# EDGAR Filing Document

**Accession Number:** 0000891944
**File Stem:** 0000898531-23-000020
**Filing Date:** 2023-1
**Character Count:** 1649373
**Document Hash:** e650bc76ef438513d9403953e540d36a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000020.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0000898531-23-000020

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HENNESSY FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000891944
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07168
- **FILM NUMBER:** 23517206

**BUSINESS ADDRESS:**
- **STREET 1:** 7250  REDWOOD BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** NOVATO
- **STATE:** CA
- **ZIP:** 94945
- **BUSINESS PHONE:** 8009664354

**MAIL ADDRESS:**
- **STREET 1:** C/O US BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN ST MK-WI-LC-2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENLOPEN FUND
- **DATE OF NAME CHANGE:** 19921217

## Series and Classes Contracts Data

### Hennessy Cornerstone Large Growth Fund (Series ID: S000019531)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000054248 | Investor Class      | HFLGX           |
| C000074662 | Institutional Class | HILGX           |

### Hennessy Focus Fund (Series ID: S000038529)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118915 | Investor Class      | HFCSX           |
| C000118916 | Institutional Class | HFCIX           |

### Hennessy Large Cap Financial Fund (Series ID: S000038530)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118917 | Investor Class      | HLFNX           |
| C000157630 | Institutional Class | HILFX           |

### Hennessy Small Cap Financial Fund (Series ID: S000038531)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118918 | Investor Class      | HSFNX           |
| C000118919 | Institutional Class | HISFX           |

### Hennessy Technology Fund (Series ID: S000038532)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118920 | Investor Class      | HTECX           |
| C000118921 | Institutional Class | HTCIX           |

### Hennessy Gas Utility Fund (Series ID: S000038533)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118922 | Investor Class      | GASFX           |
| C000179119 | Institutional Class | HGASX           |

### Hennessy Equity and Income Fund (Series ID: S000038534)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118923 | Institutional Class | HEIFX           |
| C000118924 | Investor Class      | HEIIX           |

### Hennessy Cornerstone Growth Fund (Series ID: S000044800)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000139151 | Investor Class      | HFCGX           |
| C000139152 | Institutional Class | HICGX           |

### Hennessy Cornerstone Mid Cap 30 Fund (Series ID: S000044801)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000139153 | Investor Class      | HFMDX           |
| C000139154 | Institutional Class | HIMDX           |

### Hennessy Cornerstone Value Fund (Series ID: S000044802)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000139155 | Investor Class      | HFCVX           |
| C000139156 | Institutional Class | HICVX           |

### Hennessy Total Return Fund (Series ID: S000044803)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000139157 | Investor Class | HDOGX           |

### Hennessy Balanced Fund (Series ID: S000044804)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000139158 | Investor Class | HBFBX           |

### Hennessy Japan Fund (Series ID: S000044805)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000139159 | Institutional Class | HJPIX           |
| C000139160 | Investor Class      | HJPNX           |

### Hennessy Japan Small Cap Fund (Series ID: S000044806)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000139161 | Investor Class      | HJPSX           |
| C000157631 | Institutional Class | HJSIX           |

### Hennessy Energy Transition Fund (Series ID: S000063244)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000205117 | Institutional Class | HNRIX           |
| C000205118 | Investor Class      | HNRGX           |

### Hennessy Midstream Fund (Series ID: S000063245)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000205119 | Investor Class      | HMSFX           |
| C000205120 | Institutional Class | HMSIX           |

As filed with the Securities and Exchange Commission on January 9, 2023

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

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **<u>(811-07168)</u>**

**<u>Hennessy Funds Trust</u>**<br> (Exact name of registrant as specified in charter)

#### 7250 Redwood Blvd., Suite 200
**<u>Novato, CA 94945</u>**<br> (Address of principal executive offices) (Zip code)

#### Teresa M. Nilsen

#### 7250 Redwood Blvd., Suite 200
**<u>Novato, CA 94945</u>**<br> (Name and address of agent for service)

#### 800-966-4354
(Registrant's telephone number, including area code)

Date of fiscal year end: **<u>October 31, 2022</u>**

Date of reporting period: **<u>October 31, 2022</u>**

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#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](hennessy_funds-logo.jpg)

#### <br>

#### ANNUAL REPORT

#### OCTOBER 31, 2022<br>

HENNESSY CORNERSTONE GROWTH FUND

*Investor Class* **HFCGX**

*Institutional Class* **HICGX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** <br> ![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

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| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Trustees and Officers of the Fund | 29 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 34 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 35 |

---

HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Growth Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HFCGX) | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;6.80% | 10.50% |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Growth Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HICGX) | &nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;7.16% | 10.84% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | -18.54% | &nbsp;&nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;9.93% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |

---

Expense ratios: 1.34% (Investor Class); 1.01% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index that measures the performance of the small-cap segment of the U.S. equity market. The Russell 2000<sup>®</sup> Index comprises the smallest 2,000 companies in the Russell 3000<sup>®</sup> Index based on market capitalization and current index membership, representing approximately 7% of the total market capitalization of the Russell 3000<sup>®</sup> Index. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Cornerstone Growth Fund returned 2.51%, outperforming both the Russell 2000<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index, which returned -18.54% and -14.61%, respectively, for the same period.

The Fund's outperformance relative to its primary benchmark resulted primarily from stock selection within the Energy, Industrials, and Materials sectors. The largest contributors to performance within each of these sectors during the period were Nabors Industries Ltd., Titan International, Inc., and Sasol Ltd. Offsetting these gains were losses in holdings in the Financials sector. The largest detractor from performance in this sector was Mr. Cooper Group, Inc.

The Fund continues to own all the companies mentioned.

#### Portfolio Strategy:
The Fund utilizes a formula-based approach designed to result in a portfolio of attractively valued, growing companies whose stock prices are exhibiting strong price momentum. In essence, the strategy seeks to combine elements of both value and momentum investing by selecting 50 stocks that have relatively low price-to-sales ratios, have generated increased earnings over the past year, and have positive stock price appreciation over the past three-month, six-month, and one-year periods.

#### Investment Commentary:
Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive. We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. While the Federal Reserve has raised rates several times throughout this calendar year, we believe that the prospect of slower economic growth may dampen inflationary pressures. With this possibility comes the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. With the unemployment rate near record lows, high levels of cash on the balance sheets of U.S. companies, and the prospect of a more dovish Federal Reserve in 2023, we remain bullish on equities long-term.

Sectors where the Fund currently maintains significant overweight positions include Energy, Materials, and Consumer Staples. Representative holdings within the Energy sector include PBF Energy, Inc. (Class A), Alliance Resource Partners, and Antero Resources Corporation. Continued high prices of oil, natural gas and other resources should continue to drive investor returns for many of the holdings within the Energy sector. Materials sector exposure includes Alpha Metallurgical Resources, Inc., and

HENNESSY FUNDS 1-800-966-4354

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Commercial Metals Corporation. Consumer Staples sector exposure includes BJ's Wholesale Club Holdings, Inc., Ingles Markets, Inc. (Class A), and Andersons, Inc. Given the continued strength in employment trends and average hourly earnings, we would expect consumer spending and the economy to hold steady even in a rising interest rate environment with elevated inflation. We believe that our Fund is well positioned given the potential for moderately slower economic growth.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund invests in small-capitalization and medium-capitalization companies, which may have limited liquidity and greater price volatility than large-capitalization companies. Investments in foreign securities may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Fund's formula-based strategy may cause the Fund to buy or sell securities at times when it may not be advantageous. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY CORNERSTONE GROWTH FUND
(% of Net Assets)

![](hcgf-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 4.52% |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc. | 3.48% |
| &nbsp;&nbsp;&nbsp; Alliance Resource Partners LP | 3.46% |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. | 3.11% |
| &nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | 2.86% |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 2.71% |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 2.64% |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 2.62% |
| &nbsp;&nbsp;&nbsp; EnLink Midstream LLC | 2.59% |
| &nbsp;&nbsp;&nbsp; Ranger Oil Corp. | 2.58% |

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 91.97% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 1.63%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Scholastic Corp. | 73900 | $2818546 | 1.63% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 3.10%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 151900 | 2671921 | 1.55% |
| &nbsp;&nbsp;&nbsp; Movado Group, Inc. | 81300 | 2688591 | 1.55% |
|  |  | 5360512 | 3.10% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 8.79%** |  |  |  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. (a) | 48300 | 3738420 | 2.16% |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 5500 | 2678555 | 1.55% |
| &nbsp;&nbsp;&nbsp; Ingles Markets, Inc. | 37600 | 3548312 | 2.05% |
| &nbsp;&nbsp;&nbsp; The Andersons, Inc. | 81300 | 2867451 | 1.66% |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 34500 | 2358075 | 1.37% |
|  |  | 15190813 | 8.79% |
| &nbsp;&nbsp;&nbsp; **Energy – 38.49%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. (a) | 146600 | 5374356 | 3.11% |
| &nbsp;&nbsp;&nbsp; Arch Resources, Inc. | 28100 | 4279349 | 2.48% |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (b) | 206800 | 4177360 | 2.42% |
| &nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | 48300 | 4939641 | 2.86% |
| &nbsp;&nbsp;&nbsp; EnLink Midstream LLC | 376200 | 4469256 | 2.59% |
| &nbsp;&nbsp;&nbsp; Equinor ASA – ADR (b) | 105900 | 3842052 | 2.22% |
| &nbsp;&nbsp;&nbsp; Imperial Oil Ltd. (b) | 73200 | 3987936 | 2.31% |
| &nbsp;&nbsp;&nbsp; Laredo Petroleum, Inc. (a) | 46200 | 2986830 | 1.73% |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 41300 | 4692506 | 2.71% |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd. (a)(b) | 25200 | 4385556 | 2.54% |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. (a) | 218800 | 3061012 | 1.77% |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A (a) | 176500 | 7810125 | 4.52% |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. (a) | 189500 | 4529050 | 2.62% |
| &nbsp;&nbsp;&nbsp; Ranger Oil Corp. | 109100 | 4462190 | 2.58% |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 51200 | 3500544 | 2.03% |
|  |  | 66497763 | 38.49% |
| &nbsp;&nbsp;&nbsp; **Financials – 7.75%** |  |  |  |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 51500 | 2935500 | 1.70% |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. (a) | 44400 | 2260848 | 1.31% |
| &nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc. (a) | 62000 | 2448380 | 1.42% |

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | 120800 | $2803768 | 1.62% |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 27900 | 2934801 | 1.70% |
|  |  | 13383297 | 7.75% |
| &nbsp;&nbsp;&nbsp; **Health Care – 7.60%** |  |  |  |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 31100 | 2945170 | 1.70% |
| &nbsp;&nbsp;&nbsp; Elevance Health Inc. | 7100 | 3882067 | 2.25% |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 11700 | 4555629 | 2.64% |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. (a) | 39500 | 1752220 | 1.01% |
|  |  | 13135086 | 7.60% |
| &nbsp;&nbsp;&nbsp; **Industrials – 14.68%** |  |  |  |
| &nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc. (a) | 37100 | 2614066 | 1.51% |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 38500 | 2570645 | 1.49% |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a) | 44300 | 2731538 | 1.58% |
| &nbsp;&nbsp;&nbsp; Daseke, Inc. (a) | 279600 | 1666416 | 0.96% |
| &nbsp;&nbsp;&nbsp; Eagle Bulk Shipping, Inc. (b) | 58800 | 2844744 | 1.65% |
| &nbsp;&nbsp;&nbsp; Grindrod Shipping Holdings Ltd. (b) | 141300 | 3652605 | 2.11% |
| &nbsp;&nbsp;&nbsp; Titan International, Inc. (a) | 284100 | 4250136 | 2.46% |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc. (a) | 133400 | 1207270 | 0.70% |
| &nbsp;&nbsp;&nbsp; Univar, Inc. (a) | 108500 | 2764580 | 1.60% |
| &nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services Ltd. (b) | 45500 | 1068795 | 0.62% |
|  |  | 25370795 | 14.68% |
| &nbsp;&nbsp;&nbsp; **Materials – 9.93%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 40700 | 1588521 | 0.92% |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc. | 35600 | 6011060 | 3.48% |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 42900 | 3152292 | 1.83% |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 86500 | 3935750 | 2.28% |
| &nbsp;&nbsp;&nbsp; Sasol Ltd. – ADR (b) | 146200 | 2460546 | 1.42% |
|  |  | 17148169 | 9.93% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $149,471,600) |  | 158904981 | 91.97% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PARTNERSHIPS & TRUSTS – 5.80% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Energy – 5.80%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Alliance Resource Partners LP | 246400 | $5982592 | 3.46% |
| &nbsp;&nbsp;&nbsp; Energy Transfer Equity LP | 316300 | 4039151 | 2.34% |
| &nbsp;&nbsp;&nbsp; **Total Partnerships & Trusts** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,587,257) |  | 10021743 | 5.80% |
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 2.26% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 2.26%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (c) | 3904581 | 3904581 | 2.26% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,904,581) |  | 3904581 | 2.26% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $159,963,438) – 100.03% |  | 172831305 | 100.03% |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets – (0.03)% |  | (60667) | (0.03)% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $172770638 | 100.00% |

---

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

(a) Non-income-producing security.

(b) U.S.-traded security of a foreign corporation.

(c) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $2818546 | $— | $— | $2818546 |
| Consumer Discretionary | 5360512 |  |  | 5360512 |
| Consumer Staples | 15190813 |  |  | 15190813 |
| Energy | 66497763 |  |  | 66497763 |
| Financials | 13383297 |  |  | 13383297 |
| Health Care | 13135086 |  |  | 13135086 |
| Industrials | 25370795 |  |  | 25370795 |
| Materials | 17148169 |  |  | 17148169 |
| **Total Common Stocks** | $158904981 | $— | $— | $158904981 |
| **Partnerships & Trusts** |  |  |  |  |
| Energy | $10021743 | $— | $— | $10021743 |
| **Total Partnerships & Trusts** | $10021743 | $— | $— | $10021743 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $3904581 | $— | $— | $3904581 |
| **Total Short-Term Investments** | $3904581 | $— | $— | $3904581 |
| **Total Investments** | $172831305 | $— | $— | $172831305 |

---

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $159,963,438) | $172831305 |
| Dividends and interest receivable | 58114 |
| Receivable for fund shares sold | 19745 |
| Return of capital receivable | 60243 |
| Prepaid expenses and other assets | 28362 |
| &nbsp;&nbsp;&nbsp; Total assets | 172997769 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 20133 |
| Payable to advisor | 100275 |
| Payable to administrator | 32019 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 19604 |
| Accrued service fees | 12203 |
| Accrued trustees fees | 6152 |
| Accrued expenses and other payables | 13996 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 227131 |
| **NET ASSETS** | $172770638 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $156245939 |
| Total distributable earnings | 16524699 |
| &nbsp;&nbsp;&nbsp; Total net assets | $172770638 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $154248000 |
| Shares issued and outstanding | 6407389 |
| Net asset value, offering price, and redemption price per share | $24.07 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $18522638 |
| Shares issued and outstanding | 735917 |
| Net asset value, offering price, and redemption price per share | $25.17 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Distributions received from master limited partnerships | $293568 |
| Return of capital on distributions received | (293568) |
| Dividend income from common stock<sup>(1)</sup> | 3887533 |
| Interest income | 36687 |
| &nbsp;&nbsp;&nbsp; Total investment income | 3924220 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 1197953 |
| Distribution fees – Investor Class (See Note 5) | 217930 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 191867 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 10384 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 191675 |
| Service fees – Investor Class (See Note 5) | 145286 |
| Federal and state registration fees | 32636 |
| Compliance expense (See Note 5) | 24516 |
| Audit fees | 22743 |
| Trustees' fees and expenses | 19923 |
| Reports to shareholders | 15534 |
| Legal fees | 2732 |
| Interest expense (See Note 7) | 2514 |
| Other expenses | 27523 |
| &nbsp;&nbsp;&nbsp; Total expenses | 2103216 |
| **NET INVESTMENT INCOME** | $1821004 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $4008127 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (4443482) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (435355) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1385649 |

---

<sup>(1)</sup> Net of foreign taxes withheld and issuance fees of $312,074.

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1821004 | $(785532) |
| Net realized gain on investments | 4008127 | 41914519 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (4443482) | 18604616 |
| Net increase in net assets resulting from operations | 1385649 | 59733603 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (33524164) |  |
| Distributable earnings – Institutional Class | (3505908) |  |
| Total distributions | (37030072) |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 21825715 | 7853848 |
| Proceeds from shares subscribed – Institutional Class | 21704478 | 1438342 |
| Dividends reinvested – Investor Class | 32429645 |  |
| Dividends reinvested – Institutional Class | 3066398 |  |
| Cost of shares redeemed – Investor Class | (21756715) | (20954269) |
| Cost of shares redeemed – Institutional Class | (16595253) | (2945640) |
| Net increase (decrease) in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | 40674268 | (14607719) |
| **TOTAL INCREASE IN NET ASSETS** | 5029845 | 45125884 |
| **NET ASSETS:** |  |  |
| Beginning of year | 167740793 | 122614909 |
| End of year | $172770638 | $167740793 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 919385 | 276838 |
| Shares sold – Institutional Class | 849055 | 49401 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 1319351 |  |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 119641 |  |
| Shares redeemed – Investor Class | (925080) | (755784) |
| Shares redeemed – Institutional Class | (740429) | (105327) |
| Net increase (decrease) in shares outstanding | 1541923 | (534872) |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $29.83 | $19.91 | $19.15 | $22.17 | $24.16 |
| 0.26<br><sup>(1)</sup>  | (0.14)<sup>(1)</sup> | (0.08)<sup>(1)</sup> | (0.01)<sup>(1)</sup> | (0.17) |
| 0.62 | 10.06 | 0.84 | (1.19) | (1.82) |
| 0.88 | 9.92 | 0.76 | (1.20) | (1.99) |
| (6.64) |  |  | (1.82) |  |
| (6.64) |  |  | (1.82) |  |
| $24.07 | $29.83 | $19.91 | $19.15 | $22.17 |
| 2.51% | 49.82% | 3.97% | -5.19% | -8.24% |
| $154.25 | $151.96 | $110.96 | $125.10 | $158.98 |
| 1.33% | 1.34% | 1.36% | 1.34% | 1.30% |
| 1.10% | (0.51)% | (0.45)% | (0.07)% | (0.56)% |
| 102% | 98% | 98% | 95% | 133% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $31.09 | $20.68 | $19.83 | $22.88 | $24.85 |
| 0.34<br><sup>(1)</sup>  | (0.05)<sup>(1)</sup> | (0.03)<sup>(1)</sup> | 0.05<br><sup>(1)</sup>  | 0.11 |
| 0.67 | 10.46 | 0.88 | (1.22) | (2.08) |
| 1.01 | 10.41 | 0.85 | (1.17) | (1.97) |
| (6.93) |  |  | (1.88) |  |
| (6.93) |  |  | (1.88) |  |
| $25.17 | $31.09 | $20.68 | $19.83 | $22.88 |
| 2.84% | 50.34% | 4.29% | -4.86% | -7.93% |
| $18.52 | $15.78 | $11.65 | $14.62 | $20.52 |
| 1.01% | 1.01% | 1.05% | 1.01% | 0.96% |
| 1.38% | (0.17)% | (0.14)% | 0.27% | (0.23)% |
| 102% | 98% | 98% | 95% | 133% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Cornerstone Growth Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term growth of capital. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(1181652) | $1181652 |

---

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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 the Fund's investments in master limited partnerships ("MLPs") generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses 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 Fund. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | |
|:---|:---|
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

---

#### 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 (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:

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| |
|:---|
| *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 Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security's fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer

HENNESSY FUNDS 1-800-966-4354

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represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $166,059,146 and $162,217,964, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the Statement of Operations.

HENNESSY FUNDS 1-800-966-4354

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#### 6). GUARANTEES AND INDEMNIFICATIONS
Under the Hennessy Funds' organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $58,701 and 4.22%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $3,565,000. As October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $161148951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $28530051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (16847697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $11682354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $829382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 4012963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $4842345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $16524699 |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales and partnership adjustments.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 37030072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $37030072 | $— |

---

<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 0.55021 <br> Institutional Class 0.57544

HENNESSY FUNDS 1-800-966-4354

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### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Cornerstone Growth Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Cornerstone Growth Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker4-signature.jpg)  |
| **TAIT, WELLER & BAKER LLP** |

---

Philadelphia, Pennsylvania

December 22, 2022

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |

---

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| **Officers** |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |
| 56 |  | since 1989 and currently serves as its President, Chief |
| *Executive Vice President* |  | Operating Officer, and Secretary. |
| *and Treasurer* |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |
| *Executive Vice President'* |  |  |
| *and Secretary* |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |
| 50 |  | since December 2013 and currently serves as its Chief |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |
| *and Head of Distribution* |  |  |

---

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1045.20 | $6.86 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.50 | $6.77 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1047.00 | $5.26 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.06 | $5.19 |

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<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.33% for Investor Class shares or 1.02% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 0.00%.

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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has historically
 been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during both normal and reasonably
 foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for responding to a
 highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to determine the
 liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was operating as
 intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income, and date of
 birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and other
 financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)<br>

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

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![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY FOCUS FUND

*Investor Class* **HFCSX**

*Institutional Class* **HFCIX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** <br> ![](hf-investuncomplogo.jpg)

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(This Page Intentionally Left Blank.)

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### Contents

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| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Trustees and Officers of the Fund | 29 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 34 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 35 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

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| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

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#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Focus Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HFCSX) | -25.55% | 5.23% | &nbsp;&nbsp;&nbsp;&nbsp;9.73% |
| &nbsp;&nbsp;&nbsp; Hennessy Focus Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HFCIX) | -25.27% | 5.62% | 10.12% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | -16.52% | 9.87% | 12.46% |
| &nbsp;&nbsp;&nbsp; Russell Mid Cap<sup>®</sup> Growth Index | -28.94% | 8.66% | 11.95% |

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Expense ratios: 1.49% (Investor Class); 1.12% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell 3000<sup>®</sup> Index comprises the 3,000 largest U.S. companies based on market capitalization, representing approximately 96% of the investable U.S. equity market. The Russell Midcap<sup>®</sup> Growth Index is a subset of the Russell Midcap<sup>®</sup> Index that measures the performance of the mid-cap growth segment of the U.S. equity market. The Russell Midcap<sup>®</sup> Growth Index comprises those companies in the Russell Midcap<sup>®</sup> Index with relatively higher price-to-book ratios, higher forecasted growth values, and higher sales per share historical growth. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Brian E. Macauley, CFA, David S. Rainey, CFA, and Ira M. Rothberg, CFA

Broad Run Investment Management, LLC (sub-advisor)

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Focus Fund returned -25.55%, underperforming the Russell 3000<sup>®</sup> Index (the Fund's primary index), which returned -16.52%, but outperforming the Russell Midcap<sup>®</sup> Growth Index, which returned -28.94%, for the same period.

Leading contributors to the Fund's performance were O'Reilly Automotive, Inc., Shenandoah Telecommunications Company, and Marlin Business Services Corp. The Fund no longer holds shares of Marlin Business Services Corp. as the company was acquired by a private equity firm in January 2022. Leadings detractors from the Fund's performance were CarMax, Inc., Brookfield Asset Management, Inc., and RH.

With the exception of Marlin Business Services Corp., the Fund continues to hold all the companies mentioned.

#### Portfolio Strategy:
We invest with a long-term time horizon and encourage shareholders to do the same. Despite the discussion of one-year results referenced above, we encourage fellow shareholders to also evaluate the Fund's performance over five-year and ten-year periods, since shorter periods can be influenced by many transitory issues unrelated to the growth in the intrinsic value of the Fund's holdings.

#### Investment Commentary:
The macroeconomic environment continues to be challenging. Persistent high inflation, rising interest rates, hawkish comments from the Federal Reserve, a rapidly strengthening dollar, and growing signs of economic slowdown contributed to a year of negative market performance.

Earnings growth for the Russell 3000<sup>®</sup> Index is still forecast to be a positive mid-single digit rate over 2022 and 2023, but this is down from a high-single digit rate forecast at the beginning of this calendar year.

In our portfolio, we forecast a low-single digit annualized earnings growth rate over 2022 and 2023, which is down from our original expectation of a low-double digit growth rate. Against this backdrop, we have seen a significant decline in portfolio price year-to-date. Our portfolio now trades at 13x our 2023 earnings estimates (versus 16x for the Russell 3000<sup>®</sup> Index), the lowest multiple since 2011.

Looking below the portfolio's surface, most businesses we own continue to experience good business trends with growing revenue and profits. It is the businesses we own with more cyclical exposure (most notably, about 17% of assets are in housing and big-ticket consumer discretionary markets) that have had their stocks hit the hardest. Many of these businesses are now down 40-50%-plus in calendar 2022, and are trading at high-single

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digit and low-double digit multiples of our earnings estimates compared to more normal high teens multiples. At these prices, we think the market has already discounted a recession – and corresponding negative earnings revisions – into these stocks.

Recession or not, we do not think it will matter much to our portfolio in the fullness of time. Near-term earnings results are but a small part of the long-term stream of future cash flows that dictate what a company should be worth. And, as we have seen in past recessions, the types of companies that we typically own – industry leaders with strong balance sheets and excellent management teams – can sometimes use a recession to create a step function increase in long-term value by taking advantage of consolidation and expansion opportunities that would not otherwise exist.

The economy and spending patterns have been highly unusual since the emergence of COVID-19, with demand fluctuating wildly across time and industry. This begs the question, how reliable are current earnings as an indicator of value? Are recent earnings reflective of enduring earnings power, or are our companies over-earning?

Overall, we do not think our businesses are over-earning. We own long-established companies with observable revenue and profit patterns often across a decade or more. We can rewind the clock to before the pandemic to get an understanding of baseline earnings, and extrapolate from there to estimate what profitability might have been today if the pandemic had not occurred. Current estimates do not depart significantly from our "COVID normalized" analysis, giving us confidence in the underlying earnings power of these businesses and their eventual stock price recovery.

We contrast this profile with those of the many speculative high-growth technology and "story" stocks that are valued based upon projections of huge margin expansion and revenue growth far in the future. While some of these businesses will achieve their promise, we suspect that most will not, and equity holders will suffer a permanent impairment of capital.

During turbulent times, we gain confidence from owning a portfolio of high-quality, well run, cash generative businesses at reasonable valuations that we believe are going to grow their earnings significantly over the next five and ten years. At the beginning of 2022, an investor would have had to pay roughly 18x earnings for our portfolio of businesses, but would now pay roughly 13x. While our expectations for near-term earnings growth have diminished, our long-term outlook is largely unchanged. We view this as a very attractive investment setup.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund. The Fund invests in small-capitalization and medium-capitalization companies, which involves additional risks such as limited liquidity and greater volatility. Investments in foreign securities involve greater volatility and political, economic, and currency risk and differences in accounting methods. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

#### Earnings growth is not representative of the Fund's future performance.
**Cash flow** refers to the net amount of cash and cash equivalents transferred into and out of a company.

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY FOCUS FUND
(% of Net Assets)

<br> ![](hff-piechart.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Markel Corp. | 10.98% |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management, Inc., Class A | 10.40% |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. | 10.00% |
| &nbsp;&nbsp;&nbsp; Aon PLC | &nbsp;&nbsp;&nbsp;&nbsp;9.68% |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9.60% |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8.75% |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6.52% |
| &nbsp;&nbsp;&nbsp; Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.25% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 88.26% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 3.41%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. (a) | 1247902 | $9022332 | 1.22% |
| &nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 716737 | 16241260 | 2.19% |
|  |  | 25263592 | 3.41% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 21.35%** |  |  |  |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. (a) | 766122 | 48273347 | 6.52% |
| &nbsp;&nbsp;&nbsp; NVR, Inc. (a) | 4388 | 18595247 | 2.51% |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 77416 | 64810353 | 8.75% |
| &nbsp;&nbsp;&nbsp; Restoration Hardware Holdings, Inc. (a) | 104116 | 26438176 | 3.57% |
|  |  | 158117123 | 21.35% |
| &nbsp;&nbsp;&nbsp; **Financials – 41.14%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Aon PLC (b) | 254710 | 71698318 | 9.68% |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management, Inc., Class A (b) | 1944242 | 77011425 | 10.40% |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Reinsurance Partners Ltd. (b) | 15721 | 622473 | 0.08% |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. (a)(d) | 1454910 | 74084017 | 10.00% |
| &nbsp;&nbsp;&nbsp; Markel Corp. (a) | 67398 | 81288728 | 10.98% |
|  |  | 304704961 | 41.14% |
| &nbsp;&nbsp;&nbsp; **Industrials – 10.79%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. (a) | 1000 | 75050 | 0.01% |
| &nbsp;&nbsp;&nbsp; American Woodmark Corp. (a) | 691441 | 31356849 | 4.24% |
| &nbsp;&nbsp;&nbsp; Ashtead Group PLC (b) | 860196 | 44884595 | 6.06% |
| &nbsp;&nbsp;&nbsp; Mistras Group, Inc. (a) | 778984 | 3583327 | 0.48% |
|  |  | 79899821 | 10.79% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 11.57%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1000 | 88290 | 0.01% |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 182239 | 31492721 | 4.25% |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 38460 | 15567839 | 2.10% |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 749303 | 38529160 | 5.21% |
|  |  | 85678010 | 11.57% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $294,777,048) |  | 653663507 | 88.26% |
| &nbsp;&nbsp;&nbsp; REITS – 9.60% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Real Estate – 9.60%** |  |  |  |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Class A | 343268 | 71121697 | 9.60% |
| &nbsp;&nbsp;&nbsp; **Total REITS** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $264,316) |  | 71121697 | 9.60% |

---

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 2.13% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 2.13%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (c) | 15804549 | $15804549 | 2.13% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,804,549) |  | 15804549 | 2.13% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $310,845,913) – 99.99% |  | 740589753 | 99.99% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 0.01% |  | 31648 | 0.01% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $740621401 | 100.00% |

---

Percentages are stated as a percent of net assets.

PLC – Public Limited Company

REIT – Real Estate Investment Trust

(a) Non-income-producing security.

(b) U.S.-traded security of a foreign corporation.

(c) The rate listed is the fund's seven-day yield as of October 31, 2022.

(d) Investment in affiliated security. Investment represents five percent or more of the outstanding voting securities of the issuer, making the issuer an affiliate of the Fund, as defined in the Investment Company
 Act of 1940, as amended. Details of transactions with affiliated companies for the year ended October 31, 2022, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value at | | Sales | Realized | Corporate |
| <u>Common Stocks</u> | November 1, 2021 | Purchases | Proceeds | Gain/Loss | Actions |
| Encore Capital Group, Inc. | $113892311 | $— | $(39916395) | $14414103 | $— |
| **Sub-total for affiliates** |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;held as of 10/31/2022<sup>(1)</sup>** | **113892311** | **—** | **(39916395)** | **14414103** | **—** |
| Marlin Business Services Corp | 22009457 |  | (12347191) | 7721670 | (10183161) |
| **Sub-total for securities** |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;no longer affiliates** |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;as of 10/31/2022<sup>(2)</sup>** | **22009457** | **—** | **(12347191)** | **7721670** | **(10183161)** |
|  | $135901768 | $— | $(52263586) | $22135773 | $(10183161) |
|  | Net Change |  |  |  |  |
|  | in Unrealized |  | Value at |  |  |
|  | Appreciation / |  | October 31, |  |  |
| <u>Common Stocks</u> | Depreciation | Dividends | 2022 | Shares |  |
| Encore Capital Group, Inc. | $(14306002) | $— | $74084017 | 1454910 |  |
| **Sub-total for affiliates** |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;held as of 10/31/2022<sup>(1)</sup>** | **(14306002)** | **—** | **74084017** | **1454910** |  |
| Marlin Business Services Corp | (7200775) | 134438 |  |  |  |
| **Sub-total for securities** |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;no longer affiliates** |  |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;as of 10/31/2022<sup>(2)</sup>** | **(7200775)** | **134438** | **—** | **—** |  |
|  | $(21506777) | $134438 | $74084017 | 1454910 |  |

---

(1) At October 31, 2022, this security represented 10.00% of the Fund's net assets.

(2) At October 31, 2022, this security was no longer an affiliate of the Fund.

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

HENNESSY FUNDS 1-800-966-4354

------

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $25263592 | $— | $— | $25263592 |
| Consumer Discretionary | 158117123 |  |  | 158117123 |
| Financials | 304704961 |  |  | 304704961 |
| Industrials | 79899821 |  |  | 79899821 |
| Information Technology | 85678010 |  |  | 85678010 |
| **Total Common Stocks** | $653663507 | $— | $— | $653663507 |
| **REITS** |  |  |  |  |
| Real Estate | $71121697 | $— | $— | $71121697 |
| **Total REITS** | $71121697 | $— | $— | $71121697 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $15804549 | $— | $— | $15804549 |
| **Total Short-Term Investments** | $15804549 | $— | $— | $15804549 |
| **Total Investments** | $740589753 | $— | $— | $740589753 |

---

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in unaffiliated securities, at value (cost $274,749,448) | $666505736 |
| Investments in affiliated securities, at value (cost $36,096,465) | 74084017 |
| Total investments in securities, at value (cost $310,845,913) | 740589753 |
| Dividends and interest receivable | 179219 |
| Receivable for fund shares sold | 396799 |
| Receivable for securities sold | 1451847 |
| Prepaid expenses and other assets | 63472 |
| &nbsp;&nbsp;&nbsp; Total assets | 742681090 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 1133622 |
| Payable to advisor | 546817 |
| Payable to administrator | 146252 |
| Payable to auditor | 22744 |
| Accrued distribution fees | 78028 |
| Accrued service fees | 35352 |
| Accrued trustees fees | 15560 |
| Accrued expenses and other payables | 81314 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 2059689 |
| **NET ASSETS** | $740621401 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $230773745 |
| Total distributable earnings | 509847656 |
| &nbsp;&nbsp;&nbsp; Total net assets | $740621401 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $431667610 |
| Shares issued and outstanding | 8444828 |
| Net asset value, offering price, and redemption price per share | $51.12 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $308953791 |
| Shares issued and outstanding | 5792598 |
| Net asset value, offering price, and redemption price per share | $53.34 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income from unaffiliated securities<sup>(1)</sup> | $5464602 |
| Dividend income from affiliated securities | 134438 |
| Interest income | 124356 |
| &nbsp;&nbsp;&nbsp; Total investment income | 5723396 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 8586390 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 1194214 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 327115 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 1068471 |
| Distribution fees – Investor Class (See Note 5) | 834666 |
| Service fees – Investor Class (See Note 5) | 556444 |
| Federal and state registration fees | 55206 |
| Reports to shareholders | 53911 |
| Trustees' fees and expenses | 44654 |
| Compliance expense (See Note 5) | 24507 |
| Audit fees | 22743 |
| Legal fees | 16017 |
| Other expenses | 152172 |
| &nbsp;&nbsp;&nbsp; Total expenses | 12936510 |
| **NET INVESTMENT LOSS** | $(7213114) |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments: |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | $84985334 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 22135773 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | (355494316) |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (21506777) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (269879986) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(277093100) |

---

<sup>(1)</sup> Net of foreign taxes withheld of $169,166.

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment loss | $(7213114) | $(8433350) |
| Net realized gain on investments | 107121107 | 223830997 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (377001093) | 262240110 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (277093100) | 477637757 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (102832917) | (202897649) |
| Distributable earnings – Institutional Class | (74423824) | (111878455) |
| Total distributions | (177256741) | (314776104) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 13194104 | 38949266 |
| Proceeds from shares subscribed – Institutional Class | 64242530 | 214555313 |
| Dividends reinvested – Investor Class | 100142196 | 198099143 |
| Dividends reinvested – Institutional Class | 68169964 | 100565261 |
| Cost of shares redeemed – Investor Class | (125473751) | (305916863) |
| Cost of shares redeemed – Institutional Class | (133218468) | (267470520) |
| Net decrease in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (12943425) | (21218400) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (467293266) | 141643253 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1207914667 | 1066271414 |
| End of year | $740621401 | $1207914667 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 208254 | 541194 |
| Shares sold – Institutional Class | 993681 | 2870484 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 1451336 | 3250724 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 950104 | 1592734 |
| Shares redeemed – Investor Class | (2029388) | (4446090) |
| Shares redeemed – Institutional Class | (2110055) | (3724618) |
| Net increase (decrease) in shares outstanding | (536068) | 84428 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment loss

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment loss to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $80.48 | $71.68 | $85.11 | $83.20 | $84.92 |
| (0.56)<sup>(1)</sup> | (0.63)<sup>(1)</sup> | (0.66)<sup>(1)</sup> | (0.52)<sup>(1)</sup> | (0.86) |
| (16.93) | 31.46 | (4.21) | 16.90 | (0.85) |
| (17.49) | 30.83 | (4.87) | 16.38 | (1.71) |
| (11.87) | (22.03) | (8.56) | (14.47) | (0.01) |
| (11.87) | (22.03) | (8.56) | (14.47) | (0.01) |
| $51.12 | $80.48 | $71.68 | $85.11 | $83.20 |
| -25.55% | 52.87% | -6.79% | 24.16% | -2.02% |
| $431.67 | $709.40 | $678.72 | $1213.20 | $1339.45 |
| 1.52% | 1.49% | 1.51% | 1.47% | 1.47% |
| (0.92)% | (0.88)% | (0.88)% | (0.67)% | (0.72)% |
| 5% | 4% | 5% | 2% | 13% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment loss

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment loss to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $83.66 | $74.24 | $87.83 | $85.66 | $87.10 |
| (0.34)<sup>(1)</sup> | (0.37)<sup>(1)</sup> | (0.39)<sup>(1)</sup> | (0.25)<sup>(1)</sup> | (0.28) |
| (17.63) | 32.62 | (4.36) | 17.41 | (1.15) |
| (17.97) | 32.25 | (4.75) | 17.16 | (1.43) |
| (12.35) | (22.83) | (8.84) | (14.99) | (0.01) |
| (12.35) | (22.83) | (8.84) | (14.99) | (0.01) |
| $53.34 | $83.66 | $74.24 | $87.83 | $85.66 |
| -25.27% | 53.43% | -6.45% | 24.59% | -1.65% |
| $308.95 | $498.51 | $387.55 | $586.25 | $811.96 |
| 1.13% | 1.12% | 1.14% | 1.12% | 1.09% |
| (0.53)% | (0.50)% | (0.51)% | (0.32)% | (0.34)% |
| 5% | 4% | 5% | 2% | 13% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Focus Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is capital appreciation. The Fund is a non-diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(11368006) | $11368006 |

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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 the Fund's investments in master limited partnerships ("MLPs") generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses 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 Fund. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |

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HENNESSY FUNDS 1-800-966-4354

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| | |
|:---|:---|
| i). | Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Fund does 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 with the 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). | 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 the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the 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 the Fund's receipt of cash in excess of the REIT's earnings. If the 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 the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction. |
| k). | Partnership Accounting Policy – To the extent the 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. |
| l). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| m). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding |

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WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5.

#### 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:

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

---

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

---

| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, 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 Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending |

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HENNESSY FUNDS 1-800-966-4354

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| |
|:---|
| 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. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $47,097,396 and $227,093,692, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.90%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, Broad Run Investment Management, LLC. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During fiscal year 2022, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.29% of the daily net assets of the Fund.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the brokers, dealers, and

HENNESSY FUNDS 1-800-966-4354

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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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund did not have any borrowings outstanding under the line of credit.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

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| | |
|:---|:---|
|  | Investments |
| Cost of investments for tax purposes | $310845913 |
| Gross tax unrealized appreciation | $447244293 |
| Gross tax unrealized depreciation | (17500453) |
| Net tax unrealized appreciation/(depreciation) | $429743840 |
| Undistributed ordinary income | $— |
| Undistributed long-term capital gains | 94218241 |
| Total distributable earnings | $94218241 |
| Other accumulated gain/(loss) | $(14114425) |
| Total accumulated gain/(loss) | $509847656 |

---

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, the Fund deferred, on a tax basis, a late-year ordinary loss of $14,114,425. Late-year ordinary losses are net ordinary losses incurred after December 31, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| Ordinary income<sup>(1)</sup> | $— | $— |
| Long-term capital gains | 177256741 | 314776104 |
| Total distributions | $177256741 | $314776104 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 6.84360 <br> Institutional Class 7.14363

HENNESSY FUNDS 1-800-966-4354

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### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Focus Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Focus Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

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HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| **Officers** |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |
| 56 |  | since 1989 and currently serves as its President, Chief |
| *Executive Vice President* |  | Operating Officer, and Secretary. |
| *and Treasurer* |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |
| *Executive Vice President'* |  |  |
| *and Secretary* |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |
| 50 |  | since December 2013 and currently serves as its Chief |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |
| *and Head of Distribution* |  |  |

---

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $897.50 | $7.17 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.64 | $7.63 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $899.00 | $5.46 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.46 | $5.80 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.50% for Investor Class shares or 1.14% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 0.00%.

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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has
 historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during both normal
 and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for responding to a
 highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to determine the
 liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was operating as
 intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income, and date
 of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and other
 financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY CORNERSTONE MID CAP 30 FUND

*Investor Class* **HFMDX**

*Institutional Class* **HIMDX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** <br> ![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Trustees and Officers of the Fund | 29 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 34 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 35 |

---

HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Mid Cap 30 Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HFMDX) | &nbsp;&nbsp;&nbsp;&nbsp;7.12% | &nbsp;&nbsp;&nbsp;&nbsp;9.29% | 11.34% |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Mid Cap 30 Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HIMDX) | &nbsp;&nbsp;&nbsp;&nbsp;7.52% | &nbsp;&nbsp;&nbsp;&nbsp;9.68% | 11.72% |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Index | -17.17% | &nbsp;&nbsp;&nbsp;&nbsp;7.95% | 11.36% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |

---

Expense ratios: 1.36% (Investor Class); 0.99% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell Midcap<sup>®</sup> Index is a subset of the Russell 1000<sup>®</sup> Index that measures the performance of the mid-cap segment of the U.S. equity market. The Russell Midcap<sup>®</sup> Index comprises approximately 800 of the smallest securities in the Russell 1000<sup>®</sup> Index, representing approximately 27% of the total market capitalization of the Russell 1000<sup>®</sup> Index. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Cornerstone Mid Cap 30 Fund returned 7.12%, outperforming both the Russell Midcap<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index, which returned -17.17% and -14.61%, respectively, for the same period.

The Fund's outperformance relative to its primary benchmark resulted primarily from stock selection within the Energy, Health Care, and Materials sectors. The largest contributors to performance within each of these sectors during the period were Peabody Energy Corporation, AdaptHealth Corporation, and Commercial Metals Corporation. Offsetting these gains were losses in holdings in the Consumer Discretionary, Financials, and Consumer Staples sectors. The largest detractors from performance during the period within each of these sectors were Bed Bath & Beyond, Inc., First American Financial Corporation, and Spectrum Brands Holdings, Inc.

After the Fund's recent annual rebalance and through October 31, 2022, the Fund continues to own Peabody Energy Corporation, AdaptHealth Corporation, and Commercial Metals Corporation.

#### Portfolio Strategy:
The Fund utilizes a formula-based approach designed to construct a concentrated portfolio of attractively valued, growing mid-cap companies whose stock prices are exhibiting strong price momentum. In essence, the strategy seeks to combine elements of both value and momentum investing by selecting 30 stocks that have relatively low price-to-sales ratios, have generated increased earnings over the past year, and have positive stock price appreciation over the past three-month, six-month, and one-year periods.

#### Investment Commentary:
Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive. We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. While the Federal Reserve has raised rates several times throughout this calendar year, we believe that the prospect of slower economic growth may dampen inflationary pressures. With this possibility comes the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. With the unemployment rate near record lows, high levels of cash on the balance sheets of U.S. companies, and the prospect of a more dovish Federal Reserve in 2023, we remain bullish on equities long-term.

At the end of the fiscal year and after the Fund's recent annual rebalance, sectors in which the Fund currently maintains significant overweight positions include Energy, Consumer Discretionary, and Materials. Representative holdings within the Energy sector

HENNESSY FUNDS 1-800-966-4354

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include PBF Energy, Inc. (Class A), W&T Offshore, Inc., and CVR Energy, Inc. Continued high prices of oil, natural gas, and other resources should continue to drive investor returns for many of the holdings within the Energy sector. Consumer Discretionary exposure includes Visteon Corporation, Academy Sports & Outdoors, Inc., and Dick's Sporting Goods, Inc. Given the continued strength in employment trends and average hourly earnings, we would expect consumer spending and the economy to hold steady even in a rising interest rate environment with elevated inflation. Materials exposure includes Commercial Metals Corporation, Graphic Packaging Holding Corporation, and ATI, Inc. We believe that the Fund is well positioned given the potential for moderately slower economic growth.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund invests in small-capitalization and medium-capitalization companies, which may have limited liquidity and greater price volatility than large-capitalization companies. The Fund's formula-based strategy may cause the Fund to buy or sell securities at times when it may not be advantageous. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY CORNERSTONE MID CAP 30 FUND
(% of Net Assets)

![](hcmc30f-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 4.01% |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp. | 3.89% |
| &nbsp;&nbsp;&nbsp; Unum Group | 3.68% |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 3.64% |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc. | 3.58% |
| &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 3.57% |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 3.44% |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 3.43% |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 3.38% |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 3.32% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 94.46% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 21.56%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 283100 | $12464893 | 3.20% |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. (a) | 97700 | 10386487 | 2.67% |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 113100 | 12866256 | 3.30% |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 42500 | 13366675 | 3.43% |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 102900 | 11485698 | 2.95% |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. | 219500 | 10261625 | 2.63% |
| &nbsp;&nbsp;&nbsp; Visteon Corp. (a) | 100800 | 13151376 | 3.38% |
|  |  | 83983010 | 21.56% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 9.85%** |  |  |  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. (a) | 165900 | 12840660 | 3.30% |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 222900 | 12596079 | 3.23% |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 55600 | 12938676 | 3.32% |
|  |  | 38375415 | 9.85% |
| &nbsp;&nbsp;&nbsp; **Energy – 23.05%** |  |  |  |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc. | 357300 | 13956138 | 3.58% |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 424100 | 12578806 | 3.23% |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc. (a) | 337600 | 9753264 | 2.50% |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A (a) | 352634 | 15604054 | 4.01% |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. (a) | 487600 | 11653640 | 2.99% |
| &nbsp;&nbsp;&nbsp; Plains GP Holdings LP, Class A | 985700 | 12360678 | 3.17% |
| &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. (a) | 1834000 | 13920060 | 3.57% |
|  |  | 89826640 | 23.05% |
| &nbsp;&nbsp;&nbsp; **Financials – 3.68%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Unum Group | 314300 | 14328937 | 3.68% |
| &nbsp;&nbsp;&nbsp; **Health Care – 3.89%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp. (a) | 664900 | 15159720 | 3.89% |
| &nbsp;&nbsp;&nbsp; **Industrials – 16.56%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. (a) | 101300 | 12405198 | 3.18% |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. (a) | 107000 | 12645260 | 3.25% |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 100600 | 14194660 | 3.64% |
| &nbsp;&nbsp;&nbsp; Encore Wire Corp. | 90800 | 12493172 | 3.21% |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. (a) | 92800 | 12785056 | 3.28% |
|  |  | 64523346 | 16.56% |

---

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Information Technology – 3.28%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a) | 183400 | $12762806 | 3.28% |
| &nbsp;&nbsp;&nbsp; **Materials – 12.59%** |  |  |  |
| &nbsp;&nbsp;&nbsp; ATI, Inc. (a) | 393800 | 11719488 | 3.01% |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 294400 | 13395200 | 3.44% |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 533000 | 12237680 | 3.14% |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 188600 | 11708288 | 3.00% |
|  |  | 49060656 | 12.59% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $331,754,351) |  | 368020530 | 94.46% |
| &nbsp;&nbsp;&nbsp; PARTNERSHIPS & TRUSTS – 3.18% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Energy – 3.18%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | 1036100 | 12402117 | 3.18% |
| &nbsp;&nbsp;&nbsp; **Total Partnerships & Trusts** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,138,592) |  | 12402117 | 3.18% |
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 2.13% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 2.13%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (b) | 8302627 | 8302627 | 2.13% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,302,627) |  | 8302627 | 2.13% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $350,195,570) – 99.77% |  | 388725274 | 99.77% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 0.23% |  | 895222 | 0.23% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $389620496 | 100.00% |

---

Percentages are stated as a percent of net assets.

(a) Non-income-producing security.

(b) The rate listed is the fund's seven-day yield as of October 31, 2022.

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

HENNESSY FUNDS 1-800-966-4354

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#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Consumer Discretionary | $83983010 | $— | $— | $83983010 |
| Consumer Staples | 38375415 |  |  | 38375415 |
| Energy | 89826640 |  |  | 89826640 |
| Financials | 14328937 |  |  | 14328937 |
| Health Care | 15159720 |  |  | 15159720 |
| Industrials | 64523346 |  |  | 64523346 |
| Information Technology | 12762806 |  |  | 12762806 |
| Materials | 49060656 |  |  | 49060656 |
| **Total Common Stocks** | $368020530 | $— | $— | $368020530 |
| **Partnerships & Trusts** |  |  |  |  |
| Energy | $12402117 | $— | $— | $12402117 |
| **Total Partnerships & Trusts** | $12402117 | $— | $— | $12402117 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $8302627 | $— | $— | $8302627 |
| **Total Short-Term Investments** | $8302627 | $— | $— | $8302627 |
| **Total Investments** | $388725274 | $— | $— | $388725274 |

---

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $350,195,570) | $388725274 |
| Dividends and interest receivable | 376802 |
| Receivable for fund shares sold | 709112 |
| Return of capital receivable | 439742 |
| Prepaid expenses and other assets | 30822 |
| &nbsp;&nbsp;&nbsp; Total assets | 390281752 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 242669 |
| Payable to advisor | 228156 |
| Payable to administrator | 70979 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 30212 |
| Accrued service fees | 17141 |
| Accrued trustees fees | 8164 |
| Accrued expenses and other payables | 41186 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 661256 |
| **NET ASSETS** | $389620496 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $288704651 |
| Total distributable earnings | 100915845 |
| &nbsp;&nbsp;&nbsp; Total net assets | $389620496 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $214996177 |
| Shares issued and outstanding | 10320377 |
| Net asset value, offering price, and redemption price per share | $20.83 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $174624319 |
| Shares issued and outstanding | 7996169 |
| Net asset value, offering price, and redemption price per share | $21.84 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Distributions received from master limited partnerships | $995060 |
| Return of capital on distributions received | (995060) |
| Dividend income from common stock | 8145662 |
| Interest income | 70836 |
| &nbsp;&nbsp;&nbsp; Total investment income | 8216498 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 2779195 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 412030 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 150373 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 429912 |
| Distribution fees – Investor Class (See Note 5) | 314642 |
| Service fees – Investor Class (See Note 5) | 209761 |
| Federal and state registration fees | 35080 |
| Reports to shareholders | 30626 |
| Trustees' fees and expenses | 25308 |
| Compliance expense (See Note 5) | 24516 |
| Audit fees | 22743 |
| Legal fees | 6261 |
| Other expenses | 57356 |
| &nbsp;&nbsp;&nbsp; Total expenses | 4497803 |
| **NET INVESTMENT INCOME** | $3718695 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $112575778 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (90874972) |
| &nbsp;&nbsp;&nbsp; Net gain on investments | 21700806 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $25419501 |

---

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $3718695 | $(2309361) |
| Net realized gain on investments | 112575778 | 20131190 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (90874972) | 130334890 |
| Net increase in net assets resulting from operations | 25419501 | 148156719 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (3694691) |  |
| Distributable earnings – Institutional Class | (2816027) |  |
| Total distributions | (6510718) |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 15003867 | 27799744 |
| Proceeds from shares subscribed – Institutional Class | 31051642 | 11595887 |
| Dividends reinvested – Investor Class | 3639869 |  |
| Dividends reinvested – Institutional Class | 2742901 |  |
| Cost of shares redeemed – Investor Class | (33887466) | (81876744) |
| Cost of shares redeemed – Institutional Class | (36606351) | (41705014) |
| Net decrease in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (18055538) | (84186127) |
| **TOTAL INCREASE IN NET ASSETS** | 853245 | 63970592 |
| **NET ASSETS:** |  |  |
| Beginning of year | 388767251 | 324796659 |
| End of year | $389620496 | $388767251 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 762770 | 1537236 |
| Shares sold – Institutional Class | 1496059 | 580302 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 184671 |  |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 133150 |  |
| Shares redeemed – Investor Class | (1726740) | (4659617) |
| Shares redeemed – Institutional Class | (1822025) | (2247525) |
| Net decrease in shares outstanding | (972115) | (4789604) |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $19.78 | $13.27 | $12.01 | $16.87 | $22.46 |
| 0.17<br><sup>(1)</sup>  | (0.14)<sup>(1)</sup> | (0.03)<sup>(1)</sup> | (0.02)<sup>(1)</sup> | (0.06) |
| 1.22 | 6.65 | 1.29 | (0.34) | (1.87) |
| 1.39 | 6.51 | 1.26 | (0.36) | (1.93) |
| (0.34) |  |  |  |  |
|  |  |  | (4.50) | (3.66) |
| (0.34) |  |  | (4.50) | (3.66) |
| $20.83 | $19.78 | $13.27 | $12.01 | $16.87 |
| 7.12% | 49.06% | 10.49% | -1.22% | -10.54% |
| $215.00 | $219.58 | $188.71 | $206.11 | $338.39 |
| 1.35% | 1.36% | 1.37% | 1.36% | 1.31% |
| 0.84% | (0.74)% | (0.27)% | (0.15)% | (0.47)% |
| 176% | 0% | 94% | 70% | 181% |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Amount is between $(0.005) and $0.005.

<sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $20.66 | $13.81 | $12.46 | $17.38 | $23.07 |
| 0.24<br><sup>(1)</sup>  | (0.07)<sup>(1)</sup> | 0.01<br><sup>(1)</sup>  | 0.03<br><sup>(1)</sup>  | (0.00)<sup>(2)</sup> |
| 1.29 | 6.92 | 1.34 | (0.36) | (1.92) |
| 1.53 | 6.85 | 1.35 | (0.33) | (1.92) |
| (0.35) |  |  |  |  |
|  |  |  | (4.59) | (3.77) |
| (0.35) |  |  | (4.59) | (3.77) |
| $21.84 | $20.66 | $13.81 | $12.46 | $17.38 |
| 7.52% | 49.60% | 10.83% | -0.84% | -10.22% |
| $174.62 | $169.19 | $136.09 | $168.79 | $329.30 |
| 1.00% | 0.99% | 1.01% | 1.00% | 0.95% |
| 1.18% | (0.38)% | 0.09% | 0.20% | (0.12)% |
| 176% | 0% | 94% | 70% | 181% |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Cornerstone Mid Cap 30 Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term growth of capital. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

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| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(14078053) | $14078053 |

---

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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 the Fund's investments in master limited partnerships ("MLPs") generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses 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 Fund. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |

---

HENNESSY FUNDS 1-800-966-4354

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| | |
|:---|:---|
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

---

#### 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 (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:

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred 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. |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security's fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity

HENNESSY FUNDS 1-800-966-4354

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Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $645,026,906 and $662,289,667, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund did not have any borrowings outstanding under the line of credit.

HENNESSY FUNDS 1-800-966-4354

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#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| Cost of investments for tax purposes | $350134418 |
| Gross tax unrealized appreciation | $46088095 |
| Gross tax unrealized depreciation | (7497239) |
| Net tax unrealized appreciation/(depreciation) | $38590856 |
| Undistributed ordinary income | $— |
| Undistributed long-term capital gains | 67483803 |
| Total distributable earnings | $67483803 |
| Other accumulated gain/(loss) | $(5158814) |
| Total accumulated gain/(loss) | $100915845 |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales and partnership adjustments.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains. During fiscal year 2022, the capital losses utilized by the Fund were $31,210,954.

Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.

As of October 31, 2022, the Fund deferred, on a tax basis, a late-year ordinary loss of $5,158,814. Late-year ordinary losses are net ordinary losses incurred after December 31, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| Ordinary income<sup>(1)</sup> | $6510718 | $— |
| Long-term capital gains |  |  |
| Total distributions | $6510718 | $— |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 3.60395 <br> Institutional Class 3.77950

HENNESSY FUNDS 1-800-966-4354

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### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Cornerstone Mid Cap 30 Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Cornerstone Mid Cap 30 Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

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HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| **Officers** |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |
| 56 |  | since 1989 and currently serves as its President, Chief |
| *Executive Vice President* |  | Operating Officer, and Secretary. |
| *and Treasurer* |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |
| *Executive Vice President'* |  |  |
| *and Secretary* |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |
| 50 |  | since December 2013 and currently serves as its Chief |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |
| *and Head of Distribution* |  |  |

---

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1053.60 | $7.04 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.35 | $6.92 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1055.60 | $5.18 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.16 | $5.09 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.36% for Investor Class shares or 1.00% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

---

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has
 historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during both
 normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for responding to a
 highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to determine
 the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was operating as
 intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income, and date
 of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and
 other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

#### <br>

HENNESSY CORNERSTONE LARGE GROWTH FUND

*Investor Class* **HFLGX**

*Institutional Class* **HILGX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br>![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Trustees and Officers of the Fund | 29 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 34 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 35 |

---

HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Large Growth Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HFLGX) | -12.76% | &nbsp;&nbsp;&nbsp;&nbsp;8.44% | 10.53% |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Large Growth Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HILGX) | -12.52% | &nbsp;&nbsp;&nbsp;&nbsp;8.74% | 10.80% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | -16.38% | 10.19% | 12.66% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |

---

Expense ratios: 1.29% (Investor Class); 1.04% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index that measures the performance of the large-cap segment of the U.S. equity market. The Russell 1000<sup>®</sup> Index comprises the 1,000 largest companies in the Russell 3000<sup>®</sup> Index based on market capitalization and current index membership, representing approximately 93% of the total market capitalization of the Russell 3000<sup>®</sup> Index. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Cornerstone Large Growth Fund returned -12.76%, outperforming both the Russell 1000<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index, which returned -16.38% and -14.61%, respectively, for the same period.

The Fund's outperformance relative to its primary benchmark resulted from stock selection in the Health Care, Consumer Staples, and Energy sectors. The largest contributors to performance within each of these sectors during the period were Cardinal Health, Inc, Kroger Corporation, and APA Corporation. The largest detractors from performance during the period were investments in the Financials, Materials, and Consumer Discretionary sectors. The largest detractors from performance within each of these sectors included Coinbase Global, Inc., Cleveland-Cliffs, Inc., and Best Buy Company, Inc.

The Fund continues to own all the companies mentioned except Kroger Corporation.

#### Portfolio Strategy:
The Fund utilizes a formula-based approach designed to result in a portfolio of attractively valued, highly profitable, larger-cap companies. In essence, the strategy seeks high-quality, high-return companies that may be overlooked by other investors by selecting 50 larger-cap stocks that have relatively low price-to-cash-flow ratios and have generated high returns on capital over the past year.

#### Investment Commentary:
Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive. We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. While the Federal Reserve has raised rates several times throughout this calendar year, we believe that the prospect of slower economic growth may dampen inflationary pressures. With this possibility comes the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. With the unemployment rate near record lows, high levels of cash on the balance sheets of U.S. companies, and the prospect of a more dovish Federal Reserve in 2023, we remain bullish on equities long-term.

Sectors where the Fund currently maintains significant overweight positions include Materials, Industrials, and Consumer Discretionary. Representative holdings within the Materials sector include Steel Dynamics, Inc., CF Industries Holdings, Inc., and Reliance Steel & Aluminum Corporation. Industrials exposure includes Northrop Grumman Corporation, Snap-On, Inc., and C.H. Robinson Worldwide, Inc. Consumer Discretionary

HENNESSY FUNDS 1-800-966-4354

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exposure includes Darden Restaurants, Inc., D.R. Horton, Inc., and Tapestry, Inc. Given the continued strength in employment trends and average hourly earnings, we would expect consumer spending and the economy to hold steady even in a rising interest rate environment with elevated inflation. We believe that the Fund is well positioned given the potential for moderately slower economic growth.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund may invest in medium-capitalization companies, which may have more limited liquidity and greater price volatility than large-capitalization companies. The Fund's formula-based strategy may cause the Fund to buy or sell securities at times when it may not be advantageous. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

**Cash flow** refers to the net amount of cash and cash equivalents transfered into and out of a company.

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY CORNERSTONE LARGE GROWTH FUND
(% of Net Assets)

![](hclgf-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 3.05% |
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc. | 3.04% |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2.96% |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 2.66% |
| &nbsp;&nbsp;&nbsp; APA Corp. | 2.65% |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 2.54% |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 2.53% |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 2.52% |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 2.43% |
| &nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum Co. | 2.42% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 98.49% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 3.20%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (a) | 13700 | $1276292 | 0.98% |
| &nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 477500 | 2884100 | 2.22% |
|  |  | 4160392 | 3.20% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 17.05%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. (a) | 58400 | 1949392 | 1.50% |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 30100 | 2059141 | 1.59% |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 22900 | 3277906 | 2.52% |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 35900 | 2759992 | 2.12% |
| &nbsp;&nbsp;&nbsp; NVR, Inc. (a) | 600 | 2542650 | 1.96% |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 63000 | 2519370 | 1.94% |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 79700 | 2524896 | 1.94% |
| &nbsp;&nbsp;&nbsp; Target Corp. | 13500 | 2217375 | 1.71% |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 18600 | 2303238 | 1.77% |
|  |  | 22153960 | 17.05% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 2.26%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 32000 | 2939200 | 2.26% |
| &nbsp;&nbsp;&nbsp; **Energy – 2.65%** |  |  |  |
| &nbsp;&nbsp;&nbsp; APA Corp. | 75700 | 3441322 | 2.65% |
| &nbsp;&nbsp;&nbsp; **Financials – 9.81%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 10000 | 3091200 | 2.38% |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 22600 | 2335032 | 1.80% |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (a) | 16100 | 1066625 | 0.82% |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 60700 | 2390366 | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 20300 | 2155048 | 1.66% |
| &nbsp;&nbsp;&nbsp; The Carlyle Group, Inc. | 60300 | 1705284 | 1.31% |
|  |  | 12743555 | 9.81% |
| &nbsp;&nbsp;&nbsp; **Health Care – 19.15%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 18800 | 2752320 | 2.12% |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 19600 | 3081512 | 2.37% |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 52200 | 3961980 | 3.05% |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 50400 | 3954384 | 3.04% |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 11200 | 2435664 | 1.87% |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 40400 | 2739120 | 2.11% |

---

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. (a) | 17700 | $2660841 | 2.05% |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. (a) | 4400 | 3294500 | 2.54% |
|  |  | 24880321 | 19.15% |
| &nbsp;&nbsp;&nbsp; **Industrials – 19.09%** |  |  |  |
| &nbsp;&nbsp;&nbsp; 3M Co. | 20200 | 2540958 | 1.95% |
| &nbsp;&nbsp;&nbsp; Avis Budget Group, Inc. (a) | 9500 | 2246370 | 1.73% |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a) | 38800 | 2392408 | 1.84% |
| &nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 28700 | 2804564 | 2.16% |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 13500 | 2922210 | 2.25% |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 28200 | 2759370 | 2.12% |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 7000 | 3843070 | 2.96% |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 14200 | 3153110 | 2.43% |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 12800 | 2147456 | 1.65% |
|  |  | 24809516 | 19.09% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 7.28%** |  |  |  |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 86500 | 2389130 | 1.84% |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 5400 | 2185812 | 1.68% |
| &nbsp;&nbsp;&nbsp; NortonLifeLock, Inc. | 115100 | 2593203 | 1.99% |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 19500 | 2294370 | 1.77% |
|  |  | 9462515 | 7.28% |
| &nbsp;&nbsp;&nbsp; **Materials – 18.00%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 35200 | 1373856 | 1.06% |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 20000 | 1922400 | 1.48% |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 30900 | 3283434 | 2.53% |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. (a) | 103700 | 1347063 | 1.03% |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 45300 | 2117322 | 1.63% |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 58600 | 1857034 | 1.43% |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 22100 | 2903498 | 2.23% |
| &nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum Co. | 15600 | 3143088 | 2.42% |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | 41700 | 1985754 | 1.53% |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 36800 | 3461040 | 2.66% |
|  |  | 23394489 | 18.00% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $136,134,630) |  | 127985270 | 98.49% |

---

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

HENNESSY FUNDS 1-800-966-4354

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS –1.53% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 1.53%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (b) | 1994491 | $1994491 | 1.53% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,994,491) |  | 1994491 | 1.53% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $138,129,121) – 100.02% |  | 129979761 | 100.02% |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets – (0.02)% |  | (27894) | (0.02)% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $129951867 | 100.00% |

---

Percentages are stated as a percent of net assets.

(a) Non-income-producing security.

(b) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $4160392 | $— | $— | $4160392 |
| Consumer Discretionary | 22153960 |  |  | 22153960 |
| Consumer Staples | 2939200 |  |  | 2939200 |
| Energy | 3441322 |  |  | 3441322 |
| Financials | 12743555 |  |  | 12743555 |
| Health Care | 24880321 |  |  | 24880321 |
| Industrials | 24809516 |  |  | 24809516 |
| Information Technology | 9462515 |  |  | 9462515 |
| Materials | 23394489 |  |  | 23394489 |
| **Total Common Stocks** | $127985270 | $— | $— | $127985270 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $1994491 | $— | $— | $1994491 |
| **Total Short-Term Investments** | $1994491 | $— | $— | $1994491 |
| **Total Investments** | $129979761 | $— | $— | $129979761 |

---

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $138,129,121) | $129979761 |
| Dividends and interest receivable | 146710 |
| Receivable for fund shares sold | 1963 |
| Prepaid expenses and other assets | 20743 |
| &nbsp;&nbsp;&nbsp; Total assets | 130149177 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 19736 |
| Payable to advisor | 77611 |
| Payable to administrator | 25680 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 17661 |
| Accrued service fees | 9296 |
| Accrued trustees fees | 6083 |
| Accrued expenses and other payables | 18494 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 197310 |
| **NET ASSETS** | $129951867 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $116238176 |
| Total distributable earnings | 13713691 |
| &nbsp;&nbsp;&nbsp; Total net assets | $129951867 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $115150691 |
| Shares issued and outstanding | 10546592 |
| Net asset value, offering price, and redemption price per share | $10.92 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $14801176 |
| Shares issued and outstanding | 1339056 |
| Net asset value, offering price, and redemption price per share | $11.05 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income | $2987746 |
| Interest income | 16800 |
| &nbsp;&nbsp;&nbsp; Total investment income | 3004546 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 1077348 |
| Distribution fees – Investor Class (See Note 5) | 193285 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 173218 |
| Service fees – Investor Class (See Note 5) | 128856 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 117928 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 4270 |
| Federal and state registration fees | 37681 |
| Compliance expense (See Note 5) | 24516 |
| Audit fees | 22743 |
| Trustees' fees and expenses | 19794 |
| Reports to shareholders | 11824 |
| Legal fees | 2511 |
| Interest expense (See Note 7) | 28 |
| Other expenses | 24840 |
| &nbsp;&nbsp;&nbsp; Total expenses before recoupment by advisor | 1838842 |
| Expense recoupment by advisor – Investor Class (See Note 5) | 3336 |
| Expense recoupment by advisor – Institutional Class (See Note 5) | 611 |
| &nbsp;&nbsp;&nbsp; Net expenses | 1842789 |
| **NET INVESTMENT INCOME** | $1161757 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $22369171 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (43346819) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (20977648) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(19815891) |

---

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $1161757 | $1077347 |
| Net realized gain on investments | 22369171 | 23137704 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (43346819) | 30012110 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (19815891) | 54227161 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (18524443) | (5878284) |
| Distributable earnings – Institutional Class | (2507385) | (758549) |
| Total distributions | (21031828) | (6636833) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 3741686 | 8018607 |
| Proceeds from shares subscribed – Institutional Class | 1400184 | 16491311 |
| Dividends reinvested – Investor Class | 17953867 | 5574991 |
| Dividends reinvested – Institutional Class | 2397570 | 740220 |
| Cost of shares redeemed – Investor Class | (13588755) | (15731261) |
| Cost of shares redeemed – Institutional Class | (2613279) | (16883651) |
| Net increase (decrease) in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | 9291273 | (1789783) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (31556446) | 45800545 |
| **NET ASSETS:** |  |  |
| Beginning of year | 161508313 | 115707768 |
| End of year | $129951867 | $161508313 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 304353 | 592099 |
| Shares sold – Institutional Class | 105369 | 1203797 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 1400177 | 501827 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 184777 | 65913 |
| Shares redeemed – Investor Class | (1132049) | (1214696) |
| Shares redeemed – Institutional Class | (218737) | (1221754) |
| Net increase (decrease) in shares outstanding | 643890 | (72814) |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets:

Before expense reimbursement/recoupment

After expense reimbursement/recoupment

Ratio of net investment income to average net assets:

Before expense reimbursement/recoupment

After expense reimbursement/recoupment

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> The Fund had an expense limitation agreement in place through November 30, 2019. <br> <sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $14.35 | $10.21 | $10.54 | $12.24 | $11.75 |
| 0.09<br><sup>(1)</sup>  | 0.09<br><sup>(1)</sup>  | 0.09<br><sup>(1)</sup>  | 0.13<br><sup>(1)</sup>  | 0.06 |
| (1.66) | 4.64 | (0.15) | 0.56 | 0.94 |
| (1.57) | 4.73 | (0.06) | 0.69 | 1.00 |
| (0.08) | (0.10) | (0.14) | (0.09) | (0.08) |
| (1.78) | (0.49) | (0.13) | (2.30) | (0.43) |
| (1.86) | (0.59) | (0.27) | (2.39) | (0.51) |
| $10.92 | $14.35 | $10.21 | $10.54 | $12.24 |
| -12.76% | 48.00% | -0.75% | 7.84% | 8.53% |
| $115.15 | $143.11 | $103.11 | $117.62 | $125.91 |
| 1.30% | 1.29% | 1.31% | 1.31% | 1.24% |
| 1.30% | 1.29% | 1.31%<sup>(2)</sup> | 1.29% | 1.24% |
| 0.76% | 0.69% | 0.93% | 1.24% | 0.81% |
| 0.76% | 0.69% | 0.93% | 1.26% | 0.81% |
| 76% | 68% | 62% | 57% | 70% |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets:

Before expense reimbursement/recoupment

After expense reimbursement/recoupment

Ratio of net investment income to average net assets:

Before expense reimbursement/recoupment

After expense reimbursement/recoupment

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> The Fund had an expense limitation agreement in place through November 30, 2019. <br> <sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $14.51 | $10.33 | $10.65 | $12.38 | $11.87 |
| 0.13<br><sup>(1)</sup>  | 0.12<br><sup>(1)</sup>  | 0.13<br><sup>(1)</sup>  | 0.16<br><sup>(1)</sup>  | 0.14 |
| (1.68) | 4.68 | (0.15) | 0.56 | 0.90 |
| (1.55) | 4.80 | (0.02) | 0.72 | 1.04 |
| (0.11) | (0.13) | (0.17) | (0.12) | (0.10) |
| (1.80) | (0.49) | (0.13) | (2.33) | (0.43) |
| (1.91) | (0.62) | (0.30) | (2.45) | (0.53) |
| $11.05 | $14.51 | $10.33 | $10.65 | $12.38 |
| -12.52% | 48.30% | -0.40% | 8.12% | 8.82% |
| $14.80 | $18.39 | $12.60 | $18.42 | $19.25 |
| 0.99% | 1.04% | 1.01% | 1.00% | 0.96% |
| 0.99% | 1.04% | 1.01%<sup>(2)</sup> | 0.98% | 0.96% |
| 1.08% | 0.91% | 1.23% | 1.56% | 1.08% |
| 1.08% | 0.91% | 1.23% | 1.58% | 1.08% |
| 76% | 68% | 62% | 57% | 70% |

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Cornerstone Large Growth Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term growth of capital. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

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| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(1635991) | $1635991 |

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&nbsp;&nbsp;&nbsp;&nbsp;<br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing |

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HENNESSY FUNDS 1-800-966-4354

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| |
|:---|
| the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

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#### 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:

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

---

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

*Equity Securities* – Equity securities, including common stocks, preferred stocks, 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<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| |
|:---|
| securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security's fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |

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The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

HENNESSY FUNDS 1-800-966-4354

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#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $108,694,171 and $120,523,940, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

From December 1, 2017, through November 30, 2019, the Advisor contractually agreed to limit total annual operating expenses to 1.29% of the Fund's net assets for Investor Class shares and 0.98% of the Fund's net assets for Institutional Class shares (in each case, excluding all federal, state, and local taxes, interest, brokerage commissions, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities).

For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of October 31, 2022, the Investor Class shares did not have any expenses subject to potential recovery and the Institutional Class shares had expenses subject to potential recovery of $162, which expire in fiscal year 2023. During fiscal year 2022, the Advisor recouped previously waived expenses from the Fund as set forth in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

periodic payments of sub-transfer agent expenses by the Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During

HENNESSY FUNDS 1-800-966-4354

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fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $493 and 5.50%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $41,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

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| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $138138700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $12856051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (21015025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $(8158974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $1161564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 20711101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $21872665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $13713691 |

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The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| Ordinary income<sup>(1)</sup> | $1496384 | $1164101 |
| Long-term capital gains | 19535444 | 5472732 |
| Total distributions | $21031828 | $6636833 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 1.76094 <br> Institutional Class 1.78324

HENNESSY FUNDS 1-800-966-4354

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### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Cornerstone Large Growth Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Cornerstone Large Growth Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

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---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| **Officers** |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |
| 56 |  | since 1989 and currently serves as its President, Chief |
| *Executive Vice President* |  | Operating Officer, and Secretary. |
| *and Treasurer* |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |
| *Executive Vice President'* |  |  |
| *and Secretary* |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |
| 50 |  | since December 2013 and currently serves as its Chief |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |
| *and Head of Distribution* |  |  |

---

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $930.20 | $6.42 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.55 | $6.72 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $930.90 | $4.82 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.21 | $5.04 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.32% for Investor Class shares or 0.99% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 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 was 27.99%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has
 historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during both
 normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for responding to
 a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to determine
 the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was operating as
 intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income, and
 date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and
 other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY CORNERSTONE VALUE FUND

*Investor Class* **HFCVX**

*Institutional Class* **HICVX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Trustees and Officers of the Fund | 29 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 34 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 35 |

---

HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Value Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HFCVX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.68% | &nbsp;&nbsp;&nbsp;&nbsp;7.83% | &nbsp;&nbsp;&nbsp;&nbsp;9.69% |
| &nbsp;&nbsp;&nbsp; Hennessy Cornerstone Value Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HICVX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92% | &nbsp;&nbsp;&nbsp;&nbsp;8.06% | &nbsp;&nbsp;&nbsp;&nbsp;9.91% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | &nbsp;&nbsp;&nbsp;&nbsp;-7.00% | &nbsp;&nbsp;&nbsp;&nbsp;7.21% | 10.30% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |

---

Expense ratios: 1.23% (Investor Class); 0.99% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell 1000<sup>®</sup> Value Index is a subset of the Russell 1000<sup>®</sup> Index that measures the performance of the large-cap value segment of the U.S. equity market. The Russell 1000<sup>®</sup> Value Index comprises those companies in the Russell 1000<sup>®</sup> Index with relatively lower price-to-book ratios, lower forecasted growth value, and lower sales per share historical growth. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Cornerstone Value Fund returned 8.68%, outperforming both the Russell 1000<sup>®</sup> Value Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index, which returned -7.00% and -14.61%, respectively, for the same period.

The Fund's outperformance relative to its primary benchmark resulted primarily from stock selection in the Energy, Health Care, and Consumer Staples sectors. The largest contributors to performance within each of these sectors during the period were ConocoPhillips, Abbvie, Inc., and Kroger Corporation. The largest detractors from performance during the period were investments in the Financials, Communication Services, and Information Technology sectors. The largest detractors from performance within each of these sectors included Citigroup, Inc., Paramount Global (Class B), and Intel Corporation.

The Fund continues to own all the companies mentioned except for Kroger Corporation.

#### Portfolio Strategy:
The Fund utilizes a formula-based approach designed to result in a portfolio of potentially undervalued, profitable, large-cap companies with high dividend yields. In essence, the strategy seeks 50 established companies that are generating sufficient cash flows to pay generous dividends but that may be overlooked by other investors.

#### Investment Commentary:
Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive. We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. While the Federal Reserve has raised rates several times throughout this calendar year, we believe that the prospect of slower economic growth may dampen inflationary pressures. With this possibility comes the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. With the unemployment rate near record lows, high levels of cash on the balance sheets of U.S. companies, and the prospect of a more dovish Federal Reserve in 2023, we remain bullish on equities long-term.

Sectors where the Fund currently maintains significant overweight positions include Energy, Consumer Staples, and Information Technology. Representative holdings within the Energy sector include Marathon Petroleum Corporation, Devon Energy Corporation, and BP, plc. Continued high prices of oil, natural gas, and other resources should continue to drive investor returns for many of the holdings within the Energy sector. Consumer Staples sector exposure includes General Mills, Inc., Unilever, plc, and Pepsico, Inc. Given

HENNESSY FUNDS 1-800-966-4354

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the continued strength in employment trends and average hourly earnings, we would expect consumer spending and the economy to hold steady even in a rising interest rate environment with elevated inflation. Information Technology sector exposure includes International Business Machines Corporation, Corning, Inc., and Hewlett Packard Enterprises. We believe that the Fund is well positioned given the potential for moderately slower economic growth.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund may invest in medium-capitalization companies, which may have more limited liquidity and greater price volatility than large-capitalization companies. The Fund's formula-based strategy may cause the Fund to buy or sell securities at times when it may not be advantageous. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

**Cash flow** refers to the net amount of cash and cash equivalents transfered into and out of a company.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY CORNERSTONE VALUE FUND
(% of Net Assets)

![](hcvf-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 2.91% |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2.76% |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 2.69% |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 2.66% |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 2.62% |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 2.58% |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 2.51% |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 2.34% |
| &nbsp;&nbsp;&nbsp; BP PLC – ADR | 2.29% |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 2.29% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 98.51% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 6.14%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 259260 | $4726310 | 1.61% |
| &nbsp;&nbsp;&nbsp; BCE, Inc. (b) | 111100 | 5010610 | 1.71% |
| &nbsp;&nbsp;&nbsp; Paramount Global | 164900 | 3020968 | 1.03% |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 117500 | 4390975 | 1.50% |
| &nbsp;&nbsp;&nbsp; Warner Bros. Discovery, Inc. (a) | 65342 | 849446 | 0.29% |
|  |  | 17998309 | 6.14% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 20.79%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 114900 | 5316423 | 1.81% |
| &nbsp;&nbsp;&nbsp; British American Tobacco PLC – ADR (b) | 143500 | 5685470 | 1.94% |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 81000 | 5981040 | 2.04% |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 95600 | 7799048 | 2.66% |
| &nbsp;&nbsp;&nbsp; Haleon PLC – ADR (a)(b) | 140100 | 857412 | 0.29% |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 36900 | 6700302 | 2.29% |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 63800 | 5860030 | 2.00% |
| &nbsp;&nbsp;&nbsp; The Coca-Cola Co. | 99100 | 5931135 | 2.02% |
| &nbsp;&nbsp;&nbsp; The Kraft Heinz Co. | 159600 | 6139812 | 2.09% |
| &nbsp;&nbsp;&nbsp; Unilever PLC – ADR (b) | 133200 | 6061932 | 2.07% |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 126700 | 4624550 | 1.58% |
|  |  | 60957154 | 20.79% |
| &nbsp;&nbsp;&nbsp; **Energy – 23.94%** |  |  |  |
| &nbsp;&nbsp;&nbsp; BP PLC – ADR (b) | 201500 | 6705920 | 2.29% |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. (b) | 96000 | 5754240 | 1.96% |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 36475 | 6598328 | 2.25% |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 58400 | 7363656 | 2.51% |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 97700 | 7557095 | 2.58% |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 49000 | 6689480 | 2.28% |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 73010 | 8090238 | 2.76% |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 75100 | 8532862 | 2.91% |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (b) | 185000 | 6362150 | 2.17% |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE – ADR (b) | 119300 | 6534061 | 2.23% |
|  |  | 70188030 | 23.94% |
| &nbsp;&nbsp;&nbsp; **Financials – 16.17%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 94700 | 6165917 | 2.10% |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 105400 | 4833644 | 1.65% |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 43000 | 5412840 | 1.85% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp. (b) | 292000 | $4832600 | 1.65% |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 87300 | 6391233 | 2.18% |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 64800 | 5324616 | 1.82% |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (b) | 52900 | 4891663 | 1.67% |
| &nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. | 115100 | 4846861 | 1.65% |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (b) | 73500 | 4703265 | 1.60% |
|  |  | 47402639 | 16.17% |
| &nbsp;&nbsp;&nbsp; **Health Care – 14.76%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 37500 | 5490000 | 1.87% |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 25400 | 6866890 | 2.34% |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 84500 | 6546215 | 2.24% |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 100600 | 7893076 | 2.69% |
| &nbsp;&nbsp;&nbsp; GSK PLC – ADR (b) | 109460 | 3630788 | 1.24% |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 75900 | 7681080 | 2.62% |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 110800 | 5157740 | 1.76% |
|  |  | 43265789 | 14.76% |
| &nbsp;&nbsp;&nbsp; **Industrials – 3.31%** |  |  |  |
| &nbsp;&nbsp;&nbsp; 3M Co. | 40400 | 5081916 | 1.73% |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 27500 | 4613675 | 1.58% |
|  |  | 9695591 | 3.31% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 11.89%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 107200 | 4870096 | 1.66% |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 158800 | 5108596 | 1.74% |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 352100 | 5024467 | 1.71% |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 159900 | 4416438 | 1.51% |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 126700 | 3602081 | 1.23% |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 46900 | 6485801 | 2.21% |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 33300 | 5348979 | 1.83% |
|  |  | 34856458 | 11.89% |
| &nbsp;&nbsp;&nbsp; **Materials – 1.51%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 94800 | 4430952 | 1.51% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $263,513,208) |  | 288794922 | 98.51% |

---

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

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 1.41% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 1.41%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (c) | 4124456 | $4124456 | 1.41% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,124,456) |  | 4124456 | 1.41% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $267,637,664) – 99.92% |  | 292919378 | 99.92% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 0.08% |  | 240314 | 0.08% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $293159692 | 100.00% |

---

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

(a) Non-income-producing security.

(b) U.S.-traded security of a foreign corporation.

(c) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $17998309 | $— | $— | $17998309 |
| Consumer Staples | 60957154 |  |  | 60957154 |
| Energy | 70188030 |  |  | 70188030 |
| Financials | 47402639 |  |  | 47402639 |
| Health Care | 43265789 |  |  | 43265789 |
| Industrials | 9695591 |  |  | 9695591 |
| Information Technology | 34856458 |  |  | 34856458 |
| Materials | 4430952 |  |  | 4430952 |
| **Total Common Stocks** | $288794922 | $— | $— | $288794922 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $4124456 | $— | $— | $4124456 |
| **Total Short-Term Investments** | $4124456 | $— | $— | $4124456 |
| **Total Investments** | $292919378 | $— | $— | $292919378 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $267,637,664) | $292919378 |
| Cash | 40724 |
| Dividends and interest receivable | 624838 |
| Dividend tax reclaim receivable | 64463 |
| Receivable for fund shares sold | 106853 |
| Prepaid expenses and other assets | 34324 |
| &nbsp;&nbsp;&nbsp; Total assets | 293790580 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 285154 |
| Payable to advisor | 173045 |
| Payable to administrator | 54728 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 47376 |
| Accrued service fees | 21476 |
| Accrued trustees fees | 7014 |
| Accrued expenses and other payables | 19346 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 630888 |
| **NET ASSETS** | $293159692 |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $242235955 |
| Total distributable earnings | 50923737 |
| &nbsp;&nbsp;&nbsp; Total net assets | $293159692 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $268805342 |
| Shares issued and outstanding | 13243777 |
| Net asset value, offering price, and redemption price per share | $20.30 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $24354350 |
| Shares issued and outstanding | 1197416 |
| Net asset value, offering price, and redemption price per share | $20.34 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income<sup>(1)</sup> | $11291835 |
| Interest income | 52271 |
| &nbsp;&nbsp;&nbsp; Total investment income | 11344106 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 2113590 |
| Distribution fees – Investor Class (See Note 5) | 399661 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 330192 |
| Service fees – Investor Class (See Note 5) | 266441 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 188287 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 16644 |
| Federal and state registration fees | 32469 |
| Compliance expense (See Note 5) | 24516 |
| Audit fees | 22743 |
| Trustees' fees and expenses | 22387 |
| Reports to shareholders | 16634 |
| Legal fees | 5070 |
| Interest expense (See Note 7) | 177 |
| Other expenses | 41671 |
| &nbsp;&nbsp;&nbsp; Total expenses | 3480482 |
| **NET INVESTMENT INCOME** | $7863624 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $22098599 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (8218181) |
| &nbsp;&nbsp;&nbsp; Net gain on investments | 13880418 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $21744042 |

---

<sup>(1)</sup> Net of foreign taxes withheld and issuance fees of $358,327.

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $7863624 | $5989743 |
| Net realized gain on investments | 22098599 | 5839377 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (8218181) | 75931568 |
| Net increase in net assets resulting from operations | 21744042 | 87760688 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (12280194) | (5556028) |
| Distributable earnings – Institutional Class | (284427) | (127258) |
| Total distributions | (12564621) | (5683286) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 14142871 | 1114552 |
| Proceeds from shares subscribed – Institutional Class | 29565728 | 578755 |
| Dividends reinvested – Investor Class | 11605966 | 5201166 |
| Dividends reinvested – Institutional Class | 250047 | 108613 |
| Cost of shares redeemed – Investor Class | (20443989) | (21989301) |
| Cost of shares redeemed – Institutional Class | (10861538) | (1257956) |
| Net increase (decrease) in net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derived from capital share transactions | 24259085 | (16244171) |
| **TOTAL INCREASE IN NET ASSETS** | 33438506 | 65833231 |
| **NET ASSETS:** |  |  |
| Beginning of year | 259721186 | 193887955 |
| End of year | $293159692 | $259721186 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 699608 | 62162 |
| Shares sold – Institutional Class | 1444370 | 32026 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 593352 | 331073 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 12768 | 6909 |
| Shares redeemed – Investor Class | (1029071) | (1262841) |
| Shares redeemed – Institutional Class | (539739) | (71863) |
| Net increase (decrease) in shares outstanding | 1181288 | (902534) |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $19.59 | $13.69 | $17.43 | $19.29 | $21.48 |
| 0.55<br><sup>(1)</sup>  | 0.44<br><sup>(1)</sup>  | 0.41<br><sup>(1)</sup>  | 0.47<br><sup>(1)</sup>  | 0.41 |
| 1.10 | 5.87 | (3.01) | 0.30 | 0.35 |
| 1.65 | 6.31 | (2.60) | 0.77 | 0.76 |
| (0.51) | (0.41) | (0.47) | (0.41) | (0.42) |
| (0.43) |  | (0.67) | (2.22) | (2.53) |
| (0.94) | (0.41) | (1.14) | (2.63) | (2.95) |
| $20.30 | $19.59 | $13.69 | $17.43 | $19.29 |
| 8.68% | 46.82% | -16.22% | 5.22% | 3.64% |
| $268.81 | $254.23 | $189.60 | $253.95 | $266.76 |
| 1.23% | 1.23% | 1.30% | 1.23% | 1.21% |
| 2.74% | 2.43% | 2.71% | 2.75% | 2.21% |
| 36% | 41% | 32% | 27% | 41% |

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $19.63 | $13.71 | $17.45 | $19.33 | $21.52 |
| 0.58<br><sup>(1)</sup>  | 0.48<br><sup>(1)</sup>  | 0.44<br><sup>(1)</sup>  | 0.50<br><sup>(1)</sup>  | 0.45 |
| 1.12 | 5.88 | (3.01) | 0.29 | 0.35 |
| 1.70 | 6.36 | (2.57) | 0.79 | 0.80 |
| (0.56) | (0.44) | (0.49) | (0.45) | (0.46) |
| (0.43) |  | (0.68) | (2.22) | (2.53) |
| (0.99) | (0.44) | (1.17) | (2.67) | (2.99) |
| $20.34 | $19.63 | $13.71 | $17.45 | $19.33 |
| 8.92% | 47.19% | -16.06% | 5.37% | 3.88% |
| $24.35 | $5.50 | $4.29 | $6.44 | $7.22 |
| 1.00% | 0.99% | 1.08% | 1.08% | 0.98% |
| 2.92% | 2.67% | 2.94% | 2.92% | 2.43% |
| 36% | 41% | 32% | 27% | 41% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Cornerstone Value Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is total return, consisting of capital appreciation and current income. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(1876339) | $1876339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing |

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HENNESSY FUNDS 1-800-966-4354

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---

| |
|:---|
| the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

---

#### 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 (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<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| |
|:---|
| ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security's fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

HENNESSY FUNDS 1-800-966-4354

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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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $118,509,320 and $100,750,388, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

0.25%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

HENNESSY FUNDS 1-800-966-4354

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#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $3,181 and 5.50%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $250,000. As October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

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| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $268867244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $50048760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (25996350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $24052410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $6105919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 20765408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $26871327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $50923737 |

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The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $6908914 | $5683286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 5655707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $12654621 | $5683286 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 1.44668 <br> Institutional Class 1.44995

HENNESSY FUNDS 1-800-966-4354

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### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Cornerstone Value Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Cornerstone Value Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

Philadelphia, Pennsylvania

December 22, 2022

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

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---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| **Officers** |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |
| 56 |  | since 1989 and currently serves as its President, Chief |
| *Executive Vice President* |  | Operating Officer, and Secretary. |
| *and Treasurer* |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |
| *Executive Vice President'* |  |  |
| *and Secretary* |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |
| 50 |  | since December 2013 and currently serves as its Chief |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |
| *and Head of Distribution* |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1007.40 | $6.32 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.90 | $6.36 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1008.40 | $5.16 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.06 | $5.19 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.25% for Investor Class shares or 1.02% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 98.80%.

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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

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|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has
 historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during both
 normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for responding
 to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to
 determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was operating
 as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income, and
 date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and
 other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY TOTAL RETURN FUND

*Investor Class* **HDOGX<br>** 

<br> ****

<br> ****

<br> ****

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

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### Contents

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| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Statement of Cash Flows | 16 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 18 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 29 |
| Trustees and Officers of the Fund | 30 |
| Expense Example | 33 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 34 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 35 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

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| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg)  | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg)  | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg)  | Senior Vice President, and Portfolio Manager |

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#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Total Return Fund (HDOGX) | 1.12% | 4.10% | &nbsp;&nbsp;&nbsp;&nbsp;6.43% |
| &nbsp;&nbsp;&nbsp; 75/25 Blended DJIA/Treasury Index | -4.51% | 7.57% | &nbsp;&nbsp;&nbsp;&nbsp;9.43% |
| &nbsp;&nbsp;&nbsp; Dow Jones Industrial Average | -6.74% | 9.33% | 12.19% |

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<br> Expense ratio: 1.35%

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The 75/25 Blended DJIA/Treasury Index consists of 75% common stocks represented by the Dow Jones Industrial Average and 25% short-duration Treasury securities represented by the ICE BofAML U.S. 3-Month Treasury Bill Index, which comprises U.S. Treasury securities maturing in three months. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange or The Nasdaq Stock Market LLC. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

The expense ratio presented is from the most recent prospectus. The expense ratio for the current reporting period is available in the Financial Highlights section of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

#### PERFORMANCE NARRATIVE
Portfolio Managers Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Hennessy Total Return Fund returned 1.12%, outperforming both the 75/25 Blended DJIA/Treasury Index (the Fund's primary benchmark) and the Dow Jones Industrial Average, which returned -4.51% and -6.74%, respectively, for the same period.

The Fund outperformed its primary benchmark predominantly as a result of stock selection in the Energy and Health Care sectors. The largest contributor to performance within each of these sectors during the period were Chevron Corporation and Amgen, Inc. The largest detractors from performance during the period were investments in the Communication Services and Industrials sectors. The largest detractors from performance within these sectors were Verizon Communications, Inc. and 3M Company.

The Fund continues to own all the companies mentioned.

#### Portfolio Strategy:
The Fund invests approximately 75% of its assets in the "Dogs of the Dow," the 10 highest dividend-yielding Dow stocks, and 25% of its assets in U.S. Treasuries. As a result of this "blended" strategy, we expect the Fund to outperform equities in periods when equity markets fall and underperform in periods when equity markets rise. The Fund is designed to allow its investors to gain exposure to the equity market while maintaining a significant percentage of its investment in fixed income securities. We believe the Fund is well positioned for the more conservative investor because the equity portion of the portfolio is invested in what we deem to be high-quality companies, each of which pay a quarterly dividend, while the balance of the Fund is invested in lower-risk, short-duration U.S. Treasuries.

#### Investment Commentary:
Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive. We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. While the Federal Reserve has raised rates several times throughout this calendar year, we believe that the prospect of slower economic growth may dampen inflationary pressures. With this possibility comes the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. With the unemployment rate near record lows, high levels of cash on the balance sheets of U.S. companies, and the prospect of a more dovish Federal Reserve in 2023, we remain bullish on equities long-term.

If the market experiences further weakness, we would expect our more defensive holdings to perform well relative to the market. The relatively short duration of the 25% weighting of U.S. Treasuries in the portfolio (all less than three months) may allow us the ability to roll into higher-yielding Treasuries in the event interest rates continue to rise.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

HENNESSY FUNDS 1-800-966-4354

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**The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund. The Fund's formula-based strategy may cause the Fund to buy or sell securities at times when it may not be advantageous. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY TOTAL RETURN FUND
(% of Net Assets)

![](htrf-piechart.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 3.510%, 01/12/2023 | 27.89% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 3.075%, 12/15/2022 | 22.40% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 2.580%, 11/10/2022 | 16.86% |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 10.48% |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8.82% |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;&nbsp; The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;6.98% |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.89% |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.38% |

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 70.47% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 5.28%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 75400 | $2817698 | 5.28% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 12.36%** |  |  |  |
| &nbsp;&nbsp;&nbsp; The Coca-Cola Co. | 62200 | 3722670 | 6.98% |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 78700 | 2872550 | 5.38% |
|  |  | 6595220 | 12.36% |
| &nbsp;&nbsp;&nbsp; **Energy – 10.48%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 30900 | 5589810 | 10.48% |
| &nbsp;&nbsp;&nbsp; **Financials – 3.04%** |  |  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 12900 | 1623852 | 3.04% |
| &nbsp;&nbsp;&nbsp; **Health Care – 17.38%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 16900 | 4568915 | 8.56% |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 46500 | 4705800 | 8.82% |
|  |  | 9274715 | 17.38% |
| &nbsp;&nbsp;&nbsp; **Industrials – 5.33%** |  |  |  |
| &nbsp;&nbsp;&nbsp; 3M Co. | 22600 | 2842854 | 5.33% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 10.71%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 6500 | 295295 | 0.55% |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 49100 | 1395913 | 2.62% |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 29100 | 4024239 | 7.54% |
|  |  | 5715447 | 10.71% |
| &nbsp;&nbsp;&nbsp; **Materials – 5.89%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 67200 | 3140928 | 5.89% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $35,254,006) |  | 37600524 | 70.47% |

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 70.21% | Number of Shares/ |  | % of |
|  | Par Amount | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 3.06%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (a) | 1631649 | $1631649 | 3.06% |
| &nbsp;&nbsp;&nbsp; **U.S. Treasury Bills – 67.15%** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.580%, 11/10/2022 (b)(c) | 9000000 | 8994398 | 16.86% |
| &nbsp;&nbsp;&nbsp; 3.075%, 12/15/2022 (b)(c) | 12000000 | 11954093 | 22.40% |
| &nbsp;&nbsp;&nbsp; 3.510%, 01/12/2023 (b)(c) | 15000000 | 14881800 | 27.89% |
|  |  | 35830291 | 67.15% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,472,740) |  | 37461940 | 70.21% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $72,726,746) – 140.68% |  | 75062464 | 140.68% |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets – (40.68)% |  | (21706150) | (40.68)% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $53356314 | 100.00% |

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Percentages are stated as a percent of net assets.

(a) The rate listed is the fund's seven-day yield as of October 31, 2022.

(b) The rate listed is the discount rate at issue.

(c) All or a portion of this security is pledged as collateral for securities sold subject to repurchase. The aggregate fair value of the collateral is $23,886,860.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $2817698 | $— | $— | $2817698 |
| Consumer Staples | 6595220 |  |  | 6595220 |
| Energy | 5589810 |  |  | 5589810 |
| Financials | 1623852 |  |  | 1623852 |
| Health Care | 9274715 |  |  | 9274715 |
| Industrials | 2842854 |  |  | 2842854 |
| Information Technology | 5715447 |  |  | 5715447 |
| Materials | 3140928 |  |  | 3140928 |
| **Total Common Stocks** | $37600524 | $— | $— | $37600524 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $1631649 | $— | $— | $1631649 |
| U.S. Treasury Bills |  | 35830291 |  | 35830291 |
| **Total Short-Term Investments** | $1631649 | $35830291 | $— | $37461940 |
| **Total Investments** | $39232173 | $35830291 | $— | $75062464 |

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

HENNESSY FUNDS 1-800-966-4354

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#### Schedule of Reverse Repurchase Agreements

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  |  | **Principal** | **Maturity** | **Maturity** |
| **Face Value** | **Counterparty** | **Rate** | **Trade Date** | **Date** | **Amount** |
| $5397000 | Jefferies LLC | 2.90% | 8/11/22 | 11/10/22 | $5436128 |
| 7196000 | Jefferies LLC | 3.55% | 9/15/22 | 12/15/22 | 7259865 |
| 8995000 | Jefferies LLC | 4.15% | 10/13/22 | 1/12/23 | 9088323 |
| $21588000 |  |  |  |  | $21784316 |

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As of October 31, 2022, the fair value of securities held as collateral for reverse repurchase agreements was $23,886,860, as noted on the Schedule of Investments.

Reverse repurchase agreements are not included in the fair value hierarchy because they are carried at face value. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. The face value of the reverse repurchase agreements as of October 31, 2022, was $21,588,000. The face value plus interest due at maturity is equal to $21,784,316.

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $72,726,746) | $75062464 |
| Dividends and interest receivable | 53597 |
| Receivable for fund shares sold | 6198 |
| Prepaid expenses and other assets | 11301 |
| &nbsp;&nbsp;&nbsp; Total assets | 75133560 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 3206 |
| Payable to advisor | 25781 |
| Payable to administrator | 11453 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 20652 |
| Accrued service fees | 4297 |
| Reverse repurchase agreements | 21588000 |
| Accrued interest payable | 86522 |
| Accrued trustees fees | 5126 |
| Accrued expenses and other payables | 9460 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 21777246 |
| **NET ASSETS** | $53356314 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $48376076 |
| Total distributable earnings | 4980238 |
| &nbsp;&nbsp;&nbsp; Total net assets | $53356314 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $53356314 |
| Shares issued and outstanding | 3959732 |
| Net asset value, offering price, and redemption price per share | $13.47 |

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

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| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income | $1462592 |
| Interest income | 358316 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1820908 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 321805 |
| Interest expense (See Notes 7 and 9) | 279882 |
| Distribution fees – Investor Class (See Note 5) | 80451 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 71616 |
| Service fees – Investor Class (See Note 5) | 53634 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 38082 |
| Compliance expense (See Note 5) | 24516 |
| Audit fees | 22743 |
| Federal and state registration fees | 19758 |
| Trustees' fees and expenses | 17194 |
| Reports to shareholders | 10113 |
| Legal fees | 2114 |
| Other expenses | 8760 |
| &nbsp;&nbsp;&nbsp; Total expenses | 950668 |
| **NET INVESTMENT INCOME** | $870240 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $3139523 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (3362849) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (223326) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $646914 |

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $870240 | $843922 |
| Net realized gain (loss) on investments | 3139523 | (185169) |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (3362849) | 9981646 |
| Net increase in net assets resulting from operations | 646914 | 10640399 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (852484) | (3994715) |
| Total distributions | (852484) | (3994715) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 3818336 | 575745 |
| Dividends reinvested – Investor Class | 810781 | 3786662 |
| Cost of shares redeemed – Investor Class | (5519799) | (7221451) |
| Net decrease in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (890682) | (2859044) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1096252) | 3786640 |
| **NET ASSETS:** |  |  |
| Beginning of year | 54452566 | 50665926 |
| End of year | $53356314 | $54452566 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 278708 | 43131 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 60970 | 294662 |
| Shares redeemed – Investor Class | (402382) | (548584) |
| Net decrease in shares outstanding | (62704) | (210791) |

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Cash Flows** *for the year ended October 31, 2022*<br>

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| | |
|:---|:---|
| **Cash flows from operating activities:** | |
| &nbsp;&nbsp;&nbsp; Net increase in net assets from operations | $646914 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets resulting |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to purchase securities | (8924195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of securities | 9183542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net sale of short term investments | 904476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain on investments in securities | (3139523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion of discount on securities | (346115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;on investments in securities | 3362849 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increases) decreases in operating assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends and interest receivable | (251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in prepaid expenses and other assets | (186) |
| &nbsp;&nbsp;&nbsp; Increases (decreases) in operating liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable to advisor | (2063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable to administrator | (6717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for distribution fees | (11983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for service fees | (343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued interest payable | 81475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued audit fees | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued trustee fees | (1477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other accrued expenses and payables | (424) |
| &nbsp;&nbsp;&nbsp; Net cash provided by operating securities | 1746172 |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds on shares sold | 3812174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment on shares redeemed | (5516643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions paid in cash, net of reinvestments | (41703) |
| &nbsp;&nbsp;&nbsp; Net cash used for financing activities | (1746172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in cash |  |
| **Cash:** |  |
| &nbsp;&nbsp;&nbsp; Beginning balance |  |
| &nbsp;&nbsp;&nbsp; Ending balance | $— |
| **Supplemental information:** |  |
| &nbsp;&nbsp;&nbsp; Non-cash financing activities not included herein, consisting |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;of dividend reinvestment of dividends and distributions | $810781 |
| **Cash paid for interest** | $198407 |

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF CASH FLOWS**<br>

(This Page Intentionally Left Blank.)

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses, including interest expense, to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate

<sup>(1)</sup> Calculated using the average shares outstanding method.

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

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $13.54 | $11.97 | $13.98 | $13.57 | $14.66 |
| 0.22<br><sup>(1)</sup>  | 0.20<br><sup>(1)</sup>  | 0.27<br><sup>(1)</sup>  | 0.24<br><sup>(1)</sup>  | 0.23 |
| (0.07) | 2.33 | (1.99) | 0.81 | 0.43 |
| 0.15 | 2.53 | (1.72) | 1.05 | 0.66 |
| (0.22) | (0.20) | (0.29) | (0.24) | (0.23) |
|  | (0.76) |  | (0.40) | (1.52) |
| (0.22) | (0.96) | (0.29) | (0.64) | (1.75) |
| $13.47 | $13.54 | $11.97 | $13.98 | $13.57 |
| 1.12% | 21.72% | -12.36% | 7.93% | 4.92% |
| $53.36 | $54.45 | $50.67 | $72.94 | $71.60 |
| 1.77% | 1.35% | 1.73% | 2.31% | 1.95% |
| 1.62% | 1.52% | 2.05% | 1.74% | 1.67% |
| 24% | 19% | 39% | 30% | 10% |

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Total Return Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is total return, consisting of capital appreciation and current income. The Fund is a non-diversified fund and offers Investor Class shares.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(229241) | $229241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. |
| e). | Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December. |
| f). | Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Reverse Repurchase Agreements – Transactions involving reverse repurchase agreements 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 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 Fund subsequently monitors the account to ensure that it maintains such equivalent value. Interest on reverse repurchase agreements is included in interest payable. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of October 31, 2022, securities with a fair value of $23,886,860, which are included in investments in securities in the Statement of Assets and Liabilities, were pledged to collateralize reverse repurchase agreements. |

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HENNESSY FUNDS 1-800-966-4354

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| | |
|:---|:---|
| j). | Offsetting Assets and Liabilities – The 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 Fund under Master Repurchase Agreements ("MRAs") that permit the 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 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 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 Fund's obligation to repurchase the securities. For additional information regarding the offsetting of assets and liabilities as of October 31, 2022, please refer to the table in Note 9. |
| k). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| l). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

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#### 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

---

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

---

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

---

| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred stocks, 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. |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the |

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HENNESSY FUNDS 1-800-966-4354

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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.

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $8,924,195 and $9,183,542, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.60%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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. Even

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets for such purpose. Amounts paid under the plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

HENNESSY FUNDS 1-800-966-4354

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#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $72745712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $6521426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (4204674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $2316752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $38590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 2624896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $2663486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $4980238 |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains. During fiscal year 2022, the capital losses utilized by the fund were $277,833.

Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $852484 | $844427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  | 3150288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $852484 | $3994715 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 9). REVERSE REPURCHASE AGREEMENTS
Under a reverse repurchase agreement, the 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 Fund. Securities sold under reverse repurchase agreements are reflected as a liability in the Statement of Assets and Liabilities. Interest payments made under reverse repurchase agreements during fiscal year 2022 totaled $279,882 and are as interest expense in the Statement of Operations.

During fiscal year 2022, the average daily balance and average interest rate in effect for reverse repurchase agreements were $22,637,827 and 1.24%, respectively. Below is information about the scheduled maturity date, amount, and interest rate for outstanding reverse repurchase agreements as of October 31, 2022:

---

| | | |
|:---|:---|:---|
| <u>Maturity Date</u> | <u>Amount</u> | <u>Interest Rate</u> |
| November 10, 2022 | $5397000 | 2.90% |
| December 15, 2022 | $7196000 | 3.55% |
| January 12, 2023&nbsp;&nbsp;&nbsp;&nbsp; <br>| $8995000 | 4.15% |

---

Outstanding reverse repurchase agreements as of October 31, 2022, comprised 40.46% of the Fund's net assets.

Below is information about reverse repurchase agreements eligible for offset in the Statement of Assets and Liabilities, on both a gross and net basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Gross | Net | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities | |
| | Amounts | Amounts | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities | |
| | Offset | Presented | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities | |
| Gross | in the | in the | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities | Gross Amounts Not<br> Offset in the Statement<br> of Assets and Liabilities |  |
| Amounts of | Statement of | Statement of |  | Collateral |  |
| Recognized | Assets and | Assets and | Financial | Pledged | Net |
| Liabilities | Liabilities | Liabilities | Instruments | (Received) | Amount |
| $21588000 | $— | $21588000 | $21588000 | $— | $— |
| $21588000 | $— | $21588000 | $21588000 | $— | $— |

---

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

#### 10). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

HENNESSY FUNDS 1-800-966-4354

------

#### 11). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 0.65896

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Total Return Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Total Return Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

Philadelphia, Pennsylvania

December 22, 2022

HENNESSY FUNDS 1-800-966-4354

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### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND/EXPENSE EXAMPLE**<br>

### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The example below includes, but is not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $980.10 | $10.78 |
| Hypothetical (5% return before expenses) | $1000.00 | $1014.32 | $10.97 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 2.16%, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

------

### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

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| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has
 historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during
 both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for responding
 to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to
 determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income,
 and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information,
 and other financial information; and

HENNESSY FUNDS 1-800-966-4354

------

3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

------

*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

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![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY EQUITY AND INCOME FUND

*Investor Class* **HEIFX**

*Institutional Class* **HEIIX**

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### Contents

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| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 10 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 21 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 22 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 23 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 24 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 28 |
| Report of Independent Registered Public Accounting Firm | 37 |
| Trustees and Officers of the Fund | 38 |
| Expense Example | 42 |
| Proxy Voting Policy and Proxy Voting Records | 44 |
| Availability of Quarterly Portfolio Schedule | 44 |
| Federal Tax Distribution Information | 44 |
| Important Notice Regarding Delivery of Shareholder Documents | 44 |
| Electronic Delivery | 44 |
| Liquidity Risk Management Program | 45 |
| Privacy Policy | 45 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

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WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

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| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

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#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Equity and Income Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HEIFX) | -12.60% | &nbsp;&nbsp;&nbsp;&nbsp;4.27% | &nbsp;&nbsp;&nbsp;&nbsp;6.07% |
| &nbsp;&nbsp;&nbsp; Hennessy Equity and Income Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HEIIX) | -12.25% | &nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;6.45% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |

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<br> Expense ratios: 1.56% (Investor Class); 1.19% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. This index is used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers for Equity Allocation: Stephen M. Goddard, CFA, Jonathan T. Moody, CFA, J. Brian Campbell, CFA, Mark E. DeVaul, CFA, CPA, and Samuel D. Hutchings, CFA

The London Company of Virginia, LLC (sub-advisor)

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

Portfolio Managers for Fixed Income Allocation: Gary B. Cloud, CFA, and Peter G. Greig, CFA

FCI Advisors (sub-advisor)

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Equity and Income Fund returned -12.60%, outperforming the S&P 500<sup>®</sup> Index, which returned -14.61% for the same period.

**<u>Equities</u>**: U.S. stocks traded lower over the one-year period ended October 31, 2022 as compared to the prior one-year period ended October 31, 2021. High inflation, tighter monetary policy from the Federal Reserve, and geopolitical risks resulted in greater volatility and lower equity prices. The Fed began to tighten monetary policy in March 2022 with its first of many increases in the federal funds rate and began to reduce the size of its balance sheet in the middle of the year. Economic growth began to decelerate, reflecting the impact of higher interest rates and inflation. There were a few brief market rallies over the year reflecting hopes of peak inflation or a Fed pivot, but equity prices eventually rolled over each time as higher levels of inflation persisted, and the Fed remained committed to tighter monetary policy with the goal of balancing supply and demand throughout the economy.

Looking to factors that affected stock prices over the one-year period, Value, Yield, and most Quality factors had a positive influence on relative returns. Growth and Volatility factors had a negative impact. These factors were tailwinds to the relative performance of the equity portion of the Fund, reflecting the funds Quality factor tilt and focus on downside protection.

Stock selection drove the outperformance in the equity portion of the Fund, partially offset by headwinds from sector allocation. The best performing stocks included O'Reilly Automotive, Inc., Progressive Corporation, Berkshire Hathaway, Inc. (Class B), Altria Group, Inc, and Charles Schwab Corp. The weakest names over the one-year period included Meta Platforms, Inc. (Class A), Alphabet, Inc. (Class C), CarMax, Inc., FedEx Corporation, and BlackRock, Inc. The Fund no longer owns Meta Platforms, Inc., but continues to hold the other companies mentioned.

Sector allocation had a negative impact on the Fund's relative performance. The Fund's underweight position in both Energy and Utilities had a negative impact on relative performance, partially offset by the positive impact of the Fund's overweight position in Consumer Staples and underweight position in Information Technology.

**<u>Fixed Income</u>**: There were no places to hide in the fixed income asset class over the past 12 months as the Federal Reserve ventured on an unprecedented rate-hiking cycle to tame inflation. Rate pressures during the period caused the two-year yield to increase by nearly 4% and the ten-year by 2.5%. Additionally, the market's expectation that the Fed would not be able to navigate a "soft landing," and the potential for economic damage from higher rates, caused investment grade credit spreads to nearly double. This confluence of events led to a double-digit decline in nearly all fixed income markets.

The fixed income allocation for the Fund slightly underperformed most widely known Intermediate benchmarks for the period. Security selection contributed to relative performance as many of the individual bonds outperformed their sector and maturity peer groups. Our portfolio's duration positioning also contributed to relative performance. For the first half of the period, the Fund benefitted from having a duration that was shorter than the typical Intermediate index. This positioning contributed as interest rates increased. However, the Fund's overall higher allocation to corporate credit detracted from

HENNESSY FUNDS 1-800-966-4354

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performance as credit spreads increased and corporate bonds declined more in value that Treasury notes. Additionally, given the risk-off environment, the small allocation to below investment-grade, "core-plus" components of the fixed income allocation marginally detracted from the overall performance.

#### Portfolio Strategy:
The Fund seeks a balanced portfolio with the goal of maintaining broad market exposure with lower volatility. Our bottom-up equity selection strategy seeks companies with strong returns on capital and the flexibility to enhance shareholder value by using their balance sheets. The Fund's fixed income allocation focuses on high-quality domestic corporate, agency, and government bonds.

#### Investment Commentary:
**<u>Equities</u>**: Looking ahead, as the Fed attempts to navigate a soft landing, economic growth may continue to decelerate. With persistently higher than desired inflation combined with a tight labor market, we believe additional rate hikes are likely and that Quantitative Tightening will continue. This more restrictive monetary policy will continue to influence the economy. We recognize the lagged impact of monetary policy on the broader economy, so the odds of a recession over the next 12-18 months remain elevated in our view.

On a positive note, the U.S. consumer appears to remain in reasonably good shape. Unemployment is low, wages are rising, and there are still excess savings remaining from the pandemic. With consumer spending such an important part of U.S. GDP, the strong labor market could limit the downside risk to the economy in the near term. Longer term, we remain positive on the U.S. economy and expect real GDP growth in the 2-3% range driven by growth in the labor force and improving productivity.

In terms of the equity market, we believe that higher interest rates and risks of a recession are largely reflected in current prices. However, multiple compression may continue in the near term and a slowing economy may lead to weaker earnings from many companies. In this more challenging environment, we continue to expect greater volatility in share prices and lower expected returns relative to the strong returns generated from 2009-2021. We continue to believe that quality attributes and solid company fundamentals will lead to strong risk adjusted returns over time. Compared to the broader market, we believe that the companies held in the Fund generate much higher returns on capital, have stronger balance sheets, and trade at reasonable valuations.

**<u>Fixed Income</u>**: The Federal Reserve has made its presence felt in the fixed income markets over the past 12 months. From the initial pivot of a no longer "transitory" inflation in November 2021, to the most rapid start to a rate-hiking cycle in history, the Fed has left a trail of bond investors in its wake. It has been battling an inflation problem that was primarily caused by monetary and fiscal stimulus, but exacerbated by geopolitical issues such as the Russia-Ukraine conflict (affecting energy, food, and commodity prices and availability) and continued supply chain issues (e.g. zero-covid policies in China).

The overnight rate has increased by 3.75% over the past seven months, including four consecutive 75 basis point (bp) hikes (the largest such hike in 40 years). Interest rates have been driven by the potential path of the overnight rate, which has in turn been driven by unrelenting inflationary data. The effort to slow the economy through higher rates has caused credit spreads to widen considerably, as no one knows exactly how high the Fed is ultimately willing to take rates. Perhaps the Fed doesn't even know, considering how their own quarterly communications (the Summary of Economic Projections, aka "Dot Plots") have increased by wide margins as they adapt to incoming data.

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WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

The most recent Federal Open Market Committee (FMOC) statement set up expectations for a moderation in the pace of hikes. But then during Chair Jerome Powell's Q&A session, he set a decisively hawkish tone leading to the need for more rate increases and staying wherever needed for a longer period. While rates are now expected to increase just 50 bps, he let it be known this does not indicate an end of the tightening process or even a pause. He also made an effort to clearly close the door on any reversal of policy. All considered, we believe the market is currently reflecting this renewed elevated and elongated path of the overnight rate. We expect that any move higher in yields will occur not when the markets catch up with the Fed, but rather when the Fed catches up with inflation. Whether we are fully there yet or not, we believe the bulk of the bond price destruction is likely behind us. Yields should peak sometime soon if they haven't already. Corporate bonds look exceptionally attractive at these levels barring a severe recession, which we are not expecting. Bond math should begin to work in favor of investors who have ridden through this tough market.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**Investments in debt securities typically decrease in value when interest rates rise. The risk is greater for longer-term debt securities. Investments by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. Investments in foreign securities may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Fund may experience higher fees due to investments in pooled investment vehicles (including exchange-traded funds). Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

**Basis point** refers to a common unit of measurement for interest rates and other percentages in finance and is equal to 1/100th of 1%. Duration is a measure of the sensitivity of the price (the value of the principal) of a fixed-income investment to a change in interest rates and is expressed as a number of years. Investment grade is a rating that indicates that a municipal or corporate bond has a relatively low risk of default.

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY EQUITY AND INCOME FUND
(% of Net Assets)

<br>![](heaif-piechart.jpg)<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B | 4.61% |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 4.58% |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. | 3.80% |
| &nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 3.34% |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 3.27% |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 3.05% |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 2.62% |
| &nbsp;&nbsp;&nbsp; The Home Depot, Inc. | 2.52% |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 2.49% |
| &nbsp;&nbsp;&nbsp; The Progressive Corp. | 2.48% |

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 63.38% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 4.47%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C (a) | 30026 | $2842261 | 3.27% |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 27989 | 1045949 | 1.20% |
|  |  | 3888210 | 4.47% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 10.53%** |  |  |  |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. (a) | 15549 | 979742 | 1.13% |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc. | 6342 | 1236373 | 1.42% |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 3946 | 3303473 | 3.80% |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 16701 | 1446140 | 1.66% |
| &nbsp;&nbsp;&nbsp; The Home Depot, Inc. | 7402 | 2191954 | 2.52% |
|  |  | 9157682 | 10.53% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 6.20%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 44519 | 2059894 | 2.37% |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 20648 | 1530636 | 1.76% |
| &nbsp;&nbsp;&nbsp; Nestlé S.A. – ADR (b) | 16594 | 1803934 | 2.07% |
|  |  | 5394464 | 6.20% |
| &nbsp;&nbsp;&nbsp; **Energy – 0.18%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (b) | 925 | 36029 | 0.04% |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 2200 | 39864 | 0.05% |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 550 | 37604 | 0.04% |
| &nbsp;&nbsp;&nbsp; The Williams Companies, Inc. | 1225 | 40094 | 0.05% |
|  |  | 153591 | 0.18% |
| &nbsp;&nbsp;&nbsp; **Financials – 13.48%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 13576 | 4006142 | 4.61% |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 4103 | 2650169 | 3.05% |
| &nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 36402 | 2900147 | 3.34% |
| &nbsp;&nbsp;&nbsp; The Progressive Corp. | 16812 | 2158661 | 2.48% |
|  |  | 11715119 | 13.48% |
| &nbsp;&nbsp;&nbsp; **Health Care – 3.74%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 10249 | 1783018 | 2.05% |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 31485 | 1465627 | 1.69% |
|  |  | 3248645 | 3.74% |
| &nbsp;&nbsp;&nbsp; **Industrials – 5.57%** |  |  |  |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 8790 | 1408861 | 1.62% |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 8787 | 2004051 | 2.31% |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 5193 | 1425998 | 1.64% |
|  |  | 4838910 | 5.57% |

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

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Information Technology – 13.31%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 25961 | $3980860 | 4.58% |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 29058 | 1320105 | 1.52% |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 17982 | 1847471 | 2.13% |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 13337 | 2142322 | 2.46% |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 10984 | 2275445 | 2.62% |
|  |  | 11566203 | 13.31% |
| &nbsp;&nbsp;&nbsp; **Materials – 5.90%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 6407 | 1604313 | 1.85% |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 6437 | 2162703 | 2.49% |
| &nbsp;&nbsp;&nbsp; NewMarket Corp. | 4467 | 1359487 | 1.56% |
|  |  | 5126503 | 5.90% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,478,508) |  | 55089327 | 63.38% |
| &nbsp;&nbsp;&nbsp; PREFERRED STOCKS – 1.75% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Communication Services – 0.06%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.000%, Perpetual | 860 | 16160 | 0.02% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series C, 4.750%, Perpetual | 1935 | 33514 | 0.04% |
|  |  | 49674 | 0.06% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 0.03%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2059 | 515 | 11381 | 0.01% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;6.200%, 06/01/2059 | 513 | 11717 | 0.02% |
|  |  | 23098 | 0.03% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 0.03%** |  |  |  |
| &nbsp;&nbsp;&nbsp; CHS, Inc., Series 3, 6.750% to 09/30/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 4.155%, Perpetual (c) | 355 | 8673 | 0.01% |
| &nbsp;&nbsp;&nbsp; CHS, Inc., Series 4, 7.500%, Perpetual | 840 | 21571 | 0.02% |
|  |  | 30244 | 0.03% |
| &nbsp;&nbsp;&nbsp; **Financials – 1.63%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, 5.100%, 12/15/2049 | 1175 | 22912 | 0.03% |
| &nbsp;&nbsp;&nbsp; American International Group, Inc., Series A, 5.850%, Perpetual | 1435 | 31570 | 0.04% |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.450%, Perpetual (b) | 401 | 8124 | 0.01% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series G, 4.550%, Perpetual (b) | 1010 | 17736 | 0.02% |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd., Series E, 5.500%, Perpetual (b) | 905 | 17883 | 0.02% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PREFERRED STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series QQ, 4.250%, Perpetual | 1575 | $26271 | 0.03% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series LL, 5.000%, Perpetual | 1420 | 28315 | 0.03% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series KK, 5.375%, Perpetual | 815 | 17441 | 0.02% |
| &nbsp;&nbsp;&nbsp; Bank of Hawaii Corp., Series A, 4.375%, Perpetual | 1060 | 18020 | 0.02% |
| &nbsp;&nbsp;&nbsp; Bank OZK, Series A, 4.625%, Perpetual | 1395 | 23157 | 0.03% |
| &nbsp;&nbsp;&nbsp; Cadence Bank, Series A, 5.500%, Perpetual | 565 | 11407 | 0.01% |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series J, 4.800%, Perpetual | 2060 | 35844 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series I, 5.000%, Perpetual | 1900 | 35207 | 0.04% |
| &nbsp;&nbsp;&nbsp; Carlyle Finance LLC, 4.625%, 05/15/2061 | 995 | 15811 | 0.02% |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc., Series K, 6.875% to 11/15/2023 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 4.130%, Perpetual (c) | 780 | 19687 | 0.02% |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.000%, Perpetual | 550 | 10604 | 0.01% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.350% to 04/06/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.642%, Perpetual (c) | 980 | 22981 | 0.03% |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc., Series A, 5.250% to 09/01/2026 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Year CMT Rate + 4.420%, Perpetual (c) | 625 | 12856 | 0.01% |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc., Series B, 4.450%, Perpetual | 860 | 16641 | 0.02% |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., Series A, 5.250%, Perpetual | 1270 | 23647 | 0.03% |
| &nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp, Series F, 5.250%, Perpetual | 585 | 11144 | 0.01% |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Series K, 4.950%, Perpetual | 1580 | 30320 | 0.03% |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Series A, 5.375%, Perpetual | 1495 | 30498 | 0.03% |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.100% to 05/01/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.859%, Perpetual (c) | 530 | 11946 | 0.01% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series B, 6.625% to 08/01/2025 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 4.262%, Perpetual (c) | 700 | 16905 | 0.02% |
| &nbsp;&nbsp;&nbsp; First Republic Bank, Series N, 4.500%, Perpetual | 1625 | 27365 | 0.03% |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc., Series G, 6.000%, Perpetual | 1505 | 36933 | 0.04% |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., Series H, 4.500%, Perpetual | 2275 | 39630 | 0.05% |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series JJ, 4.550%, Perpetual | 1900 | 34599 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series LL, 4.625%, Perpetual | 1875 | 34762 | 0.04% |
| &nbsp;&nbsp;&nbsp; KeyCorp |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series G, 5.625%, Perpetual | 535 | 11315 | 0.01% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series F, 5.650%, Perpetual | 755 | 15961 | 0.02% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series E, 6.125% to 12/15/2026 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.892%, Perpetual (c) | 412 | 9616 | 0.01% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PREFERRED STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; MetLife, Inc., Series F, 4.750%, Perpetual | 1725 | $33914 | 0.04% |
| &nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series O, 4.250%, Perpetual | 2365 | 38502 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series K, 5.850% to 04/15/2027 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.491%, Perpetual (c) | 735 | 16839 | 0.02% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series I, 6.375% to 10/15/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.708%, Perpetual (c) | 790 | 19189 | 0.02% |
| &nbsp;&nbsp;&nbsp; PacWest Bancorp, Series A, 7.750% to 09/01/2027 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Year CMT Rate + 4.820%, Perpetual (c) | 350 | 8687 | 0.01% |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series E, 4.450%, Perpetual | 1960 | 34261 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.700% to 05/15/2029 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.148%, Perpetual (c) | 1035 | 21549 | 0.02% |
| &nbsp;&nbsp;&nbsp; Signature Bank, Series A, 5.000%, Perpetual | 1460 | 25725 | 0.03% |
| &nbsp;&nbsp;&nbsp; State Street Corp., Series D, 5.900% to 03/15/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.108%, Perpetual (c) | 1975 | 48131 | 0.06% |
| &nbsp;&nbsp;&nbsp; SVB Financial Group, Series A, 5.250%, Perpetual | 1185 | 21425 | 0.02% |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, Series A, 5.625%, Perpetual | 1815 | 30801 | 0.04% |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series E, 5.875% to 07/01/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Year CMT Rate + 4.127%, Perpetual (c) | 710 | 15691 | 0.02% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.300% to 06/21/2023 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.352%, Perpetual (c) | 740 | 17316 | 0.02% |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc., Series B, 5.750%, Perpetual | 595 | 11799 | 0.01% |
| &nbsp;&nbsp;&nbsp; The Allstate Corp., Series H, 5.100%, Perpetual | 1120 | 22008 | 0.03% |
| &nbsp;&nbsp;&nbsp; The Charles Schwab Corp., Series J, 4.450%, Perpetual | 1495 | 27463 | 0.03% |
| &nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series J, 5.500% to 05/10/2023 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.640%, Perpetual (c) | 955 | 23503 | 0.03% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series K, 6.375% to 05/10/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.550%, Perpetual (c) | 895 | 22151 | 0.03% |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series R, 4.750%, Perpetual | 2190 | 41500 | 0.05% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series O, 5.250%, Perpetual | 1625 | 34239 | 0.04% |
| &nbsp;&nbsp;&nbsp; US Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series O, 4.500%, Perpetual | 1295 | 23958 | 0.03% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.679% to 11/30/2022 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 0.600%, Perpetual (c) | 1970 | 35243 | 0.04% |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc., Series B, 5.350% to 09/15/2029 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Year CMT Rate + 3.210%, Perpetual (c) | 1105 | 23415 | 0.03% |
| &nbsp;&nbsp;&nbsp; Washington Federal, Inc., Series A, 4.875%, Perpetual | 1395 | 24315 | 0.03% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PREFERRED STOCKS | Number of Shares/ |  | % of |
|  | Par Amount | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series Z, 4.750%, Perpetual | 1930 | $34740 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series R, 6.625% to 03/15/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 3.690%, Perpetual (c) | 1505 | 37640 | 0.04% |
|  |  | 1421112 | 1.63% |
| &nbsp;&nbsp;&nbsp; **Total Preferred Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,895,371) |  | 1524128 | 1.75% |
| &nbsp;&nbsp;&nbsp; REITS – 2.70% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials – 0.17%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management Inc, Series I, 6.750% to 06/30/2024 |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;then 3 Month LIBOR USD + 4.989%, Perpetual (c) | 1195 | 24880 | 0.03% |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. | 3130 | 35244 | 0.04% |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp. | 2930 | 19778 | 0.02% |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series C, 7.750% to 09/30/2025 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 4.743%, Perpetual (c) | 1265 | 21505 | 0.03% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series B, 8.000% to 03/30/2024 then |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3 Month LIBOR USD + 5.791%, Perpetual (c) | 575 | 10695 | 0.01% |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 1805 | 37291 | 0.04% |
|  |  | 149393 | 0.17% |
| &nbsp;&nbsp;&nbsp; **Real Estate – 2.53%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp., Series M, 5.250%, Perpetual | 955 | 18756 | 0.02% |
| &nbsp;&nbsp;&nbsp; Public Storage, Series P, 4.000%, Perpetual | 1185 | 19292 | 0.02% |
| &nbsp;&nbsp;&nbsp; STORE Capital Corp. | 67869 | 2158234 | 2.49% |
|  |  | 2196282 | 2.53% |
| &nbsp;&nbsp;&nbsp; **Total REITS** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,888,938) |  | 2345675 | 2.70% |
| &nbsp;&nbsp;&nbsp; CORPORATE BONDS – 17.48% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Communication Services – 1.23%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc., 4.250%, 03/01/2027 | $980000 | 936465 | 1.08% |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., 3.875%, 04/15/2030 | 150000 | 132519 | 0.15% |
|  |  | 1068984 | 1.23% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 1.39%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., 3.600%, 11/28/2024 (b) | 615000 | 582964 | 0.67% |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc., 2.625%, 04/01/2031 | 325000 | 260208 | 0.30% |
| &nbsp;&nbsp;&nbsp; Starbucks Corp., 3.500%, 03/01/2028 | 400000 | 366777 | 0.42% |
|  |  | 1209949 | 1.39% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; CORPORATE BONDS |  |  | % of |
|  | Par Amount | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Energy – 1.54%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., 3.900%, 02/01/2025 (b) | 1000000 | $964551 | 1.11% |
| &nbsp;&nbsp;&nbsp; The Williams Companies, Inc., 2.600%, 03/15/2031 | 475000 | 372254 | 0.43% |
|  |  | 1336805 | 1.54% |
| &nbsp;&nbsp;&nbsp; **Financials – 8.57%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Aflac, Inc., 3.600%, 04/01/2030 | 300000 | 265826 | 0.31% |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 2.299% to 07/21/2031 |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;then SOFR + 1.220%, 07/21/2032 (c) | 575000 | 426060 | 0.49% |
| &nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., 5.450%, 06/15/2023 | 322000 | 321559 | 0.37% |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, 3.650%, 01/25/2024 | 225000 | 219723 | 0.25% |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co, Inc., 3.700%, 05/09/2023 | 1075000 | 1064982 | 1.23% |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2.550%, 02/04/2030 | 525000 | 417515 | 0.48% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2025 | 365000 | 351898 | 0.41% |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., 2.069% to 06/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;then SOFR + 1.015%, 06/01/2029 (c) | 325000 | 262847 | 0.30% |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc., 4.375%, 03/15/2029 | 275000 | 259766 | 0.30% |
| &nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.593% to 05/04/2026 then SOFR + 0.879%, 05/04/2027 (c) | 295000 | 252566 | 0.29% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2.239% to 07/21/2031 then SOFR + 1.178%, 07/21/2032 (c) | 330000 | 244426 | 0.28% |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., 3.878%, 03/27/2028 | 260000 | 243989 | 0.28% |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp., 1.800%, 08/12/2028 | 325000 | 264310 | 0.30% |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, 3.950%, 12/01/2027 | 650000 | 558894 | 0.64% |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp., 3.125%, 11/01/2022 | 1300000 | 1300000 | 1.50% |
| &nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc., 4.223% to 05/01/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;then 3 Month LIBOR USD + 1.301%, 05/01/2029 (c) | 300000 | 271583 | 0.31% |
| &nbsp;&nbsp;&nbsp; Willis North America, Inc., 3.600%, 05/15/2024 | 750000 | 725858 | 0.83% |
|  |  | 7451802 | 8.57% |
| &nbsp;&nbsp;&nbsp; **Health Care – 1.90%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp., 4.300%, 06/15/2028 | 700000 | 651142 | 0.75% |
| &nbsp;&nbsp;&nbsp; Evernorth Health, Inc., 3.500%, 06/15/2024 | 700000 | 677269 | 0.78% |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., 1.750%, 09/15/2030 | 425000 | 320256 | 0.37% |
|  |  | 1648667 | 1.90% |
| &nbsp;&nbsp;&nbsp; **Industrials – 0.60%** |  |  |  |
| &nbsp;&nbsp;&nbsp; General Electric Co., 3.625%, 05/01/2030 | 380000 | 326403 | 0.37% |
| &nbsp;&nbsp;&nbsp; The Boeing Co., 2.196%, 02/04/2026 | 225000 | 199144 | 0.23% |
|  |  | 525547 | 0.60% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; CORPORATE BONDS |  |  | % of |
|  | Par Amount | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Information Technology – 2.25%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc., 2.850%, 01/15/2030 | 675000 | $564541 | 0.65% |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc., 4.110%, 09/15/2028 | 425000 | 381599 | 0.44% |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2.200%, 02/09/2027 | 125000 | 110741 | 0.13% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2.720%, 02/09/2032 | 325000 | 260883 | 0.30% |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc., 2.850%, 10/01/2029 | 750000 | 637906 | 0.73% |
|  |  | 1955670 | 2.25% |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Cost $17,051,762) |  | 15197424 | 17.48% |
| &nbsp;&nbsp;&nbsp; MORTGAGE-BACKED SECURITIES – 2.48% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Federal Agency Mortgage-Backed Obligations – 2.48%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Fannie Mae Pool |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2043 | 851075 | 746179 | 0.86% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/01/2042 | 157445 | 143133 | 0.16% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/2037 | 76447 | 77328 | 0.09% |
| &nbsp;&nbsp;&nbsp; Fannie Mae REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-52, 1.250%, 06/25/2043 | 40997 | 33224 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-16, 2.000%, 11/25/2041 | 39040 | 33843 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 2010-134, 2.250%, 03/25/2039 | 1181 | 1177 | 0.00% |
| &nbsp;&nbsp;&nbsp; Freddie Mac Gold Pool |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2042 | 451943 | 397166 | 0.46% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2042 | 577766 | 507752 | 0.58% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2037 | 32915 | 33792 | 0.04% |
| &nbsp;&nbsp;&nbsp; Freddie Mac REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 4146, 1.500%, 10/15/2042 | 14168 | 13526 | 0.01% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 4309, 2.000%, 10/15/2043 | 35952 | 32709 | 0.04% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 3870, 2.750%, 01/15/2041 | 12653 | 12124 | 0.01% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 4322, 3.000%, 05/15/2043 | 54688 | 52323 | 0.06% |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-24, 1.750%, 02/16/2043 | 88067 | 76126 | 0.09% |
| &nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,439,653) |  | 2160402 | 2.48% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; U.S. TREASURY OBLIGATIONS – 9.60% | Par Amount/ |  | % of |
|  | Number os Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **U.S. Treasury Notes – 9.60%** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.250%, 08/31/2025 | 1250000 | $1111621 | 1.28% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.625%, 03/31/2027 | 450000 | 384047 | 0.44% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.750%, 04/30/2026 | 1500000 | 1323281 | 1.52% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/31/2028 | 500000 | 417461 | 0.48% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 12/31/2026 | 625000 | 552148 | 0.64% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.250%, 04/30/2028 | 425000 | 362478 | 0.42% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2025 | 200000 | 187008 | 0.22% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.500%, 11/30/2028 | 75000 | 64025 | 0.07% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.875%, 07/31/2026 | 1550000 | 1416979 | 1.63% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/31/2027 | 200000 | 185547 | 0.21% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2.625%, 04/15/2025 | 300000 | 287215 | 0.33% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/2032 | 750000 | 670488 | 0.77% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/31/2025 | 450000 | 431842 | 0.50% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 09/30/2027 | 350000 | 348018 | 0.40% |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/30/2024 | 600000 | 596812 | 0.69% |
| &nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,170,733) |  | 8338970 | 9.60% |
| &nbsp;&nbsp;&nbsp; INVESTMENT COMPANIES (EXCLUDING |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;MONEY MARKET FUNDS) – 0.53% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials – 0.53%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. | 1995 | 38763 | 0.05% |
| &nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc. | 2655 | 33453 | 0.04% |
| &nbsp;&nbsp;&nbsp; BlackRock TCP Capital Corp. | 3015 | 35667 | 0.04% |
| &nbsp;&nbsp;&nbsp; Carlyle Secured Lending, Inc. | 2935 | 36834 | 0.04% |
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp. | 1865 | 35808 | 0.04% |
| &nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc. | 2775 | 35992 | 0.04% |
| &nbsp;&nbsp;&nbsp; Hercules Capital, Inc. | 2325 | 33782 | 0.04% |
| &nbsp;&nbsp;&nbsp; MidCap Financial Investment Corp. | 3225 | 35346 | 0.04% |
| &nbsp;&nbsp;&nbsp; Monroe Capital Corp. | 4000 | 30320 | 0.04% |
| &nbsp;&nbsp;&nbsp; New Mountain Finance Corp. | 3130 | 38030 | 0.04% |
| &nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. | 5730 | 37818 | 0.04% |
| &nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc. | 1825 | 33142 | 0.04% |
| &nbsp;&nbsp;&nbsp; TriplePoint Venture Growth BDC Corp. | 2500 | 31950 | 0.04% |
| &nbsp;&nbsp;&nbsp; **Total Investment Companies** |  |  |  |
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;(Excluding Money Market Funds)** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $550,540) |  | 456905 | 0.53% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 1.85% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 1.85%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (d) | 1603926 | $1603926 | 1.85% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,603,926) |  | 1603926 | 1.85% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $69,079,431) – 99.77% |  | 86716757 | 99.77% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 0.23% |  | 197481 | 0.23% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $86914238 | 100.00% |

---

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

CMT – Constant Maturity Treasury

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

(a) Non-income-producing security.

(b) U.S.-traded security of a foreign corporation.

(c) Variable rate security; rate disclosed is the rate as of October 31, 2022.

(d) The rate listed is the fund's seven-day yield as of October 31, 2022.

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

HENNESSY FUNDS 1-800-966-4354

------

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $3888210 | $— | $— | $3888210 |
| Consumer Discretionary | 9157682 |  |  | 9157682 |
| Consumer Staples | 5394464 |  |  | 5394464 |
| Energy | 153591 |  |  | 153591 |
| Financials | 11715119 |  |  | 11715119 |
| Health Care | 3248645 |  |  | 3248645 |
| Industrials | 4838910 |  |  | 4838910 |
| Information Technology | 11566203 |  |  | 11566203 |
| Materials | 5126503 |  |  | 5126503 |
| **Total Common Stocks** | $55089327 | $— | $— | $55089327 |
| **Preferred Stocks** |  |  |  |  |
| Communication Services | $49674 | $— | $— | $49674 |
| Consumer Discretionary | 23098 |  |  | 23098 |
| Consumer Staples | 30244 |  |  | 30244 |
| Financials | 1421112 |  |  | 1421112 |
| **Total Preferred Stocks** | $1524128 | $— | $— | $1524128 |
| **REITS** |  |  |  |  |
| Financials | $149393 | $— | $— | $149393 |
| Real Estate | 2196282 |  |  | 2196282 |
| **Total REITS** | $2345675 | $— | $— | $2345675 |
| **Corporate Bonds** |  |  |  |  |
| Communication Services | $— | $1068984 | $— | $1068984 |
| Consumer Discretionary |  | 1209949 |  | 1209949 |
| Energy |  | 1336805 |  | 1336805 |
| Financials |  | 7451802 |  | 7451802 |
| Health Care |  | 1648667 |  | 1648667 |
| Industrials |  | 525547 |  | 525547 |
| Information Technology |  | 1955670 |  | 1955670 |
| **Total Corporate Bonds** | $— | $15197424 | $— | $15197424 |
| **Mortgage-Backed Securities** |  |  |  |  |
| Federal Agency Mortgage-Backed Obligations | $— | $2160402 | $— | $2160402 |
| **Total Mortgage-Backed Securities** | $— | $2160402 | $— | $2160402 |
| **U.S. Treasury Obligations** |  |  |  |  |
| U.S. Treasury Notes | $— | $8338970 | $— | $8338970 |
| **Total U.S. Treasury Obligations** | $— | $8338970 | $— | $8338970 |
| **Investment Companies** |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Excluding Money Market Funds)** |  |  |  |  |
| Financials | $456905 | $— | $— | $456905 |
| **Total Investment Companies** |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Excluding Money Market Funds)** | $456905 | $— | $— | $456905 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $1603926 | $— | $— | $1603926 |
| **Total Short-Term Investments** | $1603926 | $— | $— | $1603926 |
| **Total Investments** | $61019961 | $25696796 | $— | $86716757 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $69,079,431) | $86716757 |
| Dividends and interest receivable | 285218 |
| Receivable for fund shares sold | 67994 |
| Return of capital receivable | 803 |
| Prepaid expenses and other assets | 19861 |
| &nbsp;&nbsp;&nbsp; Total assets | 87090633 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 41961 |
| Payable to advisor | 58067 |
| Payable to administrator | 18773 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 7826 |
| Accrued service fees | 3291 |
| Accrued trustees fees | 5725 |
| Accrued expenses and other payables | 18003 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 176395 |
| **NET ASSETS** | $86914238 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $67222043 |
| Total distributable earnings | 19692195 |
| &nbsp;&nbsp;&nbsp; Total net assets | $86914238 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $39171092 |
| Shares issued and outstanding | 2785320 |
| Net asset value, offering price, and redemption price per share | $14.06 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $47743146 |
| Shares issued and outstanding | 3615343 |
| Net asset value, offering price, and redemption price per share | $13.21 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income<sup>(1)</sup> | $1343700 |
| Interest income | 762892 |
| &nbsp;&nbsp;&nbsp; Total investment income | 2106592 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 828962 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 97981 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 49741 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 128779 |
| Distribution fees – Investor Class (See Note 5) | 70015 |
| Service fees – Investor Class (See Note 5) | 46676 |
| Federal and state registration fees | 31638 |
| Compliance expense (See Note 5) | 24508 |
| Audit fees | 22755 |
| Trustees' fees and expenses | 18803 |
| Reports to shareholders | 13100 |
| Legal fees | 1026 |
| Interest expense (See Note 7) | 32 |
| Other expenses | 15458 |
| &nbsp;&nbsp;&nbsp; Total expenses | 1349474 |
| **NET INVESTMENT INCOME** | $757118 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments: | $2841084 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments: | (17205736) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (14364652) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(13607534) |

---

<sup>(1)</sup> Net of foreign taxes withheld and issuance fees of $9,442.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $757118 | $890714 |
| Net realized gain on investments | 2841084 | 8268323 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (17205736) | 13894367 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (13607534) | 23053404 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (3654611) | (3200223) |
| Distributable earnings – Institutional Class | (4723563) | (4139573) |
| Total distributions | (8378174) | (7339796) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 1881768 | 1376547 |
| Proceeds from shares subscribed – Institutional Class | 2382337 | 3724722 |
| Dividends reinvested – Investor Class | 3556955 | 3106285 |
| Dividends reinvested – Institutional Class | 3602091 | 3180592 |
| Cost of shares redeemed – Investor Class | (10361778) | (8925766) |
| Cost of shares redeemed – Institutional Class | (12193431) | (11189372) |
| Net decrease in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (11132058) | (8726992) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (33117766) | 6986616 |
| **NET ASSETS:** |  |  |
| Beginning of year | 120032004 | 113045388 |
| End of year | $86914238 | $120032004 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 115566 | 83494 |
| Shares sold – Institutional Class | 160649 | 245309 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 217125 | 200751 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 234876 | 217790 |
| Shares redeemed – Investor Class | (673769) | (549400) |
| Shares redeemed – Institutional Class | (853794) | (732371) |
| Net decrease in shares outstanding | (799347) | (534427) |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $17.26 | $15.12 | $15.72 | $15.82 | $16.24 |
| 0.08<br><sup>(1)</sup>  | 0.09<br><sup>(1)</sup>  | 0.16<br><sup>(1)</sup>  | 0.18<br><sup>(1)</sup>  | 0.16 |
| (2.09) | 3.01 | 0.40 | 1.02 | 0.40 |
| (2.01) | 3.10 | 0.56 | 1.20 | 0.56 |
| (0.08) | (0.10) | (0.16) | (0.17) | (0.14) |
| (1.11) | (0.86) | (1.00) | (1.13) | (0.84) |
| (1.19) | (0.96) | (1.16) | (1.30) | (0.98) |
| $14.06 | $17.26 | $15.12 | $15.72 | $15.82 |
| -12.60% | 21.24% | 3.74% | 8.39% | 3.44% |
| $39.17 | $53.97 | $51.29 | $93.51 | $121.32 |
| 1.51% | 1.49% | 1.49% | 1.46% | 1.42% |
| 0.53% | 0.54% | 1.08% | 1.16% | 0.89% |
| 15% | 26% | 22% | 16% | 18% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $16.22 | $14.22 | $14.80 | $14.93 | $15.34 |
| 0.13<br><sup>(1)</sup>  | 0.14<br><sup>(1)</sup>  | 0.20<br><sup>(1)</sup>  | 0.22<br><sup>(1)</sup>  | 0.19 |
| (1.97) | 2.83 | 0.38 | 0.96 | 0.39 |
| (1.84) | 2.97 | 0.58 | 1.18 | 0.58 |
| (0.13) | (0.16) | (0.22) | (0.24) | (0.20) |
| (1.04) | (0.81) | (0.94) | (1.07) | (0.79) |
| (1.17) | (0.97) | (1.16) | (1.31) | (0.99) |
| $13.21 | $16.22 | $14.22 | $14.80 | $14.93 |
| -12.25% | 21.68% | 4.16% | 8.76% | 3.86% |
| $47.74 | $66.06 | $61.75 | $80.40 | $97.86 |
| 1.13% | 1.12% | 1.12% | 1.09% | 1.02% |
| 0.90% | 0.91% | 1.44% | 1.53% | 1.28% |
| 15% | 26% | 22% | 16% | 18% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Equity and Income Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital growth and current income. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(515309) | $515309 |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| e). | Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December. |
| f). | Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | 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 the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the 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 the Fund's receipt of cash in excess of the REIT's earnings. If the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax |

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| | |
|:---|:---|
|  | purposes. Dividends received by the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction. |
| j). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| k). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In March 2020, FASB issued Accounting Standards Update 2020 04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance was to provide relief to companies that would be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks would no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to account for contract modifications as a continuance of the existing contract without additional analysis, provided that the only change to existing contracts is a change to an approved benchmark interest rate. In addition, derivative contracts that qualified for hedge accounting prior to contract modification will be allowed to continue to receive such treatment even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Fund may elect to apply the amendments as of March 12, 2020 through December 31, 2022. See Note 9 for more information. |

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#### 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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

---

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

---

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

---

| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market ("Nasdaq") generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales |

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HENNESSY FUNDS 1-800-966-4354

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| |
|:---|
| 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. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

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WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $7,924,905 and $24,725,837, respectively.

Purchases and sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022 were $7,775,700 and $9,440,767, 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 Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.80%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Advisor has delegated the day-to-day management of the equity allocation of the Fund to a sub-advisor, The London Company of Virginia, LLC, and has delegated the day-to-day management of the fixed income allocation of the Fund to a sub-advisor, FCI Advisors. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During fiscal year 2022, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.33% of the daily net assets of the equity allocation of the Fund and 0.27% of the daily net assets of the fixed income allocation of the Fund.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

HENNESSY FUNDS 1-800-966-4354

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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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $501 and 6.25%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $183,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $69340330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $22371738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (4995353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $17376385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $17120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 2298690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $2315810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $19692195 |

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The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $779687 | $990650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 7598487 | 6349146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $8378174 | $7339796 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). LIBOR TRANSITION
The Fund invests in financial instruments with payment obligations, financing terms, hedging strategies, or investment values based on, among other floating rates, LIBOR. Determined by the ICE Benchmark Administration, LIBOR is an average interest rate that banks charge one another for the use of short-term money. In 2017, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced plans to phase out the use of LIBOR by the end of 2021. Most LIBOR settings are no longer being published as of December 31, 2021, and the FCA and ICE Benchmark Administrator have announced that a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. The U.S. Federal Reserve has begun publishing the Secured Overnight Financing Rate (SOFR), which is intended to replace the U.S. dollar LIBOR. Other regulators and industry groups around the world have announced or begun publishing proposed alternative reference rates for other currencies, but global consensus is lacking, and the process for amending many existing contracts or instruments to transition away from LIBOR remains unclear. Uncertainty related to the liquidity impact of the change in

HENNESSY FUNDS 1-800-966-4354

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reference rates and how to appropriately adjust these rates at the time of transition may lead to increased volatility and illiquidity in markets tied to LIBOR, reduce the value of LIBOR-related instruments, and reduce the effectiveness of hedging strategies, which could adversely affect the Fund's performance. Moreover, the risks associated with this discontinuation and transition could be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

#### 10). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 11). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 0.37982 <br> Institutional Class 0.35677

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&nbsp;&nbsp; **NOTES/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Equity and Income Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Equity and Income Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

HENNESSY FUNDS 1-800-966-4354

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### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $952.00 | $7.43 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.59 | $7.68 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $953.90 | $5.71 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.36 | $5.90 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.51% for Investor Class shares or 1.16% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 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 was 5.34%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has
 historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during
 both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to
 determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income,
 and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information,
 and other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

<br> ![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY BALANCED FUND

*Investor Class* **HBFBX**

**** 

![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 8 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 11 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 12 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 13 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 14 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 16 |
| Report of Independent Registered Public Accounting Firm | 23 |
| Trustees and Officers of the Fund | 24 |
| Expense Example | 27 |
| Proxy Voting Policy and Proxy Voting Records | 28 |
| Availability of Quarterly Portfolio Schedule | 28 |
| Federal Tax Distribution Information | 28 |
| Important Notice Regarding Delivery of Shareholder Documents | 28 |
| Electronic Delivery | 28 |
| Liquidity Risk Management Program | 29 |
| Privacy Policy | 29 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Balanced Fund (HBFBX) | -0.70% | 2.85% | &nbsp;&nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp; 50/50 Blended DJIA/Treasury Index | -3.79% | 5.51% | &nbsp;&nbsp;&nbsp;&nbsp;6.58% |
| &nbsp;&nbsp;&nbsp; Dow Jones Industrial Average | -6.74% | 9.33% | 12.19% |

---

Expense ratio: 1.85%

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The 50/50 Blended DJIA/Treasury Index consists of 50% common stocks represented by the Dow Jones Industrial Average and 50% short-duration Treasury securities represented by the ICE BofAML 1-Year U.S. Treasury Note Index, which comprises U.S. Treasury securities maturing in approximately one year. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange or The Nasdaq Stock Market LLC. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

The expense ratio presented is from the most recent prospectus. The expense ratio for the current reporting period is available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Hennessy Balanced Fund returned -0.70%, outperforming both the 50/50 Blended DJIA/Treasury Index (the Fund's primary benchmark) and the Dow Jones Industrial Average, which returned -3.79% and -6.74%, respectively, for the same period.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

The Fund outperformed its primary benchmark predominantly as a result of stock selection in the Energy and Health Care sectors. The largest contributor to performance within each of these sectors during the period were Chevron Corporation and Amgen, Inc. The largest detractors from performance during the period were investments in the Communication Services and Industrials sectors. The largest detractors from performance within these sectors were Verizon Communications, Inc. and 3M Company.

The Fund continues to own all the companies mentioned.

#### Portfolio Strategy:
The Fund invests approximately 50% of its assets in the "Dogs of the Dow," the 10 highest dividend-yielding Dow stocks, and 50% of its assets in U.S. Treasuries. As a result of this "blended" strategy, we expect the Fund to outperform equities in periods when equity markets fall and underperform in periods when equity markets rise. The Fund is designed to allow its investors to gain exposure to the equity market while maintaining a significant percentage of its investment in fixed income securities. We believe the Fund is well positioned for the more conservative investor because the equity portion of the portfolio is invested in what we deem to be high-quality companies, each of which pay a quarterly dividend, while the balance of the Fund is invested in lower-risk, short-duration U.S. Treasuries.

#### Investment Commentary:
Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive. We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. While the Federal Reserve has raised rates several times throughout this calendar year, we believe that the prospect of slower economic growth may dampen inflationary pressures. With this possibility comes the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. With the unemployment rate near record lows, high levels of cash on the balance sheets of U.S. companies, and the prospect of a more dovish Federal Reserve in 2023, we remain bullish on equities long-term.

If the market experiences further weakness, we would expect our more defensive holdings to perform well relative to the market. The relatively short duration of the 50% weighting of U.S. Treasuries in the portfolio (all less than one year) may allow us the ability to roll into higher-yielding Treasuries in the event interest rates continue to rise.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund. The Fund's formula-based strategy may cause the Fund to buy or sell securities at times when it may not be advantageous. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY BALANCED FUND
(% of Net Assets)

![](hbf-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 4.000%, 01/26/2023 | 19.21% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 3.020%, 06/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.06% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 2.880%, 12/01/2022 | &nbsp;&nbsp;&nbsp;&nbsp;7.75% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 2.100%, 05/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;6.82% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bill, 2.490%, 11/03/2022 | &nbsp;&nbsp;&nbsp;&nbsp;5.43% |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5.15% |
| &nbsp;&nbsp;&nbsp; Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.98% |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;4.59% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 45.83% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 4.02%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 13850 | $517575 | 4.02% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 4.66%** |  |  |  |
| &nbsp;&nbsp;&nbsp; The Coca-Cola Co. | 900 | 53865 | 0.42% |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 15000 | 547500 | 4.24% |
|  |  | 601365 | 4.66% |
| &nbsp;&nbsp;&nbsp; **Energy – 4.98%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 3550 | 642195 | 4.98% |
| &nbsp;&nbsp;&nbsp; **Financials – 5.22%** |  |  |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 5350 | 673458 | 5.22% |
| &nbsp;&nbsp;&nbsp; **Health Care – 5.69%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 2450 | 662357 | 5.14% |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 700 | 70840 | 0.55% |
|  |  | 733197 | 5.69% |
| &nbsp;&nbsp;&nbsp; **Industrials – 4.59%** |  |  |  |
| &nbsp;&nbsp;&nbsp; 3M Co. | 4700 | 591213 | 4.59% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 12.79%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 11900 | 540617 | 4.19% |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 15650 | 444930 | 3.45% |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 4800 | 663792 | 5.15% |
|  |  | 1649339 | 12.79% |
| &nbsp;&nbsp;&nbsp; **Materials – 3.88%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 10700 | 500118 | 3.88% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,825,062) |  | 5908460 | 45.83% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 54.40% | Number of Shares/ |  | % of |
|  | Par Amount | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 2.31%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Fund, Institutional Class, 2.93% (a) | 297696 | $297696 | 2.31% |
| &nbsp;&nbsp;&nbsp; **U.S. Treasury Bills – 52.09%** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.490%, 11/03/2022 (b) | 700000 | 699995 | 5.43% |
| &nbsp;&nbsp;&nbsp; 2.880%, 12/01/2022 (b) | 1000000 | 999800 | 7.75% |
| &nbsp;&nbsp;&nbsp; 4.000%, 01/26/2023 (b) | 2500000 | 2476201 | 19.21% |
| &nbsp;&nbsp;&nbsp; 3.780%, 03/23/2023 (b) | 500000 | 491727 | 3.82% |
| &nbsp;&nbsp;&nbsp; 2.100%, 05/18/2023 (b) | 900000 | 879426 | 6.82% |
| &nbsp;&nbsp;&nbsp; 3.020%, 06/15/2023 (b) | 1200000 | 1168454 | 9.06% |
|  |  | 6715603 | 52.09% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,058,613) |  | 7013299 | 54.40% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,883,675) – 100.23% |  | 12921759 | 100.23% |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets – (0.23)% |  | (29242) | (0.23)% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $12892517 | 100.00% |

---

Percentages are stated as a percent of net assets.

(a) The rate listed is the fund's seven-day yield as of October 31, 2022.

(b) The rate listed is the discount rate at issue.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $517575 | $— | $— | $517575 |
| Consumer Staples | 601365 |  |  | 601365 |
| Energy | 642195 |  |  | 642195 |
| Financials | 673458 |  |  | 673458 |
| Health Care | 733197 |  |  | 733197 |
| Industrials | 591213 |  |  | 591213 |
| Information Technology | 1649339 |  |  | 1649339 |
| Materials | 500118 |  |  | 500118 |
| **Total Common Stocks** | $5908460 | $— | $— | $5908460 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $297696 | $— | $— | $297696 |
| U.S. Treasury Bills |  | 6715603 |  | 6715603 |
| **Total Short-Term Investments** | $297696 | $6715603 | $— | $7013299 |
| **Total Investments** | $6206156 | $6715603 | $— | $12921759 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $12,883,675) | $12921759 |
| Dividends and interest receivable | 9742 |
| Receivable for fund shares sold | 168 |
| Prepaid expenses and other assets | 7453 |
| &nbsp;&nbsp;&nbsp; Total assets | 12939122 |
| **LIABILITIES:** |  |
| Payable to advisor | 6346 |
| Payable to administrator | 4137 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 1786 |
| Accrued service fees | 1058 |
| Accrued trustees fees | 4755 |
| Accrued expenses and other payables | 5774 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 46605 |
| **NET ASSETS** | $12892517 |
| **NET ASSETS CONSIST OF:** |  |
| Capital stock | $12391605 |
| Total distributable earnings | 500912 |
| &nbsp;&nbsp;&nbsp; Total net assets | $12892517 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $12892517 |
| Shares issued and outstanding | 1090302 |
| Net asset value, offering price, and redemption price per share | $11.82 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income | $265638 |
| Interest income | 46562 |
| &nbsp;&nbsp;&nbsp; Total investment income | 312200 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 81722 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 27143 |
| Compliance expense (See Note 5) | 24510 |
| Audit fees | 22743 |
| Distribution fees – Investor Class (See Note 5) | 20430 |
| Federal and state registration fees | 19458 |
| Trustees' fees and expenses | 16181 |
| Service fees – Investor Class (See Note 5) | 13620 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 7062 |
| Reports to shareholders | 5858 |
| Interest expense (See Note 7) | 1735 |
| Legal fees | 219 |
| Other expenses | 4580 |
| &nbsp;&nbsp;&nbsp; Total expenses | 245261 |
| **NET INVESTMENT INCOME** | $66939 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $492822 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (683111) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (190289) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(123350) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $66939 | $22631 |
| Net realized gain on investments | 492822 | 528693 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (683111) | 1167646 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (123350) | 1718970 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (524145) | (35846) |
| Total distributions | (524145) | (35846) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 2103328 | 1324997 |
| Dividends reinvested – Investor Class | 519982 | 35297 |
| Cost of shares redeemed – Investor Class | (2614494) | (1500429) |
| Net increase (decrease) in net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derived from capital share transactions | 8816 | (140135) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (638679) | 1542989 |
| **NET ASSETS:** |  |  |
| Beginning of year | 13531196 | 11988207 |
| End of year | $12892517 | $13531196 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 173711 | 107079 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 43919 | 2986 |
| Shares redeemed – Investor Class | (219333) | (124203) |
| Net decrease in shares outstanding | (1703) | (14138) |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate

<sup>(1)</sup> Calculated using the average shares outstanding method.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $12.39 | $10.84 | $12.38 | $12.34 | $12.88 |
| 0.06<br><sup>(1)</sup>  | 0.02<br><sup>(1)</sup>  | 0.12<br><sup>(1)</sup>  | 0.13<br><sup>(1)</sup>  | 0.09 |
| (0.15) | 1.56 | (1.04) | 0.59 | 0.33 |
| (0.09) | 1.58 | (0.92) | 0.72 | 0.42 |
| (0.05) | (0.03) | (0.12) | (0.13) | (0.08) |
| (0.43) |  | (0.50) | (0.55) | (0.88) |
| (0.48) | (0.03) | (0.62) | (0.68) | (0.96) |
| $11.82 | $12.39 | $10.84 | $12.38 | $12.34 |
| -0.70% | 14.62% | -7.84% | 6.05% | 3.46% |
| $12.89 | $13.53 | $11.99 | $12.30 | $11.62 |
| 1.80% | 1.85% | 1.89% | 1.88% | 1.84% |
| 0.49% | 0.17% | 1.05% | 1.04% | 0.70% |
| 29% | 31% | 42% | 52% | 21% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Balanced Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is a combination of capital appreciation and current income. The Fund is a non-diversified fund and offers Investor Class shares.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(31912) | $31912 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
|  | open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. |
| e). | Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December. |
| f). | Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk |

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HENNESSY FUNDS 1-800-966-4354

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---

| |
|:---|
| management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

---

#### 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 (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, 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. |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| |
|:---|
| *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. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $1,928,438 and $2,627,767, respectively.

HENNESSY FUNDS 1-800-966-4354

------

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.60%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets for such purpose. Amounts paid under the plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $36,153 and 4.73%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $742,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $12906958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $727978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (713177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $14801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $7523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 478588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $486111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $500912 |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

HENNESSY FUNDS 1-800-966-4354

------

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $70052 | $35846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 454093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $524145 | $35846 |

---

<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 0.44262

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Balanced Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Balanced Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

<br> Philadelphia, Pennsylvania

December 22, 2022

HENNESSY FUNDS 1-800-966-4354

------

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND/EXPENSE EXAMPLE**<br>

### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The example below includes, but is not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $979.10 | $8.88 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.23 | $9.05 |

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<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.78%, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 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 was 15.18%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund has
 historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future during
 both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to
 determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income,
 and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information,
 and other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

<br> ![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

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![](hennessy_funds-logo.jpg)

#### <br>

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY ENERGY TRANSITION FUND

*Investor Class* **HNRGX**

*Institutional Class* **HNRIX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **<br>** <br> ![](hf-investuncomplogo.jpg)

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

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### Contents

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| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 10 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 14 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 15 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 17 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 18 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 22 |
| Report of Independent Registered Public Accounting Firm | 31 |
| Trustees and Officers of the Fund | 32 |
| Expense Example | 36 |
| Proxy Voting Policy and Proxy Voting Records | 38 |
| Availability of Quarterly Portfolio Schedule | 38 |
| Federal Tax Distribution Information | 38 |
| Important Notice Regarding Delivery of Shareholder Documents | 38 |
| Electronic Delivery | 38 |
| Liquidity Risk Management Program | 39 |
| Privacy Policy | 39 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

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| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg)  | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg)  | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg)  | Senior Vice President, and Portfolio Manager |

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#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund on its inception date and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  | One | Five | Since Inception |
|  | <u>Year</u> | <u>Years</u> | <u>(12/31/13)</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Energy Transition Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HNRGX) | 49.24% | &nbsp;&nbsp;&nbsp;&nbsp;7.54% | &nbsp;&nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp; Hennessy Energy Transition Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HNRIX) | 49.71% | &nbsp;&nbsp;&nbsp;&nbsp;7.84% | &nbsp;&nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Energy Index | 64.97% | 11.07% | &nbsp;&nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 10.82% |

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Expense ratios: 2.96% (Investor Class); 2.61% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine Energy Fund.*

The S&P 500<sup>®</sup> Energy Index comprises those companies included in the S&P 500<sup>®</sup> that are classified in the Energy sector. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

#### PERFORMANCE NARRATIVE
Portfolio Managers Ben Cook, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Energy Transition Fund returned 49.24%, underperforming the S&P 500<sup>®</sup> Energy Index (the Fund's primary benchmark), which returned 64.97% for the same period, but outperforming the S&P 500<sup>®</sup> Index, which returned -14.61% for the same period.

Relative energy equity performance during the period tracked the strong influence of energy commodity prices, favoring hydrocarbon energy equities that outperformed both the renewable energy equity category as well as broader market equity indexes. Hydrocarbon-oriented equity outperformance relative to renewable-oriented equity peers was particularly notable given the substantial policy support provided to renewable technologies by Congress through the passage of the Inflation Reduction Act of 2022, which was signed into law during August 2022.

As in the prior period, hydrocarbon company investment merit remained relatively attractive, benefiting from a combination of strong commodity fundamentals, desirable valuation, and shareholder friendly corporate governance. The global energy crisis precipitated by the Russian invasion of Ukraine exacerbated global hydrocarbon supply tightness, and in our view, strengthened the case for a durable commodity upcycle. Accordingly, we redirected a small quantity of renewable equity exposure toward hydrocarbon energy equity counterparts. By period end, Fund exposure to hydrocarbon-oriented equites remained elevated relative to historical averages.

#### Portfolio Strategy:
The Fund seeks to invest in companies across the energy value chain, including both hydrocarbons and renewable energy sources. This investible universe includes crude oil and natural gas exploration and production companies, oilfield service providers, midstream companies, refiners, and energy end users. The renewable energy value chain comprises materials producers, machinery and equipment manufacturers, service providers, and utilities. We believe the inclusion of energy end users, such as industrials and transportation companies, differentiates the Fund from traditional energy funds that do not include such companies. We believe including such companies in the investment universe enables the Fund to hold a broader range of energy-related themes and provides greater flexibility to adjust sub-sector weightings based on our investment outlook. The Fund typically owns 25 to 40 securities and historically has had little overlap with the top holdings of commonly used energy and commodity equity benchmarks.

#### Investment Commentary:
Energy market volatility rose meaningfully during the first quarter of the one-year period ended October 31, 2022 as rising global energy demand associated with an improving pace of economic growth post pandemic stressed a beleaguered global supply base, constrained by limited OPEC+ production resumption, Russian volume loss, and persistent upstream sector capacity underinvestment. Oil price volatility subsided in the latter half of the period dampened by the sizeable release of crude oil from the U.S. Strategic Petroleum Reserve (SPR). Though the price of NYMEX WTI crude oil doubled from its December 2021 low by March 2022, the WTI crude oil price moderated through the end of the one-year period ended October 31, 2022, to finish at $86.53 per barrel (bbl), up approximately 3.5% from the previous one-year period ended October 31, 2021.

HENNESSY FUNDS 1-800-966-4354

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Global natural gas markets also experienced significant volatility during the period as supply loss associated with curtailed Russian exports into Europe sent policy makers scrambling to secure alternative sources of supply critical to meeting regional wintertime needs. The corresponding spike in demand supported price gains around the globe as competition for liquified natural gas (LNG) cargos lifted Asian market pricing and provided a meaningful boost to U.S. pricing as well, as the U.S. committed to supplying the European Union (EU) with significant volumes on a go forward basis. During the summer, the untimely planned winddown of key nuclear facilities in Germany also added to regional baseload natural gas needs as renewable power sources proved insufficient in making up energy supply shortfall. Though NYMEX Henry Hub natural gas prices more than doubled from trough to peak during the period, the Henry Hub natural gas price moderated into period end, gaining approximately 17.1% to finish at $6.35 per thousand cubic feet (mcf).

Despite lingering fears of Covid-variant proliferation and the potential risk of slowing economic activity due to tightening monetary conditions, investment merit inherent in U.S. energy equities remains favorable given favorable commodity fundamentals, rising demand for U.S. energy exports, the sector's defensive posture with respect to inflation, and its current attractive valuation.

On a global basis, crude oil and natural gas inventories remain well below historical norms, as years of underinvestment in industry capacity and only modest gains in production volume have proven insufficient to fully satisfy rising consumption and inventory replenishment needs. As a consequence, commodity prices are likely to remain elevated and provide U.S. upstream companies with incentive to develop the resources required to meet rising demand in the U.S and abroad. Existing and projected export capacity expansion in the U.S. should allow for export volume growth through the end of the decade. The market's loss of Russian export volumes underscores the importance of energy security, reliability, and affordability, which are all qualities that likely will increase the appeal of U.S. energy resources. As one of few sectors offering the potential for strong returns and cash flows that are generally positively correlated with rising price levels, we believe hydrocarbon-oriented equities provide a logical hedge in an inflationary environment. Inflation protection coupled with attractive valuation relative to historical norms combine to offer unique appeal in the current environment.

As the world pursues greenhouse gas emission reduction targets, we believe policy and technology, as well as consumer and investor preference, will continue to drive change in the world's primary fuel mix. In this environment, we believe that wind, solar, hydrogen, and other renewable technologies will expand at the expense of more carbon intensive fuels, namely coal and heavy fuel oil. Despite this, we expect critical impediments in the form of policy gaps, reliability issues, simple cost disadvantages, and geo-political disruption to the flow of traditional hydrocarbons will continue to hamper the pace of the transition toward renewables, and we see these drivers prolonging the dependence upon hydrocarbons. As a consequence, we envision a landscape that reflects the coexistence and need for diversity in energy supply, inclusive of both hydrocarbons and renewables, which should provide investment opportunity for investors for decades to come.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

**The Fund invests in small-capitalization and medium-capitalization companies, which involves additional risks such as limited liquidity and greater volatility. Funds that concentrate in a single sector may be subject to a higher degree of risk. Energy-related companies are subject to specific risks, including fluctuations in commodity prices and consumer demand, substantial government regulation, and depletion of reserves. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Use of derivatives can increase the volatility of the Fund.**

#### MLPs and MLP investments have unique characteristics. The Fund does not receive the same tax benefits as a direct investment in an MLP.
**The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for the Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. If the Fund's MLP investments exceed 25% of its assets, the Fund may not qualify for treatment as a regulated investment company under the Internal Revenue Code. The Fund would be taxed as an ordinary corporation, which could substantially reduce the Fund's net assets and its distributions to shareholders. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

**Cash flow** refers to the net amount of cash and cash equivalents transfered into and out of a company.

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY ENERGY TRANSITION FUND
(% of Total Assets)

![](hetf-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% TOTAL ASSETS** |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 5.80% |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 5.11% |
| &nbsp;&nbsp;&nbsp; Solaris Oilfield Infrastructure, Inc. | 5.07% |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 5.06% |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 4.88% |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. | 4.81% |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 4.64% |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 4.22% |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 4.19% |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 4.07% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 92.72% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Downstream – 7.98%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 6900 | $783978 | 3.33% |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 10500 | 1095045 | 4.65% |
|  |  | 1879023 | 7.98% |
| &nbsp;&nbsp;&nbsp; **Exploration & Production – 43.97%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. (a) | 31000 | 1136460 | 4.83% |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 9145 | 1153093 | 4.90% |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 25510 | 794126 | 3.37% |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 6120 | 961513 | 4.08% |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 8830 | 1205472 | 5.12% |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 22600 | 945584 | 4.02% |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. | 25800 | 662544 | 2.81% |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 16000 | 487200 | 2.07% |
| &nbsp;&nbsp;&nbsp; PDC Energy, Inc. | 12090 | 872173 | 3.71% |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 3650 | 935896 | 3.98% |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (b) | 34760 | 1195396 | 5.08% |
|  |  | 10349457 | 43.97% |
| &nbsp;&nbsp;&nbsp; **Integrated – 6.97%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 3550 | 642195 | 2.73% |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 9000 | 997290 | 4.24% |
|  |  | 1639485 | 6.97% |
| &nbsp;&nbsp;&nbsp; **Materials – 2.59%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 19220 | 609082 | 2.59% |
| &nbsp;&nbsp;&nbsp; **Midstream – 5.13%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 45500 | 484575 | 2.06% |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 4100 | 723281 | 3.07% |
|  |  | 1207856 | 5.13% |
| &nbsp;&nbsp;&nbsp; **Oil Services – 24.51%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 27150 | 988803 | 4.20% |
| &nbsp;&nbsp;&nbsp; Newpark Resources, Inc. (a) | 70950 | 259677 | 1.10% |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. (b) | 26310 | 1368909 | 5.81% |
| &nbsp;&nbsp;&nbsp; Select Energy Services, Inc. (a) | 49660 | 479219 | 2.04% |
| &nbsp;&nbsp;&nbsp; Solaris Oilfield Infrastructure, Inc. | 87920 | 1197470 | 5.09% |
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC – (a)(b) | 65240 | 690892 | 2.93% |
| &nbsp;&nbsp;&nbsp; Tenaris SA – ADR (b) | 25000 | 785500 | 3.34% |
|  |  | 5770470 | 24.51% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Utility – 1.57%** |  |  |  |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 4770 | $369675 | 1.57% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,358,968) |  | 21825048 | 92.72% |
| &nbsp;&nbsp;&nbsp; PARTNERSHIPS & TRUSTS – 4.95% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Midstream – 4.95%** |  |  |  |
| &nbsp;&nbsp;&nbsp; MPLX LP | 15104 | 506588 | 2.15% |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | 55010 | 658470 | 2.80% |
| &nbsp;&nbsp;&nbsp; **Total Partnerships & Trusts** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $963,001) |  | 1165058 | 4.95% |
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 1.40% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 1.40%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (c) | 329996 | 329996 | 1.40% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $329,996) |  | 329996 | 1.40% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,651,965) – 99.07% |  | 23320102 | 99.07% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 0.93% |  | 219654 | 0.93% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $23539756 | 100.00% |

---

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

(a) Non-income-producing security.

(b) U.S.-traded security of a foreign corporation.

(c) The rate listed is the fund's seven-day yield as of October 31, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Downstream | $1879023 | $— | $— | $1879023 |
| Exploration & Production | 10349457 |  |  | 10349457 |
| Integrated | 1639485 |  |  | 1639485 |
| Materials | 609082 |  |  | 609082 |
| Midstream | 1207856 |  |  | 1207856 |
| Oil Services | 5770470 |  |  | 5770470 |
| Utility | 369675 |  |  | 369675 |
| **Total Common Stocks** | $21825048 | $— | $— | $21825048 |
| **Partnerships & Trusts** |  |  |  |  |
| Midstream | $1165058 | $— | $— | $1165058 |
| **Total Partnerships & Trusts** | $1165058 | $— | $— | $1165058 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $329996 | $— | $— | $329996 |
| **Total Short-Term Investments** | $329996 | $— | $— | $329996 |
| **Total Investments** | $23320102 | $— | $— | $23320102 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $14,651,965) | $23320102 |
| Dividends and interest receivable | 4512 |
| Receivable for fund shares sold | 251682 |
| Return of capital receivable | 20974 |
| Prepaid expenses and other assets | 8787 |
| &nbsp;&nbsp;&nbsp; Total assets | 23606057 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 6013 |
| Payable to advisor | 22632 |
| Payable to auditor | 23405 |
| Accrued distribution fees | 1860 |
| Accrued service fees | 784 |
| Accrued trustees fees | 4768 |
| Accrued expenses and other payables | 6839 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 66301 |
| **NET ASSETS** | $23539756 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $56076672 |
| Accumulated deficit | (32536916) |
| &nbsp;&nbsp;&nbsp; Total net assets | $23539756 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $10213489 |
| Shares issued and outstanding | 422896 |
| Net asset value, offering price, and redemption price per share | $24.15 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $13326267 |
| Shares issued and outstanding | 541880 |
| Net asset value, offering price, and redemption price per share | $24.59 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS**<br>

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Distributions received from master limited partnerships | $114520 |
| Return of capital on distributions received | (114520) |
| Dividend income from common stock<sup>(1)</sup> | 621728 |
| Interest income | 1473 |
| &nbsp;&nbsp;&nbsp; Total investment income | 623201 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 255316 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 34994 |
| Federal and state registration fees | 33490 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 15082 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 11074 |
| Compliance expense (See Note 5) | 24520 |
| Audit fees | 23397 |
| Trustees' fees and expenses | 16247 |
| Distribution fees – Investor Class (See Note 5) | 12587 |
| Reports to shareholders | 11489 |
| Service fees – Investor Class (See Note 5) | 8391 |
| Interest expense (See Note 7) | 1096 |
| Legal Fees | 866 |
| Other expenses | 5850 |
| &nbsp;&nbsp;&nbsp; Total expenses before waiver | 454399 |
| Service provider expense waiver (See Note 5) | (34994) |
| &nbsp;&nbsp;&nbsp; Net expenses | 419405 |
| **NET INVESTMENT INCOME** | $203796 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $1336639 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 6207910 |
| &nbsp;&nbsp;&nbsp; Net gain on investments | 7544549 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $7748345 |

---

<sup>(1)</sup> Net of foreign taxes withheld of $5,125.

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

HENNESSY FUNDS 1-800-966-4354

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(This Page Intentionally Left Blank.)

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $203796 | $45083 |
| Net realized gain on investments | 1336639 | 1234155 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | 6207910 | 5107361 |
| Net increase in net assets resulting from operations | 7748345 | 6386599 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (751147) |  |
| Distributable earnings – Institutional Class | (1188176) |  |
| Total distributions | (1939323) |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 8234369 | 7710426 |
| Proceeds from shares subscribed – Institutional Class | 6681659 | 5598042 |
| Dividends reinvested – Investor Class | 698292 |  |
| Dividends reinvested – Institutional Class | 1181355 |  |
| Cost of shares redeemed – Investor Class | (7622351) | (6158757) |
| Cost of shares redeemed – Institutional Class | (7693364) | (3599017) |
| Net increase in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | 1479960 | 3550694 |
| **TOTAL INCREASE IN NET ASSETS** | 7288982 | 9937293 |
| **NET ASSETS:** |  |  |
| Beginning of year | 16250774 | 6313481 |
| End of year | $23539756 | $16250774 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 394224 | 521054 |
| Shares sold – Institutional Class | 331064 | 329240 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 44449 |  |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 74066 |  |
| Shares redeemed – Investor Class | (387313) | (435171) |
| Shares redeemed – Institutional Class | (371343) | (252362) |
| Net increase in shares outstanding | 85147 | 162761 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each period

#### PER SHARE DATA:
Net asset value, beginning of period

#### Income from investment operations:
Net investment income (loss)<sup>(2)</sup>

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Total distributions

Net asset value, end of period

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)

Ratio of expenses to average net assets:

Before expense reimbursement

After expense reimbursement

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

Before expense reimbursement

After expense reimbursement

Portfolio turnover rate<sup>(7)</sup>

<sup>(1)</sup> The period ended October 31, 2018, consists of 11 months due to the Fund's fiscal year end change from November 30 to October 31, effective October 26, 2018.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> The Fund had an expense limitation agreement in place through October 25, 2020.

<sup>(6)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

<sup>(7)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Period Ended | Year Ended |
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | October 31, | November 30, |
| 2022 | 2021 | 2020 | 2019 | 2018<sup>(1)</sup> | 2017 |
| $18.31 | $8.74 | $14.08 | $18.32 | $19.47 | $20.54 |
| 0.16 | 0.06 | 0.04 | (0.07) | (0.20) | (0.23) |
| 7.74 | 9.51 | (5.38) | (4.17) | (0.95) | (0.84) |
| 7.90 | 9.57 | (5.34) | (4.24) | (1.15) | (1.07) |
| (2.06) |  |  |  |  |  |
| (2.06) |  |  |  |  |  |
| $24.15 | $18.31 | $8.74 | $14.08 | $18.32 | $19.47 |
| 49.24% | 109.50% | -37.93% | -23.14% | -5.91%<sup>(3)</sup> | -5.21% |
| $10.21 | $6.80 | $2.50 | $6.83 | $18.16 | $22.66 |
| 2.42% | 2.96% | 2.59% | 1.97% | 1.82%<sup>(4)</sup> | 1.87% |
| 2.25%<sup>(6)</sup> | 2.74%<sup>(6)</sup> | 2.03%<sup>(5)(6)</sup> | 1.97% | 1.82%<sup>(4)</sup> | 1.87% |
| 0.64% | 0.16% | (0.18)% | (0.46)% | (1.05)%<sup>(4)</sup> | (1.21)% |
| 0.81% | 0.38% | 0.38% | (0.46)% | (1.05)%<sup>(4)</sup> | (1.21)% |
| 31% | 74% | 73% | 87% | 72%<sup>(3)</sup> | 84% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each period

#### PER SHARE DATA:
Net asset value, beginning of period

#### Income from investment operations:
Net investment income (loss)<sup>(2)</sup>

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Total distributions

Net asset value, end of period

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)

Ratio of expenses to average net assets:

Before expense reimbursement

After expense reimbursement

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

Before expense reimbursement

After expense reimbursement

Portfolio turnover rate<sup>(7)</sup>

<sup>(1)</sup> The period ended October 31, 2018, consists of 11 months due to the Fund's fiscal year end change from November 30 to October 31, effective October 26, 2018.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> The Fund had an expense limitation agreement in place through October 25, 2020.

<sup>(6)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

<sup>(7)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Period Ended | Year Ended |
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | October 31, | November 30, |
| 2022 | 2021 | 2020 | 2019 | 2018<sup>(1)</sup> | 2017 |
| $18.60 | $8.85 | $14.26 | $18.50 | $19.61 | $20.64 |
| 0.23 | 0.07 | 0.12 | (0.02) | (0.15) | (0.19) |
| 7.87 | 9.68 | (5.50) | (4.22) | (0.96) | (0.84) |
| 8.10 | 9.75 | (5.38) | (4.24) | (1.11) | (1.03) |
| (2.11) |  | (0.03) |  |  |  |
| (2.11) |  | (0.03) |  |  |  |
| $24.59 | $18.60 | $8.85 | $14.26 | $18.50 | $19.61 |
| 49.71% | 110.17% | -37.80% | -22.92% | -5.66%<sup>(3)</sup> | -4.99% |
| $13.33 | $9.45 | $3.82 | $44.37 | $78.81 | $122.45 |
| 2.09% | 2.61% | 2.01% | 1.66% | 1.57%<sup>(4)</sup> | 1.62% |
| 1.92%<sup>(6)</sup> | 2.39%<sup>(6)</sup> | 1.77%<sup>(5)(6)</sup> | 1.66% | 1.57%<sup>(4)</sup> | 1.62% |
| 0.96% | 0.22% | 0.79% | (0.12)% | (0.79)%<sup>(4)</sup> | (0.98)% |
| 1.13% | 0.44% | 1.03% | (0.12)% | (0.79)%<sup>(4)</sup> | (0.98)% |
| 31% | 74% | 73% | 87% | 72%<sup>(3)</sup> | 84% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Energy Transition Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is to seek total return. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 wash sales for tax reporting purposes and investments in companies organized as partnerships for tax 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

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| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $701 | $(701) |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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 the Fund's investments in master limited partnerships ("MLPs") generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses 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 Fund. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Partnership Accounting Policy – To the extent the Fund receives distributions from underlying partnerships in which it invests, the Fund records its pro rata share of |

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HENNESSY FUNDS 1-800-966-4354

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| | |
|:---|:---|
|  | income/loss and capital gains/losses and accordingly adjusts the cost basis of the underlying partnerships for return of capital. |
| j). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| k). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

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#### 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:

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

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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

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| |
|:---|
| *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 Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security's fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |

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The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $6,172,602 and $6,369,410, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 1.25 %. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

Prior to January 31, 2022, the Advisor delegated the day-to-day management of the Fund to a sub-advisor. Effective January 31, 2022, the sub-advisory agreement between BP Capital Fund Advisors, LLC and the Advisor was terminated. The Advisor paid the sub-advisory fees from its own assets, and these fees were not an additional expense of the Fund. From November 1, 2021, through January 31, 2022, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.40% of the daily net assets of the Fund.

From October 26, 2018, through October 25, 2020, the Advisor contractually agreed to limit total annual operating expenses to 2.00% of the Fund's net assets for Investor Class shares and 1.75% of the Fund's net assets for Institutional Class shares (in each case, 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).

For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of October 31, 2022, expenses subject to potential recovery were $22,749 for Investor Class shares and $38,580 for Institutional Class shares, both of which expire in fiscal year 2023. The Advisor did not recoup expenses from the Fund during fiscal year 2022.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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

HENNESSY FUNDS 1-800-966-4354

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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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Fund. The fees voluntarily waived by Fund Services during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $24,148 and 4.48%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $572,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

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| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $15700710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $8830273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (1210881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $7619392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $138769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $138769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $(40295077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $(32536916) |

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The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales and partnership adjustments.

As of October 31, 2022, the Fund had $21,841,207 in unlimited long-term and $18,453,870 in unlimited short-term capital loss carryforwards. During fiscal year 2022, the capital losses utilized by the fund were $1,338,948.

Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $1939323 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $1939323 | $— |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive

HENNESSY FUNDS 1-800-966-4354

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Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, 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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&nbsp;&nbsp; **NOTES/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Energy Transition Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Energy Transition Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, for the eleven months ended October 31, 2018, and each of the two years in the period ended November 30, 2017, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, for the eleven months ended October 31, 2018, and each of the two years in the period ended November 30, 2017, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

HENNESSY FUNDS 1-800-966-4354

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### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

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---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

(This Page Intentionally Left Blank.)

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1158.80 | $12.24 |
| Hypothetical (5% return before expenses) | $1000.00 | $1013.86 | $11.42 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1161.00 | $10.35 |
| Hypothetical (5% return before expenses) | $1000.00 | $1015.63 | $9.65 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 2.25% for Investor Class shares or 1.90% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 15.91%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 9.09%.

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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

---

| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund
 has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future
 during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to
 determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets,
 income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### <br>

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY MIDSTREAM FUND

*Investor Class* **HMSFX**

*Institutional Class* **HMSIX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **<br>** <br> ![](hf-investuncomplogo.jpg)

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

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 10 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 30 |
| Trustees and Officers of the Fund | 31 |
| Expense Example | 34 |
| Proxy Voting Policy and Proxy Voting Records | 36 |
| Availability of Quarterly Portfolio Schedule | 36 |
| Important Notice Regarding Delivery of Shareholder Documents | 36 |
| Electronic Delivery | 36 |
| Liquidity Risk Management Program | 37 |
| Privacy Policy | 37 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

<br> ![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund on its inception date and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Since Inception |
|  | <u>Year</u> | <u>Years</u> | <u>(12/31/13)</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Midstream Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HMSFX) | 24.03% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | -0.02% |
| &nbsp;&nbsp;&nbsp; Hennessy Midstream Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HMSIX) | 24.41% | &nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp; Alerian US Midstream Energy Index | 26.22% | &nbsp;&nbsp;&nbsp;&nbsp;9.11% | &nbsp;&nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 10.82% |

---

---

| |
|:---|
| Expense ratios: |
| Gross 1.74%, Net 1.51%<sup>(1)</sup> (Institutional Class) |

---

<sup>(1)</sup> The Fund's investment advisor has contractually agreed to limit expenses until February 28, 2023.

** 

<br> *Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine MLP Fund.*

The Alerian US Midstream Energy Index comprises companies that earn a majority of their cash flows from midstream activities involving energy commodities. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

The Alerian US Midstream Energy Index is a servicemark of GKD Index Partners, LLC d/b/a Alerian ("Alerian"), and its use is granted under a license from Alerian. Alerian makes no express or implied warranties, representations, or promises regarding the originality, merchantability, suitability, or fitness for a particular purpose or use with

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

respect to the Alerian indices. No party may rely on, and Alerian does not accept any liability for any errors, omissions, interruptions, or defects in, the Alerian indices or underlying data. In no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including lost profits), even if notified of the possibility of such damages.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Ben Cook, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Midstream Fund returned 24.03%, slightly underperforming the Alerian US Midstream Energy Index (the Fund's primary benchmark), which returned 26.22%, but outperforming the S&P 500<sup>®</sup> Index, which returned -14.61% for the same period.

The principal reason for the Fund's underperformance relative to its primary benchmark was the absence of exposure to Cheniere Energy, Inc. (LNG), a top member of the Fund's primary benchmark index, the Alerian US Midstream Energy Index. LNG's absence from Fund holdings was a key detractor to relative Fund performance given the company's material outperformance of the benchmark index. The Fund did not hold this stock due to its minimal dividend payout rate that was initiated at the onset of the one-year period ended October 31, 2022.

During the period, midstream assets with a crude oil/refined product orientation enjoyed a meaningful operating performance tailwind driven by gains in both crude oil pricing as well as crude oil production volume growth. NYMEX WTI crude oil prices rose approximately 3.5% while lower 48 U.S. crude oil production volume grew by approximately 10%. During the period, the Fund maintained an overweight position in crude oil/refined product-oriented companies relative to its benchmark, which afforded the Fund with positive excess return.

The Funds' exposure to gathering and processing-oriented companies contributed slightly to Fund performance relative to its primary benchmark, as the sub-sector's performance was generally in line with the broader benchmark and the Fund's relative weighting was slightly higher than the benchmark's weighting. Operating and financial results of gathering and processing-oriented companies generally improved on increases in both energy commodity prices and volumetric hydrocarbon throughput during the period.

The Fund's exposure to natural gas/natural gas liquid-oriented companies was approximately in line with comparable benchmark exposures and contributed modestly to overall Fund performance given the slight outperformance of the sector relative to the primary benchmark during the period. The Fund was generally underweight refining and logistics-oriented companies relative to its benchmark, which detracted just slightly to relative Fund performance.

Portfolio exposure adjustments during the period were modest but reflected continued confidence in the uptrend in energy commodity pricing and rising activity levels in the U.S. upstream oil and gas sector. Portfolio exposure to gathering and

HENNESSY FUNDS 1-800-966-4354

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processing-oriented companies increased by approximately 10%, while exposures to both natural gas/natural gas liquid-oriented companies as well as crude oil/refined product-oriented companies diminished by approximately 5% each. At period end, approximately 50% of the portfolio represented exposure to companies operating natural gas/natural gas liquid-oriented assets while gathering and processing-oriented companies and crude oil/refined products-oriented companies represented approximately 25% each.

#### Portfolio Strategy:
The Fund generally seeks to build a concentrated portfolio of midstream energy companies with the following characteristics: (i) large and strategically protected integrated businesses, linking economic basins to strong demand centers; (ii) contracted and visible cash flows with strong counterparties such as utilities or power consumers; and (iii) strong balance sheets. However, given the current strong macroeconomic conditions, as well as favorable commodity prices and midstream energy company fundamentals, we expect that the Fund's portfolio will continue to include companies with direct commodity sensitivity. We believe our industry experience and intensive, fundamental, "boots-on-the-ground" research process allows us to uncover potential equity mispricings that can meaningfully drive performance.

#### Investment Commentary:
Energy market volatility rose meaningfully during the first quarter of the one-year period ended October 31, 2022 as rising global energy demand associated with an improving pace of economic growth post pandemic stressed a beleaguered global supply base, constrained by limited OPEC+ production resumption, Russian volume loss, and persistent upstream sector capacity underinvestment. Oil price volatility subsided in the latter half of the period dampened by the sizeable release of crude oil from the U.S. Strategic Petroleum Reserve (SPR). Though the price of NYMEX WTI crude oil doubled from its December 2021 low by March 2022, the WTI crude oil price moderated through the end of the one-year period ended October 31, 2022, to finish at $86.53 per barrel (bbl), up approximately 3.5% from the previous one-year period ended October 31, 2021.

Global natural gas markets also experienced significant volatility during the period as supply loss associated with curtailed Russian exports into Europe sent policy makers scrambling to secure alternative sources of supply critical to meeting regional wintertime needs. The corresponding spike in demand supported price gains around the globe as competition for liquified natural gas (LNG) cargos lifted Asian market pricing and provided a meaningful boost to U.S. pricing as well, as the U.S. committed to supplying the European Union (EU) with significant volumes on a go forward basis. During the summer, the untimely planned winddown of key nuclear facilities in Germany also added to regional baseload natural gas needs as renewable power sources proved insufficient in making up energy supply shortfall. Though NYMEX Henry Hub natural gas prices more than doubled from trough to peak during the period, the Henry Hub natural gas price moderated into period end, gaining approximately 17.1% to finish at $6.35 per thousand cubic feet (mcf).

Rising energy commodity prices in the U.S. during the period prompted an uptick in U.S. upstream sector drilling and development activity levels that in turn provided support to domestic crude oil and natural gas production volume growth, which ultimately created a healthy environment for midstream company assets and the respective equities owned by the Fund.

Despite lingering fears of Covid-variant proliferation and the potential risk of slowing economic activity due to tightening monetary conditions, investment merit inherent in midstream equities remains favorable given favorable commodity fundamentals, rising

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WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

demand for U.S. energy exports, the sector's defensive posture with respect to inflation, and its current attractive valuation.

On a global basis, crude oil and natural gas inventories remain well below historical norms, as years of underinvestment in industry capacity and only modest gains in production volume have proven insufficient to fully satisfy rising consumption and inventory replenishment needs. As a consequence, commodity prices are likely to remain elevated and provide U.S. upstream companies with incentive to develop the resources required to meet rising demand in the U.S and abroad. Existing and projected export capacity expansion in the U.S. should allow for export volume growth through the end of the decade. The market's loss of Russian export volumes underscores the importance of energy security, reliability and affordability, which are all qualities that likely will increase the appeal of U.S. energy resources. As one of few sectors offering the potential for strong returns and cash flows that are generally positively correlated with rising price levels, we believe midstream equities provide a logical hedge in an inflationary environment. Inflation protection coupled with attractive valuation relative to historical norms combine to offer unique appeal in the current environment. In total, we believe these and other drivers should continue to benefit energy fundamentals and midstream energy equities going forward.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund. The Fund invests in small-capitalization and medium-capitalization companies, which involves additional risks such as limited liquidity and greater volatility. Funds that concentrate in a single sector may be subject to a higher degree of risk. Energy-related companies are subject to specific risks, including fluctuations in commodity prices and consumer demand, substantial government regulation, and depletion of reserves. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Use of derivatives can increase the volatility of the Fund.**

#### MLPs and MLP investments have unique characteristics. The Fund does not receive the same tax benefits as a direct investment in an MLP.
**The prices of MLP units may fluctuate abruptly and trading volume may be low, making it difficult for the Fund to sell its units at a favorable price. MLP general partners have the power to take actions that adversely affect the interests of unit holders. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes, which could reduce or eliminate distributions paid by MLPs to the Fund. The Fund is treated as a regular corporation, or "C" corporation, for U.S. federal income tax purposes, and therefore, is subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently a maximum rate of 21%), as well as state and local income taxes. The Fund will not benefit from current favorable federal income tax rates on long-term capital gains, and Fund income and losses will not be passed on to shareholders. The Fund accrues deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily net asset value of the Fund and as a result the Fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

**Cash flow** refers to the net amount of cash and cash equivalents transfered into and out of a company.

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY MIDSTREAM FUND
(% of Total Assets)

<br> ![](hmf-piechart.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% TOTAL ASSETS** |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP | 13.78% |
| &nbsp;&nbsp;&nbsp; Enterprise Products Partners LP | 10.25% |
| &nbsp;&nbsp;&nbsp; MPLX LP | &nbsp;&nbsp;&nbsp;&nbsp;9.20% |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | &nbsp;&nbsp;&nbsp;&nbsp;8.23% |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8.22% |
| &nbsp;&nbsp;&nbsp; The Williams Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7.76% |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7.17% |
| &nbsp;&nbsp;&nbsp; Magellan Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;5.96% |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp; Western Midstream Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;4.59% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 42.41% | Number of |  | % of |
|  | Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Gathering & Processing – 13.82%** |  |  |  |
| &nbsp;&nbsp;&nbsp; EnLink Midstream LLC | 109000 | $1294920 | 2.91% |
| &nbsp;&nbsp;&nbsp; Equitrans Midstream Corp. | 194500 | 1637690 | 3.68% |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 47100 | 3220227 | 7.23% |
|  |  | 6152837 | 13.82% |
| &nbsp;&nbsp;&nbsp; **Midstream – 8.29%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 346600 | 3691290 | 8.29% |
| &nbsp;&nbsp;&nbsp; **Natural Gas/NGL Transportation – 20.30%** |  |  |  |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 19800 | 1182060 | 2.65% |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 96790 | 1753835 | 3.94% |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 44226 | 2623486 | 5.89% |
| &nbsp;&nbsp;&nbsp; The Williams Companies, Inc. | 106452 | 3484174 | 7.82% |
|  |  | 9043555 | 20.30% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,266,447) |  | 18887682 | 42.41% |
| &nbsp;&nbsp;&nbsp; PARTNERSHIPS & TRUSTS – 55.89% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Crude Oil & Refined Products – 23.60%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Magellan Midstream Partners LP | 49600 | 2675920 | 6.01% |
| &nbsp;&nbsp;&nbsp; MPLX LP | 123249 | 4133772 | 9.28% |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | 309026 | 3699041 | 8.31% |
|  |  | 10508733 | 23.60% |
| &nbsp;&nbsp;&nbsp; **Gathering & Processing – 4.63%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Western Midstream Partners LP | 71800 | 2061378 | 4.63% |
| &nbsp;&nbsp;&nbsp; **Natural Gas/NGL Transportation – 27.66%** |  |  |  |
| &nbsp;&nbsp;&nbsp; DCP Midstream LP | 38300 | 1522425 | 3.42% |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP | 484900 | 6192173 | 13.90% |
| &nbsp;&nbsp;&nbsp; Enterprise Products Partners LP | 182400 | 4605600 | 10.34% |
|  |  | 12320198 | 27.66% |
| &nbsp;&nbsp;&nbsp; **Total Partnerships & Trusts** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,985,305) |  | 24890309 | 55.89% |

---

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

HENNESSY FUNDS 1-800-966-4354

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 0.00% | Number of |  | % of |
|  | Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 0.00%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (a) | 980 | $980 | 0.00% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $980) |  | 980 | 0.00% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,252,732) – 98.30% |  | 43778971 | 98.30% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 1.70% |  | 755222 | 1.70% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $44534193 | 100.00% |

---

Percentages are stated as a percent of net assets.

(a) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Gathering & Processing | $6152837 | $— | $— | $6152837 |
| Midstream | 3691290 |  |  | 3691290 |
| Natural Gas/NGL Transportation | 9043555 |  |  | 9043555 |
| **Total Common Stocks** | $18887682 | $— | $— | $18887682 |
| **Partnerships & Trusts** |  |  |  |  |
| Crude Oil & Refined Products | $10508733 | $— | $— | $10508733 |
| Gathering & Processing | 2061378 |  |  | 2061378 |
| Natural Gas/NGL Transportation | 12320198 |  |  | 12320198 |
| **Total Partnerships & Trusts** | $24890309 | $— | $— | $24890309 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $980 | $— | $— | $980 |
| **Total Short-Term Investments** | $980 | $— | $— | $980 |
| **Total Investments** | $43778971 | $— | $— | $43778971 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $27,252,732) | $43778971 |
| Dividends and interest receivable | 31256 |
| Receivable for fund shares sold | 133946 |
| Receivable for securities sold | 604600 |
| Return of capital receivable | 360427 |
| Deferred income tax |  |
| Prepaid expenses and other assets | 11383 |
| &nbsp;&nbsp;&nbsp; Total assets | 44920583 |
| **LIABILITIES:** |  |
| Loans payable | 287000 |
| Payable for fund shares redeemed | 6249 |
| Payable to advisor | 34446 |
| Payable to auditor | 41301 |
| Accrued distribution fees | 1512 |
| Accrued service fees | 880 |
| Accrued trustees fees | 4982 |
| Accrued expenses and other payables | 10020 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 386390 |
| **NET ASSETS** | $44534193 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $51940352 |
| Accumulated deficit | (7406159) |
| &nbsp;&nbsp;&nbsp; Total net assets | $44534193 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $11472490 |
| Shares issued and outstanding | 1197523 |
| Net asset value, offering price, and redemption price per share | $9.58 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $33061703 |
| Shares issued and outstanding | 3337488 |
| Net asset value, offering price, and redemption price per share | $9.91 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Distributions received from master limited partnerships | $1856527 |
| Return of capital on distributions received | (1856527) |
| Dividend income<sup>(1)</sup> | 401703 |
| Interest income | 7677 |
| &nbsp;&nbsp;&nbsp; Total investment income | 409380 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 460970 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 58901 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 18228 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 30390 |
| Audit fees | 41294 |
| Federal and state registration fees | 33827 |
| Compliance expense (See Note 5) | 24508 |
| Trustees' fees and expenses | 16399 |
| Reports to shareholders | 13808 |
| Distribution fees – Investor Class (See Note 5) | 13343 |
| Service fees – Investor Class (See Note 5) | 8895 |
| Interest expense (See Note 7) | 4060 |
| Legal fees | 1474 |
| Income tax expense | 800 |
| Other expenses | 12184 |
| &nbsp;&nbsp;&nbsp; Total expenses before waivers and reimbursements | 739081 |
| Service provider expense waiver (See Note 5) | (58901) |
| Expense reimbursement by advisor – Investor Class (See Note 5) | (13391) |
| Expense reimbursement by advisor – Institutional Class (See Note 5) | (11297) |
| &nbsp;&nbsp;&nbsp; Net expenses | 655492 |
| **NET INVESTMENT LOSS** | $(246112) |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $2241454 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 6041810 |
| &nbsp;&nbsp;&nbsp; Income tax expense |  |
| &nbsp;&nbsp;&nbsp; Net gain on investments | 8283264 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $8037152 |

---

<sup>(1)</sup> Net of foreign taxes withheld of $8,845.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment loss | $(246112) | $(230996) |
| Net realized gain on investments | 2241454 | 357263 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/deprecation on investments | 6041810 | 17111950 |
| Net increase in net assets resulting from operations | 8037152 | 17238217 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Distributable earnings – Investor Class | (56001) |  |
| Return of capital – Investor Class | (932728) | (756323) |
| Distributable earning – Institutional Class | (205718) |  |
| Return of capital – Institutional Class | (3426419) | (3420217) |
| Total distributions | (4620866) | (4176540) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 5720090 | 2502132 |
| Proceeds from shares subscribed – Institutional Class | 11963118 | 3761293 |
| Dividends reinvested – Investor Class | 840503 | 677429 |
| Dividends reinvested – Institutional Class | 3393598 | 3185818 |
| Cost of shares redeemed – Investor Class | (2598309) | (2532516) |
| Cost of shares redeemed – Institutional Class | (15368206) | (5635003) |
| Net increase in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | 3950794 | 1959153 |
| **TOTAL INCREASE IN NET ASSETS** | 7367080 | 15020830 |
| **NET ASSETS:** |  |  |
| Beginning of year | 37167113 | 22146283 |
| End of year | $44534193 | $37167113 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 634991 | 321069 |
| Shares sold – Institutional Class | 1295385 | 490595 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 93668 | 89396 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 369848 | 410703 |
| Shares redeemed – Investor Class | (307053) | (320846) |
| Shares redeemed – Institutional Class | (1747350) | (711400) |
| Net increase in shares outstanding | 339489 | 279517 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each period

#### PER SHARE DATA:
Net asset value, beginning of period

#### Income from investment operations:
Net investment loss<sup>(2)(3)</sup>

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from return of capital

Total distributions

Net asset value, end of period

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)

Ratio of expenses to average net assets:

Before expense reimbursement

After expense reimbursement

Ratio of net investment loss to average net assets:

Before expense reimbursement<sup>(3)</sup>

After expense reimbursement<sup>(3)</sup>

Portfolio turnover rate<sup>(7)</sup>

<sup>(1)</sup> The period ended October 31, 2018, consists of 11 months due to the Fund's fiscal year end change from November 30 to October 31, effective October 26, 2018.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Includes current and deferred tax benefit/expense from net investment income/loss only.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

<sup>(7)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | Period Ended | Year Ended |
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | October 31, | November 30, |
| 2022 | 2021 | 2020 | 2019 | 2018<sup>(1)</sup> | 2017 |
| $8.66 | $5.55 | $10.90 | $12.66 | $14.51 | $16.54 |
| (0.07) | (0.07) | (0.10) | (0.10) | (0.16) | (0.22) |
| 2.02 | 4.21 | (4.22) | (0.63) | (0.66) | (0.78) |
| 1.95 | 4.14 | (4.32) | (0.73) | (0.82) | (1.00) |
| (0.06) |  |  |  |  |  |
| (0.97) | (1.03) | (1.03) | (1.03) | (1.03) | (1.03) |
| (1.03) | (1.03) | (1.03) | (1.03) | (1.03) | (1.03) |
| $9.58 | $8.66 | $5.55 | $10.90 | $12.66 | $14.51 |
| 24.03% | 78.41% | -42.13% | -6.28% | -6.15%<sup>(4)</sup> | -6.49% |
| $11.47 | $6.72 | $3.81 | $9.20 | $20.07 | $16.86 |
| 2.05% | 2.11% | 2.12% | 1.89% | 1.86%<sup>(5)</sup> | 1.91% |
| 1.76%<sup>(6)</sup> | 1.76%<sup>(6)</sup> | 1.76%<sup>(6)</sup> | 1.76% | 1.78%<sup>(5)</sup> | 1.77% |
| (1.08)% | (1.26)% | (1.63)% | (0.92)% | (1.34)%<sup>(5)</sup> | (1.50)% |
| (0.79)% | (0.91)% | (1.27)% | (0.79)% | (1.26)%<sup>(5)</sup> | (1.36)% |
| 33% | 40% | 53% | 41% | 64%<sup>(4)</sup> | 63% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each period

#### PER SHARE DATA:
Net asset value, beginning of period

#### Income from investment operations:
Net investment loss<sup>(2)(3)</sup>

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from return of capital

Total distributions

Net asset value, end of period

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)

Ratio of expenses to average net assets:

Before expense reimbursement

After expense reimbursement

Ratio of net investment loss to average net assets:

Before expense reimbursement<sup>(3)</sup>

After expense reimbursement<sup>(3)</sup>

Portfolio turnover rate<sup>(7)</sup>

<sup>(1)</sup> The period ended October 31, 2018, consists of 11 months due to the Fund's fiscal year end change from November 30 to October 31, effective October 26, 2018.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Includes current and deferred tax benefit/expense from net investment income/loss only.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

<sup>(7)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | Period Ended | Year Ended |
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | October 31, | November 30, |
| 2022 | 2021 | 2020 | 2019 | 2018<sup>(1)</sup> | 2017 |
| $8.90 | $5.68 | $11.09 | $12.83 | $14.66 | $16.66 |
| (0.05) | (0.05) | (0.10) | (0.09) | (0.14) | (0.18) |
| 2.09 | 4.30 | (4.28) | (0.62) | (0.66) | (0.79) |
| 2.04 | 4.25 | (4.38) | (0.71) | (0.80) | (0.97) |
| (0.06) |  |  |  |  |  |
| (0.97) | (1.03) | (1.03) | (1.03) | (1.03) | (1.03) |
| (1.03) | (1.03) | (1.03) | (1.03) | (1.03) | (1.03) |
| $9.91 | $8.90 | $5.68 | $11.09 | $12.83 | $14.66 |
| 24.41% | 78.57% | -41.93% | -6.10% | -5.94%<sup>(4)</sup> | -6.25% |
| $33.06 | $30.45 | $18.33 | $31.78 | $61.92 | $82.59 |
| 1.69% | 1.74% | 1.79% | 1.56% | 1.58%<sup>(5)</sup> | 1.66% |
| 1.51%<sup>(6)</sup> | 1.51%<sup>(6)</sup> | 1.51%<sup>(6)</sup> | 1.51% | 1.52%<sup>(5)</sup> | 1.52% |
| (0.71)% | (0.89)% | (1.55)% | (0.76)% | (1.15)%<sup>(5)</sup> | (1.28)% |
| (0.53)% | (0.66)% | (1.27)% | (0.71)% | (1.09)%<sup>(5)</sup> | (1.14)% |
| 33% | 40% | 53% | 41% | 64%<sup>(4)</sup> | 63% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Midstream Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is to seek capital appreciation through distribution growth along with current income. The Fund is treated as a regular corporation, or "C" corporation, for U.S. federal income tax purposes. Because the 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 Fund is a non-diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 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 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 Fund reports its allocable share of each MLP's taxable income in computing its own taxable income. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund includes any tax expense or benefit in the 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 Fund recognizes a valuation allowance if, based on the weight of available evidence, it is more likely than not that the Fund will not realize some portion or all of the deferred income tax assets. As of October 31, 2022, the Fund has placed a full valuation allowance on its deferred tax assets. |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
| 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 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 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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 the Fund's investments in MLPs generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses 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 Fund. |
| e). | Distributions to Shareholders – The 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 Fund's allocations and distributions from MLPs, a significant portion of the 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 Fund's current and accumulated earnings and profits as described below). However, no assurance can be given in this regard; just as the Fund's corporate income tax liability can fluctuate materially from year to year, the extent to which the 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 Fund's portfolio, the level of allocations of net income and other tax items for the Fund from its underlying MLP investments, the length of time the Fund has owned the MLP equity securities in its portfolio, and the extent to which the Fund disposes of MLP equity securities during a particular year, including to meet Fund shareholder redemption requests as necessary. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In general, a distribution constitutes a return of capital to a shareholder rather than a dividend to the extent such distribution exceeds the 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 Fund shares 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 Fund |

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HENNESSY FUNDS 1-800-966-4354

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| | |
|:---|:---|
|  | shares (but not below zero). A lower cost basis means that a shareholder recognizes more gain or less loss when the shareholder eventually sells Fund shares, which increases the shareholder's tax liability. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 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 Fund's net asset value ("NAV"). Correspondingly, such amounts, once distributed, decrease the Fund's NAV. In addition, the Fund may opt not to make distributions in quarters in which the Fund believes that a distribution could cause adverse tax consequences to shareholders, including when the 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 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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Partnership Accounting Policy – To the extent the 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. |
| j). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| k). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5.<br>

#### 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:

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

---

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

*Equity Securities* – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, 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 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<br>

HENNESSY FUNDS 1-800-966-4354

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| |
|:---|
| circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security's fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $14,908,969 and $13,383,147, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 1.10%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

Prior to January 31, 2022, the Advisor delegated the day-to-day management of the Fund to a sub-advisor. Effective January 31, 2022, the sub-advisory agreement between BP Capital Fund Advisors, LLC and the Advisor was terminated. The Advisor paid the sub-advisory fees from its own assets, and these fees were not an additional expense of the Fund. From November 1, 2021, through January 31, 2022, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.40% of the daily net assets of the Fund.

The Advisor has contractually agreed to limit total annual operating expenses to 1.75% of the Fund's net assets for Investor Class shares and 1.50% of the Fund's net assets for Institutional Class shares (in each case, 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) through February 28, 2023.

For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect

HENNESSY FUNDS 1-800-966-4354

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(i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of October 31, 2022, expenses subject to potential recovery for Investor Class and Institutional Class shares and the fiscal years in which they expire were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fiscal Year | Fiscal Year | Fiscal Year | |
|  | 2023 | 2024 | 2025 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $22658 | $12376 | $13391 | $48425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $60422 | $26693 | $11840 | $98955 |

---

The amount of the expense reimbursement by the Advisor for Institutional Class shares set forth in the Statement of Operations is net of $543 that the Advisor recouped from the Fund during fiscal year 2022.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022, are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations. Fund Services has

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

voluntarily waived all or a portion of its fees for the Fund. The fees voluntarily waived by Fund Services during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $83,019 and 4.82%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $7,076,000. As of October 31, 2022, the Fund had $287,000 outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $24505040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $19354933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (81002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $19273931 |

---

HENNESSY FUNDS 1-800-966-4354

------

As of October 31, 2022, deferred tax assets consisted of the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets (liabilities): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net operating losses | $348392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Capital loss | 4677896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on investments | (3062109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets, net | 1964179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance | (1964179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net | $— |

---

For fiscal year 2022, the Fund had an effective tax rate of 0% and a federal statutory rate of 21%, with the difference resulting from a change in the balances of the deferred tax assets and liability and the related valuation allowance applied against the deferred tax assets and liability.

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 Fund has evaluated the available evidence supporting the realization of its gross deferred tax assets, including the amount and timing of future taxable income, and has determined that, based on net losses to date, it may not utilize all of its deferred tax assets in the future. As of October 31, 2022, the Fund established a valuation allowance in the amount of $1,964,179 against its net deferred tax assets.

The Fund may carry forward any net capital loss five years to offset any future realized capital gains. The Fund may carry forward indefinitely any net operating loss arising in a tax year ending after December 31, 2018. As of October 31, 2022, the Fund had $20,663,230 in capital loss carryforwards that expire as follows:

---

| | |
|:---|:---|
| Amount | Expiration |
| $4512944 | 10/31/2023 |
| 8971423 | 10/31/2024 |
| 7178863 | 10/31/2025 |

---

As of October 31, 2022, the Fund had $1,587,454 in net operating loss carryforwards that expire as follows:

---

| | |
|:---|:---|
| Amount | Expiration |
| $1587454 | Indefinite |

---

Total income taxes have been computed by applying the federal statutory income tax rate of 21% plus a blended state income tax rate. The 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 | $1687801 |
| State income tax expense, net of federal benefit | 103750 |
| Tax expense (benefit) on permanent items<sup>(1)</sup> | (22052) |
| 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 | (1769499) |
| Total tax expense | $— |

---

<sup>(1)</sup> Permanent items consist of dividends-received deductions.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

The 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 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 Fund for the prior three fiscal years are open for examination. Due to the nature of the Fund's investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

During fiscal years 2022 (estimated) and 2021, the tax character of distributions paid by the Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $261719 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 4359147 | 4176540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $4620866 | $4176540 |

---

<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 1, 2022, distributions were declared and paid to shareholders of record on November 30, 2022, as follows:

---

| | |
|:---|:---|
|  | <u>Return of Capital</u> |
| Investor Class | $0.2575 |
| Institutional Class | $0.2575 |

---

HENNESSY FUNDS 1-800-966-4354

------

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Midstream Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Midstream Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the three years in the period then ended, for the eleven months ended October 31, 2018, and each of the two years in the period ended November 30, 2017, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, for the eleven months ended October 31, 2018, and each of the two years in the period ended November 30, 2017, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

Philadelphia, Pennsylvania

December 22, 2022

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

------

### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1083.10 | $9.29 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.28 | $9.00 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1084.80 | $7.99 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.54 | $7.73 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.77% for Investor Class shares or 1.52% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund
 has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future
 during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to
 determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets,
 income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY GAS UTILITY FUND

*Investor Class* **GASFX**

*Institutional Class* **HGASX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** <br> ![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

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| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 29 |
| Trustees and Officers of the Fund | 30 |
| Expense Example | 34 |
| Proxy Voting Policy and Proxy Voting Records | 36 |
| Availability of Quarterly Portfolio Schedule | 36 |
| Federal Tax Distribution Information | 36 |
| Important Notice Regarding Delivery of Shareholder Documents | 36 |
| Electronic Delivery | 36 |
| Liquidity Risk Management Program | 37 |
| Privacy Policy | 37 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  |  |
| ![](ryan_kelley-picture.jpg)  | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg)  | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg)  | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg)  | Senior Vice President, and Portfolio Manager |

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#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Gas Utility Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (GASFX) | 10.14% | &nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;8.00% |
| &nbsp;&nbsp;&nbsp; Hennessy Gas Utility Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HGASX)<sup>(1)</sup> | 10.53% | &nbsp;&nbsp;&nbsp;&nbsp;5.64% | &nbsp;&nbsp;&nbsp;&nbsp;8.20% |
| &nbsp;&nbsp;&nbsp; AGA Stock Index | 11.32% | &nbsp;&nbsp;&nbsp;&nbsp;6.49% | &nbsp;&nbsp;&nbsp;&nbsp;9.19% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |

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Expense ratios: 1.00% (Investor Class); 0.69% (Institutional Class)

<sup>(1)</sup> The inception date of Institutional Class shares is March 1, 2017. Performance shown prior to the inception of Institutional Class shares reflects the performance of Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

** 

<br> *Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The AGA Stock Index is a capitalization-weighted index that consists of members of the American Gas Association whose securities are traded on a U.S. stock exchange. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

#### PERFORMANCE NARRATIVE
Portfolio Managers Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Gas Utility Fund returned 10.14%, underperforming the AGA Stock Index (the Fund's primary benchmark), which returned 11.32%, and outperforming the S&P 500<sup>®</sup> Index, which returned -14.61%, for the same period.

The Fund slightly underperformed its primary benchmark due to Fund expenses, the timing of cash flows, trading costs, and the impact of holding cash. The Fund outperformed the broader domestic equity market, as represented by the S&P 500<sup>®</sup> Index, in part due to a renewed investor preference for more stable and defensive, income-oriented companies such as those in the Utilities sector. The Fund performed well on both an absolute and relative basis despite a sharp increase in interest rates during the year. Among the holdings that contributed the most to Fund performance were liquefied natural gas exporter Cheniere Energy, Inc., oil and gas exploration and production company EQT Corporation, and Sempra Energy, a large utility with both natural gas and electric operations. Among the holdings that detracted the most from performance over the period were energy infrastructure company TC Energy Corporation, multi-utility Dominion Energy, Inc., and Public Service Enterprise Group, Inc., also a multi-utility.

The Fund continues to own all the companies mentioned.

#### Portfolio Strategy:
The Fund's objective is to maintain a high correlation with its primary benchmark, the AGA Stock Index. The Fund seeks to achieve this goal by owning all the companies in the AGA Stock Index in substantially the same proportion as their weightings in the AGA Stock Index. The Fund seeks positive returns by investing in natural gas distribution companies with the potential for both income and long-term stock appreciation.

Relative affordability, abundant domestic supply, increased accessibility, and new sources and uses of natural gas should lead to long-term, steady growth in demand that should drive growth of natural gas distribution. In turn, this should drive long-term growth in earnings of many of the Fund's holdings. We believe that natural gas's position as the cleanest of the fossil fuels should lead to additional increased demand, particularly for utility-scale electricity generation. Furthermore, the continued growth in demand for natural gas and electricity should benefit the significant portion of the Fund that is invested in multi- and electric- utilities, as well as pipeline and liquified natural gas (LNG) export companies.

#### Investment Commentary:
We believe the strategy of the Fund remains compelling. The production of natural gas in the United States, in particular from shale producers, continues to grow steadily. Demand for natural gas from domestic sources, especially the power industry, also continues to trend upwards. In addition, exports of natural gas via pipelines to Mexico and LNG to the rest of the world remain a key demand driver, especially considering Russia's aggression in Ukraine. Demand for energy in general, and electricity and natural gas in particular, remains a positive tailwind for the Fund.

_______________

Opinions expressed are those of the Portfolio Manager as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

HENNESSY FUNDS 1-800-966-4354

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**Investments in foreign securities may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. Investments are focused in the natural gas distribution and transmission industry; sector funds may be subject to a higher degree of market risk. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY GAS UTILITY FUND
(% of Net Assets)

<br> ![](hguf-piechart.jpg)<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 5.20% |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 4.99% |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 4.93% |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class A | 4.91% |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 4.90% |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. | 4.88% |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | 4.83% |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 4.76% |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 4.68% |
| &nbsp;&nbsp;&nbsp; The Southern Co. | 4.42% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 99.26% | Number of |  | % of |
|  | Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Energy – 30.75%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 149217 | $26323371 | 4.76% |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 171500 | 10238550 | 1.85% |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (a) | 692865 | 26987092 | 4.88% |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 687300 | 28756632 | 5.20% |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 1496801 | 27122034 | 4.90% |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 368800 | 21877216 | 3.96% |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. (a) | 608200 | 26712144 | 4.83% |
| &nbsp;&nbsp;&nbsp; Tellurian, Inc. (b) | 746690 | 2016063 | 0.37% |
|  |  | 170033102 | 30.75% |
| &nbsp;&nbsp;&nbsp; **Financials – 4.91%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class A (b) | 61 | 27148050 | 4.91% |
| &nbsp;&nbsp;&nbsp; **Industrials – 0.87%** |  |  |  |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 169407 | 4824711 | 0.87% |
| &nbsp;&nbsp;&nbsp; **Utilities – 62.73%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. (a) | 122664 | 1356664 | 0.25% |
| &nbsp;&nbsp;&nbsp; ALLETE, Inc. | 425 | 23915 | 0.00% |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 39300 | 2050281 | 0.37% |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 49840 | 4062957 | 0.73% |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 258886 | 27584303 | 4.99% |
| &nbsp;&nbsp;&nbsp; Avangrid, Inc. | 103100 | 4194108 | 0.76% |
| &nbsp;&nbsp;&nbsp; Avista Corp. | 28372 | 1164103 | 0.21% |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 73247 | 4788156 | 0.87% |
| &nbsp;&nbsp;&nbsp; Centerpoint Energy, Inc. | 515728 | 14754978 | 2.67% |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 23558 | 2930144 | 0.53% |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 203398 | 11603856 | 2.10% |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 160536 | 14120747 | 2.55% |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 369977 | 25887291 | 4.68% |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 59904 | 6715837 | 1.21% |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 131987 | 12298549 | 2.22% |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 3760 | 402846 | 0.07% |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 205400 | 9082788 | 1.64% |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 68875 | 5253785 | 0.95% |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 123531 | 4767061 | 0.86% |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (a) | 147976 | 5771064 | 1.04% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number of |  | % of |
|  | Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Utilities (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 12029 | $819055 | 0.15% |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 102824 | 6939592 | 1.25% |
| &nbsp;&nbsp;&nbsp; National Grid PLC – ADR (a) | 262944 | 14362001 | 2.60% |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 147134 | 6568062 | 1.19% |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 487881 | 12533663 | 2.27% |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 63903 | 3073095 | 0.56% |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp. | 20698 | 1093475 | 0.20% |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 103775 | 8040487 | 1.45% |
| &nbsp;&nbsp;&nbsp; PG&E Corp. (b) | 999649 | 14924760 | 2.70% |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 118119 | 3128972 | 0.57% |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 214890 | 12048882 | 2.18% |
| &nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 20254 | 434448 | 0.08% |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 180540 | 27250708 | 4.93% |
| &nbsp;&nbsp;&nbsp; South Jersey Industries, Inc. | 203271 | 7047406 | 1.27% |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 80917 | 5912605 | 1.07% |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 74091 | 5172293 | 0.94% |
| &nbsp;&nbsp;&nbsp; The Southern Co. | 373700 | 24469876 | 4.42% |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 117652 | 4156645 | 0.75% |
| &nbsp;&nbsp;&nbsp; Unitil Corp. | 18998 | 1001385 | 0.18% |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 224340 | 20488972 | 3.71% |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 132299 | 8613988 | 1.56% |
|  |  | 346893803 | 62.73% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $310,414,943) |  | 548899666 | 99.26% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 0.64% | Number of |  | % of |
|  | Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 0.64%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (c) | 3567053 | $3567053 | 0.64% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,567,053) |  | 3567053 | 0.64% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $313,981,996) – 99.90% |  | 552466719 | 99.90% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 0.10% |  | 532587 | 0.10% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $552999306 | 100.00% |

---

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

(a) U.S.-traded security of a foreign corporation.

(b) Non-income-producing security.

(c) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Energy | $170033102 | $— | $— | $170033102 |
| Financials | 27148050 |  |  | 27148050 |
| Industrials | 4824711 |  |  | 4824711 |
| Utilities | 346893803 |  |  | 346893803 |
| **Total Common Stocks** | $548899666 | $— | $— | $548899666 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $3567053 | $— | $— | $3567053 |
| **Total Short-Term Investments** | $3567053 | $— | $— | $3567053 |
| **Total Investments** | $552466719 | $— | $— | $552466719 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $313,981,996) | $552466719 |
| Cash | 351979 |
| Dividends and interest receivable | 337308 |
| Receivable for fund shares sold | 133867 |
| Return of capital receivable | 598121 |
| Prepaid expenses and other assets | 46623 |
| &nbsp;&nbsp;&nbsp; Total assets | 553934617 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 451135 |
| Payable to advisor | 181507 |
| Payable to administrator | 110206 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 66418 |
| Accrued service fees | 37612 |
| Accrued trustees fees | 9430 |
| Accrued expenses and other payables | 56254 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 935311 |
| **NET ASSETS** | $552999306 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $304605370 |
| Total distributable earnings | 248393936 |
| &nbsp;&nbsp;&nbsp; Total net assets | $552999306 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $459414406 |
| Shares issued and outstanding | 17729771 |
| Net asset value, offering price, and redemption price per share | $25.91 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $93584900 |
| Shares issued and outstanding | 3621840 |
| Net asset value, offering price, and redemption price per share | $25.84 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income<sup>(1)</sup> | $16196201 |
| Interest income | 45199 |
| &nbsp;&nbsp;&nbsp; Total investment income | 16241400 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 2265385 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 755765 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 72294 |
| Distribution fees – Investor Class (See Note 5) | 721911 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 642113 |
| Service fees – Investor Class (See Note 5) | 481274 |
| Federal and state registration fees | 43184 |
| Reports to shareholders | 40196 |
| Trustees' fees and expenses | 28813 |
| Compliance expense (See Note 5) | 24504 |
| Audit fees | 22743 |
| Legal fees | 9653 |
| Interest expense (See Note 7) | 3528 |
| Other expenses | 286858 |
| &nbsp;&nbsp;&nbsp; Total expenses | 5398221 |
| **NET INVESTMENT INCOME** | $10843179 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $49402174 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (11790358) |
| &nbsp;&nbsp;&nbsp; Net gain on investments | 37611816 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $48454995 |

---

<sup>(1)</sup> Net of foreign taxes withheld and issuance fees of $440,164.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $10843179 | $11225332 |
| Net realized gain on investments | 49402174 | 69474485 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (11790358) | 17334029 |
| Net increase in net assets resulting from operations | 48454995 | 98033846 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (46296164) | (48578658) |
| Distributable earnings – Institutional Class | (7042572) | (6556181) |
| Total distributions | (53338736) | (55134839) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 38263106 | 10282767 |
| Proceeds from shares subscribed – Institutional Class | 60525251 | 16158873 |
| Dividends reinvested – Investor Class | 43695547 | 46063257 |
| Dividends reinvested – Institutional Class | 6632283 | 5933451 |
| Cost of shares redeemed – Investor Class | (77677738) | (121059136) |
| Cost of shares redeemed – Institutional Class | (33930524) | (29927336) |
| Net increase (decrease) in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | 37507925 | (72548124) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 32624184 | (29649117) |
| **NET ASSETS:** |  |  |
| Beginning of year | 520375122 | 550024239 |
| End of year | $552999306 | $520375122 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 1378820 | 412697 |
| Shares sold – Institutional Class | 2219309 | 624642 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 1762321 | 1920697 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 266844 | 247846 |
| Shares redeemed – Investor Class | (2942205) | (4884070) |
| Shares redeemed – Institutional Class | (1288690) | (1215733) |
| Net increase (decrease) in shares outstanding | 1396399 | (2893921) |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $26.09 | $24.08 | $29.64 | $28.68 | $30.35 |
| 0.50<br><sup>(1)</sup>  | 0.52<br><sup>(1)</sup>  | 0.58<br><sup>(1)</sup>  | 0.56<br><sup>(1)</sup>  | 0.65 |
| 1.98 | 4.00 | (4.14) | 3.50 | (1.52) |
| 2.48 | 4.52 | (3.56) | 4.06 | (0.87) |
| (0.50) | (0.57) | (0.56) | (0.62) | (0.64) |
| (2.16) | (1.94) | (1.44) | (2.48) | (0.16) |
| (2.66) | (2.51) | (2.00) | (3.10) | (0.80) |
| $25.91 | $26.09 | $24.08 | $29.64 | $28.68 |
| 10.14% | 19.91% | -12.49% | 15.28% | -2.86% |
| $459.41 | $457.31 | $483.56 | $764.10 | $825.18 |
| 1.00% | 1.00% | 1.02% | 1.00% | 1.01% |
| 1.88% | 2.06% | 2.24% | 1.98% | 2.18% |
| 31% | 15% | 16% | 12% | 14% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $26.01 | $24.01 | $29.56 | $28.65 | $30.32 |
| 0.57<br><sup>(1)</sup>  | 0.59<br><sup>(1)</sup>  | 0.66<br><sup>(1)</sup>  | 0.64<br><sup>(1)</sup>  | 0.71 |
| 1.99 | 3.99 | (4.13) | 3.50 | (1.47) |
| 2.56 | 4.58 | (3.47) | 4.14 | (0.76) |
| (0.58) | (0.65) | (0.64) | (0.73) | (0.75) |
| (2.15) | (1.93) | (1.44) | (2.50) | (0.16) |
| (2.73) | (2.58) | (2.08) | (3.23) | (0.91) |
| $25.84 | $26.01 | $24.01 | $29.56 | $28.65 |
| 10.53% | 20.29% | -12.22% | 15.63% | -2.51% |
| $93.58 | $63.06 | $66.46 | $107.18 | $107.75 |
| 0.68% | 0.69% | 0.70% | 0.69% | 0.65% |
| 2.13% | 2.35% | 2.57% | 2.25% | 2.47% |
| 31% | 15% | 16% | 12% | 14% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Gas Utility Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is income and capital appreciation. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(4544581) | $4544581 |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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 the Fund's investments in master limited partnerships ("MLPs") generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses 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 Fund. |
| e). | Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December. |
| f). | Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | |
|:---|:---|
| i). | Partnership Accounting Policy – To the extent the 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. |
| j). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| k). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

---

#### 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 (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). |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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, 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 Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the |

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HENNESSY FUNDS 1-800-966-4354

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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.<br>

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $171,017,479 and $175,899,801, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.40%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has entered into an Administrative Services Agreement among the Fund, the Advisor, and the American Gas Association ("AGA"), pursuant to which the AGA provides administrative services to the 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 Fund or the Advisor or make recommendations regarding the purchase or sale of securities by the Fund. Under the terms of the Administrative Services Agreement, which has been approved by the Board, AGA provides the Fund with current information regarding the common stock composition of the AGA Stock Index at least monthly. In addition, on request, AGA provides the Fund and the Advisor with information on the natural gas industry. The Fund pays AGA a fee at an annual rate of 0.04% of the average daily net assets of the Fund.

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.

HENNESSY FUNDS 1-800-966-4354

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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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $87,937 and 3.96%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $1,972,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $338135370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $253222529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (38891180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $214331349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $2970511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 31092076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $34062587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $248393936 |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $10974058 | $12094090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 42364678 | 43040749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $53338736 | $55134839 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

HENNESSY FUNDS 1-800-966-4354

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#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <u>Short-term</u> <br> Investor Class 1.50647 0.14394 <br> Institutional Class 1.50271 0.14357

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Gas Utility Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Gas Utility Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

HENNESSY FUNDS 1-800-966-4354

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### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

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HENNESSY FUNDS 1-800-966-4354

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

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_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $944.60 | $4.90 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.16 | $5.09 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $946.50 | $3.34 |
| Hypothetical (5% return before expenses) | $1000.00 | $1021.78 | $3.47 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.00% for Investor Class shares or 0.68% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 91.72%.

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 was 1.26%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the
 Fund has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the
 future during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used
 to determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets,
 income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### <br>

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY JAPAN FUND

*Investor Class* **HJPNX**

*Institutional Class* **HJPIX**

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

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 4 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 7 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 11 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 12 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 13 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 14 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 18 |
| Report of Independent Registered Public Accounting Firm | 27 |
| Trustees and Officers of the Fund | 28 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 35 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 36 |

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HENNESSY FUNDS 1-800-966-4354

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November 2022

### Dear Hennessy Funds Shareholder:

The Japanese stock market declined by 24.05% as measured by the Tokyo Stock Price Index (TOPIX) over the 12-month period ended October 31, 2022 (in U.S. dollar terms). Under the Kishida administration that began at the beginning of October 2021, the market has fluctuated due to Russia's invasion of Ukraine, the harsh environment of global inflation, the outlook on U.S. monetary policy, and the depreciation of the yen.

The Japanese stock market has been influenced by the outlook on U.S. monetary policy. Japanese equities rose alongside an upturn in the U.S. stock market on the back of receding inflation fears. However, equities began to decline when the Federal Reserve's decisive stance on inflation became apparent in the second half of August 2022. Nevertheless, the rate of decline in Japanese equity markets was more limited than in the U.S. and Europe. We believe this is due to the sense that Japanese stocks are undervalued and to the Bank of Japan's continuing stance on monetary easing.

The Bank of Japan is clearly in a dilemma. That is to say, if the BOJ feels forced to raise rates to follow other central banks, the decision will likely negatively impact the domestic economy, which is still in a fragile state after the pandemic. On other hand, if the BOJ chooses to do nothing, then the yen could keep depreciating to reflect the widening of interest rate differentials with other countries, which may also hurt the Japanese economy through higher import prices (i.e., inflation).

In an environment of rising interest rates like today, where the growth-to-value market rotation is all the rage, all things "growth" are viewed as sure losers. Is it really true that all growth stocks, as defined by high price-to-earnings (P/E) multiples, are destined to fall? Should we think that all growth stocks are experiencing corrections because they were overpriced? We believe that may not be the case. In our view, certain conditions need to be met for the collective wisdom to exhibit its powerful predictive ability including: 1) opinions have to be amply diverse, 2) each individual's opinion has to be formed independent of others, and 3) the result of the aggregated opinions must be expressed in a single output like a number. At that point, we believe that the one-sided growth-to-value rotation may abate.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

Thank you for your continued confidence and investment in the Hennessy Funds.

Sincerely,

![](fujimura_takeda-picture.jpg)

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| | |
|:---|:---|
| ![](tadahiro_fujimura-signature.jpg) | ![](masakazu_takeda-signature.jpg) |
| Tadahiro Fujimura | Masakazu Takeda |
| Portfolio Manager, | Portfolio Manager, |
| Hennessy Japan Small Cap Fund; | Hennessy Japan Fund; |
| Chief Investment Officer | Fund Manager |
| SPARX Asset Management Co., Ltd. | SPARX Asset Management Co., Ltd. |

---

** 

<br> *SPARX Asset Management Co., Ltd., located in Tokyo, Japan, is the sub-advisor to the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund.*

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Tadahiro Fujimura and Masakazu Takeda and are subject to change, are not guaranteed, and should not be considered investment advice.

The Tokyo Stock Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. The index is used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index.

**P/E, or price to earnings**, is calculated by dividing a company's market price per share by its earnings per share.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Japan Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HJPNX) | -37.86% | -1.91% | 6.81% |
| &nbsp;&nbsp;&nbsp; Hennessy Japan Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HJPIX) | -37.63% | -1.51% | 7.18% |
| &nbsp;&nbsp;&nbsp; Russell/Nomura Total Market<sup>TM</sup> Index | -24.27% | -1.13% | 5.80% |
| &nbsp;&nbsp;&nbsp; Tokyo Stock Price Index (TOPIX) | -24.05% | -1.23% | 5.70% |

---

Expense ratios: 1.43% (Investor Class); 1.04% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell/Nomura Total Market<sup>™</sup> Index represents approximately 98% of the investable Japan equity market. The Tokyo Stock Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Masakazu Takeda, CFA and CMA\*, and Yu Shimizu, CMA\*

SPARX Asset Management Co., Ltd. (sub-advisor)

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Japan Fund returned -37.86%, underperforming both the Russell/Nomura Total Market<sup>™</sup> Index (the Fund's primary benchmark) and the Tokyo Stock Price Index (TOPIX), which returned -24.27% and -24.05%, respectively, for the same period in U.S. dollar terms.

Among positive contributors in the Fund during the period were Rohto Pharmaceutical Co., Ltd., a leading skincare cosmetics and over-the-counter (OTC) ophthalmic medicines producer, Tokio Marine Holdings, Inc., and Hitachi, Ltd., one of Japan's oldest electric equipment and heavy industrial machinery manufacturers. Personal care products of Rohto such as OTC eye drops, skincare cosmetics, and sunscreen are selling well across Asia due to their ability to produce hit products and to savvy online marketing. Tokio Marine has held up amid the market downturn due to its exposure to the insurance space, which is largely uncorrelated with overall economic trends. Hitachi continues to win new orders at a rapid pace in the area of green transformation such as HVDC (high voltage direct current) transmission system projects in North America and Europe, contributing to the long-term trend towards carbon neutrality.

The main detractors to the Fund's performance were Mercari, Inc., the operator of Japan's largest online flea market app "Mercari," Recruit Holdings Co., Ltd., Japan's unique print and online media giant specializing in classified ads as well as providing Human Resources services, and Sony Group Corporation, a diversified consumer and professional electronics, gaming, entertainment, and financial services conglomerate. Mercari has experienced significant de-rating amid rising yields as the company continues to invest heavily in growth initiatives, which leaves them unprofitable. Recruit fell due to concerns around the potential slowdown of the job market in the U.S. Sony Group saw a correction in share price as the market became increasingly concerned about possible slowdown in gaming, semiconductor, and electronics hardware businesses amid global recession fears.

The Fund continues to hold all the companies mentioned.

#### Portfolio Strategy:
The Fund seeks long-term capital appreciation by investing in equity securities of Japanese companies regardless of market capitalization. We screen for companies that we believe have strong businesses and management and are trading at attractive valuations. Through in-depth and rigorous analysis and on-site research, we identify stocks with a potential "value gap." The portfolio is limited to our best ideas and maintains a concentrated number of holdings.

#### Investment Commentary:
Our portfolio approach is to construct a concentrated portfolio of what we believe are great global companies based in Japan, and we hold these companies for the long term to capture the potential capital compounding effect. Seeking out great companies means looking not just for businesses with sustainably high returns on invested capital, but also

HENNESSY FUNDS 1-800-966-4354

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for those that can grow consistently regardless of macroeconomic conditions. In our portfolio, you will find consumer stocks that we consider defensive, economically-sensitive but high-quality industrials, and recession-resistant healthcare and internet stocks, as well as companies with diversified business portfolios. We aim to blend these types of businesses to pursue our goal of a portfolio that we believe can perform better than average in both strong and weak markets. This strategy serves as our first line of defense against downside risk to the Fund's performance in both absolute and relative terms.

The Fund continues to remain invested in its long-term holdings in growth names, and at the same time, we have been adding several new names to the portfolio lately that we believe can contribute to more risk diversification and also are trading at attractive valuations relative to their growth prospects. To this end, as a growth manager with price discipline, we have made major investments in Tokio Marine and Seven & i Holdings Co., Ltd. during the period, which are now among the Fund's largest holdings. At the time of our purchase, both companies offered strong earnings prospects over the longer term yet were trading at "value-stock" like P/E multiples. Hence, we call them "growth stocks in disguise," which means we believe the stocks have growth prospects that are as compelling as the Fund's other portfolio holdings but they are valued at "value-stock" like P/E multiples. Within the Fund's long-term positions, we expect to keep a balance of high-quality businesses with manufacturing excellence in industries like industrials, consumer products, and medical devices as well as those with differentiated strengths in intangible assets like entertainment content, network effects, and software, all of which have extremely long growth runways, in our view.

______________

\* Chartered Member of the Security Analysts Association of Japan

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund invests in small-capitalization and medium-capitalization companies, which may have more limited liquidity and greater price volatility than large-capitalization companies. The Fund invests in the stocks of companies operating in Japan; single-country funds may be subject to a higher degree of risk. The Fund may experience higher fees due to investments in pooled investment vehicles (including ETFs). Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

**P/E, or price to earnings,** is calculated by dividing a company's market price per share by its earnings per share.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY JAPAN FUND
(% of Net Assets)

![](hjf-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | 8.46% |
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 7.86% |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 6.75% |
| &nbsp;&nbsp;&nbsp; Keyence Corp. | 5.66% |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 5.58% |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co., Ltd. | 4.94% |
| &nbsp;&nbsp;&nbsp; Rohto Pharmaceutical Co., Ltd. | 4.72% |
| &nbsp;&nbsp;&nbsp; Terumo Corp. | 4.17% |
| &nbsp;&nbsp;&nbsp; Seven & i Holdings Co., Ltd. | 4.09% |
| &nbsp;&nbsp;&nbsp; Daikin Industries, Ltd. | 3.81% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 94.01% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 2.60%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 73600 | $2289208 | 0.73% |
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 94600 | 4060821 | 1.29% |
| &nbsp;&nbsp;&nbsp; Z Holdings Corp. | 712600 | 1839049 | 0.58% |
|  |  | 8189078 | 2.60% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 13.42%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Asics Corp. | 240800 | 3689957 | 1.17% |
| &nbsp;&nbsp;&nbsp; Fast Retailing Co., Ltd. | 12700 | 7075693 | 2.25% |
| &nbsp;&nbsp;&nbsp; Mercari, Inc. (a) | 196700 | 3265428 | 1.04% |
| &nbsp;&nbsp;&nbsp; Shimano, Inc. | 45100 | 6978922 | 2.21% |
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | 315100 | 21248662 | 6.75% |
|  |  | 42258662 | 13.42% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 15.53%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ariake Japan Co., Ltd. | 93400 | 3235777 | 1.03% |
| &nbsp;&nbsp;&nbsp; Kao Corp. | 195200 | 7291100 | 2.32% |
| &nbsp;&nbsp;&nbsp; Pigeon Corp. | 150000 | 1964859 | 0.63% |
| &nbsp;&nbsp;&nbsp; Rohto Pharmaceutical Co., Ltd. | 477900 | 14866538 | 4.72% |
| &nbsp;&nbsp;&nbsp; Seven & i Holdings Co., Ltd. | 345200 | 12885755 | 4.09% |
| &nbsp;&nbsp;&nbsp; Unicharm Corp. | 284000 | 8631166 | 2.74% |
|  |  | 48875195 | 15.53% |
| &nbsp;&nbsp;&nbsp; **Financials – 12.97%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Anicom Holdings, Inc. | 485800 | 1940969 | 0.62% |
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (a) | 194800 | 5158538 | 1.64% |
| &nbsp;&nbsp;&nbsp; ORIX Corp. | 686500 | 10083108 | 3.20% |
| &nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 146100 | 6091245 | 1.93% |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 969400 | 17551153 | 5.58% |
|  |  | 40825013 | 12.97% |
| &nbsp;&nbsp;&nbsp; **Health Care – 8.10%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Hoya Corp. | 44200 | 4108893 | 1.30% |
| &nbsp;&nbsp;&nbsp; Olympus Corp. | 138700 | 2924419 | 0.93% |
| &nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co., Ltd. | 781900 | 5350542 | 1.70% |
| &nbsp;&nbsp;&nbsp; Terumo Corp. | 432100 | 13113805 | 4.17% |
|  |  | 25497659 | 8.10% |
| &nbsp;&nbsp;&nbsp; **Industrials – 32.58%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Daikin Industries, Ltd. | 80100 | 11997953 | 3.81% |
| &nbsp;&nbsp;&nbsp; Hitachi Ltd. | 586800 | 26625362 | 8.46% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Kubota Corp. | 448400 | $6254997 | 1.99% |
| &nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 494800 | 10538972 | 3.35% |
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 914000 | 24759240 | 7.86% |
| &nbsp;&nbsp;&nbsp; Nidec Corp. | 124600 | 6851009 | 2.17% |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co., Ltd. | 505000 | 15539440 | 4.94% |
|  |  | 102566973 | 32.58% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 8.74%** |  |  |  |
| &nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 96800 | 4428590 | 1.41% |
| &nbsp;&nbsp;&nbsp; Keyence Corp. | 47300 | 17835189 | 5.66% |
| &nbsp;&nbsp;&nbsp; Murata Manufacturing Co., Ltd. | 111100 | 5259412 | 1.67% |
|  |  | 27523191 | 8.74% |
| &nbsp;&nbsp;&nbsp; **Materials – 0.07%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 4800 | 216074 | 0.07% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $252,432,435) |  | 295951845 | 94.01% |
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 5.29% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 5.29%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (b) | 15505000 | 15505000 | 4.93% |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 3.06% (b) | 1142718 | 1142718 | 0.36% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,647,718) |  | 16647718 | 5.29% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $269,080,153) – 99.30% |  | 312599563 | 99.30% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 0.70% |  | 2189798 | 0.70% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $314789361 | 100.00% |

---

Percentages are stated as a percent of net assets.

(a) Non-income-producing security.

(b) The rate listed is the fund's seven-day yield as of October 31, 2022.

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

HENNESSY FUNDS 1-800-966-4354

------

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $— | $8189078 | $— | $8189078 |
| Consumer Discretionary |  | 42258662 |  | 42258662 |
| Consumer Staples |  | 48875195 |  | 48875195 |
| Financials |  | 40825013 |  | 40825013 |
| Health Care |  | 25497659 |  | 25497659 |
| Industrials |  | 102566973 |  | 102566973 |
| Information Technology |  | 27523191 |  | 27523191 |
| Materials |  | 216074 |  | 216074 |
| **Total Common Stocks** | $— | $295951845 | $— | $295951845 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $16647718 | $— | $— | $16647718 |
| **Total Short-Term Investments** | $16647718 | $— | $— | $16647718 |
| **Total Investments** | $16647718 | $295951845 | $— | $312599563 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $269,080,153) | $312599563 |
| Dividends and interest receivable | 2061121 |
| Receivable for fund shares sold | 1903386 |
| Receivable for securities sold | 937564 |
| Dividend tax reclaim receivable | 127737 |
| Prepaid expenses and other assets | 44538 |
| &nbsp;&nbsp;&nbsp; Total assets | 317673909 |
| **LIABILITIES:** |  |
| Payable for securities purchased | 797402 |
| Payable for fund shares redeemed | 1669926 |
| Payable to advisor | 214861 |
| Payable to administrator | 65601 |
| Payable to auditor | 22753 |
| Accrued distribution fees | 6467 |
| Accrued service fees | 3392 |
| Accrued trustees fees | 12178 |
| Accrued expenses and other payables | 91968 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 2884548 |
| **NET ASSETS** | $314789361 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $303550861 |
| Total distributable earnings | 11238500 |
| &nbsp;&nbsp;&nbsp; Total net assets | $314789361 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $39549766 |
| Shares issued and outstanding | 1343938 |
| Net asset value, offering price, and redemption price per share | $29.43 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $275239595 |
| Shares issued and outstanding | 9044141 |
| Net asset value, offering price, and redemption price per share | $30.43 |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income<sup>(1)</sup> | $5799286 |
| Interest income | 117538 |
| &nbsp;&nbsp;&nbsp; Total investment income | 5916824 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 4320459 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 610229 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 137352 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 408121 |
| Distribution fees – Investor Class (See Note 5) | 92682 |
| Service fees – Investor Class (See Note 5) | 61788 |
| Federal and state registration fees | 53418 |
| Trustees' fees and expenses | 35776 |
| Reports to shareholders | 34508 |
| Compliance expense (See Note 5) | 24512 |
| Audit fees | 22752 |
| Interest expense (See Note 7) | 12682 |
| Legal fees | 8512 |
| Other expenses | 89222 |
| &nbsp;&nbsp;&nbsp; Total expenses | 5912013 |
| **NET INVESTMENT INCOME** | $4811 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | $(12342481) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (265779808) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (278122289) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(278117478) |

---

<sup>(1)</sup> Net of foreign taxes withheld of $644,349.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $4811 | $(1149197) |
| Net realized gain (loss) on investments | (12342481) | 19086546 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (265779808) | 68905761 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (278117478) | 86843110 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (747296) |  |
| Distributable earnings – Institutional Class | (11015401) | (48044) |
| Total distributions | (11762697) | (48044) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 15554341 | 61092843 |
| Proceeds from shares subscribed – Institutional Class | 190629014 | 227381324 |
| Dividends reinvested – Investor Class | 703285 |  |
| Dividends reinvested – Institutional Class | 10598719 | 47024 |
| Cost of shares redeemed – Investor Class | (30693545) | (129927285) |
| Cost of shares redeemed – Institutional Class | (395706790) | (182214241) |
| Net decrease in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (208914976) | (23620335) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (498795151) | 63174731 |
| **NET ASSETS:** |  |  |
| Beginning of year | 813584512 | 750409781 |
| End of year | $314789361 | $813584512 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 403264 | 1302489 |
| Shares sold – Institutional Class | 4980990 | 4688665 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 15157 |  |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 221545 | 944 |
| Shares redeemed – Investor Class | (876884) | (2825915) |
| Shares redeemed – Institutional Class | (10842081) | (3765795) |
| Net decrease in shares outstanding | (6098009) | (599612) |

---

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

HENNESSY FUNDS 1-800-966-4354

------

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Amount is between $(0.005) and $0.005.

<sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $47.78 | $42.79 | $37.17 | $33.63 | $32.75 |
| (0.11)<sup>(1)</sup> | (0.23)<sup>(1)</sup> | (0.14)<sup>(1)</sup> | 0.05<br><sup>(1)</sup>  | (0.00)<sup>(2)</sup> |
| (17.83) | 5.22 | 5.81 | 3.50 | 0.89 |
| (17.94) | 4.99 | 5.67 | 3.55 | 0.89 |
| (0.41) |  | (0.02) | (0.01) | (0.01) |
|  |  | (0.03) |  |  |
| (0.41) |  | (0.05) | (0.01) | (0.01) |
| $29.43 | $47.78 | $42.79 | $37.17 | $33.63 |
| -37.86% | 11.66% | 15.27% | 10.60% | 2.70% |
| $39.55 | $86.11 | $142.30 | $87.22 | $103.33 |
| 1.44% | 1.43% | 1.43% | 1.43% | 1.43% |
| (0.30)% | (0.49)% | (0.37)% | 0.14% | (0.02)% |
| 21% | 16% | 23% | 9% | 1% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Amount is between $(0.005) and $0.005.

<sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $49.54 | $44.19 | $38.37 | $34.67 | $33.64 |
| 0.02<br><sup>(1)</sup>  | (0.03)<sup>(1)</sup> | 0.02<br><sup>(1)</sup>  | 0.21<br><sup>(1)</sup>  | 0.15 |
| (18.39) | 5.38 | 5.99 | 3.60 | 0.91 |
| (18.37) | 5.35 | 6.01 | 3.81 | 1.06 |
| (0.74) | (0.00)<sup>(2)</sup> | (0.16) | (0.11) | (0.03) |
|  |  | (0.03) |  |  |
| (0.74) | (0.00)<sup>(2)</sup> | (0.19) | (0.11) | (0.03) |
| $30.43 | $49.54 | $44.19 | $38.37 | $34.67 |
| -37.63% | 12.11% | 15.72% | 11.02% | 3.14% |
| $275.24 | $727.47 | $608.11 | $611.41 | $399.76 |
| 1.05% | 1.04% | 1.04% | 1.03% | 1.01% |
| 0.04% | (0.07)% | 0.04% | 0.59% | 0.49% |
| 21% | 16% | 23% | 9% | 1% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Japan Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund, but employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $723897 | $(723897) |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Fund does 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 with the 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. |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | |
|:---|:---|
| j.) | 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 the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the 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 the Fund's receipt of cash in excess of the REIT's earnings. If the 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 the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction. |
| k). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| l). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

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#### 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.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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

---

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

---

| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market ("Nasdaq") generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |

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HENNESSY FUNDS 1-800-966-4354

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*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.<br>

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund invests in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $107,287,810 and $319,648,171, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.80%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, SPARX Asset Management Co., Ltd. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During fiscal year 2022, the Advisor (not the Fund) paid a sub-advisory fee at the average rate of 0.36% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement, the Advisor pays sub-advisory fees at the rate of 0.35% of the first $500 million of daily net assets, 0.40% of daily net assets between $500 million and $1 billion, and 0.42% of daily net assets over $1 billion.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

HENNESSY FUNDS 1-800-966-4354

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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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Fund, the Hennessy Gas Utility Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $360,022 and 3.47%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $23,879,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $270720134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $72298598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (30493857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $41804741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $(30566241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $11238500 |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales and investments in passive foreign investment companies.

As of October 31, 2022, the Fund had $9,301,859 in unlimited long-term and $13,400,862 in unlimited short-term capital loss carryforwards.

Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.

As of October 31, 2022, the Fund deferred, on a tax basis, a late-year ordinary loss of $7,863,520. Late-year ordinary losses are net ordinary losses incurred after December 31, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $11762697 | $48044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $11762697 | $48044 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or

HENNESSY FUNDS 1-800-966-4354

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investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, 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.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Japan Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Japan Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

HENNESSY FUNDS 1-800-966-4354

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### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

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HENNESSY FUNDS 1-800-966-4354

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

(This Page Intentionally Left Blank.)

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $894.80 | $6.83 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.00 | $7.27 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $896.10 | $5.26 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.66 | $5.60 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.43% for Investor Class shares or 1.10% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 69.62%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 0.00%.

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 was 0.00%.

For the year ended October 31, 2022, the Fund earned no foreign-source income and paid no foreign taxes.

### Important Notice Regarding Delivery of

### Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — LIQUIDITY RISK MANAGEMENT PROGRAM**<br>

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

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| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the Fund
 has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the future
 during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

HENNESSY FUNDS 1-800-966-4354

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3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used to
 determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets,
 income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **LIQUIDITY RISK MANAGEMENT PROGRAM — PRIVACY POLICY**<br>

process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

------

*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY JAPAN SMALL CAP FUND

*Investor Class* **HJPSX**

*Institutional Class* **HJSIX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br>![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 4 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 7 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 12 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 13 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Trustees and Officers of the Fund | 29 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 35 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 36 |

---

HENNESSY FUNDS 1-800-966-4354

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November 2022

### Dear Hennessy Funds Shareholder:

The Japanese stock market declined by 24.05% as measured by the Tokyo Stock Price Index (TOPIX) over the 12-month period ended October 31, 2022 (in U.S. dollar terms). Under the Kishida administration that began at the beginning of October 2021, the market has fluctuated due to Russia's invasion of Ukraine, the harsh environment of global inflation, the outlook on U.S. monetary policy, and the depreciation of the yen.

The Japanese stock market has been influenced by the outlook on U.S. monetary policy. Japanese equities rose alongside an upturn in the U.S. stock market on the back of receding inflation fears. However, equities began to decline when the Federal Reserve's decisive stance on inflation became apparent in the second half of August 2022. Nevertheless, the rate of decline in Japanese equity markets was more limited than in the U.S. and Europe. We believe this is due to the sense that Japanese stocks are undervalued and to the Bank of Japan's continuing stance on monetary easing.

The Bank of Japan is clearly in a dilemma. That is to say, if the BOJ feels forced to raise rates to follow other central banks, the decision will likely negatively impact the domestic economy, which is still in a fragile state after the pandemic. On other hand, if the BOJ chooses to do nothing, then the yen could keep depreciating to reflect the widening of interest rate differentials with other countries, which may also hurt the Japanese economy through higher import prices (i.e., inflation).

In an environment of rising interest rates like today, where the growth-to-value market rotation is all the rage, all things "growth" are viewed as sure losers. Is it really true that all growth stocks, as defined by high price-to-earnings (P/E) multiples, are destined to fall? Should we think that all growth stocks are experiencing corrections because they were overpriced? We believe that may not be the case. In our view, certain conditions need to be met for the collective wisdom to exhibit its powerful predictive ability including: 1) opinions have to be amply diverse, 2) each individual's opinion has to be formed independent of others, and 3) the result of the aggregated opinions must be expressed in a single output like a number. At that point, we believe that the one-sided growth-to-value rotation may abate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

Thank you for your continued confidence and investment in the Hennessy Funds.

Sincerely,

![](fujimura_takeda-picture.jpg)

---

| | |
|:---|:---|
| ![](tadahiro_fujimura-signature.jpg) | ![](masakazu_takeda-signature.jpg) |
| Tadahiro Fujimura | Masakazu Takeda |
| Portfolio Manager, | Portfolio Manager, |
| Hennessy Japan Small Cap Fund; | Hennessy Japan Fund; |
| Chief Investment Officer | Fund Manager |
| SPARX Asset Management Co., Ltd. | SPARX Asset Management Co., Ltd. |

---

** 

<br> *SPARX Asset Management Co., Ltd., located in Tokyo, Japan, is the sub-advisor to the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund.*

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Tadahiro Fujimura and Masakazu Takeda and are subject to change, are not guaranteed, and should not be considered investment advice.

The Tokyo Stock Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. The index is used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index.

**P/E, or price to earnings**, is calculated by dividing a company's market price per share by its earnings per share.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Japan Small Cap Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HJPSX) | -27.41% | -1.14% | 9.53% |
| &nbsp;&nbsp;&nbsp; Hennessy Japan Small Cap Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HJSIX)<sup>(1)</sup> | -27.05% | -0.71% | 9.83% |
| &nbsp;&nbsp;&nbsp; Russell/Nomura Small Cap<sup>TM</sup> Index | -24.44% | -3.76% | 5.61% |
| &nbsp;&nbsp;&nbsp; Tokyo Stock Price Index (TOPIX) | -24.05% | -1.23% | 5.70% |

---

Expense ratios: 1.53% (Investor Class); 1.13% (Institutional Class)

<sup>(1)</sup> The inception date of Institutional Class shares is June 15, 2015. Performance shown prior to the inception of Institutional Class shares reflects the performance of Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

** 

<br> *Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell/Nomura Small Cap<sup>™</sup> Index comprises the bottom 15% of the Russell/Nomura Total Market<sup>™</sup> Index based on market capitalization. The Tokyo Stock Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers Tadahiro Fujimura, CFA and CMA\*, and Takenari Okumura, CMA\*

SPARX Asset Management Co., Ltd. (sub-advisor)

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Japan Small Cap Fund returned -27.41%, underperforming both the Russell/Nomura Small Cap<sup>™</sup> Index (the Fund's primary benchmark) and the Tokyo Stock Price Index (TOPIX), which returned -24.44% and -24.05%, respectively, for the same period in U.S. dollar terms.

Amid rising interest rates and growing fears of a recession in the West, domestic demand-related stocks, which are less susceptible to outside influences, and the manufacturing sector, which benefits from a weaker yen, contributed to performance. We also believe that the performance of small-cap stocks, which had been sluggish since last year, has been recovering compared with larger-cap stocks.

In terms of individual stocks, Lifenet Insurance Company, an internet-based life insurance company, positively contributed to the Fund's performance after the Fund began investing during a dip. The share price of NGK Spark Plug Co., Ltd., a producer of automotive parts such as spark plugs and various sensors, rose due to a revised earnings forecast for the current fiscal year that is expected to achieve historic highs on the back of strong demand for engine spark plugs for new cars and a weaker yen. WingArc1st, Inc., a software developer and seller, also performed well following a robust earnings announcement on the back of increasing demand for the digitalization of business process such as invoicing.

One of the stocks that detracted most from the Fund's performance was Benefit One, Inc., an employee benefits outsourcing contractor. The share price of the company fell due to profit-taking pressure after having favorably performed in 2021. SBS Holdings, Inc., a logistics company, also contributed negatively to the Fund's performance. Although the company's earnings results for the first half of 2022 were better than the company's projections due to robust sales and an increase in international shipments, there was a fire in the warehouse of a subsidiary company and the company recorded an extraordinary loss associated with the loss of the building and compensation for the damaged shipper. HITO-Communications Holdings, Inc., which engages in sales support businesses, experienced selling pressure from profit taking as a pandemic-related surge in business is expected to decline for the next fiscal year.

The Fund continues to hold all the companies mentioned.

#### Portfolio Strategy and Investment Commentary:
We believe that the competitiveness of Japan's manufacturing industry has increased due to the yen's rapid depreciation, as well as lower upward wage pressures in Japan compared to other countries. We expect investments in factories to increase as industries review

HENNESSY FUNDS 1-800-966-4354

------

supply chains in light of heightened geopolitical risks and as companies update to energy-efficient equipment due to the trend toward carbon neutrality. We are therefore increasing the Fund's weighting in manufacturers that we expect to benefit from increased domestic investments while monitoring the negative impact of cost pressures and the risks of a recession in the West.

Despite the risk of a recession in the West, we believe the Japanese stock market will remain relatively strong because we believe it is highly undervalued with significant room for Japanese companies to recover earnings. The impact of rising energy and commodity prices, another prior risk, will be a factor in improving earnings going forward, as we believe these prices have peaked. Domestic consumption should also recover as COVID-19 restrictions are eased, and expected improvements in the domestic economy should positively influence Japanese equities.

_______________

\* Chartered Member of the Security Analysts Association of Japan

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund invests in small-capitalization and medium-capitalization companies, which may have more limited liquidity and greater price volatility than large-capitalization companies. The Fund invests in the stocks of companies operating in Japan; single-country funds may be subject to a higher degree of risk. The Fund may experience higher fees due to investments in pooled investment vehicles (including ETFs). Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY JAPAN SMALL CAP FUND
(% of Net Assets)

![](hjscf-piechart.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Ship Healthcare Holdings, Inc. | 2.32% |
| &nbsp;&nbsp;&nbsp; Musashi Seimitsu Industry Co., Ltd. | 2.26% |
| &nbsp;&nbsp;&nbsp; Nihon Kohden Corp. | 2.21% |
| &nbsp;&nbsp;&nbsp; SIIX Corp. | 2.17% |
| &nbsp;&nbsp;&nbsp; Yamaichi Electronics Industry Co., Ltd. | 2.09% |
| &nbsp;&nbsp;&nbsp; AEON Financial Service Co., Ltd. | 2.00% |
| &nbsp;&nbsp;&nbsp; Asia Pile Holdings Corp. | 1.99% |
| &nbsp;&nbsp;&nbsp; Musashino Bank, Ltd. | 1.99% |
| &nbsp;&nbsp;&nbsp; Penta-Ocean Construction Co., Ltd. | 1.99% |
| &nbsp;&nbsp;&nbsp; NGK Spark Plug Co., Ltd. | 1.97% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 94.34% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 4.72%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Imagica Group, Inc. | 144100 | $857135 | 1.09% |
| &nbsp;&nbsp;&nbsp; Kufu Co, Inc. (a) | 123500 | 429524 | 0.54% |
| &nbsp;&nbsp;&nbsp; Macromill, Inc. | 151200 | 1126984 | 1.43% |
| &nbsp;&nbsp;&nbsp; ValueCommerce Co., Ltd. | 89800 | 1309987 | 1.66% |
|  |  | 3723630 | 4.72% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 13.37%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Aeon Fantasy Co., Ltd. | 59300 | 1175456 | 1.49% |
| &nbsp;&nbsp;&nbsp; Benesse Holdings, Inc. | 95700 | 1411813 | 1.79% |
| &nbsp;&nbsp;&nbsp; J Front Retailing Co., Ltd. | 50100 | 404960 | 0.51% |
| &nbsp;&nbsp;&nbsp; Matsuoka Corp. | 57900 | 355638 | 0.45% |
| &nbsp;&nbsp;&nbsp; Musashi Seimitsu Industry Co., Ltd. | 154200 | 1779657 | 2.26% |
| &nbsp;&nbsp;&nbsp; NGK Spark Plug Co., Ltd. | 85300 | 1556218 | 1.97% |
| &nbsp;&nbsp;&nbsp; Nojima Corp. | 146200 | 1217604 | 1.54% |
| &nbsp;&nbsp;&nbsp; Sac's Bar Holdings, Inc. | 287400 | 1361712 | 1.73% |
| &nbsp;&nbsp;&nbsp; Saizeriya Co., Ltd. | 68800 | 1283607 | 1.63% |
|  |  | 10546665 | 13.37% |
| &nbsp;&nbsp;&nbsp; **Consumer Staples – 3.20%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Nishimoto Co., Ltd. | 53000 | 1483826 | 1.88% |
| &nbsp;&nbsp;&nbsp; Sugi Holdings Co., Ltd. | 26000 | 1042733 | 1.32% |
|  |  | 2526559 | 3.20% |
| &nbsp;&nbsp;&nbsp; **Energy – 1.70%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Iwatani Corp. | 36300 | 1336618 | 1.70% |
| &nbsp;&nbsp;&nbsp; **Financials – 5.95%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AEON Financial Service Co., Ltd. | 161500 | 1580538 | 2.00% |
| &nbsp;&nbsp;&nbsp; Lifenet Insurance Co. (a) | 231500 | 1543708 | 1.96% |
| &nbsp;&nbsp;&nbsp; Musashino Bank, Ltd. | 135600 | 1565908 | 1.99% |
|  |  | 4690154 | 5.95% |
| &nbsp;&nbsp;&nbsp; **Health Care – 4.53%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Nihon Kohden Corp. | 77700 | 1739870 | 2.21% |
| &nbsp;&nbsp;&nbsp; Ship Healthcare Holdings, Inc. | 95500 | 1831582 | 2.32% |
|  |  | 3571452 | 4.53% |
| &nbsp;&nbsp;&nbsp; **Industrials – 32.46%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Amada Co., Ltd. | 173200 | 1218215 | 1.54% |
| &nbsp;&nbsp;&nbsp; Benefit One, Inc. | 78600 | 1087362 | 1.38% |
| &nbsp;&nbsp;&nbsp; Creek & River Co., Ltd. | 100900 | 1385391 | 1.76% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Daihen Corp. | 30300 | $781340 | 0.99% |
| &nbsp;&nbsp;&nbsp; Glory Ltd. | 57400 | 885030 | 1.12% |
| &nbsp;&nbsp;&nbsp; Hanwa Co., Ltd. | 56400 | 1363976 | 1.73% |
| &nbsp;&nbsp;&nbsp; Hito Communications Holdings, Inc. | 30900 | 345775 | 0.44% |
| &nbsp;&nbsp;&nbsp; Kawada Technologies, Inc. | 32200 | 784255 | 0.99% |
| &nbsp;&nbsp;&nbsp; Mitsubishi Logisnext Co., Ltd. | 144700 | 745724 | 0.95% |
| &nbsp;&nbsp;&nbsp; Nichiha Corp. | 60700 | 1149446 | 1.46% |
| &nbsp;&nbsp;&nbsp; Nippon Koei Co., Ltd. | 67500 | 1510110 | 1.91% |
| &nbsp;&nbsp;&nbsp; Nissei ASB Machine Co., Ltd. | 50300 | 1254467 | 1.59% |
| &nbsp;&nbsp;&nbsp; Nittoku Co., Ltd. | 71400 | 1215449 | 1.54% |
| &nbsp;&nbsp;&nbsp; Penta-Ocean Construction Co., Ltd. | 316200 | 1572527 | 1.99% |
| &nbsp;&nbsp;&nbsp; Sato Holdings Corp. | 110800 | 1366856 | 1.73% |
| &nbsp;&nbsp;&nbsp; SBS Holdings, Inc. | 61300 | 1193564 | 1.51% |
| &nbsp;&nbsp;&nbsp; Tadano Ltd. | 110900 | 677897 | 0.86% |
| &nbsp;&nbsp;&nbsp; Takasago Thermal Engineering Co., Ltd. | 64500 | 784647 | 0.99% |
| &nbsp;&nbsp;&nbsp; Tanseisha Co., Ltd. | 263200 | 1418600 | 1.80% |
| &nbsp;&nbsp;&nbsp; Tocalo Co., Ltd. | 92400 | 738240 | 0.94% |
| &nbsp;&nbsp;&nbsp; TRE Holdings Corp. | 141200 | 1522892 | 1.93% |
| &nbsp;&nbsp;&nbsp; Tsubakimoto Chain Co. | 71000 | 1520092 | 1.93% |
| &nbsp;&nbsp;&nbsp; Tsukishima Kikai Co., Ltd. | 160000 | 1084682 | 1.38% |
|  |  | 25606537 | 32.46% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 17.61%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Anritsu Corp. | 79900 | 804183 | 1.02% |
| &nbsp;&nbsp;&nbsp; Digital Garage, Inc. | 27600 | 660874 | 0.84% |
| &nbsp;&nbsp;&nbsp; Elecom Co., Ltd. | 72600 | 672555 | 0.85% |
| &nbsp;&nbsp;&nbsp; Macnica Fuji Electronics Holdings, Inc. | 63900 | 1278069 | 1.62% |
| &nbsp;&nbsp;&nbsp; Maxell Ltd. | 113200 | 939101 | 1.19% |
| &nbsp;&nbsp;&nbsp; Mimaki Engineering Co., Ltd. | 280200 | 1384079 | 1.76% |
| &nbsp;&nbsp;&nbsp; Nippon Signal Company, Ltd. | 200000 | 1355638 | 1.72% |
| &nbsp;&nbsp;&nbsp; SIIX Corp. | 222000 | 1711590 | 2.17% |
| &nbsp;&nbsp;&nbsp; Towa Corp. | 99400 | 1199612 | 1.52% |
| &nbsp;&nbsp;&nbsp; Transcosmos, Inc. | 59400 | 1365562 | 1.73% |
| &nbsp;&nbsp;&nbsp; WingArc1st, Inc. | 54200 | 869290 | 1.10% |
| &nbsp;&nbsp;&nbsp; Yamaichi Electronics Co., Ltd. | 114700 | 1647212 | 2.09% |
|  |  | 13887765 | 17.61% |

---

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

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Materials – 6.34%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Asia Pile Holdings Corp. | 463200 | $1571185 | 1.99% |
| &nbsp;&nbsp;&nbsp; Kyoei Steel Ltd. | 160600 | 1418085 | 1.80% |
| &nbsp;&nbsp;&nbsp; Rengo Co., Ltd. | 144800 | 804454 | 1.02% |
| &nbsp;&nbsp;&nbsp; Tokyo Ohka Kogyo Co., Ltd. | 28000 | 1207128 | 1.53% |
|  |  | 5000852 | 6.34% |
| &nbsp;&nbsp;&nbsp; **Real Estate – 3.48%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Star Mica Holdings Co., Ltd. | 147900 | 1393974 | 1.77% |
| &nbsp;&nbsp;&nbsp; Tosei Corp. | 141900 | 1353304 | 1.71% |
|  |  | 2747278 | 3.48% |
| &nbsp;&nbsp;&nbsp; **Utilities – 0.98%** |  |  |  |
| &nbsp;&nbsp;&nbsp; EF-ON, Inc. | 179900 | 774609 | 0.98% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $85,755,753) |  | 74412119 | 94.34% |
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 4.30% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 4.30%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (b) | 3392742 | 3392742 | 4.30% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,392,742) |  | 3392742 | 4.30% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $89,148,495) – 98.64% |  | 77804861 | 98.64% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities – 1.36% |  | 1075258 | 1.36% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $78880119 | 100.00% |

---

Percentages are stated as a percent of net assets.

(a) Non-income-producing security.

(b) The rate listed is the fund's seven-day yield as of October 31, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $— | $3723630 | $— | $3723630 |
| Consumer Discretionary |  | 10546665 |  | 10546665 |
| Consumer Staples |  | 2526559 |  | 2526559 |
| Energy |  | 1336618 |  | 1336618 |
| Financials |  | 4690154 |  | 4690154 |
| Health Care |  | 3571452 |  | 3571452 |
| Industrials |  | 25606537 |  | 25606537 |
| Information Technology |  | 13887765 |  | 13887765 |
| Materials |  | 5000852 |  | 5000852 |
| Real Estate |  | 2747278 |  | 2747278 |
| Utilities |  | 774609 |  | 774609 |
| **Total Common Stocks** | $— | $74412119 | $— | $74412119 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $3392742 | $— | $— | $3392742 |
| **Total Short-Term Investments** | $3392742 | $— | $— | $3392742 |
| **Total Investments** | $3392742 | $74412119 | $— | $77804861 |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $89,148,495) | $77804861 |
| Cash | 1528 |
| Dividends and interest receivable | 567994 |
| Receivable for fund shares sold | 81860 |
| Receivable for securities sold | 630128 |
| Dividend tax reclaim receivable | 112873 |
| Prepaid expenses and other assets | 23834 |
| &nbsp;&nbsp;&nbsp; Total assets | 79223078 |
| **LIABILITIES:** |  |
| Payable for securities purchased | 92422 |
| Payable for fund shares redeemed | 118430 |
| Payable to advisor | 54289 |
| Payable to administrator | 17427 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 5176 |
| Accrued service fees | 2683 |
| Accrued trustees fees | 5624 |
| Accrued expenses and other payables | 24159 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 342959 |
| **NET ASSETS** | $78880119 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $91504922 |
| Accumulated deficit | (12624803) |
| &nbsp;&nbsp;&nbsp; Total net assets | $78880119 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $31228193 |
| Shares issued and outstanding | 2382955 |
| Net asset value, offering price, and redemption price per share | $13.10 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $47651926 |
| Shares issued and outstanding | 3675009 |
| Net asset value, offering price, and redemption price per share | $12.97 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS**<br>

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income<sup>(1)</sup> | $2106060 |
| Interest income | 46333 |
| &nbsp;&nbsp;&nbsp; Total investment income | 2152393 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 719729 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 89542 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 50328 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 112336 |
| Distribution fees – Investor Class (See Note 5) | 56437 |
| Service fees – Investor Class (See Note 5) | 37624 |
| Federal and state registration fees | 36827 |
| Compliance expense (See Note 5) | 24516 |
| Audit fees | 22743 |
| Trustees' fees and expenses | 18509 |
| Reports to shareholders | 14571 |
| Interest expense (See Note 7) | 1702 |
| Legal fees | 1530 |
| Other expenses | 16350 |
| &nbsp;&nbsp;&nbsp; Total expenses | 1202744 |
| **NET INVESTMENT INCOME** | $949649 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | $(2110306) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (29078282) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (31188588) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(30238939) |

---

<sup>(1)</sup> Net of foreign taxes withheld of $234,991.

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

HENNESSY FUNDS 1-800-966-4354

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(This Page Intentionally Left Blank.)

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $949649 | $392688 |
| Net realized gain (loss) on investments | (2110306) | 1288362 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (29078282) | 10917876 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (30238939) | 12598926 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (186236) | (121856) |
| Distributable earnings – Institutional Class | (589255) | (260753) |
| Total distributions | (775491) | (382609) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 6437217 | 10823523 |
| Proceeds from shares subscribed – Institutional Class | 38467373 | 45926109 |
| Dividends reinvested – Investor Class | 180038 | 116988 |
| Dividends reinvested – Institutional Class | 571970 | 246865 |
| Cost of shares redeemed – Investor Class | (8822706) | (18166242) |
| Cost of shares redeemed – Institutional Class | (39666483) | (19434438) |
| Net increase (decrease) in net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derived from capital share transactions | (2832591) | 19512805 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (33847021) | 31729122 |
| **NET ASSETS:** |  |  |
| Beginning of year | 112727140 | 80998018 |
| End of year | $78880119 | $112727140 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 424356 | 607997 |
| Shares sold – Institutional Class | 2624209 | 2575700 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 10154 | 6496 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 33206 | 13885 |
| Shares redeemed – Investor Class | (598751) | (1018588) |
| Shares redeemed – Institutional Class | (2693301) | (1098633) |
| Net increase (decrease) in shares outstanding | (200127) | 1086857 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Amount is between $(0.005) and $0.005.

<sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $18.12 | $15.73 | $15.43 | $14.99 | $14.92 |
| 0.12<br><sup>(1)</sup>  | 0.03<br><sup>(1)</sup>  | 0.01<br><sup>(1)</sup>  | 0.03<br><sup>(1)</sup>  | 0.05 |
| (5.07) | 2.40 | 0.50 | 0.88 | 0.35 |
| (4.95) | 2.43 | 0.51 | 0.91 | 0.40 |
| (0.00)<sup>(2)</sup> | (0.04) | (0.21) |  | (0.05) |
| (0.07) |  |  | (0.47) | (0.28) |
| (0.07) | (0.04) | (0.21) | (0.47) | (0.33) |
| $13.10 | $18.12 | $15.73 | $15.43 | $14.99 |
| -27.41% | 15.46% | 3.27% | 6.30% | 2.64% |
| $31.23 | $46.15 | $46.41 | $66.30 | $100.93 |
| 1.57% | 1.53% | 1.55% | 1.52% | 1.46% |
| 0.83% | 0.16% | 0.09% | 0.23% | 0.21% |
| 45% | 24% | 17% | 21% | 35% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $17.94 | $15.58 | $15.28 | $14.83 | $14.72 |
| 0.18<br><sup>(1)</sup>  | 0.11<br><sup>(1)</sup>  | 0.07<br><sup>(1)</sup>  | 0.09<br><sup>(1)</sup>  | 0.11 |
| (4.99) | 2.37 | 0.50 | 0.86 | 0.36 |
| (4.81) | 2.48 | 0.57 | 0.95 | 0.47 |
| (0.09) | (0.12) | (0.27) | (0.04) | (0.08) |
| (0.07) |  |  | (0.46) | (0.28) |
| (0.16) | (0.12) | (0.27) | (0.50) | (0.36) |
| $12.97 | $17.94 | $15.58 | $15.28 | $14.83 |
| -27.05% | 15.90% | 3.69% | 6.73% | 3.12% |
| $47.65 | $66.58 | $34.58 | $63.78 | $98.42 |
| 1.17% | 1.13% | 1.13% | 1.12% | 1.04% |
| 1.22% | 0.63% | 0.45% | 0.61% | 0.77% |
| 45% | 24% | 17% | 21% | 35% |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Japan Small Cap Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. As of October 31, 2022, no such reclassifications were required for fiscal year 2022. |
| 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 |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
|  | open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Fund does 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 with the 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.) | 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 the Fund to accrue and distribute income not yet |

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HENNESSY FUNDS 1-800-966-4354

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| | |
|:---|:---|
|  | received. To generate sufficient cash to make any required distributions, the 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 the Fund's receipt of cash in excess of the REIT's earnings. If the 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 the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction. |
| k). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| l). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

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#### 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:

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| | |
|:---|:---|
| Level 1 – | Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement. |
| Level 2 – | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
|  | valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). |
| Level 3 – | Significant unobservable inputs (including the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable. |

---

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

---

| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market ("Nasdaq") generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would |

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HENNESSY FUNDS 1-800-966-4354

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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.<br>

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund invests in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $38,165,059 and $38,140,545, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.80%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, SPARX Asset Management Co., Ltd. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During fiscal year 2022, the Advisor (not the Fund) paid a sub-advisory fee at the average rate of 0.35% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement, the Advisor pays sub-advisory fees at the rate of 0.35% of the first $500 million of daily net assets, 0.40% of daily net assets between $500 million and $1 billion, and 0.42% of daily net assets over $1 billion.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The

HENNESSY FUNDS 1-800-966-4354

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administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Fund, the Hennessy Gas Utility Fund, and the Hennessy Japan Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $47,970 and 3.50%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $3,666,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

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| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $89768318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $5052323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (17054423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $(12002100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $812870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $812870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $(1435573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $(12624803) |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales and investments in passive foreign investment companies.

As of October 31, 2022, the Fund had $1,435,573 in unlimited short-term capital loss carryforwards.

Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $327698 | $382609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 447793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $775491 | $382609 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, 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.

HENNESSY FUNDS 1-800-966-4354

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### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Japan Small Cap Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Japan Small Cap Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

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HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

------

### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $942.40 | $7.78 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.19 | $8.08 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $945.30 | $5.88 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.16 | $6.11 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.59% for Investor Class shares or 1.20% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 0.00%.

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 was 0.00%.

For the year ended October 31, 2022, the 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.

---

| | | |
|:---|:---|:---|
| <u>Country</u> | <u>Gross Foreign Income</u> | <u>Foreign Tax Paid</u> |
| Japan | $2341032 | $234991 |

---

### Important Notice Regarding Delivery of

### Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **PROXY VOTING — LIQUIDITY RISK MANAGEMENT PROGRAM**<br>

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

---

| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

---

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the
 Fund has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in the
 future during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

HENNESSY FUNDS 1-800-966-4354

------

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs used
 to determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and was
 operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets,
 income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

<br> &nbsp;&nbsp;&nbsp;&nbsp; We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **LIQUIDITY RISK MANAGEMENT PROGRAM — PRIVACY POLICY**<br>

enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

------

*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

<br> ![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### <br>

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

#### <br>

HENNESSY LARGE CAP FINANCIAL FUND

*Investor Class* **HLFNX**

*Institutional Class* **HILFX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **<br>** <br> ![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 12 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 13 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 29 |
| Trustees and Officers of the Fund | 30 |
| Expense Example | 34 |
| Proxy Voting Policy and Proxy Voting Records | 36 |
| Availability of Quarterly Portfolio Schedule | 36 |
| Federal Tax Distribution Information | 36 |
| Important Notice Regarding Delivery of Shareholder Documents | 36 |
| Electronic Delivery | 36 |
| Liquidity Risk Management Program | 37 |
| Privacy Policy | 37 |

---

HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Large Cap Financial Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HLFNX) | -26.22% | &nbsp;&nbsp;&nbsp;&nbsp;4.98% | &nbsp;&nbsp;&nbsp;&nbsp;9.63% |
| &nbsp;&nbsp;&nbsp; Hennessy Large Cap Financial Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HILFX)<sup>(1)</sup> | -25.95% | &nbsp;&nbsp;&nbsp;&nbsp;5.35% | &nbsp;&nbsp;&nbsp;&nbsp;9.93% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index Financials | -13.72% | 10.49% | 13.67% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | -16.38% | 10.19% | 12.66% |

---

Expense ratios: 1.68% (Investor Class); 1.32% (Institutional Class)

<sup>(1)</sup> The inception date of Institutional Class shares is June 15, 2015. Performance shown prior to the inception of Institutional Class shares reflects the performance of Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

** 

<br> *Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell 1000<sup>®</sup> Index Financials is a subset of the Russell 1000<sup>®</sup> Index that measures the performance of securities classified in the Financials sector of the large-cap U.S. equity market. The Russell 1000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index that measures the performance of the large-cap segment of the U.S. equity market. The Russell 1000<sup>®</sup> Index comprises the 1,000 largest companies in the Russell 3000<sup>®</sup> Index based on market capitalization and current index membership, representing approximately 93% of the total market capitalization of the Russell 3000<sup>®</sup> Index. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers David H. Ellison and Ryan C. Kelley, CFA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Large Cap Financial Fund returned -26.22%, underperforming both the Russell 1000<sup>®</sup> Index Financials (the Fund's primary benchmark) and the Russell 1000<sup>®</sup> Index, which returned -13.72% and -16.38%, respectively, for the same period.

The Fund's underperformance relative to its primary benchmark predominantly stemmed from its overweight allocation to diversified financial companies, as well as stock selection within the Financials sector. Positive contributors to Fund performance included investments in Apple, Inc., Regions Financial Corporation, and M&T Bank Corporation. Among the biggest detractors from Fund performance during the period were PayPal Holdings, Inc., SoFi Technologies, Inc. and Block, Inc.

The Fund continues to own all the companies mentioned except SoFi Technologies, Inc. and Block, Inc.

#### Portfolio Strategy:
Historically, the Fund has been invested primarily in large-cap banks and, to a lesser degree, insurance, real estate, and asset managers. While we increased our exposure to electronic payment companies and other financial technology companies over the last few years, we have repositioned the Fund back towards large-cap banks and regional banks recently, as we believe the more traditional financial institutions currently offer better investment opportunities.

In general, we seek companies that we believe have high-quality management teams, less complex business models, and the prospect of sustainable earnings growth over time. We believe the timing of changes in macro industry dynamics is difficult to predict and that greater opportunity exists by investing in companies that focus on the long term. We also try to identify companies that we expect will do better relative to peers in the current environment, which is characterized by rapidly rising interest rates, competitive loan markets, evolving electronic payment platforms, growing attention to costs, increasing potential for loan charge-offs, and business model repositioning.

#### Investment Commentary:
Given compelling relative valuations compared to the broader stock market as well as historical averages, we believe that attractive long-term opportunities exist within large-cap financial companies despite a challenging environment and increased economic

HENNESSY FUNDS 1-800-966-4354

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uncertainty. While rising interest rates should continue to help increase net interest margins and overall profitability, it can also cause a decline in capital levels and slow loan growth. Many investors are concerned about asset quality, although the industry has yet to experience any notable increases in non-performing loans or charge-offs. We are reassured that the industry as a whole continues to have high levels of reserves and excess capital in case of any significant asset quality problems. Overall, we expect earnings and profitability to continue to increase and believe that valuations appear attractive, all positives for our Fund.

_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund. Investments are focused on the financial services industry; sector funds may be subject to a higher degree of market risk. The Fund invests in medium-sized companies, which may have limited liquidity and greater volatility compared to larger companies. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

#### Earnings growth is not a measure of the Fund's future performance.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY LARGE CAP FINANCIAL FUND
(% of Net Assets)

![](hlcff-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 5.72% |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 5.67% |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 5.50% |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 5.42% |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B | 5.16% |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 4.98% |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 4.53% |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 4.52% |
| &nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. | 4.52% |
| &nbsp;&nbsp;&nbsp; KeyCorp | 4.25% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 91.67% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials – 79.97%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 72000 | $2594880 | 5.67% |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 8000 | 2360720 | 5.16% |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 600 | 387546 | 0.85% |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 21500 | 2279430 | 4.98% |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 41000 | 1880260 | 4.11% |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 64000 | 2617600 | 5.72% |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 25000 | 1762500 | 3.85% |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 58000 | 2070020 | 4.52% |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 128000 | 1943040 | 4.24% |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 20000 | 2517600 | 5.50% |
| &nbsp;&nbsp;&nbsp; KeyCorp | 109000 | 1947830 | 4.25% |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 7000 | 1178590 | 2.57% |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 20000 | 1643400 | 3.59% |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 12000 | 263400 | 0.58% |
| &nbsp;&nbsp;&nbsp; Signature Bank | 11500 | 1823095 | 3.98% |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 28000 | 2072000 | 4.53% |
| &nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. | 6000 | 2067060 | 4.52% |
| &nbsp;&nbsp;&nbsp; The PNC Financial Services Group, Inc. | 2500 | 404575 | 0.88% |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 20000 | 895800 | 1.96% |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 15000 | 636750 | 1.39% |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 54000 | 2483460 | 5.42% |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA | 15000 | 779100 | 1.70% |
|  |  | 36608656 | 79.97% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 11.70%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 5500 | 843370 | 1.84% |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 4500 | 1476810 | 3.23% |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (a) | 16000 | 1337280 | 2.92% |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 8200 | 1698712 | 3.71% |
|  |  | 5356172 | 11.70% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $36,081,067) |  | 41964828 | 91.67% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; REITS – 6.80% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials – 6.80%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp. | 110000 | $904200 | 1.97% |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 50000 | 927500 | 2.03% |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 62000 | 1280920 | 2.80% |
| &nbsp;&nbsp;&nbsp; **Total REITS** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,247,355) |  | 3112620 | 6.80% |
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 3.62% |  |  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 3.62%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (b) | 1658427 | 1658427 | 3.62% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,658,427) |  | 1658427 | 3.62% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $40,986,849) – 102.09% |  | 46735875 | 102.09% |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets – (2.09)% |  | (959284) | (2.09)% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $45776591 | 100.00% |

---

Percentages are stated as a percent of net assets.

NV – Naamloze Vennootschap is a Dutch term for publicly traded companies.

REIT – Real Estate Investment Trust

(a) Non-income-producing security.

(b) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financials | $36608656 | $— | $— | $36608656 |
| Information Technology | 5356172 |  |  | 5356172 |
| **Total Common Stocks** | $41964828 | $— | $— | $41964828 |
| **REITS** |  |  |  |  |
| Financials | $3112620 | $— | $— | $3112620 |
| **Total REITS** | $3112620 | $— | $— | $3112620 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $1658427 | $— | $— | $1658427 |
| **Total Short-Term Investments** | $1658427 | $— | $— | $1658427 |
| **Total Investments** | $46735875 | $— | $— | $46735875 |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $40,986,849) | $46735875 |
| Cash | 11440 |
| Dividends and interest receivable | 49034 |
| Receivable for fund shares sold | 10503 |
| Prepaid expenses and other assets | 16028 |
| &nbsp;&nbsp;&nbsp; Total assets | 46822880 |
| **LIABILITIES:** |  |
| Payable for securities purchased | 410654 |
| Payable for fund shares redeemed | 545578 |
| Payable to advisor | 33776 |
| Payable to administrator | 10529 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 3376 |
| Accrued service fees | 1917 |
| Accrued trustees fees | 5274 |
| Accrued expenses and other payables | 12436 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 1046289 |
| **NET ASSETS** | $45776591 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $38296281 |
| Total distributable earnings | 7480310 |
| &nbsp;&nbsp;&nbsp; Total net assets | $45776591 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $23625419 |
| Shares issued and outstanding | 952453 |
| Net asset value, offering price, and redemption price per share | $24.80 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $22151172 |
| Shares issued and outstanding | 882256 |
| Net asset value, offering price, and redemption price per share | $25.11 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS**<br>

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income | $1265636 |
| Interest income | 17937 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1283573 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 518101 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 53767 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 25212 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 76387 |
| Distribution fees – Investor Class (See Note 5) | 42271 |
| Federal and state registration fees | 34417 |
| Service fees – Investor Class (See Note 5) | 28180 |
| Compliance expense (See Note 5) | 24516 |
| Audit fees | 22743 |
| Trustees' fees and expenses | 17595 |
| Reports to shareholders | 11019 |
| Legal fees | 1004 |
| Interest expense (See Note 7) | 716 |
| Other expenses | 12401 |
| &nbsp;&nbsp;&nbsp; Total expenses | 868329 |
| **NET INVESTMENT INCOME** | $415244 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments: | 3448215 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/deprecation on investments: | (23178978) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (19730763) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(19315519) |

---

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

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&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $415244 | $(190967) |
| Net realized gain on investments | 3448215 | 4934331 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (23178978) | 21198437 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (19315519) | 25941801 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (1687916) |  |
| Distributable earnings – Institutional Class | (1797726) |  |
| Total distributions | (3485642) |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 2685032 | 10760638 |
| Proceeds from shares subscribed – Institutional Class | 11877575 | 24725649 |
| Dividends reinvested – Investor Class | 1636787 |  |
| Dividends reinvested – Institutional Class | 1782399 |  |
| Cost of shares redeemed – Investor Class | (6195638) | (10552763) |
| Cost of shares redeemed – Institutional Class | (14692333) | (23051103) |
| Net increase (decrease) in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (2906178) | 1882421 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (25707339) | 27824222 |
| **NET ASSETS:** |  |  |
| Beginning of year | 71483930 | 43659708 |
| End of year | $45776591 | $71483930 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 92861 | 356674 |
| Shares sold – Institutional Class | 380400 | 786529 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 50270 |  |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 54242 |  |
| Shares redeemed – Investor Class | (221850) | (333681) |
| Shares redeemed – Institutional Class | (536409) | (744960) |
| Net increase (decrease) in shares outstanding | (180486) | 64562 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $35.32 | $22.33 | $22.63 | $21.43 | $22.02 |
| 0.15<br><sup>(1)</sup>  | (0.15)<sup>(1)</sup> | (0.05)<sup>(1)</sup> | (0.05)<sup>(1)</sup> | (0.07) |
| (9.02) | 13.14 | (0.25) | 1.84 | 0.48 |
| (8.87) | 12.99 | (0.30) | 1.79 | 0.41 |
| (1.65) |  |  | (0.59) | (1.00) |
| (1.65) |  |  | (0.59) | (1.00) |
| $24.80 | $35.32 | $22.33 | $22.63 | $21.43 |
| -26.22% | 58.17% | -1.33% | 8.75% | 1.82% |
| $23.63 | $36.42 | $22.51 | $23.63 | $40.99 |
| 1.69% | 1.68% | 1.75% | 1.82% | 1.69% |
| 0.55% | (0.47)% | (0.21)% | (0.23)% | (0.44)% |
| 78% | 62% | 88% | 83% | 64% |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

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

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $35.63 | $22.44 | $22.68 | $21.39 | $21.91 |
| 0.25<br><sup>(1)</sup>  | (0.03)<sup>(1)</sup> | 0.02<br><sup>(1)</sup>  | 0.01<br><sup>(1)</sup>  | 0.03 |
| (9.10) | 13.22 | (0.26) | 1.87 | 0.45 |
| (8.85) | 13.19 | (0.24) | 1.88 | 0.48 |
| (1.67) |  |  | (0.59) | (1.00) |
| (1.67) |  |  | (0.59) | (1.00) |
| $25.11 | $35.63 | $22.44 | $22.68 | $21.39 |
| -25.95% | 58.78% | -1.06% | 9.16% | 2.16% |
| $22.15 | $35.06 | $21.15 | $21.97 | $8.85 |
| 1.33% | 1.32% | 1.45% | 1.43% | 1.34% |
| 0.89% | (0.11)% | 0.08% | 0.05% | (0.07)% |
| 78% | 62% | 88% | 83% | 64% |

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Large Cap Financial Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is capital appreciation. The Fund is a non-diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

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| | |
|:---|:---|
| Total Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(878646) | $878646 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

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| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing |

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HENNESSY FUNDS 1-800-966-4354

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| |
|:---|
| the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In March 2020, FASB issued Accounting Standards Update 2020 04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance was to provide relief to companies that would be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks would no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to account for contract modifications as a continuance of the existing contract without additional analysis, provided that the only change to existing contracts is a change to an approved benchmark interest rate. In addition, derivative contracts that qualified for hedge accounting prior to contract modification will be allowed to continue to receive such treatment even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Fund may elect to apply the amendments as of March 12, 2020 through December 31, 2022. See Note 9 for more information. |

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#### 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:

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| | |
|:---|:---|
| Level 1 – | Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement. |
| Level 2 – | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

Level 3 – Significant unobservable inputs (including the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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

---

| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market ("Nasdaq") generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would |

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HENNESSY FUNDS 1-800-966-4354

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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.<br>

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $43,716,494 and $49,299,093, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.90%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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.

HENNESSY FUNDS 1-800-966-4354

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The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $20,181 and 3.50%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $1,896,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

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| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $42121163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $8915170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (4300458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $4614712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $127166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 2738432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $2865598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $7480310 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 3485642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $3485642 | $— |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). LIBOR TRANSITION
The Fund invests in financial instruments with payment obligations, financing terms, hedging strategies, or investment values based on, among other floating rates, LIBOR. Determined by the ICE Benchmark Administration, LIBOR is an average interest rate that banks charge one another for the use of short-term money. In 2017, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced plans to phase out the use of LIBOR by the end of 2021. Most LIBOR settings are no longer being published as of December 31, 2021, and the FCA and ICE Benchmark Administrator have announced that a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. The U.S. Federal Reserve has begun publishing the Secured Overnight Financing Rate (SOFR), which is intended to replace the U.S. dollar LIBOR. Other regulators and industry groups around the world have announced or begun publishing proposed alternative reference rates for other currencies, but global consensus is lacking, and the process for amending many existing contracts or instruments to transition away from LIBOR remains unclear. Uncertainty related to the liquidity impact of the change in reference rates and how to appropriately adjust these rates at the time of transition may lead to increased volatility and illiquidity in markets tied to LIBOR, reduce the value of LIBOR-related instruments, and reduce the effectiveness of hedging strategies, which could adversely affect the Fund's performance. Moreover, the risks associated with this discontinuation and transition could be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

#### 10). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example,

HENNESSY FUNDS 1-800-966-4354

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following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 11). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 1.52629 <br> Institutional Class 1.54542

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Large Cap Financial Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Large Cap Financial Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

Philadelphia, Pennsylvania

December 22, 2022

HENNESSY FUNDS 1-800-966-4354

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### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

(This Page Intentionally Left Blank.)

HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $977.50 | $8.52 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.59 | $8.69 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $979.30 | $7.03 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.10 | $7.17 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.71% for Investor Class shares or 1.41% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 0.00%.

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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

Follow us on social media

---

| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the
 Fund has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in
 the future during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs
 used to determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and
 was operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets,
 income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

HENNESSY FUNDS 1-800-966-4354

------

3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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(This Page Intentionally Left Blank.)

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

![](hennessy_funds-logo.jpg)

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY SMALL CAP FINANCIAL FUND

*Investor Class* **HSFNX**

*Institutional Class* **HISFX**

**** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

<br> **** 

![](hf-investuncomplogo.jpg)

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

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(This Page Intentionally Left Blank.)

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### Contents

---

| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 12 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 13 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 29 |
| Trustees and Officers of the Fund | 30 |
| Expense Example | 34 |
| Proxy Voting Policy and Proxy Voting Records | 36 |
| Availability of Quarterly Portfolio Schedule | 36 |
| Federal Tax Distribution Information | 36 |
| Important Notice Regarding Delivery of Shareholder Documents | 36 |
| Electronic Delivery | 36 |
| Liquidity Risk Management Program | 37 |
| Privacy Policy | 37 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>

This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Small Cap Financial Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HSFNX) | &nbsp;&nbsp;&nbsp;&nbsp;-5.60% | 6.67% | 10.74% |
| &nbsp;&nbsp;&nbsp; Hennessy Small Cap Financial Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HISFX) | &nbsp;&nbsp;&nbsp;&nbsp;-5.21% | 7.07% | 11.14% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index Financials | &nbsp;&nbsp;&nbsp;&nbsp;-9.81% | 4.99% | 10.05% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | -18.54% | 5.56% | &nbsp;&nbsp;&nbsp;&nbsp;9.93% |

---

Expense ratios: 1.58% (Investor Class); 1.20% (Institutional Class)

*Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Russell 2000<sup>®</sup> Index Financials is a subset of the Russell 2000<sup>®</sup> Index that measures the performance of securities classified in the Financials sector of the small-cap U.S. equity market. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index that measures the performance of the small-cap segment of the U.S. equity market. The Russell 2000<sup>®</sup> Index comprises the smallest 2,000 companies in the Russell 3000<sup>®</sup> Index based on market capitalization and current index membership, representing approximately 7% of the total market capitalization of the Russell 3000<sup>®</sup> Index. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

#### PERFORMANCE NARRATIVE
Portfolio Managers David H. Ellison and Ryan C. Kelley, CFA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Small Cap Financial Fund returned -5.60%, outperforming both the Russell 2000<sup>®</sup> Index Financials (the Fund's primary benchmark) and the Russell 2000<sup>®</sup> Index, which returned -9.81% and -18.54%, respectively, for the same period.

The Fund's outperformance relative to its primary benchmark resulted predominantly from favorable stock selection, as well as a significantly overweight position in the Regional Banks sub-industry. Top contributors to Fund performance included Banner Corporation, First BanCorp, and Hancock Whitney Corporation. Conversely, the largest detractors from performance were Silvergate Capital Corporation (Class A), PacWest Bancorp, and ConnectOne Bancorp, Inc. In general, regional banks and other smaller, more traditional banking institutions performed relatively well this year compared to the broader stock market as well as other types of financials.

The Fund continues to own all the companies mentioned.

#### Portfolio Strategy:
Generally, the Fund invests more heavily within the Financials sector in regional banks, thrifts, and, at times, mortgage finance companies. Within these preferred sub-industries, we seek companies that we believe have high-quality management teams, uncomplicated business models, strong balance sheets, and sustainable earnings growth opportunities. Moreover, we seek to identify companies that we expect will do better than peers in the current environment, which is characterized by rapidly rising interest rates, competitive loan markets, growing attention to costs, and the potential for increased loan charge-offs. Finally, we believe the timing of changes in macro industry dynamics is difficult to predict, and we prefer to focus on companies that remain competitive over the long term.

#### Investment Commentary:
We continue to believe that attractive long-term opportunities exist within our investable universe of small-cap financials, despite a challenging environment and increased economic uncertainty. While rising interest rates should continue to help increase net interest margins and overall profitability, it can also cause a decline in capital levels and loan growth. While earnings and profitability are expected to continue to increase, many investors are concerned about asset quality, although the industry has yet to experience any notable increase in non-performing loans or charge-offs. Furthermore, we are reassured that the industry as a whole continues to have high levels of reserves and excess capital, albeit declining somewhat due to rising rates. While the current environment offers both benefits and challenges to many of our holdings, we continue to believe that valuations are attractive, given that banks are trading at a steep discount to the broader market and to their long-term historical averages.

HENNESSY FUNDS 1-800-966-4354

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_______________

Opinions expressed are those of the Portfolio Managers as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund, making it more exposed to individual stock volatility than a diversified fund. Investments are focused on the financial services industry; sector funds may be subject to a higher degree of market risk. The Fund invests in smaller companies, which may have more limited liquidity and greater volatility compared to larger companies. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

#### Earnings growth is not a measure of the Fund's future performance.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements

&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY SMALL CAP FINANCIAL FUND
(% of Net Assets)

![](hscff-piechart.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 5.42% |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 5.31% |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 5.06% |
| &nbsp;&nbsp;&nbsp; First BanCorp. | 5.00% |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. | 4.99% |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. | 4.75% |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 4.72% |
| &nbsp;&nbsp;&nbsp; Banner Corp. | 4.61% |
| &nbsp;&nbsp;&nbsp; Lakeland Bancorp, Inc. | 4.24% |
| &nbsp;&nbsp;&nbsp; Hingham Institution for Savings | 4.14% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 95.25% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Financials – 95.25%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 220000 | $5357000 | 4.72% |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. | 35000 | 1258250 | 1.11% |
| &nbsp;&nbsp;&nbsp; Banner Corp. | 70000 | 5232500 | 4.61% |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 76000 | 2101400 | 1.85% |
| &nbsp;&nbsp;&nbsp; Cambridge Bancorp | 38000 | 3338300 | 2.94% |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 150000 | 3757500 | 3.31% |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. (a) | 58000 | 1954020 | 1.72% |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 163000 | 3124710 | 2.75% |
| &nbsp;&nbsp;&nbsp; First BanCorp. (b) | 360000 | 5684400 | 5.00% |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. | 6900 | 5672628 | 4.99% |
| &nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 160000 | 3152000 | 2.78% |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 108000 | 6033960 | 5.31% |
| &nbsp;&nbsp;&nbsp; Hingham Institution for Savings | 19000 | 4697750 | 4.14% |
| &nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 135000 | 3244050 | 2.86% |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 66000 | 5742660 | 5.06% |
| &nbsp;&nbsp;&nbsp; Kearny Financial Corp. of Maryland | 255000 | 2585700 | 2.28% |
| &nbsp;&nbsp;&nbsp; Lakeland Bancorp, Inc. | 258000 | 4811700 | 4.24% |
| &nbsp;&nbsp;&nbsp; Luther Burbank Corp. | 55000 | 694650 | 0.61% |
| &nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | 320000 | 2979200 | 2.62% |
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 260000 | 3421600 | 3.01% |
| &nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 205000 | 4628900 | 4.08% |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 315000 | 6161400 | 5.42% |
| &nbsp;&nbsp;&nbsp; Orange County Bancorp, Inc. | 19000 | 842270 | 0.74% |
| &nbsp;&nbsp;&nbsp; PacWest Bancorp | 140000 | 3480400 | 3.06% |
| &nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 73000 | 1455620 | 1.28% |
| &nbsp;&nbsp;&nbsp; Silvergate Capital Corp. (a) | 5500 | 312180 | 0.27% |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 10000 | 398500 | 0.35% |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. (a) | 90000 | 5400000 | 4.75% |
| &nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 435000 | 3806250 | 3.35% |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 27000 | 2527740 | 2.23% |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 93000 | 4330080 | 3.81% |
|  |  | 108187318 | 95.25% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $80,337,415) |  | 108187318 | 95.25% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 5.49% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 5.49%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (c) | 5674000 | $5674000 | 5.00% |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 3.07% (c) | 558184 | 558184 | 0.49% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,232,184) |  | 6232184 | 5.49% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $86,569,599) – 100.74% |  | 114419502 | 100.74% |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets – (0.74)% |  | (844500) | (0.74)% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $113575002 | 100.00% |

---

Percentages are stated as a percent of net assets.

(a) Non-income-producing security.

(b) U.S.-traded security of a foreign corporation.

(c) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financials | $108187318 | $— | $— | $108187318 |
| **Total Common Stocks** | $108187318 | $— | $— | $108187318 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $6232184 | $— | $— | $6232184 |
| **Total Short-Term Investments** | $6232184 | $— | $— | $6232184 |
| **Total Investments** | $114419502 | $— | $— | $114419502 |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $86,569,599) | $114419502 |
| Dividends and interest receivable | 79292 |
| Receivable for fund shares sold | 22240 |
| Prepaid expenses and other assets | 21334 |
| &nbsp;&nbsp;&nbsp; Total assets | 114542368 |
| **LIABILITIES:** |  |
| Payable for securities purchased | 781842 |
| Payable for fund shares redeemed | 5129 |
| Payable to advisor | 85432 |
| Payable to administrator | 23061 |
| Payable to auditor | 22749 |
| Accrued distribution fees | 14566 |
| Accrued service fees | 7577 |
| Accrued trustees fees | 6133 |
| Accrued expenses and other payables | 20877 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 967366 |
| **NET ASSETS** | $113575002 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $79043743 |
| Total distributable earnings | 34531259 |
| &nbsp;&nbsp;&nbsp; Total net assets | $113575002 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $93403053 |
| Shares issued and outstanding | 3169128 |
| Net asset value, offering price, and redemption price per share | $29.47 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $20171949 |
| Shares issued and outstanding | 1170122 |
| Net asset value, offering price, and redemption price per share | $17.24 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS**<br>

&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income<sup>(1)</sup> | $3013457 |
| Interest income | 46027 |
| &nbsp;&nbsp;&nbsp; Total investment income | 3059484 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 1188941 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 206577 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 18334 |
| Distribution fees – Investor Class (See Note 5) | 159602 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 159143 |
| Service fees – Investor Class (See Note 5) | 106401 |
| Federal and state registration fees | 47878 |
| Compliance expense (See Note 5) | 24504 |
| Audit fees | 22743 |
| Trustees' fees and expenses | 19902 |
| Reports to shareholders | 15291 |
| Interest expense (See Note 7) | 7476 |
| Legal fees | 2399 |
| Other expenses | 23299 |
| &nbsp;&nbsp;&nbsp; Total expenses | 2002490 |
| **NET INVESTMENT INCOME** | $1056994 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $12617156 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (22730488) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (10113332) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(9056338) |

---

<sup>(1)</sup> Net of foreign taxes withheld of $20,150.

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

HENNESSY FUNDS 1-800-966-4354

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(This Page Intentionally Left Blank.)

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income | $1056994 | $1237630 |
| Net realized gain on investments | 12617156 | 7181600 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (22730488) | 46273638 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (9056338) | 54692868 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (1276583) | (640077) |
| Distributable earnings – Institutional Class | (587596) | (266480) |
| Total distributions | (1864179) | (906557) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 21043349 | 89150331 |
| Proceeds from shares subscribed – Institutional Class | 13669099 | 23725263 |
| Dividends reinvested – Investor Class | 1243912 | 621958 |
| Dividends reinvested – Institutional Class | 549827 | 237659 |
| Cost of shares redeemed – Investor Class | (60100417) | (49466414) |
| Cost of shares redeemed – Institutional Class | (24017634) | (11517594) |
| Net increase (decrease) in net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derived from capital share transactions | (47611864) | 52751203 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (58532381) | 106537514 |
| **NET ASSETS:** |  |  |
| Beginning of year | 172107383 | 65569869 |
| End of year | $113575002 | $172107383 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 685704 | 3020767 |
| Shares sold – Institutional Class | 758917 | 1373793 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 39265 | 28361 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 29680 | 18452 |
| Shares redeemed – Investor Class | (1998475) | (1754093) |
| Shares redeemed – Institutional Class | (1345808) | (688529) |
| Net increase (decrease) in shares outstanding | (1830717) | 1998751 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Amount is between $(0.005) and $0.005.

<sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $31.52 | $17.46 | $21.60 | $21.96 | $26.02 |
| 0.22<br><sup>(1)</sup>  | 0.25<br><sup>(1)</sup>  | 0.16<br><sup>(1)</sup>  | 0.10<br><sup>(1)</sup>  | 0.03 |
| (1.96) | 14.01 | (3.55) | 0.93 | (2.12) |
| (1.74) | 14.26 | (3.39) | 1.03 | (2.09) |
| (0.22) | (0.20) | (0.09) | (0.07) | 0.00<br><sup>(2)</sup>  |
| (0.09) |  | (0.66) | (1.32) | (1.97) |
| (0.31) | (0.20) | (0.75) | (1.39) | (1.97) |
| $29.47 | $31.52 | $17.46 | $21.60 | $21.96 |
| -5.60% | 82.20% | -16.37% | 5.27% | -8.79% |
| $93.40 | $140.03 | $54.96 | $89.36 | $122.00 |
| 1.59% | 1.58% | 1.65% | 1.58% | 1.54% |
| 0.72% | 0.90% | 0.96% | 0.47% | 0.11% |
| 27% | 28% | 75% | 46% | 28% |

---

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

HENNESSY FUNDS 1-800-966-4354

------

### Financial Statements

**Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate<sup>(2)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $18.57 | $10.37 | $12.92 | $13.28 | $15.69 |
| 0.20<br><sup>(1)</sup>  | 0.21<br><sup>(1)</sup>  | 0.13<br><sup>(1)</sup>  | 0.10<br><sup>(1)</sup>  | 0.07 |
| (1.14) | 8.26 | (2.10) | 0.54 | (1.27) |
| (0.94) | 8.47 | (1.97) | 0.64 | (1.20) |
| (0.34) | (0.27) | (0.19) | (0.18) | (0.02) |
| (0.05) |  | (0.39) | (0.82) | (1.19) |
| (0.39) | (0.27) | (0.58) | (1.00) | (1.21) |
| $17.24 | $18.57 | $10.37 | $12.92 | $13.28 |
| -5.21% | 82.88% | -16.05% | 5.57% | -8.42% |
| $20.17 | $32.08 | $10.61 | $20.74 | $35.66 |
| 1.22% | 1.20% | 1.29% | 1.23% | 1.15% |
| 1.13% | 1.31% | 1.27% | 0.84% | 0.51% |
| 27% | 28% | 75% | 46% | 28% |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Small Cap Financial Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is capital appreciation. The Fund is a non-diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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").

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| | |
|:---|:---|
| 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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

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| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(4017913) | $4017913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing |

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HENNESSY FUNDS 1-800-966-4354

------

---

| |
|:---|
| the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In March 2020, FASB issued Accounting Standards Update 2020 04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance was to provide relief to companies that would be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks would no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to account for contract modifications as a continuance of the existing contract without additional analysis, provided that the only change to existing contracts is a change to an approved benchmark interest rate. In addition, derivative contracts that qualified for hedge accounting prior to contract modification will be allowed to continue to receive such treatment even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Fund may elect to apply the amendments as of March 12, 2020 through December 31, 2022. See Note 9 for more information. |

---

#### 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 (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). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

Level 3 – Significant unobservable inputs (including the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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

---

| |
|:---|
| *Equity Securities* – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market ("Nasdaq") generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the |

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HENNESSY FUNDS 1-800-966-4354

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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.

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The 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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $34,261,038 and $83,013,815, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.90%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family

HENNESSY FUNDS 1-800-966-4354

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(collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund had an outstanding average daily balance and a weighted average interest rate of $216,471 and 3.41%, respectively. The interest expensed by the Fund during fiscal year 2022 is included in the Statement of Operations. The maximum amount outstanding for the Fund during fiscal year 2022 was $15,682,000. As of October 31, 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

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| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $88473838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $29900101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (3954437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $25945664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $252167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 8333428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $8585595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $34531259 |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $1378796 | $906557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 485383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $1864179 | $906557 |

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<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). LIBOR TRANSITION
The Fund invests in financial instruments with payment obligations, financing terms, hedging strategies, or investment values based on, among other floating rates, LIBOR. Determined by the ICE Benchmark Administration, LIBOR is an average interest rate that banks charge one another for the use of short-term money. In 2017, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced plans to phase out the use of LIBOR by the end of 2021. Most LIBOR settings are no longer being published as of December 31, 2021, and the FCA and ICE Benchmark Administrator have announced that a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. The U.S. Federal Reserve has begun publishing the Secured Overnight Financing Rate (SOFR), which is intended to replace the U.S. dollar LIBOR. Other regulators and industry groups around the world have announced or begun publishing proposed alternative reference rates for other currencies, but global consensus is lacking, and the process for amending many existing contracts or instruments to transition away from LIBOR remains unclear. Uncertainty related to the liquidity impact of the change in reference rates and how to appropriately adjust these rates at the time of transition may lead to increased volatility and illiquidity in markets tied to LIBOR, reduce the value of LIBOR-related instruments, and reduce the effectiveness of hedging strategies, which could adversely affect the Fund's performance. Moreover, the risks associated with this discontinuation and transition could be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

#### 10). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to

HENNESSY FUNDS 1-800-966-4354

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sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 11). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 8, 2022, capital gains were declared and paid to shareholders of record on December 7, 2022, as follows:

<u>Long-term</u> <br> Investor Class 2.16533 <br> Institutional Class 1.26700

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES/REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Small Cap Financial Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Small Cap Financial Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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Philadelphia, Pennsylvania

December 22, 2022

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### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

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| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

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_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

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HENNESSY FUNDS 1-800-966-4354

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### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $1075.50 | $8.63 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.89 | $8.39 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $1078.20 | $6.55 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.90 | $6.36 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.65% for Investor Class shares or 1.25% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

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### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 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 was 0.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

Subscribe to receive our team's unique market and sector insights delivered to your inbox

www.hennessyfunds.com/subscribe

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|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp; <br>

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the
 Fund has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in
 the future during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures for
 responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs
 used to determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and
 was operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets,
 income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

HENNESSY FUNDS 1-800-966-4354

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3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

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*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

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![](hennessy_funds-logo.jpg)

#### <br>

#### ANNUAL REPORT

#### OCTOBER 31, 2022

#### <br>

HENNESSY TECHNOLOGY FUND

*Investor Class* **HTECX**

*Institutional Class* **HTCIX**

**** 

<br> **** 

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<br> **** 

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<br> **** <br> ![](hf-investuncomplogo.jpg)

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

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### Contents

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| | |
|:---|:---|
| Letter to Shareholders | 2 |
| Performance Overview | 6 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp; Schedule of Investments | 9 |
| &nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp; Statement of Operations | 14 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | 15 |
| &nbsp;&nbsp;&nbsp; Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp; Notes to the Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 28 |
| Trustees and Officers of the Fund | 29 |
| Expense Example | 32 |
| Proxy Voting Policy and Proxy Voting Records | 34 |
| Availability of Quarterly Portfolio Schedule | 34 |
| Federal Tax Distribution Information | 34 |
| Important Notice Regarding Delivery of Shareholder Documents | 34 |
| Electronic Delivery | 34 |
| Liquidity Risk Management Program | 35 |
| Privacy Policy | 35 |

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HENNESSY FUNDS 1-800-966-4354

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December 2022

### Dear Hennessy Funds Shareholder:

**What a year it has been.** By the close of the second trading day of 2022, we witnessed new all-time highs in both the S&P 500<sup>®</sup> Index and the Dow Jones Industrial Average, while the Nasdaq Composite Index hit its all-time high in November 2021. The market's triumph was short lived, however. By the last day of our fiscal year on October 31, 2022, all three major indices were down significantly, with bleak year-to-date total returns of -8.42%, -17.70%, and -29.32% for the Dow, the S&P 500, and the Nasdaq, respectively. After almost 13 years of incredible resilience following the Financial Crisis of 2008, the equity markets have been shaken by stinging inflation, rapidly rising interest rates, soaring energy costs, and slowing economic growth teetering on recession. While many investors would like to forget 2022, we prefer to maintain perspective in this market downturn.

*Time, time, time…. is on my side, yes, it is!*

*-Rolling Stones, 1964*

**We believe time is on our side… when it comes to investing.** Experiencing negative market movements on any given day can seem disappointing. Downdrafts lasting a month can feel relentless. Almost a full year of negative returns with little respite along the way? That is downright painful. However, equities generally trend up and to the right. Over the past 100 calendar years, the Dow had an average annual total return of 10.25%. While we admit that long-term returns like these make it easy to be a "consummate bull," market bulls have been right over the long-term. Yet over shorter periods, market returns can be "choppy."

Looking at the chart below depicting annual total returns of the Dow Jones Industrial Average from 1950 to 2021, we see how volatile the market can be on an annual basis. Investors experienced 16 years of negative returns during this time, the most painful being -31.93% in 2008.

![](hf-ltrchart1.jpg)

**Time is what smooths out choppy markets.** When we extend our investing intervals, and stop focusing on annual returns, the ups and downs feel less and less – and *appear* less and less. The two charts below depict the three-year and five-year rolling average total returns of the Dow over the same time period as the chart above. Each chart shows decreased volatility, with lower peaks and higher troughs, even though the charts show the same cumulative return of the Dow over the past 71 full calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

![](hf-ltrchart2.jpg)

![](hf-ltrchart3.jpg)

**When we extend our chart out to ten-year rolling averages, we can clearly see how investing over the long-term can make an investor bullish.** In the past 71 years, there has never been a negative 10-year rolling average total return of the Dow. Never. The worst ten-year rolling average total return was a positive 0.29%, from 1965 to 1974, a period including the Great Inflation of the 1970s marked by dismal total returns of -13.28% in 1973 and -23.58% in 1974. The ten-year period from 2000 to 2009, which included the Financial Crisis of 2008, produced a positive average annual total return of 1.31%. Note that in the chart below, the line never crosses below zero.

HENNESSY FUNDS 1-800-966-4354

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![](hf-ltrchart4.jpg)

**When it comes to investing, time, time, time… is on our side, yes, it is!** This is why we invest for the long term at Hennessy, focusing on fundamentals, valuations, and strong businesses, ever mindful of downside risk.

**Value investing proved its worth this year, and many of our Funds did as well.** The Russell 1000<sup>®</sup> Value Index was only down -7.00% during our fiscal year ended October 31, 2022, trouncing the Russell 1000<sup>®</sup> Growth Index's total return of -24.60%. In addition, most of our Funds outperformed the broader market as well as their benchmarks. During the twelve months ended October 31, 2022, the Dow, the S&P 500, and the Nasdaq dropped -6.74%, -14.61%, and -28.56%, respectively, on a total return basis. During this time period when these three major indices saw significant declines, we were pleased that seven of our 16 Funds posted positive total returns, 11 of our 14 domestic Funds outperformed the S&P 500, and over two-thirds of our actively managed, domestic funds outperformed their primary benchmarks.

**Top performers of the year included three of our Funds focused on the Energy and Utilities sectors.** These sectors have benefitted from the rising cost of energy, as well as an increase in demand that has outpaced growth in supply. The Hennessy Energy Transition Fund, the Hennessy Midstream Fund, and the Hennessy Gas Utility Fund performed exceptionally well with positive total returns of 49.24%, 24.03%, and 10.14%, respectively, during the twelve-month period ended October 31, 2022. On a different note, our two international funds continue to be adversely affected by softening economies in Asia, rising interest rates, and growth to value rotation. The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund experienced negative total returns of -37.86% and -27.35%, respectively, during our fiscal year.

**Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive.** We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. We believe that the prospect of slower economic growth may dampen inflationary pressures. While the Federal Reserve has raised rates several times in calendar 2022, we believe tempered inflation will allow the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. We remain bullish on equities long term. The unemployment rate is near record lows, there are elevated levels of cash on the balance sheets of U.S. companies, and there is the prospect of a more dovish Federal Reserve in 2023. While

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **LETTER TO SHAREHOLDERS**<br>

volatility and uncertainty may continue to impact the markets in the short term, we encourage investors to stay the course, maintain a diversified portfolio, and keep a long-term perspective.

**We thank you for your continued interest in our Funds,** and we are grateful for your trust. While we always prefer to post only positive returns for our shareholders, we are pleased that many of our Funds held up better than the broader market during this challenging year. If you have any questions or would like to speak with us, please call us directly at (800) 966-4354.

Best regards,

---

| | |
|:---|:---|
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) |  |
| ![](ryan_kelley-picture.jpg) | ![](ryan_kelley-signature.jpg) |
| ![](ryan_kelley-picture.jpg) | Ryan C. Kelley, CFA |
| ![](ryan_kelley-picture.jpg) | Chief Investment Officer, |
| ![](ryan_kelley-picture.jpg) | Senior Vice President, and Portfolio Manager |

---

#### Past performance does not guarantee future results.

#### Mutual fund investing involves risk. Principal loss is possible.
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.

The Dow Jones Industrial Average and S&P 500<sup>®</sup> Index are commonly used to measure the performance of U.S. stocks. The Nasdaq Composite Index comprises all common stocks listed on The Nasdaq Stock Market and is commonly used to measure the performance of technology-related stocks. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.

HENNESSY FUNDS 1-800-966-4354

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### Performance Overview (Unaudited)

#### CHANGE IN VALUE OF $10,000 INVESTMENT

#### <br>
This graph illustrates the performance of an initial investment of $10,000 made in the Fund 10 years ago and assumes the reinvestment of dividends and capital gains.

#### AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | <u>Year</u> | <u>Years</u> | <u>Years</u> |
| &nbsp;&nbsp;&nbsp; Hennessy Technology Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investor Class (HTECX) | -26.44% | &nbsp;&nbsp;&nbsp;&nbsp;8.97% | 10.27% |
| &nbsp;&nbsp;&nbsp; Hennessy Technology Fund – |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class (HTCIX) | -26.28% | &nbsp;&nbsp;&nbsp;&nbsp;9.24% | 10.58% |
| &nbsp;&nbsp;&nbsp; Nasdaq Composite Index | -28.56% | 11.32% | 15.20% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |

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| |
|:---|
| Expense ratios: |
| Gross 2.44%, Net 0.98%<sup>(1)</sup> (Institutional Class) |

---

<sup>(1)</sup> The Fund's investment advisor has contractually agreed to limit expenses until February 28, 2023.

** 

<br> *Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.*

The Nasdaq Composite Index is a broad-based capitalization-weighted index of all common stocks listed on The Nasdaq Stock Market LLC. The S&P 500<sup>®</sup> Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations.

Standard & Poor's Financial Services is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW**<br>

#### PERFORMANCE NARRATIVE
Portfolio Managers Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA

#### Performance:
For the one-year period ended October 31, 2022, the Investor Class of the Hennessy Technology Fund returned -26.44%, outperforming the Nasdaq Composite Index (the Fund's primary benchmark), which returned -28.56%, and underperforming the S&P 500<sup>®</sup> Index, which returned -14.61%, for the same period.

The Fund's outperformance relative to its primary benchmark resulted predominantly from stock selection within the Information Technology sector. Among the holdings that contributed the most to Fund performance were CommScope Holding Company, Inc., a network infrastructure solutions provider, Sanmina Corporation, a contract manufacturing services company, and Extreme Networks, Inc., a provider of cloud-driven network solutions. Among the holdings that detracted the most from Fund performance were DocuSign, Inc., a provider of electronic signature solutions, Shutterstock, Inc., a global marketplace for commercial digital imagery, and 1-800-Flowers.com, Inc. (Class A), an e-commerce provider of floral products and gifts.

The Fund continues to own all the companies mentioned except CommScope and 1-800-Flowers.com.

#### Portfolio Strategy:
The Fund utilizes a formula-based investment strategy designed to identify technology-related stocks that (1) exhibit strong cash flows and profits, (2) demonstrate the ability to sustain profitability, (3) have historically delivered returns in excess of their cost of capital, (4) have attractive balance sheet risk profiles, and (5) trade at attractive relative valuations.

#### Investment Commentary:
Notwithstanding a difficult market environment over the last twelve months, we believe that the outlook for U.S. stocks remains positive. We continue to believe that equities are attractive from a valuation standpoint, even as interest rates rise. While the Federal Reserve has raised rates several times throughout this calendar year, we believe that the prospect of slower economic growth may dampen inflationary pressures. With this possibility comes the potential for the Federal Reserve to take a more neutral stance toward future rate hikes. With the unemployment rate near record lows, high levels of cash on the balance sheets of U.S. companies, and the prospect of a more dovish Federal Reserve in 2023, we remain bullish on equities long-term.

We believe that the outlook for technology-related stocks is also positive. Earnings growth for technology companies, as measured by the technology-heavy Nasdaq Composite Index, has been outpacing earnings growth for the market by a significant margin. We believe that many technology stocks remain attractive compared to the broader stock market, especially given the decline in technology stocks broadly over the past year.

_______________

Opinions expressed are those of the Portfolio Manager as of the date written and are subject to change, are not guaranteed, and should not be considered investment advice or an indication of trading intent.

**Investments are focused in the Technology sector as well as the following sub-industries: Internet & Direct Marketing Retail, Interactive Home Entertainment, and Interactive Media Services. Sector funds may be subject to a higher degree of market risk. Investments in foreign securities**

HENNESSY FUNDS 1-800-966-4354

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**may involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater volatility compared to larger companies. Please see the Fund's prospectus for a more complete discussion of these and other risks.**

References to specific securities should not be considered a recommendation to buy or sell any security. Fund holdings and sector allocations are subject to change. Please refer to the Schedule of Investments included in this report for additional portfolio information.

#### Earnings growth is not a measure of the Fund's future performance.
**Cash flow** refers to the net amount of cash and cash equivalents transferred into and out of a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Schedule of Investments** *as of October 31, 2022*<br>

#### HENNESSY TECHNOLOGY FUND
(% of Net Assets)

![](htf-piechart.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)** | **% NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc. | 2.02% |
| &nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 1.85% |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. | 1.85% |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. | 1.83% |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 1.82% |
| &nbsp;&nbsp;&nbsp; Sanmina Corp. | 1.82% |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc. | 1.79% |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 1.79% |
| &nbsp;&nbsp;&nbsp; Kimball Electronics, Inc. | 1.78% |
| &nbsp;&nbsp;&nbsp; Sciplay Corp. | 1.77% |

---

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

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's Financial Services LLC. It has been licensed for use by the Hennessy Funds.

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS – 97.31% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Communication Services – 3.27%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Sciplay Corp. (a) | 6790 | $94992 | 1.77% |
| &nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 1619 | 80999 | 1.50% |
|  |  | 175991 | 3.27% |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary – 1.31%** |  |  |  |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. (a) | 749 | 70338 | 1.31% |
| &nbsp;&nbsp;&nbsp; **Information Technology – 92.73%** |  |  |  |
| &nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 5906 | 99221 | 1.85% |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A (b) | 316 | 89712 | 1.67% |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 290 | 92365 | 1.72% |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 618 | 94764 | 1.76% |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 988 | 87231 | 1.62% |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc. (a) | 883 | 89413 | 1.66% |
| &nbsp;&nbsp;&nbsp; ASML Holding NV – ADR (b) | 185 | 87398 | 1.63% |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. (a) | 352 | 71361 | 1.33% |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 422 | 90435 | 1.68% |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 362 | 87495 | 1.63% |
| &nbsp;&nbsp;&nbsp; Avnet, Inc. | 2217 | 89101 | 1.66% |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 509 | 77058 | 1.43% |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 541 | 93490 | 1.74% |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (a)(b) | 760 | 98215 | 1.83% |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc. (a) | 1539 | 93710 | 1.74% |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (a) | 482 | 77698 | 1.45% |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. | 2271 | 87206 | 1.62% |
| &nbsp;&nbsp;&nbsp; Dlocal Ltd. (a)(b) | 3644 | 81261 | 1.51% |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. (a) | 1597 | 77135 | 1.43% |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a) | 324 | 99468 | 1.85% |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc. (a) | 6046 | 108465 | 2.02% |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 1600 | 91456 | 1.70% |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 290 | 87557 | 1.63% |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 6855 | 97821 | 1.82% |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 3161 | 89867 | 1.67% |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 1388 | 89179 | 1.66% |
| &nbsp;&nbsp;&nbsp; Kimball Electronics, Inc. (a) | 4639 | 95888 | 1.78% |
| &nbsp;&nbsp;&nbsp; KLA-Tencor Corp. | 262 | 82910 | 1.54% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; COMMON STOCKS | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Information Technology (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; KnowBe4, Inc. (a) | 3850 | $94633 | 1.76% |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 220 | 89052 | 1.66% |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 286 | 93860 | 1.75% |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 348 | 80781 | 1.50% |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 971 | 79768 | 1.48% |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 1304 | 90328 | 1.68% |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 486 | 83393 | 1.55% |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 740 | 87549 | 1.63% |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. (a) | 246 | 85116 | 1.58% |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc. (a) | 2968 | 91592 | 1.70% |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. (a) | 993 | 85477 | 1.59% |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 688 | 80950 | 1.51% |
| &nbsp;&nbsp;&nbsp; Sanmina Corp. (a) | 1741 | 97583 | 1.82% |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc. (a) | 3099 | 96007 | 1.79% |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC (b) | 1540 | 76476 | 1.42% |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 202 | 84989 | 1.58% |
| &nbsp;&nbsp;&nbsp; SMART Global Holdings, Inc. (a)(b) | 5395 | 72994 | 1.36% |
| &nbsp;&nbsp;&nbsp; Splunk, Inc. (a) | 1105 | 91837 | 1.71% |
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV – ADR (b) | 2503 | 77893 | 1.45% |
| &nbsp;&nbsp;&nbsp; StoneCo Ltd. (a)(b) | 7268 | 76314 | 1.42% |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. – ADR (b) | 1169 | 71952 | 1.34% |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson – ADR (b) | 13950 | 77702 | 1.45% |
| &nbsp;&nbsp;&nbsp; Teradata Corp. (a) | 2709 | 85577 | 1.59% |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 517 | 83046 | 1.54% |
| &nbsp;&nbsp;&nbsp; The Western Union Co. | 6101 | 82425 | 1.53% |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 464 | 96122 | 1.79% |
| &nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 4435 | 92736 | 1.72% |
| &nbsp;&nbsp;&nbsp; Vontier Corp. | 4798 | 91642 | 1.70% |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. (a) | 2349 | 80735 | 1.50% |
|  |  | 4985409 | 92.73% |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,349,607) |  | 5231738 | 97.31% |

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

HENNESSY FUNDS 1-800-966-4354

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENTS – 2.96% | Number |  | % of |
|  | of Shares | Value | Net Assets |
| &nbsp;&nbsp;&nbsp; **Money Market Funds – 2.96%** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class, 2.93% (c) | 158909 | $158909 | 2.96% |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $158,909) |  | 158909 | 2.96% |
| &nbsp;&nbsp;&nbsp; **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,508,516) – 100.27% |  | 5390647 | 100.27% |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets – (0.27)% |  | (14390) | (0.27)% |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** – 100.00% |  | $5376257 | 100.00% |

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Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

NV – Naamloze Vennootschap is a Dutch term for publicly traded companies.

PLC – Public Limited Company

(a) Non-income-producing security.

(b) U.S.-traded security of a foreign corporation.

(c) The rate listed is the fund's seven-day yield as of October 31, 2022.

#### Summary of Fair Value Exposure as of October 31, 2022
The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2022 (see Note 3 in the accompanying Notes to the Financial Statements):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $175991 | $— | $— | $175991 |
| Consumer Discretionary | 70338 |  |  | 70338 |
| Information Technology | 4985409 |  |  | 4985409 |
| **Total Common Stocks** | $5231738 | $— | $— | $5231738 |
| **Short-Term Investments** |  |  |  |  |
| Money Market Funds | $158909 | $— | $— | $158909 |
| **Total Short-Term Investments** | $158909 | $— | $— | $158909 |
| **Total Investments** | $5390647 | $— | $— | $5390647 |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES**<br>

### Financial Statements
&nbsp;&nbsp;&nbsp; **Statement of Assets and Liabilities** *as of October 31, 2022*<br>

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value (cost $5,508,516) | $5390647 |
| Dividends and interest receivable | 1616 |
| Prepaid expenses and other assets | 14040 |
| Due from advisor | 4332 |
| &nbsp;&nbsp;&nbsp; Total assets | 5410635 |
| **LIABILITIES:** |  |
| Payable to auditor | 22747 |
| Accrued distribution fees | 685 |
| Accrued service fees | 323 |
| Accrued trustees fees | 4694 |
| Accrued expenses and other payables | 5929 |
| &nbsp;&nbsp;&nbsp; Total liabilities | 34378 |
| **NET ASSETS** | $5376257 |
| **NET ASSETS CONSISTS OF:** |  |
| Capital stock | $6388291 |
| Accumulated deficit | (1012034) |
| &nbsp;&nbsp;&nbsp; Total net assets | $5376257 |
| **NET ASSETS:** |  |
| **Investor Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $3988788 |
| Shares issued and outstanding | 269287 |
| Net asset value, offering price, and redemption price per share | $14.81 |
| **Institutional Class** |  |
| Shares authorized (no par value) | Unlimited |
| Net assets applicable to outstanding shares | $1387469 |
| Shares issued and outstanding | 90893 |
| Net asset value, offering price, and redemption price per share | $15.26 |

---

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Statement of Operations** *for the year ended October 31, 2022*<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income<sup>(1)</sup> | $79326 |
| Interest income | 1039 |
| &nbsp;&nbsp;&nbsp; Total investment income | 80365 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 47434 |
| Federal and state registration fees | 30649 |
| Compliance expense (See Note 5) | 24520 |
| Audit fees | 22743 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 19370 |
| Trustees' fees and expenses | 16027 |
| Distribution fees – Investor Class (See Note 5) | 7213 |
| Reports to shareholders | 6624 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 5939 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 629 |
| Service fees – Investor Class (See Note 5) | 4809 |
| Legal fees | 101 |
| Other expenses | 4903 |
| &nbsp;&nbsp;&nbsp; Total expenses before waivers and reimbursements | 190961 |
| Service provider expense waiver (See Note 5) | (19370) |
| Expense reimbursement from advisor – Investor Class (See Note 5) | (73628) |
| Expense reimbursement from advisor – Institutional Class (See Note 5) | (23122) |
| &nbsp;&nbsp;&nbsp; Net expenses | 74841 |
| **NET INVESTMENT INCOME** | $5524 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | $(867706) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (1169054) |
| &nbsp;&nbsp;&nbsp; Net loss on investments | (2036760) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(2031236) |

---

<sup>(1)</sup> Net of foreign taxes withheld and issuance fees of $4,740.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS**<br>

&nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets**<br>

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $5524 | $(1224) |
| Net realized gain (loss) on investments | (867706) | 2211486 |
| Net change in unrealized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation/depreciation on investments | (1169054) | 358442 |
| Net increase (decrease) in net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets resulting from operations | (2031236) | 2568704 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (1498176) | (493580) |
| Distributable earnings – Institutional Class | (513645) | (175930) |
| Total distributions | (2011821) | (669510) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 265541 | 917272 |
| Proceeds from shares subscribed – Institutional Class | 89997 | 57969 |
| Dividends reinvested – Investor Class | 1465101 | 482162 |
| Dividends reinvested – Institutional Class | 513645 | 175930 |
| Cost of shares redeemed – Investor Class | (779866) | (1006346) |
| Cost of shares redeemed – Institutional Class | (262162) | (125590) |
| Net increase in net assets derived |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | 1292256 | 501397 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2750801) | 2400591 |
| **NET ASSETS:** |  |  |
| Beginning of year | 8127058 | 5726467 |
| End of year | $5376257 | $8127058 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 16191 | 35433 |
| Shares sold – Institutional Class | 5427 | 2256 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Investor Class | 73365 | 21237 |
| Shares issued to holders as reinvestment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;of dividends – Institutional Class | 25019 | 7528 |
| Shares redeemed – Investor Class | (45743) | (38822) |
| Shares redeemed – Institutional Class | (14199) | (4863) |
| Net increase in shares outstanding | 60060 | 22769 |

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

HENNESSY FUNDS 1-800-966-4354

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&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Investor Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income (loss)

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets:

Before expense reimbursement

After expense reimbursement

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

Before expense reimbursement

After expense reimbursement

Portfolio turnover rate<sup>(4)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Amount is between $(0.005) and $0.005.

<sup>(3)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

<sup>(4)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INVESTOR CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $26.89 | $20.50 | $18.90 | $18.04 | $18.46 |
| 0.00<br><sup>(1)(2)</sup>  | (0.02)<sup>(1)</sup> | 0.02<br><sup>(1)</sup>  | (0.03)<sup>(1)</sup> | (0.05) |
| (5.38) | 8.82 | 2.10 | 3.15 | 1.26 |
| (5.38) | 8.80 | 2.12 | 3.12 | 1.21 |
|  | (0.04) |  |  |  |
| (6.70) | (2.37) | (0.52) | (2.26) | (1.63) |
| (6.70) | (2.41) | (0.52) | (2.26) | (1.63) |
| $14.81 | $26.89 | $20.50 | $18.90 | $18.04 |
| -26.44% | 45.11% | 11.42% | 20.47% | 7.25% |
| $3.99 | $6.06 | $4.26 | $3.89 | $3.31 |
| 3.06% | 2.79% | 3.45% | 3.84% | 3.70% |
| 1.23%<sup>(3)</sup> | 1.23%<sup>(3)</sup> | 1.23%<sup>(3)</sup> | 1.23% | 1.23% |
| (1.81)% | (1.64)% | (2.12)% | (2.80)% | (2.83)% |
| 0.02% | (0.08)% | 0.10% | (0.19)% | (0.36)% |
| 151% | 200% | 192% | 185% | 225% |

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Financial Highlights**<br>

#### For an Institutional Class share outstanding throughout each year

#### PER SHARE DATA:
Net asset value, beginning of year

#### Income from investment operations:
Net investment income

Net realized and unrealized gains (losses) on investments

Total from investment operations

#### Less distributions:
Dividends from net investment income

Dividends from net realized gains

Total distributions

Net asset value, end of year

#### TOTAL RETURN

#### SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)

Ratio of expenses to average net assets:

Before expense reimbursement

After expense reimbursement

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

Before expense reimbursement

After expense reimbursement

Portfolio turnover rate<sup>(3)</sup>

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Certain service provider expenses were voluntarily waived during the fiscal year. <br> <sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
| 2022 | 2021 | 2020 | 2019 | 2018 |
| $27.65 | $21.08 | $19.40 | $18.47 | $18.85 |
| 0.05<br><sup>(1)</sup>  | 0.05<br><sup>(1)</sup>  | 0.07<br><sup>(1)</sup>  | 0.01<br><sup>(1)</sup>  | 0.01 |
| (5.55) | 9.06 | 2.15 | 3.23 | 1.28 |
| (5.50) | 9.11 | 2.22 | 3.24 | 1.29 |
|  | (0.11) | (0.01) |  |  |
| (6.89) | (2.43) | (0.53) | (2.31) | (1.67) |
| (6.89) | (2.54) | (0.54) | (2.31) | (1.67) |
| $15.26 | $27.65 | $21.08 | $19.40 | $18.47 |
| -26.28% | 45.49% | 11.67% | 20.77% | 7.54% |
| $1.39 | $2.06 | $1.47 | $1.34 | $1.09 |
| 2.73% | 2.44% | 3.08% | 3.47% | 3.27% |
| 0.98%<sup>(2)</sup> | 0.98%<sup>(2)</sup> | 0.98%<sup>(2)</sup> | 0.98% | 0.98% |
| (1.48)% | (1.29)% | (1.74)% | (2.43)% | (2.41)% |
| 0.27% | 0.17% | 0.36% | 0.06% | (0.12)% |
| 151% | 200% | 192% | 185% | 225% |

---

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

HENNESSY FUNDS 1-800-966-4354

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### Financial Statements

&nbsp;&nbsp;&nbsp; **Notes to the Financial Statements** *October 31, 2022*<br>

#### 1). ORGANIZATION
The Hennessy Technology Fund (the "Fund") is a series of Hennessy Funds Trust (the "Trust"), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund.

The 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.

As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("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 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. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2022 are as follows: |

---

---

| | |
|:---|:---|
| Total |  |
| Distributable |  |
| <u>Earnings</u> | <u>Capital Stock</u> |
| $(347) | $347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| | |
|:---|:---|
| 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 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. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. 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. |
| 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 and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security. |
| g). | Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates. |
| h). | Share Valuation – The net asset value ("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. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share. |
| i). | Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the "Liquidity Program"). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
| j). | Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission ("SEC") adopted new regulations governing |

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HENNESSY FUNDS 1-800-966-4354

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| |
|:---|
| the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures in accordance with Rule 18f-4. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund has adopted procedures in accordance with Rule 2a-5. |

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#### 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 (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<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

---

| |
|:---|
| ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide). |
| *Registered Investment Companies* – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund's service agent and are classified in Level 1 of the fair value hierarchy. |
| *Debt Securities* – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy. |
| *Short-Term Securities* – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security's fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. |

---

The Board of Trustees of the Fund (the "Board") has adopted fair value pricing procedures that are followed when a price for a security is 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. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

HENNESSY FUNDS 1-800-966-4354

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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 Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security's most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund's investment advisor (the "Advisor"). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2022, are included in the Schedule of Investments.

#### 4). INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2022 were $9,561,795 and $10,166,085, respectively.

There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2022.

#### 5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor provides the Fund with investment advisory services under an 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 monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The Advisor has contractually agreed to limit total annual operating expenses to 0.98% of the Fund's 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) through February 28, 2023.

For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

Advisor recoups such expenses. As of October 31, 2022, expenses subject to potential recovery for Investor Class and Institutional Class shares and the fiscal years in which they expire were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fiscal Year | Fiscal Year | Fiscal Year | |
|  | 2023 | 2024 | 2025 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $86892 | $75956 | $73628 | $236476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $27643 | $23799 | $23122 | $74564 |

---

The Advisor did not recoup expenses from the Fund during fiscal year 2022.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the 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 Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations.

The 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%, the 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 plan 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

The Fund has 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 Fund to the 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 the Fund during fiscal year 2022 are included in the Statement of Operations.

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. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during fiscal year 2022 are included in the Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Fund. The fees voluntarily waived by Fund Services during fiscal year 2022 are included in the Statement of Operations.

HENNESSY FUNDS 1-800-966-4354

------

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. With the exception of the Chief Compliance Officer and, for a portion of the fiscal year, the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the "Hennessy Funds"), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and, for a portion of the fiscal year, for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during fiscal year 2022 for reimbursement payments to the Advisor are included in the 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. 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.

#### 7). LINE OF CREDIT
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund's net assets, or 30% for the Hennessy Gas Utility Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund and 10% for the Hennessy 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 Hennessy Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by all of the Fund's assets (as to its own borrowings only). During fiscal year 2022, the Fund did not have any borrowings outstanding under the line of credit.

#### 8). FEDERAL TAX INFORMATION
As of October 31, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments for tax purposes | $5559041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | $675280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (843674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation/(depreciation) | $(168394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $9231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | $9231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accumulated gain/(loss) | $(852871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated gain/(loss) | $(1012034) |

---

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **NOTES TO THE FINANCIAL STATEMENTS**<br>

As of October 31, 2022, the Fund had no tax-basis capital losses to offset future capital gains.

As of October 31, 2022, 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, 2021, but within the taxable year, that are deemed to arise on the first day of the Fund's next taxable year.

During fiscal years 2022 and 2021, the tax character of distributions paid by the Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>(1)</sup> | $1183102 | $239745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 828719 | 429765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | $2011821 | $669510 |

---

<sup>(1)</sup> Ordinary income includes short-term capital gains.

#### 9). MARKET DISRUPTION AND GEOPOLITICAL RISKS
Certain local, regional, or global events such as wars, terrorism, pandemics or other public health mattes, and other geopolitical events could have a significant impact on securities markets generally or individual securities or instruments. For example, following Russia's invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia. Similarly, in June 2021, the President of the United States signed an Executive Order affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time and the Advisor may be forced to hold securities it desires to sell or to sell securities it desires to buy, or the Advisor may not be able to participate in an investment it otherwise believes is attractive. The occurrence and duration of these types of events are hard to predict and could adversely affect the Fund's performance.

#### 10). EVENTS SUBSEQUENT TO YEAR END
Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2022, 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.

HENNESSY FUNDS 1-800-966-4354

------

### Report of Independent Registered Public

### Accounting Firm

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Technology Fund

Novato, CA

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Hennessy Technology Fund (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2002.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker4-signature.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

Philadelphia, Pennsylvania

December 22, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/TRUSTEES AND OFFICERS**<br>

### Trustees and Officers of the Fund (Unaudited)

The business and affairs of the Funds are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust. From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("Advisers") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and Doug Franklin. As Advisers, Mr. Alexander and Mr. Franklin attend meetings of the Board of Trustees and act as non-voting participants. Information pertaining to the Trustees, Advisers, and the officers of the Trust is set forth below. The Trustees and officers serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Each Trustee oversees all 16 Hennessy Funds. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945. The Fund's Statement of Additional Information includes more information about the persons listed below and is available without charge by calling 1-800-966-4354 or by visiting www.hennessyfunds.com.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| **Disinterested Trustees and Advisers** |  |  |  |
| J. Dennis DeSousa | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| 86 |  |  |  |
| *Trustee* |  |  |  |
| Robert T. Doyle | January 1996 | Mr. Doyle is retired. He served as the | None. |
| 75 |  | Sheriff of Marin County, California |  |
| *Trustee* |  | from 1996 – June 2022. |  |
| Claire Garvie | December 2015 | Ms. Garvie is a founder of Kiosk and | None. |
| 48 | as an Adviser | has served as its Chief Operating |  |
| *Trustee* | to the Board | Officer since 2004. Kiosk is a full- |  |
|  | and | service marketing agency with |  |
|  | December 2021 | offices in the San Francisco Bay Area |  |
|  | as a Trustee | and Liverpool, UK and staff across |  |
|  |  | nine states in the U.S. |  |
| Gerald P. Richardson | May 2004 | Mr. Richardson is an independent | None. |
| 77 |  | consultant in the securities industry. |  |
| *Trustee* |  |  |  |

---

HENNESSY FUNDS 1-800-966-4354

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Other** |
|  |  |  | **Directorships** |
|  |  |  | **Held Outside** |
| **Name, Age,** |  |  | **of Fund** |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** | **Complex During** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** | **<u>Past Five Years</u>** |
| Brian Alexander | March 2015 | Mr. Alexander has worked for the | None. |
| 41 |  | Sutter Health organization since |  |
| *Adviser to the Board* |  | 2011 in various positions. He has |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of the North Valley Hospital Area |  |
|  |  | since 2021. From 2018 to 2021, he |  |
|  |  | served as the Chief Executive Officer |  |
|  |  | of Sutter Roseville Medical Center. |  |
|  |  | From 2016 through 2018, he served |  |
|  |  | as the Vice President of Strategy for |  |
|  |  | the Sutter Health Valley Area, which |  |
|  |  | includes 11 hospitals, 13 ambulatory |  |
|  |  | surgery centers, 16,000 employees, |  |
|  |  | and 1,900 physicians. |  |
| Doug Franklin | March 2016 | Mr. Franklin is a retired insurance | None. |
| 58 |  | industry executive. From 1987 |  |
| *Adviser to the Board* |  | through 2015, he was employed by |  |
|  |  | the Allianz-Fireman's Fund Insurance |  |
|  |  | Company in various positions, |  |
|  |  | including as its Chief Actuary and |  |
|  |  | Chief Risk Officer. |  |
| **Interested Trustee<sup>(1)</sup>** |  |  |  |
| Neil J. Hennessy | January 1996 as | Mr. Hennessy has been employed | Hennessy |
| 66 | a Trustee and | by Hennessy Advisors, Inc. since | Advisors, Inc. |
| *Chairman of the Board,* | June 2008 as | 1989 and currently serves as its |  |
| *Chief Market Strategist,* | an officer | Chairman and Chief Executive Officer. |  |
| *Portfolio Manager,* |  |  |  |
| *and President* |  |  |  |
| **Name, Age,** |  |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |  |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |  |
| **Officers** |  |  |  |
| Teresa M. Nilsen | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. |  |
| 56 |  | since 1989 and currently serves as its President, Chief |  |
| *Executive Vice President* |  | Operating Officer, and Secretary. |  |
| *and Treasurer* |  |  |  |
| Daniel B. Steadman | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. |  |
| 66 |  | since 2000 and currently serves as its Executive Vice President. |  |
| *Executive Vice President'* |  |  |  |
| *and Secretary* |  |  |  |
| Brian Carlson | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. |  |
| 50 |  | since December 2013 and currently serves as its Chief |  |
| *Senior Vice President* |  | Compliance Officer and Senior Vice President. |  |
| *and Head of Distribution* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE FUND**<br>

---

| | | |
|:---|:---|:---|
| **Name, Age,** |  |  |
| **and Position Held** | **Start Date** | **Principal Occupation(s)** |
| **<u>with the Trust</u>** | **<u>of Service</u>** | **<u>During Past Five Years</u>** |
| Jennifer Cheskiewicz<sup>(2)</sup> | June 2013 | Ms. Cheskiewicz has been employed by Hennessy Advisors, Inc. |
| 45 |  | as its General Counsel since June 2013. |
| *Senior Vice President and* |  |  |
| *Chief Compliance Officer* |  |  |
| David Ellison<sup>(3)</sup> | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since |
| 64 |  | October 2012. He has served as a Portfolio Manager of the |
| *Senior Vice President* |  | Hennessy Large Cap Financial Fund and the Hennessy Small |
| *and Portfolio Manager* |  | Cap Financial Fund since their inception. Mr. Ellison also served |
|  |  | as a Portfolio Manager of the Hennessy Technology Fund from |
|  |  | its inception until February 2017. Mr. Ellison served as Director, |
|  |  | CIO, and President of FBR Fund Advisers, Inc. from December |
|  |  | 1999 to October 2012. |
| Ryan Kelley<sup>(4)</sup> | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since |
| 50 |  | October 2012. He has served as Chief Investment Officer of the |
| *Chief Investment Officer,* |  | Hennessy Funds since March 2021 and has served as a Portfolio |
| *Senior Vice President,* |  | Manager of the Hennessy Gas Utility Fund, the Hennessy Large |
| *and Portfolio Manager* |  | Cap Financial Fund, and the Hennessy Small Cap Financial Fund |
|  |  | since October 2014. Mr. Kelley served as Co-Portfolio Manager |
|  |  | of these same funds from March 2013 through September |
|  |  | 2014 and as a Portfolio Analyst for the Hennessy Funds from |
|  |  | October 2012 through February 2013. He has also served as a |
|  |  | Portfolio Manager of the Hennessy Cornerstone Growth Fund, |
|  |  | the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy |
|  |  | Cornerstone Large Growth Fund, and the Hennessy |
|  |  | Cornerstone Value Fund since February 2017 and as a Portfolio |
|  |  | Manager of the Hennessy Total Return Fund, the Hennessy |
|  |  | Balanced Fund, and the Hennessy Technology Fund since May |
|  |  | 2018. He served as Co-Portfolio Manager of the Hennessy |
|  |  | Technology Fund from February 2017 until May 2018. Mr. Kelley |
|  |  | served as Portfolio Manager of FBR Fund Advisers, Inc. from |
|  |  | January 2008 to October 2012. |
| L. Joshua Wein<sup>(4)</sup> | September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since |
| 49 |  | 2018. He has served as Co-Portfolio Manager of the Hennessy |
| *Vice President and* |  | Cornerstone Growth Fund, the Hennessy Cornerstone |
| *Co-Portfolio Manager* |  | Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth |
|  |  | Fund, the Hennessy Cornerstone Value Fund, Hennessy Total |
|  |  | Return Fund, the Hennessy Balanced Fund, the Hennessy Gas |
|  |  | Utility Fund, and the Hennessy Technology Fund since February |
|  |  | 2019. He served as a Senior Analyst of these same funds from |
|  |  | September 2018 through February 2019. Mr. Wein served as |
|  |  | Director of Alternative Investments and Co-Portfolio Manager |
|  |  | at Sterling Capital Management from 2008 to 2018. |

---

_______________

<sup>(1)</sup> Mr. Hennessy is considered an "interested person," as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust.

<sup>(2)</sup> The address of this officer is 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(3)</sup> The address of this officer is 101 Federal Street, Suite 1615B, Boston, MA 02110.

<sup>(4)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

HENNESSY FUNDS 1-800-966-4354

------

### Expense Example (Unaudited)
October 31, 2022

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022, through October 31, 2022.

#### Actual Expenses
In the table below, the first line under each of the "Investor Class" and "Institutional Class" headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund's transfer agent. If you request that a redemption be made by wire transfer, the Fund's transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.

#### Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the "Investor Class" and "Institutional Class" headings provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under "Investor Class" and "Institutional Class" are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **EXPENSE EXAMPLE**<br>

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Expenses Paid |
|  | Beginning | Ending | During Period<sup>(1)</sup> |
|  | Account Value | Account Value | May 1, 2022 – |
|  | <u>May 1, 2022</u> | <u>October 31, 2022</u> | <u>October 31, 2022</u> |
| **Investor Class** |  |  |  |
| Actual | $1000.00 | $925.60 | $5.97 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.00 | $6.26 |
| **Institutional Class** |  |  |  |
| Actual | $1000.00 | $926.50 | $4.76 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.27 | $4.99 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio of 1.23% for Investor Class shares or 0.98% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect the half-year period).

HENNESSY FUNDS 1-800-966-4354

------

### How to Obtain a Copy of the Fund's Proxy

### Voting Policy and Proxy Voting Records
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. The Fund's proxy voting record is available without charge on both the Hennessy Funds' website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

### Availability of Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov or on request by calling 1-800-966-4354.

### Federal Tax Distribution Information (Unaudited)
For fiscal year 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 7.34%.

For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2022 was 5.48%.

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 was 100.00%.

### Important Notice Regarding Delivery

### of Shareholder Documents
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 1-800-261-6950 or 1-414-765-4124, 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.

### Electronic Delivery
As permitted by SEC regulations, the Fund's shareholder reports are made available on a website, and unless you sign for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.

The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports electronically. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 800-261-6950 or 414-765-4124.

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| | |
|:---|:---|
| ![](linkedin-logo.jpg) | ![](twitter-logo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

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&nbsp;&nbsp; **PROXY VOTING — PRIVACY POLICY**<br>

### Liquidity Risk Management Program
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), we have adopted and implemented a liquidity risk management program (the "Liquidity Program"). The purpose of the Liquidity Program is to assess and manage the Fund's liquidity risk, which is the risk that the Fund would not be able to meet requests to redeem Fund shares without significant dilution of the remaining shareholders' interests in the Fund. The Board of Trustees of the Fund (the "Board") designated a committee comprising representatives of Hennessy Advisors, Inc., the investment adviser to the Fund, as the administrator of the Liquidity Program (the "Program Administrator").

The Program Administrator provided a written report regarding the Liquidity Program to the Board in advance of its meeting on June 1, 2022. The report covered the period from June 1, 2021, through May 31, 2022. The report addressed the operation of the Liquidity Program, assessed the adequacy and effectiveness of its implementation, and described any material changes to the Liquidity Program during the review period. The Trust's chief compliance officer presented the report to the Board at the meeting and provided additional information regarding the Liquidity Program. The Board reviewed the Liquidity Program and considered, among other items, the following:

1. The Program Administrator reviewed daily historical net redemption activity during the review period and during prior periods with higher-than-average redemption activity and concluded that the
 Fund has historically been able to meet requests to redeem Fund shares without significant dilution to the Fund's remaining shareholders, and the Program Administrator expects the Fund to be able to continue to do so in
 the future during both normal and reasonably foreseeable stressed conditions.

2. The Fund primarily holds assets that are highly liquid investments and is therefore not required to establish a highly liquid investment minimum for the Fund or adopt policies and procedures
 for responding to a highly liquid investment minimum shortfall.

3. The Program Administrator did not make any material changes to the Liquidity Program during the review period and was not recommending any changes to the Liquidity Program or the model inputs
 used to determine the liquidity classification of each security held by the Fund.

4. The Program Administrator concluded that the Liquidity Program was reasonably designed to assess and manage the Fund's liquidity risk, complies with the requirements of the Liquidity Rule, and
 was operating as intended during the review period.

### Privacy Policy
We collect the following personal information about you:

1. Information we receive from you in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number,
 assets, income, and date of birth;

2. Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis
 information, and other financial information; and

HENNESSY FUNDS 1-800-966-4354

------

3. Other personal information we collect from various sources, even if you have not entered into a prior transaction with us, including the following:

• Name, alias, address, unique personal identifier, online identifier, IP address, email address, telephone number, account name, and other similar identifiers;

• Age and marital status;

• Commercial information, including records of products purchased;

• Browsing history, search history, and information on interaction with our website;

• Geolocation data;

• Employment and employment history, educational history, financial information, and purchasing and consuming histories or tendencies; and

• Inferences drawn from the above-listed information to create a profile about your preferences, characteristics, predispositions, and behavior.

We collect this information directly from you, indirectly in the course of providing services to you, directly and indirectly from your activity on our website, from broker dealers, marketing agencies, and other third parties that interact with us in connection with the services we perform and products we offer, and from anonymized and aggregated consumer information.

We use this information to fulfill the reason you provided the information to us, to provide you with other relevant products that you request from us, to provide you with information about products that may interest you, to improve our website or present our website's contents to you, and as otherwise described to you when collecting your personal information.

We do not disclose any personal information to unaffiliated third parties, except as permitted by law. We may disclose your personal information to our affiliates, vendors, and service providers for a business purpose. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. When disclosing your personal information to third parties, we enter into a contract with each third party describing the purpose of such disclosure and requiring that such personal information be kept confidential and not used for any purpose except to perform the services contracted or respond to regulatory or law enforcement requests.

Furthermore, we restrict access to your personal information to those persons who require such information to provide products or services to you. As a result, we do not provide a means for opting out of our limited sharing of your information. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information.

If you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary governs how your personal information is shared with unaffiliated third parties.

#### Supplemental Privacy Notice for Residents of California
The California Consumer Privacy Act of 2018 (the "CCPA") provides you, as a California resident, with certain additional rights relating to your personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

WWW.HENNESSYFUNDS.COM

------

&nbsp;&nbsp; **PRIVACY POLICY**<br>

Under the CCPA, you have the right to request that we disclose to you the categories of personal information we have collected about you over the past 12 months, the categories of sources of such information, our business purpose for collecting the information, the categories of third parties, if any, with whom we shared the information, and the specific information we have collected about you. You also have the right to request that we delete any of your personal information, and, unless an exception applies, we will delete such information upon receiving and confirming your request. To make a request, call us at 1-800-966-4354, email us at privacy@hennessyfunds.com, or go to www.hennessyfunds.com/contact. We will not discriminate against you for exercising your rights under the CCPA. Further, we will not collect additional categories of your personal information or use the personal information we collected for materially different, unrelated, or incompatible purposes without providing you notice.

HENNESSY FUNDS 1-800-966-4354

------

*For information, questions, or assistance, please call*

*The Hennessy Funds*

1-800-966-4354 or 1-415-899-1555

#### INVESTMENT ADVISOR
Hennessy Advisors, Inc.

7250 Redwood Boulevard, Suite 200

Novato, California 94945

#### ADMINISTRATOR,

#### TRANSFER AGENT,

#### DIVIDEND PAYING AGENT, &

#### SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC

d/b/a U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

#### CUSTODIAN
U.S. Bank N.A.

Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

#### TRUSTEES
Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Claire Garvie

Gerald P. Richardson

#### COUNSEL
Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250

Milwaukee, Wisconsin 53202

![](hennessy_funds-logo.jpg)

![](hf-investuncomplogo.jpg)

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#### www.hennessyfunds.com \| 800-966-4354

This report has been prepared for shareholders and may be distributed to

others only if preceded or accompanied by a current prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.<br>

#### Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

#### Item 3. Audit Committee Financial Expert.

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

#### Item 4. Principal Accountant Fees and Services.

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

---

| | | |
|:---|:---|:---|
|  | FYE 10/31/2022 | FYE 10/31/2021 |
| (a) Audit Fees | $315800 | $313200 |
| (b) Audit-Related Fees | - | - |
| (c) Tax Fees | $67400 | $66600 |
| (d) All Other Fees | - | - |

---

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

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

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

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

(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

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

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

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the "Exchange Act")).

#### Item 6. Investments.

(a) The Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Code of ethics, or amendments thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing of an exhibit.* Filed herewith.](hft_hf-ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive and principal financial officer pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](hft_hf-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act. Unless otherwise specified by 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](hft_hf-ex99cert906.htm)

------

#### 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)

By: <u>/s/Neil J. Hennessy</u>

Neil J. Hennessy

President

Date: January 9, 2023

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: <u>/s/Neil J. Hennessy</u><br> Neil J. Hennessy, President and Principal Executive Officer |
| Date: January 9, 2023 |

---

---

| |
|:---|
| By: <u>/s/Teresa M. Nilsen</u><br> Teresa M. Nilsen, Treasurer and Principal Financial Officer |
| Date: January 9, 2023 |

---

## Ex-99.Code

![](hft_coelogos.jpg)<br>

## Code of Ethics

### for

### Hennessy Funds Trust

### and

### Hennessy Advisors, Inc.

#### __________________________

#### June 2021

#### __________________________

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Page |
| I. |  | GENERAL | 1 |
|  | A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction | 1 |
|  | B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitions | 1 |
| II. |  | STANDARDS OF BUSINESS CONDUCT | 3 |
|  | A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Standards | 3 |
|  | B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Duties and Responsibilities | 3 |
|  | C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting Violations | 4 |
| III. |  | PERSONAL SECURITIES INVESTMENT TRANSACTIONS POLICY | 5 |
|  | A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General | 5 |
|  | B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Covered | 6 |
|  | C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exempt Securities and Transactions | 6 |
|  | D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions and Limitations on Personal Securities Transactions | 7 |
|  | E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting Procedures | 8 |
| IV. |  | INSIDER TRADING POLICY | 11 |
|  | A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What is Material Information? | 11 |
|  | B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What is Non-Public Information? | 12 |
|  | C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What are the Penalties for Insider Trading? | 12 |
|  | D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Procedures | 13 |
|  | E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Issued By the Adviser | 14 |
| V. |  | COMPLIANCE | 16 |
|  | A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval of the Code of Ethics | 16 |
|  | B. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Certification | 17 |
|  | C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Self-Clearance | 17 |
|  | D. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Obligations | 17 |
|  | E. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance of Records | 17 |
|  | F. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interpretation and Enforcement | 17 |

---

i

------

**I. GENERAL**

**A. <u>Introduction</u>**

Hennessy Funds Trust ("<u>HFT</u>") and Hennessy Advisors, Inc. (the "<u>Adviser</u>") have adopted this Code of Ethics (this "<u>Code</u>"). This Code is designed to comply with Rule 17j-1 of the Investment Company Act and Rule 204A-1 of the Investment Advisers Act. It is based on the principle that we owe a fiduciary duty of undivided loyalty to our shareholders. Accordingly, we must avoid transactions, activities, and relationships that conflict or appear to conflict with making decisions in the best interests of our shareholders. HFT and the Adviser expect all of their directors, trustees, officers, and employees to maintain high ethical standards of conduct and to comply with applicable laws and governmental regulations.

**B. <u>Definitions</u>**

The following definitions apply for purposes of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "<u>Access Person</u>" means any director, trustee, officer, or employee of HFT or the Adviser, but excluding any director of the Adviser who meets independence requirements under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "<u>Adviser</u>" has the meaning set forth in Section I.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A Covered Security is "<u>being considered for purchase or sale</u>" when a recommendation to purchase or sell such Covered Security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "<u>beneficial ownership</u>" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act in determining whether a person has a pecuniary interest in a security for purposes of Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "<u>CCO</u>" means Chief Compliance Officer per Rule 38a-1 of the Investment Company Act and Rule 206(4)-7 of the Investment Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "<u>control</u>" has the meaning set forth in Section 2(a)(9) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "<u>Covered Security</u>" means a security as defined in Section 2(a)(36) of the Investment Company Act, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. direct obligations of the Government of the United States;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. shares issued by open-end registered investment companies (but not exchange-traded funds) other than HFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "<u>Disinterested Trustee</u>" means a trustee of HFT who is not an "interested person" of HFT within the meaning of Section 2(a)(19) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "<u>Fund</u>" means, individually, any series of HFT and collectively all such series shall be referred to as the "<u>Funds</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "<u>HFT</u>" has the meaning set forth in Section I.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "<u>Initial Public Offering</u>" means an offering of securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "<u>Investment Advisers Act</u>" means the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "<u>Investment Personnel</u>" means (1) any employee of HFT or the Adviser or of any company in a control relationship to HFT or the Adviser who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by a Fund and (2) any natural person who controls HFT or the Adviser and who obtains information concerning recommendations made to a Fund regarding the purchase or sale of securities by such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "<u>Laws</u>" means the laws, rules, and regulations of U.S. and foreign federal, state, and local governments and other applicable regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "<u>personal securities transaction</u>" has the meaning set forth in Section III.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "<u>SEC</u>" means the Securities and Exchange Commission.

**** 

------

**II. STANDARDS OF BUSINESS CONDUCT**

**A. <u>General Standards</u>**

HFT and the Adviser hold their directors, trustees, officers, and employees accountable for adhering to and advocating the following standards to the best of their knowledge and ability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They shall always act in an honest and ethical manner, including in connection with the handling and avoidance of actual or apparent conflicts of interest betweenpersonal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They shall fully comply with all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They shall proactively promote full, fair, accurate, timely, and understandable disclosure in reports and documents that HFT or the Adviser file with or submit to the SEC and in other public communications made by HFT or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. They shall proactively promote ethical and honest behavior with HFT and the Adviser, including, without limitation, by adhering to and promptly reporting violations of this Code.

**B. <u>Specific Duties and Responsibilities</u>**

In adhering to and advocating the general standards set forth above, the directors, trustees, officers, and employees of HFT and the Adviser shall fulfill the following duties and responsibilities to the best of their knowledge and ability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They shall handle all conflicts of interest between personal and professional relationships in an ethical and honest manner. They shall disclose in advance to the CCO of HFT or the Adviser, as applicable, the relevant details of any transaction or relationship that reasonably could be expected to give rise to an actual or apparent conflict of interest between themselves and HFT or the Adviser. Such CCO shall, as appropriate, discuss such disclosures with the Board of Trustees of HFT or the Board of Directors of the Adviser, as applicable, which Board shall thereafter take such action with respect to the conflict of interest as it deems appropriate. The general policy of HFT and the Adviser is to avoid conflicts of interest whenever practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They shall use their best efforts to ensure the timely and understandable disclosure of information that, in all material respects, is accurate, complete, objective, and relevant in all reports and documents HFT or the Adviser file with or submit to the SEC or in any other public communications made by HFT or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They shall use their best efforts to ensure compliance in all material respects with all applicable Laws by HFT and the Adviser.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. They shall respect the confidentiality of information acquired in the course of their work and shall not disclose confidential information, except when they believe they are authorized for business purposes or legally obliged to disclose confidential information. They may not use confidential information acquired in the course of their work for their personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. They shall not take or direct or allow any other person to take or direct any action to fraudulently influence, coerce, manipulate, or mislead the independent auditing firm of HFT or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. They may not engage the auditing firms of HFT or the Adviser to perform audit or non-audit services without the prior approval of the Board of Trustees of HFT or the Board of Directors or Audit Committee of the Adviser, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The independent directors of the Adviser shall not have access to, and shall not seek from any employee of the Adviser, any non-public information regarding the portfolio holdings of the Funds, except that certain limited access to such information may be granted with advance permission from the CCO of HFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If they are Investment Personnel, they shall not, without the prior approval of the CCO of HFT or the Adviser, as applicable, receive any gift or participate in any entertainment event of more than de minimis value from or with any person or entity that does or is seeking to do business with or on behalf of a Fund or the Adviser. The annual receipt of gifts from the same source valued at $100 or less shall be considered de minimis, while the annual receipt of entertainment from the same source valued at $1,000 or less shall be considered de minimis. Additionally, the receipt of an occasional dinner, a ticket to a sporting event or the theater, or comparable entertainment event also shall be considered to be of de minimis value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If they are Investment Personnel, except for service that began prior to March 2, 1996, they shall not serve on the board of directors of publicly traded companies absent prior authorization of the Board of Trustees of HFT. The Board of Trustees of HFT may so authorize such board service only if it determines that such board service is consistent with the interests of the Funds and their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. They shall promptly report any suspected violations of this Code to the CCOs of HFT and the Adviser in accordance with Section II.C below.

**C. <u>Reporting Violations</u>**

Each director, trustee, officer, or employee of HFT or the Adviser must promptly report any of the following matters to the CCOs of HFT and the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a violation or potential violation of a Law by HFT or the Adviser;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a belief that such director, trustee, officer, or employee is being asked to violate this Code or any Law in the performance of his or her duties for HFT or the Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other violation or potential violation of this Code by any person.

If desired, such matters may, in addition to being reported to the CCOs of HFT and the Adviser, also be reported to the Chair of the Audit Committee of the Board of Directors of the Adviser. Appropriate steps will be taken to maintain the confidentiality of the reporting person's identity to the extent consistent with the obligations of HFT and the Adviser to investigate and remedy the matter and, if appropriate, report the matter to government officials. Reports of Code violations may also be made on an anonymous basis. No retribution will be taken against a person who makes a report in good faith of a violation or potential violation of this Code.

III.&nbsp;&nbsp;&nbsp;&nbsp; PERSONAL SECURITIES INVESTMENT TRANSACTIONS POLICY

#### <br>
Rule 17j-1 under the Investment Company Act and Rule 240A-1 under the Advisers Act require the reporting of all personal securities transactions (with certain limited exceptions) and preclearance of certain personal securities investment transactions by persons who are involved in the investment activities of HFT or the Adviser or who have access to non-public information regarding purchases or sales of securities or the portfolio holdings of any of the Funds. This policy implements the requirements of those rules and also sets forth additional procedures that are intended to avoid any actual or apparent conflicts of interest that may arise from personal securities investment transactions.

**A. <u>General</u>**

Subject to the limited exclusions set forth in Section III.C below, all Access Persons are required to report holdings and transactions in Covered Securities with respect to which they have discretionary authority or beneficial ownership. In addition, subject to the limited exclusions set forth in Section III.C below, no Access Person (or certain of his or her family members as described in Section III.B below) shall buy or sell any Covered Security for any account over which such Access Person has discretionary authority or for an account in which such Access Person has, or as a result of the transaction acquires, any direct or indirect beneficial ownership (referred to herein as a "<u>personal securities transaction</u>") unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Access Person has obtained preclearance of such transaction in accordance with the procedures described in Section III.D.7 below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction is reported in writing to the CCOs of HFT and the Adviser on a quarterly basis in accordance with the requirements of Section III.E.3 below.

**Except as otherwise specifically provided therein, (1) Disinterested Trustees are not subject to the restrictions and limitations or reporting requirements set forth in Sections III.D and III.E and (2) non-executive directors of the Advisor who do not have** 

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**access to nonpublic information regarding securities recommendations, securities transactions, or portfolio holdings for the Funds and are not involved in making securities recommendations to the Funds are not subject to the restrictions and limitations set forth in Section III.D.**

**B. <u>Accounts Covered</u>**

The term "beneficial ownership" is defined by the rules of the SEC. Generally, a person is deemed to have beneficial ownership of securities held in the name of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such person's spouse or minor child;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a relative (including in-laws, stepchildren, or stepparents) sharing the same house; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anyone else if such person is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o obtain benefits substantially equivalent to ownership of the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o obtain ownership of the securities immediately or at some future time.

**C. <u>Exempt Securities and Transactions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Exemptions from Preclearance and Reporting Requirements*

The preclearance and reporting requirements set forth in this Section III do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. purchases or sales that are non-volitional on the part of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Exemptions from Preclearance Requirements Only*

The preclearance requirements set forth in this Section III do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. purchases, sales, or gifts of common stock of issuers in the Dow Jones Industrial Average provided that the number of shares purchased or sold of any one such issuer on any day does not exceed 5,000 shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. purchases, sales, or gifts of shares issued by HFT; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. purchases, sales, or gifts of exchange-traded funds.

**D. <u>Restrictions and Limitations on Personal Securities Transactions</u>**

The provisions of this Section III.D apply to all Access Persons, **except they do not apply to Disinterested Trustees other than as specifically set forth in Section III.D.3 below and they do not apply to non-executive directors of the Advisor who do not have access to nonpublic information regarding securities recommendations, securities transactions, or portfolio holdings for the Funds and who are not involved in making securities recommendations to the Funds**.

**Any personal securities transaction by an Access Person in violation of this Code may be required to be reversed and any resulting profits may be subject to disgorgement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Participation in Initial Public Offerings*

No Access Person may acquire any Covered Security in an Initial Public Offering without the prior approval of the CCOs of HFT and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Participation in Private Placements*

No Access Person may participate in a private placement of any kind (including, but not limited to, investments in limited partnership, limited liability companies, hedge funds, private equity funds, PIPEs, real estate, oil and gas partnerships, and venture capital investments) without the prior approval of the CCOs of HFT and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Trading in a Security on a Day When There Is a "Buy" or "Sell" Order or Serious Consideration Thereof*

No Access Person may purchase or sell, directly or indirectly, any Covered Security on any day during which (a) the Adviser has placed a "buy" or "sell" order in the same security for a Fund or (b) to the actual knowledge of such Access Person at the time of such purchase or sale, the same security is being considered for purchase or sale by a Fund.

Disinterested Trustees are subject to this prohibition if they know or should have known at the time of such purchase or sale that the Adviser has such a pending "buy" or "sell" order in the same security for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Blackout Period*

No Access Person may purchase or sell, directly or indirectly, a Covered Security within one trading day after the Adviser has purchased or sold the same security for a Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Short-Swing Profits; Day Trading*

No Access Person may (a) engage in frequent trading of securities (e.g., day trading) or (b) profit from the purchase and sale or sale and purchase within 14 calendar days of the same or equivalent security if trading in such security is subject to preclearance in accordance with the procedures described in Section III.D.7. This Section III.D.5 does not prohibit the avoidance of losses through trading within a period shorter than 14 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Restricted List*

HFT and the Adviser may from time to time establish a restricted list that includes the names of companies for which HFT or the Adviser may have, or are in a position to receive, material non-public information. Access Persons are not allowed to trade or investment in the securities of any company on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Preclearance Requirements*

Access Persons must obtain preclearance of all personal securities transactions in Covered Securities that are not exempted by Section III.C through the ComplianceAlpha system or any alternative procedures as may be announced following the approval of the CCOs of HFT and the Adviser. Access Persons will receive notification regarding whether their preclearance request is approved or denied, but the specific reason for the decision is not required to be provided. If a preclearance request for a personal securities transaction submitted by an Access Person is denied, such Access Person is prohibited from executing such personal securities transaction. If the personal securities transaction is not completed on the date of preclearance, a new preclearance must be obtained prior to executing any remaining portion of such personal securities transaction (unless the approval specifically states that it will remain in effect for a longer period of time, in which case the specified time period applies). If an Access Person believes he or she may not be able to complete a personal securities transaction in a single trading day because of limited liquidity in the applicable security, he or she may request that the preclearance approval extend for up to five days. Such requests will be considered on a case-by-case basis based on the facts and circumstances known at the time. Approval of a preclearance request for a personal securities transaction that has not yet been executed may be revoked at any time if new information makes revocation advisable.

**E. <u>Reporting Procedures</u>**

The provisions of this Section III.E apply to all Access Persons, **except they do not apply to Disinterested Trustees other than as specifically set forth in Section III.E.1 below**. If desired, an Access Person may include a statement on any report filed pursuant to Sections III.E.2-III.E.4 below that the report shall not be construed as an admission by such Access Person that he or she has any beneficial ownership in the security to which the report relates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Limited Reporting Obligations for Disinterested Trustees*

Disinterested Trustees do not need to file an initial holdings report or annual holdings report pursuant to Sections III.E.2 or III.E.4 below. Additionally, Disinterested Trustees do not need to file a quarterly transaction report pursuant to Section III.E.3 below except to report a personal securities transaction in a Covered Security if such Disinterested Trustee, at the time of making such personal securities transaction, knew or, in the ordinary course of fulfilling his or her official duties as a trustee of HFT, should have known that, during the 15-day period immediately before or after the date of such personal securities transaction, such Covered Security was purchased or sold by a Fund or was being considered by a Fund or the Adviser for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Initial Holdings Report*

Each Access Person shall, no later than 10 days after such person becomes an Access Person, file an initial holdings report with the CCOs of HFT and the Adviser containing the following information (which information must be current as of a date no more than 45 days prior to the date such person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the title and type of security, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which such Access Person had any direct or indirect beneficial ownership at the time the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the name of any broker, dealer, or bank with whom such Access Person maintained an account in which any securities (regardless of whether such securities were Covered Securities) were held for the direct or indirect benefit of such Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date the report is submitted by such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Quarterly Transaction Report*

Each Access Person shall, no later than 30 days after the end of each calendar quarter, file a quarterly transaction report with the CCOs of HFT and the Adviser containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. with respect to any personal securities transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership (except that personal securities transactions pursuant to an automatic dividend reinvestment plan do not need to be reported in a quarterly transaction report):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of the personal securities transaction, the title, exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each security involved;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the nature of the personal securities transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the price of the Covered Security at which the personal securities transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the name of the broker, dealer, or bank with or through whom the personal securities transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the date that the report is submitted by such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. with respect to any account established by such Access Person during the quarter in which any securities (regardless of whether such securities were Covered Securities) were held for the direct or indirect benefit of such Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the name of the broker, dealer, or bank with whom such Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the date the report is submitted by such Access Person.

In lieu of filing a quarterly transaction report, an Access Person may provide duplicate copies of all account statements for all securities accounts in which Covered Securities were held with respect to such Access Person to the CCO of HFT within the period set forth in this Section III.E.3, provided that all of the information required by this Section III.E.3 is contained in such account statements or in the records of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Annual Holdings Report*

Each Access Person shall, no later than January 30 of each year, file an annual holdings report with the CCOs of HFT and the Adviser containing the following information as of the preceding December 31:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the title and type of security, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which such Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the name of any broker, dealer, or bank with whom such Access Person maintains an account in which any securities (regardless of whether such securities were Covered Securities) are held for the direct or indirect benefit of such Access Person; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date the report is submitted by such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Review of Periodic Reports; Identification of Access Person*

The CCOs of HFT and the Adviser or their designees shall review all reports filed by Access Persons pursuant to this Section III. The CCOs of HFT and the Adviser shall identify all Access Persons who are required to file reports pursuant to Section III.E and must inform such Access Persons of their reporting obligations.

IV.&nbsp;&nbsp;&nbsp;&nbsp; INSIDER TRADING POLICY

HFT and the Adviser prohibit their directors, trustees, officers, and employees from trading, either personally or on behalf of the Funds, on the basis of material non-public information or communicating material non-public information to others in violation of the Law. In addition, communication of inside information (tipping) to a third party, where improper trading can be anticipated, is also strictly prohibited. This conduct is frequently referred to as "insider trading."

In addition to applying to the directors, trustees, officers, and employees of HFT and the Adviser, this policy also applies to their respective spouses, children, and relatives sharing a home with them, and certain trusts, partnerships, and corporations affiliated with them.

Insider trading Laws are continuously changing. In the event an individual has any hesitation about whether or not something may be considered insider trading, such individual should immediately discuss the matter with the Chief Compliance Officer of HFT or the Adviser. Seeking guidance if there is even the slightest hesitation is likely to prevent disciplinary action or complex legal problems.

**A. <u>What is Material Information?</u>**

"Material information" generally means information that a reasonable investor would consider important in deciding whether to buy, sell, or hold a security, or information that is reasonably certain to have a substantial effect on the price of a company's securities once such information becomes publicly available. Both positive and negative information may be material. Information that may be considered material includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings estimates or changes in previously released earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending changes in corporate policy (such as dividend changes or stock splits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant new products, services, or processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending large commercial or government contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain or loss of a substantial customer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending litigation or changes in the status of litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a significant refinancing transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• news of a pending acquisition or sale of assets or a proposed merger or tender offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government investigations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in management.

Material information may also relate to the market for a company's securities. Information about a significant order to purchase or sell securities may be material in some instances.

No simple test exists to determine whether information is material. Assessments of materiality involve a highly fact-specific analysis. **Since the question of whether inside information is material is determined in litigation with the benefit of 20/20 hindsight, individuals should consult the CCO of HFT or the Adviser if they are in receipt of any non-public information, regardless of whether or not they believe it is material.**

**B. <u>What is Non-Public Information?</u>**

Information is non-public until it has been disclosed in a manner sufficient to ensure availability to the investing public and sufficient time has passed since its dissemination for investors to have absorbed the information (which is generally measured in days and not minutes). For example, information in a report filed with the SEC or appearing in the Wall Street Journal or other publication of general circulation would be considered public after a sufficient amount of time has passed since its publication.

**C. <u>What are the Penalties for Insider Trading?</u>**

The federal securities laws impose potentially severe penalties on persons who trade securities while in possession of material non-public information or who improperly disclose material non-public information to others. Individuals who trade on (or tip) inside information may face one or more of the following consequences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• termination of such individual's employment or other relationship with HFT and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• criminal sanctions, which may include a fine of up to $5 million and up to 20 years imprisonment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of the profits gained or losses avoided through insider trading and a penalty of up to three times such amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an SEC order permanently barring such individual from the securities industry; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lawsuit by investors seeking to recover damages for insider trading violations.

Similar penalties may be imposed against so-called "controlling persons" who fail to take appropriate steps to prevent or detect insider trading violations (including tipping violations) by their employees or subordinates.

HFT and the Adviser may also be subject to penalties in the event a director, trustee, officer, or employee is found liable for insider trading, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil penalties of up to the greater of $1 million or three times the amount of profits gained or losses avoided by such individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• criminal fines of up to $25 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on their ability to conduct their business activities.

**D. <u>Compliance Procedures</u>**

The following procedures have been established to help directors, trustees, officers, and employees of HFT and the Adviser avoid insider trading and to help HFT and the Adviser prevent, detect, and impose sanctions against individuals who engage in insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Identifying Inside Information*

Before executing any personal trade or trade for the Funds, a director, trustee, officer, or employee of HFT or the Adviser must determine whether they have access to material, non-public information. The following questions are relevant to such a determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is the information material? Would an investor consider this information important in making his or her investment decision? If disclosed, would this information substantially affect the market price of the securities?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is the information non-public? Has the information been effectively communicated to the marketplace by appearing in publications of general circulation? Is the information readily available to a significant number of other investors in the market? How much time has passed since the information was disseminated?

If, after consideration of the foregoing matters, an individual believes information is material and non-public or is not sure about whether such information is material and non-public, he or she should take the following steps:

<br> a. immediately report the information to the CCO of HFT or the Adviser;

<br> b. refrain from purchasing or selling any securities to which the information is relevant; and

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<br> c. refrain from communicating the information to anyone inside or outside of HFT and the Adviser other than the CCOs of HFT and the Adviser and other individuals who "need to know" such information in order to perform their job responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Restricting Access to Material Non-Public Information*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Communications

Access to material non-public information must be limited to only those individuals who have a "need to know."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Information Handling

Directors, trustees, officers, and employees of HFT and the Adviser should take all appropriate actions to safeguard any material non-public information in their possession. Such information should be kept secure. For example, documents or papers containing material non-public information should not be left on desks or otherwise where it may be seen by other people, and access to files (whether hard copy or electronic) containing material non-public information should be restricted.

In addition, material non-public information should not be discussed in public or quasi-public places where conversations may be overheard by others.

**E. <u>Securities Issued By the Adviser</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *General*

Insider trading Laws apply to the securities of the Adviser the same as they apply to the securities of any issuer. However, because there is a higher likelihood of access to material non-public information regarding the Adviser than regarding other companies, additional procedures are warranted.

In addition to the procedures set forth in Section IV.D, the following additional procedures are designed to help ensure that all material non-public information regarding the Adviser remains confidential:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tips about material non-public information regarding the Adviser should never be given to anyone who may, directly or indirectly, use such information to derive an improper personal benefit through personal trading in the Adviser's stock or by passing the tip on to others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all inquiries regarding the Adviser from the press or other news media must be referred to the Chief Executive Officer or President of the Adviser (who may authorize any employee to speak to the press or other news media outlet about the Adviser on a case-by-case basis).

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If an individual becomes aware of a leak of inside information regarding the Adviser, he or she should immediately report the leak to the CCO of the Adviser. The Adviser is required under Regulation FD of the federal securities laws to avoid the selective disclosure of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Quiet Period*

Directors, trustees, officers, and employees of HFT and the Adviser may not purchase or sell any securities of the Adviser during the period beginning on the first day of each quarter and ending on the second business day after public announcement of quarterly or (in the case of the fourth fiscal quarter) annual results for the prior period or during any other period declared to be a quiet period by the CCO of the Adviser. All personal securities transactions in securities of the Adviser must be precleared in accordance with Section III.D.7 regardless of whether such purchase or sale is outside of a quiet period. Notwithstanding the foregoing, a participant in any equity incentive plan of the Adviser as may be in effect from time to time may elect, either during or outside of a quiet period, to have the Adviser withhold shares of the Adviser's common stock otherwise deliverable or vesting under an award to satisfy any federal, state, or local tax obligations, and the Adviser may withhold such shares, in accordance with the terms and conditions of such equity incentive plan; provided that the CCO of the Adviser may in his or her discretion suspend the right to make any such election. The submission of such an election by a participant shall serve as a preclearance request under Section III.D.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Reporting of Stock Transactions to SEC*

The Personal Securities Investment Transactions Policy set forth in Section III is designed to implement the requirements of Rule 17j-1 under the Investment Company Act and Rule 240A-1 under the Advisers Act, as well as to assist directors and executive officers in complying with the filing and short-swing insider trading liability provisions of Section 16 of the Exchange Act. As a general rule, transactions in securities of the Adviser (including the receipt or exercise of stock options) by directors, executive officers, 10% or more shareholders, and their related persons are required to be reported to the SEC on Form 4 within two business days of the transaction. Because the Form 4 must be filed with the SEC within the two-business day deadline, it is critical for the Adviser to be aware of transactions in its securities by insiders ahead of time so that it may assist with making the required filings. Most changes of ownership must be reported even if there has been no net change in holdings. Certain transactions such as gifts may be reported on a deferred basis on Form 5. If any transactions are reported late, the Adviser must disclose such late filings in its annual meeting proxy statement. Furthermore, the SEC has authority to impose civil fines and issue cease-and--desist orders for late filings.

The Form 4 and 5 reporting requirements are designed, among other things, to assist with enforcing the short-swing insider trading liability provisions of Section 16(b) of the Exchange Act. The Personal Securities Investment Transactions Policy set forth in Section III is also designed to help reporting persons avoid short-swing insider trading liability. Section 16(b) of the Exchange Act provides that any "profit" on a purchase and sale of securities of an issuer by a director, executive officer, or a 10% or more shareholder of such issuer within any six-month period must be paid to the issuer unless certain exemptions apply. "Profit" is computed by

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matching any sale of Company stock taking place at a higher price than a purchase taking place within six months before or after the sale, regardless of the seller's tax basis in specifically identified shares sold. Intent to take unfair advantage of inside information is not required for liability under Section 16(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *No Short Sales*

Section 16(c) of the Exchange Act prohibits directors, executive officers, and 10% or more shareholders from making "short sales" of the securities of the Adviser. A short sale occurs when an investor sells borrowed securities (in anticipation of a price decline) and is required to return an equal number of shares at some predefined point in the future.

V.&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE

**A. <u>Approval of the Code of Ethics</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Board of Trustees of HFT, including a majority of the Disinterested Trustees, and the Board of Directors of the Adviser shall approve this Code and any material changes thereto. Prior to approving this Code and any material changes thereto, the Board of Trustees of HFT, including a majority of the Disinterested Trustees, must determine that this Code contains provisions reasonably necessary to prevent Access Persons from violating Rule 17j-1(b) under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No less frequently than annually, the CCOs of HFT and the Adviser shall furnish a report to the Board of Trustees of HFT and the Board of Directors of the Adviser that includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a description of all issues arising under the Code since the last report to such Boards, including, but not limited to, information about material violations of this Code and sanctions imposed in response to such material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a list of Access Persons under this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a certification that HFT and the Adviser have adopted such procedures as are reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any explicit or implied waivers of this Code for directors, trustees, or executive officers must be approved by the Board of Trustees of HFT and the Board of Directors or Audit Committee of the Adviser, as applicable, and must be promptly disclosed.

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**B. <u>Annual Certification</u>**

Each year, the CCOs of HFT and the Adviser shall provide all directors, trustees, officers, and employees with a copy of this Code. Promptly following receipt thereof, each such person shall certify to HFT and to the Adviser that he or she (1) has read and understands this Code and recognizes that he or she is subject thereto, (2) has complied with the requirements of this Code, and (3) has disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code.

**C. <u>Prohibition on Self Clearance</u>**

No director, trustee, officer, or employee may preclear his or her own trades, review his or her own required trading reports, or otherwise serve as the final point of review of his or her own actions under this Code. To the extent this Code requires action by a CCO and the CCO also engages in personal securities transactions, such CCO's responsibilities under this Code with respect to such CCO's personal securities transactions shall be carried out by the other CCO or an appropriate designee.

**D. <u>Other Obligations</u>**

Compliance with this Code does not relieve directors, trustees, officers, or employees of their obligations under any other code of ethics.

**E. <u>Maintenance of Records</u>**

This Code and the approvals and reports required by Section V.A shall be maintained by the Funds' administrator and the CCOs of HFT and the Adviser. The reports required by Section III.E shall be maintained by the CCO of HFT.

**F. <u>Interpretation and Enforcement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This is a combined Code of Ethics for HFT and the Adviser. The Board of Directors of the Adviser (or a committee thereof) is responsible for overseeing the interpretation and enforcement of this Code in all matters related to the Adviser. The Board of Trustees of HFT is responsible for overseeing the interpretation and enforcement of this Code in all matters related to HFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each director, trustee, officer, and employee will be held accountable for his or her adherence to this Code by the Board of Trustees of HFT or the Board of Directors of the Adviser, as applicable. Directors, trustees, officers, and employees who fail to adhere to this Code will be subject to appropriate disciplinary action, ranging from warnings to possible termination or removal.

17 <br>

## Ex-99.Cert

I, Neil J. Hennessy, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Hennessy Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: January 9, 2023 | <u>/s/</u><u>Neil J. Hennessy</u><br> Neil J. Hennessy<br> President and Principal Executive Officer |

---

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#### CERTIFICATIONS

I, Teresa M. Nilsen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Hennessy Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 9, 2023 | <u>/s/</u><u>Teresa M. Nilsen</u><br>Teresa M. Nilsen<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

#### Certification Pursuant to Rule 30a-2(b) under the 1940 Act <br> and Section 906 of the Sarbanes-Oxley Act

Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Hennessy Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Hennessy Funds Trust for the period ended October 31, 2022, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Hennessy Funds Trust for the stated period.

---

| | |
|:---|:---|
| <u>/s/Neil J. Hennessy</u> <br> Neil J. Hennessy<br> President and Principal Executive Officer<br> Hennessy Funds Trust<br>| <u>/s/</u><u>Teresa M. Nilsen</u><br>Teresa M. Nilsen<br> Treasurer and Principal Financial Officer<br> Hennessy Funds Trust |
| Date: January 9, 2023 | Date: January 9, 2023 |

---

This statement accompanies this report on Form N-CSR pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Hennessy Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.

<br>