Hennessy Cornerstone Large Growth Fund

 

For an Investor Class share outstanding throughout each period

 

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $11.95       $11.94       $10.06       $10.92       $14.35       $10.21  
                                                 
Investment operations:                                                
Net investment income (a)     0.06       0.10       0.10       0.11       0.09       0.09  

Net realized and unrealized gain (loss) on investments (b) 

    0.78       0.41       2.19       0.87       (1.66 )     4.64  
     Total from investment operations     0.84       0.51       2.29       0.98       (1.57 )     4.73  
                                                 
Less distributions from:                                                
Net investment income     (0.10 )     (0.11 )     (0.11 )     (0.08 )     (0.08 )     (0.10 )
Net realized gains     (0.58 )     (0.39 )     (0.30 )     (1.76 )     (1.78 )     (0.49 )
     Total distributions     (0.68 )     (0.50 )     (0.41 )     (1.84 )     (1.86 )     (0.59 )
Net asset value, end of period     $12.11       $11.95       $11.94       $10.06       $10.92       $14.35  
                                                 
TOTAL RETURN (c)     7.40%       4.30%       23.34%       9.48%       -12.76%       48.00%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $118,859       $117,785       $127,753       $112,890       $115,151       $143,115  
Ratio of expenses to average net assets (d)     1.27%       1.29%       1.27%       1.28%       1.30%       1.29%  

Ratio of net investment income (loss) to average net assets (d) 

    1.05%       0.89%       0.89%       1.10%       0.76%       0.69%  
Portfolio turnover rate (c)(e)     60%       46%       54%       53%       76%       68%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 55

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Cornerstone Value Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $22.96       $21.68       $18.17       $20.34       $19.63       $13.71  
                                                 
Investment operations:                                                
Net investment income (a)     0.30       0.64       0.69       0.67       0.58       0.48  

Net realized and unrealized gain (loss) on investments (b) 

    3.57       1.62       3.52       (0.84 )     1.12       5.88  
     Total from investment operations     3.87       2.26       4.21       (0.17 )     1.70       6.36  
                                                 
Less distributions from:                                                
Net investment income     (0.62 )     (0.72 )     (0.70 )     (0.55 )     (0.56 )     (0.44 )
Net realized gains     (1.08 )     (0.26 )           (1.45 )     (0.43 )      
     Total distributions     (1.70 )     (0.98 )     (0.70 )     (2.00 )     (0.99 )     (0.44 )
Net asset value, end of period     $25.13       $22.96       $21.68       $18.17       $20.34       $19.63  
                                                 
TOTAL RETURN (c)     17.82%       10.93%       23.66%       -1.26%       8.92%       47.19%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $11,777       $9,645       $8,072       $7,502       $24,354       $5,496  
Ratio of expenses to average net assets (d)     1.00%       0.99%       0.98%       1.06%       1.00%       0.99%  

Ratio of net investment income (loss) to average net assets (d) 

    2.52%       2.92%       3.44%       3.48%       2.92%       2.67%  
Portfolio turnover rate (c)(e)     19%       27%       22%       31%       36%       41%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

56 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Cornerstone Value Fund

 

For an Investor Class share outstanding throughout each period 

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $22.89       $21.61       $18.14       $20.30       $19.59       $13.69  
                                                 
Investment operations:                                                
Net investment income (a)     0.27       0.59       0.65       0.63       0.55       0.44  

Net realized and unrealized gain (loss) on investments (b) 

    3.57       1.62       3.51       (0.84 )     1.10       5.87  
     Total from investment operations     3.84       2.21       4.16       (0.21 )     1.65       6.31  
                                                 
Less distributions from:                                                
Net investment income     (0.57 )     (0.67 )     (0.69 )     (0.50 )     (0.51 )     (0.41 )
Net realized gains     (1.08 )     (0.26 )           (1.45 )     (0.43 )      
     Total distributions     (1.65 )     (0.93 )     (0.69 )     (1.95 )     (0.94 )     (0.41 )
Net asset value, end of period     $25.08       $22.89       $21.61       $18.14       $20.30       $19.59  
                                                 
TOTAL RETURN (c)     17.72%       10.69%       23.38%       -1.45%       8.68%       46.82%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $318,464       $282,957       $273,891       $246,397       $268,805       $254,225  
Ratio of expenses to average net assets (d)     1.21%       1.21%       1.22%       1.23%       1.23%       1.23%  

Ratio of net investment income (loss) to average net assets (d) 

    2.32%       2.71%       3.21%       3.31%       2.74%       2.43%  
Portfolio turnover rate (c)(e)     19%       27%       22%       31%       36%       41%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 57

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Total Return Fund

 

For an Investor Class share outstanding throughout each period

  

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $14.16       $13.45       $12.53       $13.47       $13.54       $11.97  
                                                 
Investment operations:                                                
Net investment income (a)     0.15       0.32       0.42       0.40       0.22       0.20  

Net realized and unrealized gain (loss) on investments (b) 

    0.85       0.84       1.47       (0.30 )     (0.07 )     2.33  
     Total from investment operations     1.00       1.16       1.89       0.10       0.15       2.53  
                                                 
Less distributions from:                                                
Net investment income     (0.16 )     (0.32 )     (0.43 )     (0.38 )     (0.22 )     (0.20 )
Net realized gains           (0.13 )     (0.54 )     (0.66 )           (0.76 )
     Total distributions     (0.16 )     (0.45 )     (0.97 )     (1.04 )     (0.22 )     (0.96 )
Net asset value, end of period     $15.00       $14.16       $13.45       $12.53       $13.47       $13.54  
                                                 
TOTAL RETURN (c)     7.05%       8.85%       15.52%       0.53%       1.12%       21.72%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $50,008       $49,213       $49,044       $47,543       $53,356       $54,453  
Ratio of expenses to average net assets (d)     2.95%       3.25%       3.62%       3.37%       1.77%       1.35%  
Ratio of dividends, interest and borrowing                                                
  expense to average net assets (d)     1.71%       1.99%       2.38%       2.12%       0.52%       0.10%  
Ratio of expenses to average net assets excluding                                                
  dividends, interest, and borrowing expense (d)     1.24%       1.26%       1.24%       1.25%       1.25%       1.25%  

Ratio of net investment income (loss) to average net assets (d) 

    2.05%       2.37%       3.14%       3.05%       1.62%       1.52%  
Portfolio turnover rate (c)     30%       35%       32%       36%       24%       19%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

 

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

 

58 WWW.HENNESSYFUNDS.COM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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HENNESSY FUNDS 1-800-966-4354 59

 

 

 

Financial Statements — Financial Highlights 

 

Hennessy Equity and Income Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $13.53       $14.55       $13.23       $13.21       $16.22       $14.22  
                                                 
Investment operations:                                                
Net investment income (a)     0.08       0.12       0.13       0.15       0.13       0.14  

Net realized and unrealized gain (loss) on investments (b) 

    1.05       0.54       2.47       0.38       (1.97 )     2.83  
     Total from investment operations     1.13       0.66       2.60       0.53       (1.84 )     2.97  
                                                 
Less distributions from:                                                
Net investment income     (0.07 )     (0.12 )     (0.14 )     (0.15 )     (0.13 )     (0.16 )
Net realized gains     (1.43 )     (1.56 )     (1.14 )     (0.36 )     (1.04 )     (0.81 )
     Total distributions     (1.50 )     (1.68 )     (1.28 )     (0.51 )     (1.17 )     (0.97 )
Net asset value, end of period     $13.16       $13.53       $14.55       $13.23       $13.21       $16.22  
                                                 
TOTAL RETURN (c)     9.03%       4.74%       20.85%       3.99%       -12.25%       21.68%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $17,378       $19,321       $27,777       $34,710       $47,743       $66,065  
Ratio of expenses to average net assets (d)(e)     1.31%       1.26%       1.18%       1.15%       1.13%       1.12%  

Ratio of net investment income (loss) to average net assets (d)(e) 

    1.24%       0.87%       0.97%       1.08%       0.90%       0.91%  
Portfolio turnover rate (c)(f)     12%       27%       16%       11%       15%       26%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

(f) Calculated on the basis of the Fund as a whole.

 

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

 

60 WWW.HENNESSYFUNDS.COM

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Equity and Income Fund

 

For an Investor Class share outstanding throughout each period 

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $14.44       $15.52       $14.10       $14.06       $17.26       $15.12  
                                                 
Investment operations:                                                
Net investment income (a)     0.06       0.07       0.09       0.10       0.08       0.09  

Net realized and unrealized gain (loss) on investments (b) 

    1.12       0.58       2.63       0.42       (2.09 )     3.01  
     Total from investment operations     1.18       0.65       2.72       0.52       (2.01 )     3.10  
                                                 
Less distributions from:                                                
Net investment income     (0.05 )     (0.07 )     (0.09 )     (0.10 )     (0.08 )     (0.10 )
Net realized gains     (1.52 )     (1.66 )     (1.21 )     (0.38 )     (1.11 )     (0.86 )
     Total distributions     (1.57 )     (1.73 )     (1.30 )     (0.48 )     (1.19 )     (0.96 )
Net asset value, end of period     $14.05       $14.44       $15.52       $14.10       $14.06       $17.26  
                                                 
TOTAL RETURN (c)     8.85%       4.35%       20.43%       3.67%       -12.60%       21.24%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $23,876       $25,152       $31,749       $34,290       $39,171       $53,967  
Ratio of expenses to average net assets (d)(e)     1.66%       1.63%       1.55%       1.52%       1.51%       1.49%  

Ratio of net investment income (loss) to average net assets (d)(e) 

    0.89%       0.50%       0.59%       0.71%       0.53%       0.54%  
Portfolio turnover rate (c)(f)     12%       27%       16%       11%       15%       26%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
(f) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 61

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Balanced Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $12.38       $12.06       $11.12       $11.82       $12.39       $10.84  
                                                 
Investment operations:                                                
Net investment income (a)     0.11       0.25       0.32       0.26       0.06       0.02  

Net realized and unrealized gain (loss) on investments (b) 

    0.66       0.46       0.95       (0.27 )     (0.15 )     1.56  
     Total from investment operations     0.77       0.71       1.27       (0.01 )     (0.09 )     1.58  
                                                 
Less distributions from:                                                
Net investment income     (0.11 )     (0.25 )     (0.32 )     (0.25 )     (0.05 )     (0.03 )
Net realized gains           (0.14 )     (0.01 )     (0.44 )     (0.43 )      
     Total distributions     (0.11 )     (0.39 )     (0.33 )     (0.69 )     (0.48 )     (0.03 )
Net asset value, end of period     $13.04       $12.38       $12.06       $11.12       $11.82       $12.39  
                                                 
TOTAL RETURN (c)     6.25%       6.00%       11.47%       -0.22%       -0.70%       14.62%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $13,610       $13,039       $12,711       $12,291       $12,893       $13,531  
Ratio of expenses to average net assets (d)     1.80%       1.88%       1.82%       1.84%       1.80%       1.85%  

Ratio of net investment income (loss) to average net assets (d) 

    1.71%       2.06%       2.70%       2.26%       0.49%       0.17%  
Portfolio turnover rate (c)     19%       39%       57%       22%       29%       31%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

 

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

 

62 WWW.HENNESSYFUNDS.COM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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HENNESSY FUNDS 1-800-966-4354 63

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Energy Transition Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $29.98       $26.46       $24.68       $24.59       $18.60       $8.85  
                                                               
Investment operations:                                                              
Net investment income (a)       0.05       0.20       0.24       0.25       0.23       0.07  

Net realized and unrealized gain (loss) on investments (b)

      10.77       3.36       1.54       0.02       7.87       9.68  
Total from investment operations       10.82       3.56       1.78       0.27       8.10       9.75  
                                                               
Less distributions from:                                                              
Net investment income       (0.24 )     (0.04 )           (0.18 )     (2.11 )      
Total distributions       (0.24 )     (0.04 )           (0.18 )     (2.11 )      
Net asset value, end of period       $40.56       $29.98       $26.46       $24.68       $24.59       $18.60  
                                                               
TOTAL RETURN (c)       36.34%       13.46%       7.21%       1.14%       49.71%       110.17%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)       $15,032       $7,026       $8,139       $11,433       $13,326       $9,448  
Ratio of expenses to average net assets:                                                              
Before expense reimbursement (d)       2.23%       2.37%       2.28%       2.08%       2.09%       2.61%  
After expense reimbursement (d)(e)       2.07%       2.20%       2.11%       1.93%       1.92%       2.39%  

Ratio of net investment income (loss) to average net assets (d)

      0.27%       0.70%       0.94%       1.07%       1.13%       0.44%  
Portfolio turnover rate (c)(f)       16%       33%       14%       28%       31%       74%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Certain service provider expenses were voluntarily waived during the fiscal period.
(f) Calculated on the basis of the Fund as a whole.

 

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

 

64 WWW.HENNESSYFUNDS.COM

 

 

Financial Statements — Financial Highlights

 

Hennessy Energy Transition Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $ $29.25       $25.88       $24.22       $24.15       $18.31       $8.74  
                                                               
Investment operations:                                                              
Net investment income (a)       0.01       0.09       0.13       0.17       0.16       0.06  
Net realized and unrealized gain (loss) on investments (b)       10.51       3.30       1.53       0.02       7.74       9.51  
Total from investment operations       10.52       3.39       1.66       0.19       7.90       9.57  
                                                               
Less distributions from:                                                              
Net investment income       (0.16 )     (0.02 )           (0.12 )     (2.06 )      
Total distributions       (0.16 )     (0.02 )           (0.12 )     (2.06 )      
Net asset value, end of period       $39.61       $29.25       $25.88       $24.22       $24.15       $18.31  
                                                               
TOTAL RETURN (c)       36.13%       13.11%       6.85%       0.81%       49.24%       109.50%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)       $8,964       $6,075       $6,474       $8,964       $10,213       $6,802  
Ratio of expenses to average net assets:                                                              
Before expense reimbursement (d)       2.53%       2.70%       2.61%       2.42%       2.42%       2.96%  
After expense reimbursement (d)(e)       2.37%       2.53%       2.44%       2.27%       2.25%       2.74%  
Ratio of net investment income (loss) to average net assets (d)       0.08%       0.34%       0.53%       0.74%       0.81%       0.38%  
Portfolio turnover rate (c)(f)       16%       33%       14%       28%       31%       74%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Certain service provider expenses were voluntarily waived during the fiscal period.
(f) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 65

 

 

Financial Statements — Financial Highlights

 

Hennessy Midstream Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $11.84       $11.95       $10.43       $9.91       $8.90       $5.68  
                                                               
Investment operations:                                                              
Net investment income (loss) (a)       0.03       0.01       0.02       (0.00 ) (b)     (0.05 )     (0.05 )
Net realized and unrealized gain (loss) on investments (c)        2.70       0.91       2.53       1.55       2.09       4.30  
Total from investment operations       2.73       0.92       2.55       1.55       2.04       4.25  
                                                               
Less distributions from:                                                              
Net investment income       (0.52 )     (0.54 )     (0.18 )     (0.84 )     (0.06 )      
Return of capital             (0.49 )     (0.85 )     (0.19 )     (0.97 )     (1.03 )
Total distributions       (0.52 )     (1.03 )     (1.03 )     (1.03 )     (1.03 )     (1.03 )
Net asset value, end of period       $14.05       $11.84       $11.95       $10.43       $9.91       $8.90  
                                                               
TOTAL RETURN (d)       23.39%       7.01%       25.30%       16.67%       24.41%       78.57%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)       $49,642       $45,312       $46,772       $37,459       $33,062       $30,447  
Ratio of expenses to average net assets:                                                              
Before expense reimbursement (e)       1.54%       1.52%       1.54%       1.65%       1.69%       1.74%  
After expense reimbursement (e)(f)       1.44%       1.44%       1.50%       1.53%       1.51%       1.51%  
Ratio of net investment income (loss) to average net assets (e)       0.50%       0.09%       0.21%       (0.00)%  (g)     (0.53)%     (0.66)%  
Portfolio turnover rate (d)(h)       0%       6%       6%       16%       33%       40%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Amount represents less than $0.005 per share.
(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Certain service provider expenses were voluntarily waived during the fiscal period.
(g) Amount represents less than 0.005%.
(h) Calculated on the basis of the Fund as a whole.

 

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

 

66 WWW.HENNESSYFUNDS.COM

 

 

Financial Statements — Financial Highlights

 

Hennessy Midstream Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended        
    April 30, 2026     Year Ended October 31,  
    (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                                  
Net asset value, beginning of period       $11.23       $11.39       $10.02       $9.58       $8.66       $5.55  
                                                               
Investment operations:                                                              
Net investment income (loss) (a)       0.01       (0.03 )     (0.00 ) (b)     (0.02 )     (0.07 )     (0.07 )
Net realized and unrealized gain (loss) on investments (c)        2.55       0.90       2.40       1.49       2.02       4.21  
Total from investment operations       2.56       0.87       2.40       1.47       1.95       4.14  
                                                               
Less distributions from:                                                              
Net investment income       (0.52 )     (0.54 )     (0.18 )     (0.84 )     (0.06 )      
Return of capital             (0.49 )     (0.85 )     (0.19 )     (0.97 )     (1.03 )
Total distributions       (0.52 )     (1.03 )     (1.03 )     (1.03 )     (1.03 )     (1.03 )
Net asset value, end of period       $13.27       $11.23       $11.39       $10.02       $9.58       $8.66  
                                                               
TOTAL RETURN (d)       23.14%       6.91%       24.81%       16.39%       24.03%       78.41%  
                                                               
SUPPLEMENTAL DATA AND RATIOS:                                                              
Net assets, end of period (in thousands)       $29,757       $25,358       $20,531       $16,789       $11,472       $6,720  
Ratio of expenses to average net assets:                                                              
Before expense reimbursement (e)       1.92%       1.91%       1.94%       2.03%       2.05%       2.11%  
After expense reimbursement (e)(f)       1.75%       1.75%       1.75%       1.78%       1.76%       1.76%  
Ratio of net investment income (loss) to average net assets (e)        0.19 %     (0.23)%       (0.04)%       (0.25)%       (0.79)%       (0.91)%  
Portfolio turnover rate (d)(g)       0%       6%       6%       16%       33%       40%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.
(b) Amount represents less than $0.005 per share.
(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Certain service provider expenses were voluntarily waived during the fiscal period.
(g) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 67

 

 

Financial Statements — Financial Highlights

 

Hennessy Gas Utility Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended   Year Ended October 31,  
    April 30, 2026    
    (Unaudited)   2025   2024   2023   2022   2021  
PER SHARE DATA:                              
Net asset value, beginning of period     $28.74     $27.50   $22.51   $25.84   $26.01   $24.01  
                               
Investment operations:                              
Net investment income (a)     0.28     0.65   0.67   0.62   0.57   0.59  

Net realized and unrealized gain (loss) on investments (b)

   

4.06

   

2.69

 

5.94

 

(1.70

1.99

 

3.99

 
Total from investment operations     4.34     3.34   6.61   (1.08 2.56   4.58  
                               
Less distributions from:                              
Net investment income     (0.30   (0.68 (0.68 (0.60 (0.58 (0.65 )
Net realized gains     (2.58   (1.42 (0.94 (1.65 (2.15 (1.93 )
Total distributions     (2.88   (2.10 (1.62 (2.25 (2.73 (2.58 )
Net asset value, end of period     $30.20     $28.74   $27.50   $22.51   $25.84   $26.01  
                               
TOTAL RETURN (c)     16.40%     12.48%   30.74%   -4.74%   10.53%   20.29%  
                               
SUPPLEMENTAL DATA AND RATIOS:                              
Net assets, end of period (in thousands)     $68,186     $59,703   $51,199   $56,748   $93,585   $63,062  
Ratio of expenses to average net assets (d)     0.68%     0.67%   0.69%   0.71%   0.68%   0.69%  

Ratio of net investment income (loss) to average net assets (d)

   

1.96%

   

2.31%

 

2.76%

 

2.52%

 

2.13%

 

2.35%

 
Portfolio turnover rate (c)(e)     6%     26%   13%   12%   31%   15%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

68 WWW.HENNESSYFUNDS.COM

 

 

Financial Statements — Financial Highlights 

 

Hennessy Gas Utility Fund

 

For an Investor Class share outstanding throughout each period 

 

    Six Months Ended   Year Ended October 31,  
    April 30, 2026    
    (Unaudited)   2025   2024   2023   2022   2021  
PER SHARE DATA:                              
Net asset value, beginning of period     $28.82     $27.57   $22.57   $25.91   $26.09   $24.08  
                               
Investment operations:                              
Net investment income (a)     0.24     0.59   0.60   0.54   0.50   0.52  

Net realized and unrealized gain (loss) on investments (b)

   

4.08

   

2.68

 

5.95

 

(1.70

)

1.98

 

4.00

 
Total from investment operations     4.32     3.27   6.55   (1.16 ) 2.48   4.52  
                               
Less distributions from:                              
Net investment income     (0.27 )   (0.59 ) (0.61 ) (0.53 ) (0.50 ) (0.57 )
Net realized gains     (2.59 )   (1.43 ) (0.94 ) (1.65 ) (2.16 ) (1.94 )
Total distributions     (2.86 )   (2.02 ) (1.55 ) (2.18 ) (2.66 ) (2.51 )
Net asset value, end of period     $30.28     $28.82   $27.57   $22.57   $25.91   $26.09  
                               
TOTAL RETURN (c)     16.25%     12.15%   30.34%   -5.01%   10.14%   19.91%  
                               
SUPPLEMENTAL DATA AND RATIOS:                              
Net assets, end of period (in thousands)     $471,786     $433,647   $426,631   $384,374   $459,414   $457,313  
Ratio of expenses to average net assets (d)     0.97%     0.97%   0.99%   1.00%   1.00%   1.00%  

Ratio of net investment income (loss) to average net assets (d)

   

1.68%

   

2.07%

 

2.46%

 

2.21%

 

1.88%

 

2.06%

 
Portfolio turnover rate (c)(e)     6%     26%   13%   12%   31%   15%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 69

 

 

Financial Statements — Financial Highlights 

 

Hennessy Japan Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended   Year Ended October 31,  
    April 30, 2026    
    (Unaudited)   2025   2024   2023   2022   2021  
PER SHARE DATA:                              
Net asset value, beginning of period     $50.76     $45.03   $36.32   $30.43   $49.54   $44.19  
                               
Investment operations:                              
Net investment income (loss) (a)     0.23     0.69   0.39   0.30   0.02   (0.03 )

Net realized and unrealized gain (loss) on investments (b)

   

2.81

   

7.72

 

10.58

 

5.59

 

(18.39

)

5.38

 
Total from investment operations     3.04     8.41   10.97   5.89   (18.37 ) 5.35  
                               
Less distributions from:                              
Net investment income     (4.77 )   (0.59 )     (0.74 ) (0.00 )(c)
Net realized gains     (0.87 )   (2.09 ) (2.26 )      
Total distributions     (5.64 )   (2.68 ) (2.26 )   (0.74 ) (0.00 )(c)
Net asset value, end of period     $48.16     $50.76   $45.03   $36.32   $30.43   $49.54  
                               
TOTAL RETURN (d)     6.90%     19.41%   31.59%   19.36%   -37.63%   12.11%  
                               
SUPPLEMENTAL DATA AND RATIOS:                              
Net assets, end of period (in thousands)     $399,375     $406,780   $361,114   $233,441   $275,240   $727,472  
Ratio of expenses to average net assets (e)     1.04%     1.04%   1.02%   1.04%   1.05%   1.04%  

Ratio of net investment income (loss) to average net assets (e)

   

1.00%

   

1.54%

 

0.92%

 

0.84%

 

0.04%

 

(0.07)%

 
Portfolio turnover rate (d)(f)     3%     16%   17%   57%   21%   16%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Amount represents less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Calculated on the basis of the Fund as a whole.

 

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

 

70 WWW.HENNESSYFUNDS.COM

 

 

Financial Statements — Financial Highlights 

 

Hennessy Japan Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended   Year Ended October 31,  
    April 30, 2026    
    (Unaudited)   2025   2024   2023   2022   2021  
PER SHARE DATA:                              
Net asset value, beginning of period     $48.70     $43.21   $34.99   $29.43   $47.78   $42.79  
                               
Investment operations:                              
Net investment income (loss) (a)     0.14     0.49   0.19   0.23   (0.11 ) (0.23 )

Net realized and unrealized gain (loss) on investments (b)

   

2.70

   

7.43

 

10.21

 

5.33

 

(17.83

)

5.22

 
Total from investment operations     2.84     7.92   10.40   5.56   (17.94 ) 4.99  
                               
Less distributions from:                              
Net investment income     (4.60 )   (0.42 )     (0.41)    
Net realized gains     (0.84 )   (2.01 ) (2.18 )      
Total distributions     (5.44 )   (2.43 ) (2.18 )   (0.41 )  
Net asset value, end of period     $46.10     $48.70   $43.21   $34.99   $29.43   $47.78  
                               
TOTAL RETURN (c)     6.72%     18.97%   31.08%   18.89%   -37.86%   11.66%  
                               
SUPPLEMENTAL DATA AND RATIOS:                              
Net assets, end of period (in thousands)     $48,175     $49,636   $52,494   $45,608   $39,550   $86,113  
Ratio of expenses to average net assets (d)     1.39%     1.40%   1.42%   1.44%   1.44%   1.43%  

Ratio of net investment income (loss) to average net assets (d)

   

0.63%

   

1.12%

 

0.47%

 

0.65%

 

(0.30)%

 

(0.49)%

 
Portfolio turnover rate (c)(e)     3%     16%   17%   57%   21%   16%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 71

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Japan Small Cap Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $21.01       $16.43       $14.56       $12.97       $17.94       $15.58  
                                                 
Investment operations:                                                
Net investment income (a)     0.15       0.28       0.23       0.21       0.18       0.11  

Net realized and unrealized gain (loss) on investments (b) 

    2.56       5.01       1.83       1.54       (4.99 )     2.37  
 Total from investment operations     2.71       5.29       2.06       1.75       (4.81 )     2.48  
                                                 
Less distributions from:                                                
Net investment income     (0.35 )     (0.24 )     (0.19 )     (0.16 )     (0.09 )     (0.12 )
Net realized gains     (2.27 )     (0.47 )                 (0.07 )      
Total distributions     (2.62 )     (0.71 )     (0.19 )     (0.16 )     (0.16 )     (0.12 )
Net asset value, end of period     $21.10       $21.01       $16.43       $14.56       $12.97       $17.94  
                                                 
TOTAL RETURN (c)     14.50%       33.21%       14.23%       13.60%       -27.05%       15.90%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $89,770       $90,885       $79,158       $70,987       $47,652       $66,581  
Ratio of expenses to average net assets (d)     1.09%       1.10%       1.12%       1.11%       1.17%       1.13%  
Ratio of dividends, interest and borrowing                                                
   expense to average net assets (d)     0.01%       —%       —%       —%       0.00% (e)     —%  
Ratio of expenses to average net assets excluding                                                
   dividends, interest, and borrowing expense (d)     1.08%       1.10%       1.12%       1.11%       1.17%       1.13%  

Ratio of net investment income (loss) to average net assets (d) 

    1.46%       1.51%       1.42%       1.44%       1.22%       0.63%  
Portfolio turnover rate (c)(f)     21%       45%       28%       32%       45%       24%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Amount represents less than 0.005% per share.

(f) Calculated on the basis of the Fund as a whole.

 

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

 

72 WWW.HENNESSYFUNDS.COM

 

 

Financial Statements — Financial Highlights

 

Hennessy Japan Small Cap Fund

 

For an Investor Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $21.29       $16.63       $14.74       $13.10       $18.12       $15.73  
                                                 
Investment operations:                                                
Net investment income (a)     0.12       0.20       0.16       0.14       0.12       0.03  

Net realized and unrealized gain (loss) on investments (b) 

    2.59       5.08       1.87       1.58       (5.07 )     2.40  
     Total from investment operations     2.71       5.28       2.03       1.72       (4.95 )     2.43  
                                                 
Less distributions from:                                                
Net investment income     (0.28 )     (0.15 )     (0.14 )     (0.08 )     (0.00 )(c)     (0.04 )
Net realized gains     (2.30 )     (0.47 )                 (0.07 )      
     Total distributions     (2.58 )     (0.62 )     (0.14 )     (0.08 )     (0.07 )     (0.04 )
Net asset value, end of period     $21.42       $21.29       $16.63       $14.74       $13.10       $18.12  
                                                 
TOTAL RETURN (d)     14.29%       32.67%       13.79%       13.22%       -27.41%       15.46%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $42,060       $38,585       $30,024       $32,557       $31,228       $46,146  
Ratio of expenses to average net assets (e)     1.48%       1.49%       1.52%       1.51%       1.57%       1.53%  
Ratio of dividends, interest and borrowing                                                
  expense to average net assets (e)     0.01%       —%       —%       —%       0.00% (f)     —%  
Ratio of expenses to average net assets excluding                                                
  dividends, interest, and borrowing expense (e)     1.47%       1.49%       1.52%       1.51%       1.57%       1.53%  

Ratio of net investment income (loss) to average net assets (e) 

    1.13%       1.10%       0.96%       0.97%       0.83%       0.16%  
Portfolio turnover rate (d)(g)     21%       45%       28%       32%       45%       24%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Amount represents less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Amount represents less than 0.005% per share.

(g) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 73

 

 

Financial Statements — Financial Highlights

 

Hennessy Large Cap Financial Fund

 

For an Institutional Class share outstanding throughout each period

 

    Six Months Ended                              
    April 30, 2026   Year Ended October 31,
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                        
Net asset value, beginning of period     $35.59       $27.69       $18.76       $25.11       $35.63       $22.44  
                                                 
Investment operations:                                                
Net investment income (loss) (a)     0.05       0.07       0.32       0.43       0.25       (0.03 )

Net realized and unrealized gain (loss) on investments (b)

    (0.69 )     8.06       9.06       (4.99 )     (9.10 )     13.22  
     Total from investment operations     (0.64 )     8.13       9.38       (4.56 )     (8.85 )     13.19  
                                                 
Less distributions from:                                                
Net investment income           (0.23 )     (0.45 )     (0.24 )            
Net realized gains     (2.67 )                 (1.55 )     (1.67 )      
     Total distributions     (2.67 )     (0.23 )     (0.45 )     (1.79 )     (1.67 )      
Net asset value, end of period     $32.28       $35.59       $27.69       $18.76       $25.11       $35.63  
                                                 
TOTAL RETURN (c)     -2.03%       29.50%       50.45%       -19.41%       -25.95%       58.78%  
                                                 
SUPPLEMENTAL DATA AND RATIOS:                                                
Net assets, end of period (in thousands)     $6,895       $8,641       $7,501       $12,576       $22,151       $35,060  
Ratio of expenses to average net assets (d)     1.54%       1.55%       1.57%       1.46%       1.33%       1.32%  

Ratio of net investment income (loss) to average net assets (d) 

    0.31%       0.21%       1.35%       1.99%       0.89%       (0.11)%
Portfolio turnover rate (c)(e)     17%       48%       37%       114%       78%       62%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

74 WWW.HENNESSYFUNDS.COM

 

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Large Cap Financial Fund

 

For an Investor Class share outstanding throughout each period

 

  Six Months Ended
April 30, 2026
    Year Ended October 31,  
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                    
Net asset value, beginning of period   $35.13       $27.37       $18.57       $24.80       $35.32       $22.33  
                                               
Investment operations:                                              
Net investment income (loss) (a)   (0.00 )(b)       (0.04 )     0.20       0.35       0.15       (0.15 )

Net realized and unrealized gain (loss) on investments (c)

  (0.68 )     7.97       9.00       (4.92 )     (9.02 )     13.14  
Total from investment operations   (0.68 )     7.93       9.20       (4.57 )     (8.87 )     12.99  
                                               
Less distributions from:                                              
Net investment income         (0.17 )     (0.40 )     (0.13 )            
Net realized gains   (2.63 )                 (1.53 )     (1.65 )      
Total distributions   (2.63 )     (0.17 )     (0.40 )     (1.66 )     (1.65 )      
Net asset value, end of period   $31.82       $35.13       $27.37       $18.57       $24.80       $35.32  
                                               
TOTAL RETURN (d)   -2.16%       29.07%     49.91%     -19.62%       -26.22%       58.17%  
                                               
SUPPLEMENTAL DATA AND RATIOS:                                              
Net assets, end of period (in thousands)   $21,677       $23,880       $21,295       $16,880       $23,625       $36,424  
Ratio of expenses to average net assets (e)   1.86%       1.88%       1.89%       1.79%       1.69%       1.68%  

Ratio of net investment income (loss) to average net assets (e)

  (0.01)%       (0.13)%       0.84%       1.64%       0.55%       (0.47)%  
Portfolio turnover rate (d)(f)   17%       48%       37%       114%       78%       62%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Amount represents less than $0.005 per share.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 75

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Small Cap Financial Fund

 

For an Institutional Class share outstanding throughout each period

 

  Six Months Ended
April 30, 2026
    Year Ended October 31,  
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                  
Net asset value, beginning of period   $15.74       $15.89       $11.82       $17.24       $18.57       $10.37  
                                               
Investment operations:                                              
Net investment income (a)   0.10       0.21       0.33       0.30       0.20       0.21  

Net realized and unrealized gain (loss) on investments (b)

  2.43       0.79       4.71       (4.14 )     (1.14 )     8.26  
     Total from investment operations   2.53       1.00       5.04       (3.84 )     (0.94 )     8.47  
                                               
Less distributions from:                                              
Net investment income   (0.36 )      (0.44 )      (0.56 )      (0.31 )     (0.34 )     (0.27 )
Net realized gains   (1.56     (0.71 )     (0.41 )      (1.27 )     (0.05 )      
     Total distributions   (1.92 )      (1.15 )      (0.97 )      (1.58 )     (0.39 )     (0.27 )
Net asset value, end of period   $16.35       $15.74       $15.89       $11.82       $17.24       $18.57  
                                               
TOTAL RETURN (c)   16.78%       6.19%       43.64%       -24.32%       -5.21%       82.88%  
                                               
SUPPLEMENTAL DATA AND RATIOS:                                              
Net assets, end of period (in thousands)   $6,299       $6,290       $6,398       $6,872       $20,172       $32,081  
Ratio of expenses to average net assets (d)   1.30%       1.33%       1.28%       1.29%       1.22%       1.20%  

Ratio of net investment income (loss) to average net assets (d) 

  1.21%       1.38%       2.35%       2.13%       1.13%       1.31%  
Portfolio turnover rate (c)(e)   10%       35%       54%       72%       27%       28%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

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Financial Statements — Financial Highlights

 

Hennessy Small Cap Financial Fund

 

For an Investor Class share outstanding throughout each period

 

  Six Months Ended
April 30, 2026
    Year Ended October 31,  
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                    
Net asset value, beginning of period   $27.95       $27.88       $20.42       $29.47       $31.52       $17.46  
                                               
Investment operations:                                              
Net investment income (a)   0.12       0.29       0.45       0.43       0.22       0.25  

Net realized and unrealized gain (loss) on investments (b)

  4.33       1.39       8.20       (7.13 )     (1.96 )     14.01  
Total from investment operations   4.45       1.68       8.65       (6.70 )     (1.74 )     14.26  
                                               
Less distributions from:                                              
Net investment income   (0.25 )      (0.35 )     (0.48 )     (0.19 )     (0.22 )     (0.20 )
Net realized gains   (2.76 )      (1.26 )     (0.71 )     (2.16 )     (0.09 )      
Total distributions   (3.01 )      (1.61 )     (1.19 )     (2.35 )     (0.31 )     (0.20 )
Net asset value, end of period   $29.39       $27.95       $27.88       $20.42       $29.47       $31.52  
                                               
TOTAL RETURN (c)   16.61%       5.83%       43.17%       -24.53%       -5.60%       82.20%  
                                               
SUPPLEMENTAL DATA AND RATIOS:                                              
Net assets, end of period (in thousands)   $66,047       $61,168       $80,804       $54,603       $93,403       $140,026  
Ratio of expenses to average net assets (d)   1.62%       1.65%       1.62%       1.62%       1.59%       1.58%  

Ratio of net investment income (loss) to average net assets (d)

  0.87%       1.07%       1.83%       1.83%       0.72%       0.90%  
Portfolio turnover rate (c)(e)   10%       35%       54%       72%       27%       28%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 77

 

 

 

Financial Statements — Financial Highlights

 

Hennessy Technology Fund

 

For an Institutional Class share outstanding throughout each period

 

  Six Months Ended
April 30, 2026
    Year Ended October 31,  
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                    
Net asset value, beginning of period   $27.83       $22.98       $17.43       $15.26       $27.65       $21.08  
                                               
Investment operations:                                              
Net investment income (loss) (a)   (0.03 )      (0.05 )     0.01       0.03       0.05       0.05  

Net realized and unrealized gain (loss) on investments (b)

  (0.10 )      5.90       5.54       2.21       (5.55 )     9.06  
Total from investment operations   (0.13 )      5.85       5.55       2.24       (5.50 )     9.11  
                                               
Less distributions from:                                              
Net investment income                     (0.07 )           (0.11 )
Net realized gains   (4.72 )      (1.00 )                 (6.89 )     (2.43 )
Total distributions   (4.72 )      (1.00 )           (0.07 )     (6.89 )     (2.54 )
Net asset value, end of period   $22.98       $27.83       $22.98       $17.43       $15.26       $27.65  
                                               
TOTAL RETURN (c)   0.08%       26.07%     31.84%       14.77%       -26.28%       45.49%  
                                               
SUPPLEMENTAL DATA AND RATIOS:                                              
Net assets, end of period (in thousands)   $2,170       $2,298       $2,684       $1,992       $1,387       $2,064  
Ratio of expenses to average net assets:                                              
Before expense reimbursement (d)   2.48%       2.60%       2.47%       2.85%       2.73%       2.44%  
After expense reimbursement (d)(e)   0.98%       0.99%       0.98%       0.98%       0.98%       0.98%  

Ratio of net investment income (loss) to average net assets (d)

  (0.29)%       (0.20)%       0.03%       0.17%       0.27%       0.17%  
Portfolio turnover rate (c)(f)   55%       99%       84%       101%       151%       200%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Certain service provider expenses were voluntarily waived during the fiscal period.

(f) Calculated on the basis of the Fund as a whole.

 

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

 

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Financial Statements — Financial Highlights

 

Hennessy Technology Fund

 

For an Investor Class share outstanding throughout each period

 

  Six Months Ended
April 30, 2026
    Year Ended October 31,  
  (Unaudited)     2025       2024       2023       2022       2021  
PER SHARE DATA:                                    
Net asset value, beginning of period   $26.92       $22.28       $16.94       $14.81       $26.89       $20.50  
                                               
Investment operations:                                              
Net investment income (loss) (a)   (0.06 )      (0.10 )     (0.05 )     (0.01 )     0.00 (b)      (0.02 )

Net realized and unrealized gain (loss) on investments (c)

  (0.10 )      5.71       5.39       2.15       (5.38 )     8.82  
Total from investment operations   (0.16 )      5.61       5.34       2.14       (5.38 )     8.80  
                                               
Less distributions from:                                              
Net investment income                     (0.01 )           (0.04 )
Net realized gains   (4.57 )      (0.97 )                 (6.70 )     (2.37 )
Total distributions   (4.57 )      (0.97 )           (0.01 )     (6.70 )     (2.41 )
Net asset value, end of period   $22.19       $26.92       $22.28       $16.94       $14.81       $26.89  
                                               
TOTAL RETURN (d)   -0.09%       25.78%       31.52%       14.47%       -26.44%       45.11%  
                                               
SUPPLEMENTAL DATA AND RATIOS:                                              
Net assets, end of period (in thousands)   $5,971       $6,205       $5,210       $4,354       $3,989       $6,063  
Ratio of expenses to average net assets:                                              
Before expense reimbursement (e)   2.78%       2.88%       2.77%       3.17%       3.06%       2.79%  
After expense reimbursement (e)(f)   1.23%       1.24%       1.23%       1.23%       1.23%       1.23%  

Ratio of net investment income (loss) to average net assets (e)

  (0.54)%       (0.44)%       (0.22)%       (0.08)%       0.02%       (0.08)%  
Portfolio turnover rate (d)(g)   55%       99%       84%       101%       151%       200%  

 

(a) Net investment income per share has been calculated based on average shares outstanding during the periods.

(b) Amount represents less than $0.005 per share.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Certain service provider expenses were voluntarily waived during the fiscal period.

(g) Calculated on the basis of the Fund as a whole.

 

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

 

HENNESSY FUNDS 1-800-966-4354 79

 

 

 

Notes to the Financial Statements

 

April 30, 2026 (Unaudited)

 

1).  ORGANIZATION

 

The Hennessy Cornerstone Growth Fund (the “Growth Fund”), the Hennessy Focus Fund (the “Focus Fund”), the Hennessy Cornerstone Mid Cap 30 Fund (the “Mid Cap 30 Fund”), the Hennessy Cornerstone Large Growth Fund (the “Large Growth Fund”), the Hennessy Value Fund (the “Value Fund”), the Hennessy Total Return Fund (the “Total Return Fund”), the Hennessy Equity and Income Fund (the “Equity and Income Fund”), the Hennessy Balanced Fund (the “Balanced Fund”), the Hennessy Energy Transition Fund (the “Energy Transition Fund”), the Hennessy Midstream Fund (the “Midstream Fund”), the Hennessy Gas Utility Fund (the “Gas Utility Fund”), the Hennessy Japan Fund (the “Japan Fund”), the Hennessy Japan Small Cap Fund (the “Japan Small Cap Fund”), the Hennessy Large Cap Financial Fund (the “Large Cap Financial Fund”), the Hennessy Small Cap Financial Fund (the “Small Cap Financial Fund”), and the Hennessy Technology Fund (the “Technology Fund”) (each, a “Fund,” and collectively, the “Funds”) are each a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Funds are open-end management investment companies registered under the Investment Company Act of 1940, as amended.

 

The investment objective of the Growth Fund, the Mid Cap 30 Fund, and the Large Growth Fund is long-term growth of capital. The investment objective of the Focus Fund, the Large Cap Financial Fund, and the Small Cap Financial Fund is capital appreciation. The investment objective of the Value Fund and the Total Return Fund is total return, consisting of capital appreciation and current income. The investment objective of the Equity and the Income Fund is long-term capital growth and current income. The investment objective of the Balanced Fund is a combination of capital appreciation and current income. The investment objective of the Energy Transition Fund is to seek total return. The investment objective of the Midstream Fund is to seek capital appreciation through distribution growth along with current income. The investment objective of the Gas Utility Fund is income and capital appreciation. The investment objective of the Japan Fund, the Japan Small Cap Fund, and the Technology Fund, is long-term capital appreciation.

 

The Midstream Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Because the Midstream Fund is treated as a “C” corporation, it is not taxed as a regulated investment company under Subchapter M of the Code and is not required to comply with the diversification requirements applicable to regulated investment companies. The Growth Fund, the Mid Cap 30 Fund, the Large Growth Fund, the Value Fund, the Equity and Income Fund, the Energy Transition Fund, the Gas Utility Fund, the Japan Fund, the Japan Small Cap Fund, and the Technology Fund are diversified funds, but the Japan Fund employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds. The Focus Fund, the Total Return Fund, the Balanced Fund, the Midstream Fund, the Large Cap Financial Fund, and the Small Cap Financial Fund are non-diversified funds.

 

Each Fund other than the Total Return Fund and the Balanced Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class. The Total Return Fund and the Balanced Fund offer only Investor Class shares.

 

As investment companies, the Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (the “FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

 

2).  SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).

 

a). Securities Valuation – All investments in securities are valued in accordance with the Funds’ valuation policies and procedures, as described in Note 3.

 

b). Federal Income Taxes – This paragraph applies to all Funds other than the Midstream Fund. Each Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, no Fund has made provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. Each Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. Each Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

 

This paragraph applies to the Midstream Fund. The Midstream Fund is taxed as a corporation and is obligated to pay U.S. federal and state income tax on its taxable income. Currently, the maximum marginal regular federal income tax rate for a corporation is 21%. The Midstream Fund invests a substantial portion of its assets in master limited partnerships (“MLPs”), which are treated as partnerships for federal income tax purposes. As a limited partner in MLPs, the Midstream Fund reports its allocable share of each MLP’s taxable income in computing its own taxable income. The Midstream Fund includes any tax expense or benefit in its Statement of Operations based on the component of income or gains/losses to which such expense or benefit relates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the carrying amount of assets and liabilities for income tax purposes. The Midstream Fund recognizes a valuation allowance if, based on the weight of available evidence, it is more likely than not that the Fund will not realize some portion or all of the deferred income tax assets. As of April 30, 2026, the Midstream Fund did not have a valuation allowance on its deferred tax assets.

 

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c). Accounting for Uncertainty in Income Taxes – The Funds have accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Funds for the prior three fiscal years are open for examination. The Funds have reviewed all open tax years in major tax jurisdictions and concluded that there is no material impact on the net assets of any Fund and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. With the exception of the Midstream Fund, the major tax jurisdictions of the Funds are U.S. federal and Delaware. The Midstream Fund files U.S. federal income tax returns and various state income tax returns.

 

d). Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. Each Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees.

 

For those Funds with multiple classes of shares, income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.

 

Distributions received from investments in MLPs, if applicable, generally consist of ordinary income, capital gains, and return of capital. The Funds record investment income on the ex-date of the distributions. For financial statement purposes, the Funds use return of capital and income estimates to allocate the dividend income received. Such estimates are based on historical information available from the MLPs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the applicable Fund.

 

e). Distributions to Shareholders – This paragraph applies to all Funds other than the Midstream Fund. Dividends from net investment income, if any, are declared and paid at the end of each calendar quarter for the following Funds: the Total Return Fund, the Equity and Income Fund, the Balanced Fund, and the Gas Utility Fund. Dividends from net investment income, if any, are declared and paid annually, usually in December, for all other Funds. Distributions of net realized capital gains for the Funds, if any, are declared and paid annually, usually in December.

 

The rest of this subsection applies to the Midstream Fund. The Midstream Fund typically makes cash distributions to its shareholders quarterly at the beginning of the months of March, June, September, and December. Due to the tax treatment of the Midstream Fund’s allocations and distributions from MLPs, a significant portion of the Midstream Fund’s distributions to shareholders typically is treated as return of capital to shareholders for U.S. federal income tax purposes (i.e., as distributions in excess of the Midstream Fund’s current and accumulated earnings and profits as described below). However, no assurance can be given in this regard; just as the Midstream Fund’s corporate income tax liability can fluctuate materially from year to year, the extent to which the Midstream Fund is able to make return-of-capital distributions also can vary materially from year to year depending on a number of different factors, including the composition of the Midstream Fund’s portfolio, the level of allocations of net income and other tax items for the Midstream Fund from its underlying MLP investments, the length of time the Midstream Fund has owned the MLP equity securities in its portfolio, and the extent to which the Midstream Fund disposes of MLP equity securities during a particular year, including to meet Midstream Fund shareholder redemption requests as necessary.

 

In general, a distribution constitutes a return of capital to a shareholder rather than a dividend to the extent such distribution exceeds the Midstream Fund’s current and accumulated earnings and profits. The portion of any distribution treated as a return of capital constitutes a tax-free return of capital to the extent of a shareholder’s cost basis in shares of the Midstream Fund and thereafter generally is taxable to the shareholder as a capital gain. A return-of-capital distribution also reduces the shareholder’s cost basis in shares of the Midstream Fund (but not below zero). A lower cost basis means that a shareholder recognizes more gain or less loss when the shareholder eventually sells shares of the Midstream Fund, which increases the shareholder’s tax liability.

 

The Midstream Fund attempts to maintain a stable distribution rate and therefore may distribute more or less than the actual amount of cash it receives from its investments in a particular period. Any undistributed cash would be available to supplement future distributions, and until distributed would increase the Midstream Fund’s net asset value (“NAV”). Correspondingly, such amounts, once distributed, decrease the Midstream Fund’s NAV. In addition, the Midstream Fund may opt not to make distributions in quarters in which the Midstream Fund believes that a distribution could cause adverse tax consequences to shareholders, including when the Midstream Fund believes that a distribution may not constitute a tax-free return of capital, as described above.

 

f). Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction using the specific identification method for the best tax relief order by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.

 

g). Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.

 

h). Share Valuation – The NAV per share of each Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s NAV per share.

 

i). Foreign Currency – Values of investments denominated in foreign currencies, if any, are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market

 

HENNESSY FUNDS 1-800-966-4354 81

 

 

 

exchange rate prevailing on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held. Such fluctuations are included in net realized and unrealized gain/loss on investments. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards, and other factors.

 

j). Reverse Repurchase Agreements – Transactions involving reverse repurchase agreements by the Total Return Fund are treated as collateralized financing transactions and are recorded at their contracted resell or repurchase amounts, which approximates fair value. Upon entering into a reverse repurchase agreement transaction, the Total Return Fund establishes a segregated account in which it maintains liquid assets in an amount at least equal to the repurchase price marked to market daily (including accrued interest), and the Total Return Fund subsequently monitors the account to ensure that it maintains such equivalent value. Interest on reverse repurchase agreements is included in interest payable.

 

As of April 30, 2026, securities with a fair value of $23,907,232 were pledged by the Total Return Fund to collateralize reverse repurchase agreements, which securities are included in investments in securities in its Statement of Assets and Liabilities.

 

k). REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other times, investments in a REIT may result in a Fund’s receipt of cash in excess of the REIT’s earnings. If a Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by a Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.

 

l). Partnership Accounting Policy – To the extent a Fund receives distributions from underlying partnerships in which it invests, the Fund records its pro rata share of income/loss and capital gains/losses and accordingly adjusts the cost basis of the underlying partnerships for return of capital.

 

m). Offsetting Assets and Liabilities – The Total Return Fund follows the financial reporting rules regarding offsetting assets and liabilities and related netting arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Reverse repurchase transactions are entered into by the Total Return Fund under Master Repurchase Agreements (“MRAs”) that permit the Total Return Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables under the MRA with collateral held with the counterparty and create one single net payment from the Fund. Upon a bankruptcy or insolvency of the MRA counterparty, the Total Return Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, the Total Return Fund’s use of the proceeds of the MRA may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Total Return Fund’s obligation to repurchase the securities. For additional information regarding the offsetting of assets and liabilities as of April 30, 2026, please refer to the table in Note 9.

 

n). Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (the “Liquidity Program”). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

 

o). Segment Reporting – Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the chief operating decision maker (the “CODM”) for the Funds using the information presented in the financial statements and financial highlights. The CODM is Teresa Nilsen, the Executive Vice President and Treasurer of the Funds.

 

p). Recent Accounting Pronouncements and Regulatory Updates – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction, and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is evaluating the impacts of these changes on the Funds’ financial statements.

 

3).  SECURITIES VALUATION

 

The Funds follow their valuation policies and procedures in determining their respective NAVs and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

 

  Level 1 – Unadjusted, quoted prices in active markets for identical instruments that a Fund has the ability to access at the date of measurement.
  Level 2 – Other significant observable inputs other than quoted prices included in Level 1 (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
  Level 3 – Significant unobservable inputs (including a Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

 

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The following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities on a recurring basis, as applicable:

 

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

 

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

 

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

 

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

 

If market quotations are not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security, such security will be valued at its fair value under the Fund’s established fair valuation procedures as implemented by Hennessy Advisors, Inc. (the “Advisor”), the Funds’ valuation designee. The Advisor, as the valuation designee, is subject to the oversight of the Board of Trustees of the Trust (the “Board”). There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Advisor will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate in light of the specific circumstances of each Fund and the quality of prices obtained through the application of such procedures.

 

The fair value of any foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that a Fund’s NAV reflects the affected portfolio securities’ values as determined by the Advisor, the Board’s valuation designee, pursuant to the Fund’s fair value pricing procedures, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Japan Fund and the Japan Small Cap Fund do invest, and the other Funds except the Mid Cap 30 Fund, the Large Growth Fund, the Total Return Fund, and the Balanced Fund may invest, in foreign securities, for example, the value of a Fund’s portfolio securities may change on days when shareholders are unable to purchase or redeem Fund shares.

 

The Funds have performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of each Fund’s securities as of April 30, 2026, are included in its Schedule of Investments.

 

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4). INVESTMENT TRANSACTIONS

 

Purchases and sales of investment securities (excluding government and short-term investments) during the six months ended April 30, 2026, were as follows:

 

    Purchases     Sales  
Growth Fund   $ 231,977     $ 28,735,149  
Focus Fund     14,427,650       65,392,070  
Mid Cap 30 Fund     0       172,532,271  
Large Growth Fund     81,203,514       87,148,038  
Value Fund     57,163,658       67,607,797  
Total Return Fund     10,475,127       13,072,000  
Equity and Income Fund     3,175,677       9,027,324  
Balanced Fund     1,269,285       1,476,193  
Energy Transition Fund     8,047,090       2,730,533  
Midstream Fund     0       8,395,654  
Gas Utility Fund     29,963,303       56,272,375  
Japan Fund     11,478,798       37,644,285  
Japan Small Cap Fund     27,716,763       41,462,135  
Large Cap Financial Fund     5,057,927       7,381,509  
Small Cap Financial Fund     7,181,329       13,080,568  
Technology Fund     4,299,425       4,659,460  

 

Purchases and sales/maturities of long-term U.S. government securities for the Equity and Income Fund during the six months ended April 30, 2026, were $1,795,736 and $2,958,925, respectively. There were no purchases or sales/maturities of long-term U.S. government securities by any other Funds during the six months ended April 30, 2026.

 

5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

 

The Advisor provides the Funds with investment advisory services under Investment Advisory Agreements between the Advisor and the Trust. The Advisor provides or oversees the provision of all investment advice and furnishes office spaces, facilities, and most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee from each Fund. The net investment advisory fees expensed by each Fund during the six months ended April 30, 2026, are included in its Statement of Operations. The fee for each Fund is based on the average daily net assets of the Fund at an annual rate of:

 

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

 

The Advisor has delegated the day-to-day management of some of the Funds to a sub-advisor. The Advisor pays all sub-advisory fees from its own assets, and these fees are not an additional expense of the Funds. The following table lists each sub-advised Fund, the sub-advisor for such Fund, and the annual rate used to calculate the sub-advisory fee payable by the Advisor to such Fund’s sub-advisor: 

         
Fund
(All Class Shares)
  Sub-Advisor   Sub-Advisory Fee
(As a % of Fund Assets)
Hennessy Focus Fund   Broad Run Investment Management, LLC   0.29%
Hennessy Equity and Income Fund   FCI Advisors (fixed income allocation)   0.27%
    The London Company of Virginia, LLC (equity allocation)   0.33%
Hennessy Japan Fund   SPARX Asset Management Co., Ltd.   $0-$500 million: 0.35%
        Above $500 million-$1 billion: 0.40%
        Above $1 billion: 0.42%
Hennessy Japan Small Cap Fund   SPARX Asset Management Co., Ltd.   $0-$500 million: 0.35%
        Above $500 million-$1 billion: 0.40%
        Above $1 billion: 0.42%

 

During the six months ended April 30, 2026, the Advisor paid a sub-advisory fee at the average rate of 0.35% of the daily net assets of each of the Japan Fund and the Japan Small Cap Fund.

 

The Advisor has contractually agreed to (i) limit total annual operating expenses of the Midstream Fund to 1.75% of its net assets for Investor Class shares and 1.50% of its net assets for Institutional Class shares (excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) and (ii) limit total annual operating expenses of the Technology Fund to 0.98% of its net assets for both Investor Class shares and Institutional Class shares (excluding all federal, state, and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Advisor, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities), in each case, through February 28, 2027.

 

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For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from a Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of April 30, 2026, expenses subject to potential recovery and the fiscal years in which they expire were as follows:

 

    Fiscal Year 2026   Fiscal Year 2027   Fiscal Year 2028   Fiscal Year 2029   Total  
Midstream Fund – Investor Class   $  9,318     $15,904     $16,987     $  8,353     $  50,562  
Midstream Fund – Institutional Class                    
Technology Fund – Investor Class   35,856     66,424     77,182     37,672     217,134  
Technology Fund – Institutional Class   13,509     31,785     32,982     13,453     91,729  

 

The Advisor did not recoup expenses from the Midstream Fund or the Technology Fund during the six months ended April 30, 2026.

 

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of each Fund, which compensates the Advisor for the non-investment advisory services it provides to each Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Funds attributable to Investor Class shares. The shareholder service fees expensed by each Fund during the six months ended April 30, 2026, are included in its Statement of Operations.

 

Each Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, each Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plans may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by each Fund during the six months ended April 30, 2026, are included in its Statement of Operations.

 

The Funds have entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Funds to brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by each Fund during the six months ended April 30, 2026, are included in its Statement of Operations.

 

The Gas Utility Fund has entered into an Administrative Services Agreement among the Gas Utility Fund, the Advisor, and the American Gas Association (“AGA”), pursuant to which the AGA provides administrative services to the Gas Utility Fund, including overseeing the calculation of the AGA Stock Index. ScottMadden, Inc. performs the actual computations required to produce the AGA Stock Index and receives a fee for such calculations pursuant to a contractual arrangement with AGA. AGA does not furnish other securities advice to the Gas Utility Fund or the Advisor or make recommendations regarding the purchase or sale of securities by the Gas Utility Fund. Under the terms of the Administrative Services Agreement, which has been approved by the Board, AGA provides the Gas Utility Fund with current information regarding the common stock composition of the AGA Stock Index at least monthly. In addition, on request, AGA provides the Gas Utility Fund and the Advisor with information on the natural gas industry. The Gas Utility Fund pays AGA a fee at an annual rate of 0.04% of the average daily net assets of the Gas Utility Fund.

 

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Funds with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Funds, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Funds’ custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Funds’ expenses and reviewing the Funds’ expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Funds’ custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by each Fund during the six months ended April 30, 2026, are included in its Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Energy Transition Fund, the Midstream Fund, and the Technology Fund. The fees voluntarily waived by Fund Services during the six months ended April 30, 2026, are included in the Statement of Operations for the Energy Transition Fund, the Midstream Fund, and the Technology Fund.

 

Quasar Distributors, LLC, a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Funds’ principal underwriter in a continuous public offering of Fund shares.

 

The officers of the Funds are affiliated with the Advisor. With the exception of the Chief Compliance Officer, such officers receive no compensation from the Funds for serving in their respective roles. The Funds make reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer. The compliance fees expensed by each Fund during the six months ended April 30, 2026, for reimbursement payments to the Advisor are included in its Statement of Operations.

 

6). GUARANTEES AND INDEMNIFICATIONS

 

Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, each Fund expects the risk of loss to be remote.

 

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7). LINE OF CREDIT

 

Each Fund has an uncommitted line of credit with the other Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Fund’s net assets, or 30% for the Gas Utility Fund, the Japan Fund, and the Japan Small Cap Fund, and 10% for the Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by each Funds’ assets (as to its own borrowings only). The following table shows the outstanding average daily balance, weighted average interest rate, and maximum amount outstanding during the six months ended April 30, 2026, for each Fund that utilized the line of credit, as well as the amount of borrowings outstanding under the line of credit as of April 30, 2026:

 

    Outstanding Daily
Average Balance
  Weighted Average
Interest Rate
  Maximum Amount
Outstanding
  Amount Outstanding at
April 30, 2026
Growth Fund   $   16,050     6.75 %   $1,662,000     $    —  
Mid Cap 30 Fund   85,961     6.89 %   3,615,000      
Large Growth Fund   2,812     6.75 %   83,000      
Value Fund   19,381     7.00 %   535,000      
Equity and Income Fund   3,111     6.99 %   145,000      
Gas Utility Fund   95,851     6.95 %   2,587,000      
Japan Fund   118,597     6.77 %   3,527,000      
Japan Small Cap Fund   103,519     6.75 %   3,370,000      
Large Cap Financial Fund   4,105     7.00 %   186,000      
Small Cap Financial Fund   2,138     6.77 %   358,000      
Technology Fund   133     6.75 %   6,000      

 

The interest expensed by each Fund under the line of credit during the six months ended April 30, 2026, is included in its Statement of Operations.

 

8). FEDERAL TAX INFORMATION

 

a). All Funds other than the Midstream Fund – As of October 31, 2025, the Funds’ most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:

 

    Growth
Fund
    Focus
Fund
    Mid Cap 30
Fund
    Large Growth
Fund
 
Cost of investments for tax purposes   $ 416,562,664     $ 241,248,257     $ 1,214,240,352     $ 116,098,190  
Gross tax unrealized appreciation   $ 71,944,397     $ 368,948,050     $ 106,735,659     $ 28,965,070  
Gross tax unrealized depreciation     (25,901,881 )     (17,251,755 )     (43,573,478 )     (10,482,348 )
Net tax unrealized appreciation/(depreciation)   $ 46,042,516     $ 351,696,295     $ 63,162,181     $ 18,482,722  
Undistributed ordinary income   $ 147,865     $     $ 11,480,084     $ 1,326,909  
Undistributed long-term capital gains           175,917,712             6,432,399  
Total distributable earnings   $ 147,865     $ 175,917,712     $ 11,480,084     $ 7,759,308  
Other accumulated gain/(loss)   $ (12,394,639 )   $ (4,262,031 )   $     $  
Total accumulated gain/(loss)   $ 33,795,742     $ 523,351,976     $ 74,642,265     $ 26,242,030  
                         
    Value
Fund
    Total Return
Fund
    Equity and
Income
Fund
    Balanced
Fund
 
Cost of investments for tax purposes   $ 229,863,655     $ 63,075,785     $ 30,961,502     $ 11,959,927  
Gross tax unrealized appreciation   $ 75,231,674     $ 7,826,182     $ 14,721,626     $ 1,290,693  
Gross tax unrealized depreciation     (12,775,033 )     (858,658 )     (805,549 )     (185,285 )
Net tax unrealized appreciation/(depreciation)   $ 62,456,641     $ 6,967,524     $ 13,916,077     $ 1,105,408  
Undistributed ordinary income   $ 6,314,182     $ 87,735     $ 675     $ 18,656  
Undistributed long-term capital gains     13,450,796             4,554,587        
Total distributable earnings   $ 19,764,978     $ 87,735     $ 4,555,262     $ 18,656  
Other accumulated gain/(loss)   $     $ (537,111 )   $     $ (101,311 )
Total accumulated gain/(loss)   $ 82,221,619     $ 6,518,148     $ 18,471,339     $ 1,022,753  

 

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    Energy Transition
Fund
    Gas Utility
Fund
    Japan
Fund
    Japan Small
Cap Fund
 
Cost of investments for tax purposes   $ 9,542,929     $ 255,498,183     $ 313,824,456     $ 106,579,085  
Gross tax unrealized appreciation   $ 3,816,868     $ 261,426,873     $ 185,481,376     $ 27,856,699  
Gross tax unrealized depreciation     (211,852 )     (23,156,297 )     (45,926,387 )     (6,003,457 )
Net tax unrealized appreciation/(depreciation)   $ 3,605,016     $ 238,270,576     $ 139,554,989     $ 21,853,242  
Undistributed ordinary income   $ 65,021     $     $ 41,254,718     $ 3,539,179  
Undistributed long-term capital gains           44,009,874       7,435,591       12,396,740  
Total distributable earnings   $ 65,021     $ 44,009,874     $ 48,690,309     $ 15,935,919  
Other accumulated gain/(loss)   $ (34,046,468 )   $     $     $  
Total accumulated gain/(loss)   $ (30,376,431 )   $ 282,280,450     $ 188,245,298     $ 37,789,161  
                         
    Large Cap
Financial
Fund
    Small Cap
Financial
Fund
    Technology
Fund
       
Cost of investments for tax purposes   $ 20,019,292     $ 55,516,027     $ 6,880,727              
Gross tax unrealized appreciation   $ 14,121,879     $ 14,715,569     $ 2,113,386          
Gross tax unrealized depreciation     (1,345,348 )     (2,585,214 )     (473,973 )        
Net tax unrealized appreciation/(depreciation)   $ 12,776,531     $ 12,130,355     $ 1,639,413          
Undistributed ordinary income   $     $ 725,641     $ 534,774          
Undistributed long-term capital gains     2,359,776       5,987,419       909,711          
Total distributable earnings   $ 2,359,776     $ 6,713,060     $ 1,444,485          
Other accumulated gain/(loss)   $ (14,283 )   $     $          
Total accumulated gain/(loss)   $ 15,122,024     $ 18,843,415     $ 3,083,898          

 

Any differences between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) may be attributable to wash sales, partnership adjustments, and investments in passive foreign investment companies.

 

Capital loss carryforwards available as of October 31, 2025, to offset future gains, as well as capital loss carryforwards utilized during fiscal year 2025, the Funds’ most recent fiscal year end, are as follows:

 

    Non-Expiring
Short Term
    Non-Expiring
Long Term
    Total     Total Capital Loss
Carryforwards Utilized
Growth Fund   $ 12,394,639     $     $ 12,394,639     $  
Focus Fund                        
Mid Cap 30 Fund                        
Large Growth Fund                        
Value Fund                        
Total Return Fund           537,111       537,111        
Equity and Income Fund                        
Balanced Fund     22,891       78,420       101,311        
Energy Transition Fund     18,090,532       15,955,936       34,046,468       2,543,347  
Gas Utility Fund                        
Japan Fund                        
Japan Small Cap Fund                        
Large Cap Financial Fund                       2,668,608  
Small Cap Financial Fund                        
Technology Fund                        

 

As of October 31, 2025, the following Funds deferred, on a tax basis, a late-year ordinary loss as follows:

 

Growth Fund $              —   Energy Transition Fund $        —
Focus Fund 4,262,031   Gas Utility Fund
Mid Cap 30 Fund   Japan Fund
Large Growth Fund   Japan Small Cap Fund
Value Fund   Large Cap Financial Fund 14,283
Total Return Fund   Small Cap Financial Fund
Equity and Income Fund   Technology Fund
Balanced Fund      

 

Late-year ordinary losses are net ordinary losses incurred after December 31, 2024, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.

 

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b). Midstream Fund – As of April 30, 2026, the components of accumulated earnings (losses) for income tax purposes for the Midstream Fund were as follows:

 

    Investments  
Cost of investments for tax purposes   $ 28,573,463  
Gross tax unrealized appreciation   $ 62,560,791  
Gross tax unrealized depreciation      
Net tax unrealized appreciation/(depreciation)   $ 62,560,791  

 

As of April 30, 2026, deferred tax assets (liabilities) for the Midstream Fund consisted of the following:

 

Deferred tax assets (liabilities):      
Net operating losses   $ 344,021  
Capital loss      
Unrealized (gain) loss on investments     (12,143,093 )
Total deferred tax assets, net     (11,799,072 )
Valuation allowance      
Net   $ (11,799,072 )

 

For the six months ended April 30, 2026, the Midstream Fund had an effective tax rate of 0% and a federal statutory rate of 21%, with the difference resulting from a change in the valuation allowance of the deferred tax assets.

 

Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

The Midstream Fund may carry forward any net capital loss five years to offset any future realized capital gains. The Midstream Fund may carry forward indefinitely any net operating loss arising in a tax year ending after December 31, 2019. As of April 30, 2026, the Midstream Fund did not have any capital loss carryforwards.

 

As of April 30, 2026, the Midstream Fund had $1,593,480 in net operating loss carryforwards that the Fund may carry forward indefinitely.

 

Total income taxes of the Midstream Fund have been computed by applying the federal statutory income tax rate of 21% plus a blended state income tax rate. The Midstream Fund applied this effective rate to net investment income and realized and unrealized gains on investments before taxes in computing its total income taxes.

 

Tax expense (benefit) at statutory rates   $ 4,166,653  
State income tax expense, net of federal benefit     121,473  
Tax expense (benefit) on permanent items(1)     (44,389 )
Tax expense (benefit) on expired carryforwards      
Tax expense (benefit) due to change in effective state rates      
Total current tax expense (benefit)      
Change in valuation allowance      
Total tax expense   $ 4,243,737  

 

(1)  Permanent items consist of dividends-received deductions.

 

The Midstream Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Midstream Fund’s tax positions in all open tax years and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. federal tax returns and state tax returns filed or expected to be filed. No income tax returns are currently under examination. Generally, the tax returns of the Midstream Fund for the prior three fiscal years are open for examination. Due to the nature of the Midstream Fund’s investments, the Midstream Fund may be required to file income tax returns in several states. The Midstream Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

 

c). During fiscal year 2026 (year to date) and fiscal year 2025, the tax character of distributions paid by the Funds were as follows (estimated in the case of the Midstream Fund):

 

    Six Months Ended
April 30, 2026
    Fiscal Year 2025         Six Months Ended
April 30, 2026
    Fiscal Year 2025  
Growth Fund                   Energy Transition Fund                
Ordinary income(1)   $ 147,865     $ 1,089,939     Ordinary income(1)   $ 85,104     $ 15,980  
Long-term capital gains           66,864,009     Long-term capital gains            
Total distributions   $ 147,865     $ 67,953,948     Total distributions   $ 85,104     $ 15,980  
                                     
Focus Fund                   Midstream Fund                
Ordinary income(1)   $ 7,976     $     Ordinary income(1)   $ 3,050,154     $ 3,291,449  
Long-term capital gains     175,917,739       88,765,083     Return of capital           2,960,843  
Total distributions   $ 175,925,715     $ 88,765,083     Total distributions   $ 3,050,154     $ 6,252,292  

 

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Mid Cap 30 Fund               Gas Utility Fund            
Ordinary income(1)   $ 11,480,163     $ 6,866,089     Ordinary income(1)   $ 4,954,774     $ 10,550,912  
Long-term capital gains           272,691,626     Long-term capital gains     44,009,957       25,147,847  
Total distributions   $ 11,480,163     $ 279,557,715     Total distributions   $ 48,964,731     $ 35,698,759  
                                     
Large Growth Fund                   Japan Fund                
Ordinary income(1)   $ 1,326,919     $ 2,770,401     Ordinary income(1)   $ 41,254,718     $ 5,417,278  
Long-term capital gains     6,432,399       3,162,537     Long-term capital gains     7,435,604       19,174,990  
Total distributions   $ 7,759,318     $ 5,932,938     Total distributions   $ 48,690,322     $ 24,592,268  
                                     
Value Fund                   Japan Small Cap Fund                
Ordinary income(1)   $ 7,684,530     $ 12,060,719     Ordinary income(1)   $ 3,806,139     $ 1,423,524  
Long-term capital gains     13,450,811           Long-term capital gains     12,396,755       3,051,837  
Total distributions   $ 21,135,341     $ 12,060,719     Total distributions   $ 16,202,894     $ 4,475,361  
                                     
Total Return Fund                   Large Cap Financial Fund                
Ordinary income(1)   $ 526,822     $ 1,146,756     Ordinary income(1)   $     $ 187,318  
Long-term capital gains           485,415     Long-term capital gains     2,359,777        
Total distributions   $ 526,822     $ 1,632,171     Total distributions   $ 2,359,777     $ 187,318  
                                     
Equity and Income Fund                   Small Cap Financial Fund                
Ordinary income(1)   $ 196,246     $ 356,937     Ordinary income(1)   $ 1,305,783     $ 2,343,518  
Long-term capital gains     4,554,596       6,292,953     Long-term capital gains     5,987,420       2,876,894  
Total distributions   $ 4,750,842     $ 6,649,890     Total distributions   $ 7,293,203     $ 5,220,412  
                                     
Balanced Fund                   Technology Fund                
Ordinary income(1)   $ 116,565     $ 267,311     Ordinary income(1)   $ 534,774     $  
Long-term capital gains           142,559     Long-term capital gains     909,712       339,647  
Total distributions   $ 116,565     $ 409,870     Total distributions   $ 1,444,486     $ 339,647  

 

(1)  Ordinary income includes short-term capital gains.

 

9). REVERSE REPURCHASE AGREEMENTS

 

Under a reverse repurchase agreement, the Total Return Fund sells securities and agrees to repurchase them at a mutually agreed date and price. Reverse repurchase agreements are regarded as a form of secured borrowing by the Total Return Fund. Securities sold under reverse repurchase agreements are reflected as a liability in the Statement of Assets and Liabilities. Interest payments made under reverse repurchase agreements during the six months ended April 30, 2026, totaled $428,372 and are recorded as interest expense in the Statement of Operations.

 

During the six months ended April 30, 2026, the average daily balance and average interest rate in effect for reverse repurchase agreements held by the Total Return Fund were $21,155,644 and 4.03%, respectively. Below is information about the scheduled maturity date, amount, and interest rate for outstanding reverse repurchase agreements held by the Total Return Fund as of April 30, 2026:

 

Maturity Date        Amount   Interest Rate
May 07, 2026   $7,196,000   3.85%
June 11, 2026   7,196,000   3.87%
July 9, 2026   7,196,000   3.87%

 

Outstanding reverse repurchase agreements as of April 30, 2026, comprised 43.17% of the Total Return Fund’s net assets.

 

Below is information about reverse repurchase agreements held by the Total Return Fund that are eligible for offset in the Statement of Assets and Liabilities, on both a gross and net basis:

 

                        Gross Amounts Not Offset in the
Statement of Assets and Liabilities
         
  Gross Amounts
of Recognized
Liabilities
  Gross Amounts
Offset in the
Statement of
Assets and
Liabilities
  Net Amounts
Presented in the
Statement of
Assets and
Liabilities
    Financial
Instruments
    Collateral
Pledged
(Received)
    Net Amount
  $ 21,588,000     $       $ 21,588,000       $ 21,588,000     $       $  
  $ 21,588,000     $       $ 21,588,000       $ 21,588,000     $       $  

 

For additional information, please refer to the “Offsetting Assets and Liabilities” section in Note 2.

 

10). GLOBAL EVENTS

 

A rise in protectionist trade policies, the possibility of a national or global recession, risks associated with pandemic and epidemic diseases, trade tensions, the possibility of changes to some international trade agreements, political events, and continuing political tension and armed conflicts may adversely impact financial markets and the broader economy. These events could also have negative effects on the Funds’ investments that cannot be foreseen at the present time. As global systems, economies and financial markets are increasingly interconnected, events that once had

 

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only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions, or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Your investment would be negatively impacted if the value of your portfolio holdings decreases as a result of such events, if these events adversely impact the operations and effectiveness of the Advisor or other key service providers or if these events disrupt systems and processes necessary or beneficial to the management of accounts. These events may negatively impact broad segments of businesses and populations and could have a significant and rapid negative impact on the performance of the Funds’ investments, increase the Funds’ volatility, or exacerbate pre-existing risks to the applicable Fund.

 

11). EVENTS SUBSEQUENT TO PERIOD END

 

Management has evaluated the Funds’ related events and transactions that occurred subsequent to April 30, 2026, through the date of issuance of the Funds’ financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 

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Additional Information (Unaudited)

 

 

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

There were no changes in or disagreements with accountants during the period covered by this report.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

There were no matters submitted to a vote of shareholders during the period covered by this report.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

The trustee fees and compliance expenses for the Hennessy mutual funds are included in the financial statements and related footnotes.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

At its meeting on March 11, 2026, the Board of Trustees of Hennessy Funds Trust (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreements and, as applicable, sub-advisory agreements of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy Energy Transition Fund, the Hennessy Midstream Fund, the Hennessy Gas Utility Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund (each, a “Fund,” and collectively, the “Funds”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed interested persons (as defined by the Investment Company Act of 1940, as amended) of the Funds (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements. As part of their discussion, the Independent Trustees confirmed their understanding of the need to have asked about, and received answers to, any matters that they believed are relevant to determining whether to approve the continuation of the advisory and sub-advisory agreements.

 

In advance of the meeting, Hennessy Advisors, Inc. (the “Advisor”) sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub-advisory agreements. This information included, but was not limited to, the following:

 

a memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
   
a memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
   
summaries of the advisory and sub-advisory agreements;
   
the Advisor’s financial statements from its most recent Form 10-K and Form 10-Q, which included information about the Advisor’s profitability;
   
a recent fact sheet for each Fund, which included, among other things, Fund performance over various periods;
   
a description of the range of services provided by the Advisor and the sub-advisors and the distinction between the Advisor-provided services and the sub-advisor provided services;
   
a peer expense comparison of the net expense ratio and investment advisory fee for each Fund; and
   
a memorandum from the Advisor regarding economies of scale.

 

The Advisor also sent information regarding each sub-advisor that included, but was not limited to:

 

a completed questionnaire from the sub-advisor;
   
a summary of the sub-advisor’s responses to the questionnaire, as well as relevant information from the sub-advisor’s Form ADV and the certifications submitted by the sub-advisor each quarter;
   
financial information of the sub-advisor or its ultimate parent or holding company; and
   
the sub-advisor’s Code of Ethics.

 

The Trustees reviewed and discussed all of the information provided by the Advisor and the sub-advisors. Following this review, and further discussion with the Advisor, the Trustees concluded that the information provided before and at the meeting addressed all of the relevant matters that they wanted to consider in assessing the performance of the Fund and the performance of the Advisor and the sub-advisors under the advisory and sub-advisory agreements, and that said information provided them with a fulsome understanding of the advisory and sub-advisory agreements and the services provided by the Advisor and the sub-advisors.

 

All of the factors discussed were considered as a whole by the Trustees, as well as by the Independent Trustees meeting in executive session. The Trustees viewed the relevant factors in their totality, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

 

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Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:

 

the nature and quality of the advisory services provided by the Advisor and the sub-advisors;

 

a comparison of the fees and expenses of each Fund to other similar funds;

 

whether economies of scale are recognized by each Fund;

 

the costs and profitability of the Funds to the Advisor and the sub-advisors;

 

the performance of each Fund; and

 

any benefits to the Advisor and, if applicable, the sub-advisor, from serving as an investment advisor to the Funds (other than the advisory fee and, if applicable, the sub-advisory fee).

 

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:

 

The Trustees considered the services identified below that are provided by the Advisor. Based on this review and an assessment of the Advisor’s performance, the Trustees concluded that the Advisor provides high quality services to the Fund, and they noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

 

The Advisor acts as the portfolio manager for each Fund that is not sub-advised. In this capacity, the Advisor does the following for each such Fund:

 

manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;

 

seeks best execution for the Fund’s portfolio;

 

manages the use of soft dollars for the Fund; and

 

manages proxy voting for the Fund.

 

The Advisor oversees the sub-advisor for each sub-advised Fund, and the sub-advisor acts as the portfolio manager for each such Fund by providing portfolio management services.

 

The Advisor performs a daily reconciliation of portfolio positions and cash for all Funds.

 

The Advisor monitors the liquidity of each Fund.

 

The Advisor monitors each Fund’s compliance with its investment objectives and restrictions and federal securities laws.

 

The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the sub-advisors and other service providers (including their codes of ethics, as appropriate), conducts on site visits to the sub-advisors and other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.

 

The Advisor oversees the selection and continued employment of each sub-advisor, reviews the applicable Fund’s investment performance, and monitors each sub-advisor’s adherence to the applicable Fund’s investment objectives, policies, and restrictions.

 

The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to each Fund.

 

The Advisor maintains in-house marketing and distribution departments on behalf of each Fund.

 

The Advisor prepares or directs the preparation of all regulatory filings for each Fund, including writing and annually updating each Fund’s prospectus and related documents.

 

For each Fund’s annual report, the Advisor either prepares a written summary of the Fund’s performance during the most recent 12-month period or reviews the written summary that has been prepared by each sub-advisor of the Fund.

 

The Advisor oversees distribution of the Funds through third-party broker/dealers and independent financial institutions such as Charles Schwab, Fidelity, TD Ameritrade, and Pershing. The Advisor participates in no transaction fee (“NTF”) programs with these companies on behalf of the Funds, which allow customers to purchase the Funds through third-party distribution channels without paying a transaction fee. The Advisor compensates, in part, a number of these third-party providers of NTF programs out of its own revenues.

 

The Advisor pays the incentive compensation of the Funds’ compliance officer and employs other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.

 

The Advisor provides a quarterly compliance certification to the Board.

 

The Advisor prepares or reviews all Board materials, presents to and leads discussions with the Board, prepares or reviews all meeting minutes, and arranges for Board training and education.

 

The Trustees considered the services identified below that are provided by each sub-advisor with respect to the applicable sub-advised Fund. Based on this review and an assessment of each sub-advisor’s performance, the Trustees concluded that the sub-advisors provide high-quality services to the sub-advised Funds. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the sub-advised Funds by the sub-advisors and that the nature and extent of the services provided by the sub-advisors were appropriate to assure that each sub-advised Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

 

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The sub-advisor acts as the portfolio manager for the Fund. In this capacity, the sub-advisor does the following:

 

manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
   
seeks best execution for the Fund’s portfolio;
   
manages the use of soft dollars for the Fund (except that this is not applicable to the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund); and
   
manages proxy voting for the Fund.

 

Each sub-advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the sub-advisor’s duties as a portfolio manager to the Fund.

 

For each annual report of the Fund, each sub-advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.

 

Each sub-advisor provides a quarterly compliance certification to the Board regarding trading and allocation practices, supervisory matters, the sub-advisor’s compliance program (including its code of ethics), compliance with the Fund’s policies, and general firm updates.

 

With respect to the sub-advised Funds, the Trustees considered the distinction between the services performed by the Advisor and the sub-advisors. The Trustees noted that the management of each sub-advised Fund, including the oversight of the sub-advisor, involves more comprehensive and substantive duties than the duties of the sub-advisor. Specifically, the Trustees considered the list of Advisor services previously identified and concluded that the services performed by the Advisor for each sub-advised Fund require a higher level of service and oversight than the services performed by the sub-advisors. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the sub-advisors is reasonable.

 

The Trustees compared the performance of each Fund to benchmark indices over various periods and noted that the Trustees review and discuss reports comparing the investment performance of each Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and, as applicable, the sub-advisors, manage each Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of each Fund over various periods warranted the continuation of the advisory and sub-advisory agreements.

 

The Trustees reviewed the advisory fees and overall expense ratios of each Fund compared to other funds similar in asset size and investment objective using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of each Fund falls within a reasonable range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.

 

The Trustees also considered whether the Advisor was realizing economies of scale that should be shared with the Funds’ shareholders. The Trustees noted that many of the expenses incurred to manage the Funds were variable asset-based fees, so the Advisor would not realize material economies of scale relating to these expenses as the assets of a Fund increased. For example, third-party platform fees and sub-advisory fees increase as a Fund’s assets grow.

 

The Trustees considered the profitability of the Advisor and, as applicable, the sub-advisors, including the impact of platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Funds. The Trustees then concluded that the profits of the Advisor and the sub-advisors are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.

 

The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees and concluded that this was beneficial to each Fund and its shareholders.

 

The Trustees considered any benefits to the Advisor and, as applicable, the sub-advisors from serving as an advisor to a Fund other than the advisory fee or sub-advisory fee. The Trustees noted that the Advisor and the sub-advisors may derive ancillary benefits from, by way of example, their association with a Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for such Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Funds by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the sub-advisors from their relationship with a Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and sub-advisors’ own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the sub-advisors could derive benefits from the conversion of Fund shareholders into separate account clients, the Funds also could benefit from potential institutional shareholders who might choose to invest in the Funds.

 

After reviewing the materials and information provided at the meeting, as well as other information regularly provided at the Board’s quarterly meetings throughout the year regarding the quality of services provided by the Advisor and, as applicable, the sub-advisors, the performance of the Funds, expense information, brokerage commissions information, the adequacy and efficacy of the Advisor’s and the sub-advisors’ written policies and procedures, other regulatory compliance issues, trading information and related matters, and other factors that the Trustees deemed relevant, the Trustees, including the Independent Trustees, approved the continuation of the advisory and sub-advisory agreements.

 

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Federal Tax Distribution Information (Unaudited)

 

 

 

For fiscal year 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

 

Growth Fund 100.00%   Energy Transition Fund 100.00%
Focus Fund 0.00%   Gas Utility Fund 100.00%
Mid Cap 30 Fund 100.00%   Japan Fund 100.00%
Large Growth Fund 100.00%   Japan Small Cap Fund 98.57%
Value Fund 100.00%   Large Cap Financial Fund 100.00%
Total Return Fund 99.48%   Small Cap Financial Fund 96.17%
Equity and Income Fund 100.00%   Technology Fund 0.00%
Balanced Fund 84.02%      

 

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2025 were as follows:

 

Growth Fund 100.00%   Energy Transition Fund 100.00%
Focus Fund 0.00%   Gas Utility Fund 100.00%
Mid Cap 30 Fund 100.00%   Japan Fund 0.00%
Large Growth Fund 100.00%   Japan Small Cap Fund 0.00%
Value Fund 58.24%   Large Cap Financial Fund 100.00%
Total Return Fund 99.48%   Small Cap Financial Fund 96.24%
Equity and Income Fund 100.00%   Technology Fund 0.00%
Balanced Fund 84.05%      

 

The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Funds were as follows:

 

Growth Fund 0.00%   Energy Transition Fund 0.00%
Focus Fund 0.00%   Gas Utility Fund 0.00%
Mid Cap 30 Fund 0.00%   Japan Fund 0.00%
Large Growth Fund 50.91%   Japan Small Cap Fund 0.00%
Value Fund 27.68%   Large Cap Financial Fund 0.00%
Total Return Fund 0.00%   Small Cap Financial Fund 46.01%
Equity and Income Fund 0.00%   Technology Fund 0.00%
Balanced Fund 0.00%      

 

For fiscal year 2025, the Japan Fund and Japan Small Cap Fund earned foreign-source income and paid foreign taxes as noted below, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code. 

 

Fund Name Country Gross Foreign Income Foreign Tax Paid
Japan Fund Japan $10,446,020 $895,455
Japan Small Cap Fund Japan $   3,286,481 $328,648

 

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Contents

 

 

 

Financial Statements  
Schedule of Investments 2
Statement of Assets and Liabilities 4
Statement of Operations 5
Statements of Changes in Net Assets 6
Financial Highlights 7
Notes to the Financial Statements 8
Additional Information 13
Federal Tax Distribution Information 16

 

HENNESSY FUNDS 1-877-671-3199  

 

 

 

 

Financial Statements — Schedule of Investments

 

as of April 30, 2026 (Unaudited)

COMMON STOCKS – 96.9%   Shares   Value
Communication Services – 7.8%        
AT&T, Inc.     93,438     $ 2,441,535  
Charter Communications, Inc. – Class A (a)     12,391       2,046,621  
Comcast Corp. – Class A     99,616       2,693,617  
              7,181,773  
                 
Consumer Discretionary – 17.1%                
Carnival Corp.     46,455       1,231,522  
Ford Motor Co.     103,305       1,247,924  
General Motors Co.     21,230       1,632,375  
Hilton Worldwide Holdings, Inc.     7,976       2,584,782  
Home Depot, Inc.     3,032       996,922  
Lululemon Athletica, Inc. (a)     2,291       315,471  
Marriott International, Inc./MD – Class A     5,789       2,093,823  
Ross Stores, Inc.     12,533       2,854,892  
The TJX Companies, Inc.     17,362       2,721,494  
              15,679,205  
                 
Consumer Staples – 8.5%                
Constellation Brands, Inc. – Class A     18,167       2,844,589  
PepsiCo, Inc.     16,972       2,689,892  
Tyson Foods, Inc. – Class A     34,537       2,212,786  
              7,747,267  
                 
Financials – 6.3%                
American Express Co.     6,675       2,156,359  
Regions Financial Corp.     36,162       1,032,425  
The PNC Financial Services Group, Inc.     11,708       2,610,884  
              5,799,668  
                 
Health Care – 13.7%                
Amgen, Inc.     7,218       2,499,232  
Bristol-Myers Squibb Co.     6,841       414,496  
Gilead Sciences, Inc.     18,651       2,440,297  
Labcorp Holdings, Inc.     9,570       2,457,576  
Medtronic PLC     31,860       2,579,704  
Pfizer, Inc.     68,144       1,819,445  
Viatris, Inc.     24,403       364,581  
              12,575,331  
                 
Industrials – 14.8%                
A O Smith Corp.     35,590       2,200,886  
Cummins, Inc.     1,529       1,025,974  
GE Vernova, Inc.     586       634,908  
PACCAR, Inc.     21,937       2,606,116  
Pentair PLC     30,402       2,453,745  
Rollins, Inc.     44,907       2,502,667  
WW Grainger, Inc.     1,793       2,082,300  
              13,506,596  
    Shares   Value
Information Technology – 19.8%                
Applied Materials, Inc.     7,185     $ 2,834,411  
Corning, Inc.     15,296       2,512,215  
Intel Corp. (a)     40,771       3,852,044  
Jabil, Inc.     9,063       3,058,672  
Lam Research Corp.     8,997       2,319,967  
Seagate Technology Holdings PLC     635       427,761  
TE Connectivity PLC     4,996       1,057,453  
Western Digital Corp.     4,860       2,111,767  
              18,174,290  
                 
Materials – 4.1%                
Newmont Corp.     21,215       2,356,774  
Nucor Corp.     3,461       779,729  
Sherwin-Williams Co.     1,964       631,642  
              3,768,145  
                 
Utilities – 4.8%                
Edison International     25,224       1,752,815  
Exelon Corp.     56,907       2,617,153  
              4,369,968  
                 
TOTAL COMMON STOCKS                
(Cost $84,167,404)             88,802,243  
                 
REAL ESTATE INVESTMENT TRUSTS – 2.9%                
                 
Real Estate – 2.9%                
Federal Realty Investment Trust     23,741       2,632,877  
                 
TOTAL REAL ESTATE INVESTMENT TRUSTS                
(Cost $2,557,755)             2,632,877  
                 
RIGHTS – 0.0% (b)                
Health Care – 0.0% (b)                
Sycamore Partners LLC,                
Expires 08/28/2026, Exercise Price $3.00 (a)(c)     167,900       0  
                 
TOTAL RIGHTS                
(Cost $0)             0  

 

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

 

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Financial Statements — Schedule of Investments

 

as of April 30, 2026 (Unaudited)

 

MONEY MARKET FUNDS – 0.1%   Shares   Value
First American Government                
Obligations Fund – Class X, 3.58% (d)     119,307     $ 119,307  
                 
TOTAL MONEY MARKET FUNDS                
(Cost $119,307)             119,307  
                 
TOTAL INVESTMENTS – 99.9%                
(Cost $86,844,466)             91,554,427  
                 
Other Assets in Excess of Liabilities – 0.1%             68,713  
                 
TOTAL NET ASSETS – 100.0%           $ 91,623,140  

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Hennessy Funds.

 

For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

 

LLC – Limited Liability Company

PLC – Public Limited Company

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2026.

(d) The rate shown represents the 7-day annualized yield as of April 30, 2026.

 

Summary of Fair Value Exposure as of April 30, 2026

 

The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2026 (see Note 3 in the accompanying Notes to the Financial Statements):

 

Common Stocks:   Level 1     Level 2     Level 3     Total  
Communication Services   $ 7,181,773     $     $     $ 7,181,773  
Consumer Discretionary     15,679,205                   15,679,205  
Consumer Staples     7,747,267                   7,747,267  
Financials     5,799,668                   5,799,668  
Health Care     12,575,331                   12,575,331  
Industrials     13,506,596                   13,506,596  
Information Technology     18,174,290                   18,174,290  
Materials     3,768,145                   3,768,145  
Utilities     4,369,968                   4,369,968  
Common Stocks – Total     88,802,243                   88,802,243  
Real Estate Investment Trusts:                                
Real Estate     2,632,877                   2,632,877  
Real Estate Investment Trusts – Total     2,632,877                   2,632,877  
Rights:                                
Health Care                 0       0  
Rights – Total                 0       0  
Money Market Funds     119,307                   119,307  
Total Investments   $ 91,554,427     $     $ 0     $ 91,554,427  
                                 
Fair Value Measurement Using Significant Unobservable Inputs                           Level 3  
Beginning balance as of October 31, 2025                           $ 0  
Ending balance as of April 30, 2026                           $ 0  
Change in unrealized appreciation/depreciation still held as of April 30, 2026                           $ 0  

 

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

 

HENNESSY FUNDS 1-877-671-3199 3

 

 

 

Financial Statements — Statement of Assets and Liabilities 

 

as of April 30, 2026 (Unaudited)

 

ASSETS:      
Investments, at value   $ 91,554,427  
Dividends receivable     130,687  
Dividend tax reclaims receivable     1,074  
Total assets     91,686,188  
         
LIABILITIES:        
Payable to advisor     63,048  
Total liabilities     63,048  
NET ASSETS   $ 91,623,140  
         
NET ASSETS CONSISTS OF:        
Paid-in capital   $ 98,004,418  
Total accumulated losses     (6,381,278 )
Total net assets   $ 91,623,140  
         
Net Assets   $ 91,623,140  
Capital shares issued and outstanding (100,000,000 shares authorized, $0.001 par value)     2,571,142  
Net asset value per share   $35.64  
         
Investments, at cost   $ 86,844,466  

 

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

 

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Financial Statements — Statement of Operations 

 

for the six months ended April 30, 2026 (Unaudited)

 

INVESTMENT INCOME:      
Dividend income   $ 974,682  
Less: issuance fees     (74 )
Total investment income     974,608  
         
EXPENSES:        
Investment advisory fee (See Note 5)     440,156  
Total expenses     440,156  
Expense reimbursement by advisor (See Note 5)     (46,332 )
Net expenses     393,824  
NET INVESTMENT INCOME     580,784  
         
REALIZED AND UNREALIZED GAIN (LOSS):        
Net realized gain (loss) from:        
Investments     (5,094,441 )
In-kind redemptions     11,800,844  
Net realized gain (loss)     6,706,403  
Net change in unrealized appreciation (depreciation) on:        
Investments     1,708,372  
Net change in unrealized appreciation (depreciation)     1,708,372  
Net realized and unrealized gain (loss)     8,414,775  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ 8,995,559  
         

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

 

HENNESSY FUNDS 1-877-671-3199 5

 

 

Financial Statements — Statements of Changes in Net Assets 

 

        

 

    Six Months Ended          
    April 30, 2026   Year Ended  
    (Unaudited)   October 31, 2025  
OPERATIONS:                    
Net investment income (loss)     $ 580,784       $ 1,035,966    
Net realized gain (loss)       6,706,403         6,067,523    
Net change in unrealized appreciation (depreciation)       1,708,372         121,566    
Net increase (decrease) in net assets from operations       8,995,559         7,225,055    
                       
DISTRIBUTIONS TO SHAREHOLDERS:                      
From earnings       (965,525 )       (943,473 )  
Total distributions to shareholders       (965,525 )       (943,473 )  
                       
CAPITAL TRANSACTIONS:                      
Shares sold       80,232,592         81,647,451    
Shares redeemed       (90,604,239 )       (93,788,832 )  
Net increase (decrease) in net assets from capital transactions       (10,371,647 )       (12,141,381 )  
NET INCREASE (DECREASE) IN NET ASSETS       (2,341,613 )       (5,859,799 )  
                       
NET ASSETS:                      
Beginning of the period       93,964,753         99,824,552    
End of the period     $ 91,623,140       $ 93,964,753    
                       
SHARES TRANSACTIONS:                      
Shares sold       2,360,000         2,615,000    
Shares redeemed       (2,655,000 )       (3,000,000 )  
Total increase (decrease) in shares outstanding       (295,000 )       (385,000 )  
                       

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

 

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Financial Statements — Financial Highlights 

 

        

 

For a share outstanding throughout each period

 

    Six Months           Two-Month            
    Ended   Year Ended   Year Ended   Period Ended   Year Ended   Year Ended   Period Ended
    April 30, 2026   October 31,   October 31,   October 31,   August 31,   August 31,   August 31,
    (Unaudited)   2025   2024   2023   2023 (i)   2022 (i)   2021 (a)(i)
PER SHARE DATA:                                                        
Net asset value, beginning of period     $32.78       $30.70       $23.97       $26.73       $24.80       $27.82       $25.00  
                                                         
INVESTMENT OPERATIONS:                                                        
Net investment income (loss) (b)     0.21       0.34       0.20       (0.00 ) (c)      0.07       0.20       0.02  
Net realized and unrealized gain (loss) on investments (d)     2.99       2.03       6.55       (2.76     2.01       (3.10     2.80  
Total from investment operations     3.20       2.37       6.75       (2.76     2.08       (2.90     2.82  
                                                         
LESS DISTRIBUTIONS FROM:                                                        
Net investment income     (0.34     (0.29)       (0.02           (0.15     (0.10      
Net realized gains                                   (0.02      
Total distributions     (0.34     (0.29       (0.02           (0.15     (0.12      
Net asset value, end of period     $35.64       $32.78       $30.70       $23.97       $26.73       $24.80       $27.82  
                                                         
TOTAL RETURN (e)                                                        
    9.80%       7.77%       28.18%       -10.31%       8.39%       -10.50%       11.23%  
SUPPLEMENTAL DATA AND RATIOS:                                                        
Net assets, end of period (in thousands)     $91,623       $93,965       $99,825       $40,395       $45,306       $42,530       $37,285  
Ratio of expenses to average net assets:                                                        
Before expense reimbursement (f)     0.95%       0.95%       0.95%       0.95%       0.95%       0.95%       0.95%  
After expense reimbursement (f)     0.85%       0.85%       0.85%       0.85%       0.85%       0.85%       0.85%  
Ratio of net investment income (loss) to average net assets (f)     1.25%       1.09%       0.68%       (0.01)%       0.27%       0.74%       0.19%  
Portfolio turnover rate (e)(g)     138%       275%       291%  (h)      62%       274%       290%       180%  

 

(a) Inception date of the Fund was March 15, 2021.

(b) Net investment income per share has been calculated based on average shares outstanding during the periods.

(c) Amount represents less than $0.005 per share.

(d) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

(g) Portfolio turnover rate excludes in-kind transactions.

(h) The cost of purchases and proceeds from sales of securities that were incurred to realign the CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund portfolios subsequent to November 10, 2023 and February 23, 2024, the reorganization dates, respectively, are excluded from the portfolio turnover rate calculation. See Note 10 of the Notes to Financial Statements for further information regarding this reorganization. If such amounts had not been excluded, the portfolio turnover rate would have been 316% for the year ended October 31, 2024.

(i) Data prior to the close of business on December 22, 2022 is of the Predecessor Fund, the Stance Equity ESG Large Cap ETF.

 

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

 

HENNESSY FUNDS 1-877-671-3199 7

 

 

Notes to the Financial Statements

 

April 30, 2026 (Unaudited)

 

1). ORGANIZATION

 

The Hennessy Sustainable ETF (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. Prior to May 12, 2025, the Fund was known as the Hennessy Stance ESG ETF. The Fund is an actively managed exchange-traded fund. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund and offers one class of shares.

 

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (the “FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

 

2). SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).

 

a). Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.

 

b). Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of partnership income and wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.

 

c). Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no material impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 

d). Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value (“NAV”) of the Fund. As discussed further in Note 5, most expenses of the Fund are paid by Hennessy Advisors, Inc. (the “Advisor”) under a unitary fee arrangement.

 

e). Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.

  

f). Security Transactions – Investment transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction using the specific identification method by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.

 

g). Use of Estimates - Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.

 

h). Share Valuation – The NAV per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading.

 

i). Illiquid Securities – Pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund has adopted a Liquidity Risk Management Program (the “Liquidity Program”). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

 

j). Segment Reporting – Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the chief operating decision maker (the “CODM”) for the Fund using the information presented in the financial statements and financial highlights. The CODM is Teresa Nilsen, the Executive Vice President and Treasurer of the Funds.

 

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k). Recent Accounting Pronouncements and Regulatory Updates – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction, and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is evaluating the impacts of these changes on the Fund’s financial statements.

 

3).  SECURITIES VALUATION

 

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

 

  Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
  Level 2 – Other significant observable inputs other than quoted prices included in Level 1 (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
  Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

 

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

 

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

 

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

 

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

 

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

 

If market quotations are not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security, such security will be valued at its fair value under the Fund’s established fair valuation procedures as implemented by the Advisor, the Fund’s valuation designee. The Advisor, as the valuation designee, is subject to the oversight of the Board of Trustees of the Trust (the “Board”). There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Advisor will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures.

 

The fair value of any foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant

 

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American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Advisor, the Board’s valuation designee, pursuant to the Fund’s fair value pricing procedures, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when shareholders are unable to purchase or redeem Fund shares.

 

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2026, are included in the Schedule of Investments.

 

4).  INVESTMENT TRANSACTIONS

 

Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2026, were $128,290,277, and $128,241,802, respectively. There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2026.

 

Purchases and sales of in-kind transactions for the Fund during the six months ended April 30, 2026, were $79,820,911 and $90,474,442, respectively.

 

5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

 

The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement (the “Investment Advisory Agreement”). The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a unitary management fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.95%. From the unitary management fee, the Advisor pays most of the expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, and other services. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2026, are included in the Statement of Operations.

 

The Advisor has delegated the day-to-day management of the portfolio composition of the Fund to a sub-advisor, Stance Capital, LLC (“Stance Capital “), and has delegated the responsibility for selecting broker-dealers to execute purchase and sale transactions for the Fund to Vident Advisory, LLC (“Vident”), as instructed by Stance Capital and subject to the supervision of the Advisor and the Board. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During the six months ended April 30, 2026, the Advisor (not the Fund) paid a sub-advisory fee to Stance Capital at the average rate of 0.40% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement with Stance Capital, the Advisor pays sub-advisory fees to Stance Capital at an annual rate of 0.40% of the average daily net assets up to $125 million, 0.37% of average daily net assets for assets over $125 million and up to $250 million, and 0.35% for average daily net assets over $250 million. During the six months ended April 30, 2026, the Advisor (not the Fund) paid a sub-advisory fee to Vident at the average rate of 0.05% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement with Vident, the Advisor pays sub-advisory fees to Vident of at an annual rate of 0.05% of the Fund’s average daily net assets up to $250 million, 0.045% of average daily net assets for assets over $250 million and up to $500 million, and 0.04% for average daily net assets in excess of $500 million, subject to a minimum sub-advisory fee to of $18,750 on an annual basis.

 

The Advisor has contractually agreed to waive a portion of its unitary management fee to the extent necessary to limit the Fund’s annual operating expenses (excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) to 0.85% of the Fund’s net assets through February 28, 2027.

 

During the six months ended April 30, 2026, the Advisor waived $46,332 of its unitary management fee.

 

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. Under the terms of the Investment Advisory Agreement, the Advisor pays the Fund’s administrative, accounting, custody, and transfer agency fees.

 

Quasar Distributors, LLC, a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.

 

The officers of the Fund are affiliated with the Advisor. Under the terms of the Investment Advisory Agreement, the Advisor pays the Fund’s Chief Compliance Officer fees.

 

6).  GUARANTEES AND INDEMNIFICATIONS

 

Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

 

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7).  FEDERAL TAX INFORMATION

 

As of October 31, 2025, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:

 

    Investments  
Cost of investments for tax purposes   $ 91,126,716  
Gross tax unrealized appreciation   $ 6,348,362  
Gross tax unrealized depreciation     (3,480,031 )
Net tax unrealized appreciation/(depreciation)   $ 2,868,331  
Undistributed ordinary income   $ 744,754  
Undistributed long-term capital gains      
Total distributable earnings   $ 744,754  
Other accumulated gain/(loss)   $ (18,024,397 )
Total accumulated gain/(loss)   $ (14,411,312 )

 

As of October 31, 2025, the Fund had $15,759,267 in unlimited short-term capital loss carryforwards, $1,618,025 in limited short-term capital loss carryforwards, $105,449 in unlimited long-term capital loss carryforwards, and $541,656 in limited long-term capital loss carryforwards. As of October 31, 2025, the Fund did not defer, on a tax basis, any late-year ordinary losses. Late-year ordinary losses are net ordinary losses incurred after December 31, 2024, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.

 

During fiscal year 2026 (year to date) and fiscal year 2025, the tax character of distributions paid by the Fund were as follows:

 

    Six Months Ended   Fiscal Year
    April 30, 2026   2025
Ordinary income(1)     $965,525     $943,473  
Long-term capital gains            
Total distributions     $965,525     $943,473  
               
(1) Ordinary income includes short-term capital gains.

 

8).  SHARE TRANSACTIONS

 

Shares of the Fund were listed and traded on The Nasdaq Stock Market LLC (the “Exchange”) during the six months ended April 30, 2026. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 5,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants “). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants and do not have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $300, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are displayed in the capital shares transactions section of the Statement of Changes in Net Assets. Shares of the Fund have equal rights and privileges.

 

From time to time, settlement of securities related to in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

9).  GLOBAL EVENTS

 

A rise in protectionist trade policies, the possibility of a national or global recession, risks associated with pandemic and epidemic diseases, trade tensions, the possibility of changes to some international trade agreements, political events, and continuing political tension and armed conflicts may adversely impact financial markets and the broader economy. These events could also have negative effects on the Fund’s investments that cannot be foreseen at the present time. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions, or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Your investment would be negatively impacted if the value of your portfolio holdings decreases as a result of such events, if these events adversely impact the operations and effectiveness of the Advisor or other key service providers or if these events disrupt systems and processes necessary or beneficial to the management of accounts. These events may negatively impact broad segments of businesses and populations and could have a significant and rapid negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, or exacerbate pre-existing risks to the Fund.

 

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10).  EVENTS SUBSEQUENT TO PERIOD END

 

Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2026, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 

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Additional Information (Unaudited)

  

 

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

There were no changes in or disagreements with accountants during the period covered by this report.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

There were no matters submitted to a vote of shareholders during the period covered by this report.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Not applicable. All fund expenses, including trustee fee and compliance expenses, are paid by the Advisor pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Statement of Additional Information for the Hennessy Sustainable ETE.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

At its meeting on March 11, 2026, the Board of Trustees of Hennessy Funds Trust (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Hennessy Sustainable ETF (the “Fund”) with Hennessy Advisors, Inc. (the “Advisor”), the sub-advisory agreement for portfolio management services for the Fund with Stance Capital, LLC, and the sub-advisory agreement for trading services for the Fund with Vident Advisory, LLC. As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed interested persons (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements. As part of their discussion, the Independent Trustees confirmed their understanding of the need to have asked about, and received answers to, any matters that they believed are relevant to determining whether to approve the continuation of the advisory and sub-advisory agreements.

 

In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub- advisory agreements. This information included, but was not limited to, the following:

 

a memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;

 

  a memorandum from outside legal counsel regarding the Board’s oversight responsibilities with respect to an exchange-traded fund;

 

a memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub- advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;

 

summaries of the advisory and sub-advisory agreements;

 

the Advisor’s financial statements from its most recent Form 10-K and Form 10-Q, which included information about the Advisor’s profitability;

 

a recent Fund fact sheet, which included, among other things, Fund performance over various periods;

 

a description of the range of services provided by the Advisor and the sub-advisors and the distinction between the Advisor-provided services and the sub-advisor provided services;

 

a peer expense comparison of the unitary fee for the Fund; and

 

a memorandum from the Advisor regarding economies of scale.

 

The Advisor also sent information regarding each sub-advisor that included, but was not limited to:

 

a completed questionnaire from the sub-advisor;

 

a summary of the sub-advisor’s responses to the questionnaire, as well as relevant information from the sub-advisor’s Form ADV and the certifications submitted by the sub-advisor each quarter;

 

financial information of the sub-advisor or its ultimate parent or holding company; and

 

the sub-advisor’s Code of Ethics.

 

The Trustees reviewed and discussed all of the information provided by the Advisor and the sub-advisors. Following this review, and further discussion with the Advisor, the Trustees concluded that the information provided before and at the meeting addressed all of the relevant matters that they wanted to consider in assessing the performance of the Fund and the performance of the Advisor and the sub-advisors under the advisory and sub-advisory agreements, and that said information provided them with a fulsome understanding of the advisory and sub- advisory agreements and the services provided by the Advisor and the sub-advisors.

 

All of the factors discussed were considered as a whole by the Trustees, as well as by the Independent Trustees meeting in executive session. The Trustees viewed the relevant factors in their totality, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

 

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Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:

 

the nature and quality of the advisory services provided by the Advisor and the sub-advisors;

 

a comparison of the fees of the Fund to other similar funds;

 

whether economies of scale are recognized by the Fund;

 

the costs and profitability of the Fund to the Advisor and the sub-advisors;

 

the performance of the Fund; and

 

any benefits to the Advisor and the sub-advisors from serving as an investment advisor to the Fund (other than the advisory and sub- advisory fees).

 

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:

 

The Trustees considered the services identified below that are provided by the Advisor. Based on this review and an assessment of the Advisor’s performance, the Trustees concluded that the Advisor provides high quality services to the Fund, and they noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

 

The Advisor oversees the sub-advisors for the Fund, and the sub-advisors act as the portfolio manager for the Fund by providing portfolio management and trading services.

 

The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.

 

The Advisor monitors the liquidity of the Fund.

 

The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.

 

The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the sub-advisors and other service providers (including their codes of ethics, as appropriate), conducts on site visits to the sub- advisors and other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.

 

The Advisor oversees the selection and continued employment of each sub-advisor, reviews the Fund’s investment performance, and monitors each sub-advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.

 

The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.

 

The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.

 

The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.

 

For the Fund’s annual report, the Advisor reviews the written summary prepared by Stance Capital, LLC.

 

The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Fidelity, TD Ameritrade, and Pershing. The Advisor participates in no transaction fee (“NTF”) programs with these companies on behalf of the Fund, which allow customers to purchase the Fund through third-party distribution channels without paying a transaction fee. The Advisor compensates a number of these third-party providers of NTF programs out of its own revenues.

 

The Advisor pays the compensation of the Fund’s compliance officer and employs other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.

 

The Advisor provides a quarterly compliance certification to the Board.

 

The Advisor prepares or reviews all Board materials, presents to and leads discussions with the Board, prepares or reviews all meeting minutes, and arranges for Board training and education.

 

The Trustees considered the services identified below that are provided by the sub-advisors. Based on this review and an assessment of each sub-advisor’s performance, the Trustees concluded that the sub-advisors provide high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the sub-advisors and that the nature and extent of the services provided by the sub-advisors were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

 

The sub-advisors act as the portfolio manager for the Fund. In this capacity, the sub-advisors do the following:

 

manage the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;

 

seek best execution for the Fund’s portfolio;

 

manage the use of soft dollars for the Fund; and

 

manage proxy voting for the Fund.

 

Each sub-advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the sub-advisor’s duties as a portfolio manager to the Fund.

 

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For each annual report of the Fund, each sub-advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.

 

Each sub-advisor provides a quarterly compliance certification to the Board regarding trading and allocation practices, supervisory matters, the sub-advisor’s compliance program (including its code of ethics), compliance with the Fund’s policies, and general firm updates.

 

The Trustees considered the distinction between the services performed by the Advisor and the sub-advisors. The Trustees noted that the management of each sub-advised Fund, including the oversight of the sub-advisor, involves more comprehensive and substantive duties than the duties of the sub-advisor. Specifically, the Trustees considered the list of Advisor services previously identified and concluded that the services performed by the Advisor for each sub-advised Fund require a higher level of service and oversight than the services performed by the sub-advisors. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the sub-advisors is reasonable.

 

The Trustees compared the performance of the Fund to benchmark indices over various periods and noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the sub-advisors manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted the continuation of the advisory and sub-advisory agreements.

 

The Trustees reviewed the advisory fees of the Fund compared to other funds similar in asset size and investment objective using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee of the Fund falls within a reasonable range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub- advisory agreements.

 

The Trustees also considered whether the Advisor was realizing economies of scale that should be shared with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund were variable asset-based fees, so the Advisor would not realize material economies of scale relating to these expenses as the assets of the Fund increased. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow.

 

The Trustees considered the profitability of the Advisor and the sub-advisors, including the impact of platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the sub-advisors are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.

 

The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees and concluded that this was beneficial to the Fund and its shareholders.

 

The Trustees considered any benefits to the Advisor and the sub-advisors from serving as an advisor to a Fund other than the advisory fee or sub-advisory fee. The Trustees noted that the Advisor and the sub-advisors may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the sub-advisors from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and sub-advisor’s own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the sub-advisors could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.

 

After reviewing the materials and information provided at the meeting, as well as other information regularly provided at the Board’s quarterly meetings throughout the year regarding the quality of services provided by the Advisor and the sub-advisors, the performance of the Fund, expense information, brokerage commissions information, the adequacy and efficacy of the Advisor’s and the sub-advisors’ written policies and procedures, other regulatory compliance issues, trading information and related matters, and other factors that the Trustees deemed relevant, the Trustees, including the Independent Trustees, approved the continuation of the advisory and sub-advisory agreements.

 

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Federal Tax Distribution Information (Unaudited)

 

 

 

For fiscal year 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income is as follows:

  

100.00%

 

For corporate shareholder, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2025 is as follows:

 

100.00%

 

The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund is as follows:

 

0.00%

 

16        WWW.HennessyetFs.COM

 

 

 

 

 

(b)Financial Highlights are included within the financial statements filed under Item 7(a) of this Form N-CSR.

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

There were no changes in or disagreements with accountants during the period covered by this report.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

There were no matters submitted to a vote of shareholders during the period covered by this report.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

The trustee fees and compliance expenses for the Hennessy mutual funds are included in the financial statements and related footnotes filed under Item 7(a) of this Form N-CSR.

 

This item is not applicable to the Hennessy Sustainable ETF. All fund expenses for the Hennessy Sustainable ETF, including trustee fee and compliance expenses, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Statement of Additional Information for the Hennessy Sustainable ETF.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

This information is included within the financial statements filed under Item 7(a) of this Form N-CSR.

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

There have not been any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees during the period.

 

 

 

 

Item 16. Controls and Procedures.

 

(a)The registrant’s principal executive officer and principal financial officer have reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing date of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized, and reported and made known to them by others within the registrant and by the registrant’s service providers.

 

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

Not applicable.

 

Item 19. Exhibits.

 

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing of an exhibit. Not applicable.

 

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

 

(3) A separate certification for each principal executive and principal financial officer of the registrant pursuant to Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

 

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

 

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by such Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. There was no change in the registrant’s independent public accountant for the period covered by this report.

 

(b)Certifications pursuant to Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  HENNESSY FUNDS TRUST
  (Registrant)
   
  By:  /s/ Neil J. Hennessy  
  Neil J. Hennessy
President
 
       
  Date: July 2, 2026  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By: /s/ Neil J. Hennessy   Date: July 2, 2026
  Neil J. Hennessy, President and
Principal Executive Officer
 
     
     
By: /s/ Teresa M. Nilsen   Date: July 2, 2026
  Teresa M. Nilsen, Treasurer and
Principal Financial Officer
 

 

 

 

 

 

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

SECTION 302 CERTIFICATIONS

SECTION 906 CERTIFICATIONS

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XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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