Document


Hennessy Japan Fund
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 98.7%	Shares	Value
Communication Services - 4.2%
SoftBank Group Corp.	668,000	$ 20,806,536

Consumer Discretionary - 11.6%
Fast Retailing Co. Ltd.	19,100	9,352,683
Sekisui House Ltd.	530,000	11,602,912
Sony Group Corp.	1,166,800	27,266,802
Sumitomo Forestry Co. Ltd.	1,005,600	8,481,655
		56,704,052

Consumer Staples - 6.5%
Rohto Pharmaceutical Co. Ltd.	220,500	3,302,256
Seven & i Holdings Co. Ltd.	2,107,400	27,944,383
Unicharm Corp.	137,000	868,985
		32,115,624

Financials - 37.5% (a)
Japan Exchange Group, Inc.	351,200	4,777,411
Mitsubishi UFJ Financial Group, Inc.	1,787,500	39,926,490
Mizuho Financial Group	320,300	16,605,698
MS&AD Insurance Group Holdings, Inc.	705,500	21,717,809
ORIX Corp.	1,030,600	41,594,351
Sompo Holdings, Inc.	651,700	28,933,288
Tokio Marine Holdings, Inc.	591,100	30,126,239
		183,681,286

Health Care - 0.4%
Santen Pharmaceutical Co. Ltd.	187,900	2,218,386

Industrials - 19.2%
Daikin Industries, Ltd.	74,400	10,777,202
Hitachi Ltd.	1,161,700	38,069,554
Mitsubishi Corp.	460,100	13,753,668
Recruit Holdings Co. Ltd.	396,900	31,387,179
		93,987,603

Information Technology - 13.0%
Keyence Corp.	28,100	14,094,596
Renesas Electronics Corp.	168,900	3,385,391
Socionext, Inc.	17,000	199,597
SUMCO Corp.	300,500	6,109,172
Tokyo Electron Ltd.	119,100	39,819,572
		63,608,328

Materials - 4.7%
Nissan Chemical Corp.	99,100	4,606,428
Shin-Etsu Chemical Co. Ltd.	516,400	18,409,731
		23,016,159

Real Estate - 1.6%
Daiwa House Industry Co. Ltd.	275,200	8,081,679
TOTAL COMMON STOCKS (Cost $242,776,003)		484,219,653


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.

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

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).

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 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 their application of such procedures.

The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means 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 a shareholder is unable to purchase or redeem Fund shares.

Level 1

Level 2

Level 3

Total

Common Stocks:

Communication Services

$ –

$ 20,806,536

$ –

$ 20,806,536

Consumer Discretionary

–

56,704,052

–

56,704,052

Consumer Staples

–

32,115,624

–

32,115,624

Financials

–

183,681,286

–

183,681,286

Health Care

–

2,218,386

–

2,218,386

Industrials

–

93,987,603

–

93,987,603

Information Technology

–

63,608,328

–

63,608,328

Materials

–

23,016,159

–

23,016,159

Real Estate

–

8,081,679

–

8,081,679

Common Stocks - Total

–

484,219,653

–

484,219,653

Money Market Funds

5,782,978

–

5,782,978

Total Investments

$ 5,782,978

$ 484,219,653

$ –

$ 490,002,631



SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.2%	Shares		Value
First American Government Obligations Fund - Class X, 3.58% (b)	5,782,978		5,782,978
TOTAL MONEY MARKET FUNDS (Cost $5,782,978)			5,782,978

TOTAL INVESTMENTS - 99.9% (Cost $248,558,981)			490,002,631
Other Assets in Excess of Liabilities - 0.1%		0.00065	316,678
TOTAL NET ASSETS - 100.0%			$ 490,319,309

Percentages are stated as a percent of net assets.


(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 July 31, 2026.