# EDGAR Filing Document

**Accession Number:** 0000891944
**File Stem:** 0001999371-26-004759
**Filing Date:** 2026-3
**Character Count:** 1278653
**Document Hash:** 53103932c7262fd185ec06e62c2d8716
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-004759.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001999371-26-004759

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 61

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HENNESSY FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000891944

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07168
- **FILM NUMBER:** 26704302

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HENNESSY FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000891944

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-52154
- **FILM NUMBER:** 26704301

**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 | HEIIX           |
| C000118924 | Investor Class      | HEIFX           |

### 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           |

### Hennessy Sustainable ETF (Series ID: S000079062)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000239897 | Hennessy Sustainable ETF | STNC            |

?xml version='1.0' encoding='ASCII'?

As filed with the SEC on March 2, 2026

Registration Nos. 033-52154

811-07168

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933&nbsp;&nbsp;&nbsp;&nbsp; ☒

Pre-Effective Amendment No.___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐

Post-Effective Amendment No. 77&nbsp;&nbsp;&nbsp;&nbsp; ☒

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940&nbsp;&nbsp;&nbsp;&nbsp; ☒

Amendment No. 78&nbsp;&nbsp;&nbsp;&nbsp;☒

(Check appropriate box or boxes.)

**<u>HENNESSY FUNDS TRUST</u>**

(Registrant Exact Name as Specified in Charter)

**7250 Redwood Blvd.,** 

**Suite 200,** 

**Novato, California 94945**

(Address of Registrant's Principal Executive Offices)

**(800) 966-4354**

(Registrant's Telephone Number, including Area Code)

**Teresa M. Nilsen**

**Hennessy Advisors, Inc.**

**7250 Redwood Blvd**

**Suite 200**

**Novato, California 94945** 

(Name and Address of Agent for Service)

Copy to:

**Peter D. Fetzer**

**Foley & Lardner LLP**

**777 East Wisconsin Avenue**

**Milwaukee, Wisconsin 53202-5306**

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

It is proposed that this filing become effective (check appropriate box):

☒ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](hennessy485bpos001.jpg)

**PROSPECTUS** 

**MARCH 2, 2026**

![](hennessy485bpos002.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DOMESTIC EQUITY** | &nbsp;&nbsp;*Investor* | &nbsp;&nbsp;*Institutional* |
| &nbsp;&nbsp;Hennessy Cornerstone Growth Fund | &nbsp;&nbsp;HFCGX | &nbsp;&nbsp;HICGX |
| &nbsp;&nbsp;Hennessy Focus Fund | &nbsp;&nbsp;HFCSX | &nbsp;&nbsp;HFCIX |
| &nbsp;&nbsp;Hennessy Cornerstone Mid Cap 30 Fund | &nbsp;&nbsp;HFMDX | &nbsp;&nbsp;HIMDX |
| &nbsp;&nbsp;Hennessy Cornerstone Large Growth Fund | &nbsp;&nbsp;HFLGX | &nbsp;&nbsp;HILGX |
| &nbsp;&nbsp;Hennessy Cornerstone Value Fund | &nbsp;&nbsp;HFCVX | &nbsp;&nbsp;HICVX |
| &nbsp;&nbsp;**MULTI-ASSET** |  |  |
| &nbsp;&nbsp;Hennessy Total Return Fund | &nbsp;&nbsp;HDOGX | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Hennessy Equity and Income Fund | &nbsp;&nbsp;HEIFX | &nbsp;&nbsp;HEIIX |
| &nbsp;&nbsp;Hennessy Balanced Fund | &nbsp;&nbsp;HBFBX | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**SECTOR & SPECIALTY** |  |  |
| &nbsp;&nbsp;Hennessy Energy Transition Fund | &nbsp;&nbsp;HNRGX | &nbsp;&nbsp;HNRIX |
| &nbsp;&nbsp;Hennessy Midstream Fund | &nbsp;&nbsp;HMSFX | &nbsp;&nbsp;HMSIX |
| &nbsp;&nbsp;Hennessy Gas Utility Fund | &nbsp;&nbsp;GASFX | &nbsp;&nbsp;HGASX |
| &nbsp;&nbsp;Hennessy Japan Fund | &nbsp;&nbsp;HJPNX | &nbsp;&nbsp;HJPIX |
| &nbsp;&nbsp;Hennessy Japan Small Cap Fund | &nbsp;&nbsp;HJPSX | &nbsp;&nbsp;HJSIX |
| &nbsp;&nbsp;Hennessy Large Cap Financial Fund | &nbsp;&nbsp;HLFNX | &nbsp;&nbsp;HILFX |
| &nbsp;&nbsp;Hennessy Small Cap Financial Fund | &nbsp;&nbsp;HSFNX | &nbsp;&nbsp;HISFX |
| &nbsp;&nbsp;Hennessy Technology Fund | &nbsp;&nbsp;HTECX | &nbsp;&nbsp;HTCIX |

---

![](hennessy485bpos003.jpg)

------

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

**As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved**

**of these Funds or determined if this Prospectus is truthful or complete.**

**Any representation to the contrary is a criminal offense.**

(This Page Intentionally Left Blank.)

***Contents***

---

| | |
|:---|:---|
| &nbsp;&nbsp;Summary Information: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Growth Fund](#hennessy485bposa001) | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Focus Fund](#hennessy485bposa002) | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Mid Cap 30 Fund](#hennessy485bposa003) | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Large Growth Fund](#hennessy485bposa004) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Value Fund](#hennessy485bposa005) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Total Return Fund](#hennessy485bposa006) | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Equity and Income Fund](#hennessy485bposa007) | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Balanced Fund](#hennessy485bposa008) | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector & Specialty |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Energy Transition Fund](#hennessy485bposa009) | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Midstream Fund](#hennessy485bposa010) | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Gas Utility Fund](#hennessy485bposa011) | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Japan Fund](#hennessy485bposa012) | &nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Japan Small Cap Fund](#hennessy485bposa013) | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Large Cap Financial Fund](#hennessy485bposa014) | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Small Cap Financial Fund](#hennessy485bposa015) | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Technology Fund](#hennessy485bposa016) | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;[Important Additional Fund Information](#hennessy485bposa017) | &nbsp;&nbsp;53 |
| &nbsp;&nbsp;[Additional Investment Information](#hennessy485bposa018) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;[Management of the Funds](#hennessy485bposa019) | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;[Shareholder Information](#hennessy485bposa020) | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pricing of Fund Shares](#hennessy485bposa021) | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share Classes](#hennessy485bposa022) | &nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Account Minimum Investments – Investor Class](#hennessy485bposa023) | &nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Account Minimum Investments – Institutional Class](#hennessy485bposa024) | &nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Market Timing Policy](#hennessy485bposa025) | &nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Telephone Privileges](#hennessy485bposa026) | &nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How to Purchase Shares](#hennessy485bposa027) | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Automatic Investment Plan](#hennessy485bposa028) | &nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retirement Plans](#hennessy485bposa029) | &nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How to Sell Shares](#hennessy485bposa030) | &nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How to Exchange Shares](#hennessy485bposa031) | &nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Systematic Cash Withdrawal Program](#hennessy485bposa032) | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#hennessy485bposa033) | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#hennessy485bposa034) | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Descriptions of Indices](#hennessy485bposa035) | &nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Important Notice Regarding Delivery of Shareholder Documents](#hennessy485bposa036) | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Electronic Delivery](#hennessy485bposa037) | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;[Financial Highlights](#hennessy485bposa038) | &nbsp;&nbsp;71 |

---

An investment in a Fund is not a deposit with a bank and is not guaranteed or

insured by the Federal Deposit Insurance Corporation or any other government

agency. Fund prices will fluctuate, and it is possible to lose money.

HENNESSY FUNDS 1-800-966-4354

**Investor: HFCGX**

**Institutional: HICGX**

**HENNESSY CORNERSTONE GROWTH FUND**

***Investment Objective***

The Hennessy Cornerstone Growth Fund seeks long-term growth of capital.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.74% |  | &nbsp;&nbsp;0.74% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.43% |  | &nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.33% |  | &nbsp;&nbsp;0.26% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.32% |  | &nbsp;&nbsp;1.00% |

---

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$134 | &nbsp;&nbsp;$418 | &nbsp;&nbsp;$723 | &nbsp;&nbsp;$1590 |
| Institutional | &nbsp;&nbsp;$102 | &nbsp;&nbsp;$318 | &nbsp;&nbsp;$552 | &nbsp;&nbsp;$1225 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 99% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in growth-oriented common stocks by utilizing a quantitative formula known as the Cornerstone Growth Strategy (the "Growth Strategy"). From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations exceeding $175 million, the Growth Strategy identifies the 50 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Price-to-sales ratio below 1.5** 

The Growth Strategy uses price-to-sales as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company's potential value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Annual earnings that are higher than the previous year** 

The Growth Strategy considers improved earnings to be a key indicator of a company's financial strength.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Positive stock price appreciation over the past three-month and six-month periods** 

The Growth Strategy considers stock price appreciation because it is often associated with positive fundamentals, such as strong growth or improving profitability.

The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio's assets invested in each. Using the Growth Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Growth Strategy's criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

2 WWW.HENNESSYFUNDS.COM

**DOMESTIC EQUITY *–* HENNESSY CORNERSTONE GROWTH FUND**

As of January 31, 2026, the average and median market capitalizations of the stocks held by the Fund were $33.8 billion and $6.6 billion, respectively.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Formula Investing Risk:** The Fund will adhere to the Growth Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors.

**Growth and Value Investing Risk:** Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

**Small-Sized and Medium-Sized Companies Risk:** The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Industry Concentration Risk:** From time to time, the Fund may concentrate its investments in one or more industry sectors. The industries in which the Fund concentrates its investments at any given time are solely the result of the Growth Formula and may change significantly when the Fund is rebalanced. The Fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate fluctuations, and other factors.

**High Portfolio Turnover Risk:** High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund's performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

HENNESSY FUNDS 1-800-966-4354 3

**Investor: HFCGX**

**Institutional: HICGX**

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY CORNERSTONE GROWTH FUND** 

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos004.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 36.11% for the quarter ended June 30, 2020, and the lowest quarterly return was -39.27% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses.

**AVERAGE ANNUAL TOTAL RETURNS** 

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Cornerstone Growth*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;4.78% | &nbsp;&nbsp;15.11% | &nbsp;&nbsp;11.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;4.78% | &nbsp;&nbsp;13.08% | &nbsp;&nbsp;9.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;2.83% | &nbsp;&nbsp;11.78% | &nbsp;&nbsp;8.88% |
| ***Hennessy Cornerstone Growth*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;5.09% | &nbsp;&nbsp;15.49% | &nbsp;&nbsp;11.44% |
| ***Russell 2000<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;12.81% | &nbsp;&nbsp;6.09% | &nbsp;&nbsp;9.62% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Hennessy has served as a Portfolio Manager of the Fund since June 2000, has served as the Chief Market Strategist of the Hennessy Funds since March 2021, and has been the Chief Executive Officer and Chairman of the Board of Directors of the Investment Manager since its organization in 1989. Mr. Kelley has served as a Portfolio Manager of the Fund since February 2017, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

4 WWW.HENNESSYFUNDS.COM

**DOMESTIC EQUITY *–* HENNESSY FOCUS FUND**

**HENNESSY FOCUS FUND**

***Investment Objective***

The Hennessy Focus Fund seeks capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.90% |  | &nbsp;&nbsp;0.90% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.43% |  | &nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.33% |  | &nbsp;&nbsp;0.20% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.48% |  | &nbsp;&nbsp;1.10% |

---

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$151 | &nbsp;&nbsp;$468 | &nbsp;&nbsp;$808 | &nbsp;&nbsp;$1768 |
| Institutional | &nbsp;&nbsp;$112 | &nbsp;&nbsp;$350 | &nbsp;&nbsp;$606 | &nbsp;&nbsp;$1340 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 1% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests in (i) domestic companies whose securities are listed on U.S. national securities exchanges, (ii) foreign companies listed on U.S. national securities exchanges, (iii) foreign companies through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges, and (iv) foreign companies traded on foreign exchanges. Investments consist primarily of common stocks. As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. The Fund invests without regard to market capitalization.

The Portfolio Managers implement the Fund's strategy through a concentrated portfolio of approximately 25 companies that the Portfolio Managers believe are high-quality businesses with large growth opportunities, excellent management, low tail risk, and discount valuations. The Fund's holdings are conviction-weighted with the top ten positions comprising approximately 60-80% of the Fund's assets. Once a potential investment is identified, the Portfolio Managers attempt to purchase shares at a price they believe represents a discount to a conservative estimate of the company's intrinsic value. Generally, the Portfolio Managers may sell a business for a variety of reasons, including (i) source of funds for what they believe is a superior investment idea, (ii) adverse change in their assessment of a business's quality, growth, or management, (iii) valuation, or (iv) risk management at the company or portfolio level.

The Fund may from time to time hold a significant portion of its portfolio in cash or cash equivalents. If market conditions reduce the availability of securities with acceptable valuations, the Fund may hold larger than usual cash reserves for extended periods until securities with acceptable valuations become available.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Non-Diversification Risk:** The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller

HENNESSY FUNDS 1-800-966-4354 5

**Investor: HFCSX** 

**Institutional: HFCIX**

number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses as a result of a single issuer's unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer's securities. As of January 31, 2026, approximately 72% of the Fund's assets were invested in its top 10 holdings.

**Industry Concentration Risk:** From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Communication Services and Financials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Communication Services sector may be affected by industry competition, substantial capital requirements, government regulation, cyclicality of revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals, and changing consumer tastes and interests. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate fluctuations, and other factors.

**Real Estate Investment Risk:** The Fund invests in real estate investments, including real estate investment trusts (REITs), and is therefore subject to risks associated with the real estate market. Real estate investments are particularly susceptible to economic downturns, changes in regulations, and fluctuating interest rates.

**Small-Sized and Medium-Sized Companies Risk:** The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

**Temporary Defensive Positions Risk:** From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 3000<sup>®</sup> Index, as well as an additional index that includes securities with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities in which the Fund invests, the Russell Midcap<sup>®</sup> Growth Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Updated performance information is available at www.hennessyfunds.com.

6 WWW.HENNESSYFUNDS.COM

**DOMESTIC EQUITY *–* HENNESSY FOCUS FUND**

**HENNESSY FOCUS FUND** 

**Calendar Year TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos005.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 29.66% for the quarter ended June 30, 2020, and the lowest quarterly return was -30.24% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses and inception dates.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
| *(for the periods ended December 31, 2025)* |  |  |  |
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Focus Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;26.73% | &nbsp;&nbsp;11.65% | &nbsp;&nbsp;10.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;16.87% | &nbsp;&nbsp;6.63% | &nbsp;&nbsp;7.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;22.83% | &nbsp;&nbsp;8.51% | &nbsp;&nbsp;8.12% |
| ***Hennessy Focus Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;27.22% | &nbsp;&nbsp;12.07% | &nbsp;&nbsp;11.35% |
| ***Russell 3000<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.15% | &nbsp;&nbsp;13.15% | &nbsp;&nbsp;14.29% |
| ***Russell Midcap<sup>®</sup>*** |  |  |  |
| &nbsp;&nbsp; ***Growth Index*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;8.66% | &nbsp;&nbsp;6.65% | &nbsp;&nbsp;12.49% |

---

We use the Russell Midcap<sup>®</sup> Growth Index as an additional index because it reflects the performance of investments with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities held by the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund's "return after taxes on distributions and sale of Fund shares" may be higher than its "return after taxes on distributions" because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Sub-Advisor***

The sub-advisor to the Fund is Broad Run Investment Management, LLC.

***Portfolio Managers***

David S. Rainey, CFA, Brian E. Macauley, CFA, and Ira M. Rothberg, CFA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Each of Messrs. Rainey, Macauley, and Rothberg has served as a Co-Portfolio Manager of the Fund since August 2009. Prior to that, and while employed by the Fund's previous sub-advisor, Mr. Rainey served as a Senior Research Analyst to the Fund from 1998 to August 2009, Mr. Macauley served as a Research Analyst to the Fund from 2003 to August 2009, and Mr. Rothberg served as a Research Analyst to the Fund from 2004 to August 2009.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

HENNESSY FUNDS 1-800-966-4354 7

**Investor: HFMDX**

**Institutional: HIMDX**

**HENNESSY CORNERSTONE MID CAP 30 FUND**

***Investment Objective***

The Hennessy Cornerstone Mid Cap 30 Fund seeks long-term growth of capital.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.74% |  | &nbsp;&nbsp;0.74% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.45% |  | &nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.35% |  | &nbsp;&nbsp;0.24% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.34% |  | &nbsp;&nbsp;0.98% |

---

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | One Year | Three Years | Five Years | Ten Years |
| Investor | $136 | $425 | $734 | $1613 |
| Institutional | $100 | $312 | $542 | $1201 |

---

 ****

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 129% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, but not through American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Under normal circumstances, the Fund invests at least 80% of its net assets in mid-cap growth-oriented common stocks by utilizing a quantitative formula known as the Cornerstone Mid Cap 30 Formula (the "Mid Cap 30 Formula"). From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations between $2 billion and $25 billion, the Mid Cap 30 Formula identifies the 30 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;• **Price-to-sales ratio below 1.5** 

The Mid Cap 30 Formula uses price-to-sales as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company's potential value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Annual earnings that are higher than the previous year** 

The Mid Cap 30 Formula considers improved earnings to be a key indicator of a company's financial strength.

&nbsp;&nbsp;&nbsp;&nbsp;• **Positive stock price appreciation over the past three-month and six-month periods** 

The Mid Cap 30 Formula considers stock price appreciation because it is often associated with positive fundamentals, such as strong growth or improving profitability.

The Fund purchases these 30 stocks weighted equally by dollar amount, with 3.33% of the portfolio's assets invested in each. Using the Mid Cap 30 Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the fall. Stocks meeting the Mid Cap 30 Formula's criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 3.33% weighting.

8 WWW.HENNESSYFUNDS.COM

**DOMESTIC EQUITY *–* HENNESSY CORNERSTONE MID CAP 30 FUND**

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Formula Investing Risk:** The Fund will adhere to the Mid Cap 30 Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors.

**Growth and Value Investing Risk:** Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

**Small-Sized and Medium-Sized Companies Risk:** The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Industry Concentration Risk:** From time to time, the Fund may concentrate its investments in one or more industry sectors. The industries in which the Fund concentrates its investments at any given time are solely the result of the Mid Cap 30 Formula and may change significantly when the Fund is rebalanced. The Fund is currently substantially invested in the Consumer Discretionary and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Consumer Discretionary sector may be affected by commodity price volatility, consumer preferences, competition, changing demographics, and labor relations. These companies depend heavily on disposable household income and consumer spending, and social trends and marketing campaigns may significantly affect demand for their products. Consumer Discretionary companies may also lose value more quickly in periods of economic downturns because their products are viewed as nonessential luxury items. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

**High Portfolio Turnover Risk:** High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund's performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500<sup>®</sup> Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell Midcap<sup>®</sup> Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

HENNESSY FUNDS 1-800-966-4354 9

**Investor: HFMDX**

**Institutional: HIMDX**

**HENNESSY CORNERSTONE MID CAP 30 FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos006.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 37.39% for the quarter ended June 30, 2020, and the lowest quarterly return was -37.29% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses and inception dates.

**AVERAGE ANNUAL TOTAL RETURNS**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Cornerstone Mid Cap 30*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;2.68% | &nbsp;&nbsp;18.72% | &nbsp;&nbsp;12.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions | &nbsp;&nbsp;2.51% | &nbsp;&nbsp;16.16% | &nbsp;&nbsp;10.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sale of Fund shares | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;14.71% | &nbsp;&nbsp;9.73% |
| ***Hennessy Cornerstone Mid Cap 30*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;3.04% | &nbsp;&nbsp;19.16% | &nbsp;&nbsp;13.15% |
| ***Russell Midcap<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*fees, expenses, or taxes)* | &nbsp;&nbsp;10.60% | &nbsp;&nbsp;8.67% | &nbsp;&nbsp;11.01% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

We use the Russell Midcap<sup>®</sup> Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Hennessy has served as a Portfolio Manager of the Fund since its inception in 2003, has served as the Chief Market Strategist of the Hennessy Funds since March 2021, and has been the Chief Executive Officer and Chairman of the Board of Directors of the Investment Manager since its organization in 1989. Mr. Kelley has served as a Portfolio Manager of the Fund since February 2017, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

10 WWW.HENNESSYFUNDS.COM

**DOMESTIC EQUITY *–* HENNESSY CORNERSTONE LARGE GROWTH FUND**

**HENNESSY CORNERSTONE LARGE GROWTH FUND**

***Investment Objective***

The Hennessy Cornerstone Large Growth Fund seeks long-term growth of capital.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.74% |  | &nbsp;&nbsp;0.74% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.40% |  | &nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.30% |  | &nbsp;&nbsp;0.26% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.29% |  | &nbsp;&nbsp;1.00% |

---

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$131 | &nbsp;&nbsp;$409 | &nbsp;&nbsp;$708 | &nbsp;&nbsp;$1556 |
| Institutional | &nbsp;&nbsp;$102 | &nbsp;&nbsp;$318 | &nbsp;&nbsp;$552 | &nbsp;&nbsp;$1225 |

---

 ****

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, but not through American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in growth-oriented common stocks of larger companies by utilizing a quantitative formula known as the Cornerstone Large Growth Formula (the "Large Growth Formula"). Beginning with the investable common stocks of public companies in the S&P Capital IQ Database, the Large Growth Formula identifies the 50 common stocks that meet the following criteria, in the specified order:

**1)&nbsp;&nbsp;&nbsp;&nbsp; Above-average market capitalization**

**2)&nbsp;&nbsp;&nbsp;&nbsp; Price-to-cash flow ratio less than the median of the remaining securities**

**3)&nbsp;&nbsp;&nbsp;&nbsp; Positive total capital**

**4)&nbsp;&nbsp;&nbsp;&nbsp; Highest one-year return on total capital**

The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio's assets invested in each. Using the Large Growth Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Large Growth Formula's criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

***Principal Risks***

As with any security, there are market and investment risks associated with an investment in the Fund. The value of an investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Formula Investing Risk:** The Fund will adhere to the Large Growth Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors.

HENNESSY FUNDS 1-800-966-4354 11

**Investor: HFLGX**

**Institutional: HILGX**

**Growth and Value Investing Risk:** Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

**Medium-Sized Company Risk:** The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 1000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY CORNERSTONE LARGE GROWTH FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos007.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 22.43% for the quarter ended June 30, 2020, and the lowest quarterly return was -28.85% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses.

**AVERAGE ANNUAL TOTAL RETURNS**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Cornerstone Large*** |  |  |  |
| &nbsp;&nbsp; ***Growth Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;7.41% | &nbsp;&nbsp;9.76% | &nbsp;&nbsp;10.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;5.95% | &nbsp;&nbsp;7.54% | &nbsp;&nbsp;8.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;5.45% | &nbsp;&nbsp;7.46% | &nbsp;&nbsp;7.86% |
| ***Hennessy Cornerstone Large*** |  |  |  |
| &nbsp;&nbsp; ***Growth Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;7.70% | &nbsp;&nbsp;10.08% | &nbsp;&nbsp;10.42% |
| ***Russell 1000<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.37% | &nbsp;&nbsp;13.59% | &nbsp;&nbsp;14.59% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

12 WWW.HENNESSYFUNDS.COM

**DOMESTIC EQUITY *–* HENNESSY CORNERSTONE LARGE GROWTH FUND**

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Hennessy has served as a Portfolio Manager of the Fund since its inception in 2009, has served as the Chief Market Strategist of the Hennessy Funds since March 2021, and has been the Chief Executive Officer and Chairman of the Board of Directors of the Investment Manager since its organization in 1989. Mr. Kelley has served as a Portfolio Manager of the Fund since February 2017, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

HENNESSY FUNDS 1-800-966-4354 13

**Investor: HFCVX**

**Institutional: HICVX**

**HENNESSY CORNERSTONE VALUE FUND**

***Investment Objective***

The Hennessy Cornerstone Value Fund seeks total return, consisting of capital appreciation and current income.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.74% |  | &nbsp;&nbsp;0.74% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.32% |  | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.22% |  | &nbsp;&nbsp;0.25% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.21% |  | &nbsp;&nbsp;0.99% |

---

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$123 | &nbsp;&nbsp;$384 | &nbsp;&nbsp;$665 | &nbsp;&nbsp;$1466 |
| Institutional | &nbsp;&nbsp;$101 | &nbsp;&nbsp;$315 | &nbsp;&nbsp;$547 | &nbsp;&nbsp;$1213 |

---

 ****

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in larger, dividend-paying common stocks by utilizing a quantitative formula known as the Cornerstone Value Strategy (the "Value Strategy"). From the investable common stocks of public companies in the S&P Capital IQ Database, the Value Strategy identifies the 50 common stocks with the highest dividend yield as of the date of purchase that also meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Above-average market capitalization**

&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Above-average number of shares outstanding**

&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Twelve-month sales that are 50% greater than the average**

&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Above-average cash flow**

The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio's assets invested in each. Using the Value Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Value Strategy's criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

As of January 31, 2026, the average and median market capitalizations of the stocks held by the Fund were $217.5 billion and $186.1 billion, respectively.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Formula Investing Risk:** The Fund will adhere to the Value Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal

14 WWW.HENNESSYFUNDS.COM

**DOMESTIC EQUITY *–* HENNESSY CORNERSTONE VALUE FUND**

tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund's portfolio in a given year are experiencing financial difficulty or are out of favor with investors.

**Value Investing Risk:** Value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value.

**Medium-Sized Companies Risk:** The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500<sup>®</sup> Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000<sup>®</sup> Value Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY CORNERSTONE VALUE FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos008.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 16.26% for the quarter ended December 31, 2022, and the lowest quarterly return was -28.40% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses and inception dates.

HENNESSY FUNDS 1-800-966-4354 15

**Investor: HFCVX**

**Institutional: HICVX**

**AVERAGE ANNUAL TOTAL RETURNS**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Cornerstone Value*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;18.27% | &nbsp;&nbsp;13.59% | &nbsp;&nbsp;10.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;16.30% | &nbsp;&nbsp;12.02% | &nbsp;&nbsp;8.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;12.21% | &nbsp;&nbsp;10.67% | &nbsp;&nbsp;8.05% |
| ***Hennessy Cornerstone Value*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;18.60% | &nbsp;&nbsp;13.85% | &nbsp;&nbsp;10.73% |
| ***Russell 1000<sup>®</sup> Value Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;15.91% | &nbsp;&nbsp;11.33% | &nbsp;&nbsp;10.53% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

We use the Russell 1000<sup>®</sup> Value Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Hennessy has served as a Portfolio Manager of the Fund since June 2000, has served as the Chief Market Strategist of the Hennessy Funds since March 2021, and has been the Chief Executive Officer and Chairman of the Board of Directors of the Investment Manager since its organization in 1989. Mr. Kelley has served as a Portfolio Manager of the Fund since February 2017, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

16 WWW.HENNESSYFUNDS.COM

**MULTI-ASSET *–* HENNESSY TOTAL RETURN FUND**

**HENNESSY TOTAL RETURN FUND**

***Investment Objective***

The Hennessy Total Return Fund seeks total return, consisting of capital appreciation and current income.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| |
|:---|
| **SHAREHOLDER FEES** |
| *(fees paid directly from your investment)* |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |
| Management Fees |  | &nbsp;&nbsp;0.60% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |
| Other Expenses |  | &nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |
| &nbsp;&nbsp;&nbsp;Interest Expense | &nbsp;&nbsp;1.98% |  |
| Remaining Other Expenses | &nbsp;&nbsp;0.42% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;3.25% |

---

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on the assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| &nbsp;&nbsp;$328 | &nbsp;&nbsp;$1001 | &nbsp;&nbsp;$1698 | &nbsp;&nbsp;$3549 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 35% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests in the 10 highest dividend-yielding Dow Jones Industrial Average ("DJIA") stocks (known as the "Dogs of the Dow") and in U.S. Treasury securities with a maturity of less than one year.

The Fund invests approximately 50% of its assets in the 10 Dogs of the Dow stocks in roughly equal dollar amounts and approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year. The Fund then utilizes a borrowing strategy that allows the Fund's performance to approximate what it would be if the Fund had an asset allocation of roughly 75% Dogs of the Dow stocks and 25% U.S. Treasury securities. The Fund typically borrows money by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities.

The total portfolio is divided into multiple sub-portfolios, each of which uses the Dogs of the Dow strategy. On various dates throughout the year, each of these sub-portfolios is reviewed. In a review, the Investment Manager determines the 10 highest yielding common stocks in the DJIA by annualizing the last quarterly or semi-annual ordinary dividend declared on each stock and dividing the result by the market value of that stock. The Fund then purchases those stocks in approximately equal amounts for the sub-portfolio being reviewed. From time to time, the Fund also may purchase an approximately equal amount of U.S. Treasury securities having a remaining maturity of less than one year for the sub-portfolio being reviewed. On the next date, another sub-portfolio is reviewed in a similar manner.

Regardless of whether they remain in the DJIA or retain the characteristics of Dogs of the Dow Stocks, the Fund generally holds the stock investments within each sub-portfolio for one year, at which time the applicable sub-portfolio is up for another review. At the end of the one-year period, the Fund sells any stocks in the applicable sub-portfolio that are no longer Dogs of the Dow stocks and replaces them with stocks that are Dogs of the Dow stocks. Additionally, the Fund may sell a portion of the stocks that remain in the applicable sub-portfolio so that the rebalanced portion of the sub-portfolio adheres to the Fund's asset allocation strategy.

HENNESSY FUNDS 1-800-966-4354 17

**HDOGX**

***Principal Risks***

Although a portion of the Fund's portfolio is invested in U.S. Treasury securities, there are market and investment risks associated with an investment in the Fund, as there are with any security. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Borrowing Risk:** The Fund borrows against its investments by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities. Purchasing U.S. Treasury securities with borrowed money is an investment technique that increases investment risk because if the securities purchased with borrowed money decline in value, the Fund's losses would be greater than if it had used cash to make purchases. Also, the Fund incurs interest costs when it borrows money, and these costs may exceed the investment returns it earns on the securities purchased with borrowed money. Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when the Fund seeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer, trustee, or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds from the reverse repurchase agreement may effectively be restricted pending such decision.

**Formula Investing Risk:** The Fund will adhere to its strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund's portfolio in a given year are experiencing financial difficulty or are out of favor with investors.

**Non-Diversification Risk:** The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer's unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer's securities.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Hennessy Total Return Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 75/25 Blended DJIA/Treasury Index (which consists of 75% common stocks represented by the DJIA and 25% short-duration Treasury securities represented by the ICE BofAML U.S. 3-Month Treasury Bill Index). For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

18 WWW.HENNESSYFUNDS.COM

**MULTI-ASSET *–* HENNESSY TOTAL RETURN FUND**

**HENNESSY TOTAL RETURN FUND**

**CALENDAR YEAR TOTAL RETURNS**

![](hennessy485bpos009.jpg)

For the period shown on the bar chart, the Fund's highest quarterly return was 12.66% for the quarter ended December 31, 2022, and the lowest quarterly return was -17.87% for the quarter ended March 31, 2020.

**AVERAGE ANNUAL TOTAL RETURNS**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Total Return Fund*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;14.29% | &nbsp;&nbsp;7.57% | &nbsp;&nbsp;6.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions | &nbsp;&nbsp;13.68% | &nbsp;&nbsp;6.47% | &nbsp;&nbsp;5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sale of Fund shares | &nbsp;&nbsp;8.86% | &nbsp;&nbsp;5.79% | &nbsp;&nbsp;5.22% |
| ***75/25 Blended*** |  |  |  |
| &nbsp;&nbsp;***DJIA/Treasury Index*** |  |  |  |
| &nbsp;&nbsp;*(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp;*fees, expenses, or taxes)* | &nbsp;&nbsp;12.25% | &nbsp;&nbsp;9.64% | &nbsp;&nbsp;10.52% |
| ***Dow Jones*** |  |  |  |
| &nbsp;&nbsp;***Industrial Average*** |  |  |  |
| &nbsp;&nbsp;*(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp;*fees, expenses, or taxes)* | &nbsp;&nbsp;14.92% | &nbsp;&nbsp;11.58% | &nbsp;&nbsp;13.11% |

---

We use the 75/25 Blended DJIA/Treasury Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Hennessy has served as a Portfolio Manager of the Fund since its inception in 1998, has served as the Chief Market Strategist of the Hennessy Funds since March 2021, and has been the Chief Executive Officer and Chairman of the Board of Directors of the Investment Manager since its organization in 1989. Mr. Kelley has served as a Portfolio Manager of the Fund since May 2018, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

HENNESSY FUNDS 1-800-966-4354 19

**Investor: HEIFX**

**Institutional: HEIIX**

**HENNESSY EQUITY AND INCOME FUND**

***Investment Objective***

The Hennessy Equity and Income Fund seeks long-term capital growth and current income.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.80% |  | &nbsp;&nbsp;0.80% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.68% |  | &nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.58% |  | &nbsp;&nbsp;0.46% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.63% |  | &nbsp;&nbsp;1.26% |

---

**Example**

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| &nbsp;&nbsp;Investor | &nbsp;&nbsp;$166 | &nbsp;&nbsp;$514 | &nbsp;&nbsp;$887 | &nbsp;&nbsp;$1933 |
| &nbsp;&nbsp;Institutional | &nbsp;&nbsp;$128 | &nbsp;&nbsp;$400 | &nbsp;&nbsp;$692 | &nbsp;&nbsp;$1523 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund is designed as a balanced fund that seeks income and long-term capital appreciation with reduced volatility of returns. The Portfolio Managers' approach places a focus on seeking downside protection. Under normal circumstances, the Fund will invest up to 70% of its assets in equity securities and its remaining assets in fixed income securities.

The Fund invests primarily in domestic companies whose securities are listed on U.S. national securities exchanges. The Fund may also invest in (i) foreign companies listed on U.S. national securities exchanges and (ii) foreign companies through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of common stocks, asset-backed and mortgage-backed securities, and debt instruments. As a non-principal investment strategy, the Fund may also invest in preferred stocks, equity-like instruments, and high-yield bonds. The Fund may invest directly in fixed income securities or it may invest indirectly in fixed income securities by investing in other investment companies (including exchange-traded funds, referred to as ETFs) that invest in fixed income securities. The Fund invests without regard to market capitalization.

**Equity Allocation**

The equity Portfolio Managers utilize a fundamental, value-oriented investment approach, focusing on larger, high-quality companies with demonstrated market dominance, low business risk, and solid long-term growth prospects. In choosing which securities to purchase, the equity Portfolio Managers give consideration to companies that have shareholder-oriented management, with a history of alignment with shareholder interests through stock incentives, insider buying, and corporate stock buybacks. Many of the stocks held by the Fund are expected to pay dividends. Generally, the equity Portfolio Managers may choose to sell a position if it begins to have a significant negative effect on total portfolio value, if they believe it has reached an excessive valuation level, when the company's fundamentals deteriorate, or when a more attractive candidate is identified through the screening process.

20 WWW.HENNESSYFUNDS.COM

**MULTI-ASSET *–* HENNESSY EQUITY AND INCOME FUND**

**Fixed Income Allocation**

The fixed income Portfolio Managers focus on higher quality, intermediate-term fixed income securities, but they may invest up to 10% of the Fund's assets in high-yield bonds.

The fixed income Portfolio Managers continuously analyze and assess the variables that influence bond prices. They use this proprietary approach, which combines economic data and technical factors, to evaluate the probability of interest rate movements in order to manage the duration of the portfolio in an effort to mitigate downside risk and maximize total return. They purchase and sell securities in accordance with these principles to meet previously identified sector allocations, duration targets, and curve strategies for the fixed income allocation of the Fund.

As of January 31, 2026, the bonds and cash equivalents held in the fixed income allocation of the Fund had a dollar-weighted average effective maturity of 4.42 years.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Debt Investments Risk:** The yields and principal values of debt securities fluctuate. Generally, values of debt securities change inversely with interest rates. That is, as interest rates go up, the values of debt securities tend to go down and vice versa. These fluctuations tend to increase in magnitude as a bond's maturity increases such that a longer-term bond will increase or decrease more significantly with a given change in interest rates than a shorter-term bond.

**Industry Concentration Risk:** From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors.

**Asset-Backed and Mortgage-Backed Securities Risk:**

Asset-backed and mortgage-backed securities are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Investment Company Securities Risk:** When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company's losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company.

**ETF Risk:** In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF's shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

HENNESSY FUNDS 1-800-966-4354 21

**Investor: HEIFX**

**Institutional: HEIIX**

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

**Temporary Defensive Positions Risk:** From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with an index that reflects a broad measure of market performance, the S&P 500<sup>®</sup> Index. For additional information on this index, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY EQUITY AND INCOME FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos010.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 12.62% for the quarter ended June 30, 2020, and the lowest quarterly return was -14.79% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses.

**Average Annual Total Returns**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Equity and Income*** |  |  |  |
| &nbsp;&nbsp;***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;6.73% | &nbsp;&nbsp;5.49% | &nbsp;&nbsp;6.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions | &nbsp;&nbsp;4.00% | &nbsp;&nbsp;3.46% | &nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sale of Fund shares | &nbsp;&nbsp;5.94% | &nbsp;&nbsp;4.15% | &nbsp;&nbsp;4.99% |
| ***Hennessy Equity and Income*** |  |  |  |
| &nbsp;&nbsp;***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;7.24% | &nbsp;&nbsp;5.88% | &nbsp;&nbsp;7.01% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp;*(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp;*fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund's "return after taxes on distributions and sale of Fund shares" may be higher than its "return after taxes on distributions" because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

22 WWW.HENNESSYFUNDS.COM

**MULTI-ASSET *–* HENNESSY EQUITY AND INCOME FUND**

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Sub-Advisors***

The sub-advisor for the equity allocation of the Fund is The London Company of Virginia, LLC ("The London Company"), and the sub-advisor for the fixed income allocation of the Fund is FCI Advisors.

***Portfolio Managers***

The London Company investment team, which comprises Stephen M. Goddard, CFA, J. Brian Campbell, CFA, and Samuel D. Hutchings, CFA, is primarily responsible for the day-to-day management of the portfolio of the equity allocation of the Fund and for developing and executing its investment program. Mr. Goddard has served as a Portfolio Manager of the equity allocation of the Fund since July 2007 and is also the Founder of The London Company. Messrs. Campbell and Hutchings have each served as a Portfolio Manager of the equity allocation of the Fund since September 2010 and February 2020, respectively.

The FCI Advisors investment team, which comprises Gary B. Cloud, CFA, and Peter G. Greig, CFA, is primarily responsible for the day-to-day management of the portfolio of the fixed income allocation of the Fund and for developing and executing its investment program. Messrs. Cloud and Greig have each served as a Portfolio Manager of the fixed income allocation of the Fund since July 2007, and each also serves as a Senior Vice President of FCI Advisors.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

HENNESSY FUNDS 1-800-966-4354 23

**HBFBX**

**HENNESSY BALANCED FUND** 

***Investment Objective***

The Hennessy Balanced Fund seeks a combination of capital appreciation and current income.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| |
|:---|
| **SHAREHOLDER FEES** |
| *(fees paid directly from your investment)* |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |
| Management Fees |  | &nbsp;&nbsp;0.60% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |
| Other Expenses |  | &nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;1.03% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.88% |

---

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| &nbsp;&nbsp;$191 | &nbsp;&nbsp;$591 | &nbsp;&nbsp;$1016 | &nbsp;&nbsp;$2201 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests approximately 50% of its assets in roughly equal dollar amounts in the 10 highest dividend-yielding Dow Jones Industrial Average ("DJIA") stocks (known as the "Dogs of the Dow"), but limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year.

The total portfolio is divided into multiple sub-portfolios, each of which uses the Dogs of the Dow strategy. On various dates throughout the year, each of these sub-portfolios is reviewed. During the review, the Investment Manager determines the 10 highest yielding common stocks in the DJIA by annualizing the last quarterly or semi-annual ordinary dividend declared on each stock and dividing the result by the market value of that stock. The Fund then purchases those stocks in approximately equal amounts for the sub-portfolio being reviewed. From time to time, the Fund also may purchase an approximately equal amount of U.S. Treasury securities having a remaining maturity of less than one year for the sub-portfolio being reviewed. On the next date, another sub-portfolio is reviewed in a similar manner.

Regardless of whether they remain in the DJIA or retain the characteristics of Dogs of the Dow stocks, the Fund generally holds the stock investments within each sub-portfolio for one year, at which time the applicable sub-portfolio is up for another review. At the end of the one-year period, the Fund sells any stocks in the applicable sub-portfolio that are no longer Dogs of the Dow stocks and replaces them with stocks that are Dogs of the Dow stocks. Additionally, the Fund may sell a portion of the stocks that remain in the applicable sub-portfolio so that the rebalanced portion of the sub-portfolio adheres to the Fund's asset allocation strategy.

***Principal Risks***

Although approximately 50% of the Fund's portfolio is invested in U.S. Treasury securities, there are market and investment risks associated with an investment in the Fund, as there are with any security. The value of your investment will fluctuate over time,

24 WWW.HENNESSYFUNDS.COM

**MULTI-ASSET *–* HENNESSY BALANCED FUND**

and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Formula Investing Risk:** The Fund will adhere to its strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund's portfolio in a given year are experiencing financial difficulty or are out of favor with investors.

**Non-Diversification Risk:** The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer's unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer's securities.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Hennessy Balanced Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 50/50 Blended DJIA/Treasury Index (which consists of 50% common stocks represented by the DJIA and 50% short-duration Treasury securities represented by the ICE BofAML 1-Year Treasury Note Index). For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY BALANCED FUND**

**CALENDAR YEAR TOTAL RETURNS**![](hennessy485bpos011.jpg)

For the period shown on the bar chart, the Fund's highest quarterly return was 7.31% for the quarter ended December 31, 2022, and the lowest quarterly return was -12.19% for the quarter ended March 31, 2020.

**AVERAGE ANNUAL TOTAL RETURNS**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Balanced Fund*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;9.89% | &nbsp;&nbsp;4.96% | &nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions | &nbsp;&nbsp;9.34% | &nbsp;&nbsp;4.11% | &nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sale of Fund shares | &nbsp;&nbsp;6.15% | &nbsp;&nbsp;3.74% | &nbsp;&nbsp;3.66% |
| ***50/50 Blended*** |  |  |  |
| &nbsp;&nbsp;***DJIA/Treasury Index*** |  |  |  |
| &nbsp;&nbsp;*(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp;*fees, expenses, or taxes)* | &nbsp;&nbsp;9.67% | &nbsp;&nbsp;7.27% | &nbsp;&nbsp;7.77% |
| ***Dow Jones*** |  |  |  |
| &nbsp;&nbsp;***Industrial Average*** |  |  |  |
| &nbsp;&nbsp;*(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp;fees, expenses, or taxes) | &nbsp;&nbsp;14.92% | &nbsp;&nbsp;11.58% | &nbsp;&nbsp;13.11% |

---

We use the 50/50 Blended DJIA/Treasury Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

HENNESSY FUNDS 1-800-966-4354 25

**HBFBX**

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Neil J. Hennessy, Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Hennessy has served as a Portfolio Manager of the Fund since its inception in 1996, has served as the Chief Market Strategist of the Hennessy Funds since March 2021, and has been the Chief Executive Officer and Chairman of the Board of Directors of the Investment Manager since its organization in 1989. Mr. Kelley has served as a Portfolio Manager of the Fund since May 2018, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

26 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY ENERGY TRANSITION FUND**

**HENNESSY ENERGY TRANSITION FUND**

***Investment Objective***

The Hennessy Energy Transition Fund seeks total return.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;1.25% |  | &nbsp;&nbsp;1.25% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;1.30% |  | &nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;1.20% |  | &nbsp;&nbsp;1.12% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;2.70% |  | &nbsp;&nbsp;2.37% |
| Service Provider Expense Waiver<sup>1</sup> |  | &nbsp;&nbsp;(0.17)% |  | &nbsp;&nbsp;(0.17)% |
| Net Annual Fund Operating Expenses |  | &nbsp;&nbsp;2.53% |  | &nbsp;&nbsp;2.20% |

---

<sup>1</sup> Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund's net assets exceed $125 million.

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| &nbsp;&nbsp;Investor | &nbsp;&nbsp;$256 | &nbsp;&nbsp;$805 | &nbsp;&nbsp;$1399 | &nbsp;&nbsp;$3006 |
| &nbsp;&nbsp;Institutional | &nbsp;&nbsp;$223 | &nbsp;&nbsp;$706 | &nbsp;&nbsp;$1234 | &nbsp;&nbsp;$2679 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of common stocks. The Fund may also invest up to 25% of its total assets in securities of energy-related master limited partnerships ("MLPs"). As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. With respect to up to 10% of its total assets, the Fund may invest in high-yield debt securities, preferred shares, and convertible securities. The Fund invests without regard to market capitalization.

Under normal circumstances, the Fund invests at least 80% of its net assets in companies operating in the United States across the full spectrum of the energy supply/demand value chain, including traditional upstream, midstream, and downstream energy companies, as well as renewable energy companies and energy end users.

The Portfolio Managers use a proprietary research and investment process that involves fundamental and quantitative analysis of various macroeconomic and commodity price and other factors to select the Fund's investments and determine the weighting of each investment. The Portfolio Managers may sell all or a portion of a position of the Fund's portfolio holding for a number of reasons, including (1) the issuer's fundamentals deteriorating, (2) the parameters established for the security's profits or losses being realized, or (3) the Fund requiring cash to meet redemption requests.

HENNESSY FUNDS 1-800-966-4354 27

**Investor: HNRGX**

**Institutional: HNRIX**

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Industry Concentration Risk:** The Fund concentrates its investments in the Energy sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets.

**MLP Risk**: Investment in securities of an MLP involves risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. MLPs are generally considered interest-rate sensitive investments. During periods when interest rates are rising, these investments may not provide attractive returns. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund will be taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099.

**MLP Tax Risk:** A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation or other form of taxable entity for U.S. federal income tax purposes. This would require the MLP to pay U.S. federal income tax, excise tax, or another form of tax on its taxable income, thereby reducing the amount of cash available for distribution by the MLP and potentially causing any distributions received by the Fund to be taxed as dividend income, return of capital, or capital gain. Therefore, if any MLPs owned by the Fund were treated as corporations or other forms of taxable entity for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs could be materially reduced, which could cause a material decrease in the net asset value per share of the Fund's shares. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund are taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099. Furthermore, because the MLP itself does not pay federal income tax, its income or loss is allocated to its shareholders, including the Fund, regardless of whether the shareholders receive any cash payment from the MLP.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

28 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY ENERGY TRANSITION FUND**

**Small-Sized and Medium-Sized Companies Risk:** The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Cash Flow Risk:** The Fund expects that a substantial portion of the cash flow it receives will be derived from its investments in MLPs. The amount and tax characterization of cash available for distribution by such companies depends upon the amount of cash generated by the such companies' operations. Cash available for distribution may vary widely from quarter to quarter and will be affected by various factors affecting each company's operations. The Fund periodically will distribute more than its income and net realized capital gains, which means a portion of each shareholder's distribution would be a return of capital. A return of capital distribution reduces the basis of a shareholder's shares so the shareholder may be required to recognize a capital gain when the shareholder sells shares.

**RIC Qualification Risk:** To qualify for treatment as a regulated investment company ("RIC") under the Code, the Fund must meet certain income source, asset diversification, and annual distribution requirements. The Fund's MLP investments may make it more difficult for the Fund to meet these requirements. The asset diversification requirements include a requirement that, at the end of each quarter of each taxable year, not more than 25% of the value of the Fund's total assets is invested in the securities (including debt securities) of one or more qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests will be qualified publicly traded partnerships. If the Fund's MLP investments exceed this 25% limitation, which could occur if the Fund's investment in an MLP affiliate were recharacterized as an investment in an MLP, then the Fund would not satisfy the diversification requirements and could fail to qualify as a RIC. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as a corporation and would become subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution, and the amount of the Fund's distributions.

**Liquidity Risk:** The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or the Fund may be forced to sell an illiquid asset to meet redemption requests or other cash needs and may only be able to sell those investments at a loss. Illiquid assets may also be difficult to value.

**Temporary Defensive Positions Risk:** From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500<sup>®</sup> Index, as well as an additional index that reflects the market sector in which the Fund invests, the S&P 500<sup>®</sup> Energy Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund is the successor to the BP Capital TwinLine Energy Fund, a series of Professionally Managed Portfolios (the "Predecessor BP TwinLine Energy Fund"), pursuant to a reorganization that took place on October 26, 2018. The performance information provided for the periods on or prior to October 26, 2018, is historical information for the Predecessor BP TwinLine Energy Fund. The Predecessor BP TwinLine Energy Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY ENERGY TRANSITION FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos012.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 49.76% for the quarter ended June 30, 2020, and the lowest quarterly return was -59.88% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses.

HENNESSY FUNDS 1-800-966-4354 29

**Investor: HNRGX**

**Institutional: HNRIX**

**AVERAGE ANNUAL TOTAL RETURNS**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Energy*** |  |  |  |
| &nbsp;&nbsp; ***Transition Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Investor Shares***<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes <sup>1</sup> | &nbsp;&nbsp;12.48% | &nbsp;&nbsp;24.87% | &nbsp;&nbsp;9.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions <sup>1</sup> | &nbsp;&nbsp;12.34% | &nbsp;&nbsp;23.68% | &nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares <sup>1</sup> | &nbsp;&nbsp;7.49% | &nbsp;&nbsp;19.87% | &nbsp;&nbsp;7.18% |
| ***Hennessy Energy*** |  |  |  |
| &nbsp;&nbsp; ***Transition Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;12.86% | &nbsp;&nbsp;25.30% | &nbsp;&nbsp;9.43% |
| ***S&P 500<sup>®</sup> Energy Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;8.67% | &nbsp;&nbsp;23.78% | &nbsp;&nbsp;8.32% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

<sup>1</sup> Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load.

We use the S&P 500<sup>®</sup> Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Benton Cook, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Cook has served as a Portfolio Manager of the Fund since September 2019 and has been employed by the Investment Manager since January 2022. His service on the Fund prior to January 2022 was at the prior sub-advisor to the Fund, which he joined in 2017. Mr. Wein has served as a Portfolio Manager of the Fund since January 2022 and has been employed by the Investment Manager since September 2018.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

30 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY MIDSTREAM FUND**

**HENNESSY MIDSTREAM FUND**

***Investment Objective***

The Hennessy Midstream Fund seeks capital appreciation through distribution growth and current income.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** | &nbsp;&nbsp;Investor | &nbsp;&nbsp;Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;1.10% |  | &nbsp;&nbsp;1.10% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.67% |  | &nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchise and Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Expenses<sup>1</sup> | &nbsp;&nbsp;0.00% |  | &nbsp;&nbsp;0.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses<sup>2</sup> | &nbsp;&nbsp;0.57% |  | &nbsp;&nbsp;0.43% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.92% |  | &nbsp;&nbsp;1.53% |
| Expense Reimbursement<sup>3,4</sup> |  | &nbsp;&nbsp;(0.16)% |  | &nbsp;&nbsp;(0.08)% |
| Total Annual Fund Operating Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After Expense Reimbursement |  | &nbsp;&nbsp;1.76% |  | &nbsp;&nbsp;1.45% |

---

<sup>1</sup> Includes state franchise taxes and federal and state income tax expenses, including deferred tax expenses (benefits). The Fund accrues a deferred tax liability (or asset) for its future tax liability associated with the Fund's potential tax expense (benefit) if it were to recognize the unrealized gains (losses) in its portfolio. Such deferred tax expenses (benefits) may vary greatly from year to year and from day to day depending on the nature of the Fund's investments, the performance of those investments, and general market conditions, and any estimate of deferred income tax expense (benefit) cannot be reliably predicted from year to year.

<sup>2</sup> Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund's average daily net assets. Acquired fund fees and expenses are not reflected in the Fund's financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

<sup>3</sup> The Fund's investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 1.75% and 1.50% of the average daily net assets of the Investor Class and Institutional Class shares of the Fund, respectively. The contractual arrangement will continue until February 28, 2027, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date). The Fund's investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.

<sup>4</sup> Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund's net assets exceed $125 million.

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$179 | &nbsp;&nbsp;$577 | &nbsp;&nbsp;$1012 | &nbsp;&nbsp;$2222 |
| Institutional | &nbsp;&nbsp;$148 | &nbsp;&nbsp;$467 | &nbsp;&nbsp;$819 | &nbsp;&nbsp;$1810 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of master limited partnerships ("MLPs") and common stocks. As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. With respect to up to 10% of its total assets, the Fund may invest in high-yield debt securities, preferred shares, and convertible securities. The Fund invests without regard to market capitalization.

HENNESSY FUNDS 1-800-966-4354 31

**Investor: HMSFX**

**Institutional: HMSIX**

Under normal circumstances, the Fund invests at least 80% of its net assets in midstream energy infrastructure companies. An issuer is considered to be a midstream energy infrastructure company if it owns and operates assets used in energy logistics, including, without limitation, assets used in transporting, storing, gathering, processing, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, or electricity, or provides energy-related equipment and services.

In selecting investments for the Fund, the Portfolio Managers combine a top-down deductive reasoning approach with a detailed bottom-up analysis of individual companies that have exposure to the trends identified. The Portfolio Managers may sell all or a portion of a position of the Fund's portfolio holding for a number of reasons, including (1) the issuer's fundamentals deteriorating, (2) the parameters established for the security's profits or losses being realized, or (3) the Fund requiring cash to meet redemption requests.

The Fund is non-diversified under the Investment Company Act and under Subchapter M of the Internal Revenue Code (the "Code"). Accordingly, the Fund typically invests a greater portion of its assets, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. In addition, as a "C" corporation, the Fund generally will be subject to U.S. federal income tax on its taxable income at the tax rate applicable to corporations (currently 21%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local income taxes by reason of its investments in equity securities of MLPs.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Industry Concentration Risk:** The Fund concentrates its investments in the Energy sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets.

**Non-Diversification Risk:** The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses as a result of a single issuer's unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer's securities. As of January 31, 2026, approximately 90% of the Fund's assets were invested in its top 10 holdings.

**Tax Risks:** Tax risks associated with investments in the Fund include, but are not limited to, the following:

*Fund Structure Risk.* Unlike most open-end mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes and unlike entities treated as partnerships for tax purposes, the Fund will be taxable as a regular corporation, or "C" corporation, for U.S. federal income tax purposes. This means the Fund generally will be subject to U.S. federal income tax on its taxable income at the tax rate applicable to corporations (currently 21%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local income taxes by reason of its investments in equity securities of MLPs. Fund income and losses will not be passed through to shareholders.

*MLP Tax Risk.* A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation or other form of taxable entity for U.S. federal income tax purposes. This would require the MLP to pay U.S. federal income tax, excise tax, or another form of tax on its taxable income, thereby reducing the amount of cash available for distribution by the MLP and potentially causing any distributions received by the Fund to be taxed as dividend income, return of capital, or capital gain. Therefore, if any of the MLPs owned by the Fund were treated as corporations or other form of taxable entity for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs could be materially reduced, which could cause a material decrease in the net asset value of the Fund's shares. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund are taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099. Furthermore, because the MLP itself does not pay federal income tax, its income or loss is allocated to its shareholders, including the Fund, regardless of whether the shareholders receive any cash payment from the MLP.

*Tax Estimation/NAV Risk.* In calculating the Fund's net asset value, the Fund will account for its current taxes and deferred tax liability or asset balances. The Fund will accrue a deferred income tax liability balance, at the then-effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund from the companies in which it invests that are considered to be return of capital and for any net operating gains. Any deferred

32 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY MIDSTREAM FUND**

tax liability balance reduces the Fund's net asset value. The Fund may also accrue a deferred tax asset balance, which reflects an estimate of the Fund's future tax benefit associated with net operating losses and unrealized losses. Any deferred tax asset balance will increase the Fund's net asset value.

**MLP Risk:** Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. MLPs are generally considered interest-rate sensitive investments. During periods when interest rates are rising, these investments may not provide attractive returns.

**Dividend Distribution Risk:** The Fund's dividend distribution policy is intended to provide consistent distributions to its shareholders at a rate that over time is similar to the distribution rate the Fund receives from the companies in which it invests, without offset for the expenses of the Fund. The amount of the Fund's distributions is based on, among other considerations, cash and stock distributions the Fund actually receives from portfolio investments, including returns of capital and any special cash payments received to offset distribution reductions resulting from restructurings. Furthermore, the Fund's total distribution payment amount may be derived from net income, net profit from the sale of securities, or other capital sources (the latter of which represents a return of capital). A return of capital occurs when some or all of the money that a shareholder invested in the Fund is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income." Shareholders should not draw any conclusions about the Fund's investment performance from the amounts of these distributions. For certain securities held by the Fund, such as MLP units, the percentages attributed to each category (net income, net profit from sale, and other capital sources) are estimated using historical information because the character of the amounts received from such entities is unknown until after the end of the calendar year.

**Cash Flow Risk:** The Fund expects that a substantial portion of the cash flow it receives will be derived from its investments in MLPs. The amount and tax characterization of cash available for distribution by such companies depends upon the amount of cash generated by such companies' operations. Cash available for distribution may vary widely from quarter to quarter and will be affected by various factors affecting each company's operations. The Fund periodically will distribute more than its income and net realized capital gains, which means a portion of a shareholder's distribution would be a return of capital. A return of capital distribution reduces the basis of a shareholder's shares so a shareholder may be required to recognize a capital gain when the shareholder sells shares.

**Medium-Sized Company Risk:** The Fund invests in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

**Liquidity Risk:** MLP common units and equity securities of MLP affiliates, including I-Shares, often trade on national securities exchanges. However, certain securities, including those of issuers with smaller capitalizations, may trade less frequently. The market movements of such securities with limited trading volumes may be more abrupt or erratic than those with higher trading volumes. As a result of the limited liquidity of such securities, the Fund could have greater difficulty selling such securities at the time and price that the Fund would like. This may also adversely affect the Fund's ability to remit dividend payments to shareholders.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue

HENNESSY FUNDS 1-800-966-4354 33

**Investor: HMSFX** 

**Institutional: HMSIX**

Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

**Temporary Defensive Positions Risk:** From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political other conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500<sup>®</sup> Index, as well as an additional index that reflects the market sector in which the Fund invests, the Alerian US Midstream Energy Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund is the successor to the BP Capital TwinLine MLP Fund, a series of Professionally Managed Portfolios (the "Predecessor BP TwinLine MLP Fund"), pursuant to a reorganization that took place on October 26, 2018. The performance information provided for the periods on or prior to October 26, 2018, is historical information for the Predecessor BP TwinLine MLP Fund. The Predecessor BP TwinLine MLP Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY MIDSTREAM FUND** 

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos013.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 37.93% for the quarter ended June 30, 2020, and the lowest quarterly return was -53.24% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses.

**AVERAGE ANNUAL TOTAL RETURNS**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Midstream Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Investor Shares***<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes <sup>1</sup> | &nbsp;&nbsp;-0.74% | &nbsp;&nbsp;23.86% | &nbsp;&nbsp;7.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions <sup>1</sup> | &nbsp;&nbsp;-1.76% | &nbsp;&nbsp;22.99% | &nbsp;&nbsp;6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares <sup>1</sup> | &nbsp;&nbsp;0.32% | &nbsp;&nbsp;19.57% | &nbsp;&nbsp;5.91% |
| ***Hennessy Midstream Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;-0.47% | &nbsp;&nbsp;24.17% | &nbsp;&nbsp;7.65% |
| ***Alerian US Midstream*** |  |  |  |
| &nbsp;&nbsp; ***Energy Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;2.73% | &nbsp;&nbsp;28.23% | &nbsp;&nbsp;12.92% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

<sup>1</sup> Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load.

We use the Alerian US Midstream Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund's "return after taxes on distributions and sale of Fund shares" may be higher than its "return after taxes on distributions" because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Benton Cook, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Cook has served as a Portfolio Manager of the Fund since June 2017 and has been employed by the Investment Manager since January 2022. His service on the Fund prior to January 2022 was at the prior sub-advisor to the Fund, which he joined in 2017. Mr. Wein has served as a Portfolio Manager of the Fund since January 2022 and has been employed by the Investment Manager since September 2018.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

34 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY GAS UTILITY FUND**

**HENNESSY GAS UTILITY FUND**

***Investment Objective***

The Hennessy Gas Utility Fund seeks income and capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** | &nbsp;&nbsp;Investor | &nbsp;&nbsp;Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.40% |  | &nbsp;&nbsp;0.40% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.42% |  | &nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.32% |  | &nbsp;&nbsp;0.27% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;0.97% |  | &nbsp;&nbsp;0.67% |

---

**Example**

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$99 | &nbsp;&nbsp;$309 | &nbsp;&nbsp;$536 | &nbsp;&nbsp;$1190 |
| Institutional | &nbsp;&nbsp;$68 | &nbsp;&nbsp;$214 | &nbsp;&nbsp;$373 | &nbsp;&nbsp;$835 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund intends to provide investment results that replicate the performance of the American Gas Association Stock Index (the "AGA Stock Index"). The AGA Stock Index is maintained by the American Gas Association, a national trade association of natural gas distribution companies, and is licensed exclusively to the Investment Manager for use as an investment strategy. Calculated monthly, the AGA Stock Index consists of all member companies of the American Gas Association whose securities are traded on a U.S. stock exchange, which include natural gas distribution, gas pipeline, diversified gas, and combination gas and electric companies. The stocks included in the Fund are chosen solely on the basis of their inclusion in the AGA Stock Index.

Under normal circumstances, the Fund intends to invest at least 85% of its net assets in the common stock of companies that have natural gas distribution and transmission operations, and no attempt is made to actively manage the Fund's portfolio by using economic, financial, or market analysis. The adverse financial situation of a company will not result in its elimination from the Fund's portfolio unless the company is removed from the AGA Stock Index. The percentage of the Fund's assets invested in the stock of a particular company is approximately the same as the percentage weighting of such company in the AGA Stock Index. The percentage weighting of each company in the AGA Stock Index is an amount equal to such company's market capitalization multiplied by the percentage of such company's assets devoted to natural gas distribution and transmission. The latter component of this calculation is used to recognize the natural gas distribution and transmission component of the company's asset base.

There is no predetermined acceptable range of the difference between the total return of the AGA Stock Index and the total return of the Fund. Any difference is likely the result of various expenses incurred by the Fund, such as management fees, transaction costs, and other operating expenses, as well as

HENNESSY FUNDS 1-800-966-4354 35

**Investor: GASFX** 

**Institutional: HGASX**

subscription and redemption activity. On the other hand, the Fund does attempt to achieve a correlation of monthly returns with the AGA Stock Index of approximately 95% or better. A correlation of 100% would mean the total return of the Fund's assets would increase and decrease at exactly the same rate as the total return of the AGA Stock Index.

***Principal Risks***

As with any security, there are market and investment risks associated with an investment in the Fund. The value of an investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Industry Concentration Risk:** The Fund concentrates its investments in the natural gas and transmission industry and its performance is therefore tied closely to, and affected by, developments in this industry. Natural gas companies may be adversely affected by fluctuations in natural gas prices, reduced supply or demand of natural gas, the disruption of natural gas supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on natural gas assets.

**Index Tracking Risk:** While the Fund seeks to track the performance of the AGA Stock Index as closely as possible, the Fund's return may not always be able to match or achieve a high correlation due to factors such as the expenses incurred by the Fund, such as management fees, transaction costs, and other operating expenses, that are not incurred by the AGA Stock Index and the possibility that the Fund may experience significant subscriptions or redemptions. In addition, the Fund may not be fully invested at all times as a result of cash flows into the Fund or reserves of cash that are maintained in order to cover operating expenses and meet redemption requests.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index reflecting a broad measure of market performance, the S&P 500<sup>®</sup> Index, as well as an additional index that reflects the market sector in which the Fund invests, the AGA Stock Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

36 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY GAS UTILITY FUND**

**HENNESSY GAS UTILITY FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos014.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 14.07% for the quarter ended March 31, 2019, and the lowest quarterly return was -19.09% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class differs from that of the Fund's Investor Class shares because the share classes have different expenses.

**Average Annual Total Returns** 

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Gas Utility*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;10.40% | &nbsp;&nbsp;11.90% | &nbsp;&nbsp;9.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;7.55% | &nbsp;&nbsp;9.62% | &nbsp;&nbsp;7.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;8.22% | &nbsp;&nbsp;9.14% | &nbsp;&nbsp;7.00% |
| ***Hennessy Gas Utility*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;10.70% | &nbsp;&nbsp;12.24% | &nbsp;&nbsp;9.43% |
| ***AGA Stock Index*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;11.24% | &nbsp;&nbsp;12.65% | &nbsp;&nbsp;10.18% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

We use the AGA Stock Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund's "return after taxes on distributions and sale of Fund shares" may be higher than its "return after taxes on distributions" because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

The inception date of the Fund's Institutional Class shares is March 1, 2017. Performance shown prior to the inception of Institutional Class shares reflects the performance of the Fund's Investor Class shares and includes expenses that are not applicable to, and are higher than, the Fund's Institutional Class shares.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Manager***

Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Kelley has served as a Portfolio Manager of the Fund since October 2014, served as a Co-Portfolio Manager of the Fund from March 2013 through September 2014, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

HENNESSY FUNDS 1-800-966-4354 37

**Investor: HJPNX** 

**Institutional: HJPIX**

**HENNESSY JAPAN FUND**

***Investment Objective***

The Hennessy Japan Fund seeks long-term capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.80% |  | &nbsp;&nbsp;0.80% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.46% |  | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.36% |  | &nbsp;&nbsp;0.25% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.41% |  | &nbsp;&nbsp;1.05% |

---

<sup>1</sup> Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund's average daily net assets. Acquired fund fees and expenses are not reflected in the Fund's financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

**Example**

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$144 | &nbsp;&nbsp;$446 | &nbsp;&nbsp;$771 | &nbsp;&nbsp;$1691 |
| Institutional | &nbsp;&nbsp;$107 | &nbsp;&nbsp;$334 | &nbsp;&nbsp;$579 | &nbsp;&nbsp;$1283 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.

***Principal Investment Strategy***

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of Japanese companies. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies. The Fund invests in companies regardless of market capitalization. As of January 31, 2026, the average market capitalization of the stocks held by the Fund was $62.40 billion.

While the Fund is considered a diversified mutual fund, it employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds.

Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential "value gap" by screening for companies that they identify as having strong businesses and management, trading at attractive prices. The Portfolio Managers limit the portfolio to what they consider to be their best ideas and maintain a concentrated number of holdings. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company's prospects have changed, that a company's stock is fully valued by the market, or that the company is beginning to show deteriorating fundamentals. They also may sell an investment if it becomes, in their determination, too large of a position in the Fund.

***Principal Risks***

As with any security, there are market and investment risks associated with an investment in the Fund. The value of an

38 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY JAPAN FUND**

investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Foreign Securities, Foreign Currency, and Japan-Specific Risk:** There are specific risks associated with investing in the securities of foreign companies, including fluctuations in the exchange rates of foreign currencies that impact the U.S. dollar value of a security. The Fund concentrates its investments in the securities of Japanese companies, and the Fund's performance may be affected by the social, political, regulatory, and economic conditions in Japan. The Japanese economy has at times been negatively affected by government intervention and protectionism, excessive regulation, periods of deflation or low economic growth, an unstable financial services sector, a heavy reliance on international trade, and natural disasters such as earthquakes, tsunamis, and typhoons. Japan also faces structural challenges, including a large government debt burden, an aging and shrinking population, and changes in corporate governance practices. These issues, as well as changes in Japan's fiscal, monetary, or trade policies, may adversely affect Japanese issuers and the Fund's performance. Japan's international trade impacts Japan's economic growth, and adverse economic conditions in the United States or other trading partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may also be affected by economic, political, and social instability, territorial disputes, or other adverse developments in those countries or in the broader Asian region. In addition, Japan's relations with neighboring countries have at times been strained, which could create uncertainty in Japanese markets and adversely affect the Fund.

**Industry Concentration Risk:** From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Financials and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

**Small-Sized and Medium-Sized Companies Risk:** The Fund may invest in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Investment Company Securities Risk:** When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company's losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company.

**ETF Risk:** In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF's shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

HENNESSY FUNDS 1-800-966-4354 39

**Investor: HJPNX** 

**Institutional: HJPIX**

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell/Nomura Total Market™ Index and the Tokyo Stock Price Index (TOPIX). For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY JAPAN FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos015.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 20.72% for the quarter ended June 30, 2020, and the lowest quarterly return was -18.44% for the quarter ended March 31, 2022.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses.

**Average Annual Total Returns** 

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | One | Five | Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Japan Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;14.50% | &nbsp;&nbsp;2.34% | &nbsp;&nbsp;8.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;10.12% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;7.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;9.57% | &nbsp;&nbsp;1.53% | &nbsp;&nbsp;6.92% |
| ***Hennessy Japan Fund –*** |  |  |  |
| &nbsp;&nbsp; ***Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;14.88% | &nbsp;&nbsp;2.72% | &nbsp;&nbsp;9.03% |
| ***Russell/Nomura*** |  |  |  |
| &nbsp;&nbsp; ***Total Market Index*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;27.51% | &nbsp;&nbsp;7.23% | &nbsp;&nbsp;8.12% |
| ***TOPIX*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;25.79% | &nbsp;&nbsp;7.02% | &nbsp;&nbsp;7.92% |

---

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund's "return after taxes on distributions and sale of Fund shares" may be higher than its "return after taxes on distributions" because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

Returns are presented in U.S. dollar terms.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Sub-Advisor***

The sub-advisor for the Fund is SPARX Asset Management Co., Ltd., located in Tokyo, Japan.

***Portfolio Managers***

Masakazu Takeda, CFA and CMA, and Angus Lee, CFA are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Takeda has served as a Portfolio Manager of the Fund since November 2006, and Mr. Lee has served as a Portfolio Manager of the Fund since July 2023.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

40 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY JAPAN SMALL CAP FUND**

**HENNESSY JAPAN SMALL CAP FUND**

***Investment Objective***

The Hennessy Japan Small Cap Fund seeks long-term capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.80% |  | &nbsp;&nbsp;0.80% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.55% |  | &nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses<sup>1</sup> | &nbsp;&nbsp;0.45% |  | &nbsp;&nbsp;0.31% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.50% |  | &nbsp;&nbsp;1.11% |

---

<sup>1</sup> Includes acquired fund fees and expenses that do not exceed 0.01% of the Fund's average daily net assets. Acquired fund fees and expenses are not reflected in the Fund's financial statements, so the information presented in the expense table may differ from that presented in the financial highlights.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$153 | &nbsp;&nbsp;$474 | &nbsp;&nbsp;$818 | &nbsp;&nbsp;$1791 |
| Institutional | &nbsp;&nbsp;$113 | &nbsp;&nbsp;$353 | &nbsp;&nbsp;$612 | &nbsp;&nbsp;$1352 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45% of the average value of its portfolio.

***Principal Investment Strategy***

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of smaller Japanese companies, typically considered to be companies with market capitalizations in the bottom 20% of all publicly traded Japanese companies. As of December 31, 2025, the bottom 20% of publicly traded Japanese companies had market capitalizations below approximately 705.6 billion Japanese yen, or the equivalent of $4.6 billion. This market capitalization range will vary due to market conditions. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds, and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies.

Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential "value gap" by screening for small-cap companies that they identify as having strong businesses and management, trading at attractive prices. The portfolio is limited to what the Portfolio Managers consider to be their best ideas and is unconstrained by its benchmarks. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company's prospects have changed, that a company's stock is fully valued by the market, or that the company is beginning to show deteriorating fundamentals. They also may sell an investment if it becomes, in their determination, too large of a position in the Fund.

***Principal Risks***

As with any security, there are market and investment risks associated with an investment in the Fund. The value of an

HENNESSY FUNDS 1-800-966-4354 41

**Investor: HJPSX** 

**Institutional: HJSIX**

investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Foreign Securities, Foreign Currency, and Japan-Specific Risk:** There are specific risks associated with investing in the securities of foreign companies, including fluctuations in the exchange rates of foreign currencies that impact the U.S. dollar value of a security. The Fund concentrates its investments in the securities of Japanese companies, and the Fund's performance may be affected by the social, political, regulatory, and economic conditions in Japan. The Japanese economy has at times been negatively affected by government intervention and protectionism, excessive regulation, periods of deflation or low economic growth, an unstable financial services sector, a heavy reliance on international trade, and natural disasters such as earthquakes, tsunamis, and typhoons. Japan also faces structural challenges, including a large government debt burden, an aging and shrinking population, and changes in corporate governance practices. These issues, as well as changes in Japan's fiscal, monetary, or trade policies, may adversely affect Japanese issuers and the Fund's performance. Japan's international trade impacts Japan's economic growth, and adverse economic conditions in the United States or other trading partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may also be affected by economic, political, and social instability, territorial disputes, or other adverse developments in those countries or in the broader Asian region. In addition, Japan's relations with neighboring countries have at times been strained, which could create uncertainty in Japanese markets and adversely affect the Fund.

**Industry Concentration Risk:** From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Industrials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability.

**Small-Sized and Medium-Sized Companies Risk:** The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Investment Company Securities Risk:** When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company's losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company.

**ETF Risk:** In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF's shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Tokyo Stock Price Index (TOPIX), as well as an additional index

42 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY JAPAN SMALL CAP FUND**

that reflects the types of securities in which the Fund invests, the Russell/Nomura Small Cap™ Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

**HENNESSY JAPAN SMALL CAP FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos016.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 19.35% for the quarter ended June 30, 2020, and the lowest quarterly return was -23.20% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses and inception dates.

**Average Annual Total Returns** 

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Japan Small Cap*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;28.89% | &nbsp;&nbsp;5.29% | &nbsp;&nbsp;9.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;25.33% | &nbsp;&nbsp;4.58% | &nbsp;&nbsp;9.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;19.78% | &nbsp;&nbsp;4.23% | &nbsp;&nbsp;7.95% |
| ***Hennessy Japan Small Cap*** |  |  |  |
| &nbsp;&nbsp; ***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;29.42% | &nbsp;&nbsp;5.71% | &nbsp;&nbsp;10.01% |
| ***Russell/Nomura*** |  |  |  |
| &nbsp;&nbsp; ***Small Cap™ Index*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;29.53% | &nbsp;&nbsp;5.96% | &nbsp;&nbsp;7.07% |
| ***TOPIX*** |  |  |  |
| &nbsp;&nbsp; *****(reflects no deduction for* |  |  |  |
| &nbsp;&nbsp; *fees, expenses, or taxes)* | &nbsp;&nbsp;25.79% | &nbsp;&nbsp;7.02% | &nbsp;&nbsp;7.92% |

---

We use the Russell/Nomura Small Cap™ Index as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

Returns are presented in U.S. dollar terms.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Sub-Advisor***

The sub-advisor for the Fund is SPARX Asset Management Co., Ltd., located in Tokyo, Japan.

***Portfolio Managers***

Takenari Okumura, CMA, and Tadahiro Fujimura, CFA and CMA are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Okumura has served as Portfolio Manager of the Fund since February 2020, and Mr. Fujimura has served as Portfolio Manager of the Fund since its inception in 2007.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

HENNESSY FUNDS 1-800-966-4354 43

**Investor: HLFNX**

**Institutional: HILFX**

**HENNESSY LARGE CAP FINANCIAL FUND**

***Investment Objective***

The Hennessy Large Cap Financial Fund seeks capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.90% |  | &nbsp;&nbsp;0.90% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.83% |  | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.73% |  | &nbsp;&nbsp;0.65% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.88% |  | &nbsp;&nbsp;1.55% |

---

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$191 | &nbsp;&nbsp;$591 | &nbsp;&nbsp;$1016 | &nbsp;&nbsp;$2201 |
| Institutional | &nbsp;&nbsp;$158 | &nbsp;&nbsp;$490 | &nbsp;&nbsp;$845 | &nbsp;&nbsp;$1845 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund's investments consist primarily of common stocks.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of large-cap companies principally engaged in the business of providing financial services, including information technology companies that are primarily engaged in providing products or services to financial services companies. An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate. Investments may include mortgage banking companies, discount brokerage companies, insurance companies, consumer finance companies, payment processing companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, and real estate investment trusts. The Fund considers a large-cap company to be one that has a market capitalization of $3 billion or more, measured at the time of purchase.

When evaluating securities to purchase in the banking industry, the Portfolio Managers generally select companies that have low price-to-earnings and low price-to-book ratios relative to peers. When evaluating other financial service companies, the Portfolio Managers generally focus on companies using technology to develop and grow alternative delivery channels of traditional financial products. They view digital financial services as a long-term growth opportunity. The Portfolio Managers may choose to sell a security if they believe it has reached an excessive valuation level, when the company's specific metrics or industry fundamentals deteriorate, or if the investment process

44 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY LARGE CAP FINANCIAL FUND**

identifies a potentially superior investment idea. They may also choose to sell a position when the company's market capitalization drops below $3 billion.

The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Industry Concentration Risk:** The Fund primarily invests in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors.

**Mortgage and Real Estate Investments Risk:** Because the Fund focuses on financial services companies that issue mortgages and invest in mortgage-backed securities and other real estate investments, the Fund is subject to risks associated with the real estate market. Mortgages and real estate investments are particularly sensitive to economic downturns, changes in regulations, and fluctuating interest rates. In particular, they are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns.

**Medium-Sized Companies Risk:** The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

**Non-Diversification Risk:** The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer's unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer's securities.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Temporary Defensive Positions Risk:** From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 1000<sup>®</sup> Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 1000<sup>®</sup> Index Financials. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

HENNESSY FUNDS 1-800-966-4354 45

**Investor: HLFNX**

**Institutional: HILFX**

**HENNESSY LARGE CAP FINANCIAL FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos017.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 22.26% for the quarter ended December 31, 2016, and the lowest quarterly return was -25.61% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses and inception dates.

**Average Annual Total Returns**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Large Cap Financial*** |  |  |  |
|  ***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;22.00% | &nbsp;&nbsp;7.90% | &nbsp;&nbsp;10.36% |
| &nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;19.85% | &nbsp;&nbsp;6.80% | &nbsp;&nbsp;9.59% |
| &nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;14.53% | &nbsp;&nbsp;6.05% | &nbsp;&nbsp;8.40% |
| ***Hennessy Large Cap Financial*** |  |  |  |
|  ***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;22.41% | &nbsp;&nbsp;8.26% | &nbsp;&nbsp;10.75% |
| ***Russell 1000<sup>®</sup> Index Financials*** |  |  |  |
| *****(reflects no deduction for* |  |  |  |
| *fees, expenses, or taxes)* | &nbsp;&nbsp;18.65% | &nbsp;&nbsp;16.79% | &nbsp;&nbsp;15.03% |
| ***Russell 1000<sup>®</sup> Index*** |  |  |  |
| *****(reflects no deduction for* |  |  |  |
| *fees, expenses, or taxes)* | &nbsp;&nbsp;17.37% | &nbsp;&nbsp;13.59% | &nbsp;&nbsp;14.59% |

---

We use the Russell 1000<sup>®</sup> Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

David H. Ellison and Ryan C. Kelley, CFA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Ellison has served as a Portfolio Manager of the Fund since its inception in 1997 and has been employed by the Investment Manager since 2012. Mr. Kelley has served as a Portfolio Manager of the Fund since October 2014, served as a Co-Portfolio Manager of the Fund from March 2013 through September 2014, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

46 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY SMALL CAP FINANCIAL FUND**

**HENNESSY SMALL CAP FINANCIAL FUND**

***Investment Objective***

The Hennessy Small Cap Financial Fund seeks capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.90% |  | &nbsp;&nbsp;0.90% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;0.60% |  | &nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;0.43% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;1.65% |  | &nbsp;&nbsp;1.33% |

---

**Example**

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$168 | &nbsp;&nbsp;$520 | &nbsp;&nbsp;$897 | &nbsp;&nbsp;$1955 |
| Institutional | &nbsp;&nbsp;$135 | &nbsp;&nbsp;$421 | &nbsp;&nbsp;$729 | &nbsp;&nbsp;$1601 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 35% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund's investments consist primarily of common stocks.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-cap companies principally engaged in the business of providing financial services. An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate. Investments may include mortgage banking companies, discount brokerage companies, insurance companies, consumer finance companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, companies in the information technology industries that are primarily engaged in providing products or services to the types of companies listed above, and real estate investment trusts. The Fund considers a small-cap company to be one that has a market capitalization of less than $3 billion, measured at the time of purchase.

When evaluating securities to purchase, the Portfolio Managers generally look for companies that have low price-to-earnings ratios and low price-to-book ratios relative to other financial services companies. The Portfolio Managers may choose to sell a security if they believe it has reached an excessive valuation level, when the company's specific metrics or industry fundamentals deteriorate, or if the investment process identifies a potentially superior investment idea. They may also choose to sell a position when the company's market capitalization rises above $3 billion.

HENNESSY FUNDS 1-800-966-4354 47

**Investor: HSFNX**

**Institutional: HISFX**

The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Industry Concentration Risk:** The Fund primarily invests in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors.

**Mortgage and Real Estate Investments Risk:** Because the Fund focuses on financial services companies that issue mortgages and invest in mortgage-backed securities and other real estate investments, the Fund is subject to risks associated with the real estate market. Mortgages and real estate investments are particularly sensitive to economic downturns, changes in regulations, and fluctuating interest rates. In particular, they are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns.

**Small-Sized and Medium-Sized Companies Risk:** The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Non-Diversification Risk:** The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer's unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer's securities.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

**Temporary Defensive Positions Risk:** From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 2000<sup>®</sup> Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 2000<sup>®</sup> Index Financials. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

48 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY SMALL CAP FINANCIAL FUND**

**HENNESSY SMALL CAP FINANCIAL FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos018.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 57.27% for the quarter ended December 31, 2020, and the lowest quarterly return was -38.05% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses and inception dates.

**Average Annual Total Returns**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Small Cap Financial*** |  |  |  |
|  ***Fund – Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;12.78% | &nbsp;&nbsp;10.64% | &nbsp;&nbsp;8.61% |
| &nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;10.13% | &nbsp;&nbsp;9.10% | &nbsp;&nbsp;7.08% |
| &nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;9.49% | &nbsp;&nbsp;8.32% | &nbsp;&nbsp;6.70% |
| ***Hennessy Small Cap Financial*** |  |  |  |
|  ***Fund – Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;13.17% | &nbsp;&nbsp;11.03% | &nbsp;&nbsp;8.99% |
| ***Russell 2000<sup>®</sup> Index Financials*** |  |  |  |
| *****(reflects no deduction for* |  |  |  |
| *fees, expenses, or taxes)* | &nbsp;&nbsp;7.85% | &nbsp;&nbsp;9.16% | &nbsp;&nbsp;8.85% |
| ***Russell 2000<sup>®</sup> Index*** |  |  |  |
| *****(reflects no deduction for* |  |  |  |
| *fees, expenses, or taxes)* | &nbsp;&nbsp;12.81% | &nbsp;&nbsp;6.09% | &nbsp;&nbsp;9.62% |

---

We use the Russell 2000<sup>®</sup> Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund.

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

David H. Ellison and Ryan C. Kelley, CFA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Ellison has served as a Portfolio Manager of the Fund since its inception in 1997 and has been employed by the Investment Manager since 2012. Mr. Kelley has served as a Portfolio Manager of the Fund since October 2014, served as a Co-Portfolio Manager of the Fund from March 2013 through September 2014, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

HENNESSY FUNDS 1-800-966-4354 49

**Investor: HTECX**

**Institutional: HTCIX**

**HENNESSY TECHNOLOGY FUND**

***Investment Objective***

The Hennessy Technology Fund seeks long-term capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** | Investor | Institutional |
| *(fees paid directly from your investment)* | &nbsp;&nbsp;None | &nbsp;&nbsp;None |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |  |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |  |  |
| Management Fees |  | &nbsp;&nbsp;0.74% |  | &nbsp;&nbsp;0.74% |
| Distribution and Service *(12b-1)* Fees |  | &nbsp;&nbsp;0.15% |  |  |
| Other Expenses |  | &nbsp;&nbsp;1.99% |  | &nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing | &nbsp;&nbsp;0.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Other Expenses | &nbsp;&nbsp;1.89% |  | &nbsp;&nbsp;1.86% |  |
| Total Annual Fund Operating Expenses |  | &nbsp;&nbsp;2.88% |  | &nbsp;&nbsp;2.60% |
| Expense Reimbursement<sup>1,2</sup> |  | &nbsp;&nbsp;(1.64)% |  | &nbsp;&nbsp;(1.61)% |
| Total Annual Fund Operating Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After Expense Reimbursement |  | &nbsp;&nbsp;1.24% |  | &nbsp;&nbsp;0.99% |

---

<sup>1</sup> The Fund's investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Fund's investment manager, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 0.98% of the average daily net assets of Investor Class and Institutional Class shares of the Fund. The contractual arrangement will continue until February 28, 2027, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date). The Fund's investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.

<sup>2</sup> Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund's net assets exceed $125 million.

**Example**

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses are equal to the total annual fund operating expenses after expense reimbursement for the first year and equal to total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| Investor | &nbsp;&nbsp;$126 | &nbsp;&nbsp;$713 | &nbsp;&nbsp;$1351 | &nbsp;&nbsp;$3068 |
| Institutional | &nbsp;&nbsp;$101 | &nbsp;&nbsp;$631 | &nbsp;&nbsp;$1213 | &nbsp;&nbsp;$2795 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 99% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts ("ADRs"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.

Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies that are principally engaged in the research, design, development, manufacturing, or distributing of products or services in the technology industry. Potential investments include, but are not limited to, the following sub-industries: IT consulting and other services, internet services and infrastructure, application software, systems software, communications equipment, technology hardware, storage and peripherals, electronic equipment and instruments, electronic components, electronic manufacturing services, technology distributors, semiconductor materials and equipment, semiconductors, interactive home entertainment, and interactive media and services.

50 WWW.HENNESSYFUNDS.COM

**SECTOR & SPECIALTY *–* HENNESSY TECHNOLOGY FUND**

From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations exceeding $175 million, the portfolio management team identifies approximately 60 stocks (weighted equally by dollar amount) with the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Sector-leading cash flows and profits

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; History of delivering returns in excess of cost of capital

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Attractive relative valuation

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Ability to generate cash

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Attractive balance sheet risk profile

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Prospects for sustainable profitability

The universe of stocks is re-screened and the portfolio is rebalanced at least quarterly.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. The principal risks of investing in the Fund include the following:

**Industry Concentration Risk:** The Fund concentrates its investments within the Information Technology sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Technology companies face intense competition and may be subject to extensive regulatory requirements. They may have limited product lines, markets, financial resources, or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, and unpredictable changes in growth rates.

**High Portfolio Turnover Risk:** High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund's performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account.

**Small-Sized and Medium-Sized Companies Risk:** The Fund may invest in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Foreign Securities Risk:** The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Nasdaq Composite Index and the S&P 500<sup>®</sup> Index. For additional information on these indices, please see "Descriptions of Indices" on page 68 of this Prospectus. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com.

HENNESSY FUNDS 1-800-966-4354 51

**Investor: HTECX**

**Institutional: HTCIX**

**HENNESSY TECHNOLOGY FUND**

**CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES**

![](hennessy485bpos019.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 26.01% for the quarter ended June 30, 2020, and the lowest quarterly return was -22.30% for the quarter ended March 31, 2020.

Performance of the Fund's Institutional Class shares differs from that of the Fund's Investor Class shares because the share classes have different expenses and inception dates.

**Average Annual Total Returns**

*(for the periods ended December 31, 2025)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Five | &nbsp;&nbsp;Ten |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;Years | &nbsp;&nbsp;Years |
| ***Hennessy Technology Fund –*** |  |  |  |
|  ***Investor Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;15.38% | &nbsp;&nbsp;9.00% | &nbsp;&nbsp;13.11% |
| &nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;9.45% | &nbsp;&nbsp;5.79% | &nbsp;&nbsp;10.30% |
| &nbsp;&nbsp;&nbsp;Return after taxes |  |  |  |
| &nbsp;&nbsp;&nbsp; on distributions and |  |  |  |
| &nbsp;&nbsp;&nbsp; sale of Fund shares | &nbsp;&nbsp;11.39% | &nbsp;&nbsp;6.08% | &nbsp;&nbsp;9.79% |
| ***Hennessy Technology Fund –*** |  |  |  |
|  ***Institutional Shares*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;15.61% | &nbsp;&nbsp;9.27% | &nbsp;&nbsp;13.40% |
| ***Nasdaq Composite Index*** |  |  |  |
| *****(reflects no deduction for* |  |  |  |
| *fees, expenses, or taxes)* | &nbsp;&nbsp;21.14% | &nbsp;&nbsp;13.35% | &nbsp;&nbsp;17.66% |
| ***S&P 500<sup>®</sup> Index*** |  |  |  |
| *****(reflects no deduction for* |  |  |  |
| *fees, expenses, or taxes)* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.82% |

---

The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund's "return after taxes on distributions and sale of Fund shares" may be higher than its "return after taxes on distributions" because it may include a tax benefit due to the capital losses generated by the sale of Fund shares.

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Portfolio Managers***

Ryan C. Kelley, CFA, and L. Joshua Wein, CAIA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Kelley has served as a Portfolio Manager of the Fund since May 2018, served as a Co-Portfolio Manager of the Fund from February 2017 to May 2018, has served as the Chief Investment Officer of the Hennessy Funds since March 2021, and has been employed by the Investment Manager since 2012. Mr. Wein has served as a Portfolio Manager of the Fund since February 2021, as a Co-Portfolio Manager from February 2019 until February 2021, and previously served as a Senior Portfolio Analyst of the Fund from the time he joined the Investment Manager in September 2018 until February 2019.

*For important information about the purchase and sale of Fund shares, taxes, and financial intermediary compensation, please turn to "Important Additional Fund Information" on page 53 of this Prospectus.*

52 WWW.HENNESSYFUNDS.COM

**IMPORTANT ADDITIONAL FUND INFORMATION**

***Purchase and Sale of Fund Shares***

Institutional Class shares are available only to shareholders who invest directly in Fund shares or who invest through certain broker-dealers or financial institutions that have entered into appropriate arrangements with a Fund.

To purchase Fund shares, you may contact your broker-dealer or other financial intermediary. To purchase Fund shares directly from the Hennessy Funds, or for assistance with completing your application, please call 1-800-966-4354 or 1-415-899-1555 between 9:00 a.m. and 7:00 p.m. Eastern time/6:00 a.m. and 4:00 p.m. Pacific time on Monday through Thursday or between 9:00 a.m. and 5:00 p.m. Eastern time/6:00 a.m. and 2:00 p.m. Pacific time on Friday (excluding holidays). You may buy Fund shares any day the New York Stock Exchange ("NYSE") is open.

The minimum initial investment in Investor Class shares of a Fund is $2,500 for regular accounts and $250 for Individual Retirement Accounts. The minimum initial investment in Institutional Class shares of a Fund is $250,000. For corporate-sponsored retirement plans, there is no minimum initial investment for either Investor Class or Institutional Class shares. There is no subsequent minimum investment requirement. A $100 minimum exists for each additional investment made through an Automatic Investment Plan. The Funds may waive the minimum investment requirements from time to time. Investors purchasing Fund shares through financial intermediaries' asset-based fee programs may have the above minimums waived by their intermediary, since the intermediary, rather than the Funds, absorbs the increased costs of small purchases.

You may redeem Fund shares each day the NYSE is open either by mail (Hennessy Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219381, Kansas City, MO 64121-9381) or by calling the Transfer Agent at 1-800-261-6950 between 9:00 a.m. and 8:00 p.m. Eastern time/6:00 a.m. and 5:00 p.m. Pacific time on Monday through Friday (excluding holidays). Investors who wish to redeem Fund shares through a broker-dealer or other financial intermediary should contact the intermediary regarding the hours during which orders to redeem Fund shares may be placed.

***Tax Information***

The Funds' distributions generally will be taxable to you as ordinary income or capital gains regardless of whether they are paid in cash or reinvested in Fund shares, unless you invest through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions may be taxable at a later date.

***Payments to Broker-Dealers and Other Financial Intermediaries***

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Investment Manager, and their related companies may pay the intermediary for performing shareholder services or distribution-related services for the Fund, including, without limitation, administrative, sub-transfer agency type, recordkeeping, and shareholder communication services. If made, these payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your financial adviser to recommend a Fund over another investment. Similarly, such payments may cause financial intermediaries to elevate the prominence of the Fund within its organization by, for example, placing it on a list of preferred funds. Ask your financial adviser or visit your financial intermediary's website for more information.

HENNESSY FUNDS 1-800-966-4354 53

**ADDITIONAL INVESTMENT INFORMATION**

In order to provide a degree of flexibility, each Fund may change its investment objective without obtaining shareholder approval. If a Fund does so, it must provide 60 days' notice to shareholders prior to implementing the change. An investment objective is not a guarantee. The Statement of Additional Information for the Funds, which is incorporated by reference into this Prospectus, contains a description of the Funds' policies and procedures regarding disclosure of their portfolio holdings.

If a Fund acquires another fund, the Fund may hold indefinitely the portfolio securities transferred to the Fund from the acquired fund ("acquired portfolio securities") unless this violates the investment limitations of the Fund. The Fund may sell acquired portfolio securities in the ordinary course of business in order to rebalance its portfolio or adjust its portfolio in accordance with its investment strategy or to meet redemption requests.

No Fund will purchase or hold any securities issued by CBIZ, Inc. due to auditor independence requirements.

The following statements apply to the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, and the Hennessy Technology Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
Fund only purchases stocks that have historical trading volume sufficient to allow for purchase of the required number of shares
without materially affecting the share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
Fund selects stocks from investable common stocks of public companies in the S&P Capital IQ Database. The S&P Capital
IQ Database is a robust and comprehensive source of data on publicly traded domestic and foreign common stocks and contains financial,
statistical, and market data for different regions of the world.<sup>1</sup> The Portfolio Managers may conduct an initial screening
of common stocks in the Database to remove certain stocks based on characteristics such as limited liquidity, share price below
a minimum threshold, and irregularity of dividends.

<sup>1</sup> Although S&P Global Market Intelligence ("S&P Global") obtains information for inclusion in, or for use in, the S&P Capital IQ Database from sources that it considers reliable, S&P Global does not guarantee the accuracy or completeness of the information contained in the S&P Capital IQ Database. S&P Global makes no warranty, express or implied, as to the results to be obtained by the Funds and the advisability of investing in the Funds, or any other persons or entity from the use of the S&P Capital IQ Database. S&P Global makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the S&P Capital IQ Database. "Standard & Poor's," "S&P," and "Capital IQ" are trademarks of S&P Global. The Funds are not sponsored, endorsed, sold, or promoted by S&P Global or any of its affiliates or parent companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
Fund offers a consistent and disciplined approach to investing based on a buy and hold philosophy that rejects the idea of market
timing. Except as provided below, the Investment Manager expects stocks held in each Fund's portfolio to remain the same
until the next rebalance period, regardless of any adverse developments concerning a company, an industry, the economy, or the
stock market generally. However, in the event that earnings or other information that formed the basis for selecting a stock are
restated and the resulting data would have precluded the stock from being selected for the portfolio, the Investment Manager reserves
the right to replace that stock with another stock meeting the Fund's criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When
each Fund receives new cash flow from the sale of its shares, it is first used to the extent necessary to meet redemptions. Any
remaining cash is invested pro rata across the Fund's portfolio (without any intention to rebalance the portfolio on an
interim basis). Such purchases are generally made on a weekly basis, but may be made on a more or less frequent basis at the discretion
of the Investment Manager depending on certain factors, including the size of the Fund and the amount of cash to be invested.
To the extent redemptions exceed new cash flow, each Fund may meet redemption requests by selling securities on a pro rata basis.
Thus, interim purchases and sales of securities are based on current portfolio weightings and are made without regard to whether
or not a particular security continues to meet the Fund's criteria.

In the event of extreme market volatility, the Investment Manager reserves the right to forego the use of three-month or six-month positive stock price appreciation criteria in selecting stocks for the portfolios of the Hennessy Cornerstone Growth Fund and the Hennessy Cornerstone Mid Cap 30 Fund.

The following statements apply to both the Hennessy Total Return Fund and the Hennessy Balanced Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In
an effort to minimize transaction costs, each Fund may accumulate funds and make purchases in larger blocks to avoid odd lot transactions.
However, neither Fund takes temporary defensive positions. Each Fund invests accumulated funds in money market instruments (such
as U.S. Treasury securities, commercial paper, commercial paper master notes, and repurchase agreements) or money market funds.

54 WWW.HENNESSYFUNDS.COM

**ADDITIONAL INVESTMENT INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When
funding redemption requests, each Fund first utilizes any accumulated funds described above. If it is necessary for the Fund to
sell portfolio securities to meet redemption requests, it endeavors to maintain its asset allocation strategy. Each Fund may vary
the percentage of each issue of common stock sold to avoid odd lot transactions, thereby reducing total transaction costs.

HENNESSY FUNDS 1-800-966-4354 55

**MANAGEMENT OF THE FUNDS**

***Investment Manager***

Hennessy Advisors, Inc. is a registered investment advisor and is the investment manager of the Funds. The Investment Manager's address is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945.

The Investment Manager has been providing investment advisory services since 1989. The Investment Manager furnishes each Fund with office space and certain administrative services and provides most of the personnel needed by the Funds. As of January 31, 2026, the Investment Manager managed approximately $4.2 billion of net assets on behalf of the Hennessy Funds Trust.

***Management Fees***

For its services, each Fund pays the Investment Manager a monthly management fee based upon its average daily net assets. For the most recent fiscal year, the Funds paid the Investment Manager the following management fees, which remain current as of the date of this Prospectus.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;Management Fee |
| (All Class Shares) | &nbsp;&nbsp;(As a % of Fund Assets) |
| Hennessy Cornerstone Growth Fund | &nbsp;&nbsp;0.74% |
| Hennessy Focus Fund | &nbsp;&nbsp;0.90% |
| Hennessy Cornerstone Mid Cap 30 Fund | &nbsp;&nbsp;0.74% |
| Hennessy Cornerstone Large Growth Fund | &nbsp;&nbsp;0.74% |
| Hennessy Cornerstone Value Fund | &nbsp;&nbsp;0.74% |
| Hennessy Total Return Fund | &nbsp;&nbsp;0.60% |
| Hennessy Equity and Income Fund | &nbsp;&nbsp;0.80% |
| Hennessy Balanced Fund | &nbsp;&nbsp;0.60% |
| Hennessy Energy Transition Fund | &nbsp;&nbsp;1.25% |
| Hennessy Midstream Fund | &nbsp;&nbsp;1.10% |
| Hennessy Gas Utility Fund | &nbsp;&nbsp;0.40% |
| Hennessy Japan Fund | &nbsp;&nbsp;0.80% |
| Hennessy Japan Small Cap Fund | &nbsp;&nbsp;0.80% |
| Hennessy Large Cap Financial Fund | &nbsp;&nbsp;0.90% |
| Hennessy Small Cap Financial Fund | &nbsp;&nbsp;0.90% |
| Hennessy Technology Fund | &nbsp;&nbsp;0.74% |

---

A discussion regarding the basis for the Board of Trustees' approval of the investment advisory agreement and, if applicable, the sub-advisory agreement for each Fund is available in the semi-annual report or Form N-CSR of the applicable Fund for the most recent period ended April 30.

***Portfolio Managers Employed by the Investment Manager***

Where a Fund is managed by multiple Portfolio Managers, such management is conducted with research, stock selection, portfolio composition, and day-to-day trading decisions distributed equally among the Portfolio Managers.

**Neil J. Hennessy** has served as the Chief Market Strategist of the Hennessy Funds since March 2021. He served as a Portfolio Manager of the Hennessy Cornerstone Growth Fund and the Hennessy Cornerstone Value Fund since June 2000 and of the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Total Return Fund, and the Hennessy Balanced Fund since their inception dates. Mr. Hennessy has been the Chief Executive Officer and Chairman of the Board of Directors of the Investment Manager since its organization in 1989.

**Benton Cook**, CFA, has served as a Portfolio Manager of the Hennessy Energy Transition Fund since September 2019 and of the Hennessy Midstream Fund since June 2017. His service on such funds prior to January 2022 was at BP Capital Fund Advisors, LLC, the prior sub-advisor to the funds, which he joined in 2017. Mr. Cook has been employed by the Investment Manager since January 2022.

**David H. Ellison** has served as a Portfolio Manager of the Hennessy Large Cap Financial Fund and the Hennessy Small Cap Financial Fund since their inception in 1997. He has been employed by the Investment Manager since 2012. Prior to that, Mr. Ellison was employed by FBR Fund Advisers, Inc.

**Ryan C. Kelley**, CFA, has served as the Chief Investment Officer of the Hennessy Funds since March 2021. He has served as a Portfolio Manager of the Hennessy Gas Utility Fund, the Hennessy Large Cap Financial Fund, and the Hennessy Small Cap Financial Fund since October 2014 and previously served as a Co-Portfolio Manager of those same Funds from March 2013 through September 2014. 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

56 WWW.HENNESSYFUNDS.COM

**MANAGEMENT OF THE FUNDS**

as a Co-Portfolio Manager of the Hennessy Technology Fund from February 2017 to May 2018. Mr. Kelley has been employed by the Investment Manager since 2012. Prior to that, he was employed by FBR Fund Advisers, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;**L. Joshua Wein**, CAIA, has served as a Portfolio Manager of the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone 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 2021, as a Co-Portfolio Manager of those same Funds from February 2019 to January 2021, and as a Senior Portfolio Analyst of those same Funds from the time he joined the Investment Manager in September 2018 until February 2019. He also has served as a Portfolio Manager of the Hennessy Energy Transition Fund and the Hennessy Midstream Fund since January 2022. Mr. Wein served as Director of Alternative Investments and Co-Portfolio Manager at Sterling Capital Management from 2008 to 2018.

***Sub-Advisors***

The Investment Manager has delegated the day-to-day management of the portfolio composition of the Hennessy Focus Fund to Broad Run Investment Management, LLC ("Broad Run"), located at 1530 Wilson Blvd., Suite 530, Arlington, VA 22209. Broad Run has been registered with the Securities and Exchange Commission (the "SEC") as an investment adviser since 2012.

The Investment Manager has delegated the day-to-day management of the portfolio composition of the equity allocation of the Hennessy Equity and Income Fund to The London Company of Virginia, LLC ("The London Company"), located at 1800 Bayberry Court, Suite 301, Richmond, VA 23226. The London Company is registered with the SEC as an investment adviser and has been providing investment advisory services since 1994.

The Investment Manager has delegated the day-to-day management of the portfolio composition of the fixed income allocation of the Hennessy Equity and Income Fund to FCI Advisors, located at 5901 College Boulevard, Suite 110, Overland Park, KS 66211. FCI Advisors is registered with the SEC as an investment adviser and has been providing investment advisory services since 1966.

The Investment Manager has delegated the day-to-day management of the portfolio composition of the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund to SPARX Asset Management Co., Ltd. ("SPARX"), located at Shinagawa Season Terrace 6F, 1-2-70 Konan, Minato-ku, Tokyo 108-0075, Japan. SPARX is a wholly owned subsidiary of SPARX Group Co., Ltd., is a publicly listed company traded on the First Section of the Tokyo Stock Exchange. SPARX is registered with the SEC as an investment adviser. In addition, SPARX is registered with the Japanese authority to conduct activities in the investment management business, the investment advisory and agency business, the first financial instruments business, and the second financial instruments business. The first financial instruments business involves, among other things, engaging in the solicitation, sale, and purchase, as well as acting as an intermediary for sales and purchases, of securities with high liquidity, over-the-counter derivatives trading, and customer asset administration. The second financial instruments business involves, among other things, engaging in the solicitation, sale, and purchase, as well as acting as an intermediary for sales and purchases, of securities with lower liquidity and handling offerings of trust beneficiary rights and limited partnership interests.

***Portfolio Managers Employed by***

***Sub-Advisors***

Where a Fund is managed by multiple Portfolio Managers, such management is conducted with research, stock selection, portfolio composition, and day-to-day trading decisions distributed equally among the Portfolio Managers unless specifically noted otherwise.

**HENNESSY FOCUS FUND – BROAD RUN investment management, LLC**

**David S. Rainey**, CFA, has served as a Co-Portfolio Manager of the Fund since 2009. Prior to October 26, 2012, Mr. Rainey was employed by FBR Fund Advisers, Inc. Before joining FBR Fund Advisers, Inc. in 2009, Mr. Rainey served as a Senior Research Analyst at Akre Capital Management, the prior sub-advisor to the Fund, which he joined in 1998.

**Brian E. Macauley**, CFA, has served as a Co-Portfolio Manager of the Fund since 2009. Prior to October 26, 2012, Mr. Macauley was employed by FBR Fund Advisers, Inc. Before joining FBR Fund Advisers, Inc. in 2009, Mr. Macauley served as a Research Analyst at Akre Capital Management, the prior sub-advisor to the Fund, which he joined in 2003.

**Ira M. Rothberg**, CFA, has served as a Co-Portfolio Manager of the Fund since 2009. Prior to October 26, 2012, Mr. Rothberg was employed by FBR Fund Advisers, Inc. Before joining FBR Fund Advisers, Inc. in 2009, Mr. Rothberg served as a Research Analyst at Akre Capital Management, the prior sub-advisor to the Fund, which he joined in 2004.

HENNESSY FUNDS 1-800-966-4354 57

**HENNESSY EQUITY AND INCOME FUND – EQUITY** 

**ALLOCATION – THE LONDON COMPANY OF VIRGINIA, LLC**

**Stephen M. Goddard**, CFA, has served as a Portfolio Manager of the equity allocation of the Fund since 2007. He is the Founder of The London Company and heads The London Company's Investment Team as Chief Investment Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**J. Brian Campbell**, CFA, has served as a Portfolio Manager of the equity allocation of the Fund since 2010. He is a member of The London Company's Investment Team.

**Samuel D. Hutchings**, CFA, has served as a Portfolio Manager of the equity allocation of the Fund since February 2020. He has been employed by The London Company since 2015, where he started as a research analyst. He is a member of The London Company's Investment Team.

**HENNESSY EQUITY AND INCOME FUND – FIXED INCOME** 

**ALLOCATION – FCI ADVISORS**

**Gary B. Cloud**, CFA, has served as a Portfolio Manager of the fixed income allocation of the Fund since 2007. He is a Senior Vice President and Portfolio Manager of FCI Advisors and serves as a member of FCI Advisors' Fixed Income Investment Committee.

**Peter G. Greig**, CFA, has served as a Portfolio Manager of the fixed income allocation of the Fund since 2007. He is a Senior Vice President and Portfolio Manager of FCI Advisors and chairs FCI Advisors' Fixed Income Investment Committee.

**HENNESSY JAPAN FUND AND HENNESSY JAPAN SMALL** 

**CAP FUND – SPARX ASSET MANAGEMENT CO., LTD.**

The Funds are sub-advised by the largest independent manager in Japan with some of the most experienced Asia-based asset management specialists.

The reference below to the title "CMA" designates that individual as a Chartered Member of the Security Analysts Association of Japan.

**Takenari Okumura**, CMA, has served as a Portfolio Manager of the Hennessy Japan Small Cap Fund since February 2020 and has primary responsibility for the day-to-day management of the portfolio composition of the Fund. He joined SPARX in 2008 as an analyst and became a fund manager in 2015.

**Masakazu Takeda**, CFA and CMA, has served as a Portfolio Manager of the Hennessy Japan Fund since November 2006 and has primary responsibility for the day-to-day management of the portfolio composition of the Fund. He has been an analyst and fund manager with SPARX since 1999.

**Tadahiro Fujimura**, CFA and CMA, has served as a Portfolio Manager of the Hennessy Japan Small Cap Fund since its inception in 2007. He served as the Chief Investment Officer of SPARX from April 2013 to March 2025 and served as the head of the Investment & Research Division from April 2010 to December 2015.

**Angus Lee**, CFA, has served as a Portfolio Manager of the Hennessy Japan Fund since July 2023. He joined SPARX in 2017 as an analyst and became a fund manager in 2019.

***Sub-Advisory Fee***

For the most recent fiscal year, the Investment Manager (not the Funds) paid a sub-advisory fee, based on the daily net assets of each sub-advised Fund, at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
the Hennessy Focus Fund, at the rate of 0.29%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
the equity allocation of the Hennessy Equity and Income Fund, at the rate of 0.33%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
the fixed income allocation of the Hennessy Equity and Income Fund, at the rate of 0.27%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund, at the rate of 0.35% of the first $500 million of its daily
net assets, 0.40% of the next $500 million of its daily net assets, and 0.42% of its daily net assets over $1 billion.

The Investment Manager pays sub-advisory fees from its own assets, and these fees are not additional expenses of the Funds.

58 WWW.HENNESSYFUNDS.COM

**MANAGEMENT OF THE FUNDS**

***Additional Investment Manager***

***and Sub-Advisor Information***

The Statement of Additional Information for the Funds, which is incorporated by reference into this Prospectus, provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of securities in the Funds that they manage.

As previously noted, the sub-advisors to the Funds, as applicable, act as the portfolio managers for the sub-advised Funds. However, as the investment advisor to the sub-advised Funds, the Investment Manager has overall supervisory responsibility for the general management and investment of the sub-advised Funds' securities portfolios and, as such, performs the following services for each sub-advised Fund:

&nbsp;&nbsp;&nbsp;&nbsp;• sets
 the Fund's overall investment strategies;

&nbsp;&nbsp;&nbsp;&nbsp;• performs
 daily reconciliations of the Fund's positions and cash;

&nbsp;&nbsp;&nbsp;&nbsp;• monitors
 the liquidity of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• monitors
 the Fund's compliance with its investment objectives and restrictions and federal
 securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;• maintains
 a comprehensive compliance program and conducts ongoing reviews of the compliance programs
 of the Fund's sub-advisor;

&nbsp;&nbsp;&nbsp;&nbsp;• oversees
 the selection and continued employment of the Fund's sub-advisor, reviews the Fund's
 investment performance, and monitors the sub-advisor's adherence to the Fund's
 investment objectives, policies, and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;• oversees
 outside service providers;

&nbsp;&nbsp;&nbsp;&nbsp;• maintains
 in-house marketing and distribution departments on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• prepares
 or directs the preparation of all regulatory filings for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• oversees
 distribution of the Fund through third-party financial intermediary platforms;

&nbsp;&nbsp;&nbsp;&nbsp;• pays
 the incentive compensation of the Fund's compliance officer and employs other staff,
 such as legal, marketing, national accounts, distribution, sales, administrative, and
 trading oversight personnel, as well as management executives;

&nbsp;&nbsp;&nbsp;&nbsp;• provides
 a quarterly compliance certification to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;• prepares
 or reviews all Board materials, frequently presents to the Board and leads Board discussions,
 prepares or reviews all meeting minutes, and arranges for Board training and education.

***Distribution Fees***

Each Fund has adopted a distribution plan pursuant to Rule 12b-1 under the Investment Company Act, which allows the Fund to use up to 0.25% of the average daily net assets of its Investor Class shares to pay sales, distribution, and other fees for the sale and distribution of its shares and for shareholders services provided to investors. Currently, the Board of Trustees has approved the payment of up to 0.15% of the average daily net assets of each such Fund as a Rule 12b-1 fee.

Because distribution fees are paid out of a Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

***Shareholder Servicing Agreement***

Each Fund has entered into a Shareholder Servicing Agreement with the Investment Manager. Pursuant to the Shareholder Servicing Agreement, the Investment Manager provides the following administrative support services to the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;• maintaining
 a toll-free number that current shareholders may call to ask questions about their accounts
 or the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• responding
 generally to shareholder questions;

&nbsp;&nbsp;&nbsp;&nbsp;• actively
 participating as a liaison between shareholders and U.S. Bank Global Fund Services; and

&nbsp;&nbsp;&nbsp;&nbsp;• providing
 such other similar services as may be requested.

For such services, each Fund pays an annual service fee to the Investment Manager equal to 0.10% of the average daily net assets of its Investor Class shares. Institutional Class shares are not subject to this servicing fee.

HENNESSY FUNDS 1-800-966-4354 59

**SHAREHOLDER INFORMATION**

***Pricing of Fund Shares***

The price you will pay to buy Fund shares or the amount you will receive when you sell your Fund shares is called the net asset value ("NAV"). NAV is calculated by dividing a Fund's assets, minus its liabilities, by the number of shares outstanding. The NAV of a Fund's shares is normally determined as of the close of regular trading on the NYSE, which is normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time. When the NYSE closes early on a valuation day, each Fund calculates its NAV as of such early closing time. The NYSE is closed for trading on New Year's Day, Dr. Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Additionally, when any of the aforementioned holidays falls on a Saturday, the NYSE will not be open for trading on the preceding Friday and when any such holiday falls on a Sunday, the NYSE will not be open for trading on the succeeding Monday, unless unusual business conditions exist, such as the ending of a monthly or the yearly accounting period. The NYSE also may close for trading on national days of mourning or due to natural disasters or other extraordinary events or emergencies. On a day when the NYSE is closed, the Funds do not determine their NAVs, and investors may not purchase or redeem Fund shares. Each Fund calculates its NAV based on the market prices of the securities (other than money market instruments) it holds. Each Fund values money market instruments it holds with an original term to maturity of 60 days or less at their amortized cost, which approximates fair market value. 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 by the Investment Manager, as the Funds' valuation designee under Rule 2a-5 of the Investment Company Act. If a Fund holds securities traded on a foreign exchange, such securities may trade on weekends or other days when the Fund does not price its shares and thus affect the Fund's NAV on days when investors will not be able to purchase or redeem the Fund's shares.

If market quotations are not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security, such security will be valued at its fair value as determined by the Investment Manager under the Funds' established fair value pricing procedures. The Investment Manager, as the Funds' valuation designee, is subject to the oversight of the Board. 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. The fair value of a security may differ from the last quoted price, and a Fund may not be able to sell a security at the fair value. Market quotations may not be available if, for example, trading in particular securities was halted during the day and not resumed prior to the close of trading on the applicable stock exchange.

Each Fund will process purchase and redemption orders received by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (sometimes referred to as the "Transfer Agent"), prior to the close of regular trading on a day that the NYSE is open at the NAV determined later that day. The Transfer Agent will process purchase and redemption orders received after the close of regular trading at the NAV determined at the close of regular trading on the next day the NYSE is open. If an investor sends a purchase or redemption request to the Funds' corporate address instead of to its Transfer Agent, the Funds will forward it as promptly as practicable to the Transfer Agent, and the effective date of the purchase or redemption request will be delayed until the purchase or redemption request is received by the Transfer Agent.

---

| |
|:---|
| **FOR QUESTIONS PLEASE CALL** |
| **Hennessy Funds** |
| 1-800-966-4354 or<br> 1-415-899-1555<br> 10 a.m. - 7 p.m. ET, M-Th; 5 p.m. F<br> 7 a.m. - 4 p.m. PT, M-Th; 2 p.m. F |
| **U.S. Bank Global Fund Services,**<br> **Transfer Agent for the Funds**  |
| 1-800-261-6950 |
| 9 a.m. - 8 p.m. ET, M-F |
| 6 a.m. - 5 p.m. PT, M-F |

---

***Share Classes***

Each Fund other than the Hennessy Total Return Fund and the Hennessy Balanced Fund offers Institutional Class shares. Institutional Class shares are available only to institutional investors or to shareholders who invest directly in a Fund or who invest through certain broker-dealers or financial institutions that have entered into appropriate arrangements with a Fund. There is also a higher minimum initial investment requirement for Institutional Class shares, as described below. If you qualify as a

60 WWW.HENNESSYFUNDS.COM

**SHAREHOLDER INFORMATION**

purchaser of Institutional Class shares but your account is invested in Investor Class shares, you may convert your Investor Class shares to Institutional Class shares based on the relative NAVs of the two Classes on the conversion date.

***Account Minimum Investments –***

***Investor Class***

The minimum initial investment in Investor Class shares is $2,500 for regular accounts and $250 for Individual Retirement Accounts ("IRAs"). For corporate sponsored retirement plans, there is no minimum initial investment. There is no subsequent minimum investment requirement. A $100 minimum exists for each additional investment made through an Automatic Investment Plan. Each Fund may waive the minimum investment requirements from time to time.

Investors purchasing a Fund through financial intermediaries may have the above minimum investments waived by their intermediary since the intermediary, rather than the Fund, absorbs the increased costs of small purchases.

***Account Minimum Investments –***

***Institutional Class***

The minimum initial investment in Institutional Class shares of a Fund is $250,000. For corporate sponsored retirement plans, there is no minimum investment. There is no subsequent minimum investment requirement for the Funds. A $100 minimum exists for each additional investment made through an Automatic Investment Plan.

Each Fund reserves the right to waive or reduce the minimum initial investment amount for Institutional Class shares for purchases made through certain retirement, benefit, and pension plans, or for certain classes of shareholders. For investors purchasing Institutional Class shares through a broker-dealer, financial institution, or servicing agent, shareholder purchases may be aggregated to meet the minimum initial investment amount. The Investment Manager, in its discretion, may take into account the aggregate assets that a shareholder has in determining if the shareholder meets the minimum initial investment amount.

***Market Timing Policy***

Frequent purchases and redemptions of a Fund's shares by a shareholder may harm other shareholders of the Fund by interfering with efficient management of the Fund's portfolio, increasing brokerage and administrative costs, and potentially diluting the value of the Fund's shares. Accordingly, the Board of Trustees discourages frequent purchases and redemptions of Fund shares by reserving the right to reject any purchase order for any reason or no reason, including purchase orders from potential investors that the Fund believes might engage in frequent purchases and redemptions of Fund shares.

Each Fund tracks shareholder and omnibus account subscription and redemption activity in an effort to detect any shareholders or institutions that might trade with a frequency harmful to other shareholders of the Fund. In this regard, pursuant to Rule 22c-2 of the Investment Company Act, the Funds enter into shareholder information agreements with financial intermediaries that purchase Fund shares for omnibus accounts. These agreements require the financial intermediary to provide the Funds access, upon request, to information about underlying shareholder transaction activity in the omnibus account. Any non-public personal information provided to the Funds is subject to the Funds' privacy policy.

In considering a shareholder's trading activity, a Fund may consider, among other factors, the shareholder's trading history, both directly and, if known, through financial intermediaries, in any of the Funds. If frequent trading or market timing is detected, a Fund, based on its assessment of the severity of the market timing, may take one or more of the following actions: (1) advise the owner of the frequently traded account that any such future activity will cause a freezing of the account's ability to transact subscriptions; (2) freeze the account demonstrating the activity from transacting further subscriptions; or (3) close the account demonstrating frequent trading activity.

Although the Funds have taken steps to discourage frequent purchases and redemptions of Fund shares, they cannot guarantee that such trading will not occur.

***Telephone Privileges***

Each Fund offers shareholders the ability to redeem or exchange shares or purchase additional shares via telephone. If you do not wish to have these telephone privileges on your account, please decline this option in the Account Application. Otherwise, the telephone privileges will be available on your account.

When you establish telephone privileges, you are authorizing the Funds and the Transfer Agent to act upon the telephone instructions of the person or persons you have designated in your Account Application. If an account has more than one owner or authorized person, a Fund will accept telephone instructions from any one owner or authorized person.

Before acting on instructions received by telephone, a Fund and the Transfer Agent will use reasonable procedures to confirm that the telephone instructions are genuine. These procedures may include recording the telephone call and asking the caller for a form of personal identification. If a Fund and the Transfer Agent follow these reasonable procedures, they will not be liable for any loss, expense, or cost arising out of any telephone transaction request that is reasonably believed to be genuine. This includes any fraudulent or unauthorized request. A Fund may change, modify, or terminate these privileges at any time upon written

HENNESSY FUNDS 1-800-966-4354 61

notice to shareholders. A Fund may suspend temporarily the redemption privilege in emergency situations or in cases where, in the judgment of the Fund, continuation of the privilege would be detrimental to the Fund and its shareholders. Such temporary suspension can be without prior notification to shareholders.

You may request telephone redemption privileges after your account is opened by writing to the Transfer Agent at one of the addresses set forth under "How Do I Purchase Shares by Check?" below. Your written request for telephone privileges must include the Fund name and account number and must be signed by the registered owner(s) of the account. A signature guarantee or other acceptable form of authentication from a financial institution source may also be required. Please contact the Transfer Agent at 1-800-261-6950 before sending your instruction.

Telephone trades must be received prior to the close of regular trading on the NYSE to receive same-day pricing. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction. Once a telephone transaction has been placed, it cannot be cancelled or modified after the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time).

***How to Purchase Shares***

You may purchase shares of the Funds on any day the NYSE is open for trading. Purchase requests received prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time) will be priced and processed as of the close of business on that day. Requests received after that time will be processed the following trading day at the following trading day's pricing.

You may purchase Fund shares by check, wire, or Automated Clearing House (ACH) network. The Funds will not accept payment in cash or money orders. All purchases must be in U.S. dollars, and all checks must be drawn on U.S. banks. To prevent check fraud, the Funds will not accept third-party checks, Treasury checks, credit card checks, traveler's checks, or starter checks for the purchase of shares. In addition, the Funds cannot accept post-dated checks or any conditional order or payment.

The Funds will not issue certificates evidencing shares purchased. Instead, the Funds will send investors a written confirmation for all share purchases. The Funds reserve the right to reject any purchase in whole or in part.

In compliance with the USA Patriot Act of 2001, please note that the Transfer Agent will verify certain information on your Account Application as part of the Funds' Anti-Money Laundering Compliance Program. The Funds might request additional information about you (which may include certain documents, such as articles of incorporation for corporations) to help the Transfer Agent verify your identity. As requested on the application, you must supply your full name, date of birth, social security number, and permanent street address. Permanent addresses containing a P.O. Box will not be accepted, although an alternate mailing address including a P.O. Box may be established. If you are opening the account in the name of a legal entity (e.g., a partnership, limited liability company, corporation, etc.), you must also supply the identity of the beneficial owners. Please contact the Funds at 1-800-966-4354 or 1-415-899-1555 if you need additional assistance when completing your application. If the Funds do not have a reasonable belief of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction on the account until such information is received. In the event that the Transfer Agent is unable to verify your identity, each Fund reserves the right to redeem your account at the NAV next calculated after the account is closed.

Shares of the Funds have not been registered for sale outside of the United States. The Funds do not sell shares to non-U.S. residents, subject to the discretion of the Funds. Other than U.S. military personnel with an APO or FPO address, U.S. citizens living abroad may purchase Fund shares only if they have a social security number and a physical address (not a P.O. box) within the United States, subject to the discretion of the Funds. The Funds reserve the right, in their sole discretion and to the extent permitted by applicable law, to sell shares to non-U.S. residents.

**HOW DO I PURCHASE SHARES BY CHECK?**

If you are making an initial investment in a Fund, simply complete the appropriate Account Application and mail it with a check, made payable to "Hennessy Funds," to one of the following addresses:

---

| | |
|:---|:---|
| **For regular mail delivery:** | **For overnight delivery:** |
| Hennessy Funds | Hennessy Funds |
| c/o U.S. Bank Global Fund Services | c/o U.S. Bank Global Fund Services |
| P.O. Box 219381 | 801 Pennsylvania Ave, Suite 219381 |
| Kansas City, MO 64121-9381 | Kansas City, MO 64105-1307 |

---

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agent. Therefore, deposit in the mail or with such services or receipt at the U.S. Bank Global Fund Services post office box of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

Subsequent investments must be accompanied by a letter indicating the name or names in which the account is registered and the account number or by the Invest by Mail Form that is attached to your confirmation statement and returned to one of the above addresses.

62 WWW.HENNESSYFUNDS.COM

**SHAREHOLDER INFORMATION**

The Transfer Agent will charge a $25.00 fee against a shareholder's account in addition to any loss sustained by a Fund for any payment, check, or electronic funds transfer returned to the Transfer Agent.

**HOW DO I PURCHASE SHARES BY WIRE?**

Prior to wiring funds, a completed Account Application must be sent to the Transfer Agent by U.S. mail or overnight courier to one of the addresses listed above. If you are making an initial investment in a Fund, please contact the Transfer Agent at 1-800-261-6950 between 9:00 a.m. and 8:00 p.m. Eastern time/6:00 a.m. and 5:00 p.m. Pacific time on a day when the NYSE is open for trading to make arrangements with a service representative to submit your completed application via mail, overnight delivery, or fax. Upon receipt of your application, your account will be established and a service representative will contact you to provide an account number and wiring instructions to U.S. Bank N.A. If you do not receive this information within one business day, you may call the Transfer Agent at 1-800-261-6950. If you are making a subsequent purchase, prior to wiring funds, please notify the Transfer Agent. U.S. Bank N.A. must receive wired funds before the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time) to receive same-day pricing. Wired funds received after that time will be processed the following trading day with the following trading day's pricing. The Funds and U.S. Bank N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system.

All wires should specify the name of the Fund and Class of shares, the name(s) in which the account is registered, the account number, and the amount being wired. It is essential that your bank include complete information about your account in all wire instructions. Your bank may charge you a fee for sending a wire to a Fund.

To ensure prompt and accurate credit upon receipt of your wire, your bank should transmit immediately available funds by wire in your name to the following:

---

| | |
|:---|:---|
| **Hennessy Funds** |  |
| c/o U.S. Bank N.A. | Credit: U.S. Bank Global Fund Services |
| 777 E. Wisconsin Ave. | Account Number: 112-952-137 |
| Milwaukee, WI 53202 | Further Credit: Mutual fund name, shareholder |
| ABA# 075000022 | name, and account number |

---

**CAN I PURCHASE SHARES THROUGH** 

**BROKER-DEALERS?**

You may buy, sell, and exchange Investor Class and Institutional Class shares through certain brokers (and their authorized agents) that have made arrangements with the Fund to sell its shares on certain brokerage platforms. When you place your order with a broker, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next NAV calculated by the Fund. The broker holds your Fund shares in its name and maintains your individual ownership records. The Investment Manager may pay the broker for maintaining these records as well as providing other shareholder services. The broker may charge you a commission or other fee for handling your order. The broker is responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions, and ensuring that you receive copies of the applicable Fund's Prospectus.

If you decide to purchase Fund shares through a broker, please carefully review the program materials provided to you by the broker, because particular brokers may adopt policies or procedures that are separate from those described in this Prospectus. The broker is responsible for ensuring that you receive copies of the applicable Fund's prospectus, annual report, semi-annual report, and other Fund disclosure documents.

To inquire about an agreement, brokers should call the Funds at 1-800-966-4354 or 1-415-899-1555.

**HOW DO I PURCHASE SHARES BY TELEPHONE?**

You may not make an initial investment in a Fund by telephone, but you may purchase additional Fund shares if your account has been open for at least seven business days by calling 1-800-261-6950. Unless you have declined telephone privileges on your Account Application, telephone orders will be accepted via electronic funds transfer from your bank account on record through the Automated Clearing House (ACH) network. You must have banking information established on your account prior to making a purchase. Each telephone purchase must be in the amount of $100 or more. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

***Automatic Investment Plan***

For your convenience, each Fund offers an Automatic Investment Plan. This plan allows money to be moved from the shareholder's bank account on record to the shareholder's Fund account on a systematic schedule (e.g., monthly, quarterly, semi-annually, and annually) that the shareholder selects. Your financial institution must be a member of the Automated Clearing House (ACH) Network. After your initial investment in a Fund, you may authorize the Fund to withdraw amounts of $100 or more.

If you wish to enroll in this plan, complete the appropriate section on the initial Account Application or complete the Automatic Investment Plan Application. You may call the Funds at 1-800-966-4354 or 1-415-899-1555 and request an application, or the application can be found at hennessyfunds.com. Signed applications should be received by the Transfer Agent at least seven business days prior to your initial transaction. The Transfer Agent will charge you a $25 fee if the automatic investment cannot be made due to insufficient funds,

HENNESSY FUNDS 1-800-966-4354 63

stop payment, or for any other reason. A Fund may terminate or modify this privilege at any time. Any request to change or terminate an Automatic Investment Plan should be submitted to the Transfer Agent by telephone at 1-800-261-6950 or in written form five calendar days prior to the effective date.

***Retirement Plans***

You may invest in the Funds under the following retirement plans:

&nbsp;&nbsp;&nbsp;&nbsp;• Coverdell
 Education Savings Account

&nbsp;&nbsp;&nbsp;&nbsp;• Traditional
 IRA

&nbsp;&nbsp;&nbsp;&nbsp;• Roth
 IRA

&nbsp;&nbsp;&nbsp;&nbsp;• SEP-IRA
 for sole proprietors, partnerships and corporations

&nbsp;&nbsp;&nbsp;&nbsp;• SIMPLE-IRA

The Funds recommend that investors consult with a financial or tax adviser regarding IRAs before investing in a Fund. The annual IRA maintenance fee is $15 (capped at $30 per social security number). The fee for a transfer, distribution (exclusive of systematic distribution plans), or recharacterization of an IRA is $25 per transaction. Complete details on fees are outlined in our Individual Retirement Account & Coverdell Educational Savings Account Disclosure Statement.

***How to Sell Shares***

You may sell (redeem) your Fund shares on any day the NYSE is open for trading either directly through the Funds or through your investment representative, as applicable. Redemption requests received prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time) will be priced and processed as of the close of business on that day. Requests received after that time will be processed the following trading day at the following trading day's pricing.

**HOW DO I SELL SHARES BY MAIL?**

You may redeem your Fund shares by sending a written request to the Transfer Agent. After your request is received in "good order," the Fund will redeem your shares at the next NAV calculated by the Fund. To be in "good order," redemption requests must include the following: (i) the name of the Fund account; (ii) the account number; (iii) the number of Investor Class or Institutional Class shares of the Fund or the dollar value of Investor Class or Institutional Class shares of the Fund to be redeemed; (iv) any signature guarantees that are required; and (v) any additional documents that are required for redemptions by corporations, executors, administrators, trustees, guardians, or other similar shareholders. The redemption request should be signed by all shareholders whose names appear on the account registration. In addition, please specify whether proceeds are to be sent by mail, wire, or electronic funds transfer through the Automated Clearing House (ACH) network to your bank account on record. If you are redeeming from an IRA or other retirement or qualified plan, please indicate on your written request whether or not to withhold federal income tax (generally 10%). Unless a redemption request specifies not to have federal income tax withheld, the transaction will be subject to withholding. To add wire instructions to an account at the time of the redemption, a signature guarantee is required.

Please see the section "When are signature guarantees required?" below. Corporate and institutional investors and fiduciaries should contact the Transfer Agent to ascertain whether additional documentation is required.

**HOW DO I SELL SHARES BY TELEPHONE?**

Unless you have declined telephone privileges on your account, you may redeem all or some of your Fund shares, up to a maximum of $100,000, by calling the Transfer Agent at 1-800-261-6950 between 9:00 a.m. and 8:00 p.m. Eastern time/6:00 a.m. and 5:00 p.m. Pacific time on a day when the NYSE is open for trading. If you are redeeming from an IRA or other retirement or qualified plan, you will be asked whether you want federal income taxes (generally 10%) withheld from the distribution. Redemption proceeds will be sent by check to the address of record unless you elect to have proceeds transferred to your bank account on record. You may have difficulties making a telephone redemption during periods of abnormal market activity because of higher than usual call wait times. If this occurs, you may make your redemption request in writing. If an account has more than one owner or authorized person, a Fund will accept telephone instructions from any one owner or authorized person.

**WHEN ARE SIGNATURE GUARANTEES REQUIRED?**

To protect a Fund and its shareholders, a signature guarantee from either a Medallion program member or a non-Medallion program member is required in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 redemption request includes a change of address, or a change of address request was received
 by the Transfer Agent within the last 30 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 redemption proceeds are to be payable or sent to any person, address, or bank account
 not on record;

&nbsp;&nbsp;&nbsp;&nbsp;• Account
 ownership is being changed; or

&nbsp;&nbsp;&nbsp;&nbsp;• The
 redemption request is over $100,000 (Investor Class shares only).

In addition to the situations described above, a Fund or the Transfer Agent may require a signature guarantee in other circumstances.

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source.

64 WWW.HENNESSYFUNDS.COM

**SHAREHOLDER INFORMATION**

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies, and savings associations, as well as from participants in the NYSE Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notarized signature is not an acceptable substitute for a signature guarantee.

A Fund reserves the right, at its sole discretion, to waive the signature guarantee requirement for a specific redemption request.

**WHEN WILL I RECEIVE MY REDEMPTION PROCEEDS?**

For redemption proceeds that are paid directly to you by the Hennessy Funds, the Hennessy Funds typically expect to pay redemption proceeds by check or by wire to you within three business days following receipt of your redemption request in proper form as discussed in this Prospectus; however, in all cases it may take up to seven calendar days to pay redemption proceeds. If you did not purchase your Fund shares by wire, a Fund may delay payment of your redemption proceeds for up to 15 calendar days from date of purchase or until your payment has cleared, whichever occurs first. In addition, a Fund can suspend redemptions and postpone payments of redemption proceeds beyond seven calendar days at times when the NYSE is closed or during emergency circumstances, as determined by the SEC.

You may have a check sent to you at your address of record, proceeds may be wired to your bank account on record, or funds may be sent via electronic funds transfer through the Automated Clearing House (ACH) network to your bank account on record. The minimum amount that may be wired is $1,000. You will be charged a wire transfer fee of $15. This fee will be deducted from your redemption proceeds for a complete and share-specific redemption, or deducted from your remaining account balance for a partial redemption, and paid to the Transfer Agent to cover costs associated with the transfer. In addition, your bank may charge a fee for receiving wires. There is no charge to receive redemption proceeds via the ACH network, but credit may not be available up to three business days.

Under normal circumstances, the Funds expect to meet redemption requests through the sale of investments held in cash or cash equivalents. In situations in which investment holdings in cash or cash equivalents are insufficient to meet redemption requests, a Fund may choose to borrow money through the Funds' bank line of credit. A Fund may also choose to sell portfolio securities to meet redemption requests, if consistent with the management of such Fund. These methods will be used regularly and may also be used in stressed market conditions.

The Hennessy Funds have the right to pay redemption proceeds to you in whole or in part by a distribution of securities from the applicable Hennessy Fund's portfolio (referred to as an "in kind" distribution) and may do so in the form of pro-rata slices of a Fund's portfolio, individual securities, or a representative basket of securities. It is not expected that the Hennessy Funds would make an in kind distribution except in unusual circumstances. If a Hennessy Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges to convert the securities to cash. Also, a shareholder who receives a redemption in kind bears the market risk of the securities until they are converted into cash.

**CAN MY ACCOUNT BE INVOLUNTARILY REDEEMED or converted?**

A Fund may involuntarily redeem your shares upon certain conditions as determined by the Board of Trustees, including, but not limited to (i) if you fail to provide the Fund with identification required by law, (ii) if a Fund is unable to verify information received from you, or (iii) to reimburse a Fund for any loss sustained by reason of any failure by you to make full payment for shares purchased. Additionally, as discussed in more detail below, shares may be redeemed or converted in connection with the closing of small accounts.

A Fund may redeem the shares in your Investor Class account involuntarily if the value of your account is less than $2,500 for three months or longer as a result of redemptions you have made. This does not apply to retirement plan or Uniform Gifts or Transfers to Minors Act accounts. You will be notified that the value of your Investor Class account is less than $2,500 before a Fund makes an involuntary redemption. You will then have 60 calendar days in which to make an additional investment to bring the value of your account to at least $2,500 before the Fund takes any action. Any time shares are redeemed in a taxable account, it is considered a taxable event. You are responsible for any tax liabilities associated with an involuntary redemption of your account.

If your Institutional Class shares account balance falls below $250,000 for any reason, you will be given 60 calendar days to make additional investments so that your account balance is $250,000 or more. If you do not, a Fund may convert your Institutional Class shares into Investor Class shares, at which time your account will be subject to the involuntary redemption policies and procedures for Investor Class shares. Any such conversion will occur at the relative NAV of the two share Classes, without the imposition of any fees or other charges. Where a retirement plan or other financial intermediary holds Institutional Class shares on behalf of its participants or clients, the above policy applies to any such participants or clients when they roll over their accounts with the retirement plan or financial intermediary into an individual retirement account and they are not otherwise eligible to purchase Institutional Class shares. Involuntary redemption does not apply to former Investor Class

HENNESSY FUNDS 1-800-966-4354 65

shareholders of the FBR Large Cap Fund, the FBR Mid Cap Fund, or the FBR Small Cap Fund who became Institutional Class shareholders of the Hennessy Fund into which the applicable FBR Fund was reorganized.

**WHAT HAPPENS IF MY ACCOUNT IS INACTIVE FOR AN EXTENDED PERIOD OF TIME?** 

Many states have added "inactivity" or the absence of customer-initiated contact as a component of their rules and guidelines for the escheatment of unclaimed property. This means that your account may be transferred to your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The factors used to determine whether an account is inactive vary from state to state, but may include a shareholder's failure to cash a check (no interest is accrued or paid on amounts represented by uncashed distribution or redemption checks), update the shareholder's mailing address, or respond to Fund inquiries within the specified time period. For this purpose, your last known address of record with the Funds will determine which state has jurisdiction over your account. To learn more about the escheatment rules for your particular state, please contact your attorney or State Treasurer's and/or Controller's Offices. Texas residents have the ability to designate a representative to receive legislatively required unclaimed property notifications. While the designated representative does not have any rights to claim or access your account or assets, the escheatment period will cease if the representative communicates knowledge of your location and confirms that you have not abandoned your property. Please contact the Texas Comptroller of Public Accounts for further information. If the assets within your account are deemed to be abandoned under the relevant state's laws, the Fund may be legally obligated to transfer those assets to that state's unclaimed property administrator. You are responsible for ensuring that your account is not "abandoned" for purposes of these state escheatment laws, and neither the Fund nor its agents will be liable to you or your representatives for good faith compliance with those laws.

***How to Exchange Shares***

You may exchange shares of any Fund for shares in an identically registered account of any other Fund any day the NYSE is open for trading either directly through the Funds or through your investment representative, as applicable. Exchange requests received prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time) will be priced and processed as of the close of business on that day. Requests received after that time will be processed the following trading day at the following trading day's pricing. Prior to making an exchange into any other Fund, you should carefully read that Fund's Prospectus, which may be obtained by calling 1-800-966-4354 or 1-415-899-1555 or visiting hennessyfunds.com. Please keep in mind the minimum investment of $2,500 ($250 for IRAs) for Investor Class shares and $250,000 for Institutional Class shares when determining the number of shares you want to exchange.

You may also exchange shares of any Fund for shares of the First American Retail Prime Obligations Fund, a money market mutual fund not affiliated with the Funds, the Investment Manager, or the sub-advisors. The exchange privilege does not constitute an offering or recommendation on the part of the Funds, the Investment Manager, or the sub-advisors of an investment in the First American Retail Prime Obligations Fund. Prior to making an exchange into the First American Retail Prime Obligations Fund, you should carefully read that fund's prospectus, which may be obtained by calling 1-800-966-4354 or 1-415-899-1555.

Each Fund reserves the right on notice to shareholders to limit the number of exchanges that can be made in any year to avoid excess Fund expenses. Each Fund reserves the right to reject any exchange order. Each Fund may modify or terminate the exchange privilege upon written notice to shareholders. Each Fund may suspend temporarily the exchange privilege in emergency situations or in cases where, in the judgment of the Fund, continuation of the privilege would be detrimental to the Fund and its shareholders. Such temporary suspension can be without prior notification to shareholders. You may have a taxable gain or loss as a result of an exchange because the U.S. Internal Revenue Code of 1986, as amended (the "Code") treats an exchange as a sale of shares.

**HOW DO I EXCHANGE SHARES BY MAIL?**

You may exchange your Fund shares by sending a written request to the Transfer Agent. You should give the name of your Fund account, account number, the number of Fund shares or the dollar value of Fund shares to be exchanged, and the name of the other Fund into which the exchange is being made. If you have an existing account with the other Fund, you should also give the name and account number for that Fund. The letter should be signed by all shareholders whose names appear on the account registration.

**HOW DO I EXCHANGE SHARES BY TELEPHONE?**

Unless you have declined telephone privileges on your Account Application, you may exchange Fund shares by calling the Transfer Agent at 1-800-261-6950 before the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time). If you are exchanging Fund shares by telephone, you will be subject to certain identification procedures, which are listed under "Telephone Privileges" above. If an account has more than one owner or authorized person, a Fund will accept telephone instructions from any one owner or authorized person.

66 WWW.HENNESSYFUNDS.COM

**SHAREHOLDER INFORMATION**

***Systematic Cash Withdrawal Program***

As another convenience, you may redeem Investor Class shares of a Fund through the Systematic Cash Withdrawal Program. The Systematic Cash Withdrawal Program is not available for redemption of Institutional Class shares. If you elect this method of redemption, the Fund will send you a check or you may have the proceeds sent directly to your bank account on record via electronic funds transfer through the Automated Clearing House (ACH) network. The minimum payment amount is $100. You may choose to receive monthly, quarterly, or annual payments. Your Fund account must have a value of at least $10,000 in order to participate in this program. The Systematic Cash Withdrawal Program may be terminated at any time by a Fund. You may elect to terminate your participation in this program at any time by calling or writing to the Transfer Agent at least five calendar days prior to the next payment.

A withdrawal involves a redemption of Fund shares and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may be depleted.

***Dividends and Distributions***

**Capital Gains.** Each of the Funds declares and pays capital gains, if any, annually, usually in December.

**Dividends.** The following Funds declare and pay dividends, if any, at the end of each calendar quarter:

Hennessy Total Return Fund

Hennessy Equity and Income Fund

Hennessy Balanced Fund

Hennessy Gas Utility Fund

The Hennessy Midstream Fund anticipates declaring distributions to its shareholders quarterly at the end of the months of February, May, August, and November at a rate that is approximately equal to the distribution rate the Fund receives from its portfolio companies, without any offset for the expenses of the Fund. The Fund typically pays distributions on the business day following their declaration.

All Funds not listed above declare and pay dividends, if any, annually, usually in December.

The Funds may make additional distributions if necessary to comply with the distribution requirements of the Code.

You have four distribution options:

&nbsp;&nbsp;&nbsp;&nbsp;• Automatic
 Reinvestment Option – Both dividend and capital gains distributions will be reinvested
 in additional Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;• Split
 Cash Reinvest Options:

○ Your dividends will be paid in cash and your capital gains distributions will be reinvested in additional Fund shares; or

○ Your dividends will be reinvested in additional Fund shares and your capital gains distributions will be paid in cash.

&nbsp;&nbsp;&nbsp;&nbsp;• All
 Cash Option – Both dividends and capital gains distributions will be paid in cash.

If you elect to receive distributions or capital gains paid in cash and the U.S. Postal Service cannot deliver the check or a check remains outstanding for at least six months, each Fund reserves the right to reinvest the distribution check in your account at the current NAV of the Fund and to reinvest all subsequent distributions.

You may make this election on the Account Application. If you do not make an election, your distributions will be reinvested in additional Fund shares. You may change your election by writing to the Transfer Agent or by calling 1-800-261-6950 at least five calendar days prior to the record date of the next distribution.

***Tax Information***

The following discussion regarding federal income taxes is based on laws that were in effect as of the date of this Prospectus and summarizes only some of the important federal income tax considerations affecting the Funds and you as a shareholder. It does not apply to foreign or tax-exempt shareholders or those holding Fund shares through a tax-advantaged account, such as a 401(k) plan or IRA. This discussion is not intended as a substitute for careful tax planning. You should consult your tax adviser about your specific tax situation. Please see the Funds' Statement of Additional Information for additional federal income tax information.

Other than the Hennessy Midstream Fund, each Fund has elected to be treated and intend to qualify each year as a regulated investment company (a "RIC"). A RIC is not subject to tax at the corporate level on income and gains from investments that are distributed in a timely manner to shareholders. However, a Fund's failure to qualify as a RIC would result in corporate level taxation and consequently, a reduction in income available for distribution to you as a shareholder.

The Hennessy Midstream Fund will not be taxed as a RIC, but as a "C" corporation that is subject to corporate income tax. The resulting corporate taxes could substantially reduce the Hennessy Midstream Fund's net assets, the amount of income available for distribution, and the amount of the Hennessy Midstream Fund's distributions.

The Funds' distributions, whether received in cash or additional shares of a Fund, may be subject to federal, state, and local income tax. These distributions may be taxed as ordinary income, dividend income, or long-term capital gain.

Corporate shareholders may be able to deduct a portion of their distributions when determining their taxable income.

HENNESSY FUNDS 1-800-966-4354 67

If you purchase Fund shares shortly before a Fund makes a taxable distribution, your distribution will, in effect, be a taxable return of capital. For example, if you purchase shares shortly before a Fund makes a large capital gain distribution, a portion of the purchase price will return to you as a taxable distribution even though your overall investment value has not increased. This is known as "buying the dividend" and generally should be avoided. Similarly, if you purchase Fund shares in a Fund that holds appreciated securities, you will receive a taxable return of part of your investment if and when the Fund sells the appreciated securities and distributes the gain. The Funds have built up, or have the potential to build up, high levels of unrealized appreciation.

The Funds will notify you of the tax status of ordinary income distributions and capital gain distributions after the end of each calendar year.

You generally will recognize taxable capital gain or loss on a redemption of Fund shares in an amount equal to the difference between the amount received and your tax basis in such shares. This gain or loss will be long-term capital gain or loss if the shares were held for more than one year.

In general, when a shareholder sells Fund shares, the Fund must report to the shareholder and the IRS the shareholder's cost basis, gain or loss, and holding period in the sold shares using a specified method for determining which shares were sold. You are not bound by this method and, if timely, can choose a different permissible method. Please consult with your tax adviser.

If you hold Fund shares through a broker or another nominee, please contact that broker or nominee with respect to the reporting of cost basis and available elections for your account.

When you receive a distribution from the Funds or redeem shares, you may be subject to backup withholding.

***Descriptions of Indices<sup>1,2,3,4</sup>***

Descriptions of the indices used in this Prospectus are found below. These indices are used in the Prospectus for comparative purposes in accordance with SEC regulations.

50/50 Blended DJIA/Treasury Index – This 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 Treasury Note Index, which comprises U.S. Treasury securities maturing in approximately one year.

75/25 Blended DJIA/Treasury Index – This 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.

AGA Stock Index – This index is a capitalization-weighted index, consisting of members of the American Gas Association whose securities are traded on a U.S. stock exchange.

Alerian US Midstream Energy Index – This index comprises companies that earn a majority of their cash flows from midstream activities involving energy commodities.

Dow Jones Industrial Average – This index is a price-weighted average of 30 significant stocks traded on the NYSE or The Nasdaq Stock Market.

Nasdaq Composite Index – This index comprises all common stocks listed on The Nasdaq Stock Market.

Russell 1000<sup>®</sup> Index – This index comprises the 1,000 largest companies in the Russell 3000<sup>®</sup> Index based on market capitalization, representing approximately 98% of the total market capitalization of the Russell 3000<sup>®</sup> Index.

Russell 1000<sup>®</sup> Index Financials – This index is a subset of the Russell 1000<sup>®</sup> Index that measures the performance of the securities classified in the financials sector of the large-capitalization U.S. equity market.

Russell 1000<sup>®</sup> Value Index – This 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, representing approximately 23% of the total market capitalization of the Russell 1000<sup>®</sup> Index.

Russell 2000<sup>®</sup> Index – This index comprises the smallest 2,000 companies in the Russell 3000<sup>®</sup> Index based on market capitalization, representing approximately 3% of the total market capitalization of the Russell 3000<sup>®</sup> Index.

Russell 2000<sup>®</sup> Index Financials – This index is a subset of the Russell 2000<sup>®</sup> Index that measures the performance of the securities classified in the financials sector of the small-capitalization U.S. equity market.

Russell 3000<sup>®</sup> Index – This index comprises the 3,000 largest U.S. companies based on market capitalization, representing approximately 98% of the investable U.S. equities market.

Russell Midcap<sup>®</sup> Growth Index – This 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, representing approximately 45% of the total market capitalization of the Russell Midcap<sup>®</sup> Index.

Russell Midcap<sup>®</sup> Index – This index comprises approximately 800 of the smallest securities of the Russell 1000<sup>®</sup> Index based on a combination of market capitalization and current index membership.

Russell/Nomura Small Cap™ Index – This index comprises the bottom 15% of stocks in the Russell/Nomura Total Market™ Index based on market capitalization.

Russell/Nomura Total Market™ Index – This index comprises the top 98% of stocks listed on Japanese stock exchanges based on market capitalization.

S&P 500<sup>®</sup> Energy Index – This index comprises those companies included in the S&P 500<sup>®</sup> that are classified in the Energy sector.

68 WWW.HENNESSYFUNDS.COM

**SHAREHOLDER INFORMATION**

S&P 500<sup>®</sup> Index – This index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries.

Tokyo Stock Price Index (TOPIX) – This index is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange.

<sup>1</sup> The Alerian US Midstream Energy Index is a servicemark of GKD Index Partners, LLC d/b/a Alerian ("Alerian"), and its use is granted under a license from Alerian. Alerian makes no express or implied warranties, representations, or promises regarding the originality, merchantability, suitability, or fitness for a particular purpose or use with respect to the Alerian indices. No party may rely on, and Alerian does not accept any liability for any errors, omissions, interruptions, or defects in, the Alerian indices or underlying data. In no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including lost profits), even if notified of the possibility of such damages.

<sup>2</sup> 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 Russell. 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.

<sup>3</sup> The Dow Jones Industrial Average is the property of the Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or its investment advisor. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information included in this Prospectus.

<sup>4</sup> Standard & Poor's Financial Services LLC is the source and owner of the S&P<sup>®</sup>and S&P 500<sup>®</sup> trademarks.

***Important Notice Regarding Delivery of***

***Shareholder Documents***

To help keep each Fund's costs as low as possible, we generally deliver a single copy of shareholder documents, including Prospectuses, supplements, shareholder reports, notices, proxy statements, and other similar documents to shareholders who share an address and have the same last name. This process does not apply to account statements. You may, of course, request an individual copy of a shareholder document at any time. If you would like to receive separate mailings, please call the Transfer Agent at 1-800-261-6950, and individual delivery will begin within 30 calendar days of your request. If your account is held through a financial institution or other intermediary, please contact them directly to request individual delivery.

***Electronic Delivery***

The Funds offer shareholders the option to receive account statements, Prospectuses, tax forms, and reports online. To sign up for eDelivery, please visit www.hennessyfunds.com. You may change your delivery preference at any time by visiting our website or contacting the Funds at 1-800-261-6950.

HENNESSY FUNDS 1-800-966-4354 69

(This Page Intentionally Left Blank.)

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**FINANCIAL HIGHLIGHTS**

The following tables are intended to help you understand the financial performance of the shares of the Funds or the predecessor funds to the Funds, as applicable, for the periods shown below. Certain information reflects financial results for a single Fund share. The "Total Return" figures show how much your investment would have increased or decreased during each period, assuming you had reinvested all dividends and distributions. This information has been derived from financial statements audited by Tait, Weller & Baker LLP, an independent registered public accounting firm. Tait, Weller & Baker LLP's report and the Funds' financial statements are included in the annual reports or Form N-CSR of the Funds, which are available upon request.

HENNESSY FUNDS 1-800-966-4354 71

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Cornerstone Growth Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$35.40 | &nbsp;&nbsp;$23.82 | &nbsp;&nbsp;$24.07 | &nbsp;&nbsp;$29.83 | &nbsp;&nbsp;$19.91 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;11.68 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;9.92 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(4.45) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(6.64) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(4.49) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.82) | &nbsp;&nbsp;(6.64) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$32.00 | &nbsp;&nbsp;$35.40 | &nbsp;&nbsp;$23.82 | &nbsp;&nbsp;$24.07 | &nbsp;&nbsp;$29.83 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;2.18% | &nbsp;&nbsp;49.17% | &nbsp;&nbsp;2.54% | &nbsp;&nbsp;2.51% | &nbsp;&nbsp;49.82% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$251.18 | &nbsp;&nbsp;$337.86 | &nbsp;&nbsp;$141.36 | &nbsp;&nbsp;$154.25 | &nbsp;&nbsp;$151.96 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.32% | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;(0.14)% | &nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;(0.51)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;99% | &nbsp;&nbsp;94% | &nbsp;&nbsp;90% | &nbsp;&nbsp;102% | &nbsp;&nbsp;98% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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**FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE GROWTH FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Cornerstone Growth Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$37.04 | &nbsp;&nbsp;$24.91 | &nbsp;&nbsp;$25.17 | &nbsp;&nbsp;$31.09 | &nbsp;&nbsp;$20.68 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;12.30 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;10.46 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;12.31 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;10.41 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(4.66) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(6.93) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(4.77) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(6.93) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$33.53 | &nbsp;&nbsp;$37.04 | &nbsp;&nbsp;$24.91 | &nbsp;&nbsp;$25.17 | &nbsp;&nbsp;$31.09 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;2.53% | &nbsp;&nbsp;49.64% | &nbsp;&nbsp;2.85% | &nbsp;&nbsp;2.84% | &nbsp;&nbsp;50.34% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$210.80 | &nbsp;&nbsp;$173.57 | &nbsp;&nbsp;$22.32 | &nbsp;&nbsp;$18.52 | &nbsp;&nbsp;$15.78 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;1.02% | &nbsp;&nbsp;1.01% | &nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;0.27% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;(0.17)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;99% | &nbsp;&nbsp;94% | &nbsp;&nbsp;90% | &nbsp;&nbsp;102% | &nbsp;&nbsp;98% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 73

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Focus Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$50.46 | &nbsp;&nbsp;$46.14 | &nbsp;&nbsp;$51.12 | &nbsp;&nbsp;$80.48 | &nbsp;&nbsp;$71.68 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;15.11 | &nbsp;&nbsp;15.14 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;(16.93) | &nbsp;&nbsp;31.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;14.67 | &nbsp;&nbsp;14.93 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;(17.49) | &nbsp;&nbsp;30.83 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(6.88) | &nbsp;&nbsp;(10.61) | &nbsp;&nbsp;(6.84) | &nbsp;&nbsp;(11.87) | &nbsp;&nbsp;(22.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(6.88) | &nbsp;&nbsp;(10.61) | &nbsp;&nbsp;(6.84) | &nbsp;&nbsp;(11.87) | &nbsp;&nbsp;(22.03) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$58.25 | &nbsp;&nbsp;$50.46 | &nbsp;&nbsp;$46.14 | &nbsp;&nbsp;$51.12 | &nbsp;&nbsp;$80.48 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;32.82% | &nbsp;&nbsp;37.93% | &nbsp;&nbsp;3.52% | &nbsp;&nbsp;-25.55% | &nbsp;&nbsp;52.87% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$404.67 | &nbsp;&nbsp;$394.90 | &nbsp;&nbsp;$357.13 | &nbsp;&nbsp;$431.67 | &nbsp;&nbsp;$709.40 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.48% | &nbsp;&nbsp;1.49% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;1.52% | &nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;Ratio of net investment loss to average net assets | &nbsp;&nbsp;(0.92)% | &nbsp;&nbsp;(0.46)% | &nbsp;&nbsp;(0.58)% | &nbsp;&nbsp;(0.92)% | &nbsp;&nbsp;(0.88)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;1% | &nbsp;&nbsp;10% | &nbsp;&nbsp;12% | &nbsp;&nbsp;5% | &nbsp;&nbsp;4% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

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**FINANCIAL HIGHLIGHTS — HENNESSY FOCUS FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Focus Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$53.04 | &nbsp;&nbsp;$48.32 | &nbsp;&nbsp;$53.34 | &nbsp;&nbsp;$83.66 | &nbsp;&nbsp;$74.24 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;15.92 | &nbsp;&nbsp;15.89 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;(17.63) | &nbsp;&nbsp;32.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;15.67 | &nbsp;&nbsp;15.83 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;(17.97) | &nbsp;&nbsp;32.25 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(7.24) | &nbsp;&nbsp;(11.11) | &nbsp;&nbsp;(7.14) | &nbsp;&nbsp;(12.35) | &nbsp;&nbsp;(22.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(7.24) | &nbsp;&nbsp;(11.11) | &nbsp;&nbsp;(7.14) | &nbsp;&nbsp;(12.35) | &nbsp;&nbsp;(22.83) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$61.47 | &nbsp;&nbsp;$53.04 | &nbsp;&nbsp;$48.32 | &nbsp;&nbsp;$53.34 | &nbsp;&nbsp;$83.66 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;33.34% | &nbsp;&nbsp;38.44% | &nbsp;&nbsp;3.90% | &nbsp;&nbsp;-25.27% | &nbsp;&nbsp;53.43% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$187.48 | &nbsp;&nbsp;$279.83 | &nbsp;&nbsp;$214.53 | &nbsp;&nbsp;$308.95 | &nbsp;&nbsp;$498.51 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.11% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;Ratio of net investment loss to average net assets | &nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;(0.12)% | &nbsp;&nbsp;(0.22)% | &nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;(0.50)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;1% | &nbsp;&nbsp;10% | &nbsp;&nbsp;12% | &nbsp;&nbsp;5% | &nbsp;&nbsp;4% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 75

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Cornerstone Mid Cap 30 Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$26.48 | &nbsp;&nbsp;$18.92 | &nbsp;&nbsp;$20.83 | &nbsp;&nbsp;$19.78 | &nbsp;&nbsp;$13.27 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;9.47 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;6.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;9.46 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;6.51 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(4.21) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(3.60) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(4.25) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(3.60) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$23.14 | &nbsp;&nbsp;$26.48 | &nbsp;&nbsp;$18.92 | &nbsp;&nbsp;$20.83 | &nbsp;&nbsp;$19.78 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;2.60% | &nbsp;&nbsp;54.22% | &nbsp;&nbsp;10.03% | &nbsp;&nbsp;7.12% | &nbsp;&nbsp;49.06% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$453.60 | &nbsp;&nbsp;$627.17 | &nbsp;&nbsp;$297.37 | &nbsp;&nbsp;$215.00 | &nbsp;&nbsp;$219.58 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;1.35% | &nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;(0.06)% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.84% | &nbsp;&nbsp;(0.74)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(3)</sup> | &nbsp;&nbsp;129% | &nbsp;&nbsp;94% | &nbsp;&nbsp;120% | &nbsp;&nbsp;176% | &nbsp;&nbsp;0% |

---

<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.

76 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE MID CAP 30 FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Cornerstone Mid Cap 30 Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$27.96 | &nbsp;&nbsp;$19.91 | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.66 | &nbsp;&nbsp;$13.81 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;9.98 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;6.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;10.05 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;6.85 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(4.45) | &nbsp;&nbsp;(2.00) | &nbsp;&nbsp;(3.78) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(4.57) | &nbsp;&nbsp;(2.00) | &nbsp;&nbsp;(3.78) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$24.45 | &nbsp;&nbsp;$27.96 | &nbsp;&nbsp;$19.91 | &nbsp;&nbsp;$21.84 | &nbsp;&nbsp;$20.66 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;2.99% | &nbsp;&nbsp;54.74% | &nbsp;&nbsp;10.43% | &nbsp;&nbsp;7.52% | &nbsp;&nbsp;49.60% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$821.74 | &nbsp;&nbsp;$969.94 | &nbsp;&nbsp;$293.88 | &nbsp;&nbsp;$174.62 | &nbsp;&nbsp;$169.19 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.27% | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;(0.38)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;129% | &nbsp;&nbsp;94% | &nbsp;&nbsp;120% | &nbsp;&nbsp;176% | &nbsp;&nbsp;0% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 77

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Cornerstone Large Growth Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$11.94 | &nbsp;&nbsp;$10.06 | &nbsp;&nbsp;$10.92 | &nbsp;&nbsp;$14.35 | &nbsp;&nbsp;$10.21 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;(1.66) | &nbsp;&nbsp;4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;(1.57) | &nbsp;&nbsp;4.73 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;Dividends from net realized loss | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(1.76) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$11.95 | &nbsp;&nbsp;$11.94 | &nbsp;&nbsp;$10.06 | &nbsp;&nbsp;$10.92 | &nbsp;&nbsp;$14.35 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;4.30% | &nbsp;&nbsp;23.34% | &nbsp;&nbsp;9.48% | &nbsp;&nbsp;-12.76% | &nbsp;&nbsp;48.00% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$117.78 | &nbsp;&nbsp;$127.75 | &nbsp;&nbsp;$112.89 | &nbsp;&nbsp;$115.15 | &nbsp;&nbsp;$143.11 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;1.28% | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;46% | &nbsp;&nbsp;54% | &nbsp;&nbsp;53% | &nbsp;&nbsp;76% | &nbsp;&nbsp;68% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

78 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE LARGE GROWTH FUND**

***Financial Highlights***

**Hennessy Cornerstone Large Growth Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$12.08 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$11.05 | &nbsp;&nbsp;$14.51 | &nbsp;&nbsp;$10.33 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;4.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;2.35 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;(1.55) | &nbsp;&nbsp;4.80 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Dividends from net realized loss | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(1.78) | &nbsp;&nbsp;(1.80) | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(1.90) | &nbsp;&nbsp;(1.91) | &nbsp;&nbsp;(0.62) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$12.09 | &nbsp;&nbsp;$12.08 | &nbsp;&nbsp;$10.18 | &nbsp;&nbsp;$11.05 | &nbsp;&nbsp;$14.51 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;4.59% | &nbsp;&nbsp;23.62% | &nbsp;&nbsp;9.85% | &nbsp;&nbsp;-12.52% | &nbsp;&nbsp;48.30% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$16.70 | &nbsp;&nbsp;$17.41 | &nbsp;&nbsp;$15.77 | &nbsp;&nbsp;$14.80 | &nbsp;&nbsp;$18.39 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.37% | &nbsp;&nbsp;1.08% | &nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;46% | &nbsp;&nbsp;54% | &nbsp;&nbsp;53% | &nbsp;&nbsp;76% | &nbsp;&nbsp;68% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 79

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Cornerstone Value Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$21.61 | &nbsp;&nbsp;$18.14 | &nbsp;&nbsp;$20.30 | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$13.69 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;3.51 | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;5.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;4.16 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;6.31 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;— | &nbsp;&nbsp;(1.45) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$22.89 | &nbsp;&nbsp;$21.61 | &nbsp;&nbsp;$18.14 | &nbsp;&nbsp;$20.30 | &nbsp;&nbsp;$19.59 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;10.69% | &nbsp;&nbsp;23.38% | &nbsp;&nbsp;-1.45% | &nbsp;&nbsp;8.68% | &nbsp;&nbsp;46.82% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$282.96 | &nbsp;&nbsp;$273.89 | &nbsp;&nbsp;$246.40 | &nbsp;&nbsp;$268.81 | &nbsp;&nbsp;$254.23 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.21% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;2.71% | &nbsp;&nbsp;3.21% | &nbsp;&nbsp;3.31% | &nbsp;&nbsp;2.74% | &nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;27% | &nbsp;&nbsp;22% | &nbsp;&nbsp;31% | &nbsp;&nbsp;36% | &nbsp;&nbsp;41% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

80 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE VALUE FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Cornerstone Value Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$21.68 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$20.34 | &nbsp;&nbsp;$19.63 | &nbsp;&nbsp;$13.71 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;3.52 | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;5.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;6.36 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;— | &nbsp;&nbsp;(1.45) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.98) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(2.00) | &nbsp;&nbsp;(0.99) | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$22.96 | &nbsp;&nbsp;$21.68 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$20.34 | &nbsp;&nbsp;$19.63 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;10.93% | &nbsp;&nbsp;23.66% | &nbsp;&nbsp;-1.26% | &nbsp;&nbsp;8.92% | &nbsp;&nbsp;47.19% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$9.64 | &nbsp;&nbsp;$8.07 | &nbsp;&nbsp;$7.50 | &nbsp;&nbsp;$24.35 | &nbsp;&nbsp;$5.50 |
| &nbsp;&nbsp;Ratio of expenses to average net assets: | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;1.06% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets: | &nbsp;&nbsp;2.92% | &nbsp;&nbsp;3.44% | &nbsp;&nbsp;3.48% | &nbsp;&nbsp;2.92% | &nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;27% | &nbsp;&nbsp;22% | &nbsp;&nbsp;31% | &nbsp;&nbsp;36% | &nbsp;&nbsp;41% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 81

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82 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY TOTAL RETURN FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Total Return Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$13.45 | &nbsp;&nbsp;$12.53 | &nbsp;&nbsp;$13.47 | &nbsp;&nbsp;$13.54 | &nbsp;&nbsp;$11.97 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;2.53 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.96) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$14.16 | &nbsp;&nbsp;$13.45 | &nbsp;&nbsp;$12.53 | &nbsp;&nbsp;$13.47 | &nbsp;&nbsp;$13.54 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;8.85% | &nbsp;&nbsp;15.52% | &nbsp;&nbsp;0.53% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;21.72% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$49.21 | &nbsp;&nbsp;$49.04 | &nbsp;&nbsp;$47.54 | &nbsp;&nbsp;$53.36 | &nbsp;&nbsp;$54.45 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;3.25% | &nbsp;&nbsp;3.62% | &nbsp;&nbsp;3.37% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;2.37% | &nbsp;&nbsp;3.14% | &nbsp;&nbsp;3.05% | &nbsp;&nbsp;1.62% | &nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;35% | &nbsp;&nbsp;32% | &nbsp;&nbsp;36% | &nbsp;&nbsp;24% | &nbsp;&nbsp;19% |

---

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

HENNESSY FUNDS 1-800-966-4354 83

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Equity and Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$15.52 | &nbsp;&nbsp;$14.10 | &nbsp;&nbsp;$14.06 | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;$15.12 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;(2.09) | &nbsp;&nbsp;3.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;(2.01) | &nbsp;&nbsp;3.10 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(1.66) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(1.11) | &nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(1.73) | &nbsp;&nbsp;(1.30) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;(0.96) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$14.44 | &nbsp;&nbsp;$15.52 | &nbsp;&nbsp;$14.10 | &nbsp;&nbsp;$14.06 | &nbsp;&nbsp;$17.26 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;4.35% | &nbsp;&nbsp;20.43% | &nbsp;&nbsp;3.67% | &nbsp;&nbsp;-12.60% | &nbsp;&nbsp;21.24% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$25.15 | &nbsp;&nbsp;$31.75 | &nbsp;&nbsp;$34.29 | &nbsp;&nbsp;$39.17 | &nbsp;&nbsp;$53.97 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.63% | &nbsp;&nbsp;1.55% | &nbsp;&nbsp;1.52% | &nbsp;&nbsp;1.51% | &nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;0.71% | &nbsp;&nbsp;0.53% | &nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;27% | &nbsp;&nbsp;16% | &nbsp;&nbsp;11% | &nbsp;&nbsp;15% | &nbsp;&nbsp;26% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

84 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY EQUITY AND INCOME FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Equity and Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$14.55 | &nbsp;&nbsp;$13.23 | &nbsp;&nbsp;$13.21 | &nbsp;&nbsp;$16.22 | &nbsp;&nbsp;$14.22 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;(1.97) | &nbsp;&nbsp;2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;2.97 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(1.56) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(1.04) | &nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;(0.97) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$13.53 | &nbsp;&nbsp;$14.55 | &nbsp;&nbsp;$13.23 | &nbsp;&nbsp;$13.21 | &nbsp;&nbsp;$16.22 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;4.74% | &nbsp;&nbsp;20.85% | &nbsp;&nbsp;3.99% | &nbsp;&nbsp;-12.25% | &nbsp;&nbsp;21.68% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$19.32 | &nbsp;&nbsp;$27.78 | &nbsp;&nbsp;$34.71 | &nbsp;&nbsp;$47.74 | &nbsp;&nbsp;$66.06 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;0.87% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;1.08% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;27% | &nbsp;&nbsp;16% | &nbsp;&nbsp;11% | &nbsp;&nbsp;15% | &nbsp;&nbsp;26% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 85

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86 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY BALANCED FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Balanced Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$12.06 | &nbsp;&nbsp;$11.12 | &nbsp;&nbsp;$11.82 | &nbsp;&nbsp;$12.39 | &nbsp;&nbsp;$10.84 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;1.58 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.69) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$12.38 | &nbsp;&nbsp;$12.06 | &nbsp;&nbsp;$11.12 | &nbsp;&nbsp;$11.82 | &nbsp;&nbsp;$12.39 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;6.00% | &nbsp;&nbsp;11.47% | &nbsp;&nbsp;-0.22% | &nbsp;&nbsp;-0.70% | &nbsp;&nbsp;14.62% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$13.04 | &nbsp;&nbsp;$12.71 | &nbsp;&nbsp;$12.29 | &nbsp;&nbsp;$12.89 | &nbsp;&nbsp;$13.53 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;1.82% | &nbsp;&nbsp;1.84% | &nbsp;&nbsp;1.80% | &nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;2.06% | &nbsp;&nbsp;2.70% | &nbsp;&nbsp;2.26% | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;0.17% |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;39% | &nbsp;&nbsp;57% | &nbsp;&nbsp;22% | &nbsp;&nbsp;29% | &nbsp;&nbsp;31% |

---

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

HENNESSY FUNDS 1-800-966-4354 87

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Energy Transition Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$25.88 | &nbsp;&nbsp;$24.22 | &nbsp;&nbsp;$24.15 | &nbsp;&nbsp;$18.31 | &nbsp;&nbsp;$8.74 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;7.74 | &nbsp;&nbsp;9.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;3.39 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;7.90 | &nbsp;&nbsp;9.57 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$29.25 | &nbsp;&nbsp;$25.88 | &nbsp;&nbsp;$24.22 | &nbsp;&nbsp;$24.15 | &nbsp;&nbsp;$18.31 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;13.11% | &nbsp;&nbsp;6.85% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;49.24% | &nbsp;&nbsp;109.50% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$6.08 | &nbsp;&nbsp;$6.47 | &nbsp;&nbsp;$8.96 | &nbsp;&nbsp;$10.21 | &nbsp;&nbsp;$6.80 |
| &nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;2.70% | &nbsp;&nbsp;2.61% | &nbsp;&nbsp;2.42% | &nbsp;&nbsp;2.42% | &nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | &nbsp;&nbsp;2.53% | &nbsp;&nbsp;2.44% | &nbsp;&nbsp;2.27% | &nbsp;&nbsp;2.25% | &nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;0.36% | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;0.64% | &nbsp;&nbsp;0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;0.53% | &nbsp;&nbsp;0.74% | &nbsp;&nbsp;0.81% | &nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(3)</sup> | &nbsp;&nbsp;33% | &nbsp;&nbsp;14% | &nbsp;&nbsp;28% | &nbsp;&nbsp;31% | &nbsp;&nbsp;74% |

---

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

<sup>(2)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

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

88 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY ENERGY TRANSITION FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Energy Transition Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$26.46 | &nbsp;&nbsp;$24.68 | &nbsp;&nbsp;$24.59 | &nbsp;&nbsp;$18.60 | &nbsp;&nbsp;$8.85 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;3.36 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;7.87 | &nbsp;&nbsp;9.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;3.56 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;8.10 | &nbsp;&nbsp;9.75 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(2.11) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(2.11) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$29.98 | &nbsp;&nbsp;$26.46 | &nbsp;&nbsp;$24.68 | &nbsp;&nbsp;$24.59 | &nbsp;&nbsp;$18.60 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;13.46% | &nbsp;&nbsp;7.21% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;49.71% | &nbsp;&nbsp;110.17% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$7.03 | &nbsp;&nbsp;$8.14 | &nbsp;&nbsp;$11.43 | &nbsp;&nbsp;$13.33 | &nbsp;&nbsp;$9.45 |
| &nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;2.37% | &nbsp;&nbsp;2.28% | &nbsp;&nbsp;2.08% | &nbsp;&nbsp;2.09% | &nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | &nbsp;&nbsp;2.20% | &nbsp;&nbsp;2.11% | &nbsp;&nbsp;1.93% | &nbsp;&nbsp;1.92% | &nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;0.53% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;0.92% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;0.94% | &nbsp;&nbsp;1.07% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(3)</sup> | &nbsp;&nbsp;33% | &nbsp;&nbsp;14% | &nbsp;&nbsp;28% | &nbsp;&nbsp;31% | &nbsp;&nbsp;74% |

---

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

<sup>(2)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

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

HENNESSY FUNDS 1-800-966-4354 89

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Midstream Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$8.66 | &nbsp;&nbsp;$5.55 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss<sup>(1)(2)</sup> | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;4.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;4.14 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends from return of capital | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$11.23 | &nbsp;&nbsp;$11.39 | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.58 | &nbsp;&nbsp;$8.66 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;6.91% | &nbsp;&nbsp;24.81% | &nbsp;&nbsp;16.39% | &nbsp;&nbsp;24.03% | &nbsp;&nbsp;78.41% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$25.36 | &nbsp;&nbsp;$20.53 | &nbsp;&nbsp;$16.79 | &nbsp;&nbsp;$11.47 | &nbsp;&nbsp;$6.72 |
| &nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;1.91% | &nbsp;&nbsp;1.94% | &nbsp;&nbsp;2.03% | &nbsp;&nbsp;2.05% | &nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;1.78% | &nbsp;&nbsp;1.76% | &nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;Ratio of net investment loss to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement<sup>(2)</sup> | &nbsp;&nbsp;(0.39)% | &nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;(1.08)% | &nbsp;&nbsp;(1.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | &nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;(0.04)% | &nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;(0.79)% | &nbsp;&nbsp;(0.91)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;6% | &nbsp;&nbsp;6% | &nbsp;&nbsp;16% | &nbsp;&nbsp;33% | &nbsp;&nbsp;40% |

---

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

<sup>(2)</sup> Includes current and deferred tax benefit/expense from net investment income/loss only.

<sup>(3)</sup> Amount is between $(0.005) and $0.005.

<sup>(4)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

<sup>(5)</sup> Calculated on the basis of the Fund as a whole.

90 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY MIDSTREAM FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Midstream Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$11.95 | &nbsp;&nbsp;$10.43 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$8.90 | &nbsp;&nbsp;$5.68 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>(1)(2)</sup> | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Net realized and unrealized gains on investments | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;4.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;4.25 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.54) | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends from return of capital | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$11.84 | &nbsp;&nbsp;$11.95 | &nbsp;&nbsp;$10.43 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$8.90 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;7.01% | &nbsp;&nbsp;25.30% | &nbsp;&nbsp;16.67% | &nbsp;&nbsp;24.41% | &nbsp;&nbsp;78.57% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$45.31 | &nbsp;&nbsp;$46.77 | &nbsp;&nbsp;$37.46 | &nbsp;&nbsp;$33.06 | &nbsp;&nbsp;$30.45 |
| &nbsp;&nbsp;Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;1.52% | &nbsp;&nbsp;1.54% | &nbsp;&nbsp;1.65% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;1.53% | &nbsp;&nbsp;1.51% | &nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement<sup>(2)</sup> | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;(0.12)% | &nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;(0.89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;(0.00)%<sup>(3)</sup> | &nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;(0.66)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;6% | &nbsp;&nbsp;6% | &nbsp;&nbsp;16% | &nbsp;&nbsp;33% | &nbsp;&nbsp;40% |

---

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

<sup>(2)</sup> Includes current and deferred tax benefit/expense from net investment income/loss only.

<sup>(3)</sup> Amount is between $(0.005) and $0.005.

<sup>(4)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

<sup>(5)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 91

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Gas Utility Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$27.57 | &nbsp;&nbsp;$22.57 | &nbsp;&nbsp;$25.91 | &nbsp;&nbsp;$26.09 | &nbsp;&nbsp;$24.08 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;5.95 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;4.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;3.27 | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;(1.16) | &nbsp;&nbsp;2.48 | &nbsp;&nbsp;4.52 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(1.43) | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;(1.65) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(1.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(2.02) | &nbsp;&nbsp;(1.55) | &nbsp;&nbsp;(2.18) | &nbsp;&nbsp;(2.66) | &nbsp;&nbsp;(2.51) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$28.82 | &nbsp;&nbsp;$27.57 | &nbsp;&nbsp;$22.57 | &nbsp;&nbsp;$25.91 | &nbsp;&nbsp;$26.09 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;12.15% | &nbsp;&nbsp;30.34% | &nbsp;&nbsp;-5.01% | &nbsp;&nbsp;10.14% | &nbsp;&nbsp;19.91% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$433.65 | &nbsp;&nbsp;$426.63 | &nbsp;&nbsp;$384.37 | &nbsp;&nbsp;$459.41 | &nbsp;&nbsp;$457.31 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;2.07% | &nbsp;&nbsp;2.46% | &nbsp;&nbsp;2.21% | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;26% | &nbsp;&nbsp;13% | &nbsp;&nbsp;12% | &nbsp;&nbsp;31% | &nbsp;&nbsp;15% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

92 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY GAS UTILITY FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Gas Utility Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$27.50 | &nbsp;&nbsp;$22.51 | &nbsp;&nbsp;$25.84 | &nbsp;&nbsp;$26.01 | &nbsp;&nbsp;$24.01 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;2.69 | &nbsp;&nbsp;5.94 | &nbsp;&nbsp;(1.70) | &nbsp;&nbsp;1.99 | &nbsp;&nbsp;3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;3.34 | &nbsp;&nbsp;6.61 | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;2.56 | &nbsp;&nbsp;4.58 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.65) |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(1.42) | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;(1.65) | &nbsp;&nbsp;(2.15) | &nbsp;&nbsp;(1.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(2.10) | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(2.25) | &nbsp;&nbsp;(2.73) | &nbsp;&nbsp;(2.58) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$28.74 | &nbsp;&nbsp;$27.50 | &nbsp;&nbsp;$22.51 | &nbsp;&nbsp;$25.84 | &nbsp;&nbsp;$26.01 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;12.48% | &nbsp;&nbsp;30.74% | &nbsp;&nbsp;-4.74% | &nbsp;&nbsp;10.53% | &nbsp;&nbsp;20.29% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$59.70 | &nbsp;&nbsp;$51.20 | &nbsp;&nbsp;$56.75 | &nbsp;&nbsp;$93.58 | &nbsp;&nbsp;$63.06 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.71% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;Ratio of net investment income to average net assets | &nbsp;&nbsp;2.31% | &nbsp;&nbsp;2.76% | &nbsp;&nbsp;2.52% | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;26% | &nbsp;&nbsp;13% | &nbsp;&nbsp;12% | &nbsp;&nbsp;31% | &nbsp;&nbsp;15% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 93

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$43.21 | &nbsp;&nbsp;$34.99 | &nbsp;&nbsp;$29.43 | &nbsp;&nbsp;$47.78 | &nbsp;&nbsp;$42.79 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;7.43 | &nbsp;&nbsp;10.21 | &nbsp;&nbsp;5.33 | &nbsp;&nbsp;(17.83) | &nbsp;&nbsp;5.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;7.92 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;5.56 | &nbsp;&nbsp;(17.94) | &nbsp;&nbsp;4.99 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(2.01) | &nbsp;&nbsp;(2.18) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(2.43) | &nbsp;&nbsp;(2.18) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$48.70 | &nbsp;&nbsp;$43.21 | &nbsp;&nbsp;$34.99 | &nbsp;&nbsp;$29.43 | &nbsp;&nbsp;$47.78 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;18.97% | &nbsp;&nbsp;31.08% | &nbsp;&nbsp;18.89% | &nbsp;&nbsp;-37.86% | &nbsp;&nbsp;11.66% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$49.64 | &nbsp;&nbsp;$52.49 | &nbsp;&nbsp;$45.61 | &nbsp;&nbsp;$39.55 | &nbsp;&nbsp;$86.11 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.40% | &nbsp;&nbsp;1.42% | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;(0.30)% | &nbsp;&nbsp;(0.49)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;16% | &nbsp;&nbsp;17% | &nbsp;&nbsp;57% | &nbsp;&nbsp;21% | &nbsp;&nbsp;16% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

94 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY JAPAN FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;**PER SHARE DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$45.03 | &nbsp;&nbsp;$36.32 | &nbsp;&nbsp;$30.43 | &nbsp;&nbsp;$49.54 | &nbsp;&nbsp;$44.19 |
| &nbsp;&nbsp;**Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;7.72 | &nbsp;&nbsp;10.58 | &nbsp;&nbsp;5.59 | &nbsp;&nbsp;(18.39) | &nbsp;&nbsp;5.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;8.41 | &nbsp;&nbsp;10.97 | &nbsp;&nbsp;5.89 | &nbsp;&nbsp;(18.37) | &nbsp;&nbsp;5.35 |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividends from net investment income | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.00)<sup>(2)</sup> |
| &nbsp;&nbsp;Dividends from net realized gains | &nbsp;&nbsp;(2.09) | &nbsp;&nbsp;(2.26) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(2.68) | &nbsp;&nbsp;(2.26) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.00)<sup>(2)</sup> |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$50.76 | &nbsp;&nbsp;$45.03 | &nbsp;&nbsp;$36.32 | &nbsp;&nbsp;$30.43 | &nbsp;&nbsp;$49.54 |
| &nbsp;&nbsp;**TOTAL RETURN** | &nbsp;&nbsp;19.41% | &nbsp;&nbsp;31.59% | &nbsp;&nbsp;19.36% | &nbsp;&nbsp;-37.63% | &nbsp;&nbsp;12.11% |
| &nbsp;&nbsp;**SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (millions) | &nbsp;&nbsp;$406.78 | &nbsp;&nbsp;$361.11 | &nbsp;&nbsp;$233.44 | &nbsp;&nbsp;$275.24 | &nbsp;&nbsp;$727.47 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.02% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;1.54% | &nbsp;&nbsp;0.92% | &nbsp;&nbsp;0.84% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;(0.07)% |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(3)</sup> | &nbsp;&nbsp;16% | &nbsp;&nbsp;17% | &nbsp;&nbsp;57% | &nbsp;&nbsp;21% | &nbsp;&nbsp;16% |

---

<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.

HENNESSY FUNDS 1-800-966-4354 95

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Small Cap Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$16.63 | &nbsp;&nbsp;$14.74 | &nbsp;&nbsp;$13.10 | &nbsp;&nbsp;$18.12 | &nbsp;&nbsp;$15.73 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.03 |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;5.08 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;(5.07) | &nbsp;&nbsp;2.40 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;5.28 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;(4.95) | &nbsp;&nbsp;2.43 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;(0.04) |
| Dividends from net realized gains | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.04) |
| Net asset value, end of year | &nbsp;&nbsp;$21.29 | &nbsp;&nbsp;$16.63 | &nbsp;&nbsp;$14.74 | &nbsp;&nbsp;$13.10 | &nbsp;&nbsp;$18.12 |
| **TOTAL RETURN** | &nbsp;&nbsp;32.67% | &nbsp;&nbsp;13.79% | &nbsp;&nbsp;13.22% | &nbsp;&nbsp;-27.41% | &nbsp;&nbsp;15.46% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$38.59 | &nbsp;&nbsp;$30.02 | &nbsp;&nbsp;$32.56 | &nbsp;&nbsp;$31.23 | &nbsp;&nbsp;$46.15 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;1.49% | &nbsp;&nbsp;1.52% | &nbsp;&nbsp;1.51% | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;1.53% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;0.16% |
| Portfolio turnover rate<sup>(3)</sup> | &nbsp;&nbsp;45% | &nbsp;&nbsp;28% | &nbsp;&nbsp;32% | &nbsp;&nbsp;45% | &nbsp;&nbsp;24% |

---

<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.

96 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY JAPAN SMALL CAP FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Small Cap Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$14.56 | &nbsp;&nbsp;$12.97 | &nbsp;&nbsp;$17.94 | &nbsp;&nbsp;$15.58 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.11 |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;5.01 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;(4.99) | &nbsp;&nbsp;2.37 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;5.29 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;(4.81) | &nbsp;&nbsp;2.48 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.12) |
| Dividends from net realized gains | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.12) |
| Net asset value, end of year | &nbsp;&nbsp;$21.01 | &nbsp;&nbsp;$16.43 | &nbsp;&nbsp;$14.56 | &nbsp;&nbsp;$12.97 | &nbsp;&nbsp;$17.94 |
| **TOTAL RETURN** | &nbsp;&nbsp;33.21% | &nbsp;&nbsp;14.23% | &nbsp;&nbsp;13.60% | &nbsp;&nbsp;-27.05% | &nbsp;&nbsp;15.90% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$90.89 | &nbsp;&nbsp;$79.16 | &nbsp;&nbsp;$70.99 | &nbsp;&nbsp;$47.65 | &nbsp;&nbsp;$66.58 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.11% | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.13% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;1.51% | &nbsp;&nbsp;1.42% | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;0.63% |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;45% | &nbsp;&nbsp;28% | &nbsp;&nbsp;32% | &nbsp;&nbsp;45% | &nbsp;&nbsp;24% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 97

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Large Cap Financial Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$27.37 | &nbsp;&nbsp;$18.57 | &nbsp;&nbsp;$24.80 | &nbsp;&nbsp;$35.32 | &nbsp;&nbsp;$22.33 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.15) |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;7.97 | &nbsp;&nbsp;9.00 | &nbsp;&nbsp;(4.92) | &nbsp;&nbsp;(9.02) | &nbsp;&nbsp;13.14 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;7.93 | &nbsp;&nbsp;9.20 | &nbsp;&nbsp;(4.57) | &nbsp;&nbsp;(8.87) | &nbsp;&nbsp;12.99 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Dividends from net realized gains | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1.53) | &nbsp;&nbsp;(1.65) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(1.66) | &nbsp;&nbsp;(1.65) | &nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$35.13 | &nbsp;&nbsp;$27.37 | &nbsp;&nbsp;$18.57 | &nbsp;&nbsp;$24.80 | &nbsp;&nbsp;$35.32 |
| **TOTAL RETURN** | &nbsp;&nbsp;29.07% | &nbsp;&nbsp;49.91% | &nbsp;&nbsp;-19.62% | &nbsp;&nbsp;-26.22% | &nbsp;&nbsp;58.17% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$23.88 | &nbsp;&nbsp;$21.29 | &nbsp;&nbsp;$16.88 | &nbsp;&nbsp;$23.63 | &nbsp;&nbsp;$36.42 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;1.79% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;1.68% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;0.84% | &nbsp;&nbsp;1.64% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;(0.47)% |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;48% | &nbsp;&nbsp;37% | &nbsp;&nbsp;114% | &nbsp;&nbsp;78% | &nbsp;&nbsp;62% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

98 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY LARGE CAP FINANCIAL FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Large Cap Financial Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$27.69 | &nbsp;&nbsp;$18.76 | &nbsp;&nbsp;$25.11 | &nbsp;&nbsp;$35.63 | &nbsp;&nbsp;$22.44 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.03) |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;8.06 | &nbsp;&nbsp;9.06 | &nbsp;&nbsp;(4.99) | &nbsp;&nbsp;(9.10) | &nbsp;&nbsp;13.22 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;8.13 | &nbsp;&nbsp;9.38 | &nbsp;&nbsp;(4.56) | &nbsp;&nbsp;(8.85) | &nbsp;&nbsp;13.19 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Dividends from net realized gains | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1.55) | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(1.79) | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$35.59 | &nbsp;&nbsp;$27.69 | &nbsp;&nbsp;$18.76 | &nbsp;&nbsp;$25.11 | &nbsp;&nbsp;$35.63 |
| **TOTAL RETURN** | &nbsp;&nbsp;29.50% | &nbsp;&nbsp;50.45% | &nbsp;&nbsp;-19.41% | &nbsp;&nbsp;-25.95% | &nbsp;&nbsp;58.78% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$7.50 | &nbsp;&nbsp;$12.58 | &nbsp;&nbsp;$22.15 | &nbsp;&nbsp;$35.06 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;1.55% | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;1.46% | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;1.32% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;1.35% | &nbsp;&nbsp;1.99% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;(0.11)% |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;48% | &nbsp;&nbsp;37% | &nbsp;&nbsp;114% | &nbsp;&nbsp;78% | &nbsp;&nbsp;62% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 99

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Small Cap Financial Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$27.88 | &nbsp;&nbsp;$20.42 | &nbsp;&nbsp;$29.47 | &nbsp;&nbsp;$31.52 | &nbsp;&nbsp;$17.46 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.25 |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;8.20 | &nbsp;&nbsp;(7.13) | &nbsp;&nbsp;(1.96) | &nbsp;&nbsp;14.01 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;8.65 | &nbsp;&nbsp;(6.70) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;14.26 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.20) |
| Dividends from net realized gains | &nbsp;&nbsp;(1.26) | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;(2.16) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(1.61) | &nbsp;&nbsp;(1.19) | &nbsp;&nbsp;(2.35) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.20) |
| Net asset value, end of year | &nbsp;&nbsp;$27.95 | &nbsp;&nbsp;$27.88 | &nbsp;&nbsp;$20.42 | &nbsp;&nbsp;$29.47 | &nbsp;&nbsp;$31.52 |
| **TOTAL RETURN** | &nbsp;&nbsp;5.83% | &nbsp;&nbsp;43.17% | &nbsp;&nbsp;-24.53% | &nbsp;&nbsp;-5.60% | &nbsp;&nbsp;82.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$61.17 | &nbsp;&nbsp;$80.80 | &nbsp;&nbsp;$54.60 | &nbsp;&nbsp;$93.40 | &nbsp;&nbsp;$140.03 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;1.65% | &nbsp;&nbsp;1.62% | &nbsp;&nbsp;1.62% | &nbsp;&nbsp;1.59% | &nbsp;&nbsp;1.58% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;1.07% | &nbsp;&nbsp;1.83% | &nbsp;&nbsp;1.83% | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.90% |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;35% | &nbsp;&nbsp;54% | &nbsp;&nbsp;72% | &nbsp;&nbsp;27% | &nbsp;&nbsp;28% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

100 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY SMALL CAP FINANCIAL FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Small Cap Financial Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$15.89 | &nbsp;&nbsp;$11.82 | &nbsp;&nbsp;$17.24 | &nbsp;&nbsp;$18.57 | &nbsp;&nbsp;$10.37 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.21 |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;4.71 | &nbsp;&nbsp;(4.14) | &nbsp;&nbsp;(1.14) | &nbsp;&nbsp;8.26 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;5.04 | &nbsp;&nbsp;(3.84) | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;8.47 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.27) |
| Dividends from net realized gains | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(1.27) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;(1.58) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.27) |
| Net asset value, end of year | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;$15.89 | &nbsp;&nbsp;$11.82 | &nbsp;&nbsp;$17.24 | &nbsp;&nbsp;$18.57 |
| **TOTAL RETURN** | &nbsp;&nbsp;6.19% | &nbsp;&nbsp;43.64% | &nbsp;&nbsp;-24.32% | &nbsp;&nbsp;-5.21% | &nbsp;&nbsp;82.88% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$6.29 | &nbsp;&nbsp;$6.40 | &nbsp;&nbsp;$6.87 | &nbsp;&nbsp;$20.17 | &nbsp;&nbsp;$32.08 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;1.33% | &nbsp;&nbsp;1.28% | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.20% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;1.38% | &nbsp;&nbsp;2.35% | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.31% |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;35% | &nbsp;&nbsp;54% | &nbsp;&nbsp;72% | &nbsp;&nbsp;27% | &nbsp;&nbsp;28% |

---

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

<sup>(2)</sup> Calculated on the basis of the Fund as a whole.

HENNESSY FUNDS 1-800-966-4354 101

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Technology Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$22.28 | &nbsp;&nbsp;$16.94 | &nbsp;&nbsp;$14.81 | &nbsp;&nbsp;$26.89 | &nbsp;&nbsp;$20.50 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;(0.02) |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;5.71 | &nbsp;&nbsp;5.39 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;(5.38) | &nbsp;&nbsp;8.82 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;5.61 | &nbsp;&nbsp;5.34 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;(5.38) | &nbsp;&nbsp;8.80 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.04) |
| Dividends from net realized gains | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(6.70) | &nbsp;&nbsp;(2.37) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.97) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(6.70) | &nbsp;&nbsp;(2.41) |
| Net asset value, end of year | &nbsp;&nbsp;$26.92 | &nbsp;&nbsp;$22.28 | &nbsp;&nbsp;$16.94 | &nbsp;&nbsp;$14.81 | &nbsp;&nbsp;$26.89 |
| **TOTAL RETURN** | &nbsp;&nbsp;25.78% | &nbsp;&nbsp;31.52% | &nbsp;&nbsp;14.47% | &nbsp;&nbsp;-26.44% | &nbsp;&nbsp;45.11% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$6.21 | &nbsp;&nbsp;$5.21 | &nbsp;&nbsp;$4.35 | &nbsp;&nbsp;$3.99 | &nbsp;&nbsp;$6.06 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;2.88% | &nbsp;&nbsp;2.77% | &nbsp;&nbsp;3.17% | &nbsp;&nbsp;3.06% | &nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;After expense reimbursement<sup>(3)</sup> | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.23% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;(2.08)% | &nbsp;&nbsp;(1.76)% | &nbsp;&nbsp;(2.02)% | &nbsp;&nbsp;(1.81)% | &nbsp;&nbsp;(1.64)% |
| &nbsp;&nbsp;After expense reimbursement | &nbsp;&nbsp;(0.44)% | &nbsp;&nbsp;(0.22)% | &nbsp;&nbsp;(0.08)% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;(0.08)% |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;99% | &nbsp;&nbsp;84% | &nbsp;&nbsp;101% | &nbsp;&nbsp;151% | &nbsp;&nbsp;200% |

---

<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.

102 WWW.HENNESSYFUNDS.COM

**FINANCIAL HIGHLIGHTS — HENNESSY TECHNOLOGY FUND**

***Financial Highlights***

&nbsp;&nbsp;**Hennessy Technology Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;Year Ended October 31, |
|  | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$22.98 | &nbsp;&nbsp;$17.43 | &nbsp;&nbsp;$15.26 | &nbsp;&nbsp;$27.65 | &nbsp;&nbsp;$21.08 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;5.54 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;(5.55) | &nbsp;&nbsp;9.06 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;5.85 | &nbsp;&nbsp;5.55 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;(5.50) | &nbsp;&nbsp;9.11 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.11) |
| Dividends from net realized gains | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(6.89) | &nbsp;&nbsp;(2.43) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(6.89) | &nbsp;&nbsp;(2.54) |
| Net asset value, end of year | &nbsp;&nbsp;$27.83 | &nbsp;&nbsp;$22.98 | &nbsp;&nbsp;$17.43 | &nbsp;&nbsp;$15.26 | &nbsp;&nbsp;$27.65 |
| **TOTAL RETURN** | &nbsp;&nbsp;26.07% | &nbsp;&nbsp;31.84% | &nbsp;&nbsp;14.77% | &nbsp;&nbsp;-26.28% | &nbsp;&nbsp;45.49% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | &nbsp;&nbsp;$2.30 | &nbsp;&nbsp;$2.68 | &nbsp;&nbsp;$1.99 | &nbsp;&nbsp;$1.39 | &nbsp;&nbsp;$2.06 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;2.60% | &nbsp;&nbsp;2.47% | &nbsp;&nbsp;2.85% | &nbsp;&nbsp;2.73% | &nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;0.98% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;(1.81)% | &nbsp;&nbsp;(1.46)% | &nbsp;&nbsp;(1.70)% | &nbsp;&nbsp;(1.48)% | &nbsp;&nbsp;(1.29)% |
| &nbsp;&nbsp;After expense reimbursement | &nbsp;&nbsp;(0.20)% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;0.27% | &nbsp;&nbsp;0.17% |
| Portfolio turnover rate<sup>(3)</sup> | &nbsp;&nbsp;99% | &nbsp;&nbsp;84% | &nbsp;&nbsp;101% | &nbsp;&nbsp;151% | &nbsp;&nbsp;200% |

---

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

<sup>(2)</sup> Certain service provider expenses were voluntarily waived during the fiscal year.

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

HENNESSY FUNDS 1-800-966-4354 103

**PRIVACY POLICY**

We collect the following personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Age
and marital status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial
information, including records of products purchased;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geolocation
data;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 keep this information for as long as necessary or permitted for the purposes described in this policy or otherwise authorized by law.

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 and its implementing regulations, as they may be amended or superseded from time to time (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 (i) update any inaccurate or incomplete personal information, (ii) opt out or restrict the processing of your personal information, and (iii) 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.

104 WWW.HENNESSYFUNDS.COM

**PRIVACY POLICY AND FUND SYMBOLS AND CUSIPS**

**FUND SYMBOLS AND CUSIPS**

The Investor Class shares of the Funds have the following fund symbols and cusips:

---

| | | |
|:---|:---|:---|
| **<u>Fund – Investor Class</u>** | &nbsp;&nbsp;**<u>Symbol</u>** | &nbsp;&nbsp;**<u>Cusip</u>** |
| Hennessy Cornerstone Growth Fund | &nbsp;&nbsp;HFCGX | &nbsp;&nbsp;425888104 |
| Hennessy Focus Fund | &nbsp;&nbsp;HFCSX | &nbsp;&nbsp;42588P700 |
| Hennessy Cornerstone Mid Cap 30 Fund | &nbsp;&nbsp;HFMDX | &nbsp;&nbsp;425888302 |
| Hennessy Cornerstone Large Growth Fund | &nbsp;&nbsp;HFLGX | &nbsp;&nbsp;42588P205 |
| Hennessy Cornerstone Value Fund | &nbsp;&nbsp;HFCVX | &nbsp;&nbsp;425888203 |
| Hennessy Total Return Fund | &nbsp;&nbsp;HDOGX | &nbsp;&nbsp;425887205 |
| Hennessy Equity and Income Fund | &nbsp;&nbsp;HEIFX | &nbsp;&nbsp;42588P825 |
| Hennessy Balanced Fund | &nbsp;&nbsp;HBFBX | &nbsp;&nbsp;425887106 |
| Hennessy Energy Transition Fund | &nbsp;&nbsp;HNRGX | &nbsp;&nbsp;42588P742 |
| Hennessy Midstream Fund | &nbsp;&nbsp;HMSFX | &nbsp;&nbsp;42588P726 |
| Hennessy Gas Utility Fund | &nbsp;&nbsp;GASFX | &nbsp;&nbsp;42588P833 |
| Hennessy Japan Fund | &nbsp;&nbsp;HJPNX | &nbsp;&nbsp;425894102 |
| Hennessy Japan Small Cap Fund | &nbsp;&nbsp;HJPSX | &nbsp;&nbsp;425894300 |
| Hennessy Large Cap Financial Fund | &nbsp;&nbsp;HLFNX | &nbsp;&nbsp;42588P882 |
| Hennessy Small Cap Financial Fund | &nbsp;&nbsp;HSFNX | &nbsp;&nbsp;42588P874 |
| Hennessy Technology Fund | &nbsp;&nbsp;HTECX | &nbsp;&nbsp;42588P858 |

---

The Institutional Class shares of the Funds have the following fund symbols and cusips:

---

| | | |
|:---|:---|:---|
| **<u>Fund – Institutional Class</u>** | &nbsp;&nbsp;**<u>Symbol</u>** | &nbsp;&nbsp;**<u>Cusip</u>** |
| Hennessy Cornerstone Growth Fund | &nbsp;&nbsp;HICGX | &nbsp;&nbsp;425888500 |
| Hennessy Focus Fund | &nbsp;&nbsp;HFCIX | &nbsp;&nbsp;42588P809 |
| Hennessy Cornerstone Mid Cap 30 Fund | &nbsp;&nbsp;HIMDX | &nbsp;&nbsp;425888609 |
| Hennessy Cornerstone Large Growth Fund | &nbsp;&nbsp;HILGX | &nbsp;&nbsp;42588P403 |
| Hennessy Cornerstone Value Fund | &nbsp;&nbsp;HICVX | &nbsp;&nbsp;425888401 |
| Hennessy Equity and Income Fund | &nbsp;&nbsp;HEIIX | &nbsp;&nbsp;42588P817 |
| Hennessy Energy Transition Fund | &nbsp;&nbsp;HNRIX | &nbsp;&nbsp;42588P734 |
| Hennessy Midstream Fund | &nbsp;&nbsp;HMSIX | &nbsp;&nbsp;42588P718 |
| Hennessy Gas Utility Fund | &nbsp;&nbsp;HGASX | &nbsp;&nbsp;42588P759 |
| Hennessy Japan Fund | &nbsp;&nbsp;HJPIX | &nbsp;&nbsp;425894201 |
| Hennessy Japan Small Cap Fund | &nbsp;&nbsp;HJSIX | &nbsp;&nbsp;42588P767 |
| Hennessy Large Cap Financial Fund | &nbsp;&nbsp;HILFX | &nbsp;&nbsp;42588P775 |
| Hennessy Small Cap Financial Fund | &nbsp;&nbsp;HISFX | &nbsp;&nbsp;42588P866 |
| Hennessy Technology Fund | &nbsp;&nbsp;HTCIX | &nbsp;&nbsp;42588P841 |

---

 

*Not part of Prospectus.*

HENNESSY FUNDS 1-800-966-4354 105

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WWW.HENNESSYFUNDS.COM

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HENNESSY FUNDS 1-800-966-4354

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WWW.HENNESSYFUNDS.COM

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

*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, AND**

**Shareholder Servicing Agent**

U.S. Bancorp Fund Services, LLC

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

P.O. Box 219381

Kansas City, Missouri 64121-9381

**Custodian** 

U.S. Bank N.A.

Custody Operations

1555 North River Center Dr., Suite 302

Milwaukee, Wisconsin 53212

**TRUSTEES**

Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Doug Franklin

Claire Garvie

Gerald P. Richardson

**Counsel** 

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

**Independent Registered** 

**Public Accounting Firm**

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

**Distributor**

Quasar Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

***To learn more about the Hennessy Funds***, please read the Funds' Statement of Additional Information (the "SAI"), which contains additional information about the Funds. The Funds have incorporated by reference the SAI into this Prospectus. This means that you should consider the contents of the SAI to be part of this Prospectus.

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. In each Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. In the Funds' Form N-CSR, you will find the Funds' annual and semi-annual financial statements and other information.

The SAI, the Funds' annual and semi-annual reports to shareholders, and other information such as the Funds' financial statements are all available to shareholders and prospective investors without charge upon request, by calling 1-800-966-4354 or 1-415-899-1555 or at www.hennessyfunds.com.

Prospective investors and shareholders who have questions about the Funds may also call 1-800-966-4354 or 1-415-899-1555 or write to the following address:

**Hennessy Funds** 

7250 Redwood Blvd.

Suite 200

Novato, CA 94945

The general public can review and copy information about the Funds (including the SAI) on the EDGAR Database on the Securities and Exchange Commission's website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by emailing publicinfo@sec.gov.

When seeking information about the Funds, please refer to the Hennessy Funds Trust's Investment Company Act File No. 811-07168.

![](hennessy485bpos020.jpg)

![](hennessy485bpos026.jpg)

![](hennessy485bpos021.jpg)

**PROSPECTUS**

**MARCH 2, 2026**

**Hennessy Sustainable ETF**

**(The Nasdaq Stock Market LLC: STNC)**

![](hennessy485bpos022.jpg)

![](hennessy485bpos023.jpg)

www.hennessyetfs.com \| 1-877-671-3199

**As with all funds, the Securities and Exchange Commission has not approved or disapproved** 

**of this Fund or determined if this Prospectus is truthful or complete.**

**Any representation to the contrary is a criminal offense.**

(This Page Intentionally Left Blank.)

***Contents***

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Summary Information](#hennessy485bposb001) | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;[Additional Investment Information](#hennessy485bposb002) | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;[Management of the Fund](#hennessy485bposb003) | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;[Shareholder Information](#hennessy485bposb004) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Determination of Net Asset Value](#hennessy485bposb005) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Purchase and Redeem Shares](#hennessy485bposb006) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Book Entry](#hennessy485bposb007) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Share Trading Prices on the Exchange](#hennessy485bposb008) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Frequent Purchases and Redemptions of Shares](#hennessy485bposb009) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#hennessy485bposb010) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#hennessy485bposb011) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributor](#hennessy485bposb012) | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Premium/Discount Information](#hennessy485bposb013) | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Continuous Offering](#hennessy485bposb014) | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Description of Index](#hennessy485bposb015) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Important Notice Regarding Delivery of Shareholder Documents](#hennessy485bposb016) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Electronic Delivery](#hennessy485bposb017) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#hennessy485bposb018) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;[Financial Highlights](#hennessy485bposb019) | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;[Appendix A – Prior Performance of Similarly Advised Accounts](#hennessy485bposb020) | &nbsp;&nbsp;17 |

---

No securities dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus or in approved sales literature in connection with the offer contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by the Hennessy Sustainable ETF or Hennessy Funds Trust. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in any jurisdiction or to any person to whom it is unlawful to make such an offer.

An investment in the Fund is not a deposit with a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Fund prices will fluctuate, and it is possible to lose money.

HENNESSY FUNDS 1-877-671-3199

**SUMMARY INFORMATION**

***Investment Objective***

The Hennessy Sustainable ETF seeks to achieve long-term capital appreciation.

***Fund Fees and Expenses***

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

---

| |
|:---|
| **SHAREHOLDER FEES** |
| *(fees paid directly from your investment)* |

---

---

| | |
|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |
| *(expenses that you pay each year as a percentage of the value of your investment)* |  |
| Management Fees | &nbsp;&nbsp;0.95% |
| Distribution and Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| Other Expenses | &nbsp;&nbsp;0.00% |
| Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.95% |
| Expense Reimbursement<sup>1</sup> | &nbsp;&nbsp;(0.10)% |
| Total Annual Fund Operating Expenses |  |
| &nbsp;&nbsp; After Expense Reimbursement | &nbsp;&nbsp;0.85% |

---

<sup>1</sup> The Fund's investment manager has contractually agreed to ensure that total operating expenses (excluding brokerage commissions, taxes, interest expense, acquired fund fees and expenses, and any extraordinary expenses) do not exceed 0.85% of the Fund's average daily net assets. The contractual arrangement will continue until February 28, 2027, at which time it will automatically terminate (and it may not be terminated prior to that date). The Fund's investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.

**EXAMPLE**

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund's operating expenses are equal to the total annual fund operating expenses after expense reimbursement for the first year and equal to total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, based on those assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;One Year | &nbsp;&nbsp;Three Years | &nbsp;&nbsp;Five Years | &nbsp;&nbsp;Ten Years |
| &nbsp;&nbsp;$87 | &nbsp;&nbsp;$293 | &nbsp;&nbsp;$516 | &nbsp;&nbsp;$1157 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 275% of the average value of its portfolio.

***Principal Investment Strategy***

The Fund is an actively managed exchange-traded fund ("ETF") that will invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in exchange-traded equity securities of U.S. issuers that meet sustainability standards, as determined by the Portfolio Managers. The Portfolio Managers also screen on the basis of fundamental financial standards. The Fund primarily invests in large-capitalization issuers but may also invest in small- and medium-capitalization issuers. The Fund considers companies within the Russell 1000<sup>®</sup> Index and S&P 500<sup>®</sup> Index to be large-capitalization issuers.

In identifying investments for the Fund, the Portfolio Managers utilize three independent processes. First, the Portfolio Managers apply a rules-based sustainability methodology that seeks to identify the strong companies from each industry and sub-industry group in the universe of large-capitalization companies, medium-capitalization companies, or small-capitalization companies, as applicable. Companies that have exclusively or primarily engaged in weapons, tobacco, or fossil fuel extraction are excluded from consideration. The remaining universe is then quantitatively scored against industry group peers on up to 25 sustainability-related key performance indicators ("KPIs") such as energy productivity, carbon intensity, water dependence, waste profile, and KPIs relating to governance, including capacity to innovate, unfunded pension fund liabilities, chief executive officer/average worker pay, safety performance,

2 WWW.HENNESSYETFS.COM

**SUMMARY INFORMATION**

employee turnover, leadership diversity, percentage tax paid, and percent of bonus linked to sustainability performance. The securities deemed by the Portfolio Managers to be strong may be retained. This generally results in the Portfolio Managers retaining securities in the top 50%, but the Portfolio Managers have discretion to retain more than that. The Portfolio Managers utilize data feeds from third parties that the Portfolio Managers consider, in their sole discretion, as trustworthy or have the expertise in specific KPI areas. The current primary external data source is Corporate Knights Research, an affiliate of Stance Capital, LLC, but such firm or firms may change in the Portfolio Managers' discretion. Corporate Knights Research is based in Toronto, and is a leading media firm in Canada focused on climate risk. For over 20 years, it has published an annual ranking of the most sustainable companies in the world. Its methodology is rules-based and forms the foundation of the Portfolio Managers' approach to sustainability scoring. Second, the Portfolio Managers apply a machine-learning model that uses financial, risk, and other factors to identify companies that are most likely to outperform both in the absolute returns and in risk-adjusted returns over the next quarter. In the final process, the portfolio is optimized to minimize tail risk and maximize diversification. Tail risk is the risk that an investment's return will move significantly beyond expectations (namely, more than three standard deviations from its mean). The Portfolio Managers target a maximum weighting of 3.5% of any single position upon rebalancing, but retain discretion to adjust this target percentage. The Portfolio Managers generally rebalance the portfolio quarterly.

Positions are sold quarterly if the Portfolio Managers decide they are no longer optimal in the portfolio. The Fund's investment portfolio is generally composed of around 40 investment positions.

While investing in a particular sector is not a principal investment strategy of the Fund, its portfolio may be significantly invested in a sector as a result of the portfolio management decisions made pursuant to its principal investment strategy. While the Fund does not place any restrictions on its level of sector concentration, it will limit its investments in industries within any particular sector to less than 25% of the Fund's total assets. On each rebalancing date, investments within a particular sector will also be capped at up to twice the weight of the sector within the S&P 500<sup>®</sup> Index.

***Principal Risks***

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money.

**Structural ETF Risks:** The Fund is an ETF. Accordingly, it is subject to certain risks associated with its unique structure.

*Cash Transactions Risk.* The Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund's net asset value ("NAV") to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant ("AP"). Shareholders may be subject to tax on gains they would not otherwise have been subject to, or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

*Market Participants Risk.* Only an AP may engage in creation or redemption transactions directly with the Fund, and none of those APs is obligated to engage in creation or redemption transactions. The Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). To the extent that APs exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem, the Fund's shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. The Fund may also rely on a small number of third-party market makers to provide a market for the purchase and sale of the Fund's shares but such market makers are under no obligation to do so. Decisions by APs or market makers to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund's market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the AP's ability to proceed with creation or redemption orders could result in a dramatic change in the spread between the Fund's net asset value and the price at which the Fund's shares are trading on The Nasdaq Stock Market LLC (the "Exchange"), which could result in a decrease in value of the Fund's shares. This reduced effectiveness could result in the Fund's shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads of the Fund's shares. "Bid" refers to the highest price a buyer will pay to buy a specified number of shares of a stock at any given time. "Ask" refers to the lowest price at which a seller will sell the stock. The difference between the bid price and the ask price is called the "spread."

*Costs of Buying and Selling Fund Shares.* Due to the costs of buying or selling the Fund's shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of the

HENNESSY FUNDS 1-877-671-3199 3

Fund's shares may significantly reduce investment results and an investment in the Fund's shares may not be advisable for investors who anticipate regularly making small investments.

*Premium/Discount Risk.* As with ETFs generally, the Fund's shares may be bought and sold in the secondary market at market prices. The trading prices of the Fund's shares in the secondary market may differ from the Fund's daily net asset value per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). If a shareholder purchases the Fund's shares at a time when the market price is at a premium to the net asset value or sells the Fund's shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Fund's NAV per share, respectively. This risk is heightened in times of market volatility or periods of steep market declines.

*Trading Risks.* Although the Fund's shares are listed for trading on the Exchange, there can be no assurance that the Fund's shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of the Fund's shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than the Fund's shares. Trading in shares on the Exchange may be halted by the Exchange because of market conditions that, in the view of the Exchange, make trading in the Fund inadvisable. If a trading halt or unanticipated early closing of the Exchange occurs, a shareholder may be unable to purchase or sell shares of the Fund or may only be able to do so at an increased premium or discount.

**Early Close/Trading Halt Risk:** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, or may incur substantial losses and may limit or stop purchases of the Fund.

**Sustainability Investing Risk:** Sustainability investing risk is the risk that applying sustainable investment analysis to the Portfolio Managers' investment decisions regarding the Fund's portfolio may forgo certain investment opportunities otherwise available to the Fund. The Fund intends to invest in companies with measurably high sustainability ratings relative to their sector peers, and screen out particular companies that do not meet its sustainability criteria. This may affect the Fund's exposure to certain companies or industries and the relevance and weighting of sustainability criteria may vary significantly among issuers and third-party data providers. Sustainability is a subjective assessment and it is not uniformly defined. Sustainability data may be incomplete, delayed, inaccurate, or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. The Fund's returns may be lower than other funds that do not seek to invest in companies based on sustainability ratings or screen out certain companies or industries. The Fund seeks to identify companies that it believes may have higher sustainability ratings, but investors may differ in their views of sustainability characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Regulatory changes regarding the definition or use of sustainability criteria could have a material adverse effect on the Fund's ability to invest in accordance with its sustainability strategy.

**Third-Party Data Provider Risk:** In evaluating issuers, the Portfolio Managers rely upon information and data, including from third-party data providers, that may be incomplete, inaccurate, or unavailable, or that may present conflicting information and data with respect to an issuer, which in each case could cause the Portfolio Manager to incorrectly assess an issuer's business practices with respect to sustainability metrics. As a result, the Fund may underperform funds that do not screen or score companies based on sustainability factors or funds that use different third-party data providers.

**Market and Equity Investments Risk:** The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, political and other events, forecasts for the issuer's industry, and the value of the issuer's assets.

**Large-Sized Companies Risk:** The stocks of large-capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks.

**Small-Sized and Medium-Sized Companies Risk:** The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals.

**Model Risk:** The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from

4 WWW.HENNESSYETFS.COM

**SUMMARY INFORMATION**

historical trends, and issues in the construction and implementation of the models (including, but not limited to, software issues and other technological issues). There is no guarantee that the Portfolio Managers' use of these models will result in effective investment decisions for the Fund. The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may limit the effectiveness of the models. In addition, some of the data that the models use may be historical data, which may not accurately predict future market movement. There is a risk that the models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

**High Portfolio Turnover Risk:** High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund's performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account.

**Tax Law Change Risk:** Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws.

***Performance Information***

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns for one year and since inception compare with those of indices that reflect broad measures of market performance, the S&P 500<sup>®</sup> Equal Weight Index and the S&P 500<sup>®</sup> Index. The Fund is the successor to the Stance Equity ESG Large Cap Core ETF, a series of The RBB Fund, Inc. (the "Predecessor Fund"), pursuant to a reorganization that took place after the close of business on December 22, 2022. The performance information provided for the periods on or prior to December 22, 2022, is historical information for the Predecessor Fund. The Predecessor Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyetfs.com.

**CALENDAR YEAR TOTAL RETURNS**

![](hennessy485bpos024.jpg)

For the period shown in the bar chart, the Fund's highest quarterly return was 11.65% for the quarter ended December 31, 2023, and the lowest quarterly return was -10.81% for the quarter ended June 30, 2022.

**AVERAGE ANNUAL TOTAL RETURNS** 

*(for the periods ended December 31, 2025)*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;One | &nbsp;&nbsp;Since Inception |
|  | &nbsp;&nbsp;Year | &nbsp;&nbsp;(March 15, 2021) |
| &nbsp;&nbsp;***Hennessy Sustainable ETF*** |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;10.18% | &nbsp;&nbsp;6.69% |
| &nbsp;&nbsp;&nbsp;Return after taxes |  |  |
| &nbsp;&nbsp;&nbsp; on distributions | &nbsp;&nbsp;9.91% | &nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions |  |  |
| &nbsp;&nbsp;&nbsp; and sale of Fund shares | &nbsp;&nbsp;6.21% | &nbsp;&nbsp;5.23% |
| &nbsp;&nbsp;***S&P 500<sup>®</sup> Equal Weight Index*** |  |  |
| &nbsp;&nbsp;(reflects no deduction for |  |  |
| &nbsp;&nbsp;fees, expenses, or taxes) | &nbsp;&nbsp;11.43% | &nbsp;&nbsp;8.34% |
| &nbsp;&nbsp;***S&P 500<sup>®</sup> Index*** |  |  |
| &nbsp;&nbsp; (reflects no deduction for |  |  |
| &nbsp;&nbsp; fees, expenses, or taxes) | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;13.68% |

---

The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

HENNESSY FUNDS 1-877-671-3199 5

***Investment Manager***

Hennessy Advisors, Inc. is the investment manager of the Fund.

***Sub-Advisors***

Stance Capital, LLC ("Stance Capital") and Vident Advisory, LLC ("Vident") serve as sub-advisors to the Fund.

***Portfolio Managers***

The Stance Capital team, which comprises Bill Davis and Kyle Balkissoon, is primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program, other than the trading functions delegated to Vident. Each of Messrs. Davis and Balkissoon have served as a Portfolio Manager of the Fund since its inception in March 2021, and each is also a Managing Director of Stance Capital.

The Vident team, which comprises Rafael Zayas, CFA, and Austin Wen, CFA, is primarily responsible for selecting broker-dealers to execute purchase and sale transactions for the Fund, as instructed by Stance Capital. Mr. Zayas has served as a Portfolio Manager of the Fund since its inception in March 2021 and Mr. Wen has served as a Portfolio Manager of the Fund since April 2024. Mr. Zayas also serves as a Senior Vice President, Head of Portfolio Management and Trading at Vident.

***Purchase and Sale of Fund Shares***

Shares of the Fund are listed on the Exchange and most investors will buy and sell shares through brokers at market prices, rather than NAV. Because shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market.

The Fund issues and redeems shares at NAV only in large blocks known as "Creation Units," which only APs (typically broker-dealers) may purchase or redeem. Creation Units generally consist of 5,000 shares, though this may change from time to time. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities or cash.

Information regarding how often shares are traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund, and the median bid-ask spread for the most recent 30-day period, is available, free of charge, on the Fund's website at www.hennessyetfs.com. For the most recent fiscal year, the median bid-ask spread on Fund shares was 0.31%.

***Tax Information***

The Fund's distributions generally will be taxable to you as ordinary income or capital gains regardless of whether they are paid in cash or reinvested in Fund shares, unless you invest through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case such distributions may be taxable at a later date.

***Payments to Broker-Dealers and***

***Other Financial Intermediaries***

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund, the Investment Manager, Stance Capital, Vident, and their related companies may pay the intermediary for performing shareholder services or distribution-related services for the Fund, including, without limitation, administrative, sub-transfer agency type, recordkeeping, and shareholder communication services. If made, these payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your financial adviser to recommend the Fund over another investment. Similarly, such payments may cause financial intermediaries to elevate the prominence of the Fund within its organization by, for example, placing it on a list of preferred funds. Ask your financial adviser or visit your financial intermediary's website for more information.

6 WWW.HENNESSYETFS.COM

**SUMMARY INFORMATION/ADDITIONAL INVESTMENT INFORMATION**

**ADDITIONAL INVESTMENT INFORMATION**

In order to provide a degree of flexibility, the Fund may change its investment objective without obtaining shareholder approval. If the Fund does so, it must provide 60 days' notice to shareholders prior to implementing the change. An investment objective is not a guarantee.

The Fund will not purchase or hold any securities issued by CBIZ, Inc. due to auditor independence requirements.

The Statement of Additional Information for the Fund, which is incorporated by reference into this Prospectus, contains a description of the Fund's policies and procedures regarding disclosure of its portfolio holdings.

If the Fund acquires another fund, the Fund may hold indefinitely the portfolio securities transferred to the Fund from the acquired fund ("acquired portfolio securities") unless this violates the investment limitations of the Fund. The Fund may sell acquired portfolio securities in the ordinary course of business in order to rebalance its portfolio or adjust its portfolio in accordance with its investment strategy or to meet redemption requests.

Recent information, including information regarding the Fund's NAV, market price, premiums and discounts, and bid/ask spreads is available at hennessyetfs.com. In addition, the Fund's full portfolio holdings as of the close of the previous trading day is available at hennessyetfs.com.

HENNESSY FUNDS 1-877-671-3199 7

**MANAGEMENT OF THE FUND**

***Investment Manager***

Hennessy Advisors, Inc. is a registered investment advisor and is the investment manager of the Fund. The Investment Manager's address is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945.

The Investment Manager has been providing investment advisory services since 1989. The Investment Manager furnishes the Fund with office space and certain administrative services and provides the personnel needed by the Fund. As of January 31, 2026, the Investment Manager managed over $4.2 billion of net assets on behalf of Hennessy Funds Trust (the "Trust").

***Management Fees***

For its services, the Fund pays the Investment Manager a unitary management fee based upon its average daily net assets. For the most recent fiscal year, the annual rate was 0.95%, which remains current as of the date of this prospectus.

A discussion regarding the basis for the Board's approval of the investment advisory agreement and the sub-advisory agreements for the Fund is available in the Fund's semi-annual report or Form N-CSR for the most recent period ended April 30.

***Sub-Advisors***

The Investment Manager has delegated the day-to-day management of the portfolio composition of the Fund to Stance Capital, LLC ("Stance Capital"), located at 131 Dartmouth Street, 3rd Floor, Boston, MA 02116, other than the trading functions delegated to Vident Advisory, LLC ("Vident"). Stance Capital has been registered with the Securities and Exchange Commission (the "SEC") as an investment advisor since 2021.

The Investment Manager has delegated the responsibility for selecting broker-dealers to execute purchase and sale transactions for the Fund, as instructed by Stance Capital, to Vident, located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, GA 30009. Vident has been registered with the SEC as an investment advisor since 2019.

***Portfolio Managers Employed by Stance Capital***

The Fund's management is conducted with research, stock selection, portfolio composition, and day-to-day trading decisions distributed equally among the Portfolio Managers unless specifically noted otherwise.

**Bill Davis** has served as a Portfolio Manager of the Fund since its inception in 2021. Mr. Davis founded Stance Capital to bring to market investment portfolios that mitigate material sustainability risks and generate excess returns while at the same time allowing investors to align their portfolios with their belief systems. Prior to forming Stance Capital, Mr. Davis was co-founder and Managing Director of Empirical Asset Management, and a Portfolio Manager on EAM Sustainable Equity, a strategy he launched in 2014. Prior to co-founding Empirical, he was the founder and CEO of Ze-gen, a venture and private equity backed renewable energy company. Mr. Davis received a B.A. from Connecticut College, and his career in business has included serving as CEO or founder of numerous companies including Database Marketing Corporation, Holland Mark, and Cambridge Brand Analytics. He serves on the Board of Ceres, chairs Ceres' President's Council, and leads a shareholder engagement effort within Climate Action 100+, a collaborative effort between United Nations Principles of Responsible Investment (UNPRI) and Ceres.

**Kyle Balkissoon** has served as a Portfolio Manager of the Fund since its inception in 2021. Mr. Balkissoon joined Stance Capital to leverage and advance state-of-the-art machine learning and analysis methods to help clients outperform while adhering to their values. Prior to joining Stance Capital, Kyle led Cognitive Forecasting at IBM, where he was responsible for the development of large forecasting systems for clients in areas such as sales growth, crop yield, replenishment, demand forecasting, advertising, and others. He was an independent data science consultant and led quantitative ESG research at Corporate Knights Capital. Kyle has an M.SC in Financial Markets from EDHEC, a B.Sc in Mathematical Sciences from McMaster University, and a B.A. in Economics from McMaster University. He has contributed to several open source packages in the quantitative finance space and given talks at various conferences in quantitative finance.

8 WWW.HENNESSYETFS.COM

**MANAGEMENT OF THE FUND**

***Portfolio Managers Employed by Vident***

**Rafael Zayas**, CFA, has served as a Portfolio Manager of the Fund since its inception in 2021. Mr. Zayas has over 15 years of trading and portfolio management experience in global equity products and ETFs. He is SVP, Head of Portfolio Management and Trading at Vident with a prior focus on international equities and specializing in managing and trading of developed, emerging, and frontier market portfolios. Prior to joining Vident, he was a Portfolio Manager at Russell Investments for over $5 billion in quantitative strategies across global markets, including emerging, developed and frontier markets and listed alternatives. Before that, he was an equity Portfolio Manager at BNY Mellon Asset Management, where he was responsible for $150 million in internationally listed global equity ETFs and assisted in managing $3 billion of global ETF assets. Mr. Zayas holds a B.S. in Electrical Engineering from Cornell University.

**Austin Wen**, CFA, has served as a Portfolio Manager of the Fund since April 2024. Mr. Wen has over a decade of investment experience. At Vident, Mr. Wen specializes in portfolio management and trading of equity, derivative, and commodities-based portfolios, as well as risk monitoring and investment analysis. Previously, he was a financial analyst for Vident Financial, focusing on the development and review of various investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

***Sub-Advisory Fee***

For the most recent fiscal year, the Investment Manager paid Stance Capital a sub-advisory fee calculated daily and paid monthly at an annual rate of 0.40% of the Fund's average daily net assets up to $125 million, 0.37% of average daily net assets for assets over $125 million and up to $250 million, and 0.35% for average daily net assets in excess of $250 million. For the most recent fiscal year, the Investment Manager paid Vident a sub-advisory fee calculated daily and paid monthly at an annual rate of 0.05 % of the Fund's average daily net assets up to $250 million, 0.045% of average daily net assets for assets over $250 million and up to $500 million, and 0.04% for average daily net assets in excess of $500 million. In addition, the Investment Manager has agreed to pay a minimum sub-advisory fee to Vident of $18,750 on an annual basis. The Investment Manager pays sub-advisory fees from its own assets, and these fees are not additional expenses of the Fund.

***Additional Investment Manager and Sub-Advisor Information***

The Statement of Additional Information for the Fund, which is incorporated by reference into this Prospectus, provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of securities in the Fund.

The Investment Manager has overall supervisory responsibility for the general management and investment of the Fund's securities portfolios and, as such, performs the following services for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sets the Fund's overall investment strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performs daily reconciliations of the Fund's
positions and cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitors the liquidity of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitors the Fund's compliance with its investment
objectives and restrictions and federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintains a comprehensive compliance program and conducts
ongoing reviews of the compliance programs of the Fund's sub-advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversees the selection and continued employment of
the Fund's sub-advisors, reviews the Fund's investment performance, and monitors the sub-advisors' adherence
to the Fund's investment objectives, policies, and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversees outside service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintains in-house marketing and distribution departments
on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepares or directs the preparation of all regulatory
filings for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversees distribution of the Fund through third-party
broker/dealers and independent financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employs staff such as legal, compliance, marketing,
national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides a quarterly compliance certification to the
Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepares or reviews all Board materials, frequently
presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and
education.

HENNESSY FUNDS 1-877-671-3199 9

**SHAREHOLDER INFORMATION**

***Determination of Net Asset Value***

The Fund's NAV is calculated by dividing the Fund's assets, minus its liabilities, by the number of shares outstanding. The NAV of the Fund's shares is normally determined as of the close of regular trading on the New York Stock Exchange ("NYSE"), which is normally 4:00 p.m. Eastern time/1:00 p.m. Pacific time. When the NYSE closes early on a valuation day, the Fund calculates its NAV as of such early closing time. The NYSE is closed for trading on New Year's Day, Dr. Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Additionally, when any of the aforementioned holidays falls on a Saturday, the NYSE will not be open for trading on the preceding Friday and when any such holiday falls on a Sunday, the NYSE will not be open for trading on the succeeding Monday, unless unusual business conditions exist, such as the ending of a monthly or the yearly accounting period. The NYSE also may close for trading on national days of mourning or due to natural disasters or other extraordinary events or emergencies. On a day when the NYSE is closed, the Fund does not determine its NAV. The Fund calculates its NAV based on the market prices of the securities it holds.

If market quotations are not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security, such security will be valued at its fair value as determined by the Investment Manager under the Fund's established fair value pricing procedures. The Investment Manager, as the Funds' valuation designee, is subject to the oversight of the Board. 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. The fair value of a security may differ from the last quoted price, and the Fund may not be able to sell a security at the fair value. Market quotations may not be available if, for example, trading in particular securities was halted during the day and not resumed prior to the close of trading on the applicable stock exchange.

***How to Purchase and Redeem Shares***

The Fund issues and redeems its shares at NAV only in Creation Units. Only APs may acquire shares directly from the Fund, and only APs may tender their shares for redemption directly to the Fund, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC, a clearing agency that is registered with the SEC; or (ii) a DTC participant (as discussed below). In addition, each AP must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Fund shares trade in the secondary market in quantities less than a Creation Unit.

Most investors buy and sell shares in secondary market transactions through brokers. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling Fund shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy shares, and receive less than NAV when you sell those shares.

***Book Entry***

Shares are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares. Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations, and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" through your brokerage account.

10 WWW.HENNESSYETFS.COM

**SHAREHOLDER INFORMATION**

***Share Trading Prices on the***

***Exchange***

Trading prices of Fund shares on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions, and other factors may affect the trading prices of Fund shares. The price you pay or receive when you buy or sell Fund shares in the secondary market may be more or less than the NAV of such shares.

***Frequent Purchases and***

***Redemptions of Shares***

The Fund imposes no restrictions on the frequency of purchases and redemptions of Fund shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Fund shares directly with the Fund, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains or losses. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and imposes transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund reserves the right to reject any purchase order at any time.

***Dividends and Distributions***

The Fund declares and pays capital gains and dividends, if any, at least annually, usually in December.

The Fund may make additional distributions if necessary to comply with the distribution requirements of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own Fund shares. If this service is available and used, dividend distributions of both capital gains and dividends will automatically be reinvested in additional whole shares of the Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require the Fund's shareholders to adhere to specific procedures and timetables.

***Tax Information***

The following discussion regarding federal income taxes is based on laws that were in effect as of the date of this Prospectus and summarizes only some of the important federal income tax considerations affecting the Fund and you as a shareholder. It does not apply to foreign or tax-exempt shareholders or those holding Fund shares through a tax-advantaged account, such as a 401(k) plan or IRA. This discussion is not intended as a substitute for careful tax planning. You should consult your tax adviser about your specific tax situation. Please see the Fund's Statement of Additional Information for additional federal income tax information.

The Fund has elected to be treated and intends to qualify each year as a regulated investment company ("RIC"). A RIC is not subject to tax at the corporate level on income and gains from investments that are distributed in a timely manner to shareholders. However, the Fund's failure to qualify as a RIC would result in corporate level taxation and consequently, a reduction in income available for distribution to you as a shareholder.

**Taxes on Distributions.** The Fund intends to distribute, at least annually, substantially all of its net investment income and net capital gains income. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned his or her shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates. Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional shares.

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at

HENNESSY FUNDS 1-877-671-3199 11

rates applicable to long-term capital gains, provided holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. The amount of the Fund's distributions that qualify for this favorable treatment may be reduced as a result of the Fund's securities lending activities, if any, a high portfolio turnover rate or investments in non-qualified foreign corporations. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. The amount of the dividends qualifying for this deduction may, however, be reduced as a result of the Fund's securities lending activities, if any, by a high portfolio turnover rate, or by investments in non-U.S. corporations. Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Fund.

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (including capital gains distributions and capital gains realized on the sale of shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the Fund shares' NAV when you purchased your shares).

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment. This adverse tax result is known as "buying into a dividend."

**Taxes When Shares are Sold on the Exchange.** For federal income tax purposes, any capital gain or loss realized upon a sale of Fund shares generally is treated as a long-term capital gain or loss if shares have been held for more than 12 months and as a short-term capital gain or loss if shares have been held for 12 months or less. However, any capital loss on a sale of Fund shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such shares. Any loss realized on a sale will be disallowed to the extent Fund shares are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of Fund shares. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Fund shares acquired.

**Taxes on Purchases and Redemptions of Creation Units.** An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the AP's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Any gain or loss realized by an AP upon a creation of Creation Units will be treated as capital gain or loss if the AP holds the securities exchanged therefor as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held by the AP for more than 12 months, and otherwise will be short-term capital gain or loss.

The Trust, on behalf of the Fund, has the right to reject an order for a purchase of Creation Units if the AP (or a group of APs) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to an AP (or group of APs) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of the Fund, the AP (or group of APs) may not recognize gain or loss upon the exchange of securities for Creation Units.

An AP who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the

12 WWW.HENNESSYETFS.COM

**SHAREHOLDER INFORMATION**

amount of any cash received for such Creation Units and the AP's basis in the Creation Units. Any gain or loss realized by an AP upon a redemption of Creation Units will be treated as capital gain or loss if the AP holds the shares comprising the Creation Units as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held by the AP for more than 12 months, and otherwise will generally be short-term capital gain or loss. Any capital loss realized upon a redemption of Creation Units held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable AP of long-term capital gains with respect to the Creation Units (including any amounts credited to the AP as undistributed capital gains).

The Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction.

***Distributor***

The distributor for the Fund, Quasar Distributors, LLC (the "Distributor"), is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

***Premium/Discount Information***

Information regarding how often the shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the prior calendar year and subsequent quarters, when available, can be found at www.hennessyetfs.com.

***Continuous Offering***

The method by which Creation Units are purchased and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Fund on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the Prospectus delivery and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into individual shares, and sells such shares directly to customers, or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares of the Fund, whether or not participating in the distribution of shares of the Fund, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available with respect to such transactions as a result of Section 24(d) of the Investment Company Act of 1940, as amended. As a result, broker dealer-firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with shares of the fund that are part of an over-allotment within the meaning of Section 4(a)(3)(a) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to shares of the Fund are reminded that under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that the Fund's Prospectus is available on the SEC's electronic filing system. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

HENNESSY FUNDS 1-877-671-3199 13

***Description of Indices<sup>1</sup>***

Descriptions of the indices used in this Prospectus are found below. These indices are used in the Prospectus for comparative purposes in accordance with SEC regulations.

The S&P 500<sup>®</sup> Equal Weight Index is the equal-weight version of the widely-used S&P 500<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 aggregate market value of 500 stocks across all major industries.

<sup>1</sup> Standard & Poor's Financial Services LLC is the source and owner of the S&P<sup>®</sup> and S&P 500<sup>®</sup> trademarks.

***Important Notice Regarding***

***Delivery of Shareholder Documents***

Householding is a process in which shareholders who share an address and have the same last name will be sent only one copy of shareholder documents, including Prospectuses, supplements, shareholder reports, notices, proxy statements, and other similar documents. This process does not apply to account statements. Householding for the Fund is available through certain broker-dealers, and you may contact your broker-dealer to enroll in householding. Once enrolled, this process will continue indefinitely unless you instruct your broker-dealer otherwise. If you prefer not to have these documents householded, please contact your broker-dealer. At any time you may view current Prospectuses, supplements, and shareholder reports at www.hennessyetfs.com.

***Electronic Delivery***

Shareholders may sign up for electronic delivery of account statements, Prospectuses, tax forms, and shareholder reports. To enroll in electronic delivery, please contact your broker dealer and complete the information requested by your broker-dealer, which will include the email address where you would like to receive notifications for electronic documents. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials by contacting your broker-dealer. At any time you may view current Prospectuses, supplements, and shareholder reports at www.hennessyetfs.com.

***Additional Information***

The Fund enters into contractual arrangements with various parties, including among others, the Fund's investment manager and sub-advisors, who provide services to the Fund. Shareholders are not parties to, or intended (or "third party") beneficiaries of, those contractual arrangements.

The Prospectus and the Statement of Additional Information (the "SAI") provide information concerning the Fund that you should consider in determining whether to purchase Shares of the Fund. The Fund may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS PROSPECTUS OR IN THE FUND'S SAI INCORPORATED HEREIN BY REFERENCE, IN CONNECTION WITH THE OFFERING MADE BY THIS PROSPECTUS AND, IF GIVEN OR MADE, SUCH REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE COMPANY OR ITS DISTRIBUTOR. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE COMPANY OR BY THE DISTRIBUTOR IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE.**

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**SHAREHOLDER INFORMATION/FINANCIAL HIGHLIGHTS**

**FINANCIAL HIGHLIGHTS**

The following table is intended to help you understand the financial performance of the shares of the Fund or the Predecessor Fund, as applicable, for the periods shown below. Certain information reflects financial results for a single share of the Fund. The "Total Return" figure shows how much your investment would have increased or decreased during the period, assuming you had reinvested all dividends and distributions. This information has been derived from financial statements audited by Tait, Weller & Baker LLP, an independent registered public accounting firm (except that the information for the period on or prior to December 22, 2022, was audited by a different independent registered public accounting firm). Tait, Weller & Baker's report and the Fund's financial statements are included in the annual report or Form N-CSR of the Fund which is available upon request.

HENNESSY FUNDS 1-877-671-3199 15

***Financial Highlights***

**Hennessy Sustainable ETF**

**For a share outstanding throughout each period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;<br>&nbsp;&nbsp;Year Ended<br>&nbsp;&nbsp;October 31,<br>&nbsp;&nbsp;2025 | &nbsp;&nbsp;<br>&nbsp;&nbsp;Year Ended<br>&nbsp;&nbsp;October 31,<br>&nbsp;&nbsp;2024 | &nbsp;&nbsp;Two-Month<br>&nbsp;&nbsp;Period Ended<br>&nbsp;&nbsp;October 31,<br>&nbsp;&nbsp;2023 | &nbsp;&nbsp;<br>&nbsp;&nbsp;Year Ended<br>&nbsp;&nbsp;August 31,<br>&nbsp;&nbsp;2023<sup>(9)</sup> | &nbsp;&nbsp;<br>&nbsp;&nbsp;Year Ended<br>&nbsp;&nbsp;August 31,<br>&nbsp;&nbsp;2022<sup>(9)</sup> | &nbsp;&nbsp;<br>&nbsp;&nbsp;Period Ended<br>&nbsp;&nbsp;August 31,<br>&nbsp;&nbsp;2021<sup>(1)(9)</sup> |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$30.70 | &nbsp;&nbsp;$23.97 | &nbsp;&nbsp;$26.73 | &nbsp;&nbsp;$24.80 | &nbsp;&nbsp;$27.82 | &nbsp;&nbsp;$25.00 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment gain (loss)<sup>(2)</sup> | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.02 |
| Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;(2.76) | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;(3.10) | &nbsp;&nbsp;2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;(2.76) | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;(2.90) | &nbsp;&nbsp;2.82 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;— |
| Dividends from net realized gains | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;— | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$32.78 | &nbsp;&nbsp;$30.70 | &nbsp;&nbsp;$23.97 | &nbsp;&nbsp;$26.73 | &nbsp;&nbsp;$24.80 | &nbsp;&nbsp;$27.82 |
| **TOTAL RETURN ON NET ASSET VALUE**<sup>(4)</sup> | &nbsp;&nbsp;7.77% | &nbsp;&nbsp;28.18% | &nbsp;&nbsp;-10.31%<sup>(5)</sup> | &nbsp;&nbsp;8.39% | &nbsp;&nbsp;-10.50% | &nbsp;&nbsp;11.23%<sup>(5)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | &nbsp;&nbsp;$93.96 | &nbsp;&nbsp;$99.82 | &nbsp;&nbsp;$40.40 | &nbsp;&nbsp;$45.31 | &nbsp;&nbsp;$42.53 | &nbsp;&nbsp;$37.29 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95%<sup>(6)</sup> | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.95%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;0.85%<sup>(6)</sup> | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;0.85%<sup>(6)</sup> |
| Ratio of net investment gain (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;(0.11)%<sup>(6)</sup> | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;0.64% | &nbsp;&nbsp;0.09%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement | &nbsp;&nbsp;1.09% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;(0.01)%<sup>(6)</sup> | &nbsp;&nbsp;0.27% | &nbsp;&nbsp;0.74% | &nbsp;&nbsp;0.19%<sup>(6)</sup> |
| Portfolio turnover rate<sup>(7)</sup> | &nbsp;&nbsp;275% | &nbsp;&nbsp;291%<sup>(8)</sup> | &nbsp;&nbsp;62%<sup>(5)</sup> | &nbsp;&nbsp;274% | &nbsp;&nbsp;290% | &nbsp;&nbsp;180%<sup>(5)</sup> |

---

<sup>(1)</sup> Inception date of the Fund was March 15, 2021.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Amount is between $(0.005) and $0.005.

<sup>(4)</sup> Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Excludes effect of in-kind transfers.

<sup>(8)</sup> The cost of purchases and proceeds from sales of securities that were incurred to realign the CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund portfolios subsequent to November 10, 2023 and February 23, 2024, the reorganization dates, respectively, are excluded from the portfolio turnover rate calculation. See Note 10 of the Notes to Financial Statements for further information regarding this reorganization. If such amounts had not been excluded, the portfolio turnover rate would have been 316% for the year ended October 31, 2024.

<sup>(9)</sup> Data prior to the close of business on December 22, 2022 is of the Predecessor Fund, the Stance Equity ESG Large Cap ETF.

16 WWW.HENNESSYETFS.COM

**FINANCIAL HIGHLIGHTS/APPENDIX A**

**Appendix A – Prior Performance of Similarly** 

**Advised Accounts**

Stance Capital has experience in managing other accounts with substantially similar investment objectives, policies, and strategies as the Fund. The tables on the following pages are provided to illustrate the past performance of Stance Capital in managing the other accounts and do not represent the performance of the Fund. Investors should not consider this performance information as a substitute for the performance of the Fund, nor should investors consider this information as an indication of the future performance of the Fund or of Stance Capital.

This performance history is net of all fees charged to investors in the other accounts constituting the composite and reflects the impact of any expense reimbursements or waivers, including sales loads. The performance for the Fund would differ from the information below to the extent that the Fund and the other accounts do not have the same expenses. The fees and expenses of the other accounts are lower than those of the Fund and performance of the other accounts would be lower if the fees and expenses of the Fund were used. However, the Fund's results in the future also may be different because the other accounts are not subject to certain investment limitations, diversification requirements, and other restrictions imposed on mutual funds under applicable U.S. securities and tax laws that, if applicable, could have adversely affected the performance of the other accounts. In addition, the securities held by the Fund will not be identical to the securities held by the other accounts. Composite performance was calculated using Global Investment Performance Standards ("GIPS"). This method of calculating performance differs from the SEC's standardized methodology, which may produce different results.

The performance of the other accounts is also compared to the performance of an appropriate broad-based securities benchmark index. This index is unmanaged and is not subject to fees and expenses typically associated with managed funds, including the Fund. Investors cannot invest directly in the index. The performance information is accompanied by additional disclosures, which are an integral part of the information.

**Average Annual Returns (periods ending December 31, 2020)**

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;**S&P 500<sup>®</sup>** |
| &nbsp;&nbsp;**<u>Period</u>** | &nbsp;&nbsp;**<u>Composite</u>** | &nbsp;&nbsp;**<u>Index</u>** |
| &nbsp;&nbsp;1 Year | &nbsp;&nbsp;19.44% | &nbsp;&nbsp;18.40% |
| &nbsp;&nbsp;3 Years | &nbsp;&nbsp;16.77% | &nbsp;&nbsp;14.18% |
| &nbsp;&nbsp;5 Years | &nbsp;&nbsp;17.45% | &nbsp;&nbsp;15.22% |
| &nbsp;&nbsp;Since Inception (January 1, 2014) | &nbsp;&nbsp;13.98% | &nbsp;&nbsp;12.92% |

---

**MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Jan</u>** | &nbsp;&nbsp;**<u>Feb</u>** | &nbsp;&nbsp;**<u>Mar</u>** | &nbsp;&nbsp;**<u>Apr</u>** | &nbsp;&nbsp;**<u>May</u>** | &nbsp;&nbsp;**<u>Jun</u>** | &nbsp;&nbsp;**<u>Jul</u>** | &nbsp;&nbsp;**<u>Aug</u>** | &nbsp;&nbsp;**<u>Sep</u>** | &nbsp;&nbsp;**<u>Oct</u>** | &nbsp;&nbsp;**<u>Nov</u>** | &nbsp;&nbsp;**<u>Dec</u>** | &nbsp;&nbsp;**<u>Year</u>** |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;0.575 | &nbsp;&nbsp;-6.370 | &nbsp;&nbsp;-10.135 | &nbsp;&nbsp;11.441 | &nbsp;&nbsp;5.589 | &nbsp;&nbsp;-1.133 | &nbsp;&nbsp;7.838 | &nbsp;&nbsp;4.873 | &nbsp;&nbsp;-2.724 | &nbsp;&nbsp;-2.503 | &nbsp;&nbsp;11.086 | &nbsp;&nbsp;1.821 | &nbsp;&nbsp;19.437 |
| &nbsp;&nbsp;2019 | &nbsp;&nbsp;7.336 | &nbsp;&nbsp;5.332 | &nbsp;&nbsp;0.408 | &nbsp;&nbsp;2.031 | &nbsp;&nbsp;-6.387 | &nbsp;&nbsp;8.165 | &nbsp;&nbsp;1.552 | &nbsp;&nbsp;1.247 | &nbsp;&nbsp;-0.138 | &nbsp;&nbsp;2.164 | &nbsp;&nbsp;4.997 | &nbsp;&nbsp;1.970 | &nbsp;&nbsp;31.718 |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;5.481 | &nbsp;&nbsp;-4.989 | &nbsp;&nbsp;-0.599 | &nbsp;&nbsp;-0.510 | &nbsp;&nbsp;0.153 | &nbsp;&nbsp;3.077 | &nbsp;&nbsp;4.693 | &nbsp;&nbsp;2.539 | &nbsp;&nbsp;1.238 | &nbsp;&nbsp;-4.861 | &nbsp;&nbsp;4.519 | &nbsp;&nbsp;-8.464 | &nbsp;&nbsp;1.95 |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;1.273 | &nbsp;&nbsp;4.088 | &nbsp;&nbsp;0.688 | &nbsp;&nbsp;1.774 | &nbsp;&nbsp;1.771 | &nbsp;&nbsp;1.812 | &nbsp;&nbsp;0.708 | &nbsp;&nbsp;-2.278 | &nbsp;&nbsp;4.911 | &nbsp;&nbsp;0.492 | &nbsp;&nbsp;3.130 | &nbsp;&nbsp;0.868 | &nbsp;&nbsp;21.72 |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;-1.584 | &nbsp;&nbsp;1.348 | &nbsp;&nbsp;7.337 | &nbsp;&nbsp;1.748 | &nbsp;&nbsp;0.197 | &nbsp;&nbsp;1.499 | &nbsp;&nbsp;3.403 | &nbsp;&nbsp;-0.770 | &nbsp;&nbsp;0.551 | &nbsp;&nbsp;-3.316 | &nbsp;&nbsp;3.464 | &nbsp;&nbsp;1.620 | &nbsp;&nbsp;17.21 |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;0.561 | &nbsp;&nbsp;0.481 | &nbsp;&nbsp;-0.365 | &nbsp;&nbsp;-1.847 | &nbsp;&nbsp;0.917 | &nbsp;&nbsp;-1.863 | &nbsp;&nbsp;3.188 | &nbsp;&nbsp;-4.549 | &nbsp;&nbsp;0.270 | &nbsp;&nbsp;2.594 | &nbsp;&nbsp;-0.526 | &nbsp;&nbsp;1.555 | &nbsp;&nbsp;1.16 |
| &nbsp;&nbsp;2014 | &nbsp;&nbsp;-4.161 | &nbsp;&nbsp;5.080 | &nbsp;&nbsp;1.273 | &nbsp;&nbsp;-0.817 | &nbsp;&nbsp;1.465 | &nbsp;&nbsp;1.197 | &nbsp;&nbsp;-1.626 | &nbsp;&nbsp;4.256 | &nbsp;&nbsp;-2.173 | &nbsp;&nbsp;3.798 | &nbsp;&nbsp;2.676 | &nbsp;&nbsp;0.528 | &nbsp;&nbsp;12.55 |

---

HENNESSY FUNDS 1-877-671-3199 17

**PRIVACY POLICY**

We collect the following personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Age and marital status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Commercial information, including records of products purchased;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Geolocation data;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 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 keep this information for as long as necessary or permitted for the purposes described in this policy or otherwise authorized by law.

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 Fund 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 and its implementing regulations, as they may be amended or superseded from time to time (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 (i) update any inaccurate or incomplete personal information, (ii) opt out or restrict the processing of your personal information, and (iii) 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.

18 WWW.HENNESSYETFS.COM

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HENNESSY FUNDS 1-877-671-3199

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WWW.HENNESSYETFS.COM

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

*Hennessy Funds*

1-877-671-3199 or 1-415-899-1555

**Investment MANAGER** 

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 219381

Kansas City, Missouri 64121-9381

**Custodian** 

U.S. Bank N.A.

Custody Operations

1555 North River Center Dr., Suite 302

Milwaukee, Wisconsin 53212

**TRUSTEES** 

Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Doug Franklin

Claire Garvie

Gerald P. Richardson

**Counsel**

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

**Independent Registered** 

**Public Accounting Firm**

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102-2529

**Distributor** 

Quasar Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

***To learn more about the Hennessy Sustainable ETF***, please read the Fund's Statement of Additional Information (the "SAI"), which contains additional information about the Fund. The Fund has incorporated by reference the SAI into this Prospectus. This means that you should consider the contents of the SAI to be part of this Prospectus.

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. In the Fund's Form N-CSR, you will find the Fund's annual and semi-annual financial statements and other information.

The SAI, the Fund's annual and semi-annual reports to shareholders, and other information such as the Fund's financial statements are all available to shareholders and prospective investors without charge, upon request, by calling 1-877-671-3199 or 1-415-899-1555 or at www.hennessyetfs.com.

Prospective investors and shareholders who have questions about the Fund may also call 1-877-671-3199 or 1-415-899-1555 or write to the following address:

**Hennessy Funds**

7250 Redwood Blvd.

Suite 200

Novato, CA 94945

The general public can review and copy information about the Fund (including the SAI) on the EDGAR Database on the Securities and Exchange Commission's website at www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by emailing publicinfo@sec.gov.

When seeking information about the Fund, please refer to Hennessy Funds Trust's Investment Company Act File No. 811-07168.

![](hennessy485bpos025.jpg)

![](hennessy485bpos027.jpg)

---

| | |
|:---|:---|
| **Statement of Additional Information** | **march 2, 2026** |

---

**HENNESSY FUNDS TRUST**

**7250 Redwood Boulevard**

**Suite 200**

**Novato, California 94945**

**1-800-966-4354**

**1-415-899-1555**

This Statement of Additional Information (this "<u>SAI</u>") relates to the Funds and Classes identified below (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>" or the "<u>Hennessy Funds</u>"). This SAI does not relate to the Hennessy Sustainable ETF, which is offered in a different Prospectus and Statement of Additional Information, each dated March 2, 2026, as may be amended and restated from time to time. This SAI is not a prospectus and should be read in conjunction with the current Prospectus of the Funds (the "<u>Fund Prospectus</u>"), dated March 2, 2026, as may be amended and supplemented from time to time. A copy of the Fund Prospectus may be obtained by calling or writing to the Funds at the telephone number or address shown above.

---

| | | |
|:---|:---|:---|
| **DOMESTIC EQUITY** | ***Investor*** | ***Institutional*** |
| Hennessy Cornerstone Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFCGX | &nbsp;&nbsp;&nbsp;&nbsp;HICGX |
| Hennessy Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFCSX | &nbsp;&nbsp;&nbsp;&nbsp;HFCIX |
| Hennessy Cornerstone Mid Cap 30 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFMDX | &nbsp;&nbsp;&nbsp;&nbsp;HIMDX |
| Hennessy Cornerstone Large Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFLGX | &nbsp;&nbsp;&nbsp;&nbsp;HILGX |
| Hennessy Cornerstone Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HFCVX | &nbsp;&nbsp;&nbsp;&nbsp;HICVX |
| **MULTI-ASSET** |  |  |
| Hennessy Total Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDOGX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Hennessy Equity and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEIFX | &nbsp;&nbsp;&nbsp;&nbsp;HEIIX |
| Hennessy Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBFBX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SECTOR & SPECIALTY** |  |  |
| Hennessy Energy Transition Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HNRGX | &nbsp;&nbsp;&nbsp;&nbsp;HNRIX |
| Hennessy Midstream Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMSFX | &nbsp;&nbsp;&nbsp;&nbsp;HMSIX |
| Hennessy Gas Utility Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GASFX | &nbsp;&nbsp;&nbsp;&nbsp;HGASX |
| Hennessy Japan Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HJPNX | &nbsp;&nbsp;&nbsp;&nbsp;HJPIX |
| Hennessy Japan Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HJPSX | &nbsp;&nbsp;&nbsp;&nbsp;HJSIX |
| Hennessy Large Cap Financial Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLFNX | &nbsp;&nbsp;&nbsp;&nbsp;HILFX |
| Hennessy Small Cap Financial Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSFNX | &nbsp;&nbsp;&nbsp;&nbsp;HISFX |
| Hennessy Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTECX | &nbsp;&nbsp;&nbsp;&nbsp;HTCIX |

---

The financial statements, accompanying notes, and report of independent registered public accounting firm contained in the Funds' [Form N-CSR](https://www.sec.gov/Archives/edgar/data/891944/000199937126000464/hft-ncsr_103125.htm) covering the fiscal year ended October 31, 2025, as filed with the Securities and Exchange Commission (the "<u>SEC</u>") on January 8, 2026, are incorporated by reference into this SAI under Investment Company Act File No. 811-07168. Copies of the Funds' annual and semi-annual reports to shareholders, and other information such as the Funds' financial statements, may be obtained, without charge, by calling the Funds at the toll-free telephone number shown above, by visiting the Funds' website at www.hennessyfunds.com, or on the SEC's website at www.sec.gov.

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| [FUND HISTORY AND CLASSIFICATION](#mutualfundsaia001) | B-1 |
| [INVESTMENT RESTRICTIONS](#mutualfundsaia002) | B-3 |
| [INVESTMENT CONSIDERATIONS](#mutualfundsaia003) | B-9 |
| [TRUSTEES AND OFFICERS](#mutualfundsaia004) | B-30 |
| [OWNERSHIP OF MANAGEMENT AND PRINCIPAL SHAREHOLDERS](#mutualfundsaia005) | B-39 |
| [MANAGEMENT OF THE FUNDS](#mutualfundsaia006) | B-54 |
| [PORTFOLIO TRANSACTIONS](#mutualfundsaia007) | B-74 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#mutualfundsaia008) | B-78 |
| [ADDITIONAL PURCHASE AND REDEMPTION INFORMATION](#mutualfundsaia009) | B-79 |
| [ABANDONED PROPERTY](#mutualfundsaia010) | B-80 |
| [VALUATION OF SHARES](#mutualfundsaia011) | B-81 |
| [CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#mutualfundsaia012) | B-82 |
| [DESCRIPTION OF CERTAIN INSTRUMENTS](#mutualfundsaia013) | B-97 |
| [ANTI-MONEY LAUNDERING PROGRAM](#mutualfundsaia014) | B-98 |
| [OTHER INFORMATION](#mutualfundsaia015) | B-99 |

---

B-i

**FUND HISTORY AND CLASSIFICATION**

Each Fund is a separate investment portfolio or series of Hennessy Funds Trust (the "<u>Trust</u>"), a Delaware statutory trust organized on September 17, 1992. The Trust is an open-end, management investment company registered under the Investment Company Act of 1940, and the regulations, rules, and guidance issued by the SEC thereunder (the "<u>1940 Act</u>"). The Trust is comprised of 17 series, including the 16 Funds. The Funds are advised by Hennessy Advisors, Inc. (the "<u>Investment Manager</u>") and include the following:

**domestic equity**

● Hennessy Cornerstone Growth Fund (the " <u>Cornerstone Growth Fund</u> ")

● Hennessy Focus Fund (the " <u>Focus Fund</u> ")

● Hennessy Cornerstone Mid Cap 30 Fund (the " <u>Cornerstone Mid Cap 30 Fund</u> ")

● Hennessy Cornerstone Large Growth Fund (the " <u>Cornerstone Large Growth Fund</u> ")

● Hennessy Cornerstone Value Fund (the " <u>Cornerstone Value Fund</u> ")

**MULTI-ASSET**

● Hennessy Total Return Fund (the " <u>Total Return Fund</u> ")

● Hennessy Equity and Income Fund (the " <u>Equity and Income Fund</u> ")

● Hennessy Balanced Fund (the " <u>Balanced Fund</u> ")

**SECTOR & SPECIALTY**

● Hennessy Energy Transition Fund (the " <u>Energy Transition Fund</u> ")

● Hennessy Midstream Fund (the " <u>Midstream Fund</u> ")

● Hennessy Gas Utility Fund (the " <u>Gas Utility Fund</u> ")

● Hennessy Japan Fund (the " <u>Japan Fund</u> ")

● Hennessy Japan Small Cap Fund (the " <u>Japan Small Cap Fund</u> ")

● Hennessy Large Cap Financial Fund (the " <u>Large Cap Financial Fund</u> ")

● Hennessy Small Cap Financial Fund (the " <u>Small Cap Financial Fund</u> ")

● Hennessy Technology Fund (the " <u>Technology Fund</u> ")

Each of the Energy Transition Fund and the Midstream Fund is the successor to the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund (together, the "<u>Predecessor BP Funds</u>"), respectively, pursuant to a reorganization that became effective after the close of business on October 26, 2018. Prior to that date, neither the Energy Transition Fund nor the Midstream Fund had any investment operations. Each Predecessor BP Fund was managed by BP Capital Fund Advisors, LLC and had substantially similar investment objectives and strategies as its applicable successor Fund. In connection with the reorganization, holders of Class A shares of each Predecessor BP Fund received Investor Class shares of the applicable successor Fund, and holders of Class I shares of each Predecessor BP Fund received Institutional Class shares of the applicable successor Fund identified. Each successor Fund is the accounting and performance information successor of the corresponding Predecessor BP Fund.

Each Predecessor BP Fund is referenced in this SAI as the applicable current Fund, even though any reference to any such Fund on or prior to October 26, 2018, actually refers to that Fund's predecessor.

The chart below identifies which Funds have diversified portfolios and which Funds have non-diversified portfolios:

---

| | |
|:---|:---|
| **Diversified Portfolio** | **Non-Diversified Portfolio** |
| Cornerstone Growth Fund | Focus Fund |
| Cornerstone Mid Cap 30 Fund | Total Return Fund |
| Cornerstone Large Growth Fund | Balanced Fund |
| Cornerstone Value Fund | Midstream Fund |
| Equity and Income Fund | Large Cap Financial Fund |
| Energy Transition Fund | Small Cap Financial Fund |
| Gas Utility Fund |  |
| Japan Fund |  |
| Japan Small Cap Fund |  |
| Technology Fund |  |

---

Although the Energy Transition Fund and the Japan Fund have diversified portfolios, they each employ a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds.

Other than the Total Return Fund and the Balanced Fund, each Fund offers both Investor Class shares and Institutional Class shares (each, a "<u>Class</u>"). Investor Class shares and Institutional Class shares represent an interest in the same assets of a Fund, have the same rights, and are identical in all material respects, except that (i) Investor Class shares bear distribution fees, while Institutional Class shares are not subject to such fees, (ii) Investor Class shares bear shareholder servicing fees payable to the Investment Manager, while Institutional Class shares are not subject to such fees, (iii) Institutional Class shares are available only to shareholders who invest directly in a Fund or who invest through a broker-dealer, financial institution, or servicing agent that has entered into appropriate arrangements with a Fund and provides services to the Fund, (iv) Institutional Class shares have a higher minimum initial investment, and (v) the Board of Trustees may elect to have certain expenses specific to Investor Class shares or Institutional Class shares be borne solely by the Class to which such expenses are attributable, but any expenses not specifically allocated to Investor Class shares or Institutional Class shares are allocated to each such Class on the basis of the net asset value (sometimes referred to as "<u>NAV</u>") of that Class in relation to the NAV of the applicable Fund. The Board of Trustees may classify and reclassify the shares of the Funds into additional classes of shares at a future date.

**INVESTMENT RESTRICTIONS**

**Fundamental Policies**

The investment restrictions set forth below are fundamental policies of each Fund that cannot be changed without the approval of the holders of the lesser of (i) 67% or more of the Fund's shares present or represented at a meeting of shareholders at which holders of more than 50% of the Fund's outstanding shares are present or represented or (ii) more than 50% of the outstanding shares of the Fund:

**Senior Securities**

All Funds other than the Gas Utility Fund may issue senior securities to the extent permitted by the 1940 Act. The Gas Utility Fund may not issue senior securities.

**Borrowing**

Each Fund may borrow money as permitted by the 1940 Act, subject to any additional restrictions described below.

For the Total Return Fund, the Energy Transition Fund, the Midstream Fund, the Japan Fund, and the Japan Small Cap Fund, there are no additional restrictions.

Each Fund other those specified above may borrow money to facilitate redemptions and may borrow an amount up to 33-1/3% of its total assets (except that the percentage limitation is 10% for the Balanced Fund and 30% for the Gas Utility Fund). In addition, the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, and the Cornerstone Value Fund may also borrow money for other extraordinary or emergency purposes.

The Balanced Fund and the Gas Utility Fund may not purchase any portfolio securities while borrowed amounts remain outstanding.

**Underwriting**

Except to the extent the Fund may be deemed to be an underwriter under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), when selling portfolio securities or selling its own shares, no Fund may act as an underwriter.

**Industry Concentration**

No Fund other than the Energy Transition Fund, the Midstream Fund, the Gas Utility Fund, the Large Cap Financial Fund, the Small Cap Financial Fund, and the Technology Fund may make an investment in any one industry if such investment would cause the aggregate value of the Fund's investment in such industry to equal or exceed 25% of the Fund's net assets. This policy does not apply to U.S. Treasury securities, which are obligations issued or guaranteed by the U.S. government, and U.S. government agency and instrumentality obligations (collectively with U.S. Treasury securities, "<u>U.S. Government Securities</u>"), certificates of deposit, and bankers' acceptances. Certain of these instruments are described in greater detail under the "DESCRIPTION OF CERTAIN INSTRUMENTS" section of this SAI.

None of the Energy Transition Fund, the Midstream Fund, the Gas Utility Fund, the Large Cap Financial Fund, the Small Cap Financial Fund, or the Technology Fund may purchase the securities of any issuer if, as a result, less than 25% of the Fund's assets would be invested in the securities of issuers principally engaged in (i) with respect to the Energy Transition Fund and the Midstream Fund, the energy industry, (ii) with respect to the Gas Utility Fund, the utilities industry, (iii) with respect to the Large Cap Financial Fund and the Small Cap Financial Fund, financial services companies (including information technology companies that concentrate in financial services), and (iv) with respect to the Technology Fund, the Information Technology sector. For the Energy Transition Fund and the Midstream Fund, this restriction is on a total assets basis. For the Gas Utility Fund, the Large Cap Financial Fund, the Small Cap Financial Fund, and the Technology Fund, this restriction is on a net assets basis.

For the Japan Fund and the Japan Small Cap Fund, the percentage of assets invested in an industry is determined by reference to the 33 industry groups of the Securities Identification Code Committee, which are adopted by the various stock exchanges in Japan, including the Tokyo Stock Exchange and the JASDAQ Securities Exchange.

**Issuer Concentration**

Subject to the exceptions noted below, no Fund may purchase securities of any one issuer (except U.S. Government Securities) if, as a result, at the time of purchase more than 5% of the Fund's total assets would be invested in such issuer or the Fund would own or hold 10% or more of the outstanding voting securities of that issuer.

For each non-diversified Fund, up to 50% of the total assets of the Fund may be invested without regard to this restriction.

For each diversified Fund other than the Gas Utility Fund, up to 25% of the total assets of the Fund may be invested without regard to this restriction.

For the Gas Utility Fund, there are no exceptions to this restriction.

**Real Estate**

No Fund may purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (although a Fund may invest in securities or other instruments secured by real estate or securities of companies engaged in the real estate business).

In addition, (i) the Cornerstone Growth Fund may not purchase securities secured by real estate or issued by companies that invest in real estate and (ii) the Total Return Fund and the Balanced Fund may not invest in the securities of real estate limited partnerships.

**Commodities**

No Fund may buy or sell commodities. Other than the Gas Utility Fund, no Fund may purchase or sell commodity contracts (but this does not prevent a Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).

**Loans**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, the Cornerstone Value Fund, the Total Return Fund, the Balanced Fund, the Energy Transition Fund, or the Midstream Fund may make loans. This limitation does not apply to (i) securities lending (except that the Total Return Fund and the Balanced Fund may not lend securities), (ii) repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan, or (iii) the purchase of debt securities or other debt instruments.

None of the Focus Fund, the Equity and Income Fund, the Large Cap Financial Fund, the Small Cap Financial Fund, or the Technology Fund may lend any security or make any other loan if, as a result, more than 33-1/3% of its total assets would be lent to other parties. This limitation does not apply to (i) repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan and (ii) the purchase of debt securities or other debt instruments.

The Gas Utility Fund may not make loans. This restriction does not apply to repurchase agreements provided the Gas Utility Fund maintains collateral equal to at least 100% of the value of the borrowed security and the instrument is marked to market daily.

**Control Investments**

The Total Return Fund and the Balanced Fund may not make investments for the purpose of exercising control or management of any company.

**Margin**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, the Cornerstone Value Fund, the Total Return Fund, the Balanced Fund, the Japan Fund, and the Japan Small Cap Fund may purchase securities on margin (other than short-term credit necessary for clearance of Fund transactions), except that each such Fund other than the Total Return Fund and the Balanced Fund may use options or futures strategies and may make margin deposits in connection with its use of options, futures contracts, and options on futures contracts. A short sale is not deemed to be a margin purchase.

The Gas Utility Fund may not purchase securities on margin.

**Oil, Gas, or Mineral Interests**

None of the Total Return Fund, the Balanced Fund, the Japan Fund, or the Japan Small Cap Fund may purchase or sell any interest in any oil, gas, or other mineral exploration or development program, including any oil, gas, or mineral lease.

The Gas Utility Fund may not purchase the securities of any issuer if, as a result, more than 25% of its total assets would be invested in oil, gas, or other mineral leases.

**Pledges**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, or the Cornerstone Value Fund may pledge its assets other than to secure borrowings or in connection with hedging transactions, short-sales, when-issued and forward commitment transactions, and similar investment strategies (to the extent the Fund's investment policies permit such strategies). For purposes of this restriction, the deposit of initial or maintenance margin in connection with futures contracts is not deemed a pledge of the assets of the Fund.

Neither the Total Return Fund nor the Balanced Fund may pledge its assets, except to secure permitted borrowings.

**Restricted Securities**

The Gas Utility Fund may not purchase or sell restricted securities.

**Short Sales**

None of the Total Return Fund, the Balanced Fund, or the Gas Utility Fund may make short sales of securities or maintain a short position.

**OTHER INVESTMENT RESTRICTIONS**

The following investment restrictions and operating policies of each Fund may be changed by the Board of Trustees without shareholder approval.

**Borrowing**

The Cornerstone Growth Fund may not purchase any portfolio securities while borrowed amounts remain outstanding.

**Name Rule**

Each of the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, the Equity and Income Fund, the Energy Transition Fund, the Midstream Fund, the Gas Utility Fund, the Japan Fund, the Japan Small Cap Fund, the Large Cap Financial Fund, the Small Cap Financial Fund, and the Technology Fund normally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in the particular type of investment suggested by the Fund's name.

If the Board of Trustees were to change this non-fundamental policy for any of the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, the Japan Fund, or the Japan Small Cap Fund, the Fund must provide 60 days' prior written notice to the shareholders before implementing the change. Any such notice must be in plain English in a separate written document containing the following prominent statement in boldface type: "Important Notice Regarding Change in Investment Policy." If the notice is included with other communications to shareholders, the aforementioned statement must also be included on the envelope in which the notice is delivered.

**Securities Lending**

The Cornerstone Growth Fund may not lend its portfolio securities.

**Affiliate Investments**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, the Cornerstone Value Fund, the Total Return Fund, or the Balanced Fund may acquire or retain any security issued by a company whose officer or director is also an officer or Trustee of the Funds or an officer, director, or other affiliated person of the Investment Manager.

**Control Investments**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, the Cornerstone Value Fund, the Japan Fund, and the Japan Small Cap Fund may make investments for the purpose of exercising control or management of any company.

**Derivatives**

No Fund may enter into derivatives transactions, as defined in Rule 18f-4(a) under the 1940 Act. However, a Fund may enter into reverse repurchase agreements or similar financing transactions, pursuant to Rule 18f-4(d)(1)(i), as long as such Fund complies with the asset coverage requirements of Section 18 of the 1940 Act and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratio.

**Illiquid Securities**

No Fund may invest in illiquid securities if at the time of acquisition more than 15% of such Fund's net assets would be invested in such securities. Illiquid securities are securities that a Fund reasonably expects cannot be sold, disposed of, or reversed in seven calendar days or less under current market conditions without such sale, disposition, or reversal significantly changing the market value of the investment. If a Fund exceeds the limitation on illiquid securities other than by a change in market values, the Fund must report the condition to the Board of Trustees and, when required by Rule 22e-4 under the 1940 Act, to the SEC.

Securities that may be resold in accordance with Rule 144A under the 1933 Act ("<u>Rule 144A</u>"), securities offered pursuant to Section 4(a)(2) of the 1933 Act, and securities otherwise subject to restrictions on resale under the 1933 Act are not deemed illiquid solely by reason of being unregistered. The Investment Manager determines the liquidity of a particular security based on the trading markets for the specific security and other factors.

**Investment Company Securities**

Pursuant to Section 12(d)(1) of the 1940 Act, no Fund may invest more than 10% of its assets in shares of investment companies. A Fund may invest up to 5% of its assets in any one investment company, as long as no investment represents more than 3% of the voting stock of an acquired investment company. Rule 12d1-4 provides an exemption from Section 12(d)(1) that allows a Fund to invest all of its assets in other registered funds, including exchange-traded funds, if the Fund satisfies certain conditions specified in the Rule, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

**Length of Operations**

Neither the Total Return Fund nor the Balanced Fund may invest in securities of any issuer that has a record of less than three years of continuous operation, including the operation of any predecessor business of a company that came into existence as a result of a merger, consolidation, reorganization, or purchase of substantially all of the assets of such predecessor business.

**Margin**

None of the Focus Fund, the Equity and Income Fund, the Large Cap Financial Fund, the Small Cap Financial Fund, or the Technology Fund may purchase securities on margin (except for short-term credit necessary for clearance of Fund transactions), except that each such Fund may use options or futures strategies and may make margin deposits in connection with its use of options, futures contracts, and options on futures contracts. A short sale is not deemed to be a margin purchase.

**Oil, Gas, or Mineral Interests**

The Cornerstone Growth Fund may not purchase any interest in any oil, gas, or other mineral exploration or development program.

**Options and Warrants**

The Cornerstone Growth Fund may not use options on futures strategies.

The Gas Utility Fund may not invest in warrants.

**Ownership of Other Investment Companies**

No Fund may purchase the securities of other investment companies except to the extent such purchases are permitted by the 1940 Act.

**Pledges**

Neither the Japan Fund nor the Japan Small Cap Fund may pledge its assets other than to secure permitted borrowings, to the extent related to the purchase of securities on a forward commitment, when-issued, or delayed-delivery basis, or to the extent related to the deposit of assets in escrow in connection with writing covered put and call options and collateral and initial or variation margin arrangements with respect to permitted transactions.

**Puts or Calls**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, and the Cornerstone Value Fund may write, purchase, or sell puts, call straddles, or spreads, or combinations thereof, except as otherwise permitted in the Fund Prospectus and this SAI.

**Real Estate**

The Cornerstone Growth Fund may not purchase securities secured by real estate or issued by companies that invest in real estate.

**Restricted Securities**

The Cornerstone Growth Fund may not purchase or sell restricted securities.

**Reverse Repurchase Agreements**

The Energy Transition Fund and the Midstream Fund may each invest a maximum of 10% of its total assets in reverse repurchase agreements.

**Short-Term Investments**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, the Cornerstone Value Fund, the Total Return Fund, or the Balanced Fund may generally use investments in cash or short-term securities for temporary defensive positions. The portfolio managers do not expect assets invested in cash or liquid short-term securities to exceed 5% of any such Fund's total assets other than during rebalance periods or when subscription or redemption activity is excessive.

The Focus Fund, the Equity and Income Fund, the Energy Transition Fund, the Midstream Fund, the Gas Utility Fund, the Japan Fund, the Japan Small Cap Fund, the Large Cap Financial Fund, the Small Cap Financial Fund, and the Technology Fund may each hold up to 100% of its total assets in cash and short-term obligations.

The Energy Transition Fund and the Midstream Fund may each acquire certificates of deposit, bankers' acceptances, and time deposits in U.S. dollar or foreign currencies, but such short-term instruments must, at the time of purchase, have capital, surplus, and undivided profits in excess of $100 million (including assets of both domestic and foreign branches), based on latest published reports, unless the principal amount of such bank obligations are fully insured by the U.S. government.

**Short Sales**

None of the Cornerstone Growth Fund, the Cornerstone Mid Cap 30 Fund, the Cornerstone Large Growth Fund, or the Cornerstone Value Fund may make short sales of securities or maintain a short position, except to the extent permitted by the 1940 Act.

**GENERAL**

The policies and limitations listed above supplement those set forth in the Fund Prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset or sets forth a policy regarding quality standards, such percentage limitation or standard applies to each Fund on an individual basis and is determined immediately after and as a result of the Fund's acquisition of such security or other asset except in the case of borrowing (or other activities that may be deemed to result in the issuance of a senior security under the 1940 Act). Accordingly, any subsequent change in values, net assets, or other circumstances is not considered when determining whether an investment complies with the Fund's investment policies and limitations. If the value of a Fund's holdings of illiquid securities at any time were to exceed the percentage limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, the Board of Trustees would consider what actions, if any, are appropriate to maintain adequate liquidity.

**INVESTMENT CONSIDERATIONS**

The Fund Prospectus describes the principal investment strategies and principal risks of the Funds. This section of this SAI provides additional information about certain investment practices of the Funds and the associated risks, including practices that are not considered principal strategies and risks of the Funds.

**Investment Considerations Applicable to All Funds**

Certain investment strategies and risks are applicable to all Funds. Such strategies and risks are set forth below.

**Cash and Short-Term Securities**

Cash and short-term instruments include high-grade instruments such as variable amount master demand notes, commercial paper, short-term notes, certificates of deposit, bankers' acceptances, repurchase agreements that mature in less than seven days, money market instruments, U.S. Treasury securities, and U.S. government agency and instrumentality obligations. Certain of these instruments are described in greater detail under the "DESCRIPTION OF CERTAIN INSTRUMENTS" section of this SAI. Generally, these securities offer less potential for gains than other types of securities. With respect to money market mutual funds, in addition to the advisory fees and other expenses the Fund bears directly in connection with their own operations, as a shareholder of another investment company, the Fund bears its pro rata portion of the other investment company's advisory fees and other expenses, and such fees and other expenses are borne indirectly by the Fund's shareholders.

To the extent that the Fund's assets are invested in cash and short-term obligations for temporary defensive purposes, such assets would not be invested so as to meet the Fund's investment objective.

**Cybersecurity**

With the increased use of technologies such as mobile devices and web-based or cloud applications, along with the dependence on the Internet and computer systems to conduct business, the Fund is susceptible to operational, information security, and related risks. Cybersecurity incidents can result from deliberate attacks or unintentional events (arising from external or internal sources), and may cause the Fund to lose proprietary information, suffer data corruption, suffer physical damage to a computer or network system, or lose operational capacity. Cybersecurity attacks include, but are not limited to, infection by malicious software, such as malware or computer viruses, or gaining unauthorized access to digital systems, networks, or devices that are used to service the Fund's operations (e.g., through hacking, phishing, or malicious software coding) or other means for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cybersecurity attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund's website (i.e., efforts to make network services unavailable to intended users). In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cybersecurity incidents affecting the Fund, the Investment Manager, the sub-advisors, and other service providers to the Fund (including, but not limited to, the Fund's accountant, custodian, transfer agent, and financial intermediaries) have the ability to disrupt business operations, potentially resulting in financial losses to both the Fund and its shareholders, interfere with the Fund's ability to calculate its NAV, impede trading, render Fund shareholders unable to transact business and the Fund unable to process transactions (including fulfillment of subscriptions and redemptions), cause violations of applicable privacy and other laws (including the release of private shareholder information), and result in breach notification and credit monitoring costs, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation costs, forensic investigation and remediation costs, and additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and other service providers).

The Fund and its service providers have established business continuity and information security programs reasonably designed to reduce the impact of cybersecurity risks. However, there is no guarantee that such efforts will be successful, that all cybersecurity incidents will be prevented, or that any such incidents will be detected in a timely manner, and the Fund cannot control the cybersecurity systems of its service providers or other third parties.

**Exclusion from Commodity Pool Operator Definition**

The Investment Manager has claimed an exclusion from the definition of commodity pool operator ("<u>CPO</u>") under the Commodity Exchange Act ("<u>CEA</u>") and the rules of the Commodity Futures Trading Commission, a U.S. government agency (the "<u>CFTC</u>"). As a result, the Investment Manager is not subject to CFTC registration or regulation as a CPO with respect to the Fund. The Investment Manager relies on a related exclusion from the definition of "commodity trading advisor" under the CEA and the rules of the CFTC with respect to the Fund.

The terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in commodity interests. Commodity interests include commodity futures, commodity options, and swaps, which in turn include non-deliverable currency forward contracts. Because the Investment Manager and the Fund intend to comply with the terms of the CPO exclusion, in the future the Fund may need to adjust its investment strategies, consistent with its investment goal, to limit its investments in these types of instruments. No Fund is intended as a vehicle for trading in the commodity futures, commodity options, or swaps markets. The CFTC has neither reviewed nor approved the Investment Manager's or the Fund's reliance on these exclusions, the Fund's investment strategies, or this SAI.

Generally, the exclusion from CPO regulation on which the Investment Manager relies requires the Fund to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): (i) the aggregate initial margin and premiums required to establish the Fund's positions in commodity interests may not exceed 5% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (ii) the aggregate net notional value of the Fund's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, no Fund may be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options, or swaps markets. If, in the future, the Fund can no longer satisfy these requirements, the Investment Manager may need to withdraw its notice claiming an exclusion from the definition of a CPO. If the Investment Manager were required to do that and could not find another exemption, then the Investment Manager would be subject to registration and regulation as a CPO in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements based on the Investment Manager's compliance with comparable SEC requirements. However, in the event the Investment Manager had to register as a CPO, the Fund might incur additional compliance and other expenses as a result of CFTC regulations governing commodity pools and CPOs.

**Global Events**

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

**Market and Regulatory**

Events in the financial markets and economy may cause volatility and uncertainty and affect performance. Such adverse effect on performance could include a decline in the value and liquidity of securities held by the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify both investment risks and opportunities, in which case investment objectives may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. It is impossible to predict whether or for how long such market events may continue, particularly if they are unprecedented, unforeseen, or widespread.

Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. Policy and legislative changes in the United States and in other countries affect many aspects of financial regulation and may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in, or with significant exposure to, countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may decrease.

**Privacy and Data Protection**

The Fund is subject to a variety of continuously evolving laws and regulations regarding privacy, data protection, and data security, including laws and regulations governing the collection, storage, handling, use, disclosure, transfer, and security of personal data. In light of recent broad-based cybersecurity attacks, legislators and regulators continue to propose and enact new and more robust privacy-related laws including, but not limited to, the Arkansas Social Media Safety Act, the California Consumer Privacy Act, as amended by the California Privacy Rights Act, the Colorado Privacy Act, the Connecticut Data Privacy Act, the Illinois Biometric Information Privacy Act, the New York State Department of Financial Services Cybersecurity Requirements for Financial Services Companies, the Texas Capture or Use of Biometric Identifiers Act, the Utah Consumer Privacy Act, and the Virginia Consumer Data Protection Act, all of which give data privacy rights to their respective residents (including, in California, a private right of action in the event of a data breach resulting from a failure to implement and maintain reasonable security procedures and practices) and impose significant obligations on controllers and processors of consumer data. Any failure by the Fund to comply with their privacy policies or applicable privacy-related laws could result in legal or regulatory proceedings against the Fund by governmental authorities, third-party vendors, or others, which could adversely affect the Fund. The interpretation of existing privacy-related laws and the various regulators' approaches to their enforcement continue to evolve over time. The Fund faces the risk that these laws may be interpreted and applied in conflicting ways in different jurisdictions or in a manner that is not consistent with the Fund's current privacy policies or that regulators may enact new unclear privacy-related laws.

**Investment Considerations Applicable to Specific Funds**

Certain investment strategies and risks are applicable only to specific Funds. The tables below indicate which of the investment strategies and risks described in this section are relevant to each Fund (identified by Investor Class ticker).

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***Strategy or Risk*** | &nbsp;&nbsp;**HFCGX** | &nbsp;&nbsp;**HFCSX** | &nbsp;&nbsp;**HFMDX** | &nbsp;&nbsp;**HFLGX** | &nbsp;&nbsp;**HFCVX** | &nbsp;&nbsp;**HDOGX** | &nbsp;&nbsp;**HEIFX** | &nbsp;&nbsp;**HBFBX** |
| Asset-Backed and Mortgage-Backed Securities |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Borrowing for Investment Purposes |  |  |  |  |  | &nbsp;&nbsp;X |  |  |
| Convertible Securities |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Dow Jones Industrial Average Concentration |  |  |  |  |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |
| Foreign Issuers – American Depositary Receipts and Certain Other Foreign Issuers | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X |  |
| Foreign Issuers – Japan |  |  |  |  |  |  |  |  |
| Foreign Issuers – United Kingdom |  | &nbsp;&nbsp;X |  |  |  |  |  |  |
| Fund Structure |  |  |  |  |  |  |  |  |
| High-Yield Bonds |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Illiquid and Restricted Securities |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Indexed Securities |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| IPOs |  | &nbsp;&nbsp;X |  |  |  |  |  |  |
| Investment Company Securities |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| LEAPs |  | &nbsp;&nbsp;X |  |  |  |  |  |  |
| Loans and Other Debt Instruments |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| MLPs |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Preferred Stock |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Reference Rate |  |  |  |  |  |  | &nbsp;&nbsp;X |  |
| REITs and Related Structures |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Reverse Repurchase Agreements |  | &nbsp;&nbsp;X |  |  |  | &nbsp;&nbsp;X |  |  |
| Simultaneous Investments |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| SPACs |  | &nbsp;&nbsp;X |  |  |  |  |  |  |
| Tax Estimation and NAV |  |  |  |  |  |  |  |  |
| U.S. Government Securities |  | &nbsp;&nbsp;X |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Variable or Floating Rate Securities |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |
| Warrants |  | &nbsp;&nbsp;X |  |  |  |  | &nbsp;&nbsp;X |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***Strategy or Risk*** | &nbsp;&nbsp;**HNRGX** | &nbsp;&nbsp;**HMSFX** | &nbsp;&nbsp;**GASFX** | &nbsp;&nbsp;**HJPNX** | &nbsp;&nbsp;**HJPSX** | &nbsp;&nbsp;**HLFNX** | &nbsp;&nbsp;**HSFNX** | &nbsp;&nbsp;**HTECX** |
| Asset-Backed and Mortgage-Backed Securities | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Borrowing for Investment Purposes |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Convertible Securities | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Dow Jones Industrial Average Concentration |  |  |  |  |  |  |  |  |
| Foreign Issuers – American Depositary Receipts and Certain Other Foreign Issuers | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| Foreign Issuers – Japan |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  |  |
| Foreign Issuers – United Kingdom |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fund Structure |  | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;High-Yield Bonds | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Illiquid and Restricted Securities | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Indexed Securities | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;IPOs |  |  |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Investment Company Securities | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;LEAPs |  |  |  |  |  |  |  |  |
| Loans and Other Debt Instruments | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;MLPs | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  |  |  |  |
| &nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Reference Rate |  |  |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;REITs and Related Structures |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Reverse Repurchase Agreements | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;Simultaneous Investments |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |  |  |
| &nbsp;&nbsp;SPACs |  |  |  |  |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Tax Estimation and NAV |  | &nbsp;&nbsp;X |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |
| Variable or Floating Rate Securities |  |  |  |  |  |  |  |  |
| Warrants | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X | &nbsp;&nbsp;X |  |

---

**Explanation of investment Considerations Applicable to Specific Funds**

**Asset-Backed and Mortgage-Backed Securities**

Asset-Backed Securities

Asset-backed securities are securities backed by pools of loans, installment sale contracts, credit card or other receivables, or other assets. Asset-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying assets (such as credit card receivables) are passed through to the Fund. The value of asset-backed securities, like that of traditional fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The price paid by the Fund for its asset-backed securities, the yield the Fund expects to receive from such securities, and the average life of the securities are based in part on the anticipated rate of prepayment of the underlying assets. In periods of declining interest rates, borrowers may prepay the underlying assets more quickly than anticipated, thereby reducing the yield and average life of the asset-backed securities. Moreover, when the Fund reinvests the proceeds of a prepayment in these circumstances, it is likely to receive a rate of interest that is lower than the rate on the security that was prepaid. If the Fund purchases asset-backed securities at a premium, prepayments may result in a loss of some or all of such premium. If the Fund buys such securities at a discount, both scheduled payments and unscheduled prepayments increase current and total returns, and unscheduled prepayments also accelerate the recognition of income which, when distributed to shareholders, is taxable as ordinary income. As a result, when interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as that of other fixed-income securities. In periods of rising interest rates, prepayments of the underlying assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively change a security that was considered short-term or intermediate-term at the time of its purchase into a longer-term security. Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates than the value of shorter-term securities, maturity extension risk would likely increase the volatility of the Fund.

Payment of principal and interest may be largely dependent on the cash flows generated by the assets backing the securities, and, in certain cases, supported by letters of credit, surety bonds, or other credit enhancements. The value of asset-backed securities may also be affected by the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or any financial institution providing the credit support.

In general, the collateral supporting asset-backed securities is of shorter maturity than the collateral supporting mortgage loans and is less likely to experience substantial prepayments. However, asset-backed securities are not backed by any governmental agency.

Mortgage-Backed Securities

Mortgage-backed securities represent pools of mortgage loans assembled for sale to investors by various governmental agencies or government-related organizations, including Ginnie Mae, Fannie Mae, and Freddie Mac. Mortgage-backed securities directly or indirectly represent participations in, are collateralized by, or are payable from mortgage loans secured by real property.

As with other debt securities, mortgage-backed securities are subject to credit risk and interest rate risk. However, the yield and maturity characteristics of mortgage-backed securities differ from traditional debt securities. A major difference is that the principal amount of the obligations may normally be prepaid at any time because the underlying mortgage loans generally may be prepaid at any time. The relationship between prepayments and interest rates may give some mortgage-backed securities less potential for growth in value than conventional fixed-income securities with comparable maturities. For example, in periods of rising interest rates, the value of a mortgage-backed security may decrease and its duration may be lengthened because borrowers may prepay mortgages more slowly than originally expected. However, though the value of a mortgage-backed security may decline when interest rates rise, the converse is not necessarily true because in periods of falling interest rates, the rate of prepayments tends to increase. During such periods, the reinvestment of prepayment proceeds by the Fund generally is at lower rates than the rates that were carried by the obligations that have been prepaid. Because of these and other reasons, a mortgage-backed security's total return, maturity, and duration may be difficult to predict precisely.

The ability of borrowers to repay mortgage loans underlying mortgage-backed securities typically depends on the future availability of financing and the stability of real estate values. The U.S. residential real estate market has experienced significant upheaval in the past. During such upheaval, among other things, the value of residential real estate decreased significantly. These significant decreases affected the value of mortgage-backed securities because payments of principal and interest on residential mortgages varied due to foreclosures, job losses, and other factors. As a result of these conditions, mortgage-backed securities lost value. Such upheaval of the real estate market may occur again in the future. If borrowers are not able or willing to pay the principal balance on the loans, there is a high likelihood that payments on the related mortgage-related securities may not be made. Certain borrowers on underlying mortgages may become subject to bankruptcy proceedings, in which case the value of the mortgage-backed securities may decline. Rating agencies previously have placed on credit watch or downgraded the ratings of a large number of mortgage-related securities and may continue to do so in the future. If a mortgage-related security in which the Fund is invested is placed on credit watch or downgraded, the value of the security may decline and the Fund may experience losses.

**Borrowing for Investment Purposes**

Borrowing for investment is known as leveraging. Leveraging investments by purchasing securities with borrowed money is a speculative technique that increases investment risk but may also increase investment return. When it leverages its investments, the NAV per share of the Fund increases more when the Fund's portfolio assets increase in value and decreases more when the Fund's portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, the Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. The Fund intends to use leverage whenever it is able to borrow on terms considered by its investment adviser to be reasonable.

The Fund's ability to borrow money is limited by its investment policies and limitations and by the 1940 Act. If the Fund no longer meets such limitations as a result of market fluctuations or for other reasons, the Fund may be required to sell some of its portfolio holdings within three days (excluding Sundays and holidays) to reduce the debt, even though it may be disadvantageous from an investment standpoint to sell securities at that time.

**Convertible Securities**

Convertible securities are hybrid securities that combine the investment characteristics of bonds and common stocks. Convertible securities typically consist of debt securities or preferred stock that may be converted on a voluntary or mandatory basis within a specified period, normally for the entire life of the security, into a certain amount of common stock or other equity security of the same or a different issuer at a predetermined price. Convertible securities also include debt securities with warrants or common stock attached and derivatives combining the features of debt securities and equity securities. Other convertible securities may become available in the future. Convertible securities involve risks similar to those of both fixed income and equity securities. In a corporation's capital structure, convertible securities are senior to common stock but are usually subordinate to senior debt obligations of the issuer.

The market value of a convertible security is a function of its investment value and its conversion value. A security's investment value represents the value of the security without its conversion feature (i.e., a nonconvertible debt security). The investment value may be determined by reference to its credit quality and the current value of its yield to maturity or probable call date. At any given time, investment value is dependent upon such factors as the general level of interest rates, the yield of similar nonconvertible securities, the financial strength of the issuer, and the seniority of the security in the issuer's capital structure. A security's conversion value is determined by multiplying the number of shares the holder is entitled to receive upon conversion or exchange by the current price of the underlying security. If the conversion value of a convertible security is significantly below its investment value, the convertible security trades like nonconvertible debt or preferred stock and its market value is not influenced greatly by fluctuations in the market price of the underlying security. In that circumstance, the convertible security takes on the characteristics of a bond, and its price moves in the opposite direction from interest rates. Conversely, if the conversion value of a convertible security is near or above its investment value, the market value of the convertible security is more heavily influenced by fluctuations in the market price of the underlying security. In that case, the convertible security's price may be as volatile as that of common stock. Because both interest rates and market movements can influence its value, a convertible security generally is not as sensitive to interest rates as a similar debt security, nor is it as sensitive to changes in share price as its underlying equity security. Convertible securities are often rated below investment grade or are not rated, and they are generally subject to a high degree of credit risk.

Although all markets are prone to change over time, the generally high rate at which convertible securities are retired (through mandatory or scheduled conversions by issuers or through voluntary redemptions by holders) and replaced with newly issued convertible securities may cause the convertible securities market to change more rapidly than other markets. For example, a concentration of available convertible securities in a few economic sectors could elevate the sensitivity of the convertible securities market to the volatility of the equity markets and to the specific risks of those sectors. Moreover, convertible securities with innovative structures, such as mandatory-conversion securities and equity-linked securities, have increased the sensitivity of the convertible securities market to the volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly greater than, those associated with traditional convertible securities. A convertible security may be subject to redemption at the option of the issuer at a price set in the governing instrument of the convertible security. If a convertible security held by the Fund is subject to such redemption option and is called for redemption, the Fund must allow the issuer to redeem the security, convert it into the underlying common stock, or sell the security to a third party.

Certain convertible securities that may offer higher income than the common stocks into which they are convertible. Convertible securities may consist of bonds, notes, debentures, and preferred stocks that may be converted or exchanged at a stated or determinable exchange ratio into underlying shares of common stock. The Fund may be required to permit the issuer of a convertible security to redeem the security, convert it into the underlying common stock, or sell it to a third party. Thus, the Fund may not be able to control whether the issuer of a convertible security chooses to convert that security. If the issuer chooses to do so, this action could have an adverse effect on the Fund's ability to achieve its investment objectives.

**Dow Jones Industrial Average Concentration**

The Fund concentrates its investments in stocks in the Dow Jones Industrial Average (the "<u>DJIA</u>"). The DJIA consists of the following 30 common stocks:

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Exchange** | **Symbol** | **Industry** |
| 3M Company | NYSE | MMM | Industrial Conglomerates |
| Amazon.com, Inc. | Nasdaq | AMZN | Internet Retail |
| American Express Company | NYSE | AXP | Consumer Finance |
| Amgen, Inc. | Nasdaq | AMGN | Biotechnology |
| Apple, Inc. | Nasdaq | AAPL | Technology, Hardware, Storage & Peripherals |
| The Boeing Company | NYSE | BA | Aerospace & Defense |
| Caterpillar, Inc. | NYSE | CAT | Machinery |
| Chevron Corporation | NYSE | CVX | Oil, Gas & Consumable Fuels |
| Cisco Systems, Inc. | Nasdaq | CSCO | Communications Equipment |

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Exchange** | **Symbol** | **Industry** |
| The Coca-Cola Company | NYSE | KO | Beverages |
| The Goldman Sachs Group, Inc. | NYSE | GS | Capital Markets |
| The Home Depot, Inc. | NYSE | HD | Specialty Retail |
| Honeywell International, Inc. | Nasdaq | HON | Industrial Conglomerates |
| International Business Machines Corporation | NYSE | IBM | IT Services |
| Johnson & Johnson | NYSE | JNJ | Pharmaceuticals |
| JPMorgan Chase & Co. | NYSE | JPM | Banks |
| McDonald's Corporation | NYSE | MCD | Hotels, Restaurants & Leisure |
| Merck & Co., Inc. | NYSE | MRK | Pharmaceuticals |
| Microsoft Corporation | Nasdaq | MSFT | Software |
| Nike, Inc. | NYSE | NKE | Textiles, Apparel & Luxury Goods |
| NVIDIA Corporation | Nasdaq | NVDA | Semiconductor Manufacturing |
| The Procter & Gamble Company | NYSE | PG | Household Products |
| Salesforce.com | NYSE | CRM | Software |
| The Sherwin-Williams Company | NYSE | SHW | Paint Manufacturing |
| The Travelers Companies, Inc. | NYSE | TRV | Insurance |
| UnitedHealth Group Incorporated | NYSE | UNH | Health Care Providers & Services |
| Verizon Communications, Inc. | NYSE | VZ | Diversified Telecommunication Services |
| Visa, Inc. | NYSE | V | IT Services |
| Walmart, Inc. | NYSE | WMT | Food & Staples Retailing |
| The Walt Disney Company | NYSE | DIS | Entertainment |

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The DJIA is the property of Dow Jones & Company, Inc., which is not affiliated with the Fund or the Investment Manager. Dow Jones & Company, Inc. has not participated in any way in the creation of the Fund or in the selection of stocks included in the Fund and has not approved any information included in this SAI. From time to time, Dow Jones & Company, Inc. changes the stocks comprising the DJIA.

The investment strategy of the Fund is unlikely to be affected by the requirement that it not concentrate its investments, since currently no more than three companies in the DJIA are engaged primarily in any one industry. Similarly, the Fund's investment strategy is unlikely to be materially affected by the requirement that it meet the diversification requirements of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), since the Fund has approximately 50% of its assets invested in U.S. Treasury securities and the remainder of its assets divided among at least 10 stocks. However, the diversification requirement for the Fund may preclude it from effecting a purchase otherwise dictated by its investment strategy. Finally, because of the requirements of the 1940 Act, the Fund may not invest more than 5% of its total assets in the common stock of any issuer that derives more than 15% of its revenues from securities-related activities. From time to time, this requirement may preclude the Fund from effecting a purchase otherwise dictated by its investment strategy.

**Foreign Issuers – American Depositary Receipts and Certain Other Foreign Issuers**

The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through American Depository Receipts ("<u>ADRs</u>"), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges.

Investing in foreign companies may include the risk of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and the risk of reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation.

ADRs are U.S. dollar-denominated securities of foreign issuers that are designed for use in U.S. securities markets and are typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. Many ADRs are not registered with the SEC, and the issuers of such securities are not subject to SEC reporting requirements. Accordingly, there may be less publicly available information concerning such issuers than is available concerning U.S. companies.

The Fund may be required to pay foreign withholding or other taxes on the securities of certain foreign companies or on certain ADRs that it owns, but investors may or may not be able to deduct their pro rata share of such taxes in computing their taxable income or take such shares as a credit against their U.S. federal income tax. See the "CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES" section of this SAI.

ADRs may be sponsored by the foreign issuer or may be unsponsored. Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities. Unsponsored ADRs are offered by companies that are not prepared to meet either the reporting or accounting standards of the United States. While readily exchangeable with stock in local markets, unsponsored ADRs may be less liquid than sponsored ADRs. Additionally, there generally is less publicly available information with respect to unsponsored ADRs.

**Foreign Issuers – Japan**

Securities markets in Japan may operate differently than those in the United States and present different risks. Securities trading volume and liquidity may be less than in U.S. markets and, at times, market price volatility may be greater.

Because evidences of ownership of the investments by the Fund generally is held outside the United States, the Fund is subject to additional risks that include possible adverse political, social, and economic developments, or adoption of governmental laws or restrictions that might adversely affect securities holdings of investors located outside Japan, whether related to currency or otherwise. Moreover, the portfolio securities of the Fund may trade on days when the Fund does not calculate NAV and thus affect the Fund's NAVs on days when investors have no access to the Fund.

**Foreign Issuers – United Kingdom**

The Fund may invest in foreign companies traded on foreign exchanges, including the London Stock Exchange. While the United Kingdom (the "<u>UK</u>") and the European Union (the "<u>EU</u>") have entered into a preliminary trade agreement, the EU-UK Trade and Cooperation Agreement, in connection with the UK's withdrawal from the EU, many aspects of the EU-UK trade relationship remain subject to further negotiation. There therefore remains considerable uncertainty relating to the potential ongoing consequences of the UK's withdrawal from the EU. The impact on the UK and European economies and the broader global economy could be significant, resulting in increased volatility and illiquidity, currency fluctuations, impacts on arrangements for trading and on other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise), and in potentially lower growth for companies in the UK, Europe, and globally, which could have an adverse effect on the value of a Fund's investments. If one or more other countries were to exit the European Union or abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.

**Fund Structure**

Unlike traditional mutual funds that are structured as RICs for U.S. federal income tax purposes, the Fund is taxable as a regular corporation, or C corporation, for U.S. federal income tax purposes. This means the Fund generally is subject to U.S. federal income tax on its taxable income at the rates applicable to corporations (currently a maximum rate of 21%) and also is subject to state and local income taxes.

**High-Yield Bonds**

Lower-rated debt securities, commonly referred to as high-yield bonds or junk bonds (those rated below the fourth-highest grade by a nationally recognized statistical ratings organization and unrated securities judged by the portfolio managers to be of equivalent quality), have poor protection with respect to the payment of interest and repayment of principal, or that may be in default. These securities are often considered to be speculative and involve greater risk of loss or price changes due to changes in the issuer's capacity to pay. The market prices of lower-rated debt securities may fluctuate more than those of higher-rated debt securities and may decline significantly in periods of general economic difficulty, which may follow periods of rising interest rates.

The market for lower-rated debt securities may be thinner and less active than that for higher-rated debt securities, which can adversely affect the prices at which the former are sold. If market quotations are not available, lower-rated debt securities are valued in accordance with procedures established by the Board of Trustees, including the use of outside pricing services. Judgment plays a greater role in valuing high-yield corporate debt securities than is the case for securities for which more external sources for quotations and last-sale information are available. Adverse publicity and changing investor perceptions may affect the ability of outside pricing services to value lower-rated debt securities and the Fund's ability to sell these securities.

Since the risk of default is higher for lower-rated debt securities, the portfolio managers' research and credit analysis are an especially important part of managing securities of this type held by the Fund. In considering investments for the Fund, the portfolio managers attempt to identify those issuers of high-yielding debt securities whose financial conditions are adequate to meet future obligations, have improved, or are expected to improve in the future. The analysis focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of the issuer.

**Illiquid and Restricted Securities**

Illiquid securities are those securities that the Fund reasonably expects cannot be sold, disposed of, or reversed in seven calendar days or less under current market conditions without such sale, disposition, or reversal significantly changing the market value of the investment. In determining the liquidity of the Fund's investments, the Investment Manager may consider various factors, including (i) the frequency of trades and quotations, (ii) the number of dealers and prospective purchasers in the marketplace, (iii) dealer undertakings to make a market, (iv) the nature of the security (including any demand or tender features), and (v) the nature of the marketplace for trades (including the ability to assign or offset the Fund's rights and obligations relating to the investment).

Restricted securities may be sold only in privately negotiated transactions or in public offerings with respect to which a registration statement is in effect under the 1933 Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time such Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell.

A large institutional market has developed for certain securities that are not registered under the 1933 Act, including securities sold in private placements, repurchase agreements, commercial paper, foreign securities, and corporate bonds and notes. These instruments are often restricted securities because the securities are sold in transactions not requiring registration. Institutional investors generally do not seek to sell these instruments to the general public, but instead often depend either on an efficient institutional market in which such unregistered securities can be readily resold or on an issuer's ability to honor a demand for repayment. Therefore, the fact that there are contractual or legal restrictions on resale to the general public or certain institutions is not dispositive of the liquidity of such investments.

Rule 144A establishes a safe harbor from the registration requirements of the 1933 Act for resales of certain securities to qualified institutional buyers. Institutional markets for restricted securities that might develop as a result of Rule 144A could provide both readily ascertainable values for restricted securities and the ability to liquidate an investment to satisfy share redemption orders. Such markets might include automated systems for the trading, clearance, and settlement of unregistered securities of domestic and foreign issuers, such as the PORTAL System sponsored by the Financial Industry Regulatory Authority. An insufficient number of qualified buyers interested in purchasing Rule 144A-eligible restricted securities held by the Fund, however, could affect adversely the marketability of securities of such Fund, and the Fund might be unable to dispose of such securities promptly or at favorable prices.

The Board of Trustees has approved a written liquidity risk management program pursuant to Rule 22e-4 under the 1940 Act. Under this program, the Investment Manager, as the administrator of the program, is responsible for assessing, managing, and periodically reviewing the Fund's liquidity risk. Among other things, the program provides for (i) the classification of the Fund's investments (or investment type) into one of four liquidity categories based on the number of days within which the investment is reasonably expected to be convertible to cash, (ii) ongoing monitoring of the Fund's investments and liquidity classifications, (iii) limiting the Fund's investments in illiquid investments to no more than 15% of its net assets, and (iv) at least annual reporting to the Board of Trustees regarding the operation of the liquidity risk management program and an assessment of its adequacy and effectiveness.

**Indexed Securities**

Indexed securities are securities whose prices are indexed to the prices of other securities, securities indices, currencies, precious metals or other commodities, or other financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic. Gold-indexed securities, for example, typically provide for a maturity value that depends on the price of gold, resulting in a security whose price tends to rise and fall together with gold prices. Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities of equivalent issuers.

The performance of indexed securities depends to a great extent on the performance of the security, currency, or other instrument to which they are indexed, and performance may also be influenced by interest rate changes in the United States and abroad. At the same time, indexed securities are subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Recent issuers of indexed securities have included banks, corporations, and certain U.S. government agencies. Indexed securities may be more volatile than the underlying instruments and may be considered illiquid.

**IPOs**

An initial public offering ("<u>IPO</u>") is a company's first offering of stock to the public. Shares are given a market value reflecting the company's assets and expectations for future growth. IPO securities typically are sold when the portfolio managers believe their market price has reached full value and may be sold shortly after purchase.

Purchasing IPO shares subjects the Fund to market risk and liquidity risk. The market value of IPO shares fluctuates considerably due to facts such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading, and limited public information about the issuer. As a result, the Fund's investments in IPOs may increase portfolio turnover, which increases brokerage and administrative costs and may result in taxable distributions to shareholders. Further, the purchase of IPO shares by the Fund may involve high transaction costs. When the Fund's asset base is small, a significant portion of the Fund's performance could be attributable to investments in IPOs because such investments would have a magnified impact on the Fund.

**Investment Company Securities**

Investment companies, which are professionally managed portfolios, include other open-end investment companies, closed-end investment companies, unit investment trusts, exchange-traded investment companies ("<u>ETFs</u>"), and exchange-traded notes ("<u>ETNs</u>") which may be organized as either open-end investment companies or unit investment trusts.

As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund incurs directly in connection with its own operations. Shareholders would also be exposed to the risks associated not only with the investments of the Fund but also with the portfolio investments of the underlying investment companies. Other investment companies may have different investment policies than those of the Fund. Under certain circumstances, an open-end investment company in which the Fund invests may determine to make payment of a redemption by the Fund in whole or in part by a distribution in kind of securities from its portfolio instead of in cash. As a result, the Fund may hold such securities until the portfolio managers determine it is appropriate to dispose of them. Such disposition imposes additional costs on the Fund. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that typically trade on a stock exchange or over the counter at a premium or discount to their NAV. Others are continuously offered at NAV but also may be traded on the secondary market.

Investments in closed-end investment companies are subject to various risks, including (i) reliance on management's ability to meet the closed-end investment company's investment objective and to manage the closed-end investment company portfolio, (ii) fluctuation in the NAV of closed-end investment company shares compared to the changes in the value of the underlying securities that the closed-end investment company owns, and (iii) bearing a pro rata share of the management fees and expenses of each underlying closed-end investment company, which results in the Fund's shareholders being subject to higher expenses than if such shareholder invested directly in the closed-end investment company.

ETFs are pooled investment vehicles that commonly seek to track the performance of specific indices. ETFs may be organized as open-end investment companies or as unit investment trusts. Their shares are listed on stock exchanges and can be traded throughout the day at market-determined prices. The price of ETF shares is based on (but not necessarily identical to) the value of the securities held by the ETF. Accordingly, the level of risk involved in the purchase or sale of ETF shares is similar to the risk involved in the purchase or sale of traditional common stocks, with the exception that the pricing mechanism for ETF shares is based on a basket of stocks. Disruptions in the markets for the securities underlying ETF shares purchased or sold by the Fund could result in losses on such shares. ETFs are subject to the following risks that do not apply to non-exchange traded funds: (i) in most cases, ETF shares are not individually redeemable, and therefore the liquidity of ETF shares generally depends on the existence of a secondary trading market; (ii) an ETF's shares may trade at a market price that is above or below such shares' NAV; (iii) an active trading market for an ETF's shares may not develop or be maintained; (iv) an ETF may utilize high leverage ratios; or (v) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

An investment in an ETN involves risks, including possible loss of principal. ETNs are unsecured debt securities issued by a bank that are linked to the total return of a market index. Risks of investing in ETNs also include limited portfolio diversification, uncertain principal payment, and illiquidity. Additionally, the investor fee reduces the amount of return on maturity or at redemption, and as a result, the investor may receive less than the principal amount at maturity or upon redemption, even if the value of the relevant index has increased.

**LEAPs**

LEAPs are long-term call options that allow holders the opportunity to participate in the underlying securities' appreciation in excess of a specified strike price without receiving payments equivalent to any cash dividends declared on the underlying securities. A LEAP holder is entitled to receive a specified number of shares of the underlying stock upon payment of the exercise price, and therefore the LEAP is exercisable at any time the price of the underlying stock is above the strike price. However, if at expiration the price of the underlying stock is at or below the strike price, the LEAP expires and is worthless.

**Loans and Other Debt Instruments**

Loans or other direct debt instruments are interests in amounts owed by a corporate, governmental, or other borrower to another party. They may represent amounts owed to lenders or lending syndicates (loans and loan participation), to suppliers of goods or services (trade claims or other receivables), or to other parties. Direct debt instruments involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. Direct debt instruments may also include standby financing commitments that obligate the Fund to supply additional cash to the borrower on demand.

**MLPs**

MLPs are entities that are taxed as a partnership under the Code and that has interests (or units) that are traded on securities exchanges like shares of corporate stock. A typical MLP consists of a general partner and limited partners, but some entities receiving partnership taxation treatment under the Code are established as limited liability companies. The general partner manages the partnership, has an ownership stake in the partnership (typically a 2% general partner equity interest and additional common units and subordinated units), and in many cases is eligible to receive an incentive distribution. The limited partners provide capital to the partnership, have a limited (if any) role in the operation and management of the partnership, and are entitled to receive cash distributions with respect to their units. An MLP typically pays an established minimum quarterly distribution to common unitholders, as provided under the terms of its partnership agreement. To qualify as an MLP for U.S. federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, the sale or disposition of real property, certain mineral or natural resources activities, the transportation or storage of certain fuels, and, in certain circumstances, commodities or futures, forwards, and options with respect to commodities, and the sale or other disposition of capital assets held for the production of such income.

Investing in MLPs involves various risks. Firstly, holders of an MLP's units are exposed to a remote possibility of liability for all of the obligations of such MLP in the event that a court determines that the rights of the unitholders to take certain action under the limited partnership agreement would constitute control of the MLP's business or if a court or governmental agency determines that the MLP is conducting business in a state without complying with the limited partnership statute of that state. Secondly, certain MLPs depend on their parent or sponsor entities for the majority of their revenues. If their parent or sponsor entities were to fail to make such payments or satisfy their obligations, the revenues and cash flows of such MLPs and the ability of such MLPs to make distributions to unitholders, such as the Fund, would be adversely affected. Additionally, much of the benefit that the Fund may derive from its investments in equity securities of MLPs is because MLPs are treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership's income, gains, losses, deductions, and expenses and pays taxes on those amounts. A change in current tax law or a change in the underlying business mix of a given MLP could result in such MLP being treated as a corporation for U.S. federal income tax purposes, which means the MLP would be required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would reduce the amount of cash available for distribution by the MLP and could reduce the value of the Fund's investment in the MLP and lower income to the Fund. Finally, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund's adjusted tax basis in the interests of the MLP would be reduced, which could increase the Fund's tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.

**Reference Rate** 

The London Interbank Offered Rate ("<u>LIBOR</u>") previously served as a widely used benchmark or reference rate for many commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, and a variety of derivatives. The United Kingdom's Financial Conduct Authority ("<u>FCA</u>"), which regulated LIBOR, has ceased requiring panel banks to submit rates and has ended publication of all LIBOR settings, including the synthetic U.S. dollar LIBOR settings that continued on a temporary basis and were discontinued after September 30, 2024.

In response, regulators and market participants have adopted alternative reference rates in major currencies. In the United States, the Federal Reserve, based on the recommendations of the Alternative Reference Rates Committee, has promoted the Secured Overnight Financing Rate ("<u>SOFR</u>") as the primary replacement for U.S. dollar LIBOR. Other jurisdictions have adopted or promoted alternative reference rates for their local currency markets. Contracts that previously referenced LIBOR may now reference these alternative rates or may incorporate "fallback" provisions that specify a replacement rate and any applicable spread adjustment.

Although the formal transition away from LIBOR has largely occurred, the Fund may still be exposed to instruments that (i) contain legacy LIBOR-based provisions, (ii) have fallback or amendment mechanisms that could operate in unanticipated ways, or (iii) reference, or are otherwise affected by, alternative reference rates and related market conventions. The use of alternative reference rates and associated fallbacks can present a variety of risks, including:

● Valuation and Performance Risk: Instruments transitioning from LIBOR to an alternative reference rate (such as SOFR) may experience changes in value, yield, or volatility, particularly where the economic differences between LIBOR and the replacement rate are significant or where the market has not fully priced in the transition. Spread adjustments or other modifications intended to approximate prior LIBOR-based economics may not be precise.

● Liquidity and Market Functioning Risk: Markets and trading practices for instruments referencing alternative reference rates, and for related derivatives, continue to evolve. Liquidity may be more limited, trading may be more volatile, and pricing may be less transparent than was historically the case for LIBOR-based instruments.

● Operational and Legal Risk: The implementation of alternative reference rates may require amendments to existing contracts, system changes, model updates and other operational adjustments by issuers, counterparties, administrators and service providers. There is a risk of disputes or litigation regarding the interpretation or application of fallback language, the selection of replacement rates, or the sufficiency of economic adjustments.

These developments, individually or collectively, could adversely affect the Fund's performance or net asset value. While the transition away from LIBOR is largely complete, the longer-term impact of the use of alternative reference rates and evolving market practices on specific instruments and markets, and on the Fund, remains uncertain.

**REITs and Related Structures**

U.S. real estate investment trusts ("<u>REITs</u>") and companies with similar characteristics to REITs have a structure in which revenue consists primarily of rent derived from owned, income-producing real estate properties, dividend distributions as a percentage of taxable net income are high (generally greater than 80%), debt levels are generally conservative, and income derived from development activities is generally limited. A number of countries have created REIT-like regimes, which allow real estate investment companies to benefit from flow-through tax treatment, including Australia (since 1985), Japan (since 2000), South Korea (since 2001), Singapore (since 2002), and Hong Kong (since 2003).

One example of a REIT-like regime is a Japan real estate investment trust ("<u>J-REITs</u>"). A J-REIT is an investment vehicle with real estate in Japan as its underlying assets. Income is generated by rents and sale proceeds and distributed to investors in the form of dividends. The J-REIT investment vehicle was modeled on U.S. REITs. Like the U.S. REIT, distributions paid to investors are, under qualifying conditions, deductible from the J-REITs taxable income, thereby providing a tax-efficient flow-through investment vehicle for investors. Typically, J-REITs are a special purpose corporation established for the purpose of investing in and managing real estate assets where the corporation uses investors' money and third-party funding to buy real estate, in return for which investors receive investment certificates carrying ownership rights, including dividend entitlement. These certificates can be bought and sold on the Japanese stock exchange where they are listed. Although the corporation is technically responsible for owning and managing the real estate properties, in reality this function is sub-contracted to a third-party manager. The values of securities issued by J-REITs are affected by the Japan real estate market, real estate yields, and interest rates and tax and regulatory requirements and by perceptions of management skill. Some J-REITs are heavily concentrated in specific types of properties, such as office buildings, and are particularly susceptible to developments affecting these types of properties.

**Reverse Repurchase Agreements**

A reverse repurchase agreement allows the Fund to borrow funds for temporary purposes. Pursuant to such agreements, the Fund sells portfolio securities to financial institutions such as banks and broker-dealers and agree to repurchase the securities at the mutually agreed-upon date and price. The Fund intends to enter into reverse repurchase agreements only to avoid otherwise selling securities during unfavorable market conditions to meet redemptions, except that this sentence does not apply to the Total Return Fund.

Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the 1940 Act restrictions. In accordance with Rule 18f-4 under the 1940 Act, when a Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivatives transactions" and comply with Rule 18f-4 with respect to such transactions.

Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase the securities. Reverse repurchase agreements are considered to be borrowing by the Fund under the 1940 Act.

**Simultaneous Investments**

Certain inherent conflicts of interest may arise from the fact that a sub-advisor to the Fund or its affiliates may carry on substantial investment activities (including activities that employ substantially similar strategies as the Fund) for other client accounts, discretionary accounts, and other pooled investment vehicles, for their own accounts, and for others. Investment decisions for the Fund are made independently from other Funds and from those decisions made for other clients advised by the sub-advisor or its affiliates, and the Fund has no interest in the investment activities of such other clients. If, however, such other Fund or clients desire to invest in, or dispose of, the same securities as the Fund, available investments or opportunities for sales are allocated equitably to each. In some cases, this procedure may adversely affect the size of the position obtained for or disposed of by the Fund or the price paid or received by the Fund. In addition, when purchases or sales of the same security for the Fund and other client accounts managed by the sub-advisor occur contemporaneously, the purchase or sale orders may be aggregated in order to obtain any price advantages available to large denomination purchases and sales. The Fund, together with the other Fund and clients advised by the portfolio managers and affiliates of the sub-advisor, may own large positions the size of which, depending on market conditions, may affect adversely the Fund's ability to dispose of some or all of its positions should it desire to do so.

**SPACs**

A special purpose acquisition vehicle ("<u>SPAC</u>"), a type of company known as a blank-check company, is a publicly traded company that raises investment capital through an IPO for the purpose of acquiring an existing company. The shares of a SPAC are typically issued in units that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. At a specified time following the SPAC's IPO (generally between one and two months), the rights and warrants may be separated from the common stock at the election of the holder, after which they become freely tradeable. After going public and until an acquisition is completed, a SPAC holds the proceeds of its IPO (less a portion retained to cover expenses) in trust and generally invests them in U.S. Government Securities, money market securities, and cash. If a SPAC does not complete an acquisition within a specified period after going public, the SPAC is dissolved and the invested funds are returned to the SPAC's shareholders (less certain permitted expenses), and any rights or warrants issued by the SPAC expire.

Because SPACs are blank-check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, the securities issued by a SPAC, which are typically traded in the over-the-counter market, may be considered illiquid or be subject to restrictions on resale.

**Tax Estimation and NAV**

Because the Fund is taxed as a corporation, in calculating the Fund's NAV, the Fund accounts for, among other things, its current taxes and deferred tax liability and deferred tax asset balances. The Fund accrues a deferred income tax liability balance, at the then-effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on interests of MLPs (and other entities that have economic characteristics similar to MLPs) considered to be return of capital and for any net operating gains. Any deferred tax liability balance would reduce the Fund's NAV. The Fund may also accrue a deferred tax asset balance, which reflects an estimate of the Fund's future tax benefit associated with net operating losses and unrealized losses. Any deferred tax asset balance would increase the Fund's NAV. To the extent the Fund has a deferred tax asset balance, consideration is given as to whether or not a valuation allowance, which would offset the value of some or all of the deferred tax asset balance, is required. The Fund relies to some extent on information provided by MLPs (and other entities that have economic characteristics similar to MLPs), which may not be provided to the Fund on a timely basis, to estimate current taxes and deferred tax liability and asset balances for purposes of financial statement reporting and determining its NAV. The daily estimate of the Fund's current taxes and deferred tax liability and asset balances used to calculate the Fund's NAV could vary dramatically from the Fund's actual tax liability or benefit, and, as a result, the determination of the Fund's actual tax liability or benefit may have a material impact on the Fund's NAV. From time to time, the Fund may modify its estimates or assumptions regarding its current taxes and deferred tax liability and asset balances as new information becomes available, which may have a material impact on the Fund's NAV. Shareholders who redeem their shares at an NAV that is based on estimates of the Fund's current taxes and deferred tax liability and asset balances may benefit at the expense of remaining shareholders (or remaining shareholders may benefit at the expense of redeeming shareholders) if the estimates are later revised or ultimately differ from the Fund's actual current taxes and tax liability and asset balances.

**U.S. Government Securities**

Certain U.S. Government Securities, including U.S. Treasury securities and U.S. government agency and instrumentality securities, are described in greater detail under the "DESCRIPTION OF CERTAIN INSTRUMENTS" section of this SAI. The U.S. government is considered to be the best credit-rated issuer in the debt markets. Since U.S. Treasury securities are direct obligations of the U.S. government, they are considered to have minimal credit risk. While most other government-sponsored securities are not direct obligations of the U.S. government (although some are guaranteed by the U.S. government), they also offer little credit risk. However, market and interest risk relating to U.S. Government Securities still may affect the Fund. For example, debt securities with longer maturities tend to produce higher yields and generally are subject to potentially greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market value of U.S. Government Securities generally varies inversely with changes in market interest rates. An increase in interest rates, therefore, generally would reduce the market value of any U.S. Government Security held by the Fund, while a decline in interest rates generally would increase the market value of such investment.

**Variable or Floating Rate Securities**

Variable or floating rate securities provide for periodic adjustments of the interest rate paid. Variable rate securities provide for a specific periodic adjustment in the interest rate, while floating rate securities have interest rates that change whenever there is a change in a designated benchmark rate. Some variable or floating rate securities have put features.

**Warrants**

Investments in warrants are pure speculation in that they have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. Warrants are options to purchase equity securities at a specific price valid for a specific period of time. They do not represent ownership of the securities, but only the right to buy them. Warrants differ from call options in that warrants are issued by the issuer of the security that may be purchased on their exercise, whereas call options may be written or issued by anyone. The prices of warrants do not necessarily move parallel to the prices of the underlying securities. Warrants involve the risk that the Fund could lose the purchase value of the warrant if the warrant is not exercised prior to its expiration. They also involve the risk that the effective price paid for the warrant added to the subscription price of the related security may be greater than the value of the subscribed security's market price.

**Discussion of Gas Utility Fund Index Methodology**

The American Gas Association Stock Index (the "<u>AGA Stock Index</u>") consists of the publicly traded members of the American Gas Association ("<u>AGA</u>") whose securities are traded on a U.S. stock exchange, excluding treasury stock. While the securities of the approximately 46 companies included in the AGA Stock Index are domestic U.S. securities, they may include domestic securities of foreign companies, such as ADRs, EDRs, or GDRs. These companies engage to varying degrees in the distribution or transmission of natural gas. ScottMadden, Inc. ("<u>ScottMadden</u>") performs the computations required to produce the AGA Stock Index pursuant to a contractual agreement between AGA and ScottMadden. AGA has the ultimate responsibility to ensure that ScottMadden performs its calculations in accordance with AGA's Administrative Services Agreement with the Fund.

The AGA Stock Index is computed at least monthly by multiplying the number of outstanding shares of common stock of each AGA member company by the closing market price per share at the AGA Stock Index date. This product then is multiplied by the percentage of each company's assets devoted to natural gas distribution and transmission or, when this information is not available, by the percentage of property, plant, and equipment ("<u>PP&E</u>") devoted to natural gas distribution and transmission. The result reflects the natural gas component of the company's asset base and is called such company's "gas market capitalization value." The total of all AGA Stock Index companies' gas market capitalization values is called the "industry's gas market capitalization value." To determine each company's stock percentage within the AGA Stock Index, the company's gas market capitalization value is divided by the industry's gas market capitalization value. In computing the AGA Stock Index, individual stocks are limited to no more than 5% of the AGA Stock Index, meaning that any representation in the AGA Stock Index exceeding 5% is reallocated. The Fund's portfolio managers seek to purchase sufficient shares of each company's stock such that its proportion of the Fund's assets substantially equal that stock's proportion of the AGA Stock Index. As market conditions dictate and as significant shareholder purchases and redemptions occur, the portfolio managers buy or sell stocks to maintain holdings of each stock to reflect proper weightings within the AGA Stock Index. The gas market capitalization value for each company is recalculated at least annually.

In both rising and falling markets, the Fund attempts to achieve a correlation of monthly returns with the AGA Stock Index of approximately 95% or better. A correlation of 100% means the total return of the Fund's assets would increase and decrease at exactly the same rate as the total return of the AGA Stock Index. For fiscal year 2025, the Gas Utility Fund achieved a correlation with the AGA Stock Index of 99.9% after expenses. Since the AGA Stock Index weightings change in very small amounts during the trading day, to track the AGA Stock Index exactly, the portfolio managers would need to make continual small adjustments and would need to purchase and sell every stock within the AGA Stock Index as contributions and redemptions to the Fund were made. To minimize brokerage and transaction expenses, the portfolio managers compare the actual composition of the Fund to the theoretical target daily and typically makes adjustments to the holdings of any single stock at least weekly whenever the actual proportion of that stock in the Fund varies by more than 0.5% of the weighting of that stock in the AGA Stock Index. The percentage of each stock holding is based on the Fund's NAV. For example, if Stock A represented 3% of the total weighting in the AGA Stock Index at the close of business, an adjustment to the holdings of Stock A would be made if the value of Stock A were greater than 3.5% or less than 2.5% of the net assets. Adjustments may be made at other times when these tolerances are not exceeded if the adjustment can be made without incurring, in the portfolio managers' view, unreasonable transaction expenses.

**TRUSTEES AND OFFICERS**

**MANAGEMENT INFORMATION**

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 ("<u>Officers</u>"). From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("<u>Advisers</u>") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the investment fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and A.J. Hennessy. As Advisers, Mr. Alexander and Mr. A.J. Hennessy 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 Funds covered by this SAI, as well as the Hennessy Sustainable ETF. The Hennessy Sustainable ETF is covered in a different Statement of Additional Information. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945.

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth, and Position Held with the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s)** <br> **During Past Five Years** | **Other Directorships Held Outside of Fund Complex During Past Five Years** |
| **Disinterested Trustees<sup>(1)</sup> and Disinterested Advisers** | **Disinterested Trustees<sup>(1)</sup> and Disinterested Advisers** | **Disinterested Trustees<sup>(1)</sup> and Disinterested Advisers** |  |
| J. Dennis DeSousa<br> 1936<br> *Trustee* | January 1996 | Mr. DeSousa is a real estate investor. | None. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth, and Position Held with the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s)** <br> **During Past Five Years** | **Other Directorships Held Outside of Fund Complex During Past Five Years** |
| Robert T. Doyle<br> 1947<br> *Trustee* | January 1996 | Mr. Doyle is retired. He served as the Sheriff of Marin County, California from 1996 to June 2022. | None. |
| Doug Franklin<br> 1964<br> *Trustee* | March 2016 as an Adviser to the Board of Trustees and June 2023 as a Trustee | Mr. Franklin is a retired insurance industry executive. From 1987 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. | None. |
| Claire Garvie<br> 1974<br> *Trustee* | December 2015 as an Adviser to the Board of Trustees and December 2021 as a Trustee | Ms. Garvie is a founder of Kiosk and has served as its Chief Operating Officer since 2004. Kiosk is a full-service marketing agency with offices in the San Francisco Bay Area and staff across eight states in the U.S. | None. |
| Gerald P. Richardson 1945<br> *Trustee* | May 2004 | Mr. Richardson is an independent consultant in the securities industry. | None. |
| Brian Alexander<br> 1981<br> *Adviser to the Board of Trustees* | March 2015 | Mr. Alexander has served as the Chief Operating Officer of Solis Mammography since March 2023. Prior to that, he worked for the Sutter Health organization from 2011 in various positions. He served as the Chief Executive Officer of the North Valley Hospital Area from 2021 to March 2023. 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. | None. |
| **Interested Trustee and Interested Adviser <sup>(2)</sup>** | **Interested Trustee and Interested Adviser <sup>(2)</sup>** | **Interested Trustee and Interested Adviser <sup>(2)</sup>** |  |
| Neil J. Hennessy<br> 1956<br> *Chairman of the Board, Chief Market Strategist, Portfolio Manager, and President* | January 1996 as a Trustee and June 2008 as an Officer | Mr. Neil Hennessy has been employed by Hennessy Advisors, Inc. since 1989 and currently serves as its Chairman and Chief Executive Officer. | Hennessy Advisors, Inc. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth, and Position Held with the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s)** <br> **During Past Five Years** | **Other Directorships Held Outside of Fund Complex During Past Five Years** |
| A.J. Hennessy<br> 1986<br> *Adviser to the Board of Trustees and Vice President, Corporate Development and Operations* | December 2022 | Mr. A.J. Hennessy has been employed by Hennessy Advisors, Inc. since 2011. | None. |

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| | | |
|:---|:---|:---|
| **Name, Year of Birth, and Position Held with the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s) During Past Five Years** |
| **Officers** |  |  |
| Teresa M. Nilsen<br> 1966<br> *Executive Vice President and Treasurer* | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. since 1989 and currently serves as its President, Chief Operating Officer, and Secretary. |
| Daniel B. Steadman<br> 1956<br> *Executive Vice President and Secretary* | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. since 2000 and currently serves as its Executive Vice President. |
| Brian Carlson<br> 1972<br> *Senior Vice President and Head of Distribution* | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. since 2013 and currently serves as its Chief Compliance Officer and Senior Vice President. |
| David Ellison <sup>(3)</sup><br> 1958<br> *Senior Vice President and Portfolio Manager* | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since 2012. He has served as a Portfolio Manager of the Hennessy Large Cap Financial Fund and the Hennessy Small 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. |
| Jennifer Emerson <sup>(4)</sup><br> 1977<br> *Senior Vice President and Chief Compliance Officer* | June 2013 | Ms. Emerson has been employed by Hennessy Advisors, Inc. as its General Counsel since 2013. |
| Kathryn Fahy<br> 1980<br> *Senior Vice President, Assistant Treasurer, and Assistant Secretary* | October 2023 | Ms. Fahy has been employed by Hennessy Advisors, Inc. since 2006 and currently serves as its Chief Financial Officer and Senior Vice President. |

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| | | |
|:---|:---|:---|
| **Name, Year of Birth, and Position Held with the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s) During Past Five Years** |
| Ryan Kelley<sup>(5)</sup><br> 1972<br> *Senior Vice President, Chief Investment Officer, and Portfolio Manager* | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since October 2012. He has served as Chief Investment Officer of the Hennessy Funds since March 2021 and has served as a Portfolio Manager of the Hennessy Gas Utility Fund, the Hennessy Large 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 previously 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. |
| &nbsp;&nbsp;L. Joshua Wein<sup>(5)</sup><br> 1973<br> *Vice President and Portfolio Manager*<br>| September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since 2018. He has served as Portfolio Manager of the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone 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 2021, and as the Co-Portfolio Manager of these Funds since February 2019. He served as a Senior Analyst of those same Funds from September 2018 through February 2019. He also has served as a Portfolio Manager of the Hennessy Energy Transition Fund and the Hennessy Midstream Fund since January 2022. 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> The Funds have determined that Mr. Alexander, Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson are not interested persons, as defined in the 1940 Act, of the Investment Manager or of any predecessor investment adviser for purposes of Section 15(f) of the 1940 Act.

<sup>(2)</sup> Each of Neil J. Hennessy and A.J. Hennessy is considered an interested person, as defined in the 1940 Act, because he is an officer of the Trust.

<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 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(5)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

Pursuant to the terms of the Management Agreements (as defined below) with the Trust, the Investment Manager, on behalf of the Funds, pays the compensation of all Officers (other than all or a portion of the salaries and benefits of the Funds' compliance officers) and Trustees who are affiliated persons of the Investment Manager.

**TRUSTEE AND ADVISER QUALIFICATIONS**

Neil J. Hennessy has been a Trustee and portfolio manager of the Hennessy Funds for many years. His experience and skills as a portfolio manager, as well as his familiarity with the investment strategies utilized by the Investment Manager and with the Cornerstone series of the Hennessy Funds' portfolios, led to the conclusion that he should serve as a Trustee. J. Dennis DeSousa's experience as a real estate investor has honed his understanding of financial statements and the issues that confront businesses, and his diligent and thoughtful service as a Trustee for 30 years has provided him with a solid understanding of the investment fund industry. Serving as a sheriff for over 26 years before retiring, Robert T. Doyle honed his organizational and problem-solving skills, making him a valuable resource when addressing issues that confront the Hennessy Funds. Further, Mr. Doyle's diligent and thoughtful service as a Trustee for 30 years has provided him with a detailed understanding of the investment fund industry. Doug Franklin was employed by the Allianz-Fireman's Fund (FFIC) for 28 years, where he rose through the company to senior leadership, including positions as Chief Actuary and Chief Risk Officer before retiring in 2015. His considerable leadership experience and ability to grasp complex issues makes him a valuable resource to the Board of Trustees. Claire Garvie is a founder of Kiosk and has served as its Chief Operating Officer since 2004. Kiosk is a full-service marketing agency with offices in the San Francisco Bay Area and staff across eight states in the U.S. Claire's vast experience in digital marketing makes her a valuable addition to the Board of Trustees. As the chief executive officer of a company, Gerald P. Richardson gained familiarity with financial statements and developed a deep understanding of the demands of operating a business and addressing the issues that confront businesses. Further, Mr. Richardson's experience in the securities industry as a consultant and his diligent and thoughtful service as a Trustee for over two decades makes him a valuable resource to the Board of Trustees. Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson take conservative and thoughtful approaches to addressing issues facing the Hennessy Funds. The combination of skills and attributes discussed above led to the conclusion that Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson should serve as Trustees.

With over 15 years of experience in the complex healthcare industry, Brian Alexander's leadership roles at Solis Mammography and in various senior positions within the Sutter Health organization have required significant management, administrative, and customer service expertise, which makes him a valuable resource as an Adviser to the Board of Trustees. A.J. Hennessy has worked for the Investment Manager for nearly 15 years. His primary focus is business development, researching acquisition opportunities, fostering connections in the industry, and helping to initiate and complete strategic transactions for the firm. He is integral in supporting the sales and distribution team, including overseeing a CRM (client relationship management) software system. A.J. Hennessy is also very active in the community and currently serves on the boards of several charitable organizations. His experience in the investment fund industry and his community leadership makes him a valuable resource as an Adviser to the Board of Trustees.

**BOARD LEADERSHIP STRUCTURE**

The Board of Trustees has general oversight responsibility with respect to the operation of the Hennessy Funds. The Board of Trustees has engaged the Investment Manager to manage the Hennessy Funds and is responsible for overseeing the Investment Manager and other service providers to the Hennessy Funds in accordance with the provisions of the 1940 Act and other applicable laws. The Board of Trustees has established an Audit Committee to assist the Board of Trustees in performing its oversight responsibilities.

Neil J. Hennessy serves as the Chairman of the Board of Trustees. The Hennessy Funds do not have a lead disinterested Trustee. The small size of the Board of Trustees, consisting of one interested Trustee and five disinterested Trustees, facilitates open discussion and significant involvement by all of the Trustees without the need for a lead disinterested Trustee. Mr. Neil Hennessy's in-depth knowledge of the Hennessy Funds and their operations enables him to effectively set board agendas and ensure appropriate processes and relationships are established with both the Investment Manager and the Board of Trustees, while the business acumen and many years of experience in the investment fund industry serving as Trustees or Advisers of the Hennessy Funds of Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson, enables them to effectively and accurately assess the information being provided to the Board of Trustees to ensure that they are appropriately fulfilling their fiduciary duties to the Hennessy Funds and their shareholders. In light of these factors, the Trust has determined that its leadership structure is appropriate.

**BOARD OVERSIGHT OF RISK**

The Board of Trustees performs a risk oversight function for the Hennessy Funds directly through its oversight role and indirectly through the Audit Committee, officers of the Hennessy Funds, and service providers to the Hennessy Funds. To effectively perform its risk oversight function, the Board of Trustees performs the following activities, among other things: (i) receives and reviews reports related to the performance and operations of the Hennessy Funds; (ii) reviews and approves, as applicable, the compliance policies and procedures of the Hennessy Funds; (iii) approves the Hennessy Funds' principal investment policies; (iv) meets with representatives of various service providers, including the Investment Manager and the independent registered public accounting firm of the Hennessy Funds, to review and discuss the activities of the Hennessy Funds and to provide direction with respect thereto; and (v) appoints a chief compliance officer of the Hennessy Funds who oversees the implementation and testing of the Hennessy Funds' compliance program and reports to the Board of Trustees regarding compliance matters for the Hennessy Funds and their service providers.

The Hennessy Funds have an Audit Committee, which is discussed in greater detail below. The Audit Committee plays a significant role in the risk oversight of the Hennessy Funds as they meet annually with the independent registered public accounting firm of the Hennessy Funds (the "<u>Auditor</u>") to discuss, among other things, financial risk, including internal controls over financial reporting. From time to time upon request, the Audit Committee meets with the Funds' chief compliance officer and Fund counsel.

Not all risks that may affect the Hennessy Funds can be identified and it may not be possible to develop controls to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Hennessy Funds, the Investment Manager, or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the goals of the Hennessy Funds. Because most of the Hennessy Funds' operations are carried out by various service providers, the Board's oversight of the risk management processes of those service providers, including processes to address cybersecurity and other operational issues, is inherently limited. As a result of the foregoing and other factors. the Board's ability to manage risk is subject to substantial limitations.

**BOARD COMMITTEES**

The Audit Committee of the Board of Trustees comprises Mr. DeSousa, Mr. Doyle (Chair), Mr. Franklin, Ms. Garvie, and Mr. Richardson. The primary functions of the Audit Committee are to recommend to the Board of Trustees the independent registered public accounting firm to be retained to perform the annual audit, to review the results of the audit, to review the Funds' internal controls, and to review certain other matters relating to the Funds' independent registered public accounting firm and financial records. The Audit Committee met twice during fiscal year 2025.

In overseeing the Auditor, the Audit Committee (i) reviews the Auditor's independence from the Funds and management, and from the Investment Manager, (ii) reviews periodically the level of fees approved for payment to the Auditor and the pre-approved non-audit services it has provided to the Funds to ensure their compatibility with the Auditor's independence, (iii) reviews the Auditor's performance, qualifications and quality control procedures, (iv) reviews the scope of and overall plans for the annual audit, (v) reviews the Auditor's performance, qualifications and quality control procedures, (vi) consults with management and the Auditors with respect to the Funds' processes for risk assessment and risk management, (vii) reviews with management the scope and effectiveness of the Funds' disclosure controls and procedures, including for purposes of evaluating the accuracy and fair presentation of the company's financial statements in connection with certifications made by the chief executive officer and chief financial officer, and (viii) reviews significant legal developments and the Funds' processes for monitoring compliance with law as it relates to the financial statements and related disclosure.

**BOARD AND OTHER INTERESTED PERSONS COMPENSATION**

The Trust pays Trustees who are not interested persons of the Funds (each, a "<u>Disinterested Trustee</u>") and Advisers who are not interested persons of the Funds (each, a "<u>Disinterested Adviser</u>") fees for their service. During fiscal year 2025, each Disinterested Trustee received a fee of $16,000 and each Disinterested Adviser received a fee of $5,000 for each meeting of the Board of Trustees attended, in each case allocated equally across all Funds. The Trust may also reimburse Trustees and Advisers for travel expenses incurred in order to attend meetings of the Board of Trustees.

The table below sets forth the compensation paid by the Trust to each Trustee for service as a Trustee, to each Adviser for service as an Adviser, and to each officer or affiliated person who received aggregate compensation from the Trust exceeding $60,000, in each case for fiscal year 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person** | **Aggregate Compensation from the Trust** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits upon** <br> **Retirement** | **Total** <br> **Compensation**<br> **from the Trust<sup>(1)</sup>** |
| **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** |  |
| J. Dennis DeSousa | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |
| Robert T. Doyle | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |
| Doug Franklin | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |
| Claire Garvie | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |
| Gerald P. Richardson | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 64000 |
| Brian Alexander | $&nbsp;&nbsp;&nbsp;&nbsp; 15000 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| **Interested Persons<sup>(2)</sup>** | **Interested Persons<sup>(2)</sup>** |  |  |  |
| Neil J. Hennessy |  |  |  |  |
| A.J. Hennessy |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **Name of Person** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits upon** <br> **Retirement** | **Total** <br> **Compensation**<br> **from the Trust<sup>(1)</sup>** |
| Jennifer Emerson$295313<sup>(3)</sup> |  |  | $295313 |
| W. Paul Clatterbuck<sup>(4)</sup>$145983<sup>(5)</sup> |  |  | $145983 |

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| |
|:---|
| <sup>(1)</sup> The Trust is comprised of the Hennessy Funds covered in this SAI and the Hennessy Sustainable ETF. The Hennessy Sustainable ETF is covered in a different Statement of Additional Information. |
| <sup>(2)</sup> Each of Neil J. Hennessy and A.J. Hennessy is considered an interested person, as defined in the 1940 Act, because he is an officer of the Trust. |
| <sup>(3)</sup> This amount includes $253,490 in salary and $41,823 in benefits (health and life insurance premiums and payroll expenses). |
| <sup>(4)</sup> Senior Compliance Officer through July 9, 2025. |
| <sup>(5)</sup> This amount includes $117,667 in salary and $28,316 in benefits (health and life insurance premiums and payroll expenses). |

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Because the Investment Manager, the sub-advisors, and Fund Services (as defined below under "THE ADMINISTRATOR") perform substantially all of the services necessary for the operation of the Funds, the Funds do not require any employees. Other than the Funds' compliance officers, no officer, director, or employee of the Investment Manager, any sub-advisor, or Fund Services receives any compensation from the Trust for acting as a Trustee or Officer.

**OWNERSHIP OF MANAGEMENT AND PRINCIPAL SHAREHOLDERS**

As of January 31, 2026, the 16 Officers, Trustees, and Advisers of the Hennessy Funds as a group owned an aggregate of less than 1% of (i) the outstanding Investor Class shares of each Fund, except for the Balanced Fund (2.5%) and the Technology Fund (2.9%), and (ii) the outstanding Institutional Class shares of each Fund, except for the Cornerstone Large Growth Fund (2.1%), the Cornerstone Value Fund (2.9%), the Energy Transition Fund (6.6%), the Large Cap Financial Fund (5.2%), the Small Cap Financial Fund (6.4%), and the Technology Fund (15.0%).

No person is deemed to "control" any of the Funds, as that term is defined in the 1940 Act, because no Fund knows of any person who owns beneficially or through controlled companies more than 25% of a Fund's shares, who acknowledges the existence of control, or who was deemed to control based on an adjudication that has become final under Section 2(a)(9) of the 1940 Act. The Funds do not control any person.

As of January 31, 2026, the shareholders listed in the table below, referred to as principal shareholders, owned more than 5% of the outstanding voting securities of the Funds. All principal shareholders are owners of record unless otherwise indicated with an asterisk, which denotes beneficial ownership.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| ***Cornerstone Growth Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 2528733 | 35.45% | 2132173 | 32.70% |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 1163324 | 16.31% | 1044647 | 16.02% |
| &nbsp;&nbsp;Pershing LLC<br> For Benefit of its Customers<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 |  |  | 1509399 | 23.15% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 749511 | 11.49% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;Wells Fargo Clearing Services LLC<br> 1 North Jefferson Avenue<br> Saint Louis, MO 63103-2287 |  |  | 362430 | 5.56% |
| ***Focus Fund*** |  |  |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 4102737 | 42.78% | 637837 | 16.25% |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 2487792 | 25.94% | 1276531 | 32.52% |
| &nbsp;&nbsp;American Enterprise Investment Services Inc.<br> 707 2nd Avenue South<br> Minneapolis, MN 55402-2405 |  |  | 332062 | 8.46% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 294114 | 7.49% |
| &nbsp;&nbsp;Pershing LLC <br> For Benefit of its Customers<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 |  |  | 246372 | 6.28% |
| &nbsp;&nbsp;Wells Fargo Clearing Services LLC<br> 1 North Jefferson Avenue<br> Saint Louis, MO 63103-2287 |  |  | 245733 | 6.26% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| ***Cornerstone Mid Cap 30 Fund*** |  |  |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 7376748 | 40.18% | 9420647 | 29.64% |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 6235054 | 33.96% | 5005657 | 15.75% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 3620638 | 11.39% |
| &nbsp;&nbsp;American Enterprise Investment Services Inc.<br> 707 2nd Avenue South<br> Minneapolis, MN 55402-2405 |  |  | 3152640 | 9.92% |
| &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> Custody Account for the Exclusive Benefit of Customers<br> 1 New York Plaza, Floor 12<br> New York, NY 10004-1965 |  |  | 2952671 | 9.29% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | <br> **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;Pershing LLC <br> For Benefit of its Customers<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 |  |  | 2867758 | 9.02% |
| ***Cornerstone Large Growth Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 1677613 | 16.57% | 215746 | 14.58% |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 1219231 | 12.04% | 266154 | 17.98% |
| ***Cornerstone Value Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 1731682 | 13.44% | 136571 | 30.96% |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 1034680 | 8.03% | 92991 | 21.08% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 54331 | 12.32% |
| &nbsp;&nbsp;Sandeep Jain\*<br> Frankfort, IL 60423-1058 |  |  | 28855 | 6.54% |
| ***Total Return Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc. <br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 398606 | 11.83% |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 367754 | 10.91% |  |  |
| ***Equity and Income Fund*** |  |  |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 861893 | 46.84% | 180292 | 12.87% |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 323920 | 17.60% | 201721 | 14.40% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;UBS WM USA<br> Exclusive Benefit of Customers<br> 1000 Harbor Boulevard<br> Weehawken, NJ 07086-6761 |  |  | 286728 | 20.47% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 124403 | 8.88% |
| ***Balanced Fund*** |  |  |  |  |
| &nbsp;&nbsp;NOVA-RO Corporation\*<br> PO Box 1195<br> Novato, CA 94948-1195 | 235084 | 22.60% |  |  |
| &nbsp;&nbsp;Lovi Family Living Trust\*<br> Leo Lovi & Lorraine Lovi<br> Redwood City, CA 94061-3920 | 123237 | 11.85% |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc. <br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 113990 | 10.96% |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 73372 | 7.05% |  |  |
| ***Energy Transition Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 56447 | 26.47% |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 51460 | 24.13% | 76637 | 34.58% |
| &nbsp;&nbsp;UBS WM USA<br> Exclusive Benefit of Customers<br> 1000 Harbor Boulevard<br> Weehawken, NJ 07086-6761 | 34597 | 16.22% | 66561 | 30.03% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 | 11868 | 5.56% | 16869 | 7.61% |
| ***Midstream Fund*** |  |  |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 1186132 | 52.73% |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 865364 | 38.47% | 2098797 | 59.21% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;Pershing LLC<br> For Benefit of its Customers<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 |  |  | 487219 | 13.74% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 423646 | 11.95% |
| ***Gas Utility Fund*** |  |  |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 5231840 | 33.00% | 700919 | 32.21% |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 3351829 | 21.14% | 375649 | 17.26% |
| &nbsp;&nbsp;Pershing LLC<br> For Benefit of its Customers<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 |  |  | 266120 | 12.23% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 215703 | 9.91% |
| ***Japan Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 445927 | 41.34% | 612724 | 7.25% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 314967 | 29.20% |  |  |
| &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> Custody Account for the Exclusive Benefit of Customers<br> 1 New York Plaza, Floor 12<br> New York, NY 10004-1965 | 90513 | 8.39% | 4918560 | 58.19% |
| &nbsp;&nbsp;SEI Private Trust Company<br> 1 Freedom Valley Drive<br> Oaks, PA 19456-9989 | 77379 | 7.17% |  |  |
| &nbsp;&nbsp;American Enterprise Investment Services Inc.<br> 707 2nd Avenue South<br> Minneapolis, MN 55402-2405 |  |  | 1527499 | 18.07% |
| ***Japan Small Cap Fund*** |  |  |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 934576 | 46.38% | 386129 | 8.01% |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 771917 | 38.31% |  |  |
| &nbsp;&nbsp;American Enterprise Investment Services Inc.<br> 707 2nd Avenue South<br> Minneapolis, MN 55402-2405 |  |  | 2219639 | 46.06% |
| &nbsp;&nbsp;Interactive Brokers LLC<br> 2 Pickwick Plaza, Suite 202<br> Greenwich, CT 06830-5576 |  |  | 1291312 | 26.80% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> Custody Account for the Exclusive Benefit of Customers<br> 1 New York Plaza Floor 12<br> New York, NY 10004-1965 |  |  | 313215 | 6.50% |
| ***Large Cap Financial Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 306791 | 44.16% | 36555 | 15.10% |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 163891 | 23.59% | 28329 | 11.70% |
| &nbsp;&nbsp;American Enterprise Investment Services Inc.<br> 707 2nd Avenue South<br> Minneapolis, MN 55402-2405 |  |  | 34782 | 14.37% |
| &nbsp;&nbsp;Pershing LLC <br> For Benefit of its Customers<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 |  |  | 30954 | 12.79% |
| &nbsp;&nbsp;Wells Fargo Clearing Services LLC<br> 1 North Jefferson Avenue<br> Saint Louis, MO 63103-2287 |  |  | 26518 | 10.96% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 26141 | 10.80% |
| &nbsp;&nbsp;UBS WM USA<br> Exclusive Benefit of Customers<br> 1000 Harbor Boulevard<br> Weehawken, NJ 07086-6761 |  |  | 24987 | 10.32% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| ***Small Cap Financial Fund*** |  |  |  |  |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 898864 | 38.68% | 104816 | 26.36% |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 625327 | 26.91% | 81333 | 20.45% |
| &nbsp;&nbsp;Morgan Stanley Smith Barney LLC <br> Custody Account for the Exclusive Benefit of Customers<br> 1 New York Plaza Floor 12<br> New York, NY 10004-1965 | 122486 | 5.27% |  |  |
| &nbsp;&nbsp;Pershing LLC<br> For Benefit of its Customers<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 |  |  | 69690 | 17.53% |
| &nbsp;&nbsp;Wells Fargo Clearing Services LLC<br> 1 North Jefferson Avenue<br> Saint Louis, MO 63103-2287 |  |  | 38975 | 9.80% |
| ***Technology Fund*** |  |  |  |  |
| &nbsp;&nbsp;National Financial Services LLC<br> For Exclusive Benefit of our Customers<br> Attn: Mutual Funds Dept. 4th Floor<br> 499 Washington Boulevard<br> Jersey City, NJ 07310-1995 | 49874 | 18.48% | 25087 | 25.53% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Investor Class</u>** | **<u>Investor Class</u>** | **<u>Institutional Class</u>** | **<u>Institutional Class</u>** |
| | **<u>Shares</u>** | **<u>Percentage</u>** | **<u>Shares</u>** | **<u>Percentage</u>** |
| &nbsp;&nbsp;Charles Schwab & Co. Inc.<br> Special Custody Account for the Benefit of Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 44575 | 16.51% |  |  |
| &nbsp;&nbsp;Morgan Stanley Smith Barney LLC<br> Custody Account for the Exclusive Benefit of Customers<br> 1 New York Plaza Floor 12<br> New York, NY 10004-1965 | 28864 | 10.69% |  |  |
| &nbsp;&nbsp;Vicki Hornstein\*<br> New York, NY 10028-4398 | 22061 | 8.17% |  |  |
| &nbsp;&nbsp;Lowell Wakefield\*<br> Evans, GA 30809-6685 | 15117 | 5.60% |  |  |
| &nbsp;&nbsp;David S. Niekerk\*<br> Las Vegas, NV 89148-4360 |  |  | 17472 | 17.78% |
| &nbsp;&nbsp;William R. Rawlinson Jr.<br> & Betty Lou Rawlinson Trust\*<br> Fairfield, CA 94533-9742 |  |  | 7864 | 8.00% |
| &nbsp;&nbsp;LPL Financial<br> Omnibus Customer Account<br> 4707 Executive Drive<br> San Diego, CA 92121-3091 |  |  | 7208 | 7.34% |

---

The tables below set forth, as of December 31, 2025, the dollar range of equity securities beneficially owned by each Trustee and Adviser in each Fund and in the family of investment companies overseen by the Trustees, which includes the Funds and the Hennessy Sustainable ETF. None of the Disinterested Trustees or Disinterested Advisers, nor any member of their immediate families, owns shares of the Investment Manager, the sub-advisors, or companies, other than registered investment companies, controlled by or under common control with the Investment Manager or the sub-advisors.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** |
| <br>**Name of Trustee** | **Cornerstone** <br> **Growth Fund** | <br> **Focus Fund** | **Cornerstone Mid Cap 30 Fund** | **Cornerstone Large Growth Fund** | **Cornerstone** <br> **Value Fund** |
| **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** |  |  | |
| J. Dennis DeSousa | $10001-$50000 | $10001-$50000 | $10001-$50000 | $10001-$50000 | $10001-$50000 |
| Robert T. Doyle | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| Doug Franklin |  |  |  |  |  |
| Claire Garvie |  |  |  |  |  |
| Gerald P. Richardson | Over $100,000 | $1-$10000 | Over $100,000 | $1-$10000 | Over $100,000 |
| Brian Alexander |  |  |  | $1-$10000 |  |
| **Interested Persons<sup>(1)</sup>** |  |  |  |  |  |
| Neil J. Hennessy | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| A.J. Hennessy | $50001-$100000 | $50001-$100000 | $50001-$100000 | $50001-$100000 | $50001-$100000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** |
| <br>**Name of Trustee** | <br> **Total Return Fund** | **Equity and** <br> **Income Fund** | <br> **Balanced Fund** | **Energy Transition Fund** | <br> **Midstream Fund** |
| **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** |  |  |  |
| J. Dennis DeSousa | $10001-$50000 | $10001-$50000 |  | $1-$10000 | $10001-$50000 |
| Robert T. Doyle |  | $1-$10000 |  |  |  |
| Doug Franklin |  |  |  |  |  |
| Claire Garvie |  |  |  |  |  |
| Gerald P. Richardson | $1-$10000 |  | $1-$10000 |  |  |
| Brian Alexander |  |  |  |  |  |
| **Interested Persons<sup>(1)</sup>** |  |  |  |  |  |
| Neil J. Hennessy | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| A.J. Hennessy |  |  |  | $10001-$50000 | $10001-$50000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** | **Dollar Range of Equity Securities in the** |
| <br>**Name of Trustee** | <br> **Gas Utility Fund** | <br> **Japan Fund** | **Japan** <br> **Small Cap Fund** | **Large Cap Financial Fund** | **Small Cap Financial Fund** |
| **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** |  |  |  |
| J. Dennis DeSousa | $10001-$50000 | $10001-$50000 | $10001-$50000 | $10001-$50000 | $10001-$50000 |
| Robert T. Doyle | $10001-$50000 | $10001-$50000 | $10001-$50000 | $10001-$50000 | $10001-$50000 |
| Doug Franklin |  |  |  |  |  |
| Claire Garvie |  |  |  |  |  |
| Gerald P. Richardson |  |  |  |  |  |
| Brian Alexander |  |  |  |  | $10001-$50000 |
| **Interested Persons<sup>(1)</sup>** |  |  |  |  |  |
| Neil J. Hennessy | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
| A.J. Hennessy | $10001-$50000 | $50001-$100000 | $50001-$100000 | $10001-$50000 | $10001-$50000 |

---

---

| | | |
|:---|:---|:---|
| <br>**Name of Trustee** | <br> **Dollar Range of Equity Securities in the Technology Fund** | **Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies<sup>(2)</sup>** |
| **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** |
| J. Dennis DeSousa | $10001-$50000 | Over $100,000 |
| Robert T. Doyle | $50001-$100000 | Over $100,000 |
| Doug Franklin |  |  |
| Claire Garvie |  |  |
| Gerald P. Richardson | $50001-$100000 | Over $100,000 |
| Brian Alexander |  | $10001-$50000 |
| **Interested Persons<sup>(1)</sup>** |  |  |
| Neil J. Hennessy | Over $100,000 | Over $100,000 |
| A.J. Hennessy | $10001-$50000 | Over $100,000 |

---

<sup>(1)</sup> Each of Neil J. Hennessy and A.J. Hennessy is considered an interested person, as defined in the 1940 Act, because he is an officer of the Trust.

(2) The
 Hennessy Funds covered in this SAI and the Hennessy Sustainable ETF are the only funds
 in the fund complex. The Hennessy Sustainable ETF is covered in a different Statement
 of Additional Information.

**MANAGEMENT OF THE FUNDS**

**THE INVESTMENT MANAGER**

The investment manager of the Funds is Hennessy Advisors, Inc. The Investment Manager acts as the investment manager of each Fund pursuant to management agreements with the Trust (collectively, the "<u>Management Agreements</u>"). The Investment Manager furnishes continuous investment advisory services and management to the Funds. The Investment Manager is controlled by Neil J. Hennessy, who currently owns approximately 25.9% of the outstanding voting securities of the Investment Manager.

Under the Management Agreements, the Investment Manager is entitled to an investment advisory fee in respect of each Fund, computed daily and payable monthly, at the annual rate of each Fund's average daily net assets as shown below:

---

| | |
|:---|:---|
| Cornerstone Growth Fund | 0.74% |
| Focus Fund | 0.90% |
| Cornerstone Mid Cap 30 Fund | 0.74% |
| Cornerstone Large Growth Fund | 0.74% |
| Cornerstone Value Fund | 0.74% |
| Total Return Fund | 0.60% |
| Equity and Income Fund | 0.80% |
| Balanced Fund | 0.60% |
| Energy Transition Fund | 1.25% |
| Midstream Fund | 1.10% |
| Gas Utility Fund | 0.40% |
| Japan Fund | 0.80% |
| Japan Small Cap Fund | 0.80% |
| Large Cap Financial Fund | 0.90% |
| Small Cap Financial Fund | 0.90% |
| Technology Fund | 0.74% |

---

Pursuant to the Management Agreements, the Investment Manager is responsible for investment management of each Fund's portfolio, subject to general oversight by the Board of Trustees, and provides the Funds with office space. In addition, the Investment Manager is obligated to keep certain books and records of the Funds. In connection therewith, the Investment Manager furnishes each Fund with those ordinary clerical and bookkeeping services that are not being furnished by the Funds' custodian, administrator, or transfer agent.

Under the terms of the Management Agreements, each Fund bears all expenses incurred in its operation that are not specifically assumed by the Investment Manager, Fund Services, or the Distributor (as defined below), other than pursuant to the 12b-1 plan for each Fund. General expenses of the Funds not readily identifiable as belonging to one of the Funds are allocated among the Funds by or under the direction of the Board of Trustees in such manner as the Board of Trustees determines to be fair and equitable. Expenses borne by each Fund include, but are not limited to, the following (or the Fund's allocated share of the following): (i) the cost (including brokerage commissions, if any) of securities purchased or sold by the Fund and any losses incurred in connection therewith; (ii) investment management fees; (iii) organizational expenses; (iv) filing fees and expenses relating to the registration and qualification of the Trust or the shares of a Fund under federal or state securities laws and maintenance of such registrations and qualifications; (v) fees and expenses payable to Disinterested Trustees and Disinterested Advisers; (vi) taxes (including any income or franchise taxes) and governmental fees; (vii) costs of any liability, trustees' and officers' insurance, and fidelity bonds; (viii) legal, accounting, and auditing expenses; (ix) charges of the custodian, transfer agent, and other agents; (x) expenses of setting in type and providing a camera-ready copy of the Fund Prospectus and supplements thereto, expenses of setting in type and printing or otherwise reproducing statements of additional information and supplements thereto, and reports and proxy materials for existing shareholders; (xi) any extraordinary expenses (including fees and disbursements of counsel) incurred by the Trust or the Fund; (xii) fees, voluntary assessments, and other expenses incurred in connection with membership in investment company organizations; (xiii) a portion of the salaries of the Funds' compliance officers; and (xiv) costs of meetings of shareholders. The Investment Manager may voluntarily waive its management fee or subsidize other Fund expenses. This may have the effect of increasing a Fund's return.

Under the Management Agreements, the Investment Manager is not liable for any error of judgment or mistake of law or for any loss suffered by the Trust or any Fund in connection with the performance of the Management Agreements, except a loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Investment Manager in the performance of its duties or from reckless disregard of its duties and obligations thereunder.

Each Management Agreement had an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. Each Management Agreement provides that it terminates in the event of its assignment (as defined in the 1940 Act). The Management Agreements may be terminated by the Trust with respect to a Fund or by the Investment Manager upon 60 days' prior written notice.

The Investment Manager reimburses the Cornerstone Growth Fund and the Cornerstone Value Fund to the extent that the aggregate annual operating expenses of such Funds (for both Investor Class and Institutional Class shares), including the investment advisory fee, exceeds the expense limitations applicable to either of these Funds imposed by applicable state securities laws or regulations thereunder, as such limitations may be raised or lowered from time to time.

The Investment Manager reimburses the Cornerstone Large Growth Fund to the extent that the aggregate annual total expenses of the Fund (for both Investor Class and Institutional Class shares), including the investment advisory fee but excluding all federal, state, and local taxes, interest, brokerage commissions, and other costs incurred in connection with the purchase or sale of securities and extraordinary items in any year, exceeds that percentage of the average NAV of the Fund for such year, as determined by valuations made as of the close of each business day, which is the most restrictive percentage provided by the state laws of the various states in which Investor Class or Institutional Class shares, as applicable, of the Fund are qualified for sale.

The Investment Manager reimburses the Total Return Fund and the Balanced Fund to the extent that the aggregate annual total expenses of Investor Class shares of such Funds, including the investment advisory fee and the administration fee but excluding any interest, taxes, brokerage fees and commissions, distribution fees, and extraordinary expenses, exceeds that percentage of the average net assets of either of such Fund for such year, as determined by valuations made as of the close of each business day, which is either (i) the most restrictive percentage provided by the state laws of the various states in which Investor Class shares of such Funds are qualified for sale or (ii) if the states in which Investor Class shares of such Funds are qualified for sale impose no such restrictions, 3%.

Effective October 26, 2018, the Investment Manager agreed in writing to waive a portion of its investment advisory fees and assume certain expenses of Investor Class shares and Institutional Class shares of the Midstream Fund to the extent annual fund operating expenses exceed 1.75% and 1.50%, respectively, of the average daily net assets (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 (as defined in Form N-1A under the 1940 Act or any successor form thereto) and other expenses incurred in connection with the purchase and sale of securities) of such Fund until October 25, 2020, and the Investment Manager has since agreed in writing to extend the waiver until February 28, 2027, at which time the contractual arrangement automatically terminates (and it may not be terminated prior to that date).

Effective February 28, 2017, the Investment Manager agreed in writing to waive a portion of its investment advisory fees and assume certain expenses of Investor Class shares and Institutional Class shares of the Technology Fund to the extent annual fund operating expenses exceed 0.98% of the average daily net assets (excluding all federal, state, and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Investment Manager, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) of such Fund until February 28, 2018, and the Investment Manager has since agreed in writing to extend the waiver until February 28, 2027, at which time the contractual arrangement automatically terminates (and it may not be terminated prior to that date).

If the accrued expenses of the Fund exceeds the expense limitation, the Fund creates an account receivable from the Investment Manager for such excess. In such a situation, the monthly payment of the Investment Manager's fee is reduced by the amount of such excess (and if the amount of such excess in any month is greater than the monthly payment of the Investment Manager's fee, the Investment Manager pays the Fund the amount of such difference), subject to monthly adjustment during the remainder of the Fund's fiscal year if accrued expenses fall below this limit. The Investment Manager may recoup from the Fund any expenses waived or reimbursed for three years after such expenses are incurred, including for the three years following the expiration of the expense limitation agreement, if such recoupment can be achieved within the expense limits and any expense limits in place at the time of recoupment.

During fiscal years 2025, 2024, and 2023, the Funds listed below paid the following investment advisory fees to the Investment Manager:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Cornerstone Growth Fund | $&nbsp;&nbsp;3852855 | $&nbsp;&nbsp;2550903 | $&nbsp;&nbsp;1232434 |
| &nbsp;&nbsp;Focus Fund | $&nbsp;&nbsp;5079156 | $&nbsp;&nbsp;5881996 | $&nbsp;&nbsp;6067912 |
| &nbsp;&nbsp;Cornerstone Mid Cap 30 Fund | $&nbsp;&nbsp;10962979 | $&nbsp;&nbsp;7873052 | $&nbsp;&nbsp;3415249 |
| &nbsp;&nbsp;Cornerstone Large Growth Fund | $&nbsp;&nbsp;998694 | $&nbsp;&nbsp;1084833 | $&nbsp;&nbsp;997824 |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Cornerstone Value Fund | $&nbsp;&nbsp;2122318 | $&nbsp;&nbsp;2022870 | $&nbsp;&nbsp;2108250 |
| &nbsp;&nbsp;Total Return Fund | $&nbsp;&nbsp;292196 | $&nbsp;&nbsp;299567 | $&nbsp;&nbsp;313920 |
| &nbsp;&nbsp;Equity and Income Fund | $&nbsp;&nbsp;419452 | $&nbsp;&nbsp;521187 | $&nbsp;&nbsp;652474 |
| &nbsp;&nbsp;Balanced Fund | $&nbsp;&nbsp;77235 | $&nbsp;&nbsp;79916 | $&nbsp;&nbsp;74697 |
| &nbsp;&nbsp;Energy Transition Fund | $&nbsp;&nbsp;185001 | $&nbsp;&nbsp;193777 | $&nbsp;&nbsp;257907 |
| &nbsp;&nbsp;Gas Utility Fund | $&nbsp;&nbsp;1998794 | $&nbsp;&nbsp;1785847 | $&nbsp;&nbsp;2005569 |
| &nbsp;&nbsp;Japan Fund | $&nbsp;&nbsp;3370377 | $&nbsp;&nbsp;3059845 | $&nbsp;&nbsp;2288901 |
| &nbsp;&nbsp;Japan Small Cap Fund | $&nbsp;&nbsp;967985 | $&nbsp;&nbsp;902610 | $&nbsp;&nbsp;824948 |
| &nbsp;&nbsp;Large Cap Financial Fund | $&nbsp;&nbsp;278706 | $&nbsp;&nbsp;256284 | $&nbsp;&nbsp;336344 |
| &nbsp;&nbsp;Small Cap Financial Fund | $&nbsp;&nbsp;669597 | $&nbsp;&nbsp;658265 | $&nbsp;&nbsp;743349 |

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During fiscal year 2025, the Funds listed below paid investment advisory fees to the Investment Manager and received fee waivers and reimbursements of expenses as set forth below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** | **Expense** <br> **<u>(Reimbursements)</u>** |
| &nbsp;&nbsp;Midstream Fund | $868181 | (10999) | &nbsp;&nbsp;857182 |  |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp;58358 | &nbsp;&nbsp;(58358) | &nbsp;&nbsp;— | &nbsp;&nbsp;(51806) |

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During fiscal year 2024, the Funds listed below paid investment advisory fees to the Investment Manager and received fee waivers and reimbursements of expenses as set forth below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** | **Expense** <br> **<u>(Reimbursements)</u>** |
| &nbsp;&nbsp;Midstream Fund | $686633 | 12137 | &nbsp;&nbsp;698770 |  |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp;57066 | &nbsp;&nbsp;(57066) | &nbsp;&nbsp;— | &nbsp;&nbsp;(41143) |

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During fiscal year 2023, the Funds listed below paid investment advisory fees to the Investment Manager and received fee waivers and reimbursements of expenses as set forth below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** | **Expense** <br> **<u>(Reimbursements)</u>** |
| &nbsp;&nbsp;Midstream Fund | $530344 | (19311) | &nbsp;&nbsp;511.033 |  |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp;44596 | &nbsp;&nbsp;(44596) | &nbsp;&nbsp;— | &nbsp;&nbsp;(53565) |

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**SUB-ADVISORS**

The Investment Manager has delegated the day-to-day management of the portfolio composition of the Focus Fund, the Equity and Income Fund, the Japan Fund, and the Japan Small Cap Fund to sub-advisors and has entered into a sub-advisory agreement with each sub-advisor. Pursuant to the sub-advisory agreements, the sub-advisors make specific portfolio investments in accordance with the applicable Fund's investment objective and the sub-advisor's investment approach and strategies.

The Investment Manager employs the sub-advisors and may terminate them subject to prior approval by the Board of Trustees. Pursuant to the 1940 Act, employing a new sub-advisor requires prior approval of the applicable Fund's shareholders. The Trust may request an SEC order exempting a Fund from such requirements, but there can be no assurance that, if requested, such an order would be granted. Selection and retention criteria for a sub-advisor include the following: (i) historical performance records; (ii) consistent performance in the context of the markets; (iii) organizational stability and reputation; (iv) quality and depth of investment personnel; and (v) ability to apply a consistent approach. Different sub-advisors may not necessarily exhibit all of the criteria to the same degree. Sub-advisors are paid by the Investment Manager, not by the sub-advised Funds. Each sub-advisor's activities are subject to general supervision by the Investment Manager and the Board of Trustees. Although the Investment Manager and the Board of Trustees do not evaluate the investment merits of a sub-advisor's specific securities selections, they do review the performance of each sub-advisor relative to the selection criteria.

**Broad Run Investment Management, LLC (Focus Fund)**

The Investment Manager has delegated the day-to-day management of the portfolio composition of the Focus Fund to Broad Run Investment Management, LLC ("<u>Broad Run</u>") and has entered into a sub-advisory agreement with Broad Run (the "<u>Broad Run Sub-Advisory Agreement</u>"). Broad Run is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>") and is wholly owned by David S. Rainey, Brian E. Macauley, and Ira M. Rothberg. Pursuant to the Broad Run Sub-Advisory Agreement, Broad Run makes specific portfolio investments in accordance with the Focus Fund's investment objective and Broad Run's investment approach and strategies. In consideration thereof, the Investment Manager (not the Fund) pays Broad Run monthly at an annual rate of 0.29% of the average daily net assets of the Fund.

The Broad Run Sub-Advisory Agreement had an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The Broad Run Sub-Advisory Agreement may be terminated by either party at any time without the payment of any penalty upon giving 60 days' prior written notice to the other party. In addition, it terminates automatically if it is assigned.

The Broad Run Sub-Advisory Agreement provides that, absent willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations, Broad Run is not liable to the Investment Manager for any act or omission in the course of, or connected with, rendering services under the Broad Run Sub-Advisory Agreement or for any losses that may be sustained in the purchase, holding, or sale of any security. The Broad Run Sub-Advisory Agreement also provides that Broad Run is free to render similar services to others and to engage in other activities, as long as the services rendered under the sub-advisory agreement are not impaired.

**FCI Advisors (Equity and Income Fund – Fixed Income Allocation)**

The Investment Manager has delegated the day-to-day management of the portfolio composition of the fixed income allocation of the Equity and Income Fund to FCI Advisors and has entered into a sub-advisory agreement with FCI Advisors (the "<u>FCI Sub-Advisory Agreement</u>"). FCI Advisors is an investment adviser registered under the Advisers Act and was founded in 1966. FCI Advisors' ultimate parent company is MTC Holding Corporation, which is a holding company that is majority owned by Bradley A. Bergman, a Director of FCI Advisors and the President and Director of MTC Holding Corporation. Pursuant to the FCI Sub-Advisory Agreement, FCI Advisors makes specific portfolio investments in accordance with the Equity and Income Fund's investment objectives and FCI Advisors' investment approach and strategies. In consideration thereof, the Investment Manager (not the Fund) pays FCI Advisors monthly at an annual rate of 0.27% of the average daily net assets of the Fund in its fixed income allocation.

The FCI Sub-Advisory Agreement had an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The FCI Sub-Advisory Agreement may be terminated by either party at any time without the payment of any penalty upon giving 60 days' prior written notice to the other party. In addition, the FCI Sub-Advisory Agreement terminates automatically if it is assigned.

The FCI Sub-Advisory Agreement provides that, absent willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations, FCI Advisors is not liable to the Investment Manager for any act or omission in the course of, or connected with, rendering services under the sub-advisory agreement or for any losses that may be sustained in the purchase, holding, or sale of any security. The FCI Sub-Advisory Agreement also provides that FCI Advisors is free to render similar services to others and to engage in other activities, as long as the services rendered under the sub-advisory agreement are not impaired.

**The London Company of Virginia, LLC (Equity and Income Fund – Equity Allocation)**

The Investment Manager has delegated the day-to-day management of the portfolio composition of the equity allocation of the Equity and Income Fund to The London Company of Virginia, LLC ("<u>The London Company</u>") and has entered into a sub-advisory agreement with The London Company ("<u>The London Company Sub-Advisory Agreement</u>"). The London Company is an investment adviser registered under the Advisers Act and was founded by Stephen M. Goddard, CFA, in 1994. The London Company is currently majority employee-owned. Pursuant to The London Company Sub-Advisory Agreement, The London Company makes specific portfolio investments for the equity allocation of the Equity and Income Fund in accordance with the Fund's investment objective and The London Company's investment approach and strategies. In consideration thereof, the Investment Manager (not the Fund) pays The London Company monthly at an annual rate of 0.33% of the average daily net assets of the Fund in its equity allocation.

The London Company Sub-Advisory Agreement had an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The London Company Sub-Advisory Agreement may be terminated by either party at any time without the payment of any penalty upon giving 60 days' prior written notice to the other party. In addition, it terminates automatically if it is assigned.

The London Company Sub-Advisory Agreement provides that, absent willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations, The London Company is not liable to the Investment Manager for any act or omission in the course of, or connected with, rendering services under the sub-advisory agreement or for any losses that may be sustained in the purchase, holding, or sale of any security. The London Company Sub-Advisory Agreement also provides that The London Company is free to render similar services to others and to engage in other activities, as long as the services rendered under the sub-advisory agreement are not impaired.

**SPARX Asset Management Co., Ltd. (Japan Fund and Japan Small Cap Fund)**

The Investment Manager has delegated the day-to-day management of the portfolio composition of the Japan Fund and the Japan Small Cap Fund to SPARX Japan and has entered into a sub-advisory agreement with SPARX Japan for both such Funds (the "<u>SPARX Japan Sub-Advisory Agreement</u>"). SPARX Japan is an investment adviser registered under the Advisers Act that was founded in 1989 and is headquartered in Tokyo. SPARX Japan is also registered with the Japanese authority to conduct the investment management business, the investment advisory and agency business, and the second financial instruments business. In addition, SPARX Japan performs various investment and research functions and performs investment advisory activities and fund administration for its Japanese and international clients in the area of Japanese equity investment. SPARX Japan is a wholly owned subsidiary of SPARX Group Co., Ltd. ("<u>SPARX Group</u>"). SPARX Group is a publicly listed company traded on the JASDAQ securities exchange, which is controlled by majority shareholder and Chairman, Mr. Shuhei Abe. Pursuant to the SPARX Japan Sub-Advisory Agreement, SPARX Japan makes specific portfolio investments in accordance with the Japan Fund's or the Japan Small Cap Fund's investment objectives, as applicable, and SPARX Japan's investment approach and strategies. In consideration thereof, the Investment Manager (not the Funds) pays SPARX Japan monthly at an annual rate equal to 0.35% of the first $500 million of the average daily net assets of each Fund, 0.40% of the next $500 million of the average daily net assets of each Fund, and 0.42% of the average daily net assets of each Fund in excess of $1 billion.

The SPARX Japan Sub-Advisory Agreement had an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The SPARX Japan Sub-Advisory Agreement may be terminated by either party (i) at any time without the payment of any penalty upon giving 60 days' prior written notice to the other party or (ii) if such party provides written notice to the other party that the other party is in material breach of the sub-advisory agreement, unless the other party cures such breach within 30 days following receipt of such written notice. In addition, it terminates automatically if it is assigned.

The SPARX Japan Sub-Advisory Agreement provides that SPARX Japan is not liable to the Investment Manager for, and the Investment Manager may not take any action against SPARX Japan or hold SPARX Japan liable for, any error of judgment or mistake of law or for any loss suffered by the Japan Fund or the Japan Small Cap Fund (including, without limitation, by reason of the purchase, sale, or retention of any security) in connection with the performance of SPARX Japan's duties under the sub-advisory agreement, except for a loss resulting from willful misfeasance, bad faith or gross negligence on the part of SPARX Japan in the performance of its duties under the sub-advisory agreement, or by reason of its reckless disregard of its obligations and duties under the sub-advisory agreement. The SPARX Japan Sub-Advisory Agreement also provides that SPARX Japan and its officers, directors, and employees are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees, or employees of any other firm or corporation.

In addition to entering into the SPARX Japan Sub-Advisory Agreement, the Investment Manager and SPARX Japan have entered into an arrangement that requires certain payments by the Investment Manager (and not by the Funds) in the event of the termination of SPARX Japan as sub-advisor. Specifically, if the Investment Manager terminates the SPARX Japan Sub-Advisory Agreement with respect to either or both of the Japan Fund and the Japan Small Cap Fund without providing SPARX Japan with at least 60 calendar days' advance written notice of such termination, then the Investment Manager owes SPARX Japan sub-advisory fees as if such agreement had continued to be in effect for an additional 60 full calendar days after the date SPARX Japan received written notice of its termination. Such additional fees are calculated based on the aggregate NAV of the applicable Fund as of the close of business on the business day immediately preceding the termination date.

**THE PORTFOLIO MANAGERS**

**Funds Advised Solely by the Investment Manager:**

●  ***Cornerstone Growth Fund*** 

●  ***Cornerstone Mid Cap 30 Fund*** 

●  ***Cornerstone Large Growth Fund*** 

●  ***Cornerstone Value Fund*** 

●  ***Total Return Fund*** 

●  ***Balanced Fund*** 

●  ***Energy Transition Fund*** 

●  ***Midstream Fund*** 

●  ***Gas Utility Fund*** 

●  ***Large Cap Financial Fund*** 

●  ***Small Cap Financial Fund*** 

●  ***Technology Fund*** 

The portfolio managers of each of the Funds listed above may have responsibility for the day-to-day management of other Funds within the Hennessy Funds complex, but they do not manage any other accounts as of October 31, 2025.

The portfolio managers of a Fund are often responsible for managing other Funds and may be responsible for accounts other than the Funds in the future. The side-by-side management of the Funds and other accounts may raise potential conflicts of interest due to the interest held by the Investment Manager or one of its affiliates in an account and certain trading practices used by the portfolio managers (for example, cross trades between the Funds and another account and allocation of aggregated trades). The Investment Manager has developed policies and procedures reasonably designed to mitigate those conflicts. In particular, the Investment Manager has adopted policies limiting the ability of portfolio managers to cross securities between Funds and policies designed to ensure the fair allocation of securities purchased on an aggregated basis.

The portfolio managers are compensated in various forms. The following table outlines the forms of compensation paid to the portfolio managers as of October 31, 2025:

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| | | |
|:---|:---|:---|
| **Form of<br> <u>Compensation</u>** | **Source of<br> <u>Compensation</u>** | **Method Used to Determine Compensation (Including** <br> **<u>Any Differences in Method Between Account Types)</u>** |
| &nbsp;&nbsp;Salary | &nbsp;&nbsp;Investment Manager | &nbsp;&nbsp;On an annual basis, the Board of Directors of the Investment Manager determines Mr. Neil Hennessy's salary, and such amount remains fixed throughout the year. The Investment Manager's executive management team determines the salaries of the remaining portfolio managers. Salaries are not based on the performance of the Funds or on the value of the assets held in the Funds' portfolios. |
| &nbsp;&nbsp;Performance Bonus | &nbsp;&nbsp;Investment Manager | &nbsp;&nbsp;The Board of Directors of the Investment Manager has contractually granted to Mr. Neil Hennessy a performance bonus, payable quarterly, equal to 5.0% of the Investment Manager's pre-tax profit, as computed for financial reporting purposes in accordance with generally accepted accounting principles subject to certain exceptions as set forth in his employment agreement. Each of Mr. Cook, Mr. Kelley, and Mr. Wein is eligible for a discretionary bonus each year, the amount of which is determined by the Investment Manager's executive management team and may be based on the Investment Manager's pre-tax profit or other performance criteria. |
| &nbsp;&nbsp;Asset-Based Fees | &nbsp;&nbsp;Investment Manager | &nbsp;&nbsp;Mr. Ellison receives a performance bonus, payable quarterly, based on the average net assets for the applicable quarter of the Large Cap Financial Fund and the Small Cap Financial Fund. |
| &nbsp;&nbsp;Equity Awards | &nbsp;&nbsp;Investment Manager | &nbsp;&nbsp;Each portfolio manager is eligible for grants of restricted stock units that typically vest over a four-year period. The amount of the equity pool in total is set subjectively based on the Investment Manager's budget limitations for future years. The quantities are adjusted based on the fair value of the equity at the date of grant, which determines the total cost to the Investment Manager. The equity awards are granted annually, if at all, after the compensation committee of the Board of Directors of the Investment Manager completes its annual review of the Investment Manager's executive officers. |
| &nbsp;&nbsp;Company 401(k) Contributions | &nbsp;&nbsp;Investment Manager | &nbsp;&nbsp;Each portfolio manager is eligible for a 401(k) contribution by the Investment Manager. The 401(k) contribution by the Investment Manager is optional from year to year and is not based on performance or goal achievement. The percentage level of the contribution is subjective and is determined annually by the Investment Manager's executive management team and approved by the compensation committee of the Board of Directors of the Investment Manager with respect to the executive officers of the Investment Manager. |

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The following tables set forth the dollar range of equity securities of each Fund beneficially owned by its portfolio managers as of October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** |
| <br>**Name of** <br> **Portfolio Manager** | **Cornerstone** <br> **Growth Fund** | **Cornerstone** <br> **Mid Cap 30 Fund** | **Cornerstone Large Growth Fund** | **Cornerstone** <br> **Value Fund** |
| Neil J. Hennessy | $100001-$500000 | $100001-$500000 | $50001-$100000 | $100001-$500000 |
| Benton D. Cook | N/A | N/A | N/A | N/A |
| David H. Ellison | N/A | N/A | N/A | N/A |
| Ryan C. Kelley | $10001-$50000 | $10001-$50000 | $10001-$50000 | $10001-$50000 |
| L. Joshua Wein | $10001-$50000 | $10001-$50000 |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Total Return Fund** | <br> **Balanced Fund** | **Energy** <br> **Transition Fund** | <br> **Midstream Fund** |
| Neil J. Hennessy | $100001-$500000 | $100001-$500000 | N/A | N/A |
| Benton D. Cook | N/A | N/A | $50001-$100000 |  |
| David H. Ellison | N/A | N/A | N/A | N/A |
| Ryan C. Kelley | $1-$10000 | $1-$10000 | N/A | N/A |
| L. Joshua Wein |  |  | $50001-$100000 | $10001-$50000 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** | **Dollar Range of Equity Securities in the:** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Gas Utility Fund** | **Large Cap** <br> **Financial Fund** | **Small Cap** <br> **Financial Fund** | <br> **Technology Fund** |
| Neil J. Hennessy | N/A | N/A | N/A | N/A |
| Benton D. Cook | N/A | N/A | N/A | N/A |
| David H. Ellison | N/A |  |  | N/A |
| Ryan C. Kelley | $50001-$100000 | $50001-$100000 | $50001-$100000 | $10001-$50000 |
| L. Joshua Wein | $50001-$100000 | N/A | N/A |  |

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**Sub-Advised Funds**

Broad Run Investment Management, LLC (Focus Fund)

Broad Run is the sole sub-advisor to the Focus Fund. The portfolio managers of the Focus Fund may have responsibility for accounts other than the Focus Fund. Information regarding the accounts managed by each portfolio manager as of October 31, 2025, other than the Focus Fund, is set forth below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Registered Investment Companies** | **Other** <br> **Pooled Investment Vehicles** | <br>**Other Accounts** | <br> **Registered Investment Companies** | **Other Pooled Investment Vehicles** | <br>**Other Accounts** |
| David S. Rainey | 0<br> $0 | &nbsp;&nbsp;1<br>$7.3 million | 140<br> $171.0 million | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Brian E. Macauley | 0<br> $0 | &nbsp;&nbsp;1<br>$7.3 million | 140<br> $171.0 million | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Ira M. Rothberg | 0<br> $0 | &nbsp;&nbsp;1<br>$7.3 million | 140<br> $171.0 million | 0<br> $0 | 0<br> $0 | 0<br> $0 |

---

\* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.

The Focus Fund investments and the investments of other accounts managed by Broad Run are not likely to experience any material conflict of interest. Broad Run employs a trade rotation policy to ensure that all accounts managed by Broad Run are handled in a fair and equitable manner by each portfolio manager. Broad Run also maintains a detailed compliance manual designed to address any potential conflicts of interest.

The portfolio managers for the Focus Fund receive an annual salary plus distributions based on firm profitability.

As of October 31, 2025, David S. Rainey and Ira M. Rothberg each owned over $1 million in shares of the Focus Fund and Brian E. Macauley owned $100,001 to $500,000 in shares of the Focus Fund.

The London Company of Virginia, LLC (Equity and Income Fund – equity allocation)

The London Company is the sub-advisor for the equity allocation of the Equity and Income Fund. The portfolio managers of the equity allocation of the Equity and Income Fund may have responsibility for accounts other than the Equity and Income Fund. Information regarding the accounts managed by each portfolio manager as of October 31, 2025, other than the Equity and Income Fund, is set forth below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Registered Investment Companies** | **Other Pooled Investment Vehicles** | <br>**Other Accounts** | <br> **Registered Investment Companies** | **Other Pooled Investment Vehicles** | <br>**Other Accounts** |
| Stephen M. Goddard | 6<br> $7.0 billion | 0<br> $0 | 628<br> $7.3 billion | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| J. Brian Campbell | 6<br> $7.0 billion | 0<br> $0 | 628<br> $7.3 billion | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Samuel D. Hutchings | 6<br> $7.0 billion | 0<br> $0 | 628<br> $7.3 billion | 0<br> $0 | 0<br> $0 | 0<br> $0 |

---

\* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.

Actual or potential conflicts of interest may arise when the portfolio manager has management responsibilities for more than one client account including and not limited to the execution and allocation of investment opportunities, use of soft dollars and other brokerage practices, and personal securities trading. The London Company has adopted policies and procedures it believes are reasonably designed to address such conflicts. The London Company employs a trade rotation policy to ensure that all accounts managed by it are handled in a fair and equitable manner by each portfolio manager. The London Company also maintains a detailed compliance manual designed to address any potential conflicts of interest.

Each portfolio manager receives an annual salary and a year-end bonus based on firm performance and overall contribution to The London Company. No specific benchmark is used to determine the amount of bonuses paid to employees. Bonuses are measured using a general assessment of stock and portfolio performance compared to relevant benchmarks, which include the S&P 500, Russell 1000<sup>®</sup>, and Russell 2000<sup>®</sup> Indices (on a pre-tax basis over a three-year to five-year period) relative to the market capitalization, stock sector and objective of the portfolios being managed. Portfolio managers also have the potential to become owners of The London Company after a reasonable tenure with the firm.

As of October 31, 2025, none of the equity allocation portfolio managers owned shares of the Equity and Income Fund.

FCI Advisors (Equity and Income Fund – fixed income allocation)

FCI Advisors is the sub-advisor for the fixed income allocation of the Equity and Income Fund. The portfolio managers of the fixed income allocation of the Equity and Income Fund may have responsibility for accounts other than the Equity and Income Fund. Information regarding the accounts managed by each portfolio manager as of October 31, 2025, other than the Equity and Income Fund, is set forth below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | &nbsp;&nbsp;**Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | &nbsp;&nbsp;**Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | &nbsp;&nbsp;**Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Registered Investment Companies** | **Other Pooled Investment Vehicles** | <br>**Other Accounts** | <br> **Registered Investment Companies** | **Other Pooled Investment Vehicles** | <br>**Other Accounts** |
| Gary B. Cloud | 0<br> $0 | 0<br> $0 | &nbsp;&nbsp;3<br> $4.91 million<br>| 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Peter G. Greig | 0<br> $0 | 0<br> $0 | 501<br> $762.41 million | 0<br> $0 | 0<br> $0 | 0<br> $0 |

---

\* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.

With respect to potential conflicts of interest, to the extent that the Equity and Income Fund and another client of FCI Advisors seek to acquire the same security at about the same time, the Equity and Income Fund may not be able to acquire as large a position in such security as it desires, or it may have to pay a higher price for the security. Similarly, the Equity and Income Fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular portfolio security if the other client desires to sell the same portfolio security at the same time. On the other hand, if the same securities are bought or sold at the same time by more than one client, the resulting participation in volume transactions could produce better executions for the Equity and Income Fund. In the event that more than one client wants to purchase or sell the same security on a given date, the purchases and sales normally would be made by random client selection. FCI Advisors maintains a detailed trading policy manual designed to address these conflicts of interest.

Each portfolio manager is compensated for his services by FCI Advisors. Each portfolio manager's compensation consists of a fixed base salary, a performance-based bonus, and the right to participate in FCI Advisors' profit sharing and 401(k) plan. Each portfolio manager is eligible to receive an annual bonus from FCI Advisors. The annual performance-based bonus is calculated 15% based on client retention and other bonus considerations and 85% based on the performance of FCI Advisors' fixed income composites compared to an appropriate index. Performance is calculated for the prior calendar year on a pre-tax basis. Senior portfolio managers have an opportunity to be shareholders of the privately held holding company, MTC Holding, the parent company of FCI Advisors.

As of October 31, 2025, neither fixed income allocation portfolio manager owned shares of the Equity and Income Fund.

SPARX Asset Management Co., Ltd. (Japan Fund and Japan Small Cap Fund)

SPARX Japan is the sole sub-advisor to the Japan Fund and the Japan Small Cap Fund. The portfolio managers of the Japan Fund and the Japan Small Cap Fund may have responsibility for accounts other than such Funds. Information regarding the accounts managed by each portfolio manager as of October 31, 2025, other than the Japan Fund and the Japan Small Cap Fund, is set forth below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Other Accounts Managed and Total Assets by Account Type\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for Which Advisory Fee is Performance-Based\*** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Registered Investment Companies** | **Other Pooled Investment Vehicles** | <br>**Other Accounts** | <br> **Registered Investment Companies** | **Other Pooled Investment Vehicles** | <br>**Other Accounts** |
| Takenari Okumura | 0<br> $0 | &nbsp;&nbsp;3<br> $283 million | &nbsp;&nbsp;0<br> $0 | 0<br> $0 | 1<br> $134 million | &nbsp;&nbsp;$0<br> $0 |
| Masakazu Takeda | 0<br> $0 | &nbsp;&nbsp;6 <br> $4.3 billion | &nbsp;&nbsp;3 <br> $1.5 billion | 0<br> $0 | 0<br> $0 | &nbsp;&nbsp;0 <br> $0 |
| Tadahiro Fujimura | 0<br> $0 | &nbsp;&nbsp;1 <br> $13 million | &nbsp;&nbsp;3 <br> $1.4 billion | 0<br> $0 | &nbsp;&nbsp;0<br> $0 | &nbsp;&nbsp;0<br> $0 |
| Angus Lee | 0<br> $0 | &nbsp;&nbsp;3<br> $44 million | &nbsp;&nbsp;0<br> $0 | 0<br> $0 | &nbsp;&nbsp;0<br> $0 | &nbsp;&nbsp;$0<br> $0 |

---

\* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.

The portfolio managers of the Japan Fund and the Japan Small Cap Fund manage multiple accounts for a diverse client base, including institutional investors, banking and thrift institutions, pension and profit sharing plans, businesses, private investment partnerships and companies, and sophisticated, high net worth individuals. SPARX Japan has a fiduciary obligation to recognize potential conflicts of interest and manage them carefully through appropriate policies, procedures, and oversight. Although the potential for conflicts of interest exist when an investment adviser and portfolio managers manage other accounts with similar investment objectives and strategies as the Japan Fund or the Japan Small Cap Fund ("<u>Similar Accounts</u>"), SPARX Japan has procedures in place that are designed to ensure that all accounts are treated fairly and that the Funds are not disadvantaged, including procedures regarding trade allocations and conflicting trades (e.g., long and short positions in the same security, as described below), which include internal review processes and oversight by independent third parties. In addition, the Japan Fund and Japan Small Cap Fund, as series of a registered investment company, are subject to different regulations than certain of the Similar Accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Similar Accounts.

Potential conflicts of interest may arise because of SPARX Japan's side-by-side management of the Japan Fund, the Japan Small Cap Fund, and Similar Accounts, including hedge funds (where SPARX Japan receives performance-based fees). For example, conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as SPARX Japan may be perceived as causing accounts it manages to participate in an offering to increase SPARX Japan's overall allocation of securities in that offering, or to increase SPARX Japan's ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as SPARX Japan may have an incentive to allocate securities that are expected to increase in value to preferred accounts. IPOs, in particular, are frequently of very limited availability. Additionally, portfolio managers may be perceived to have a conflict of interest because of the multiple Similar Accounts that they are managing on behalf of SPARX Japan in addition to the Japan Fund and the Japan Small Cap Fund. Although SPARX Japan does not track each individual portfolio manager's time dedicated to each account, SPARX Japan periodically reviews each portfolio manager's overall responsibilities to ensure that they are able to allocate the necessary time and resources to manage effectively the Japan Fund and the Japan Small Cap Fund. In addition, SPARX Japan could be viewed as having a conflict of interest to the extent that SPARX Japan or the portfolios managers have a materially larger investment in a Similar Account than their investment in the Japan Fund or the Japan Small Cap Fund.

A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account. Certain hedge funds managed by SPARX Japan may also be permitted to sell securities short. When SPARX Japan engages in short sales of securities of the type in which the Japan Fund or the Japan Small Cap Fund invests, SPARX Japan could be seen as harming the performance of the Japan Fund or the Japan Small Cap Fund for the benefit of the account engaging in short sales if the short sales contribute to the fall in the market value of the securities. As described above, SPARX Japan has procedures in place to address these conflicts. SPARX Japan's trading policies and procedures attempt to follow established best practices and to address, where necessary, the challenges SPARX Japan faces in managing specifically the Japan Fund, the Japan Small Cap Fund, and the Similar Accounts.

SPARX Japan's portfolio managers are generally responsible for managing multiple types of accounts that may, or may not, have similar investment objectives, strategies, risks, and fees to those managed on behalf of the Japan Fund and the Japan Small Cap Fund. Portfolio managers responsible for managing the Funds may also manage sub-advised registered investment companies, collective investment trusts, unregistered funds, or other pooled investment vehicles and separate accounts.

SPARX Japan compensates portfolio managers by a competitive salary and bonus structure, which is determined both quantitatively and qualitatively. The compensation package for the portfolio managers of the Japan Fund and the Japan Small Cap Fund consists of a salary and incentive bonus comprising cash and equity in SPARX Japan's parent company. Various factors are considered in the determination of a portfolio manager's compensation. Portfolio managers are compensated on the performance of the aggregate group of portfolios managed by them rather than for a specific fund or account. All of the portfolios managed by a portfolio manager are comprehensively evaluated to determine his positive and consistent performance contribution over time. Further factors include the amount of assets in the portfolios as well as qualitative aspects that reinforce SPARX Japan's investment philosophy such as leadership, teamwork, and commitment.

In determining the incentive bonus, consideration is given to the portfolio manager's quantitative performance, as measured by his ability to make investment decisions that contribute to total returns, by comparison to a predetermined benchmark (for the Japan Fund and the Japan Small Cap Fund, as set forth in the Fund Prospectus) over the current fiscal year and the longer-term performance (three-year, five-year, or ten-year, as applicable), as well as performance relative to peers. In addition, the portfolio manager's bonus can be influenced by subjective measurement of his ability to help others make investment decisions. The executive management team of the SPARX Group has discretion to determine the size of the portfolio manager's bonus. As a result, the percentage of compensation of salary and bonus vary.

The portfolio managers of the Japan Fund and the Japan Small Cap Fund also have the opportunity to participate in the SPARX Japan equity program, which awards stock or stock options to those individuals who have been identified as key contributors as well as future leaders of SPARX Japan. The awards generally vest over three-year to five-year periods.

As of October 31, 2025, Messrs. Takeda and Lee did not own shares of the Japan Fund and Messrs. Okumura and Fujimura did not own shares of the Japan Small Cap Fund.

**THE ADMINISTRATOR**

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("<u>Fund Services</u>"), 615 East Michigan Street, Milwaukee, Wisconsin 53202, provides administration services to the Funds pursuant to a Fund Administration Servicing Agreement with the Trust (the "<u>Administration Agreement</u>"). The Administration Agreement provides that Fund Services must furnish the Funds with various administrative services including, but not limited to, (i) the preparation and coordination of reports to the Board of Trustees, (ii) preparation and filing of securities and other regulatory filings (including state securities filings), (iii) marketing materials, tax returns and shareholder reports, (iv) review and payment of Fund expenses, (v) monitoring and oversight of the activities of the Funds' other servicing agents (i.e., transfer agent, custodian, accountants, etc.), (vi) maintaining books and records of the Funds, and (vii) administering shareholder accounts. Under the Administration Agreement, Fund Services is required to exercise reasonable care and is not liable for any error of judgment or mistake of law or for any loss suffered by the Funds in connection with its performance as administrator, except a loss resulting from willful misfeasance, bad faith, or negligence on the part of Fund Services in the performance of its duties under the Administration Agreement. The Administration Agreement remains in effect until terminated by either party. It may be terminated at any time, without the payment of any penalty, by the Board of Trustees upon 90 days' prior written notice to Fund Services, or by Fund Services upon 90 days' prior written notice to the Trust.

For all services provided pursuant to the Administration Agreement, the Fund Accounting Servicing Agreement (see below), the Custodian Agreement (see below), and the Transfer Agent Agreement (see below), Fund Services and its affiliates receive from the Funds an annual fee, payable monthly, based on the average daily net assets of all of the Funds. Subject to certain fee waivers applicable to the Energy Transition Fund, the Midstream Fund, and the Technology Fund, the annual fee for the 16 Funds covered by this SAI is equal to 0.10% of the first $2 billion of the aggregate average daily net assets, 0.07% of the next $2 billion, 0.06% of the next $2 billion, 0.05% of the next $1 billion, 0.04% of the next $3 billion, and 0.03% of the aggregate average daily net assets in excess of $10 billion, subject to a minimum annual fee for all 16 Funds of $600,000.

During fiscal years 2025, 2024, and 2023, Fund Services received the following amounts in administration fees from the Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Cornerstone Growth Fund | $&nbsp;&nbsp;444015 | $&nbsp;&nbsp;306606 | $&nbsp;&nbsp;163019 |
| &nbsp;&nbsp;Focus Fund | $&nbsp;&nbsp;467343 | $&nbsp;&nbsp;573772 | $&nbsp;&nbsp;638712 |
| &nbsp;&nbsp;Cornerstone Mid Cap 30 Fund | $&nbsp;&nbsp;1233160 | $&nbsp;&nbsp;923783 | $&nbsp;&nbsp;433690 |
| &nbsp;&nbsp;Cornerstone Large Growth Fund | $&nbsp;&nbsp;123647 | $&nbsp;&nbsp;139013 | $&nbsp;&nbsp;134324 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Cornerstone Value Fund | $&nbsp;&nbsp;248972 | $&nbsp;&nbsp;248565 | $&nbsp;&nbsp;270200 |
| &nbsp;&nbsp;Total Return Fund | $&nbsp;&nbsp;52678 | $&nbsp;&nbsp;55255 | $&nbsp;&nbsp;59808 |
| &nbsp;&nbsp;Equity and Income Fund | $&nbsp;&nbsp;56174 | $&nbsp;&nbsp;70064 | $&nbsp;&nbsp;87437 |
| &nbsp;&nbsp;Balanced Fund | $&nbsp;&nbsp;22935 | $&nbsp;&nbsp;23590 | $&nbsp;&nbsp;23939 |
| &nbsp;&nbsp;Energy Transition Fund | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— |
| &nbsp;&nbsp;Midstream Fund | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gas Utility Fund | $&nbsp;&nbsp;419050 | $&nbsp;&nbsp;394071 | $&nbsp;&nbsp;475622 |
| &nbsp;&nbsp;Japan Fund | $&nbsp;&nbsp;359510 | $&nbsp;&nbsp;340053 | $&nbsp;&nbsp;273192 |
| &nbsp;&nbsp;Japan Small Cap Fund | $&nbsp;&nbsp;112434 | $&nbsp;&nbsp;109766 | $&nbsp;&nbsp;105681 |
| &nbsp;&nbsp;Large Cap Financial Fund | $&nbsp;&nbsp;37633 | $&nbsp;&nbsp;37063 | $&nbsp;&nbsp;46217 |
| &nbsp;&nbsp;Small Cap Financial Fund | $&nbsp;&nbsp;73647 | $&nbsp;&nbsp;75471 | $&nbsp;&nbsp;86804 |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— |

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The American Gas Association provides administrative services to the Gas Utility Fund pursuant to an Administrative Services Agreement between the Gas Utility Fund and AGA. These administrative services include overseeing the calculation of the AGA Stock Index. ScottMadden performs the actual computations required to produce the AGA Stock Index and receives a fee for such calculations pursuant to a contractual arrangement with AGA. AGA does not furnish other securities advice to the Gas Utility Fund or the Investment Manager or make recommendations regarding the purchase or sale of securities by the Gas Utility Fund. Under the terms of an agreement approved by the Board of Trustees, AGA provides the Investment Manager with current information regarding the common stock composition of the AGA Stock Index no less than quarterly but may supply such information more frequently. In addition, AGA provides the Gas Utility Fund with information on the natural gas industry. The Gas Utility Fund pays AGA in its capacity as administrator a fee at an annual rate of 0.04% of the average daily net assets of the Gas Utility Fund.

During fiscal years 2025, 2024, and 2023, the Gas Utility Fund paid the following administration fees to AGA

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;$| &nbsp;&nbsp; 199879 | $&nbsp;&nbsp; 178585 | $&nbsp;&nbsp; 200557 |

---

**ACCOUNTING SERVICES AGREEMENT**

Fund Services also provides fund accounting services to the Funds pursuant to a Fund Accounting Servicing Agreement with the Trust (the "<u>Fund Accounting Servicing Agreement</u>"). For its accounting services, Fund Services and its affiliates are entitled to receive annual fees, payable monthly, based on the fee schedule set forth above under "THE ADMINISTRATOR."

**TRANSFER AGENT AND CUSTODIAN**

Fund Services provides transfer agency services to Funds pursuant to a Transfer Agent Agreement with the Trust (the "<u>Transfer Agent Agreement</u>"). Under the Transfer Agent Agreement, Fund Services has agreed to issue and redeem shares of each Fund, make dividend and other distributions to shareholders of each Fund, respond to correspondence by Fund shareholders and others relating to its duties, maintain shareholder accounts, and make periodic reports to the Funds.

U.S. Bank, National Association (the "<u>Custodian</u>"), Custody Operations, 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as custodian for the Funds pursuant to a Custodian Agreement with the Trust (the "<u>Custodian Agreement</u>"). The Custodian and Fund Services are affiliates of each other. Under the Custodian Agreement, the Custodian is responsible for, among other things, receipt of and disbursement of funds from the Funds' accounts, establishment of segregated accounts as necessary, and transfer, exchange, and delivery of Fund portfolio securities.

**THE DISTRIBUTOR**

Quasar Distributors, LLC (the "<u>Distributor</u>"), Three Canal Plaza, Suite 100, Portland, Maine 04101, serves as the distributor for the Funds pursuant to a distribution agreement with the Trust.

**CODE OF ETHICS**

The Trust and the Investment Manager have adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act ("<u>Rule 17j-1</u>"). Such Code of Ethics permits Access Persons (as defined in Rule 17j-1) of the Trust and the Investment Manager to invest in securities, including securities that may be purchased or held by the Funds, subject to receiving pre-clearance of any personal securities transactions in securities other than direct obligations of the U.S. government, bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements, and shares issued by open-end registered investment companies. With certain exceptions, such Code of Ethics generally prohibits the purchase or sale of securities if the Access Person of the Trust or Investment Manager knows at the time of such purchase or sale that the security is being considered for purchase or sale by a Fund or is being purchased or sold by a Fund. While Foreside Financial Group, LLC, on behalf of the Distributor and its affiliates, has adopted a code of ethics that is compliant with Rule 17j-1, Foreside Financial Group, LLC and the Distributor are not required to adopt a code of ethics pursuant to Rule 17j-1, in reliance on the exemption found in Rule 17j-1(c)(3).

Each sub-advisor has adopted a Code of Ethics pursuant to Rule 17j-1 that permits Access Persons of the sub-advisor to invest in securities, including securities that may be purchased or held by the Funds, subject to following the procedures set forth in the personal securities transactions policy of the sub-advisor.

**PROXY VOTING POLICY**

Information on how the Funds voted proxies during the most recent 12-month period ended June 30 is available on the Funds' website, without charge, at www.hennessyfunds.com or the website of the SEC at http://www.sec.gov.

**Funds Advised Solely by the Investment Manager:**

●  ***Cornerstone Growth Fund*** 

●  ***Cornerstone Mid Cap 30 Fund*** 

●  ***Cornerstone Large Growth Fund*** 

●  ***Cornerstone Value Fund*** 

●  ***Total Return Fund*** 

●  ***Balanced Fund*** 

●  ***Energy Transition Fund*** 

●  ***Midstream Fund*** 

●  ***Gas Utility Fund*** 

●  ***Large Cap Financial Fund*** 

●  ***Small Cap Financial Fund*** 

●  ***Technology Fund*** 

When the Funds listed above vote proxies relating to securities that they own, they follow the Wall Street Rule, which means that they vote in accordance with management's recommendation. The portfolio managers of such Funds believe that following the Wall Street Rule is consistent with the economic best interests of the Funds' investors. A Fund may not exercise voting authority on matters where the cost of voting would be high, such as with some foreign securities, or where the benefit to the Fund would be low, such as when casting a vote would not reasonably be expected to have a material effect on the value of the Fund's investment.

There may be instances where the interests of the Investment Manager may conflict, or appear to conflict, with the interests of one of the Funds. In such instances, the Investment Manager follows the same policy and votes in accordance with the Wall Street Rule.

**Sub-Advised Funds**

The Board of Trustees has delegated authority for making voting decisions with respect to the portfolio securities of the Funds that are sub-advised to the sub-advisors of such Funds.

Broad Run Investment Management, LLC (Focus Fund)

The proxy voting policies and procedures of Broad Run address the responsibility of Broad Run to ensure that proxies received for portfolio securities held by the Focus Fund are voted in the best interest of the Focus Fund, including in those situations involving a conflict of interest between the Focus Fund on the one hand, and Broad Run or its affiliated persons, on the other hand. Such voting responsibilities must be exercised in a manner that is consistent with the general antifraud provisions of the Advisers Act, as well as Broad Run's fiduciary duties under federal and state law to act in the best interest of its clients.

Proxies solicited for items of business with respect to issuers whose voting securities are owned by the Focus Fund must be voted in the best interests of the Focus Fund. Proxies are voted on a case-by-case basis in the best economic interest of the Focus Fund's investors taking into consideration all relevant contractual obligations and other circumstances at the time of the vote. Broad Run may abstain from voting a proxy when the effect on the economic interests of investors in the Focus Fund or the value of the Focus Fund's portfolio holding is indeterminable or insignificant or when the cost of voting the proxies outweighs the benefits, for example, when voting certain non-U.S. securities.

FCI Advisors (Equity and Income Fund – fixed income allocation)

The proxy voting policies and procedures of FCI Advisors provide that it is FCI Advisors' intention to vote on all proxy proposals for all securities held by the Equity and Income Fund in its fixed income allocation in a timely manner, unless abstaining on a particular ballot is seen to be in the best interests of the investors.

In some instances, a proxy vote may present a conflict between the interests of the Equity and Income Fund, on the one hand, and FCI Advisors' interests or the interests of a person affiliated with FCI Advisors, on the other hand. In such a case, FCI Advisors must disclose this conflict to the Equity and Income Fund when the conflict arises and obtain its consent before voting. After the potential conflict analysis has been completed, all proxies that contain only routine director and auditor votes are voted automatically on FCI Advisors' behalf by a proxy advisory service. FCI Advisors has proxy voting guidelines that address proxy voting on other types of matters, such as corporate governance, equity-based compensation plans, corporate structure, and shareholder rights plans. For example, FCI Advisors generally:

● votes for measures that act to increase the independence of the board of directors;

● supports measures intended to increase stock ownership by executives and the use of employee stock purchase plans to increase company stock ownership by employees;

● votes for proposals that promote the exercise of investors' rights; and

● votes against shareholder rights plans.

The London Company of Virginia, LLC (Equity and Income Fund – equity allocation)

The London Company votes all proxies and act on other corporate actions for all securities held by the Equity and Income Fund in its equity allocation in a timely manner as part of its full discretionary authority over the equity allocation of the Equity and Income Fund.

The London Company votes the recommendation of Glass Lewis, a leading provider of independent, global proxy research, unless otherwise directed by the Equity and Income Fund or the Investment Manager. The London Company's utmost concern when voting proxies for the Equity and Income Fund is that all decisions are made in the best interest of the equity allocation of the Equity and Income Fund. The London Company acts in a prudent and diligent manner intended to enhance the economic value of the assets of the Equity and Income Fund's account and gives substantial weight to the recommendation of management on any issue.

The London Company also considers whether there are specific facts and circumstances that may give rise to a material conflict of interest on the part of The London Company voting the proxy. Should a proxy proposal raise a material conflict between the interests of The London Company and the Equity and Income Fund, it resolves the matter on a case-by-case basis, by abstaining from the vote, voting in accordance with the guidelines set forth by Glass Lewis, or voting the way The London Company feels is in the best interest of the Equity and Income Fund.

SPARX Asset Management Co., Ltd. (Japan Fund and Japan Small Cap Fund)

SPARX Japan has adopted a proxy voting policy (the "<u>Policy</u>") that provides as follows:

● SPARX Japan generally votes proxies in a manner consistent with decisions of the Investment Committee of SPARX Japan (the " <u>Committee</u> "), which makes voting decisions pursuant to its Equity Voting Guidelines (the " <u>Guidelines</u> "), unless otherwise permitted by the Policy (such as when specific interests and issues require that a client's vote be cast differently from the Committee's decision in order to act in the best economic interests of clients).

● Where a material conflict of interest has been identified and the matter is covered by the Guidelines, proxies are voted in accordance with the Guidelines. Where a conflict of interest has been identified and the matter is not covered in the Guidelines, SPARX Japan discloses the conflict and the determination of the manner in which to vote to the Board of Directors of the Investment Manager.

The Guidelines address proxy voting on particular types of matters such as elections for directors, adoption of option plans, and antitakeover proposals. For example, the Committee's decisions generally:

● supports management in most elections for directors, unless there are clear concerns about the past performance of the company or the board fails to meet minimum corporate governance standards;

● supports option plans that motivate participants to focus on long-term investor value and returns, encourage employee stock ownership, and more closely align employee interests with those of investors; and

● votes for mergers, acquisitions, and sales of business operations, unless the impact on earnings or voting rights for one class or group of investors is disproportionate to the relative contributions of the group or the company's structure following the acquisition or merger does not reflect good corporate governance, and vote against such actions if the companies do not provide sufficient information upon request concerning the transaction.

**PORTFOLIO TRANSACTIONS**

Subject to policies established by the Board of Trustees, the Investment Manager or a sub-advisor, as applicable, is responsible for the execution of Fund transactions and the allocation of brokerage transactions for the Funds. As a general matter, in executing Fund transactions the Investment Manager or sub-advisor may employ or deal with such brokers or dealers that, in the Investment Manager's or sub-advisor's best judgment, may provide prompt and reliable execution of the transaction at favorable security prices and reasonable commission rates. In selecting brokers or dealers, the Investment Manager or sub-advisor considers all relevant factors, including the price (together with the applicable brokerage commission or dealer spread), size of the order, nature of the market for the security, timing of the transaction, the reputation, experience, and financial stability of the broker-dealer, the quality of service, the difficulty of execution and operational facilities of the firm involved, and, in the case of securities, the firm's risk in positioning a block of securities. Prices paid to dealers in principal transactions through which most debt securities and some equity securities are traded generally include a spread, which is the difference between the prices at which the dealer is willing to purchase and sell a specific security at that time. Each Fund that invests in securities traded in the over-the-counter markets may engage in transactions with the dealers who make markets in such securities, unless a better price or execution could be obtained by using a broker. A Fund has no obligation to deal with any broker or group of brokers in the execution of Fund transactions.

The Investment Manager or sub-advisor may select broker-dealers that provide it with research services and may cause a Fund to pay such broker-dealers commissions that exceed those that other broker-dealers may have charged, if in the Investment Manager's or sub-advisor's view the commissions are reasonable in relation to the value of the brokerage or research services provided by the broker-dealer. Research services furnished by brokers through which a Fund effects securities transactions may be used by the Investment Manager or sub-advisor in advising other Funds or accounts and, conversely, research services furnished to the Investment Manager or sub-advisor by brokers in connection with other Funds or accounts the Investment Manager or sub-advisor advises may be used by the Investment Manager or sub-advisor in advising a Fund. Information and research received from such brokers is in addition to, and not in lieu of, the services required to be performed by the Investment Manager under the Management Agreement or sub-advisor under a sub-advisory agreement. Each Fund may purchase and sell Fund portfolio securities to and from dealers who provide the Fund with research services. Fund transactions are not directed to dealers solely based on research services provided.

Investment decisions for each Fund and for other investment accounts managed by the Investment Manager or sub-advisor are made independently of each other in light of differing considerations for the various accounts. However, the same investment decision may be made for a Fund and one or more of such other accounts. In such cases, simultaneous transactions are inevitable. Purchases or sales are then allocated between the Fund and such other accounts as to amount according to a formula deemed equitable to the Fund and such other accounts. Although in some cases this practice could have a detrimental effect on the price or value of the security to a Fund or on such Fund's ability to complete its entire order, in other cases the Investment Manager believes that coordination and the ability to participate in volume transactions is beneficial to the Fund.

The Funds paid the following amounts in portfolio brokerage commissions during fiscal years 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Cornerstone Growth Fund | $&nbsp;&nbsp;1496832 | $&nbsp;&nbsp;1030815 | $&nbsp;&nbsp;379829 |
| &nbsp;&nbsp;Focus Fund | $&nbsp;&nbsp;122542 | $&nbsp;&nbsp;126548 | $&nbsp;&nbsp;173141 |
| &nbsp;&nbsp;Cornerstone Mid Cap 30 Fund | $&nbsp;&nbsp;5331545 | $&nbsp;&nbsp;2822201 | $&nbsp;&nbsp;1283890 |
| &nbsp;&nbsp;Cornerstone Large Growth Fund | $&nbsp;&nbsp;49451 | $&nbsp;&nbsp;91384 | $&nbsp;&nbsp;82181 |
| &nbsp;&nbsp;Cornerstone Value Fund | $&nbsp;&nbsp;130852 | $&nbsp;&nbsp;129084 | $&nbsp;&nbsp;192958 |
| &nbsp;&nbsp;Total Return Fund | $&nbsp;&nbsp;6024 | $&nbsp;&nbsp;9319 | $&nbsp;&nbsp;9536 |
| &nbsp;&nbsp;Equity and Income Fund | $&nbsp;&nbsp;7481 | $&nbsp;&nbsp;5954 | $&nbsp;&nbsp;10967 |
| &nbsp;&nbsp;Balanced Fund | $&nbsp;&nbsp;1241 | $&nbsp;&nbsp;2462 | $&nbsp;&nbsp;952 |
| &nbsp;&nbsp;Energy Transition Fund | $&nbsp;&nbsp;15238 | $&nbsp;&nbsp;13200 | $&nbsp;&nbsp;24939 |
| &nbsp;&nbsp;Midstream Fund | $&nbsp;&nbsp;10782 | $&nbsp;&nbsp;10520 | $&nbsp;&nbsp;32752 |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Gas Utility Fund | $&nbsp;&nbsp;152191 | $&nbsp;&nbsp;118221 | $&nbsp;&nbsp;116797 |
| &nbsp;&nbsp;Japan Fund | $&nbsp;&nbsp;45046 | $&nbsp;&nbsp;61519 | $&nbsp;&nbsp;132072 |
| &nbsp;&nbsp;Japan Small Cap Fund | $&nbsp;&nbsp;76841 | $&nbsp;&nbsp;43041 | $&nbsp;&nbsp;50846 |
| &nbsp;&nbsp;Large Cap Financial Fund | $&nbsp;&nbsp;15468 | $&nbsp;&nbsp;22950 | $&nbsp;&nbsp;77568 |
| &nbsp;&nbsp;Small Cap Financial Fund | $&nbsp;&nbsp;92684 | $&nbsp;&nbsp;118435 | $&nbsp;&nbsp;221175 |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp;16573 | $&nbsp;&nbsp;11431 | $&nbsp;&nbsp;11717 |

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During fiscal year 2025, information regarding portfolio brokerage commissions paid to brokers that provided research services to the Funds is as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Brokerage**<br> **<u>Commissions Paid</u>** | &nbsp;&nbsp;**Total Transaction Amount on Which Brokerage**<br> **<u>Commissions Paid</u>** |
| &nbsp;&nbsp;Cornerstone Growth Fund | $&nbsp;&nbsp;196140 | $&nbsp;&nbsp;157202107 |
| &nbsp;&nbsp;Focus Fund | $&nbsp;&nbsp;123212 | $&nbsp;&nbsp;288924960 |
| &nbsp;&nbsp;Cornerstone Mid Cap 30 Fund | $&nbsp;&nbsp;473544 | $&nbsp;&nbsp; 259648243 |
| &nbsp;&nbsp;Cornerstone Large Growth Fund | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – |
| &nbsp;&nbsp;Cornerstone Value Fund | $&nbsp;&nbsp;29956 | $&nbsp;&nbsp;33180725 |
| &nbsp;&nbsp;Total Return Fund | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – |
| &nbsp;&nbsp;Equity and Income Fund | $&nbsp;&nbsp;4986 | $&nbsp;&nbsp;33796347 |
| &nbsp;&nbsp;Balanced Fund | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – |
| &nbsp;&nbsp;Energy Transition Fund | $&nbsp;&nbsp;– | $&nbsp;&nbsp;– |
| &nbsp;&nbsp;Midstream Fund | $&nbsp;&nbsp;– | $&nbsp;&nbsp;– |
| &nbsp;&nbsp;Gas Utility Fund | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – |
| &nbsp;&nbsp;Japan Fund | $&nbsp;&nbsp;– | $&nbsp;&nbsp;– |
| &nbsp;&nbsp;Japan Small Cap Fund | $&nbsp;&nbsp;– | $&nbsp;&nbsp;– |
| &nbsp;&nbsp;Large Cap Financial Fund | $&nbsp;&nbsp;– | $&nbsp;&nbsp;– |
| &nbsp;&nbsp;Small Cap Financial Fund | $&nbsp;&nbsp;1560 | $&nbsp;&nbsp;1542521 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Brokerage**<br> **<u>Commissions Paid</u>** | &nbsp;&nbsp;**Total Transaction Amount on Which Brokerage**<br> **<u>Commissions Paid</u>** |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp; – | $&nbsp;&nbsp; – |

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**PORTFOLIO TURNOVER**

For reporting purposes, a Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. In determining such portfolio turnover, securities with maturities at the time of acquisition of one year or less are excluded. The Investment Manager or sub-advisor, as applicable, adjusts a Fund's assets as it deems advisable, and portfolio turnover is not a limiting factor should the Investment Manager or sub-advisor deem it advisable for a Fund to purchase or sell securities. High portfolio turnover (100% or more) involves correspondingly greater brokerage commissions, other transaction costs, and a possible increase in short-term capital gains or losses. See "VALUATION OF SHARES" and "certain MATERIAL u.s. federal income tax consequences" below.

The portfolio turnover for each Fund for fiscal years 2025 and 2024 is listed below.

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | **Fiscal Year Ended**<br> **<u>October 31, 2024</u>** |
| Cornerstone Growth Fund | 99% | 94% |
| Focus Fund | 1% | 10% |
| Cornerstone Mid Cap 30 Fund | 129% | 94% |
| Cornerstone Large Growth Fund | 46% | 54% |
| Cornerstone Value Fund | 27% | 22% |
| Total Return Fund | 35% | 32% |
| Equity and Income Fund | 27% | 16% |
| Balanced Fund | 39% | 57% |
| Energy Transition Fund | 33% | 14% |
| Midstream Fund | 6% | 6% |
| Gas Utility Fund | 26% | 13% |
| Japan Fund | 16% | 17% |
| Japan Small Cap Fund | 45% | 28% |
| Large Cap Financial Fund | 48% | 37% |
| Small Cap Financial Fund | 35% | 54% |
| Technology Fund | 99% | 84% |

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**DISCLOSURE OF PORTFOLIO HOLDINGS**

**Policy**

The Funds' policy regarding the disclosure of their portfolio holdings is that portfolio holdings information is not released to individual investors, institutional investors, financial intermediaries, rating and ranking organizations, non-regulatory agencies, or other persons except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; The Funds release their portfolio holdings information as of each calendar quarter end to various rating and ranking services, including, but not limited to, Morningstar, Lipper, Standard & Poor's, and Bloomberg. U.S. Bank Global Fund Services releases such information upon the authorization of an executive officer of the Funds. Portfolio holdings information for all Funds other than the Japan Fund and the Japan Small Cap Fund is generally released to various rating and ranking services as soon as it becomes available following a calendar quarter end, while portfolio holdings information for the Japan Fund and the Japan Small Cap Fund is generally released to various rating and ranking services on the 30th calendar day following a calendar quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; The Funds release their portfolio holdings information as of each calendar quarter end to investors in the Funds and other persons either by posting portfolio holdings information on their website or by providing portfolio holdings information upon the request of any such person. Portfolio holdings information for all Funds other than the Japan Fund and the Japan Small Cap Fund and portfolio holding information regarding the top 10 holdings of the Japan Fund and the Japan Small Cap Fund is generally released or available for release as soon as it becomes available following a calendar quarter end, while portfolio holdings information regarding all of the holdings for the Japan Fund and the Japan Small Cap Fund is generally released or available for release on the 30th calendar day following a calendar quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; By virtue of their duties and responsibilities, the third-party service providers to the Funds generally have regular, daily access to the Funds' portfolio holdings information. The service providers are subject to customary confidentiality agreements regarding the Funds' information and may not release the Funds' portfolio holdings information to anyone without the written authorization of an executive officer of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; For the purposes of trading portfolio securities, the Investment Manager may from time to time provide brokers with trade lists that may reflect, in part or in total, the Funds' portfolio holdings. The provision of such trade lists is subject to customary broker confidentiality agreements and trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; The Funds release their portfolio holdings information in their reports on Form N-CSR, Form N-PORT, Form 13F, and as requested or required by law to any governing or regulatory agency of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp; An executive officer of the Funds may, subject to confidentiality agreements and trading restrictions, authorize the release of the Funds' portfolio holdings information for due diligence purposes to an investment adviser that is in merger or acquisition talks with the Investment Manager, or to a newly hired investment adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer of the Funds or an executive officer of the Investment Manager may authorize the release of portfolio holding information on an exception basis provided that such person determines that such a release would be beneficial to the Funds' investors.

Under no circumstances may the Funds, the Investment Manager, or any Trustee, officer, or employee of the Funds or the Investment Manager receive any compensation for the disclosure of the Funds' portfolio holdings information.

There may be instances where the interests of a Fund's shareholders respecting the disclosure of information about portfolio securities may conflict or appear to conflict with the interests of a Service Provider or an affiliated person of the Fund (including such affiliated person's investment adviser or principal underwriter). In such situations, the conflict must be disclosed to the Board of Trustees, and the Board of Trustees must be afforded the opportunity to determine whether to allow such disclosure.

**PROCEDURE**

Each year, an officer of the Funds sends a written authorization to U.S. Bank Global Fund Services authorizing it to release the Funds' portfolio holdings information to rating and ranking services in accordance with the policy described above. U.S. Bank Global Fund Services thereafter releases the Funds' portfolio holdings information as of each calendar quarter end to various rating and ranking services in accordance with the policy described above.

**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

Investors may purchase and redeem shares of each Fund on each day that the New York Stock Exchange, Inc. ("<u>NYSE</u>") is open for trading (a "<u>Business Day</u>"). Currently, the NYSE is open for trading Monday through Friday except New Year's Day, Dr. Martin Luther King Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. When any of the aforementioned holidays falls on a Saturday, the NYSE is not open for trading the preceding Friday, and when any such holiday falls on a Sunday, the NYSE is not open for trading the succeeding Monday, in each case unless unusual business conditions exist, such as the ending of a monthly or yearly accounting period. The NYSE may also close for trading on national days of mourning or due to natural disaster or other extraordinary events or emergencies. Purchases and redemptions of the shares of each Fund are effected at their respective NAVs per share determined as of the close of the NYSE (normally 4:00 p.m. Eastern time) on that Business Day. The time at which the transactions are priced may be changed in case of an emergency or if the NYSE closes at a time other than 4:00 p.m. Eastern time. When the NYSE closes early on a valuation day, each Funds calculates its NAV as of such early closing time. On a day when the NYSE is closed, the Funds do not determine their NAVs, and investors may not purchase or redeem Fund shares.

The Hennessy Funds may suspend redemption privileges of shares of any Fund or postpone the date of payment during any period (i) when the NYSE is closed or trading on the NYSE is restricted as determined by the SEC, (ii) when an emergency exists, as defined by the SEC, that makes it not reasonably practicable for the Hennessy Funds to dispose of securities owned by them or to determine fairly the value of their assets, or (iii) as the SEC may otherwise permit. The redemption price may be more or less than the shareholder's cost, depending on the market value of the relevant Fund's securities at the time.

The Hennessy Funds employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Hennessy Funds use some or all of the following procedures to process telephone redemptions: (i) requesting a shareholder to correctly state some or all of the following information: account number, name(s), social security number registered to the account, personal identification, banking institution, bank account number, and the name in which the bank account is registered; (ii) recording all telephone transactions; and (iii) sending written confirmation of each transaction to the registered owner.

The Funds expect to use various techniques to honor requests to redeem shares of the Funds, including, but not limited to (i) available cash, (ii) short-term investments, (iii) interest, dividend income, and other monies earned on portfolio investments, and (iv) proceeds from the sale or maturity of portfolio holdings. The Funds may also draw on an uncommitted line of credit to manage their liquidity needs.

The payment of the redemption price may be made in money or by a distribution of securities from a Fund's portfolio (referred to as an in-kind distribution) or partly in money and partly in kind, as determined by the Board of Trustees. However, each Fund has elected to be governed by Rule 18f-1 under the 1940 Act, pursuant to which the Fund is obligated to redeem shares solely in money up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. While governed by Rule 18f-1 under the 1940 Act, such election may not be revoked without the approval of the SEC. It is contemplated that if a Fund should redeem in kind, securities distributed would be valued as described below under "VALUATION OF SHARES," and investors would incur brokerage commissions in disposing of such securities. If a Fund makes an in-kind distribution, the Fund may do so in the form of pro rata portions of the Fund's portfolio, individual securities, or a representative basket of securities; provided that the Fund does not distribute depository receipts representing foreign securities. It is not expected that a Fund would make in-kind distributions except in unusual circumstances. If an investor receives an in-kind distribution, the investor would be exposed to market risk until the readily marketable securities are converted to cash, and the investor may incur transaction expenses in converting these securities to cash.

Frequent purchases and redemptions of a Fund's shares by a shareholder may harm other shareholders of the Fund by interfering with the efficient management of the Fund's portfolio, increasing brokerage and administrative costs, and potentially diluting the value of their shares. Accordingly, the Board of Trustees discourages frequent purchases and redemptions of shares of a Fund by reserving the right to reject any purchase order for any reason or no reason, including purchase orders from potential investors that the Fund believes might engage in frequent purchases and redemptions of shares of the Fund.

Each Fund tracks shareholder and omnibus account subscription and redemption activity in an effort to detect any shareholders or institutions that might trade with a frequency harmful to other shareholders of the Fund. In considering a shareholder's trading activity, a Fund may consider, among other factors, the shareholder's trading history both directly and, if known, through financial intermediaries, in any of the Hennessy Funds. If frequent trading or market timing is detected, a Fund, based on its assessment of the severity of the market timing, may take one or more of the following actions: (i) advise the owner of the frequently traded account that any such future activity will cause a freezing of the account's ability to transact subscriptions; (ii) freeze the account demonstrating the activity from transacting further subscriptions; or (iii) close the account demonstrating frequent trading activity.

Although the Funds have taken steps to discourage frequent purchases and redemptions of Fund shares, they cannot guarantee that such trading will not occur.

**ABANDONED PROPERTY**

It is important that the Funds maintain a correct address and other contact information for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Funds. Upon receiving returned mail, the Funds attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they determine whether the investor's account has legally been abandoned under applicable state unclaimed property or escheatment laws.

The circumstances under which an account is deemed abandoned, and the applicable dormancy periods, vary by state but typically include, without limitation, (a) returned mail (for example, when mail sent to a shareholder's address of record is returned as undeliverable), (b) no owner-initiated contact with respect to the account (such as purchases, redemptions, exchanges, address changes, or other inquiries) for a specified period, or (c) uncashed checks (such as dividend, capital gain, or redemption checks) outstanding for more than a specified period. Once an account is classified as abandoned, the Funds are generally required to escheat (or transfer) the assets in the account to the state of the shareholder's last known address of record.

Escheatment may result in the shareholder losing his or her interest in Fund shares, and may require the shareholder to seek recovery of the property directly from the applicable state. In the case of retirement accounts, escheatment may result in a taxable distribution and, where applicable, mandatory federal income tax withholding. Neither the Funds nor the Investment Manager is liable for any loss incurred by a shareholder as a result of the Funds' compliance with state escheatment laws. It is the shareholder's responsibility to ensure that the Funds have current contact information and to promptly cash any checks received from the Funds or their transfer agent.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period ceases if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. If a shareholder designates a representative to receive escheatment notifications, any escheatment notices are delivered to both the shareholder and the designated representative. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

**VALUATION OF SHARES**

The NAV for the shares of each Fund normally is determined on each day the NYSE is open for trading. The net assets of each Fund are valued as of the close of the NYSE (normally 4:00 p.m. Eastern time) on each Business Day. Each Fund's NAV per share is calculated separately.

The Board of Trustees has appointed the Investment Manager as the Funds' valuation designee under Rule 2a-5 under the 1940 Act to perform all fair valuations of the Funds' portfolio investments, subject to the Board of Trustees' oversight. As the valuation designee, the Investment Manager has established procedures for its fair valuation of the Funds' portfolio investments.

For each Fund, the NAV per share is computed by dividing (i) the value of the securities held by the Fund plus any cash or other assets, less its liabilities, by (ii) the number of outstanding shares of the Fund, and adjusting the result to the nearest full cent. Securities listed on the NYSE, NYSE AMEX Equities, or other national exchanges (other than The Nasdaq Stock Market) are valued at the last sale price on the date of valuation, and securities that are traded on The Nasdaq Stock Market are valued at the Nasdaq Official Closing Price on the date of valuation. Bonds and other fixed-income securities are valued using market quotations provided by dealers and also may be valued on the basis of prices provided by pricing services when the Investment Manager believes that such prices reflect the fair market value of such securities. If there is no sale in a particular security on such day, the security is valued at the mean between the bid and ask prices. Other securities, to the extent that market quotations are readily available, are valued at market value in accordance with procedures established by the Investment Manager. Any other securities and other assets for which market quotations are not readily available are fair valued by the Investment Manager using established valuation methodologies. Short-term instruments (those with remaining maturities of 60 days or less) are valued at amortized cost, which approximates market value.

Fair valuing 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 ADRs or futures contracts. Using fair value pricing means that the Funds' NAV reflects the affected portfolio securities' value as determined in the judgment of the Investment Manager instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from a security's most recent closing price and from the prices used by other investment companies to calculate their NAVs.

Investments that are fair valued may be more difficult to sell at the prices used to determine a Fund's NAV. The prices used by a Fund to fair value securities may differ from the prices used by other investment companies or from the prices at which such securities are actually bought or sold, and there can be no assurance that a Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV.

**CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**

IN VIEW OF THE COMPLEXITIES OF U.S. FEDERAL AND OTHER INCOME TAX LAWS APPLICABLE TO REGULATED INVESTMENT COMPANIES, A PROSPECTIVE SHAREHOLDER IS URGED TO CONSULT WITH, AND RELY SOLELY UPON, SUCH INVESTOR'S TAX ADVISORS TO UNDERSTAND FULLY THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN TAX CONSEQUENCES TO SUCH INVESTOR OF AN INVESTMENT BASED ON SUCH INVESTOR'S PARTICULAR FACTS AND CIRCUMSTANCES. THIS SUMMARY IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSTRUED AS, LEGAL OR TAX ADVICE.

The following information supplements and should be read in conjunction with the section in the Fund Prospectus titled "Tax Information." The Fund Prospectus generally describes the U.S. federal income tax treatment of distributions by the Funds. This section of the SAI provides additional information concerning U.S. federal income taxes. It is based on the Code, applicable U.S. Treasury regulations, judicial authority, and administrative rulings and practice, all as of the date of this SAI and all of which are subject to change, including changes with retroactive effect. Except as specifically set forth below, the following discussion does not address any state, local, or foreign tax matters.

A shareholder's tax treatment may vary depending on the shareholder's particular situation. This discussion applies only to shareholders holding Fund shares as capital assets within the meaning of the Code. A shareholder may also be subject to special rules not discussed below if they are a certain kind of shareholder, including, but not limited to, an insurance company, a private foundation, a tax-exempt organization, a financial institution or broker-dealer, a person who is neither a citizen nor resident of the United States or an entity that is not organized under the laws of the United States or political subdivision thereof, a shareholder who holds Fund shares as part of a hedge, straddle, or conversion transaction, a shareholder who does not hold Fund shares as a capital asset, or an entity taxable as a partnership for U.S. federal income tax purposes or investors in such an entity.

The Trust has not requested, and does not plan to request, an advance ruling from the IRS as to the U.S. federal income tax matters described below. The IRS could adopt positions contrary to those discussed below, and such positions could be sustained. In addition, the following discussion and the discussion in the Fund Prospectus address only some of the U.S. federal income tax considerations generally affecting investments in the Funds. Prospective shareholders are urged to consult their own tax advisers and financial planners regarding the U.S. federal tax consequences of an investment in a Fund, the application of state, local, or foreign laws, and the effect of any possible changes in applicable tax laws on their investment in the Funds.

**Qualification as a Regulated Investment Company**

It is intended that each Fund, other than the Midstream Fund, qualifies for treatment as a RIC under Subchapter M of Subtitle A, Chapter 1 of the Code. Each Fund is treated as a separate entity for U.S. federal income tax purposes, and each Fund separately determines its income, gains, losses, and expenses for U.S. federal income tax purposes. Because the Midstream Fund is treated as a C corporation, it is not taxed as a RIC. As a result, the remainder of this section applies to all Funds other than the Midstream Fund.

Because each Fund is treated as a separate entity for U.S. federal income tax purposes, the provisions of the Code applicable to RICs generally apply separately to each Fund even though each Fund is a series of the Trust. In order to qualify as a RIC under the Code, each Fund must, among other things, derive at least 90% of its gross income each taxable year generally from (i) dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, and other income attributable to its business of investing in such stock, securities, or foreign currencies (including, but not limited to, gains from options, futures, or forward contracts) and (ii) net income derived from an interest in a qualified publicly traded partnership, as defined in the Code. Future U.S. Treasury regulations may (possibly retroactively) exclude from qualifying income foreign currency gains that are not directly related to a Fund's principal business of investing in stock, securities, options, or futures with respect to stock or securities. In general, for purposes of this 90% gross income requirement, income derived from a partnership, except a qualified publicly traded partnership, is treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized by the RIC.

In general, gold and other precious metals do not constitute qualifying assets, and gain derived from the sale of gold or other precious metals does not constitute qualifying income. To reduce the risk that the investments of a Fund, such as the Energy Transition Fund, in gold, silver, platinum, and palladium bullion, whether held directly or indirectly, may result in the Fund's failure to satisfy the requirements of Subchapter M, the portfolio managers endeavor to manage each Fund's portfolio so that (i) less than 10% of the Fund's gross income each year is derived from its investments in gold, silver, platinum, and palladium bullion, and (ii) less than 50% of the value of the Fund's assets, at the end of each quarter, is invested in gold, silver, platinum, and palladium bullion or other non-qualifying assets.

Each Fund must also diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the fair market value of its gross assets consists of (a) cash and cash items (including receivables), U.S. Government Securities, and securities of other RICs, and (b) securities of any one issuer (other than those described in clause (a)) to the extent such securities do not exceed 5% of the value of the Fund's total assets and do not exceed 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets consists of the securities of any one issuer (other than those described in clause (i)(b)), the securities of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. In addition, for purposes of meeting the diversification requirement of clause (i)(b), the term "outstanding voting securities of such issuer" includes the equity securities of a qualified publicly traded partnership. The qualifying income and diversification requirements applicable to a Fund may limit the extent to which it can engage in transactions in options, futures contracts, forward contracts, and swap agreements.

If a Fund fails to satisfy any of the qualifying income or diversification requirements in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirement. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. If the applicable relief provisions were not available or could not be met, such Fund would be taxed in the same manner as an ordinary corporation, which is described below.

In addition, with respect to each taxable year, each Fund generally must distribute to its shareholders at least 90% of its investment company taxable income, which generally includes (i) its ordinary income and the excess of any net short-term capital gain over net long-term capital loss and (ii) at least 90% of its net tax-exempt interest income earned for the taxable year. If a Fund meets all of the RIC qualification requirements, it generally is not subject to U.S. federal income tax on any of the investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) it distributes to its shareholders. For this purpose, a Fund generally must make the distributions in the same year that it realizes the income and gain, although in certain circumstances a Fund may make the distributions in the following taxable year. Shareholders generally are taxed on any distributions from a Fund in the year such distribution is actually distributed. However, if a Fund declares a distribution to shareholders of record in October, November, or December of one year and pays the distribution by January 31 of the following year, the Fund and its shareholders are treated as if the Fund paid the distribution on December 31 of the first year. Each Fund intends to distribute its net income and gain in a timely manner to maintain its status as a RIC and eliminate fund-level U.S. federal income taxation of such income and gain. However, no assurance can be given that a Fund will not be subject to U.S. federal income taxation.

Moreover, a Fund may retain for investment all or a portion of its net capital gain. If a Fund retains any net capital gain, it is subject to a tax at regular corporate rates on the amount retained, but may report the retained amount as undistributed capital gain in a written statement furnished to its shareholders, who would then (i) be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. For U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund is increased by an amount equal to the difference between the amount of undistributed capital gain included in the shareholder's gross income and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. A Fund is not required to, and there can be no assurance that it will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

If, for any taxable year, a Fund fails to qualify as a RIC and is not eligible for relief as described above, it is taxed in the same manner as an ordinary corporation without any deduction for its distributions to shareholders, and all distributions from the Fund's current and accumulated earnings and profits (including any distributions of its net tax-exempt income and net long-term capital gain) to its shareholders are taxable as dividend income. To requalify as a RIC in a subsequent year, the Fund may be required to distribute to its shareholders its earnings and profits attributable to non-RIC years reduced by an interest charge on 50% of such earnings and profits payable by the Fund to the IRS. In addition, if a Fund initially qualifies as a RIC but subsequently fails to qualify as a RIC for a period greater than two taxable years, the Fund generally would be required to recognize and pay taxes on any net unrealized gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, to be subject to tax on such unrealized gain recognized for a period of 10 years, in order to requalify as a RIC in a subsequent year.

**Equalization Accounting**

Each Fund may use the equalization method of accounting to allocate a portion of its earnings and profits (which generally equals a Fund's undistributed investment company taxable income and net capital gain, with certain adjustments) to redemption proceeds. This method permits a Fund to achieve more balanced distributions for both continuing and redeeming shareholders. Although using this method generally does not affect a Fund's total returns, it may reduce the amount that the Fund would otherwise distribute to continuing shareholders by reducing the effect of redemptions of Fund shares on Fund distributions to shareholders. However, the IRS may not have expressly sanctioned the particular equalization methods that may be used by a Fund, and thus a Fund's use of these methods may be subject to IRS scrutiny.

**Capital Loss Carryforwards**

Each Fund other than the Midstream Fund may carry forward indefinitely a net capital loss to offset its capital gain. The excess of such Fund's net short-term capital loss over its net long-term capital gain is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess of a Fund's net long-term capital loss over its net short-term capital gain is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. If future capital gain is offset by capital loss carryforwards, such future capital gain is not subject to fund-level U.S. federal income tax, regardless of whether it is distributed to shareholders. Accordingly, such Funds do not expect to distribute any such offsetting capital gain. Such Funds cannot carry back or carry forward any net operating losses.

The Midstream Fund may carry forward five years a net capital loss to offset any future realized capital gains.

As of October 31, 2025, the below Funds had capital loss carryforwards as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Amount</u>** | &nbsp;&nbsp;**<u>Expiration Date</u>** |
| &nbsp;&nbsp;Growth Fund | $&nbsp;&nbsp;12394639 | Indefinite ST |
| &nbsp;&nbsp;Total Return Fund | $&nbsp;&nbsp;537111 | Indefinite LT |
| &nbsp;&nbsp;Balanced Fund | $&nbsp;&nbsp;22891 | Indefinite ST |
|  | $&nbsp;&nbsp;78420 | Indefinite LT |
| &nbsp;&nbsp;Energy Transition Fund | $&nbsp;&nbsp;18090532 | Indefinite ST |
|  | $&nbsp;&nbsp;15955936 | Indefinite LT |

---

If a Fund engages in a reorganization, either as an acquiring fund or acquired fund, its capital loss carryforwards (if any), its unrealized losses (if any), and any such losses of other funds participating in the reorganization may be subject to severe limitations that could make such losses substantially unusable. The Funds have engaged in reorganizations in the past and may engage in reorganizations in the future.

**Net Operating Loss Carryforwards**

The Midstream Fund may carry forward indefinitely any net operating loss arising in a tax year ending after December 31, 2018. As of October 31, 2025, the Fund had a net operating loss carryforward of $3,789,117 with no expiration date.

**Excise Tax**

If a Fund were to fail to distribute by December 31 of each calendar year at least the sum of 98% of its ordinary income for that year (excluding capital gains and losses), 98.2% of its capital gain net income (adjusted for certain net ordinary losses) for the 12-month period ending on October 31 of that year, and any of its ordinary income and capital gain net income from previous years that was not distributed during such years, the Fund would be subject to a nondeductible 4% U.S. federal excise tax on the undistributed amounts (other than to the extent of its tax-exempt interest income, if any). For these purposes, a Fund is treated as having distributed any amount on which it is subject to corporate-level U.S. federal income tax for the taxable year ending within the calendar year. Each Fund generally intends to distribute, or be deemed to have distributed, substantially all of its ordinary income and capital gain net income, if any, by the end of each calendar year, and thus expects not to be subject to the excise tax. However, no assurance can be given that a Fund will not be subject to the excise tax. Moreover, each Fund reserves the right to pay an excise tax rather than make an additional distribution when circumstances warrant (for example, the amount of excise tax to be paid by a Fund is determined to be *de minimis*).

**Taxation of Distributions**

Distributions paid out of a Fund's current and accumulated earnings and profits (as determined at the end of the year), whether paid in cash or reinvested in the Fund, generally are deemed to be taxable distributions and must be reported by each shareholder who is required to file a U.S. federal income tax return. Dividends and other distributions on a Fund's shares generally are subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares acquired at a time when the Fund's NAV reflects gains that are either unrealized or realized but not distributed. For U.S. federal income tax purposes, a Fund's earnings and profits, described above, are determined at the end of the Fund's taxable year, and are allocated pro rata to distributions paid over the entire year. Distributions in excess of a Fund's current and accumulated earnings and profits first are treated as a return of capital up to the amount of a shareholder's tax basis in the shareholder's Fund shares and then as capital gain. A Fund may make distributions in excess of its earnings and profits, from time to time.

For U.S. federal income tax purposes, distributions of investment income and distributions of gains from the sale of investments that a Fund owned for one year or less typically are taxable as ordinary income. Distributions properly reported in writing by a Fund as capital gain dividends are taxable to shareholders as long-term capital gain (to the extent such distributions do not exceed the Fund's net capital gain for the taxable year) regardless of how long a shareholder has held Fund shares, and such distributions do not qualify as dividends for purposes of the dividends-received deduction or as qualified dividend income (as defined below). Each Fund reports capital gain dividends, if any, in a written statement furnished to its shareholders after the close of the Fund's taxable year.

Fluctuations in foreign currency exchange rates may result in foreign exchange gain or loss on transactions in foreign currencies, foreign currency-denominated debt obligations, and certain foreign currency options, futures contracts, and forward contracts. Such gains or losses are generally characterized as ordinary income or loss for tax purposes. A Fund must make certain distributions in order to qualify as a RIC, and the timing of and character of transactions such as foreign currency-related gains and losses may result in the fund paying a distribution treated as a return of capital. Such distribution is nontaxable to the extent of the recipient's basis in its shares.

Some states do not tax distributions made to individual shareholders that are attributable to interest a Fund earned on direct obligations of the U.S. government if the Fund meets the state's minimum investment or reporting requirements, if any. Investments in GNMA or FNMA securities, bankers' acceptances, commercial paper, and repurchase agreements collateralized by U.S. Government Securities generally do not qualify for state tax-free treatment. This exemption may not apply to corporate shareholders.

**Sales and Exchanges of Fund Shares**

If a shareholder sells, pursuant to a cash or in-kind redemption, or exchanges such shareholder's Fund shares, subject to the discussion below, such shareholder generally recognizes a taxable capital gain or loss on the difference between the amount received for the shares (or deemed received in the case of an exchange) and the shareholder's tax basis in the shares. This gain or loss is long-term capital gain or loss if the shareholder has held such Fund shares for more than one year at the time of the sale or exchange, and short-term otherwise.

If a shareholder sells or exchanges Fund shares within 90 days of having acquired such shares and if, before January 31 of the calendar year following the calendar year of the sale or exchange and as a result of having initially acquired those shares, the shareholder subsequently pays a reduced sales charge on a new purchase of shares of the Fund or a different RIC, the sales charge previously incurred in acquiring the Fund's shares generally is not taken into account (to the extent the previous sales charges do not exceed the reduction in sales charges on the new purchase) for the purpose of determining the amount of gain or loss on the disposition, but generally is treated as having been incurred in the new purchase. In addition, if a shareholder recognizes a loss on a disposition of Fund shares, the loss is disallowed under the wash sale rules to the extent the shareholder purchases substantially identical shares within the 61-day period beginning 30 days before and ending 30 days after the disposition. Any disallowed loss generally is reflected in an adjustment to the tax basis of the purchased shares.

If a shareholder receives a capital gain dividend with respect to any Fund share and such Fund share is held for six months or less, then (unless otherwise disallowed) any loss on the sale or exchange of that Fund share would be treated as a long-term capital loss to the extent of the capital gain dividend. If such loss is incurred from the redemption of shares pursuant to a periodic redemption plan, then U.S. Treasury regulations may permit an exception to this six-month rule. No such regulations have been issued as of the date of this SAI.

**Foreign Taxes**

Amounts realized by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund is eligible to file an annual election with the IRS pursuant to which the Fund may pass through to its shareholders on a pro rata basis certain foreign income and similar taxes paid by the Fund, and such taxes may be claimed, subject to certain limitations, either as a tax credit or deduction by the shareholders. However, even if a Fund qualifies for the election for any year, it may decide not to make the election for such year. If a Fund does not make such election, then shareholders cannot claim a credit or deduction with respect to foreign taxes paid or withheld. If a Fund were to elect to pass through its foreign taxes paid in a taxable year, the Fund would furnish a written statement to its shareholders reporting each shareholder's proportionate share of the Funds' foreign taxes paid.

Even if a Fund qualifies for the election, foreign income and similar taxes only pass through to the Fund's shareholders if the Fund and its shareholders meet certain holding period requirements.

If a Fund makes the election, the Fund is permitted to claim a credit or deduction for foreign taxes paid in that year and the Fund's dividends-paid deduction is increased by the amount of foreign taxes paid that year. Fund shareholders that have satisfied the holding period requirements and certain other requirements must include their proportionate share of the foreign taxes paid by the Fund in their gross income and treat that amount as paid by them for the purpose of the foreign tax credit or deduction. If the shareholder claims a credit for foreign taxes paid, the credit is limited to the extent it exceeds the shareholder's federal income tax attributable to foreign source taxable income. If the credit is attributable wholly or in part to qualified dividend income, special rules are used to limit the credit in a manner that reflects any resulting dividend rate differential. Only the Japan Fund and Japan Small Cap Fund may be eligible to make the foregoing election for any tax year.

In general, an individual with $300 or less of creditable foreign taxes may elect to be exempt from the foreign source taxable income and qualified dividend income limitations if the individual has no foreign-source income other than qualified passive income. This $300 threshold is increased to $600 for joint filers. A deduction for foreign taxes paid may only be claimed by shareholders that itemize their deductions.

**Cost Basis Reporting**

In general, each Fund must report cost basis information to its shareholders and the IRS for redemptions of covered shares. Fund shares purchased on or after January 1, 2012, generally are treated as covered shares, and Fund shares purchased before January 1, 2012, and shares without complete cost basis information generally are treated as noncovered shares. Fund shareholders should consult their tax advisers to obtain more information about how these cost basis rules apply to them and determine which cost basis method allowed by the IRS is best for them.

**TAXATION of the Midstream Fund as a C CORPORATION**

Because the Midstream Fund is treated as a C corporation, it is not taxed as a RIC under the Code. Instead, it is taxed in the same manner as an ordinary corporation, without any deduction for its distributions to shareholders, and generally is subject to U.S. federal income tax on its taxable income at the rate applicable to corporations. In addition, as a regular corporation, the Midstream Fund may be subject to state and local taxes in multiple states because of its investments in equity securities of MLPs. Therefore, the Midstream Fund may have state and local tax liabilities in multiple states, which would reduce the Fund's cash available to make distributions on the shares. The extent to which the Midstream Fund is required to pay U.S. federal, state, or local corporate income, franchise, or other corporate taxes could materially reduce the Fund's cash available to make distributions on the shares.

A beneficial owner of Midstream Fund shares is a U.S. holder for U.S. federal income tax purposes if such beneficial owner is (i) a citizen or resident of the United States, (ii) a U.S. domestic corporation, (iii) an estate the income of which is subject to U.S. federal income taxation, regardless of its source, or (iv) a trust, if a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust.

If an entity treated as a partnership for U.S. federal income tax purposes holds Midstream Fund shares, the tax treatment of a partner generally depends on the status of the partner and the activities of the partnership. Any such partner having an interest in Midstream Fund shares should consult such partner's own tax advisor.

**Net Operating Losses**

Net operating losses of the Midstream Fund can be carried forward indefinitely. For net operating losses arising in tax years beginning after December 31, 2017, the Midstream Fund is subject to an annual limit of 80% on the amount of taxable income that such net operating losses can offset. No such limitation is imposed on the use of net operating losses that arose in earlier taxable years. Net operating losses of the Midstream Fund arising in taxable years ending after December 31, 2017, cannot be carried back to prior taxable years.

**Capital Losses**

The Midstream Fund may deduct capital losses to the extent of its capital gains. Any excess capital losses cannot be deducted from its ordinary income. The Midstream Fund generally can carry back its capital losses in excess of its capital gains for the current year for three years, and can carryforward any capital losses for five years.

**Distributions**

If the Midstream Fund pays distributions of cash or property with respect to its stock, those distributions generally constitute dividends for U.S. federal income tax purposes to the extent paid from its current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If a distribution exceeds the Midstream Fund's current and accumulated earnings and profits, the excess is treated as a tax-free return of the U.S. holder's investment, up to such holder's tax basis in its shares of such stock. Any remaining excess is treated as capital gain, subject to the tax treatment described below under the heading "Gain on Sale, Exchange, or Other Taxable Disposition."

**Gain on Sale, Exchange, or Other Taxable Disposition**

Upon the sale, exchange, or other taxable disposition of Midstream Fund shares, a U.S. holder generally recognizes capital gain or loss in an amount equal to the difference between (i) the amount of cash plus the fair market value of any property received and (ii) such U.S. holder's tax basis in such common shares sold, exchanged, or otherwise disposed. Such gain or loss generally is long-term capital gain or loss if, at the time of the sale or other disposition, the common shares have been held by the U.S. holder for more than one year. Preferential tax rates may apply to long-term capital gain of a U.S. holder that is an individual, estate, or trust. Deductions for capital losses are subject to significant limitations.

**TAX-DEFERRED PLANS**

Shares of the Funds may be available for a variety of tax-deferred retirement and other tax-advantaged plans and accounts. Prospective investors should contact their tax advisers and financial planners regarding the tax consequences to them of holding Fund shares through such plans or accounts.

A 1.4% excise tax is imposed on the net investment income of certain private colleges and universities. This only applies to private institutions with endowments valued at $500,000 per full-time student or more, subject to other limitations. Tax-exempt shareholders should contact their tax advisers and financial planners regarding the tax consequences to them of an investment in the Funds.

Any investment in residual interests of a collateralized mortgage obligation that has elected to be treated as a real estate mortgage investment conduit ("<u>REMIC</u>") can create complex U.S. federal income tax consequences, especially if a Fund has state or local governments or other tax-exempt organizations as shareholders.

Special tax consequences apply to charitable remainder trusts ("<u>CRTs</u>") (as defined in Section 664 of the Code) that invest in RICs that in turn invest directly or indirectly in residual interests in REMICs or equity interests in taxable mortgage pools ("<u>TMPs</u>"). CRTs are urged to consult their own tax advisers and financial planners concerning these special tax consequences.

**Taxation of CERTAIN Investments**

In general, realized gains or losses on the sale of securities held by a Fund are treated as capital gains or losses or, if the Fund has held the disposed securities for more than one year at the time of disposition, as long-term capital gains or losses.

**MLPs**

Investment in securities of an MLP involves risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. An MLP usually is treated as a partnership under the Code, and its partnership interests or "units" are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, income, and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards, and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, mining, refining, marketing, and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber, or industrial source carbon dioxide.

A typical MLP consists of a general partner and limited partners, although an MLP may also be established as a limited liability company and still receive partnership taxation treatment under the Code. The general partner of an MLP manages the partnership, has an ownership stake in the partnership, and is eligible to receive an incentive distribution in some cases. The limited partners provide capital to the partnership, receive common units of the partnership, have a limited role in the operation and management of the partnership, and are entitled to receive cash distributions with respect to their units. Currently, most MLPs operate in the Energy, Natural Resources, and Real Estate sectors. Due to their partnership structure, MLPs generally do not pay income taxes. Thus, unlike investors in corporate securities, direct MLP investors generally are not subject to double taxation (i.e., corporate level tax and tax on corporate dividends).

Historically, MLPs are treated as partnerships for U.S. federal income tax purposes and have been able to offset a significant portion of their taxable income with tax deductions, including depreciation and amortization expense deductions. A change in current tax law, or a change in the business of a given MLP, could result in an MLP (otherwise treated as a partnership) to become treated as a corporation or other form of taxable entity for U.S. federal income tax purposes, which would require such MLP to pay U.S. federal income tax, excise tax, or other forms of tax on its taxable income. The classification of an MLP as a corporation or other form of taxable entity for U.S. federal income tax purposes could have the effect of reducing the amount of cash available for distribution by the MLP and could cause any such distributions received by the Funds to be taxed as dividend income, return of capital, or capital gain. Thus, if any MLP owned by the Funds were treated as a corporation or other form of taxable entity for U.S. federal income tax purposes, the after-tax return to the Funds with respect to its investment in such MLP could be materially reduced, which could cause a material decrease in the NAV of the Funds' shares.

**Debt Obligations**

If a Fund purchases a debt obligation with original issue discount ("<u>OID</u>"), which generally means a debt obligation with a purchase price at original issuance less than its principal amount, such as a zero-coupon bond or payment-in-kind bond, the Fund typically must include in its annual taxable income a portion of the OID as ordinary income even though the Fund may not receive cash payments attributable to the OID until a later date, potentially until maturity or disposition of the obligation. A portion of the OID includible in income with respect to certain high-yield corporate discount obligations may be treated as a dividend for U.S. federal income tax purposes. Similarly, if a Fund purchases a debt obligation with market discount, which generally means a debt obligation with a purchase price after original issuance less than its principal amount (reduced by any OID), the Fund typically must include in its annual taxable income a portion of the market discount as ordinary income even though the Fund may not receive cash payments attributable to the market discount until a later date, potentially until maturity or disposition of the obligation. A Fund generally must make distributions to shareholders representing the OID or market discount income on debt obligations that is currently includible in income, even though the cash representing such income may not have been received by a Fund. The Fund might sell securities that the Fund otherwise would have continued to hold in order to obtain cash to pay such distributions, which could be disadvantageous for the Fund's shareholders.

If a Fund invests in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default, the Fund may have special tax issues. U.S. federal income tax rules are not entirely clear about when a Fund may cease to accrue interest, OID, or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, and how payments received on obligations in default should be allocated between principal and income. If a Fund (other than the Midstream Fund) were to invest in such securities, it would address these and other related issues to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

**Options**

If an option granted by a Fund is sold, lapses, or otherwise terminated through a closing transaction, such as a repurchase by the Fund of the option from its holder, the Fund realizes a short-term capital gain or loss depending on whether the premium income is greater or less than the amount paid by the Fund in the closing transaction. Some capital losses realized by a Fund in the sale, exchange, exercise, or other disposition of an option could be deferred if they result from a position that is part of a straddle position, an explanation of which is included below. If securities are sold by a Fund pursuant to the exercise of a covered call option granted by it, the Fund generally adds the premium received to the sale price of the securities delivered in determining the amount of gain or loss on the sale. If securities are purchased by a Fund pursuant to the exercise of a put option granted by it, the Fund generally subtracts the premium received from its cost basis in the securities purchased.

**Certain Futures Contracts, Foreign Currency Contracts, and Non-Equity Listed Options**

Some regulated futures contracts, certain foreign currency contracts, and non-equity listed options used by a Fund may be deemed Section 1256 contracts. A Fund is required to treat any such contracts held at the end of the taxable year as if they had been sold on the last day of that year at market value under the mark-to-market rule. Sixty percent of any net gain or loss realized on all dispositions of Section 1256 contracts, including deemed dispositions under the mark-to-market rule, generally is treated as long-term capital gain or loss, and the remaining 40% is treated as short-term capital gain or loss, although certain foreign currency gains and losses from such contracts may be treated as ordinary income or loss as described below. These provisions may require a Fund to recognize income or gains without a concurrent receipt of cash. Transactions that qualify as designated hedges are exempt from the mark-to-market rule and the 60%/40% rule and may require the Fund to defer the recognition of losses on certain futures contracts, foreign currency contracts, and non-equity options.

**Certain Foreign Currency Gains and Losses**

Foreign currency gains and losses realized by a Fund in connection with certain transactions involving foreign currency-denominated debt obligations, certain options, futures contracts, forward contracts, and similar instruments relating to foreign currency, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gains and losses to be treated as ordinary income or loss and may affect the amount and timing of recognition of the Fund's income. Under U.S. Treasury regulations, any such transactions that are not directly related to a Fund's investments in stock or securities (or its options contracts or futures contracts with respect to stock or securities) may have to be limited in order to enable the Fund to satisfy the 90% income test described above. If the net foreign currency loss exceeds a Fund's net investment company taxable income (computed without regard to such loss) for a taxable year, the resulting ordinary loss for such year is not deductible by the Fund or its shareholders in future years.

**Straddles**

Offsetting positions held by a Fund involving certain derivative instruments, such as financial forward, futures, and options contracts, may be considered, for U.S. federal income tax purposes, to constitute straddles. Straddles include offsetting positions in actively traded personal property. The tax treatment of straddle" is governed by Section 1092 of the Code, which, in certain circumstances, overrides or modifies the provisions of Section 1256 of the Code, described above. If a Fund is treated as entering into straddle and at least one (but not all) of the Fund's positions in derivative contracts comprising a part of such straddle is governed by Section 1256 of the Code, then such straddle could be characterized as a mixed straddle. A Fund may make one or more elections with respect to mixed straddles. Depending on which election is made, if any, the results with respect to a Fund may differ. Generally, to the extent the straddle rules apply to positions established by a Fund, losses realized by the Fund could be deferred to the extent of unrealized gain in any offsetting positions. Moreover, as a result of the straddle rules, short-term capital loss on straddle positions may be recharacterized as long-term capital loss, and long-term capital gain may be characterized as short-term capital gain. In addition, the existence of a straddle may affect the holding period of the offsetting positions. As a result, the straddle rules could cause distributions that would otherwise constitute qualified dividend income to fail to satisfy the applicable holding period requirements (described below) and therefore to be taxed as ordinary income. Furthermore, the Fund may be required to capitalize, rather than deduct currently, any interest expense and carrying charges applicable to a position that is part of a straddle, including any interest expense on indebtedness incurred or continued to purchase or carry any positions that are part of a straddle. Because the application of the straddle rules may affect the character and timing of gains and losses from affected straddle positions, the amount that must be distributed to shareholders and taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a situation where a Fund had not engaged in such transactions.

**Constructive Sales and Ownership**

If a Fund enters into a constructive sale of any appreciated financial position in stock, a partnership interest, or certain debt instruments, the Fund is treated as if it had sold and immediately repurchased the property and must recognize gain (but not loss) with respect to that position. A constructive sale of an appreciated financial position occurs when a Fund enters into certain offsetting transactions with respect to the same or substantially identical property, including (i) a short sale, (ii) an offsetting notional principal contract, (iii) a futures or forward contract, or (iv) other transactions identified in future U.S. Treasury regulations. The character of the gain from constructive sales depends on a Fund's holding period in the appreciated financial position. Losses realized from a sale of a position that was previously the subject of a constructive sale are recognized when the Fund disposes of the position. The character of such losses depends on a Fund's holding period in the position and the application of various loss deferral provisions in the Code. Constructive sale treatment does not apply to certain closed transactions, including if such a transaction is closed on or before the 30th day after the close of the Fund's taxable year and the Fund holds the appreciated financial position unhedged throughout the 60-day period beginning with the day such transaction was closed.

The amount of long-term capital gain a Fund may recognize from certain derivative transactions with respect to interests in certain pass-through entities is limited under the Code's constructive ownership rules. The amount of long-term capital gain is limited to the amount of such gain a Fund would have had if the Fund directly invested in the pass-through entity during the term of the derivative contract. Any gain in excess of this amount is treated as ordinary income. An interest charge is imposed on the amount of gain that is treated as ordinary income.

**Certain Derivatives**

In addition, a Fund's transactions in securities and certain types of derivatives (e.g., options, futures contracts, forward contracts, and swap agreements) may be subject to other special tax rules, such as the wash sale rules or the short sale rules, the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments to the holding periods of the Fund's securities, convert long-term capital gains into short-term capital gains, or convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing, and character of distributions to shareholders.

Rules governing the U.S. federal income tax aspects of derivatives, including swap agreements, are in a developing stage and are not entirely clear in certain respects. Accordingly, while each Fund intends to account for such transactions in a manner it deems to be appropriate, the IRS might not accept such treatment. If it did not, the status of a Fund (other than the Midstream Fund) as a RIC might be jeopardized. Certain requirements that must be met under the Code in order for a Fund to qualify as a RIC may limit the extent to which a Fund (other than the Midstream Fund) engages in derivatives transactions.

**REITs and REMICs**

Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite 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. A Fund's investments in REIT equity securities may at other times 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. Prior to December 31, 2025, taxable ordinary dividends received and distributed by a Fund on its REIT holdings might be eligible to be reported by the Fund, and treated by individual shareholders, as "qualified REIT dividends" that were eligible for a 20% deduction on its federal income tax returns. Individuals had to satisfy holding period and other requirements in order to be eligible for the deduction. This deduction is no longer available, which could reduce the after-tax attractiveness of a Fund's REIT investments for certain shareholders.

Direct or indirect investments in residual interests in REMICs or in other interests may be treated as TMPs for U.S. federal income tax purposes. Under IRS guidance, a Fund must allocate "excess inclusion income" received directly or indirectly from REMIC residual interests or TMPs to its shareholders in proportion to dividends paid to such shareholders, with the same consequences as if the shareholders had invested in the REMIC residual interests or TMPs directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) constitutes unrelated business taxable income to Keogh, 401(k), and qualified pension plans, as well as individual retirement accounts and certain other tax exempt entities, thereby potentially requiring such an entity, which otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder, does not qualify for any reduction, by treaty or otherwise, in the 30% U.S. federal withholding tax. In addition, if at any time during any taxable year a disqualified organization (as defined in the Code) is a record holder of a share in a Fund, then the Fund is subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the highest federal corporate income tax rate. To the extent permitted under the 1940 Act, a Fund may elect to specially allocate any such tax to the applicable disqualified organization, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. A Fund may or may not make such an election.

**PFICs and CFCs**

Passive foreign investment companies ("<u>PFICs</u>") are generally defined as foreign corporations with respect to which at least 75% of their gross income for their taxable year is income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or at least 50% of their assets on average produce, or are held for the production of, such passive income. If a Fund acquires any equity interest in a PFIC, the Fund could be subject to U.S. federal income tax and interest charges on excess distributions received from the PFIC or on gain from the sale of such equity interest in the PFIC, even if all income or gain actually received by the Fund is timely distributed to its shareholders. Excess distributions are characterized as ordinary income even though, absent the application of PFIC rules, some excess distributions may have been classified as capital gain.

A Fund may not pass through to its shareholders any credit or deduction for taxes and interest charges incurred with respect to PFICs. Elections may be available that would ameliorate these adverse tax consequences, but such elections could require a Fund to recognize taxable income or gain without the concurrent receipt of cash. Investments in PFICs could also result in the treatment of associated capital gains as ordinary income. The Funds may attempt to limit or manage their holdings in PFICs to minimize their tax liability or maximize their returns from these investments, but there can be no assurance that they would be able to do so. Moreover, because it is not always possible to identify a foreign corporation as a PFIC in advance of acquiring shares in the corporation, a Fund may incur the tax and interest charges described above in some instances. Dividends paid by a Fund attributable to income and gains derived from PFICs are not eligible to be treated as qualified dividend income.

If a Fund owns 10% or more of either the voting power or value of the stock of a controlled foreign corporation ("<u>CFC</u>"), such corporation is not treated as a PFIC with respect to the Fund. In general, a Fund may be required to recognize dividends from a CFC before actually receiving any dividends. There may also be a tax imposed on a U.S. shareholder's aggregate net CFC income that is treated as global intangible low-taxed income. As a result, a Fund may be required to recognize income sooner than it otherwise would and may never realize such income.

**Additional Information**

In addition to the investments described above, prospective shareholders should be aware that other investments made by a Fund could involve complex tax rules that could result in income or gain recognition by a Fund without corresponding current cash receipts. Although a Fund seeks to avoid significant non-cash income, such non-cash income could be recognized by the Fund. In such case, the Fund may distribute cash derived from other sources to meet the minimum distribution requirements described above, which may require the Fund to liquidate investments prematurely.

Notwithstanding the foregoing, accrual method taxpayers are required to recognize gross income under the "all events test" no later than when such income is recognized as revenue in an applicable financial statement (e.g., an audited financial statement that is used for reporting to partners). This rule may require the Fund to recognize income earlier than as described above.

**U.S. Federal Income Tax Rates**

Non-corporate Fund shareholders (i.e., individuals, trusts, and estates) currently are taxed at a maximum rate of 37% on ordinary income and 20% on net capital gain.

In general, qualified dividend income realized by non-corporate Fund shareholders is taxable at the same rate as net capital gain. Qualified dividend income is dividend income attributable to certain U.S. and foreign corporations, as long as certain holding period requirements are met. If less than 95% of the income of a Fund, other than the Midstream Fund, is attributable to qualified dividend income, then typically only the portion of the Fund's distributions that is attributable to qualified dividend income and reported in writing as such in a timely manner is treated as qualified dividend income in the hands of individual shareholders. Payments received by a Fund, other than the Midstream Fund, from securities lending, repurchase, and other derivative transactions ordinarily do not qualify. The rules attributable to the qualification of Fund distributions as qualified dividend income are complex, including the holding period requirements. Individual Fund shareholders therefore are urged to consult their own tax advisers and financial planners.

The current maximum stated corporate U.S. federal income tax rate applicable to ordinary income and net capital gain is 21%. Actual marginal tax rates may be higher for some shareholders, for example, through reductions in deductions. Distributions from a Fund may qualify for the dividends-received deduction applicable to corporate shareholders with respect to certain dividends. Naturally, the amount of tax payable by any taxpayer is affected by a combination of tax laws covering, for example, deductions, credits, deferrals, exemptions, and sources of income.

In addition, non-corporate Fund shareholders generally are subject to an additional 3.8% tax on their net investment income, which usually includes taxable distributions received from the corresponding Fund and taxable gain on the disposition of Fund shares if the shareholders meet a taxable income test.

Under the Foreign Account Tax Compliance Act ("<u>FATCA</u>") U.S. federal income tax withholding at a 30% rate is imposed on dividends and proceeds of redemptions in respect of Fund shares received by Fund shareholders who own their shares through foreign accounts or foreign intermediaries if certain disclosure requirements related to U.S. accounts or ownership are not satisfied. The Funds do not pay any additional amounts in respect to any amounts withheld.

**Information Reporting and Backup Withholding**

Distributions on, and the payment of the proceeds of a disposition of, a Fund share generally is subject to information reporting if made within the United States or through certain U.S.-related financial intermediaries. Information returns must be filed with the IRS, and copies of information returns may be made available to the tax authorities of the country in which a holder resides or is incorporated under the provisions of a specific treaty or agreement.

A Fund generally is required to withhold and remit to the U.S. Treasury, subject to exemptions such as those for certain corporate or foreign shareholders, an amount equal to 24% of all distributions and redemption proceeds (including proceeds from exchanges and in-kind redemptions) paid or credited to a Fund shareholder if (i) the shareholder fails to furnish the Fund with a correct taxpayer identification number ("<u>TIN</u>"), (ii) the shareholder fails to certify under penalties of perjury that the TIN provided is correct, (iii) the shareholder fails to make certain other certifications, or (iv) the IRS notifies the Fund that the shareholder's TIN is incorrect or that the shareholder is otherwise subject to backup withholding. Backup withholding is not an additional tax imposed on the shareholder. The shareholder may apply amounts withheld as a credit against the shareholder's U.S. federal income tax liability and may obtain a refund of any excess amounts withheld as long as the required information is furnished to the IRS. If a shareholder fails to furnish a valid TIN upon request, the shareholder can also be subject to IRS penalties. A shareholder may generally avoid backup withholding by furnishing a properly completed IRS Form W-9. State backup withholding may also be required to be withheld by the Funds under certain circumstances.

**Foreign Shareholders**

For purposes of this discussion, foreign shareholders include (i) nonresident alien individuals, (ii) foreign trusts (i.e., any trust other than a trust with respect to which a U.S. court is able to exercise primary supervision over administration of that trust and one or more U.S. persons have authority to control substantial decisions of that trust), (iii) foreign estates (i.e., estates whose income is not subject to U.S. tax regardless of source), and (iv) foreign corporations.

Generally, distributions made to foreign shareholders are subject to non-refundable U.S. federal income tax withholding at a 30% rate (or such lower rate provided under an applicable income tax treaty) even if they are funded by income or gains (such as portfolio interest, short-term capital gain, or foreign-source dividend and interest income) that, if paid to a foreign person directly, would not be subject to such withholding.

Under legislation that has been available from time to time, a Fund could report in writing to its shareholders certain distributions made to foreign shareholders that would not be subject to U.S. federal income tax withholding where the distribution is attributable to specific sources (such as portfolio interest and short-term capital gain), certain requirements are met and the Fund makes appropriate designations to pay such exempt distributions. Even if a Fund realizes income from such sources, no assurance can be made that the Fund would meet such requirements or make such designations. Where Fund shares are held through an intermediary, even if a Fund makes the appropriate designation, the intermediary may withhold U.S. federal income tax.

Capital gains dividends and gains recognized by a foreign shareholder on the redemption of Fund shares generally are not subject to U.S. federal income tax withholding, provided that certain requirements are satisfied.

Under FATCA, a withholding tax of 30% is imposed on dividends on, and the gross proceeds of a disposition of, Fund shares paid to certain foreign shareholders unless various information reporting requirements are satisfied. Such withholding tax generally applies to non-U.S. financial institutions, which are defined for this purpose as non-U.S. entities that (i) accept deposits in the ordinary course of a banking or similar business, (ii) are engaged in the business of holding financial assets for the account of others, or (iii) are engaged, or hold themselves out as being engaged, primarily in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interest in such assets. Prospective foreign shareholders are encouraged to consult their tax advisors regarding the implications of FATCA on their investment in a Fund.

Before investing in a Fund's shares, a prospective foreign shareholder should consult with its own tax advisors, including whether the shareholder's investment can qualify for benefits under an applicable income tax treaty.

**Tax Shelter Reporting Regulations**

Generally, under U.S. Treasury regulations, if an individual shareholder recognizes a loss of $2 million or more, or if a corporate shareholder recognizes a loss of $10 million or more, with respect to Fund shares, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of securities are in many cases exempt from this reporting requirement, but shareholders of a RIC are not exempt under current guidance. Future guidance may extend the current exemption from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**Tax Legislation**

Prospective shareholders should recognize that the present U.S. federal income tax treatment of the Funds and their shareholders may be modified by legislative, judicial, or administrative actions at any time, which may be retroactive in effect. The rules addressing U.S. federal income taxation are constantly under review by Congress, the IRS, and the U.S. Treasury, and statutory changes, as well as promulgation of new regulations, revisions to existing statutes, and revised interpretations of established concepts, occur frequently. You should consult your advisers concerning the status of legislative proposals that may pertain to holding Fund shares.

The foregoing summary does not describe fully the income and other tax consequences of an investment in a Fund. Fund investors are strongly urged to consult with their tax advisers, with specific reference to their own respective situations, regarding the potential tax consequences of an investment in a Fund.

**Description of CERTAIN instruments**

***Bankers' Acceptances***. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity.

***Certificates of Deposit***. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank or a savings and loan association for a definite period of time and earning a specified return.

***Commercial Paper***. Commercial paper consists of unsecured promissory notes issued by corporations. Issues of commercial paper normally have maturities of less than nine months and fixed rates of return.

***U.S. Government Agency and Instrumentality Obligations***. Obligations issued by agencies and instrumentalities of the U.S. government include such agencies and instrumentalities as the Government National Mortgage Association, the Export-Import Bank of the United States, the Tennessee Valley Authority, the Farmers Home Administration, the Federal Home Loan Banks, the Federal Intermediate Credit Banks, the Federal Farm Credit Banks, the Federal Land Banks, the Federal Housing Administration, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Student Loan Marketing Association. Some of these obligations, such as those of the Government National Mortgage Association are supported by the full faith and credit of the U.S. Treasury; others, such as those of the Export-Import Bank of the United States, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. No assurance can be given that the U.S. government would provide financial support to U.S. government-sponsored instrumentalities if it is not obligated to do so by law. A Fund invests in the obligations of such instrumentalities only when its portfolio managers believe that the credit risk with respect to the instrumentality is minimal.

***U.S. Treasury Securities***. U.S. Treasury securities are obligations issued or guaranteed as to payment of principal and interest by the full faith and credit of the U.S. government. These obligations may include Treasury bills, notes, and bonds, and issues of agencies and instrumentalities of the U.S. government, as long as obligations are guaranteed as to payment of principal and interest by the full faith and credit of the U.S. government.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "<u>Program</u>") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("<u>PATRIOT Act</u>"). To ensure compliance with this law, the Program provides for the development of internal practices, procedures, and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Distributor and Fund Services have established proper anti-money laundering procedures, reporting suspicious or fraudulent activity, and performing a complete and thorough review of all new opening account applications. No Fund may transact business with any person or legal entity whose identity and whose beneficial owners, if applicable, cannot be adequately verified under the provision of the PATRIOT Act.

As a result of the Program, the Funds may be required to freeze the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Funds may be required to transfer the account or proceeds of the account to a governmental agency.

**OTHER INFORMATION**

**DISTRIBUTION PLANS**

The Board of Trustees has adopted a separate Distribution (Rule 12b-1) Plan (a "<u>Plan</u>") on behalf of Investor Class shares of each Fund pursuant to Rule 12b-1 under the 1940 Act. The Plans were adopted in anticipation that the Funds would benefit from the Plans through increased sales of shares, thereby spreading each Fund's fixed expenses over a greater base and providing the Fund with an asset size that allows greater flexibility in the management of its portfolio. The Plans allow the Funds to reimburse eligible expenses actually incurred by the Funds.

The Plans authorize payments by the Funds in connection with the distribution of their shares at an annual rate set by the Board of Trustees of up to 0.25% of the average daily net assets of the Funds. Despite the currently set rate of 0.15% for all Funds, the Board of Trustees is authorized to set the annual rate of all Funds at up 0.25% pursuant to previous shareholder approval. Amounts paid under a Plan by a Fund may be spent by the Fund on any activities or expenses primarily intended to result in the sale of shares of the Fund, including but not limited to, advertising, compensation for sales and marketing activities of financial institutions and others such as dealers and distributors, shareholder account servicing, the printing and mailing of prospectuses to other than current shareholders, and the printing and mailing of sales literature. Amounts may also be spent on the cost of implementing and operating the Plan and the payment of capital or other expenses of associated equipment, rent, salaries, bonuses, interest, and other overhead costs. A Fund may reimburse the Distributor for expenses it pays on behalf of such Fund that are eligible to be paid under the applicable Plan. To the extent any activity is one that a Fund may finance without a plan pursuant to Rule 12b-1, the Fund may also make payments to finance such activity outside of its Plan and not subject to its limitations.

The Plan for a particular Fund may be terminated by such Fund at any time by a vote of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in such Plan or any agreement related thereto (the "<u>Rule 12b-1 Trustees</u>") or by a vote of a majority of the outstanding shares of such Fund. Any change in the Plan for a particular Fund that would materially increase the distribution expenses of such Fund provided for in such Plan requires approval of the Board of Trustees, including the Rule 12b-1 Trustees, and a majority of the applicable Fund's shareholders.

While the Plans are in effect, the selection and nomination of Rule 12b-1 Trustees is at the discretion of the Trustees who are not interested persons of the Trust. The Board of Trustees must review the amount and purposes of expenditures pursuant to the Plans quarterly as reported to it by the Distributor or officers of the Trust. The Plans continue in effect for as long their continuance is specifically approved at least annually by the Board of Trustees, including the Rule 12b-1 Trustees.

During fiscal year 2025, the following amounts were paid by the Funds under a Plan with respect to Investor Class shares:

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| | |
|:---|:---|
|  | **Fiscal Year Ended**<br> **<u>October 31, 2025</u>** |
| Cornerstone Growth Fund | $457850 |
| Focus Fund | $533231 |
| Cornerstone Mid Cap 30 Fund | $814960 |
| Cornerstone Large Growth Fund | $177829 |
| Cornerstone Value Fund | $414488 |

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| | |
|:---|:---|
|  | **Fiscal Year Ended**<br> **<u>October 31, 2025</u>** |
| Total Return Fund | $73049 |
| Equity and Income Fund | $43527 |
| Balanced Fund | $19309 |
| Energy Transition Fund | $9354 |
| Midstream Fund | $40089 |
| Gas Utility Fund | $661291 |
| Japan Fund | $73412 |
| Japan Small Cap Fund | $50827 |
| Large Cap Financial Fund | $35006 |
| Small Cap Financial Fund | $101578 |
| Technology Fund | $8219 |

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During fiscal year 2025, the Funds incurred the following expenses with respect to Investor Class shares. Other distribution expenses identified in the column below include administrative, legal, financial management, and sales support expenses of such Funds:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Sales** <br> **Material** <br> **and**<br> **<u>Advertising</u>** | &nbsp;&nbsp;**Printing and** <br> **Mailing Fund**<br> **Prospectuses to** <br> **other than Current** <br> **<u>Shareholders</u>** | &nbsp;&nbsp;**Compensation** <br> **to Sales** <br> **Personnel and** <br> **<u>Broker-Dealers</u>** | &nbsp;&nbsp;**Other Distribution**<br> **<u>Expenses</u>** | &nbsp;&nbsp;**Approximate** <br> **Total Amount** <br> **Spent with** <br> **Respect to** <br> **<u>Each Fund</u>** |
| &nbsp;&nbsp;Cornerstone Growth Fund | $&nbsp;&nbsp;58845 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;399005 | $&nbsp;&nbsp;457850 |
| &nbsp;&nbsp;Focus Fund | $&nbsp;&nbsp;35883 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;497348 | $&nbsp;&nbsp;533231 |
| &nbsp;&nbsp;Cornerstone Mid Cap 30 Fund | $&nbsp;&nbsp;42076 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;772884 | $&nbsp;&nbsp;814960 |
| &nbsp;&nbsp;Cornerstone Large Growth Fund | $&nbsp;&nbsp;62987 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;114842 | $&nbsp;&nbsp;177829 |
| &nbsp;&nbsp;Cornerstone Value Fund | $&nbsp;&nbsp;198932 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;215556 | $&nbsp;&nbsp;414488 |
| &nbsp;&nbsp;Total Return Fund | $&nbsp;&nbsp;25633 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;47416 | $&nbsp;&nbsp;73049 |
| &nbsp;&nbsp;Equity and Income Fund | $&nbsp;&nbsp;1620 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;41907 | $&nbsp;&nbsp;43527 |
| &nbsp;&nbsp;Balanced Fund | $&nbsp;&nbsp;5855 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;13454 | $&nbsp;&nbsp;19309 |
| &nbsp;&nbsp;Energy Transition Fund | $&nbsp;&nbsp;416 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;8938 | $&nbsp;&nbsp;9354 |
| &nbsp;&nbsp;Midstream Fund | $&nbsp;&nbsp;1310 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;38779 | $&nbsp;&nbsp;40089 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Sales** <br> **Material** <br> **and**<br> **<u>Advertising</u>** | &nbsp;&nbsp;**Printing and** <br> **Mailing Fund**<br> **Prospectuses to** <br> **other than Current<br> <u>Shareholders</u>** | &nbsp;&nbsp;**Compensation** <br> **to Sales** <br> **Personnel and<br> <u>Broker-Dealers</u>** | &nbsp;&nbsp;**Other Distribution**<br> **<u>Expenses</u>** | &nbsp;&nbsp;**Approximate** <br> **Total Amount** <br> **Spent with** <br> **Respect to**<br> **<u>Each Fund</u>** |
| &nbsp;&nbsp;Gas Utility Fund | $&nbsp;&nbsp;119913 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;541378 | $&nbsp;&nbsp;661291 |
| &nbsp;&nbsp;Japan Fund | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;73412 | $&nbsp;&nbsp;73412 |
| &nbsp;&nbsp;Japan Small Cap Fund | $&nbsp;&nbsp;1461 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;49366 | $&nbsp;&nbsp;50827 |
| &nbsp;&nbsp;Large Cap Financial Fund | $&nbsp;&nbsp;3411 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;31595 | $&nbsp;&nbsp;35006 |
| &nbsp;&nbsp;Small Cap Financial Fund | $&nbsp;&nbsp;6978 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;94600 | $&nbsp;&nbsp;101578 |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp;1090 | $&nbsp;&nbsp;— | &nbsp;&nbsp;$– &nbsp;&nbsp;$| &nbsp;&nbsp;7129 | $&nbsp;&nbsp;8219 |

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**SHAREHOLDER SERVICING AGREEMENT**

The Funds have entered into a Shareholder Servicing Agreement with the Investment Manager (the "<u>Servicing Agreement</u>") with respect to their Investor Class shares. Pursuant to the Servicing Agreement, the Investment Manager provides administrative support services to the Funds consisting of:

● maintaining a toll-free number that current shareholders may call to ask questions about their accounts or the Funds;

● responding generally to shareholder questions;

● actively participating as a liaison between shareholders and Fund Services; and

● providing such other similar services as may be requested.

For such services, each Fund pays an annual service fee to the Investment Manager equal to 0.10% of the average daily net assets of its Investor Class shares. Institutional Class shares of the Funds are not subject to this annual service fee.

During fiscal years 2025, 2024, and 2023, the Funds paid the following fees with respect to Investor Class shares to the Investment Manager pursuant to the Servicing Agreement:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Cornerstone Growth Fund | $&nbsp;&nbsp;305233 | $&nbsp;&nbsp;253306 | $&nbsp;&nbsp;147456 |
| &nbsp;&nbsp;Focus Fund | $&nbsp;&nbsp;355487 | $&nbsp;&nbsp;374532 | $&nbsp;&nbsp;414910 |
| &nbsp;&nbsp;Cornerstone Mid Cap 30 Fund | $&nbsp;&nbsp;543306 | $&nbsp;&nbsp;459695 | $&nbsp;&nbsp;247711 |
| &nbsp;&nbsp;Cornerstone Large Growth Fund | $&nbsp;&nbsp;118400 | $&nbsp;&nbsp;128489 | $&nbsp;&nbsp;118849 |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br> **<u>October 31, 2023</u>** |
| &nbsp;&nbsp;Cornerstone Value Fund | $&nbsp;&nbsp;276326 | $&nbsp;&nbsp;265553 | $&nbsp;&nbsp;269010 |
| &nbsp;&nbsp;Total Return Fund | $&nbsp;&nbsp;48699 | $&nbsp;&nbsp;49928 | $&nbsp;&nbsp;52320 |
| &nbsp;&nbsp;Equity and Income Fund | $&nbsp;&nbsp;29018 | $&nbsp;&nbsp;34040 | $&nbsp;&nbsp;37952 |
| &nbsp;&nbsp;Balanced Fund | $&nbsp;&nbsp;12873 | $&nbsp;&nbsp;13319 | $&nbsp;&nbsp;12450 |
| &nbsp;&nbsp;Energy Transition Fund | $&nbsp;&nbsp;6236 | $&nbsp;&nbsp;7513 | $&nbsp;&nbsp;9071 |
| &nbsp;&nbsp;Midstream Fund | $&nbsp;&nbsp;26726 | $&nbsp;&nbsp;19443 | $&nbsp;&nbsp;13885 |
| &nbsp;&nbsp;Gas Utility Fund | $&nbsp;&nbsp;440861 | $&nbsp;&nbsp;396717 | $&nbsp;&nbsp;430852 |
| &nbsp;&nbsp;Japan Fund | $&nbsp;&nbsp;48942 | $&nbsp;&nbsp;53030 | $&nbsp;&nbsp;45714 |
| &nbsp;&nbsp;Japan Small Cap Fund | $&nbsp;&nbsp;33885 | $&nbsp;&nbsp;32776 | $&nbsp;&nbsp;33912 |
| &nbsp;&nbsp;Large Cap Financial Fund | $&nbsp;&nbsp;23337 | $&nbsp;&nbsp;19926 | $&nbsp;&nbsp;20257 |
| &nbsp;&nbsp;Small Cap Financial Fund | $&nbsp;&nbsp;67719 | $&nbsp;&nbsp;65340 | $&nbsp;&nbsp;69547 |
| &nbsp;&nbsp;Technology Fund | $&nbsp;&nbsp;5480 | $&nbsp;&nbsp;5161 | $&nbsp;&nbsp;4384 |

---

The Servicing Agreement may be terminated with respect to a Fund by either party on 60 days' prior written notice to the other party and terminates if its continuance is not approved with respect to such Fund at least annually by a majority of those Trustees who are not interested persons (as defined in the 1940 Act) of any such party.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Funds may pay fees to financial intermediaries, such as brokers or third-party administrators, for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Fees paid pursuant to such agreements are generally based on either (i) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (ii) the number of accounts held by Fund shareholders that are serviced by a financial intermediary. Any fees paid pursuant to such agreements may be in addition to, rather than in lieu of, fees the Funds may pay to financial intermediaries pursuant to the Plans for distribution and other services.

The Investment Manager also may pay certain financial intermediaries for certain activities related to the Funds. These payments are separate from any fees the Funds pay to those financial intermediaries. Any payments made by the Investment Manager are made from its own assets and not from the assets of the Funds. These payments do not increase the price paid by investors for the purchase of shares of, or the cost of owning, a Fund. The Investment Manager may pay for financial intermediaries to participate in marketing activities and presentations, educational training programs, activities designed to make registered representatives, other professionals, and individual investors more knowledgeable about the Funds, or activities relating to the support of technology platforms and reporting systems. The Investment Manager may also make payments to financial intermediaries for certain printing, publishing, and mailing costs associated with the Funds. Additionally, the Investment Manager may make payments to financial intermediaries that make shares of the Funds available to their clients or for otherwise promoting the Funds. Payments of this type are sometimes referred to as revenue-sharing payments.

Payments to financial intermediary may be significant to that financial intermediary, and amounts that financial intermediaries pay to an investor's salesperson or other investment professional may also be significant for the investor's salesperson or other investment professional. Because a financial intermediary may make decisions about which investment options it recommends or makes available to its clients and what services to provide for various products based on payments it receives or is eligible to receive, these payments create conflicts of interest between the financial intermediary and its clients, and these financial incentives may cause the financial intermediary to recommend the Funds over other investments. The same conflict of interest exists with respect to an investor's salesperson or other investment professional if such individual receives similar payments from a financial intermediary.

The incremental assets purchased by shareholders through financial intermediaries to which the Investment Manager makes payments are not as profitable to the Investment Manager as those purchased in direct shareholder accounts. A significant majority of shareholders invest in the Funds through such financial intermediaries.

**DESCRIPTION OF SHARES**

Each Fund's authorized capital consists of an unlimited number of shares of beneficial interest, having no par value. Shareholders are entitled to (i) one vote per full Fund share, (ii) such distributions as may be declared by the Board of Trustees out of funds legally available, and (iii) upon liquidation, to participate ratably in the assets available for distribution. There are no conversion or sinking fund provisions applicable to Fund shares, and the holders have no preemptive rights and may not cumulate their votes in the election of Trustees. Consequently, the holders of more than 50% of Fund shares voting for the election of Trustees can elect all the Trustees, and in such event, the holders of the remaining Fund shares voting for the election of Trustees would be unable to elect any persons as Trustees. As indicated below, the Funds do not anticipate holding an annual meeting in any year in which the election of Trustees is not required to be acted on by shareholders under the 1940 Act.

Fund shares are redeemable and are transferable. All Fund shares issued and sold by the Funds are fully paid and nonassessable. Fractional Fund shares entitle the holder to the same rights as whole Fund shares.

Pursuant to the Trust Instrument, the Trustees may establish and designate one or more separate and distinct series of Fund shares, each of which would be authorized to issue an unlimited number of Fund shares. Additionally, without obtaining any prior authorization or vote of shareholders, the Trustees may redesignate or reclassify any issued shares of any series. In the event that more than one series is established, each Fund share outstanding, regardless of series, would still entitle its holder to one vote. As a general matter, Fund shares would be voted in the aggregate and not by series, except where class voting would be required by the 1940 Act (e.g., change in investment policy or approval of an investment advisory agreement). All consideration received from the sale of Fund shares of any series, together with all income, earnings, profits and proceeds thereof, would belong to that series and would be charged with the liabilities in respect of that series and of that series' share of the general liabilities of the applicable Fund, as the case may be, in the proportion that the total net assets of the series bear to the total net assets of all series. The NAV of a Fund share of any series would be based on the assets belonging to that series less the liabilities charged to that series, and dividends could be paid on Fund shares of any series only out of lawfully available assets belonging to that series. In the event of liquidation or dissolution of a Fund, the shareholders would be entitled to the assets belonging to that Fund.

Other than the Total Return Fund and the Balanced Fund, each Fund offers both Investor Class Shares and Institutional Class Shares (each, a "<u>Class</u>"). Investor Class shares and Institutional Class shares represent an interest in the same assets of the Fund, have the same rights and are identical in all material respects except that (i) Investor Class shares may bear distribution fees and Institutional Class shares are not subject to such fees, (ii) Investor Class shares bear shareholder servicing fees payable to the Investment Manager and Institutional Class shares are not subject to such fees, (iii) Institutional Class shares are available only to shareholders who invest directly in a Fund, or who invest through a broker-dealer, financial institution, or servicing agent that has entered into appropriate arrangements with a Fund and provides services to the Fund, (iv) Institutional Class shares have a higher minimum initial investment, and (v) the Board of Trustees may elect to have certain expenses specific to Investor Class shares or Institutional Class shares be borne solely by the Class to which such expenses are attributable, but any expenses not specifically allocated to Investor Class shares or Institutional Class shares are allocated to each such Class on the basis of the NAV of that Class in relation to the NAV of the Fund. The Board of Trustees may classify and reclassify the shares of the Funds into additional classes of shares at a future date.

The Trust Instrument contains an express disclaimer of shareholder liability for the Trust's acts or obligations and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Funds or their Trustees. The Trust Instrument provides for indemnification and reimbursement of expenses out of the Funds' property, as applicable, for any shareholder held personally liable for its obligations. The Trust Instrument also provides that the Funds would, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Funds and satisfy any judgment thereon.

The Trust Instrument further provides that the Trustees are not liable for errors of judgment or mistakes of fact or law, but nothing in the Trust Instrument protects a Trustee against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Trustee's office.

**SHAREHOLDER MEETINGS**

The Trust does not expect to hold an annual meeting of shareholders in any year in which the election of Trustees is not required to be acted on by shareholders under the 1940 Act. At its discretion, the Board of Trustees may call a special meeting of shareholders to allow shareholders to vote on any matter that the Board of Trustees deems necessary or advisable.

The Trust's Trust Instrument and Bylaws contain procedures for the removal of Trustees by the Trust's shareholders. At any duly called meeting of shareholders and at which a quorum is present, the shareholders may, by the affirmative vote of the holders of at least two-thirds of the outstanding shares, remove any Trustee.

Upon the written request of the holders of shares entitled to not less than 10% of all the votes entitled to be cast at such meeting, the Secretary of the Trust must promptly call a special meeting of shareholders to vote on the question of removal of any Trustee. Whenever 10 or more shareholders of record who have been such for at least six months preceding the date of application and who hold in the aggregate either shares having a NAV of at least $25,000 or at least 1% of the total outstanding shares, whichever is less, apply to the Secretary in writing stating that they wish to communicate with other shareholders with a view to obtaining signatures to a request for a meeting as described above and accompanied by a form of communication and request which they wish to transmit, the Secretary must, within five business days after such application, either (i) afford to such applicants access to a list of the names and addresses of all shareholders as recorded on the books of the Trust or (ii) inform such applicants as to the approximate number of shareholders of record and the approximate cost of mailing to them the proposed communication and form of request.

If the Secretary elects to follow the course specified in clause (ii) of the last sentence of the preceding paragraph, the Secretary, upon the written request of such applicants accompanied by a tender of the material to be mailed and of the reasonable expenses of mailing, must, with reasonable promptness, mail such material to all shareholders of record at their addresses as recorded on the books unless, within five business days after such tender, the Secretary mails to such applicants and files with the SEC, together with a copy of the material to be mailed, a written statement signed by at least a majority of the Trustees to the effect that, in their opinion, either such material contains untrue statements of fact, omits to state facts necessary to make the statements contained therein not misleading, or would be in violation of applicable law, and specifying the basis of such opinion.

After opportunity for hearing on the objections specified in the written statement so filed, the SEC may, and if demanded by the Trustees or by such applicants must, enter an order either sustaining one or more of such objections or refusing to sustain any of them. If the SEC enters an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the SEC finds, after notice and opportunity for hearing, that all objections so sustained have been met and enters an order so declaring, the Secretary must mail copies of such material to all shareholders with reasonable promptness after the entry of such order and the renewal of such tender.

Rule 18f-2 under the 1940 Act provides that any matter required under the provisions of the 1940 Act, applicable state law, or otherwise to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust has not been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each fund affected by such matter. Rule 18f-2 further provides that a fund is deemed affected by a matter unless it is clear that the interests of each fund in the matter are identical or that the matter does not affect any interest of such fund. The rule exempts the selection of independent auditors and the election of Trustees from the separate voting requirements.

**REGISTRATION STATEMENT**

The Fund Prospectus and this SAI do not contain all the information included in the Registration Statement filed with the SEC under the 1933 Act with respect to the securities offered by the Fund Prospectus. The general public can review the Registration Statement, including the exhibits filed therewith, on the EDGAR Database on the SEC's Internet website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at publicinfo@sec.gov.

Statements contained in the Fund Prospectus and this SAI as to the contents of any contract or other document are not complete and, in each instance, reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement of which this SAI and the Fund Prospectus form a part, and each such statement is qualified in all respects by such reference.

**COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The law firm of Foley & Lardner LLP, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202-5306, serves as counsel to the Funds. Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102-2529, serves as the independent registered public accounting firm to the Funds. Tait, Weller & Baker LLP audits and reports on the Funds' annual financial statements, reviews certain regulatory reports and the Funds' income tax returns, and performs other auditing and tax services when engaged to do so.

**FINANCIAL STATEMENTS**

The following audited financial information, included in the Funds' [Form N-CSR](https://www.sec.gov/Archives/edgar/data/891944/000199937126000464/hft-ncsr_103125.htm) covering the fiscal year ended October 31, 2025, as filed with the SEC on January 8, 2026, under Investment Company Act File No. 811-07168 of the Trust, are incorporated by reference into this SAI:

● Schedules of Investments

● Statements of Assets and Liabilities

● Statements of Operations

● Statements of Changes in Net Assets

● Statement of Cash Flows (Total Return Fund only)

● Financial Highlights

● Notes to the Financial Statements

● Report of Independent Registered Public Accounting Firm (annual reports only)

---

| | |
|:---|:---|
| **Statement of Additional Information** | **MARCH 2, 2026** |

---

**HENNESSY FUNDS TRUST**

**7250 Redwood Boulevard**

 **Suite 200**

 **Novato, California 94945**

**1-877-671-3199**

**1-415-899-1555**

This Statement of Additional Information (this "<u>SAI</u>") relates to the Hennessy Sustainable ETF (The Nasdaq Stock Market LLC: STNC) (the "<u>Fund</u>"). This SAI does not relate to the series of Hennessy Funds Trust that are mutual funds, which are offered in a different Prospectus and Statement of Additional Information, each dated March 2, 2026, as may be amended and restated from time to time. This SAI is not a prospectus and should be read in conjunction with the current Prospectus of the Fund (the "<u>Fund Prospectus</u>"), dated March 2, 2026, as may be amended and supplemented from time to time. A copy of the Fund Prospectus may be obtained by calling or writing to the Fund at the telephone number or address shown above.

The financial statements, accompanying notes, and report of independent registered public accounting firm contained in the Fund's [Form N-CSR](https://www.sec.gov/Archives/edgar/data/891944/000199937126000464/hft-ncsr_103125.htm) covering the fiscal year ended October 31, 2025, as filed with the Securities and Exchange Commission (the "<u>SEC</u>") on January 8, 2026, are incorporated by reference into this SAI under Investment Company Act File No. 811-07168. Copies of the Fund's annual and semi-annual reports to shareholders, and other information such as the Fund's financial statements, may be obtained, without charge, by calling the Fund at the toll-free telephone number shown above, by visiting the Fund's website at www.hennessyetfs.com, or on the SEC's website at www.sec.gov.

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| [FUND HISTORY AND CLASSIFICATION](#etfsaia001) | B-1 |
| [INVESTMENT RESTRICTIONS](#etfsaia002) | B-1 |
| [EXCHANGE LISTING AND TRADING](#etfsaia003) | B-4 |
| [INVESTMENT CONSIDERATIONS](#etfsaia004) | B-4 |
| [TRUSTEES AND OFFICERS](#etfsaia005) | B-13 |
| [OWNERSHIP OF MANAGEMENT AND PRINCIPAL SHAREHOLDERS](#etfsaia006) | B-21 |
| [MANAGEMENT OF THE FUND](#etfsaia007) | B-22 |
| [PORTFOLIO TRANSACTIONS](#etfsaia008) | B-30 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#etfsaia009) | B-32 |
| [PURCHASE AND REDEMPTION OF CREATION UNITS](#etfsaia010) | B-33 |
| [VALUATION OF SHARES](#etfsaia011) | B-38 |
| [CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#etfsaia012) | B-38 |
| [DESCRIPTION OF CERTAIN INSTRUMENTS](#etfsaia013) | B-46 |
| [ANTI-MONEY LAUNDERING PROGRAM](#etfsaia014) | B-47 |
| [OTHER INFORMATION](#etfsaia015) | B-47 |

---

B-i

**FUND HISTORY AND CLASSIFICATION**

The Fund is a separate investment portfolio or series of Hennessy Funds Trust (the "<u>Trust</u>"), a Delaware statutory trust organized on September 17, 1992. The Trust is an open-end, management investment company registered under the Investment Company Act of 1940, and the regulations, rules, and guidance issued by the SEC thereunder (the "<u>1940 Act</u>"). The Trust is comprised of 17 series, including the Fund (the "<u>Hennessy Funds</u>"). The Fund is advised by Hennessy Advisors, Inc. (the "<u>Investment Manager</u>").

The Fund is the successor to the Stance Equity ESG Large Cap Core ETF (the "<u>Predecessor Fund</u>"), a series of The RBB Fund, Inc., pursuant to a reorganization that became effective after the close of business on December 22, 2022. Prior to that date, the Fund did not have any investment operations. The Predecessor Fund was managed by Red Gate Advisers, LLC ("<u>Red Gate</u>") and had the same investment objectives and investment strategies as the Fund. In connection with the reorganization, holders of the Predecessor Fund received shares of the Fund. The Fund is the accounting and performance information successor of the Predecessor Fund. The Investment Manager has retained Stance Capital, LLC ("<u>Stance Capital</u>") and Vident Advisory, LLC ("<u>Vident</u>") to serve as sub-advisors to the Fund. The Investment Manager has delegated responsibility for the day-to-day management of the portfolio composition of the Fund to Stance Capital and responsibility for selecting broker-dealers to execute purchase and sale transactions for the Fund to Vident, as instructed by Stance Capital. Stance Capital and a predecessor to Vident also served as sub-advisors to the Predecessor Fund. The Predecessor Fund is referenced in this SAI as the Fund, even though any reference to the Fund on or prior to December 22, 2022, actually refers to the Predecessor Fund.

The Fund has a diversified portfolio. The investment objective of the Fund is to achieve long-term capital appreciation.

The Fund is an actively managed exchange-traded fund ("<u>ETF</u>"). The Fund issues and redeems shares on a continuous basis at its net asset value per share ("<u>NAV</u>") in aggregations of a specified number of shares called "<u>Creation Units.</u>" Creation Units generally are issued in exchange for portfolio securities and an amount of cash. The Fund's shares are listed and traded on The Nasdaq Stock Market LLC (the "<u>Exchange</u>"). Shares trade in the secondary market at market prices that may differ from the shares' NAV. Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, also in exchange for portfolio securities and an amount of cash. Shareholders who are not Authorized Participants (as defined herein), therefore, will not be able to purchase or redeem shares directly with or from the Fund. Instead, shareholders who are not Authorized Participants will buy and sell shares in the secondary market through a broker.

Effective October 8, 2023, the Fund changed its fiscal year end from August 31 to October 31. Effective May 12, 2025, the Fund changed its name from the Hennessy Stance ESG ETF to the Hennessy Sustainable ETF. Also effective on May 12, 2025, the Fund's structure changed from a "semi-transparent" ETF, which meant it did not publicly disclose all its portfolio holdings on a daily basis, to a "transparent" ETF, which means it discloses all its portfolio holdings daily and operates in reliance on Rule 6c-11 under the 1940 Act.

**INVESTMENT RESTRICTIONS**

**Fundamental Policies**

The investment restrictions set forth below are fundamental policies of the Fund that cannot be changed without the approval of the holders of the lesser of (i) 67% or more of the Fund's shares present or represented at a meeting of shareholders at which holders of more than 50% of the Fund's outstanding shares are present or represented or (ii) more than 50% of the Fund's outstanding shares.

**Senior Securities**

The Fund may issue senior securities to the extent permitted by the 1940 Act. (The Fund currently does not enter into derivatives transactions, as defined in Rule 18f-4(a) under the 1940 Act.)

**Borrowing**

The Fund may borrow money to the extent permitted by the 1940 Act.

**Underwriting**

Except to the extent the Fund may be deemed to be an underwriter under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), when selling portfolio securities or selling its own shares, the Fund may not act as an underwriter.

**Industry Concentration**

The Fund may not make an investment in any one industry if such investment would cause the aggregate value of the Fund's investment in such industry to equal or exceed 25% of the Fund's net assets. This policy does not apply to U.S. Treasury securities, which are obligations issued or guaranteed by the U.S. government, and U.S. government agency and instrumentality obligations (collectively with U.S. Treasury securities, "<u>U.S. Government Securities</u>"), certificates of deposit, and bankers' acceptances. Certain of these instruments are described in greater detail under the "DESCRIPTION OF CERTAIN INSTRUMENTS" section of this SAI.

***Issuer Concentration***

The Fund may not purchase the securities of any one issuer (except U.S. Government Securities), if as a result, at the time of purchase more than 5% of the Fund's total assets would be invested in such issuer or the Fund would own or hold 10% or more of the outstanding voting securities of that issuer, except that up to 25% of the value of the Fund's total assets may be invested without regard to this restriction.

**Real Estate**

The Fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (although the Fund may invest in securities or other instruments secured by real estate or securities of companies engaged in the real estate business).

**Commodities**

The Fund may not buy or sell commodities and may not purchase or sell commodity contracts, but this does not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.

**Loans**

The Fund may not make loans. This limitation does not apply to (i) securities lending, (ii) repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan, or (iii) the purchase of debt securities or other debt instruments.

**OTHER INVESTMENT RESTRICTIONS**

The following investment restrictions and operating policies of the Fund may be changed by the Board of Trustees without shareholder approval.

**Illiquid Securities**

The Fund will not purchase any securities that are illiquid investments (as defined in Rule 22e-4(a)(8) of the 1940 Act) at the time of purchase. In addition, pursuant to the 1940 Act, the Fund may not invest in illiquid securities if at the time of acquisition more than 15% of the Fund's net assets would be invested in such securities. Illiquid securities are securities that the Fund reasonably expects cannot be sold, disposed of, or reversed in seven calendar days or less under current market conditions without such sale, disposition, or reversal significantly changing the market value of the investment. If the Fund exceeds the limitation on illiquid securities other than by a change in market values, the Fund must report the condition to the Board of Trustees and, when required by Rule 22e-4 of the 1940 Act, to the SEC.

Securities that may be resold in accordance with Rule 144A under the 1933 Act ("<u>Rule 144A</u>"), securities offered pursuant to Section 4(a)(2) of the 1933 Act, and securities otherwise subject to restrictions on resale under the 1933 Act are not deemed illiquid solely by reason of being unregistered. The Investment Manager determines the liquidity of a particular security based on the trading markets for the specific security and other factors.

**Name Rule**

The Fund normally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in exchange-traded equity securities of U.S. issuers that meet sustainability standards, as determined by the Fund's portfolio managers.

If the Board of Trustees were to change this non-fundamental policy for the Fund, the Fund must provide 60 days' prior written notice to the shareholders before implementing the change.

**GENERAL**

The policies and limitations listed above supplement those set forth in the Fund Prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of the Fund's assets that may be invested in any security or other asset or sets forth a policy regarding quality standards, such percentage limitation or standard is determined immediately after and as a result of the Fund's acquisition of such security or other asset except in the case of borrowing (or other activities that may be deemed to result in the issuance of a senior security under the 1940 Act). Accordingly, any subsequent change in values, net assets, or other circumstances is not considered when determining whether an investment complies with the Fund's investment policies and limitations. If the value of the Fund's holdings of illiquid securities at any time were to exceed the percentage limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, the Board of Trustees would consider what actions, if any, are appropriate to maintain adequate liquidity.

**EXCHANGE LISTING AND TRADING**

The Fund's shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of its shares. The Exchange may, but is not required to, remove the Fund's shares from listing if, among other things (i) there are fewer than 50 beneficial owners of the shares, or (ii) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings with the Fund on the Exchange inadvisable. The Exchange will remove the Fund's shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of the Fund's shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

As in the case of other stocks traded on the Exchange, broker's commissions on transactions will be based on negotiated commission rates at customary levels.

**INVESTMENT CONSIDERATIONS**

The Fund Prospectus describes the principal investment strategies and principal risks of the Fund. This section of this SAI provides additional information about certain investment practices of the Fund and the associated risks, including practices that are not considered principal strategies and risks of the Fund. With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Costs of Buying or Selling Shares Risk**

Investors buying or selling the Fund's shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of the Fund's shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy the Fund's shares (the "bid" price) and the price at which an investor is willing to sell the Fund's shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for shares based on trading volume and market liquidity, and is generally lower if shares have more trading volume and market liquidity and higher if shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund, or increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling shares, including bid/ask spreads, frequent trading of the Fund's shares may significantly reduce investment results and an investment in the Fund's shares may not be advisable for investors who anticipate regularly making small investments. Other potentially adverse regulatory obligations can develop suddenly and without notice.

**Derivatives**

The Fund may not enter into derivatives transactions, as defined in Rule 18f-4(a) under the 1940 Act. However, the Fund may enter into reverse repurchase agreements or similar financing transactions, pursuant to Rule 18f-4(d)(1)(i), as long as the Fund complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratio.

**Exclusion from Commodity Pool Operator Definition**

The Investment Manager has claimed an exclusion from the definition of commodity pool operator ("<u>CPO</u>") under the Commodity Exchange Act ("<u>CEA</u>") and the rules of the Commodity Futures Trading Commission, a U.S. government agency (the "<u>CFTC</u>"). As a result, the Investment Manager is not subject to CFTC registration or regulation as a CPO with respect to the Fund. The Investment Manager relies on a related exclusion from the definition of "commodity trading advisor" under the CEA and the rules of the CFTC with respect to the Fund.

The terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in commodity interests. Commodity interests include commodity futures, commodity options, and swaps, which in turn include non-deliverable currency forward contracts. Because the Investment Manager and the Fund intend to comply with the terms of the CPO exclusion, in the future the Fund may need to adjust its investment strategies, consistent with its investment goal, to limit its investments in these types of instruments. The Fund is not intended as a vehicle for trading in the commodity futures, commodity options, or swaps markets. The CFTC has neither reviewed nor approved the Investment Manager's or the Fund's reliance on these exclusions, the Fund's investment strategies, or this SAI.

Generally, the exclusion from CPO regulation on which the Investment Manager relies requires the Fund to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): (i) the aggregate initial margin and premiums required to establish the Fund's positions in commodity interests may not exceed 5% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (ii) the aggregate net notional value of the Fund's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, the Fund may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options, or swaps markets. If, in the future, the Fund can no longer satisfy these requirements, the Investment Manager may need to withdraw its notice claiming an exclusion from the definition of a CPO. If the Investment Manager were required to do that and could not find another exemption, then the Investment Manager would be subject to registration and regulation as a CPO in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements based on the Investment Manager's compliance with comparable SEC requirements. However, in the event the Investment Manager had to register as a CPO, the Fund might incur additional compliance and other expenses as a result of CFTC regulations governing commodity pools and CPOs.

**Global Events**

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

**Illiquid and Restricted Securities**

Illiquid securities are those securities that the Fund reasonably expects cannot be sold, disposed of, or reversed in seven calendar days or less under current market conditions without such sale, disposition, or reversal significantly changing the market value of the investment. In determining the liquidity of the Fund's investments, the Investment Manager may consider various factors, including (i) the frequency of trades and quotations, (ii) the number of dealers and prospective purchasers in the marketplace, (iii) dealer undertakings to make a market, (iv) the nature of the security (including any demand or tender features), and (v) the nature of the marketplace for trades (including the ability to assign or offset the Fund's rights and obligations relating to the investment).

Restricted securities may be sold only in privately negotiated transactions or in public offerings with respect to which a registration statement is in effect under the 1933 Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell.

A large institutional market has developed for certain securities that are not registered under the 1933 Act, including securities sold in private placements, repurchase agreements, commercial paper, foreign securities, and corporate bonds and notes. These instruments are often restricted securities because the securities are sold in transactions not requiring registration. Institutional investors generally do not seek to sell these instruments to the general public, but instead often depend either on an efficient institutional market in which such unregistered securities can be readily resold or on an issuer's ability to honor a demand for repayment. Therefore, the fact that there are contractual or legal restrictions on resale to the general public or certain institutions is not dispositive of the liquidity of such investments.

Rule 144A establishes a safe harbor from the registration requirements of the 1933 Act for resales of certain securities to qualified institutional buyers. Institutional markets for restricted securities that might develop as a result of Rule 144A could provide both readily ascertainable values for restricted securities and the ability to liquidate an investment to satisfy share redemption orders. Such markets might include automated systems for the trading, clearance, and settlement of unregistered securities of domestic and foreign issuers, such as the PORTAL System sponsored by the Financial Industry Regulatory Authority ("<u>FINRA</u>"). An insufficient number of qualified buyers interested in purchasing Rule 144A-eligible restricted securities held by the Fund, however, could affect adversely the marketability of securities of the Fund, and the Fund might be unable to dispose of such securities promptly or at favorable prices.

The Board of Trustees has approved a written liquidity risk management program pursuant to Rule 22e-4 under the 1940 Act. Under this program, the Investment Manager, as the administrator of the program, is responsible for assessing, managing, and periodically reviewing the Fund's liquidity risk. Among other things, the program provides for (i) limiting the Fund's investments in illiquid investments to no more than 15% of its net assets, and (ii) at least annual reporting to the Board of Trustees regarding the operation of the liquidity risk management program and an assessment of its adequacy and effectiveness.

**Investment Company Securities**

Investment companies, which are professionally managed portfolios, include other open-end investment companies, closed-end investment companies, unit investment trusts, ETFs, and exchange-traded notes ("<u>ETNs</u>") which may be organized as either open-end investment companies or unit investment trusts.

As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the investment company's expenses, including advisory fees. These expenses would be in addition to the management fee and potential other expenses that the Fund incurs directly in connection with its own operations. Shareholders would also be exposed to the risks associated not only with the investments of the Fund but also with the portfolio investments of the underlying investment companies. Other investment companies may have different investment policies than those of the Fund. Under certain circumstances, an open-end investment company in which the Fund invests may determine to make payment of a redemption by the Fund in whole or in part by a distribution in kind of securities from its portfolio instead of in cash. As a result, the Fund may hold such securities until the portfolio managers determine it is appropriate to dispose of them. Such disposition imposes additional costs on the Fund. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that typically trade on a stock exchange or over the counter at a premium or discount to their NAV. Others are continuously offered at NAV but also may be traded on the secondary market.

Investments in closed-end investment companies are subject to various risks, including (i) reliance on management's ability to meet the closed-end investment company's investment objective and to manage the closed-end investment company portfolio, (ii) fluctuation in the NAV of closed-end investment company shares compared to the changes in the value of the underlying securities that the closed-end investment company owns, and (iii) bearing a pro rata share of the management fees and expenses of each underlying closed-end investment company, which results in the Fund's shareholders being subject to higher expenses than if such shareholder invested directly in the closed-end investment company.

ETFs are pooled investment vehicles that commonly seek to track the performance of specific indices. ETFs may be organized as open-end investment companies or as unit investment trusts. Their shares are listed on stock exchanges and can be traded throughout the day at market-determined prices. The price of ETF shares is based on (but not necessarily identical to) the value of the securities held by the ETF. Accordingly, the level of risk involved in the purchase or sale of ETF shares is similar to the risk involved in the purchase or sale of traditional common stocks, with the exception that the pricing mechanism for ETF shares is based on a basket of stocks. Disruptions in the markets for the securities underlying ETF shares purchased or sold by the Fund could result in losses on such shares. ETFs are subject to the following risks that do not apply to non-exchange traded funds: (i) in most cases, ETF shares are not individually redeemable, and therefore the liquidity of ETF shares generally depends on the existence of a secondary trading market; (ii) an ETF's shares may trade at a market price that is above or below such shares' NAV; (iii) an active trading market for an ETF's shares may not develop or be maintained; (iv) an ETF may utilize high leverage ratios; or (v) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

An investment in an ETN involves risks, including possible loss of principal. ETNs are unsecured debt securities issued by a bank that are linked to the total return of a market index. Risks of investing in ETNs also include limited portfolio diversification, uncertain principal payment, and illiquidity. Additionally, the investor fee reduces the amount of return on maturity or at redemption, and as a result, the investor may receive less than the principal amount at maturity or upon redemption, even if the value of the relevant index has increased.

**Legal and Regulatory Change Risk**

The regulatory environment for investment companies is evolving, and changes in regulation may adversely affect the value of the Fund's investments and its ability to pursue its trading strategy. In addition, the securities markets are subject to comprehensive statutes and regulations. The SEC and other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The effect of any future regulatory change on the Fund could be substantial and adverse.

**Lending Portfolio Securities**

The Fund may lend its portfolio securities to brokers, dealers, and financial institutions in an amount not exceeding 33-1/3% of the value of the Fund's total assets. These loans will be secured by collateral (consisting of cash, U.S. Government Securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. The Fund may, subject to certain notice requirements, at any time call the loan and obtain the return of the securities loaned. The Fund will be entitled to payments equal to the interest and dividends on the loaned securities and may receive a premium for lending the securities. The advantage of such loans is that the Fund continues to receive the income on the loaned securities while earning interest on the cash amounts deposited as collateral, which will be invested in short-term investments.

A loan may be terminated by the borrower on one business day's notice, or by the Trust on two business days' notice. If the borrower fails to deliver the loaned securities within four days after receipt of notice, the Trust may use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost exceeding the collateral. As with any extensions of credit, there are risks of delay in recovery and, in some cases, even loss of rights in the collateral, should the borrower of the securities fail financially. In addition, securities lending involves a form of leverage, and the Fund may incur a loss if securities purchased with the collateral from securities loans decline in value or if the income earned does not cover the Fund's transaction costs. However, loans of securities will be made only to companies the Board of Trustees deems to be creditworthy (such creditworthiness will be monitored on an ongoing basis) and when the income that can be earned from such loans justifies the attendant risks. Upon termination of the loan, the borrower is required to return the securities. Any gain or loss in the market price during the loan period would inure to the Fund.

When voting or consent rights that accompany loaned securities pass to the borrower, the Trust will follow the policy of calling the loaned securities, to be delivered within one day after notice, to permit the exercise of such rights if the matters involved would have a material effect on the investment in such loaned securities. The Fund will pay reasonable finder's, administrative, and custodial fees in connection with loans of securities. The Fund may lend foreign securities consistent with the foregoing requirements.

If the Fund engages in securities lending, it expects to do so through a securities lending agent approved by the Board of Trustees. The securities lending agent may be an affiliate of the Fund's custodian.

**Market and Regulatory**

Events in the financial markets and economy may cause volatility and uncertainty and affect performance. Such adverse effect on performance could include a decline in the value and liquidity of securities held by the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify both investment risks and opportunities, in which case investment objectives may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. It is impossible to predict whether or for how long such market events may continue, particularly if they are unprecedented, unforeseen, or widespread.

Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. Policy and legislative changes in the United States and in other countries affect many aspects of financial regulation and may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in, or with significant exposure to, countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may decrease.

**Cybersecurity**

With the increased use of technologies such as mobile devices and web-based or cloud applications, along with the dependence on the Internet and computer systems to conduct business, the Fund is susceptible to operational, information security, and related risks. Cybersecurity incidents can result from deliberate attacks or unintentional events (arising from external or internal sources), and may cause the Fund to lose proprietary information, suffer data corruption, suffer physical damage to a computer or network system, or lose operational capacity. Cybersecurity attacks include, but are not limited to, infection by malicious software, such as malware or computer viruses, or gaining unauthorized access to digital systems, networks, or devices that are used to service the Fund's operations (e.g., through hacking, phishing, or malicious software coding) or other means for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cybersecurity attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund's website (i.e., efforts to make network services unavailable to intended users). In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cybersecurity incidents affecting the Fund, the Investment Manager, the sub-advisors, and other service providers to the Fund (including, but not limited to, the Fund's accountant, custodian, transfer agent, and financial intermediaries) have the ability to disrupt business operations, potentially resulting in financial losses to both the Fund and its shareholders, interfere with the Fund's ability to calculate its NAV, impede trading, render Fund shareholders unable to transact business and the Fund unable to process transactions, cause violations of applicable privacy and other laws (including the release of private shareholder information), and result in breach notification and credit monitoring costs, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation costs, forensic investigation and remediation costs, and additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and other service providers).

**Privacy and Data Protection**

The Fund is subject to a variety of continuously evolving laws and regulations regarding privacy, data protection, and data security, including laws and regulations governing the collection, storage, handling, use, disclosure, transfer, and security of personal data. In light of recent broad-based cybersecurity attacks, legislators and regulators continue to propose and enact new and more robust privacy-related laws including, but not limited to, the Arkansas Social Media Safety Act, the California Consumer Privacy Act, as amended by the California Privacy Rights Act, the Colorado Privacy Act, the Connecticut Data Privacy Act, the Illinois Biometric Information Privacy Act, the New York State Department of Financial Services Cybersecurity Requirements for Financial Services Companies, the Texas Capture or Use of Biometric Identifiers Act, the Utah Consumer Privacy Act, and the Virginia Consumer Data Protection Act, all of which give data privacy rights to their respective residents (including, in California, a private right of action in the event of a data breach resulting from a failure to implement and maintain reasonable security procedures and practices) and impose significant obligations on controllers and processors of consumer data. Any failure by the Fund to comply with its privacy policies or applicable privacy-related laws could result in legal or regulatory proceedings against the Fund by governmental authorities, third-party vendors, or others, which could adversely affect the Fund. The interpretation of existing privacy-related laws and the various regulators' approaches to their enforcement continue to evolve over time. The Fund faces the risk that these laws may be interpreted and applied in conflicting ways in different jurisdictions or in a manner that is not consistent with the Fund's current privacy policies or that regulators may enact new unclear privacy-related laws.

**Real Estate Investment Trusts**

Real estate investment trusts ("<u>REITs</u>") are pooled investment vehicles that manage a portfolio of real estate or real estate-related loans to earn profits for their shareholders. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Investing in REITs involves certain unique risks in addition to the risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, and mortgage REITs may be affected by the quality of the borrower on any credit extended. REITs are dependent on management skills, may not be diversified geographically or by property type, and are subject to heavy cash flow dependency, default by borrowers, and self-liquidation. REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), to avoid entity-level tax and be eligible to pass through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to the risks of changes in the Code that could affect their tax status.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates, and as a result, the value of such investments will fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which a REIT may not have control over its investments. REITs may use significant amounts of leverage.

REITs often do not provide complete tax information until after the end of the calendar year. Consequently, because of the delay, it may be necessary for the Fund, if invested in REITs, to request permission to extend the deadline for issuance of Forms 1099-DIV. Alternatively, amended Forms 1099-DIV may be sent.

**Regulated Investment Company Compliance Risk**

The Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company ("<u>RIC</u>") under Subchapter M of the Code. To maintain the Fund's qualification for federal income tax treatment as a RIC, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year the Fund fails to qualify for the special federal income tax treatment afforded to RICs, all of the Fund's taxable income will be subject to federal income tax at regular corporate rates (without any deduction for distributions to its shareholders) and its income available for distribution will be reduced. Under certain circumstances, the Fund could cure a failure to qualify as a RIC, but in order to do so, the Fund could incur significant fund-level taxes and could be forced to dispose of certain assets.

**Temporary Investments**

During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its assets in shares of money market mutual funds, or it may hold cash. At such times, the Fund would not be pursuing its stated investment objective with its usual investment strategies. The Fund may also hold these investments for liquidity purposes. The Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. The Fund, as an investor in a money market fund, will indirectly bear that fund's fees and expenses, which will be in addition to the fees and expenses of the Fund.

**Types of Equity Securities**

In addition to common stock, the equity securities that the Fund may purchase include securities having equity characteristics, such as rights. Common stock represents an equity or ownership interest in a company. This interest often gives the Fund the right to vote on measures affecting the company's organization and operations. Equity securities have a history of long-term growth in value, but their prices tend to fluctuate in the shorter term. Rights essentially are options to purchase equity securities at specific prices valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities. Rights normally have a short duration and are distributed directly by the issuer to its shareholders. Rights have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.

**Sustainability Investing Risk**

The Fund integrates sustainability factors into its investment decisions because the Fund believes these are pecuniary factors that have been shown to have a material effect on the risks and returns of the companies in which the Fund invests. The Fund's integration of these factors into its investment decisions may affect the Fund's exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. As a result, the Fund's returns may be lower than those of other funds that do not consider such sustainability factors.

The relevance and weighting of sustainability criteria may vary significantly among the Fund, other issuers, and third-party data providers. Sustainability is inherently based on qualitative judgments and is not uniformly defined. Sustainability data may be incomplete, delayed, inaccurate, or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Regulatory changes or interpretations regarding the definitions or use of sustainability criteria could have a material adverse effect on the Fund's ability to invest in accordance with its investment policies or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following a sustainability strategy such as the Fund. For example, SEC rulemaking or guidance relating to environmental, social, and governance or other sustainability related disclosures could require the Fund to modify its investment process or disclosure practices. In addition, certain state or foreign laws could restrict the ability of public plans or other investors to invest in funds that consider sustainability factors.

Sustainability criteria are treated by the Investment Manager and Stance Capital as investment (pecuniary) factors that may affect the risk and return profile of an investment and are not designed or managed to achieve a particular environmental or social impact or to conform to the objectives of any specific third-party sustainability standard.

**TRUSTEES AND OFFICERS**

**MANAGEMENT INFORMATION**

The business and affairs of the Fund are managed under the direction of the Board of Trustees of the Trust, and the Board of Trustees elects the officers of the Trust ("<u>Officers</u>"). From time to time, the Board of Trustees also has appointed advisers to the Board of Trustees ("<u>Advisers</u>") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the investment fund and asset management industry and be considered as potential Trustees in the future. There are currently two Advisers, Brian Alexander and A.J. Hennessy. As Advisers, Mr. Alexander and Mr. A.J. Hennessy 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 the Fund, as well as 16 mutual funds. The mutual funds are covered in a different Statement of Additional Information. Unless otherwise indicated, the address of all persons listed below is 7250 Redwood Boulevard, Suite 200, Novato, CA 94945.

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth,** <br> **and Position Held** <br> **with the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s)** <br> **During Past Five Years** | **Other Directorships** <br> **Held Outside of Fund** <br> **Complex During Past** <br> **Five Years** |
| **Disinterested Trustees <sup>(1)</sup> and Disinterested Advisers** | **Disinterested Trustees <sup>(1)</sup> and Disinterested Advisers** | **Disinterested Trustees <sup>(1)</sup> and Disinterested Advisers** |  |
| J. Dennis DeSousa<br> 1936<br> *Trustee* | January 1996 | Mr. DeSousa is a real estate investor. | None. |
| Robert T. Doyle<br> 1947<br> *Trustee* | January 1996 | Mr. Doyle is retired. He served as the Sheriff of Marin County, California from 1996 to June 2022. | None. |
| Doug Franklin<br> 1964<br> *Trustee* | March 2016 as an Adviser to the Board of Trustees and June 2023 as a Trustee | Mr. Franklin is a retired insurance industry executive. From 1987 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. | None. |
| Claire Garvie<br> 1974<br> *Trustee* | December 2015 as an Adviser to the Board of Trustees and December 2021 as a Trustee | Ms. Garvie is a founder of Kiosk and has served as its Chief Operating Officer since 2004. Kiosk is a full-service marketing agency with offices in the San Francisco Bay Area and staff across eight states in the U.S. | None. |
| Gerald P. Richardson 1945<br> *Trustee* | May 2004 | Mr. Richardson is an independent consultant in the securities industry. | None. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth,** <br> **and Position Held** <br> **with the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s)** <br> **During Past Five Years** | **Other Directorships** <br> **Held Outside of Fund** <br> **Complex During Past** <br> **Five Years** |
| Brian Alexander<br> 1981<br> *Adviser to the Board of Trustees* | March 2015 | Mr. Alexander has served as the Chief Operating Officer of Solis Mammography since March 2023. Prior to that, he worked for the Sutter Health organization from 2011 in various positions. He served as the Chief Executive Officer of the North Valley Hospital Area from 2021 to March 2023. 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. | None. |
| **Interested Trustee and Interested Adviser <sup>(2)</sup>** | **Interested Trustee and Interested Adviser <sup>(2)</sup>** | **Interested Trustee and Interested Adviser <sup>(2)</sup>** |  |
| Neil J. Hennessy<br> 1956<br> *Chairman of the Board, Chief Market Strategist, Portfolio Manager, and President* | January 1996 as a Trustee and June 2008 as an Officer | Mr. Neil Hennessy has been employed by Hennessy Advisors, Inc. since 1989 and currently serves as its Chairman and Chief Executive Officer. | Hennessy Advisors, Inc. |
| A.J. Hennessy<br> 1986<br> *Adviser to the Board of Trustees and Vice President, Corporate Development and Operations* | December 2022 | Mr. A.J. Hennessy has been employed by Hennessy Advisors, Inc. since 2011. | None. |

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| | | |
|:---|:---|:---|
| **Name, Year of Birth, <br> and Position Held with <br> the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s) During Past Five Years** |
| **Officers** |  |  |
| Teresa M. Nilsen<br> 1966<br> *Executive Vice President and Treasurer* | January 1996 | Ms. Nilsen has been employed by Hennessy Advisors, Inc. since 1989 and currently serves as its President, Chief Operating Officer, and Secretary. |
| Daniel B. Steadman<br> 1956<br> *Executive Vice President and Secretary* | March 2000 | Mr. Steadman has been employed by Hennessy Advisors, Inc. since 2000 and currently serves as its Executive Vice President. |
| Brian Carlson<br> 1972<br> *Senior Vice President and Head of Distribution* | December 2013 | Mr. Carlson has been employed by Hennessy Advisors, Inc. since 2013 and currently serves as its Chief Compliance Officer and Senior Vice President. |
| David Ellison<sup>(3)</sup><br> 1958<br> *Senior Vice President and Portfolio Manager* | October 2012 | Mr. Ellison has been employed by Hennessy Advisors, Inc. since 2012. He has served as a Portfolio Manager of the Hennessy Large Cap Financial Fund and the Hennessy Small 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. |
| Jennifer Emerson<sup>(4)</sup><br> 1977<br> *Senior Vice President and Chief Compliance Officer* | June 2013 | Ms. Emerson has been employed by Hennessy Advisors, Inc. as its General Counsel since 2013. |
| Kathryn Fahy<br> 1980<br> *Senior Vice President, Assistant Treasurer, and Assistant Secretary* | October 2023 | Ms. Fahy has been employed by Hennessy Advisors, Inc. since 2006 and currently serves as its Chief Financial Officer and Senior Vice President. |

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| | | |
|:---|:---|:---|
| **Name, Year of Birth, <br> and Position Held with <br> the Trust** | **Start Date** <br> **of Service** | **Principal Occupation(s) During Past Five Years** |
| Ryan Kelley<sup>(5)</sup><br> 1972<br> *Senior Vice President, Chief Investment Officer, and Portfolio Manager* | March 2013 | Mr. Kelley has been employed by Hennessy Advisors, Inc. since October 2012. He has served as Chief Investment Officer of the Hennessy Funds since March 2021 and has served as a Portfolio Manager of the Hennessy Gas Utility Fund, the Hennessy Large 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 previously 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. |
| &nbsp;&nbsp; L. Joshua Wein<sup>(5)</sup><br> 1973<br> *Vice President and Portfolio Manager*<br>| September 2018 | Mr. Wein has been employed by Hennessy Advisors, Inc. since 2018. He has served as Portfolio Manager of the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone 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 2021, and as the Co-Portfolio Manager of these Funds since February 2019. He served as a Senior Analyst of those same Funds from September 2018 through February 2019. He also has served as a Portfolio Manager of the Hennessy Energy Transition Fund and the Hennessy Midstream Fund since January 2022. 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> The Funds have determined that Mr. Alexander, Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson are not interested persons, as defined in the 1940 Act, of the Investment Manager or of any predecessor investment adviser for purposes of Section 15(f) of the 1940 Act.

<sup>(2)</sup> Each of Neil J. Hennessy and A.J. Hennessy is considered an interested person, as defined in the 1940 Act, because he is an officer of the Trust.

<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 4800 Bee Caves Road, Suite 100, Austin, TX 78746.

<sup>(5)</sup> The address of this officer is 1340 Environ Way, Chapel Hill, NC 27517.

**TRUSTEE AND ADVISER QUALIFICATIONS**

Neil J. Hennessy has been a Trustee and portfolio manager of the Hennessy Funds for many years. His experience and skills as a portfolio manager, as well as his familiarity with the investment strategies utilized by the Investment Manager and with the Cornerstone series of the Hennessy Funds' portfolios, led to the conclusion that he should serve as a Trustee. J. Dennis DeSousa's experience as a real estate investor has honed his understanding of financial statements and the issues that confront businesses, and his diligent and thoughtful service as a Trustee for 30 years has provided him with a solid understanding of the investment fund industry. Serving as a sheriff for over 26 years before retiring, Robert T. Doyle honed his organizational and problem-solving skills, making him a valuable resource when addressing issues that confront the Hennessy Funds. Further, Mr. Doyle's diligent and thoughtful service as a Trustee for 30 years has provided him with a detailed understanding of the investment fund industry. Doug Franklin was employed by the Allianz-Fireman's Fund (FFIC) for 28 years, where he rose through the company to senior leadership, including positions as Chief Actuary and Chief Risk Officer before retiring in 2015. His considerable leadership experience and ability to grasp complex issues makes him a valuable resource to the Board of Trustees. Claire Garvie is a founder of Kiosk and has served as its Chief Operating Officer since 2004. Kiosk is a full-service marketing agency with offices in the San Francisco Bay Area and staff across eight states in the U.S. Claire's vast experience in digital marketing makes her a valuable addition to the Board of Trustees. As the chief executive officer of a company, Gerald P. Richardson gained familiarity with financial statements and developed a deep understanding of the demands of operating a business and addressing the issues that confront businesses. Further, Mr. Richardson's experience in the securities industry as a consultant and his diligent and thoughtful service as a Trustee for over two decades makes him a valuable resource to the Board of Trustees. Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson take conservative and thoughtful approaches to addressing issues facing the Hennessy Funds. The combination of skills and attributes discussed above led to the conclusion that Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson should serve as Trustees.

With over 15 years of experience in the complex healthcare industry, Brian Alexander's leadership roles at Solis Mammography and in various senior positions within the Sutter Health organization have required significant management, administrative, and customer service expertise, which makes him a valuable resource as an Adviser to the Board of Trustees. A.J. Hennessy has worked for the Investment Manager for nearly 15 years. His primary focus is business development, researching acquisition opportunities, fostering connections in the industry, and helping to initiate and complete strategic transactions for the firm. He is integral in supporting the sales and distribution team, including overseeing a CRM (client relationship management) software system. A.J. Hennessy is also very active in the community and currently serves on the boards of several charitable organizations. His experience in the investment fund industry and his community leadership makes him a valuable resource as an Adviser to the Board of Trustees.

**BOARD LEADERSHIP STRUCTURE**

The Board of Trustees has general oversight responsibility with respect to the operation of the Hennessy Funds. The Board of Trustees has engaged the Investment Manager to manage the Hennessy Funds and is responsible for overseeing the Investment Manager and other service providers to the Hennessy Funds in accordance with the provisions of the 1940 Act and other applicable laws. The Board of Trustees has established an Audit Committee to assist the Board of Trustees in performing its oversight responsibilities.

Neil J. Hennessy serves as the Chairman of the Board of Trustees. The Hennessy Funds do not have a lead disinterested Trustee. The small size of the Board of Trustees, consisting of one interested Trustee and five disinterested Trustees, facilitates open discussion and significant involvement by all of the Trustees without the need for a lead disinterested Trustee. Mr. Neil Hennessy's in-depth knowledge of the Hennessy Funds and their operations enables him to effectively set board agendas and ensure appropriate processes and relationships are established with both the Investment Manager and the Board of Trustees, while the business acumen and many years of experience in the investment fund industry serving as Trustees or Advisers of the Hennessy Funds of Mr. DeSousa, Mr. Doyle, Mr. Franklin, Ms. Garvie, and Mr. Richardson, enables them to effectively and accurately assess the information being provided to the Board of Trustees to ensure that they are appropriately fulfilling their fiduciary duties to the Hennessy Funds and their shareholders. In light of these factors, the Trust has determined that its leadership structure is appropriate.

**BOARD OVERSIGHT OF RISK**

The Board of Trustees performs a risk oversight function for the Hennessy Funds directly through its oversight role and indirectly through the Audit Committee, officers of the Hennessy Funds, and service providers to the Hennessy Funds. To effectively perform its risk oversight function, the Board of Trustees performs the following activities, among other things: (i) receives and reviews reports related to the performance and operations of the Hennessy Funds; (ii) reviews and approves, as applicable, the compliance policies and procedures of the Hennessy Funds; (iii) approves the Hennessy Funds' principal investment policies; (iv) meets with representatives of various service providers, including the Investment Manager and the independent registered public accounting firm of the Hennessy Funds, to review and discuss the activities of the Hennessy Funds and to provide direction with respect thereto; and (v) appoints a chief compliance officer of the Hennessy Funds who oversees the implementation and testing of the Hennessy Funds' compliance program and reports to the Board of Trustees regarding compliance matters for the Hennessy Funds and their service providers.

The Hennessy Funds have an Audit Committee, which is discussed in greater detail below. The Audit Committee plays a significant role in the risk oversight of the Hennessy Funds as they meet annually with the independent registered public accounting firm of the Hennessy Funds (the "<u>Auditor</u>") to discuss, among other things, financial risk, including internal controls over financial reporting. From time to time upon request, the Audit Committee meets with the Funds' chief compliance officer and Fund counsel.

Not all risks that may affect the Hennessy Funds can be identified and it may not be possible to develop controls to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Hennessy Funds, the Investment Manager, or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the goals of the Hennessy Funds. Because most of the Hennessy Funds' operations are carried out by various service providers, the Board's oversight of the risk management processes of those service providers, including processes to address cybersecurity and other operational issues, is inherently limited. As a result of the foregoing and other factors. the Board's ability to manage risk is subject to substantial limitations.

BOARD COMMITTEES

The Audit Committee of the Board of Trustees comprises Mr. DeSousa, Mr. Doyle (Chair), Mr. Franklin, Ms. Garvie, and Mr. Richardson. The primary functions of the Audit Committee are to recommend to the Board of Trustees the independent registered public accounting firm to be retained to perform the annual audit, to review the results of the audit, to review the Fund's internal controls, and to review certain other matters relating to the Fund's independent registered public accounting firm and financial records. The Audit Committee met twice during fiscal year 2025.

In overseeing the Auditor, the Audit Committee (i) reviews the Auditor's independence from the Hennessy Funds and management, and from the Investment Manager, (ii) reviews periodically the level of fees approved for payment to the Auditor and the pre-approved non-audit services it has provided to the Hennessy Funds to ensure their compatibility with the Auditor's independence, (iii) reviews the Auditor's performance, qualifications and quality control procedures, (iv) reviews the scope of and overall plans for the annual audit, (v) reviews the Auditor's performance, qualifications, and quality control procedures, (vi) consults with management and the Auditors with respect to the Hennessy Funds' processes for risk assessment and risk management, (vii) reviews with management the scope and effectiveness of the Hennessy Funds' disclosure controls and procedures, including for purposes of evaluating the accuracy and fair presentation of the company's financial statements in connection with certifications made by the chief executive officer and chief financial officer, and (viii) reviews significant legal developments and the Hennessy Funds' processes for monitoring compliance with law as it relates to the financial statements and related disclosure.

**BOARD AND OTHER INTERESTED PERSONS COMPENSATION**

The Trust pays Trustees who are not interested persons of the Trust (each, a "<u>Disinterested Trustee</u>") and Advisers who are not interested persons of the Trust (each, a "<u>Disinterested Adviser</u>") fees for their service. During fiscal year 2025, each Disinterested Trustee received a fee of $16,000 and each Disinterested Adviser received a fee of $5,000 for each meeting of the Board of Trustees attended, in each case allocated equally across all series of the Trust that are mutual funds. The Trust may also reimburse Trustees and Advisers for travel expenses incurred in order to attend meetings of the Board of Trustees. The Fund does not pay any fees or reimburse expenses to Disinterested Trustees.

The table below sets forth the compensation paid by the Fund and by the fund complex to each Trustee for service as a Trustee, to each Adviser for service as an Adviser, and to each officer or affiliated person who received aggregate compensation from the Fund or the fund complex exceeding $60,000, in each case for fiscal year 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person** | **Aggregate** <br> **Compensation** <br> **from the Fund** | **Pension or** <br> **Retirement** <br> **Benefits** <br> **Accrued as** <br> **Part of Fund** <br> **Expenses** | **Estimated** <br> **Annual** <br> **Benefits** <br> **upon** <br> **Retirement** | **Total** <br> **Compensation** <br> **from Fund and** <br> **Fund Complex<sup>(1)</sup>** |
| **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** |  |
| J. Dennis DeSousa |  |  |  | $64000 |
| Robert T. Doyle |  |  |  | $64000 |
| Doug Franklin |  |  |  | $64000 |
| Claire Garvie |  |  |  | $64000 |
| Gerald P. Richardson |  |  |  | $64000 |
| Brian Alexander |  |  |  | $15000 |
| **Interested Persons<sup>(2)</sup>** | **Interested Persons<sup>(2)</sup>** |  |  |  |
| Neil J. Hennessy |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person** | **Aggregate** <br> **Compensation** <br> **from the Fund** | **Pension or** <br> **Retirement** <br> **Benefits** <br> **Accrued as** <br> **Part of Fund** <br> **Expenses** | **Estimated** <br> **Annual** <br> **Benefits** <br> **upon** <br> **Retirement** | **Total** <br> **Compensation** <br> **from Fund and** <br> **Fund Complex<sup>(1)</sup>** |
| A.J. Hennessy |  |  |  |  |
| Jennifer Emerson |  |  |  | $295313<sup>(3)</sup> |
| W. Paul Clatterbuck<sup>(4)</sup> |  |  |  | $145983<sup>(5)</sup> |

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| |
|:---|
| <sup>(1)</sup> The fund complex is comprised of the Fund and 16 other series of the Trust that are mutual funds. The mutual funds are covered in a different Statement of Additional Information. |
| <sup>(2)</sup> Each of Neil J. Hennessy and A.J. Hennessy is considered an interested person, as defined in the 1940 Act, because he is an officer of the Trust. |
| <sup>(3)</sup> This amount includes $253,490 in salary and $41,823 in benefits (health and life insurance premiums and payroll expenses). |
| <sup>(4)</sup> Senior Compliance Officer through July 9, 2025. |
| <sup>(4)</sup> This amount includes $117,667 in salary and $28,316 in benefits (health and life insurance premiums and payroll expenses). |

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Because the Investment Manager, the sub-advisors, and Fund Services (as defined below under "THE ADMINISTRATOR") perform substantially all of the services necessary for the operation of the Fund, the Fund does not require any employees. Other than the Fund's compliance officer, no officer, director, or employee of the Investment Manager, any sub-advisor, or Fund Services receives any compensation from the Trust for acting as a Trustee or Officer.

**OWNERSHIP OF MANAGEMENT AND PRINCIPAL SHAREHOLDERS**

As of January 31, 2026, the 16 Officers, Trustees, and Advisers of the Hennessy Funds as a group owned an aggregate of less than 1% of the outstanding shares of the Fund. To the best knowledge of the Trust, except as listed below, there were no Trustees, Advisers, or other shareholders who were the beneficial owners of more than 5% of the outstanding shares of the Fund as of January 31, 2026.

Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("<u>DTC</u>") or its nominee is the record owner of all outstanding shares and is recognized as the owner of all shares for all purposes.

Investors owning shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares of the Fund. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations, and other institutions that directly or indirectly maintain a custodial relationship with DTC.

No person is deemed to "control" the Fund, as that term is defined in the 1940 Act, because the Fund does not know of any person who owns beneficially or through controlled companies more than 25% of the Fund's shares, who acknowledges the existence of control, or who was deemed to control based on an adjudication that has become final under Section 2(a)(9) of the 1940 Act. The Fund does not control any person.

Although the Trust does not have information concerning its beneficial ownership held in the names of DTC Participants, the following table lists each DTC Participant that owned of record 5% or more of the outstanding shares of the Fund as of January 31, 2026.

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| | | |
|:---|:---|:---|
| **<u>Shareholder</u>** |  **<u>Shares</u>** |  **<u>Percentage</u>** |
| National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310-1995  | 931445 | 37.34% |
| Charles Schwab & Co. Inc. <br> 211 Main Street <br> San Francisco, CA 94105-1901  | 610229 | 24.46% |
| SEI Private Wealth Management <br> One Freedom Valley Drive <br> Oaks, PA 19456-9989  | 156240 | 6.26% |
| Vanguard Brokerage Services <br> PO Box 1170 <br> Valley Forge, PA 19482-1170  | 143915 | 5.77% |

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The table below sets forth, as of December 31, 2025, the dollar range of equity securities beneficially owned by each Trustee and Adviser in the Fund and in the family of investment companies overseen by the Trustees, which includes the Fund and 16 other series of the Trust that are mutual funds. The mutual funds are covered in a different Statement of Additional Information. None of the Disinterested Trustees or Disinterested Advisers, nor any member of their immediate families, owns shares of the Investment Manager, the sub-advisors, or companies, other than registered investment companies, controlled by or under common control with the Investment Manager or the sub-advisors.

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| | | |
|:---|:---|:---|
| <br>**Name of Trustee** | <br> **Dollar Range of <br> Equity Securities in <br> the Fund** | **Dollar Range of Equity Securities in <br> All Registered Investment <br> Companies Overseen by Trustee in <br> Family of Investment Companies<sup>(2)</sup>** |
| **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** | **Disinterested Trustees and Disinterested Advisers** |
| J. Dennis DeSousa |  | Over $100,000 |
| Robert T. Doyle |  | Over $100,000 |
| Doug Franklin |  |  |
| Claire Garvie |  |  |
| Gerald P. Richardson |  | Over $100,000 |
| Brian Alexander |  | $10001-$50000 |
| **Interested Persons<sup>(1)</sup>** |  |  |
| Neil J. Hennessy |  | Over $100,000 |
| A.J. Hennessy |  | Over $100,000 |

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<sup>(1)</sup> Each of Neil J. Hennessy and A.J. Hennessy is considered an interested person, as defined in the 1940 Act, because he is an officer of the Trust.

<sup>(2)</sup> The Fund and 16 other series of the Trust that are mutual funds are the only funds in the fund complex. The mutual funds are covered in a different Statement of Additional Information.

**MANAGEMENT OF THE FUND**

**THE INVESTMENT MANAGER**

The investment manager of the Fund is Hennessy Advisors, Inc. The Investment Manager acts as the investment manager of the Fund pursuant to a management agreement with the Trust (the "<u>Management Agreement</u>"). The Investment Manager furnishes continuous investment advisory services and management to the Fund. The Investment Manager is controlled by Neil J. Hennessy, who currently owns approximately 25.9% of the outstanding voting securities of the Investment Manager.

Under the Management Agreement, the Investment Manager is entitled to a unitary management fee, computed daily and paid monthly, at the annual rate of 0.95% of the Fund's average daily net assets. Pursuant to the Management Agreement, the Investment Manager is responsible for investment management of the Fund's portfolio, subject to general oversight by the Board of Trustees, and provides the Fund with office space. In addition, the Investment Manager is obligated to keep certain books and records of the Fund. In connection therewith, the Investment Manager furnishes the Fund with those ordinary clerical and bookkeeping services that are not being furnished by the Fund's custodian, administrator, or transfer agent.

Under the terms of the Management Agreement, the Investment Manager bears all expenses incurred in connection with providing services under the Management Agreement. Additionally, for no compensation, the Investment Manager pays all other operating expenses of the Fund with the exception of the following: (i) the management fees paid to the Investment Manager pursuant to the Management Agreement; (ii) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses, trading expenses, and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation or redemption transactions; (v) compensation paid to the Independent Trustees and fees paid to Independent Trustees' counsel; (vi) tax expenses and governmental fees; and (vii) extraordinary expenses not incurred in the course of ordinary business.

Under the Management Agreement, the Investment Manager is not liable for any error of judgment or mistake of law or for any loss suffered by the Trust or the Fund in connection with the performance of the Management Agreement, except a loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Investment Manager in the performance of its duties or from reckless disregard of its duties and obligations thereunder.

The Management Agreement had an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The Management Agreement provides that it terminates in the event of its assignment (as defined in the 1940 Act). The Management Agreement may be terminated by the Trust or by the Investment Manager upon 60 days' prior written notice.

Effective December 23, 2022, the Investment Manager agreed in writing to waive a portion of its management fees and assume certain expenses of shares of the Fund to the extent that the aggregate annual operating expenses exceeded 0.85% of the Fund's average daily net assets (excluding all federal, state, and local taxes, interest, brokerage commissions, acquired fund fees and expenses, and any extraordinary items) until December 31, 2024, and the Investment Manager has since agreed in writing to extend the waiver until February 28, 2027, at which time the contractual arrangement automatically terminates (and it may not be terminated prior to that date).

During fiscal year 2025, the Fund paid management fees to the Investment Manager for and received fee waivers and reimbursements of expenses as set forth below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** |
| &nbsp;&nbsp;$| 904377 | $(95197) | $&nbsp;&nbsp;809180 |

---

During fiscal year 2024, the Fund paid management fees to the Investment Manager for and received fee waivers and reimbursements of expenses as set forth below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** |
| &nbsp;&nbsp;$| 905589 | $(95325) | $&nbsp;&nbsp;810264 |

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The Fund changed its fiscal year end from August 31 to October 31, effective October 8, 2023.

During the two-month period ended October 31, 2023, the Fund paid management fees to the Investment Manager for and received fee waivers and reimbursements of expenses as set forth below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** |
| &nbsp;&nbsp;$| 67243 | $(7067) | $&nbsp;&nbsp;60176 |

---

During the period of the Fund's fiscal year 2023 from December 23, 2022, to August 31, 2023, the Fund paid management fees to the Investment Manager for and received fee waivers and reimbursements of expenses as set forth below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** |
| &nbsp;&nbsp;$| 291269 | $(30660) | $&nbsp;&nbsp;260609 |

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During the period of the Predecessor Fund's fiscal year 2023 from September 1, 2022, to December 22, 2022, the Predecessor Fund paid management fees to Red Gate and received fee waivers and reimbursements of expenses as set forth below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Gross** <br> **<u>Advisory Fees</u>** | &nbsp;&nbsp;**Advisory Fee**<br> **<u>(Waivers)/Recoupment</u>** | &nbsp;&nbsp;**Net**<br> **<u>Advisory Fees</u>** |
| &nbsp;&nbsp;$| 127031 | $(13372) | $&nbsp;&nbsp;113659 |

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**SUB-ADVISORS**

The Investment Manager has delegated the day-to-day management of the portfolio selection and trading of the Fund to sub-advisors and has entered into a sub-advisory agreement with each sub-advisor.

The Investment Manager and the Fund have received an exemptive order from the SEC to operate under a manager of managers structure and may elect to implement the manager of managers structure, which permits the Investment Manager, with the approval of the Board of Trustees, to appoint and replace sub-advisors, enter into sub-advisory agreements, and materially amend and terminate sub-advisory agreements on behalf of the Fund without shareholder approval ("<u>Manager of Managers Structure</u>"). Additionally, the shareholders of the Fund have approved the Manager of Managers Structure. Under the Manager of Managers Structure, the Investment Manager has ultimate responsibility, subject to oversight by the Board of Trustees, for overseeing the Fund's sub-advisors and recommending to the Board of Trustees their hiring, termination, or replacement. The Manager of Managers Structure does not permit an increase in the advisory fees payable by the Fund without shareholder approval. The SEC order does not apply to any sub-advisor that is affiliated with the Fund or the Investment Manager.

Selection and retention criteria for a sub-advisor include the following: (i) historical performance records; (ii) consistent performance in the context of the markets; (iii) organizational stability and reputation; (iv) quality and depth of investment personnel; and (v) ability to apply a consistent approach. Different sub-advisors may not necessarily exhibit all of the criteria to the same degree. Sub-advisors are paid by the Investment Manager, not by the Fund. Each sub-advisor's activities are subject to general supervision by the Investment Manager and the Board of Trustees. Although the Investment Manager and the Board of Trustees do not evaluate the investment merits of a sub-advisor's specific securities selections, they do review the performance of each sub-advisor relative to the selection criteria.

**Stance Capital, LLC (portfolio composition sub-advisor)**

The Investment Manager has delegated responsibility for the day-to-day management of the portfolio composition of the Fund to Stance Capital and has entered into a sub-advisory agreement with Stance Capital (the "<u>Stance Sub-Advisory Agreement</u>"). Stance Capital is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>") and is controlled by Bill Davis. Pursuant to the Stance Sub-Advisory Agreement, Stance Capital makes specific portfolio investment decisions in accordance with the Fund's investment objective and Stance Capital's investment approach and strategies and administers a separate investment program. In consideration thereof, the Investment Manager (not the Fund) pays Stance Capital monthly at an annual rate of 0.40% of the Fund's average daily net assets up to $125 million, 0.37% of average daily net assets for assets over $125 million and up to $250 million, and 0.35% for average daily net assets in excess of $250 million.

The Stance Sub-Advisory Agreement had an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The Stance Sub-Advisory Agreement may be terminated by either party at any time without the payment of any penalty upon giving 60 days' prior written notice to the other party. In addition, it terminates automatically if it is assigned.

The Stance Sub-Advisory Agreement provides that Stance Capital shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith, or gross negligence on its part in the performance of its duties, or from reckless disregard of its obligations or duties thereunder. The Stance Sub-Advisory Agreement also provides that Stance Capital is free to render similar services to others and to engage in other activities.

**Vident Advisory, LLC (trading sub-advisor)**

The Investment Manager has delegated responsibility for selecting broker-dealers to execute purchase and sale transactions for the Fund to Vident, as instructed by Stance Capital and subject to the supervision of the Investment Manager and the Board of Trustees. The Investment Manager has entered into a sub-advisory agreement with Vident (the "<u>Vident Sub-Advisory Agreement</u>"). Vident is an investment adviser registered under the Advisers Act. Vident is owned by Vident Capital Holdings, LLC, which is controlled by MM VAM, LLC. MM VAM, LLC is owned by Casey Crawford. Pursuant to the Vident Sub-Advisory Agreement, Vident is responsible for selecting broker-dealers to execute purchase and sale transactions, as instructed by the Investment Manager or Stance Capital. In consideration thereof, the Investment Manager (not the Fund) pays Vident monthly at an annual rate of 0.05 % of the Fund's average daily net assets up to $250 million, 0.045% of average daily net assets for assets over $250 million and up to $500 million, and 0.04% for average daily net assets in excess of $500 million. In addition, the Investment Manager has agreed to pay a minimum sub-advisory fee to Vident of $18,750 on an annual basis.

The Vident Sub-Advisory Agreement has an initial term of two years and may be renewed from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The Vident Sub-Advisory Agreement may be terminated by either party at any time without the payment of any penalty upon giving 60 days' prior written notice to the other party. In addition, it terminates automatically if it is assigned.

The Vident Sub-Advisory Agreement provides that Vident shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties, or from reckless disregard of its obligations or duties thereunder. The Vident Sub-Advisory Agreement also provides that Vident is free to render similar services to others and to engage in other activities.

**THE PORTFOLIO MANAGERS**

**Stance Capital, LLC (portfolio composition sub-advisor)**

Stance Capital is the sub-advisor responsible for the portfolio composition of the Fund. The portfolio managers of the Fund with responsibility for the portfolio composition of the Fund may have responsibility for accounts other than the Fund. Information regarding the accounts managed by each portfolio manager as of October 31, 2025, other than the Fund, is set forth below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Total <br> Assets by Account Type\*** | **Number of Other Accounts Managed and Total <br> Assets by Account Type\*** | **Number of Other Accounts Managed and Total <br> Assets by Account Type\*** | **Number of Accounts and Total Assets for <br> Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for <br> Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for <br> Which Advisory Fee is Performance-Based\*** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Registered** <br> **Investment** <br> **Companies** | **Other** <br> **Pooled** <br> **Investment** <br> **Vehicles** | <br>**Other** <br> **Accounts** | <br> **Registered Investment Companies** | **Other** <br> **Pooled** <br> **Investment** <br> **Vehicles** | <br>**Other** <br> **Accounts** |
| Bill Davis | &nbsp;&nbsp;8<br> $33.1 million<br>| &nbsp;&nbsp;1<br> $137.9 million<br>| 78<br> $124.0 million | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Kyle Balkissoon | &nbsp;&nbsp;8<br> $33.1 million<br>| &nbsp;&nbsp;1<br> $137.9 million<br>| 78<br> $124.0 million | 0<br> $0 | 0<br> $0 | 0<br> $0 |

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\* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.

The portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objective, whereby a portfolio manager could favor one account over another. Another potential conflict could include the portfolio managers' knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. However, Stance Capital has established policies and procedures to ensure that the purchase and sale of securities and other investments among all accounts it manages are fairly and equitably allocated. In accordance with Stance Capital's trade rotation policy, there will be cases where the Fund will trade after other accounts.

The disclosure below summarizes the compensation received by the portfolio managers as of October 31, 2025. Mr. Davis and Mr. Balkissoon are compensated by Stance Capital with a cash base salary and a discretionary bonus that is based on the individual performance and overall profitability of Stance Capital. Mr. Balkissoon owns equity in Stance Capital and shares in its profits, which is, in part, dependent on the performance of the Fund, and therefore in part based on the value of the Fund's net assets and other client accounts he is managing.

As of October 31, 2025, Bill Davis owned over $1 million in shares of the Fund and Kyle Balkissoon owned $100,001 to $500,000 in shares of the Fund.

**Vident Advisory, LLC (trading sub-advisor)**

Vident is the sub-advisor responsible for selecting broker-dealers to execute purchase and sale transactions for the Fund, as instructed by Stance Capital. The portfolio managers of the Fund with responsibility for selecting broker-dealers to execute purchase and sale transactions may have responsibility for accounts other than the Fund. Information regarding the accounts managed by each portfolio manager as of October 31, 2025, other than the Fund, is set forth below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Total** <br> **Assets by Account Type\*** | **Number of Other Accounts Managed and Total** <br> **Assets by Account Type\*** | **Number of Other Accounts Managed and Total** <br> **Assets by Account Type\*** | **Number of Accounts and Total Assets for** <br> **Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for** <br> **Which Advisory Fee is Performance-Based\*** | **Number of Accounts and Total Assets for** <br> **Which Advisory Fee is Performance-Based\*** |
| <br>**Name of** <br> **Portfolio Manager** | <br> **Registered Investment Companies** | **Other**<br> **Pooled** <br> **Investment** <br> **Vehicles** | <br>**Other** <br> **Accounts** | <br> **Registered Investment Companies** | **Other** <br> **Pooled** <br> **Investment** <br> **Vehicles** | <br>**Other** <br> **Accounts** |
| Rafael Zayas | &nbsp;&nbsp;65<br> $9.9 billion<br>| &nbsp;&nbsp;17<br> $5.3 billion<br>| 0<br> $0 | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Austin Wen | &nbsp;&nbsp;77<br> $9.8 billion<br>| &nbsp;&nbsp;20<br> $5.3 billion<br>| 0<br> $0 | 0<br> $0 | 0<br> $0 | 0<br> $0 |

---

The portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objective, whereby a portfolio manager could favor one account over another. Another potential conflict could include the portfolio managers' knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. However, Vident has established policies and procedures to ensure that the purchase and sale of securities and other investments among all accounts it manages are fairly and equitably allocated. In accordance with Stance Capital's trade rotation policy, there will be cases where the Fund will trade after other accounts.

The disclosure below summarizes the compensation received by the portfolio managers as of October 31, 2025. Mr. Zayas and Mr. Wen are compensated by Vident with a base salary and are eligible to earn discretionary bonuses from time to time. The availability and amount of any bonus will be based on factors such as Vident's profitability, individual performance, and team contribution. Vident's profitability is, in part, dependent on the performance of the Fund, and therefore in part based on the value of the Fund's net assets and other client accounts it is managing.

As of October 31, 2025, neither portfolio manager owned shares of the Fund.

**THE DISTRIBUTOR**

Quasar Distributors, LLC (the "<u>Distributor</u>"), Three Canal Plaza, Suite 100, Portland, Maine 04101, serves as the distributor for the Fund pursuant to a distribution agreement with the Trust. The Fund's shares are continuously offered for sale by the Distributor only in Creation Units, as described in the Fund Prospectus and under the heading "Purchase and Redemption of Creation Units" below. Each Creation Unit generally consists of 5,000 shares, although this may change from time to time. The Distributor will not distribute shares in amounts less than a Creation Unit. The Distributor distributes the Fund's shares on a best efforts basis.

Under the Distribution Agreement, the Distributor, as agent for the Fund, will receive orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Fund until accepted by the Fund. The Distributor will deliver a prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of orders placed with it. The Distributor is a broker-dealer registered under the Exchange Act and a member of FINRA.

The Distribution Agreement had an initial term of two years and will continue in effect from year to year thereafter so long as such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act. The Distribution Agreement provides that it terminates in the event of its assignment (as defined in the 1940 Act). The Distribution Agreement may be terminated by the Trust or by the Distributor upon 60 days' prior written notice.

**THE ADMINISTRATOR**

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("<u>Fund Services</u>"), 615 East Michigan Street, Milwaukee, Wisconsin 53202, provides administration services to the Fund pursuant to a Fund Administration Servicing Agreement with the Trust (the "<u>Administration Agreement</u>"). The Administration Agreement provides that Fund Services must furnish the Fund with various administrative services including, but not limited to, (i) the preparation and coordination of reports to the Board of Trustees, (ii) preparation and filing of securities and other regulatory filings (including state securities filings), (iii) marketing materials, tax returns, and shareholder reports, (iv) review and payment of Fund expenses, (v) monitoring and oversight of the activities of the Fund's other servicing agents (i.e., transfer agent, custodian, accountants, etc.), and (vi) maintaining books and records of the Fund. Under the Administration Agreement, Fund Services is required to exercise reasonable care and is not liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its performance as administrator, except a loss resulting from willful misfeasance, bad faith, or negligence on the part of Fund Services in the performance of its duties under the Administration Agreement. The Administration Agreement remains in effect until terminated by either party. It may be terminated at any time, without the payment of any penalty, by the Board of Trustees upon 90 days' prior written notice to Fund Services, or by Fund Services upon 90 days' prior written notice to the Trust.

For all services provided pursuant to the Administration Agreement, the Fund Accounting Servicing Agreement (see below), and the Transfer Agent Agreement (see below), Fund Services receives from the Trust an annual fee, payable monthly, based on the average daily net assets of the Fund. Subject to certain fee waivers, the annual fee is equal to 0.03% of the first $10 billion of average daily net assets and 0.02% of average daily net assets in excess of $10 billion.

During the below periods, the Investment Manager paid the following fees to Fund Services on behalf of the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Two-Month Period** <br> **<u>Ended October 31, 2023<sup>(1)</sup></u>** | &nbsp;&nbsp;**December 23, 2022,** <br> **<u>through August 31, 2023</u>** |
| &nbsp;&nbsp;$| 29160 | $&nbsp;&nbsp;26426 | $&nbsp;&nbsp;1608 | $&nbsp;&nbsp;6414 |

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<sup>(1)</sup> The Fund changed its fiscal year end from August 31 to October 31, effective October 8, 2023.

Fund Services also served as administrator to the Predecessor Fund. From September 1, 2022, through December 22, 2022, Red Gate paid $1,843 in fees to Fund Services on behalf of the Predecessor Fund and pursuant to a separate administration agreement.

**ACCOUNTING SERVICES AGREEMENT**

Fund Services also provides fund accounting services to the Fund pursuant to a Fund Accounting Servicing Agreement with the Trust (the "<u>Fund Accounting Servicing Agreement</u>"). For its accounting services, Fund Services is entitled to receive annual fees, payable monthly, based on the fee schedule set forth above under "THE ADMINISTRATOR."

**TRANSFER AGENT**

Fund Services serves as the Fund's transfer agent and dividend disbursing agent pursuant to a Transfer Agent Agreement with the Trust (the "<u>Transfer Agent Agreement</u>"). For its transfer agent services, Fund Services is entitled to receive annual fees, payable monthly, based on the fee schedule set forth above under "THE ADMINISTRATOR."

**CUSTODIAN**

U.S. Bank, National Association (the "<u>Custodian</u>"), Custody Operations, 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as custodian for the Fund pursuant to a Custodian Agreement with the Trust (the "<u>Custodian Agreement</u>"). The Custodian and Fund Services are affiliates of each other. Under the Custodian Agreement, the Custodian is responsible for, among other things, receipt of and disbursement of funds from the Fund's accounts, establishment of segregated accounts as necessary, and transfer, exchange, and delivery of Fund portfolio securities.

**CODE OF ETHICS**

The Trust and the Investment Manager have adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act ("<u>Rule 17j-1</u>"). Such Code of Ethics permits Access Persons (as defined in Rule 17j-1) of the Trust and the Investment Manager to invest in securities, including securities that may be purchased or held by the Fund, subject to receiving pre-clearance of any personal securities transactions in securities other than direct obligations of the U.S. government, bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements, and shares issued by open-end registered investment companies. With certain exceptions, such Code of Ethics generally prohibits the purchase or sale of securities if the Access Person of the Trust or Investment Manager knows at the time of such purchase or sale that the security is being considered for purchase or sale by the Fund or is being purchased or sold by the Fund. While Foreside Financial Group, LLC, on behalf of the Distributor and its affiliates, has adopted a code of ethics that is compliant with Rule 17j-1, Foreside Financial Group, LLC and the Distributor are not required to adopt a code of ethics pursuant to Rule 17j-1, in reliance on the exemption found in Rule 17j-1(c)(3).

Each of Stance Capital and Vident has adopted a Code of Ethics pursuant to Rule 17j-1 that permits its Access Persons to invest in securities, including securities that may be purchased or held by the Fund, subject to following the procedures set forth in its personal securities transactions policy.

**PROXY VOTING POLICY**

Information on how the Fund voted proxies during the most recent 12-month period ended June 30 is available on the Fund's website, without charge, at www.hennessyetfs.com or the website of the SEC at http://www.sec.gov.

The Board of Trustees has delegated authority for making voting decisions with respect to the portfolio securities of the Fund to Stance Capital, subject to the Board of Trustees' continuing oversight. The proxy voting policies and procedures of Stance Capital provide that Stance Capital will vote all proxies received for portfolio securities held by the Fund in a manner that serves the Fund's best interests. To assist in its responsibility for voting proxies and the overall voting process, Stance Capital has engaged an independent third-party proxy voting specialist, As You Vote ("<u>As You Vote</u>"). As You Vote is an affiliate of As You Sow, which is a non-profit shareholder advocacy organization. The services provided by As You Vote include research, automated rules-based and case-by-case proxy voting recommendations that focus on enhanced environmental, social, and governance practices and proxy vote execution, as well as reporting and recordkeeping. The decision by Stance Capital to retain the services of As You Vote is based principally on the view that the services that As You Vote provides generally will result in proxy voting decisions that serve the best economic interests of the Fund, as well as limiting conflicts of interest between Stance Capital and the Fund.

**PORTFOLIO TRANSACTIONS**

Subject to policies established by the Board of Trustees, Vident is responsible for selecting broker-dealers to execute purchase and sale transactions for the Fund, as instructed by Stance Capital. Purchases and sales of securities on a stock exchange are effected through brokers who charge a commission for their services. In the OTC market, securities are generally traded on a "net" basis, with dealers acting as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price, which includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. Certain money market instruments may be purchased directly from an issuer, in which case no commission or discounts are paid.

Vident may serve as an investment adviser or sub-advisor to other clients, including private investment companies, and Vident may in the future act as an investment adviser or sub-advisor to other registered investment companies. It is Vident's practice to cause purchase and sale transactions to be allocated among the Fund and others whose assets are managed by Vident in such manner as it deems equitable. In making such allocations, the main factors considered are the respective investment objectives, the relative size of portfolio holdings of the same or comparable securities, the availability of cash for investment, the size of investment commitments generally held, and the opinions of the persons responsible for managing the Fund and the other client accounts. This procedure may, under certain circumstances, have an adverse effect on the Fund.

With respect to purchases and sales of securities, Vident's primary consideration will be obtaining the most favorable prices and efficient execution of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, Vident will have the Fund pay commissions that are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. Vident believes that a requirement always to seek the lowest commission cost could impede effective management and preclude Vident from obtaining high-quality brokerage and research services. To the extent consistent with the obligation to seek best execution, Vident may cause the Fund to pay a broker-dealer a commission for effecting a portfolio transaction for the Fund that is in excess of the commission another broker-dealer would have charged for effecting the transaction, in recognition of the value of brokerage and research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934) provided by the broker-dealer. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, Vident relies on its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage and research services received from the broker effecting the transaction.

Vident, through a brokerage or an outsourced trading desk, conducts trades on behalf of the Fund and effects transactions with brokers and dealers that it believes provide the most favorable prices and are capable of providing efficient executions. Vident may place portfolio transactions with a broker or dealer that furnishes research and other services to Vident and may pay higher commissions to brokers in recognition of research provided (or direct the payment of commissions to such brokers). Such services may include, but are not limited to, any one or more of the following: (i) information as to the availability of securities for purchase or sale, (ii) statistical or factual information or opinions pertaining to investments, (iii) wire services, (iv) and appraisals or evaluations of portfolio securities. The information and services received by Vident from brokers and dealers may be of benefit in the management of accounts of other clients and may not in all cases benefit the Trust directly. While such services are useful and important in supplementing its own research and facilities, Vident believes the value of such services is not determinable and does not significantly reduce its expenses.

The Fund does not consider the sale of Fund shares as a factor in the selection of broker-dealers to execute portfolio transactions. The Fund does not currently expect to execute portfolio transactions through broker-dealers that are affiliated persons (as defined in the 1940 Act) of the Fund, the Investment Manager, Stance Capital, or Vident except as permitted by applicable law, and then only pursuant to procedures adopted by the Board of Trustees.

During the below periods, the Fund paid the following amounts in portfolio brokerage commissions:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2024</u>** | &nbsp;&nbsp;**Two-Month Period** <br> **<u>Ended October 31, 2023 <sup>(1)</sup></u>** | &nbsp;&nbsp;**December 23, 2022,** <br> **<u>through August 31, 2023</u>** |
| &nbsp;&nbsp;$| 104965 | $&nbsp;&nbsp;117848 | $&nbsp;&nbsp;8587 | $&nbsp;&nbsp;21914 |

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<sup>(1)</sup> The Fund changed its fiscal year end from August 31 to October 31, effective October 8, 2023.

From September 1, 2022, through December 22, 2022, the Predecessor Fund paid $6,343 in portfolio brokerage commissions.

During fiscal year 2025, the Fund paid $78,156 in brokerage commission on transactions totaling $390,082,916 to brokers that provided research services to the Fund.

**PORTFOLIO TURNOVER**

For reporting purposes, the Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. In determining such portfolio turnover, securities with maturities at the time of acquisition of one year or less are excluded. Stance Capital will adjust the Fund's assets as it deems advisable, and portfolio turnover is not a limiting factor should Stance Capital deem it advisable for the Fund to purchase or sell securities. High portfolio turnover (100% or more) involves correspondingly greater brokerage commissions, other transaction costs, and a possible increase in short-term capital gains or losses. See "VALUATION OF SHARES" and "certain MATERIAL u.s. federal income tax consequences" below.

The portfolio turnover for the Fund for fiscal years 2025 and 2024 was:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2025</u>** | &nbsp;&nbsp;**Fiscal Year Ended**<br>  **<u>October 31, 2024</u>** |
| 275% | 291% |

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**DISCLOSURE OF PORTFOLIO HOLDINGS**

**Policy**

The Trust has adopted a policy regarding the disclosure of information about the Fund's portfolio holdings. The Board of Trustees must approve all material amendments to this policy. The Fund's portfolio holdings are publicly disseminated each day the Fund is open for business through financial reporting and news services, including publicly accessible Internet websites. In addition, a basket composition file, which includes the security names and share quantities to deliver in exchange for Fund shares, together with estimates and actual cash components, is publicly disseminated each day the New York Stock Exchange ("<u>NYSE</u>") is open for trading via the National Securities Clearing Corporation ("<u>NSCC</u>"). The basket represents one Creation Unit of the Fund. The Fund's portfolio holdings are also available on the Fund's website at www.hennessyetfs.com. The Trust, Investment Manager, sub-advisors, and the Distributor will not disseminate non-public information concerning the Trust.

**PURCHASE AND REDEMPTION OF CREATION UNITS**

**Purchase and Issuance of Creation Units**

***General***. ETFs, such as the Fund in each case below, generally issue and redeem their shares in primary market transactions through a creation and redemption mechanism and do not sell or redeem individual shares. Instead, financial entities, known as "Authorized Participants," have contractual arrangements with an ETF or one of the ETF's service providers to purchase and redeem ETF shares directly with the ETF in large blocks of shares known as "Creation Units." The Fund will not issue fractional Creation Units. Prior to start of trading on each business day, an ETF publishes through the NSCC the "basket" of securities, cash, or other assets that it will accept in exchange for a Creation Unit of the ETF's shares. An Authorized Participant that wishes to effectuate a creation of an ETF's shares deposits with the ETF the "basket" of securities, cash, or other assets identified by the ETF that day, and then receives the Creation Unit of the ETF's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the ETF's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the Authorized Participant redeems a Creation Unit of ETF shares for a basket of securities, cash, or other assets. The combination of the creation and redemption process with secondary market trading in ETF shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of ETF shares at or close to the NAV per share of the ETF. Creation Units may also be issued and sold pursuant to the Dividend Reinvestment Service (discussed below).

Each Authorized Participant is a member or participant of a clearing agency registered with the SEC that has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase or redemption of Creation Units (a "Participant Agreement"). Orders to purchase Creation Units must be delivered through an Authorized Participant that has executed a Participant Agreement and must comply with the applicable provisions of such Participant Agreement. Investors wishing to purchase or sell shares generally do so on the Exchange. Institutional investors other than Authorized Participants are responsible for making arrangements for a redemption request to be made through an Authorized Participant.

A "<u>Business Day</u>" is generally any day on which the Exchange is open for business.

***Basket Composition and Custom Baskets***. Rule 6c-11(c)(3) under the 1940 Act requires an ETF relying on the exemptions offered by Rule 6c-11 to adopt and implement written policies and procedures governing the construction of baskets and the process that the ETF will use for the acceptance of baskets. In general, in connection with the construction and acceptance of baskets, the Investment Manager may consider various factors, including, but not limited to, (i) whether the securities, assets and other positions comprising a basket are consistent with the ETF's investment objectives, policies, and disclosure, (ii) whether the securities, assets, and other positions can legally and readily be acquired, transferred, and held by the ETF or Authorized Participants, as applicable, (iii) whether to utilize cash, either in lieu of securities or other instruments or as a cash balancing amount, and (iv) increasing the Fund's tax efficiency.

The Fund may utilize a pro-rata basket or a custom basket in reliance on Rule 6c-11. A "pro-rata basket" is a basket that is a pro rata representation of the ETF's portfolio holdings, except for minor deviations when it is not operationally feasible to include a particular instrument within the basket, except to the extent that the Fund utilized different baskets in transactions on the same Business Day.

Rule 6c-11 defines "custom baskets" to include two categories of baskets. First, a basket containing a nonrepresentative selection of the ETF's portfolio holdings would constitute a custom basket. These types of custom baskets include, but are not limited to, baskets that do not reflect (i) a pro rata representation of the Fund's portfolio holdings, (ii) a representative sampling of an ETF's portfolio holdings, or (iii) changes due to a rebalancing or reconstitution of an ETF's securities market index, if applicable. Second, if different baskets are used in transactions on the same Business Day, each basket after the initial basket would constitute a custom basket. For example, if an ETF exchanges a basket with either the same or another Authorized Participant that reflects a representative sampling that differs from the initial basket, that basket (and any such subsequent baskets) would be a custom basket. Similarly, if an ETF substitutes cash in lieu of a portion of basket assets for a single Authorized Participant, that basket would be a custom basket. The Fund reserves the right to permit or require the substitution of an amount of cash (i.e. cash in lieu of amount) to replace any in-kind deposit of designated portfolio of securities.

Under a variety of circumstances, an ETF and its shareholders may benefit from the flexibility afforded by custom baskets. In general terms, the use of custom baskets may reduce costs, increase efficiency, and improve trading. Because utilizing custom baskets provides a way for an ETF to add, remove, and re-weight portfolio securities without transacting in the market, it may help the ETF to avoid transaction costs and adverse tax consequences. Rule 6c-11 provides an ETF with flexibility to use "custom baskets" if the ETF has adopted written policies and procedures that (i) set forth detailed parameters for the construction and acceptance of custom baskets that are in the best interests of the ETF and its shareholders, including the process for any revisions to, or deviations from, those parameters, and (ii) specify the titles or roles of employees of the ETF's investment adviser who are required to review each custom basket for compliance with those parameters.

The use of baskets that do not correspond to pro rata to an ETF's portfolio holdings has historically created concern that an Authorized Participant could take advantage of its relationship with an ETF and pressure the ETF to construct a basket that favors an Authorized Participant to the detriment of the ETF's shareholders. For example, because ETFs rely on Authorized Participants to maintain the secondary market by promoting an effective arbitrage mechanism, an Authorized Participant holding less liquid or less desirable securities potentially could pressure an ETF into accepting those securities in its basket in exchange for liquid ETF shares (i.e., dumping). An Authorized Participant also could pressure the ETF into including in its basket certain desirable securities in exchange for ETF shares tendered for redemption (i.e., cherry-picking). In either case, the ETF's other investors would be disadvantaged and would be left holding shares of an ETF with a less liquid or less desirable portfolio of securities. The Investment Manager has adopted policies and procedures designed to mitigate these concerns but there is ultimately no guarantee that such policies and procedures will be effective.

***Basket Dissemination***. Basket files are published for consumption through the NSCC, a subsidiary of DTC, immediately prior to the opening of business on the NYSE (currently 9:30 a.m., Eastern time) on each Business Day and can be utilized for pricing, creations, redemptions, rebalancing, and custom scenarios. In most instances, pro rata baskets are calculated and supplied by the ETF's custodial bank based on ETF holdings, whereas non-pro-rata, custom, and forward-looking pro rata baskets are calculated by the Investment Manager and disseminated by the ETF's custodial bank through the NSCC process.

***Placement of Creation or Redemption Orders***. All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by the transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular trading session of the NYSE (ordinarily 4:00 p.m. Eastern time) on each day the NYSE is open for business in order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of the Fund as next determined after receipt of the order in proper form. However, at its discretion, the Fund may require an Authorized Participant to submit orders to purchase or redeem Creation Units be placed earlier in the day (such as instances where an applicable market for a security comprising a creation or redemption basket closes earlier than usual). In addition, if an applicable market on which the Fund's investments are primarily traded is closed on any day, the Fund will not accept orders on such day. Investors must accumulate enough Fund shares in the secondary market to constitute a Creation Unit in order to have such shares redeemed by the Trust. EXCEPT UPON LIQUIDATION OF THE FUND, THE TRUST WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit. There can be no assurance, however, that there will be sufficient liquidity in the secondary market at any time to permit assembly of a Creation Unit.

***Delivery of Redemption Proceeds***. Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of securities – as announced by the Custodian on the Business Day of the request for redemption received in proper form – plus cash in an amount equal to the difference between the NAV of the shares being redeemed, as next determined after a receipt of such request, and the value of the securities, less any redemption transaction fee. If the in kind securities redeemed have a value greater than the NAV of the Fund shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more securities. Deliveries of securities to Authorized Participants in connection with redemption orders are generally expected to be made within three Business Days. Due to the schedule of holidays in certain countries, however, the delivery of in-kind redemption proceeds for the Fund may take longer than three Business Days after the day on which the redemption request is received in proper form. Section 22(e) of the 1940 Act generally prohibits a registered open-end management investment company from postponing the date of satisfaction of redemption requests for more than seven days after the tender of a security for redemption. This prohibition can cause operational difficulties for ETFs that hold foreign investments and exchange in-kind baskets for Creation Units. For example, local market delivery cycles for transferring foreign investments to redeeming investors, together with local market holiday schedules, can sometimes require a delivery process in excess of seven days. However, Rule 6c-11 grants relief from Section 22(e) to permit an ETF to delay satisfaction of a redemption request for more than seven days if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized Participants, or a combination thereof prevents timely delivery of the foreign investment included in the ETF's basket. Under this exemption, an ETF must deliver foreign investments as soon as practicable, but in no event later than 15 days after the tender to the ETF. The exemption therefore will permit a delay only to the extent that additional time for settlement is actually required, when a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming authorized participants prevents timely delivery of the foreign investment included in the ETF's basket. If a foreign investment settles in less than 15 days, Rule 6c 11 requires an ETF to deliver it pursuant to the standard settlement time of the local market where the investment trades. Rule 6c-11 defines "foreign investment" as any security, asset, or other position of the ETF issued by a foreign issuer (as defined by Rule 3b 4 under the 1934 Act), and that is traded on a trading market outside of the United States. This definition is not limited to "foreign securities," but also includes other investments that may not be considered securities. Although these other investments may not be securities, they may present the same challenges for timely settlement as foreign securities if they are transferred in kind.

***Cash Redemption Method***. When full or partial cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the Authorized Participant will receive the cash equivalent of the securities it would otherwise receive through an in-kind redemption, plus the same cash amount to be paid to an in-kind redeemer. The Fund may incur costs such as brokerage costs or taxable gains or losses that the Fund might not have incurred if the redemption had been made in-kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant. Shareholders may be subject to tax on gains they would not otherwise have been subject to or at an earlier date than if the Fund had effected redemptions wholly on an in- kind basis.

***Cash Purchase Method***. The Fund may at its discretion permit full or partial cash purchases of Creation Units of the Fund. When full or partial cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the securities it would otherwise be required to provide through an in-kind purchase, plus the same cash component required to be paid by an in-kind purchaser together with applicable creation transaction fees and charges.

***Creation Transaction Fees***. The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various facts-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket. The standard Creation Unit creation transaction fee for the Fund is $300.

***Redemption Transaction Fees***. The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various facts-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed. The standard Creation Unit redemption transaction fee is $300.

***Suspension of Creations***. The SEC has stated its position that an ETF generally may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the ETF's portfolio holdings are traded are closed for a limited period of time. The SEC has also stated that an ETF could not set transaction fees so high as to effectively suspend the issuance of Creation Units. Circumstances in which the Fund may suspend creations include, but are not limited to, (i) the order is not in proper form, (ii) the purchaser or group of related purchasers, upon obtaining the Creation Units of Fund shares ordered, would own 80% or more of the currently outstanding shares of the Fund, (iii) the required consideration is not delivered, (iv) the acceptance of the basket would, in the opinion of the Fund, be unlawful, or (v) there exist circumstances outside the control of the Fund that make it impossible to process purchases of Creation Units for all practical purposes. Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting the Fund, the Investment Manager, the Distributor, DTC, NSCC, the transfer agent, the Custodian, any sub-custodian or any other participant in the purchase process, and similar extraordinary events. The Fund reserves the right to reject a creation order transmitted to it provided that such action does not result in a suspension of sales of creation units in contravention of 6c-11 and the SEC's positions thereunder. The transfer agent shall notify a prospective creator of a Creation Unit or the Authorized Participant acting on behalf of such prospective creator of the rejection of the order of such person. The Trust, the Fund, the transfer agent, the Custodian, any sub-custodian, and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of baskets, and none of them shall incur any liability for the failure to give any such notification.

Because an ongoing creation and redemption mechanism is critical to maintaining the secondary market price of the Fund's shares at or close to the Fund's NAV per share, the Fund expects to suspend the issuance of Creation Units only in very limited circumstances and only for so long as reasonably necessary.

***Suspension of Redemptions***. An ETF may suspend the redemption of Creation Units only in accordance with Section 22(e) of the 1940 Act. Section 22(e) stipulates that no registered investment company shall suspend the right of redemption, or postpone the date of payment or satisfaction upon redemption, of any redeemable security in accordance with its terms for more than seven days after the tender of such security to the company or its agent designated for that purpose for redemption, except (i) for any period (a) during which the NYSE is closed other than customary week-end and holiday closings or (b) during which trading on the NYSE is restricted, (ii) for any period during which an emergency exists as a result of which (a) disposal by the investment company of securities owned by it is not reasonably practicable or (b) it is not reasonably practicable for such company fairly to determine the value of its net assets, or (iii) for such other periods as the SEC may by order permit for the protection of security holders of the investment company.

***Exceptions to Use of Creation Units***. Under Rule 6c-11 of the 1940 Act, ETFs are permitted to sell or redeem individual shares on the day of consummation of a reorganization, merger, conversion, or liquidation. In these limited circumstances, an ETF may need to issue or redeem individual shares and may need to transact without utilizing Authorized Participants.

***Additional Redemption Procedures***. The Fund may, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund's securities but does not differ in NAV. Redemptions of Fund shares for Fund securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund securities upon redemptions or could not do so without first registering the Fund securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. An Authorized Participant may request the redeeming investor of the shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to qualified institutional buyer status in order to receive Fund securities. Because the portfolio securities of the Fund may trade on days that the Exchange is closed or are otherwise not Business Days for the Fund, shareholders may not be able to redeem their shares of the Fund, or to purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant foreign markets.

***Risks of Purchasing Creation Units***. There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because the Fund's shares may be issued on an ongoing basis, a "distribution" of shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the 1933 Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent shares, and sells those shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary-market demand for shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause a shareholder to be deemed an underwriter. Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with the Fund's shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the 1933 Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3)(C) of the 1933 Act.

**VALUATION OF SHARES**

The NAV for the shares of the Fund normally is determined on each day the NYSE is open for trading. The net assets of the Fund are valued as of the close of the NYSE (normally 4:00 p.m. Eastern time) on each Business Day.

The Board of Trustees has appointed the Investment Manager as the Fund's valuation designee under Rule 2a-5 of the 1940 Act to perform all fair valuations of the Fund's portfolio investments, subject to the Board of Trustees' oversight. As the valuation designee, the Investment Manager has established procedures for its fair valuation of the Fund's portfolio investments.

NAV per share is computed by dividing (i) the value of the securities held by the Fund plus any cash or other assets, less its liabilities, by (ii) the number of outstanding shares of the Fund, and adjusting the result to the nearest full cent. Securities listed on the NYSE, NYSE AMEX Equities, or other national exchanges (other than The Nasdaq Stock Market) are valued at the last sale price on the date of valuation, and securities that are traded on The Nasdaq Stock Market are valued at the Nasdaq Official Closing Price on the date of valuation. Bonds and other fixed-income securities are valued using market quotations provided by dealers and also may be valued on the basis of prices provided by pricing services when the Investment Manager believes that such prices reflect the fair market value of such securities. If there is no sale in a particular security on such day, the security is valued at the mean between the bid and ask prices. Other securities, to the extent that market quotations are readily available, are valued at market value in accordance with procedures established by the Investment Manager. Any other securities and other assets for which market quotations are not readily available are fair valued by the Investment Manager using established valuation methodologies. Short-term instruments (those with remaining maturities of 60 days or less) are valued at amortized cost, which approximates market value.

Fair valuing 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 ADRs or futures contracts. Using fair value pricing means that the Fund's NAV reflects the affected portfolio securities' value as determined in the judgment of the Investment Manager instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from a security's most recent closing price and from the prices used by other investment companies to calculate their NAVs.

**CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**

IN VIEW OF THE COMPLEXITIES OF U.S. FEDERAL AND OTHER INCOME TAX LAWS APPLICABLE TO REGULATED INVESTMENT COMPANIES, A PROSPECTIVE SHAREHOLDER IS URGED TO CONSULT WITH, AND RELY SOLELY UPON, SUCH INVESTOR'S TAX ADVISORS TO UNDERSTAND FULLY THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN TAX CONSEQUENCES TO SUCH INVESTOR OF AN INVESTMENT BASED ON SUCH INVESTOR'S PARTICULAR FACTS AND CIRCUMSTANCES. THIS SUMMARY IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSTRUED AS, LEGAL OR TAX ADVICE.

The following information supplements and should be read in conjunction with the section in the Fund Prospectus titled "Tax Information." The Fund Prospectus generally describes the U.S. federal income tax treatment of distributions by the Fund. This section of the SAI provides additional information concerning U.S. federal income taxes. It is based on the Code, applicable U.S. Treasury regulations, judicial authority, and administrative rulings and practice, all as of the date of this SAI and all of which are subject to change, including changes with retroactive effect. Except as specifically set forth below, the following discussion does not address any state, local, or foreign tax matters.

A shareholder's tax treatment may vary depending on the shareholder's particular situation. This discussion applies only to shareholders holding Fund shares as capital assets within the meaning of the Code. A shareholder may also be subject to special rules not discussed below if they are a certain kind of shareholder, including, but not limited to, an insurance company, a private foundation, a tax-exempt organization, a financial institution or broker-dealer, a person who is neither a citizen nor resident of the United States or an entity that is not organized under the laws of the United States or political subdivision thereof, a shareholder who holds Fund shares as part of a hedge, straddle, or conversion transaction, a shareholder who does not hold Fund shares as a capital asset, or an entity taxable as a partnership for U.S. federal income tax purposes or investors in such an entity.

The Trust has not requested, and does not plan to request, an advance ruling from the IRS as to the U.S. federal income tax matters described below. The IRS could adopt positions contrary to those discussed below, and such positions could be sustained. In addition, the following discussion and the discussion in the Fund Prospectus address only some of the U.S. federal income tax considerations generally affecting investments in the Fund. Prospective shareholders are urged to consult their own tax advisers and financial planners regarding the U.S. federal tax consequences of an investment in the Fund, the application of state, local, or foreign laws, and the effect of any possible changes in applicable tax laws on their investment in the Fund.

**Qualification as a Regulated Investment Company**

It is intended that the Fund qualify for treatment as a RIC under Subchapter M of Subtitle A, Chapter 1 of the Code. The Fund is treated as a separate entity for U.S. federal income tax purposes, and separately determines its income, gains, losses, and expenses for U.S. federal income tax purposes.

In order to qualify as a RIC under the Code, the Fund must, among other things, derive at least 90% of its gross income each taxable year generally from (i) dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, and other income attributable to its business of investing in such stock, securities, or foreign currencies (including, but not limited to, gains from options, futures, or forward contracts) and (ii) net income derived from an interest in a qualified publicly traded partnership, as defined in the Code. Future U.S. Treasury regulations may (possibly retroactively) exclude from qualifying income foreign currency gains that are not directly related to the Fund's principal business of investing in stock, securities, options, or futures with respect to stock or securities. In general, for purposes of this 90% gross income requirement, income derived from a partnership, except a qualified publicly traded partnership, is treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized by the RIC.

The Fund must also diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the fair market value of its gross assets consists of (a) cash and cash items (including receivables), U.S. Government Securities, and securities of other RICs, and (b) securities of any one issuer (other than those described in clause (a)) to the extent such securities do not exceed 5% of the value of the Fund's total assets and do not exceed 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets consists of the securities of any one issuer (other than those described in clause (i)(b)), the securities of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. In addition, for purposes of meeting the diversification requirement of clause (i)(b), the term "outstanding voting securities of such issuer" includes the equity securities of a qualified publicly traded partnership. The qualifying income and diversification requirements applicable to the Fund may limit the extent to which it can engage in transactions in options, futures contracts, forward contracts, and swap agreements.

If the Fund fails to satisfy any of the qualifying income or diversification requirements in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirement. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. If the applicable relief provisions were not available or could not be met, the Fund would be taxed in the same manner as an ordinary corporation, which is described below.

In addition, with respect to each taxable year, the Fund generally must distribute to its shareholders at least 90% of its investment company taxable income, which generally includes (i) its ordinary income and the excess of any net short-term capital gain over net long-term capital loss and (ii) at least 90% of its net tax-exempt interest income earned for the taxable year. If the Fund meets all of the RIC qualification requirements, it generally is not subject to U.S. federal income tax on any of the investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) it distributes to its shareholders. For this purpose, the Fund generally must make the distributions in the same year that it realizes the income and gain, although in certain circumstances the Fund may make the distributions in the following taxable year. Shareholders generally are taxed on any distributions from the Fund in the year such distribution is actually distributed. However, if the Fund declares a distribution to shareholders of record in October, November, or December of one year and pays the distribution by January 31 of the following year, the Fund and its shareholders are treated as if the Fund paid the distribution on December 31 of the first year. The Fund intends to distribute its net income and gain in a timely manner to maintain its status as a RIC and eliminate fund-level U.S. federal income taxation of such income and gain. However, no assurance can be given that the Fund will not be subject to U.S. federal income taxation.

Moreover, the Fund may retain for investment all or a portion of its net capital gain. If the Fund retains any net capital gain, it is subject to a tax at regular corporate rates on the amount retained, but may report the retained amount as undistributed capital gain in a written statement furnished to its shareholders, who would then (i) be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. For U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund is increased by an amount equal to the difference between the amount of undistributed capital gain included in the shareholder's gross income and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance that it will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

If, for any taxable year, the Fund fails to qualify as a RIC and is not eligible for relief as described above, it is taxed in the same manner as an ordinary corporation without any deduction for its distributions to shareholders, and all distributions from the Fund's current and accumulated earnings and profits (including any distributions of its net tax-exempt income and net long-term capital gain) to its shareholders are taxable as dividend income. To requalify as a RIC in a subsequent year, the Fund may be required to distribute to its shareholders its earnings and profits attributable to non-RIC years reduced by an interest charge on 50% of such earnings and profits payable by the Fund to the IRS. In addition, if the Fund initially qualifies as a RIC but subsequently fails to qualify as a RIC for a period greater than two taxable years, the Fund generally would be required to recognize and pay taxes on any net unrealized gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, to be subject to tax on such unrealized gain recognized for a period of 10 years, in order to requalify as a RIC in a subsequent year.

**Equalization Accounting**

The Fund may use the equalization method of accounting to allocate a portion of its earnings and profits (which generally equals the Fund's undistributed investment company taxable income and net capital gain, with certain adjustments) to redemption proceeds. This method permits the Fund to achieve more balanced distributions for both continuing and redeeming shareholders. Although using this method generally does not affect the Fund's total returns, it may reduce the amount that the Fund would otherwise distribute to continuing shareholders by reducing the effect that redemptions of the Fund's shares have on distributions to shareholders. However, the IRS may not have expressly sanctioned the particular equalization methods that may be used by the Fund, and thus the Fund's use of these methods may be subject to IRS scrutiny.

**Capital Loss Carryforwards**

The Fund may carry forward indefinitely a net capital loss to offset its capital gain. The excess of the Fund's net short-term capital loss over its net long-term capital gain is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess of the Fund's net long-term capital loss over its net short-term capital gain is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. If future capital gain is offset by capital loss carryforwards, such future capital gain is not subject to fund-level U.S. federal income tax, regardless of whether it is distributed to shareholders. Accordingly, the Fund does not expect to distribute any such offsetting capital gain. The Fund cannot carry back or carry forward any net operating losses.

**Excise Tax**

If the Fund were to fail to distribute by December 31 of each calendar year at least the sum of 98% of its ordinary income for that year (excluding capital gains and losses), 98.2% of its capital gain net income (adjusted for certain net ordinary losses) for the 12-month period ending on October 31 of that year, and any of its ordinary income and capital gain net income from previous years that was not distributed during such years, the Fund would be subject to a nondeductible 4% U.S. federal excise tax on the undistributed amounts (other than to the extent of its tax-exempt interest income, if any). For these purposes, the Fund is treated as having distributed any amount on which it is subject to corporate-level U.S. federal income tax for the taxable year ending within the calendar year. The Fund generally intends to distribute, or be deemed to have distributed, substantially all of its ordinary income and capital gain net income, if any, by the end of each calendar year, and thus expects not to be subject to the excise tax. However, no assurance can be given that the Fund will not be subject to the excise tax. Moreover, the Fund reserves the right to pay an excise tax rather than make an additional distribution when circumstances warrant (for example, the amount of excise tax to be paid by the Fund is determined to be *de minimis*).

**Taxation of Distributions**

Distributions paid out of the Fund's current and accumulated earnings and profits (as determined at the end of the year), whether paid in cash or reinvested in the Fund, generally are deemed to be taxable distributions and must be reported by each shareholder who is required to file a U.S. federal income tax return. Dividends and other distributions on the Fund's shares generally are subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares acquired at a time when the Fund's NAV reflects gains that are either unrealized or realized but not distributed. For U.S. federal income tax purposes, the Fund's earnings and profits, described above, are determined at the end of the Fund's taxable year, and are allocated pro rata to distributions paid over the entire year. Distributions in excess of the Fund's current and accumulated earnings and profits first are treated as a return of capital up to the amount of a shareholder's tax basis in the shareholder's Fund shares and then as capital gain. The Fund may make distributions in excess of its earnings and profits, from time to time.

For U.S. federal income tax purposes, distributions of investment income and distributions of gains from the sale of investments that the Fund owned for one year or less typically are taxable as ordinary income. Distributions properly reported in writing by the Fund as capital gain dividends are taxable to shareholders as long-term capital gain (to the extent such distributions do not exceed the Fund's net capital gain for the taxable year) regardless of how long a shareholder has held Fund shares, and such distributions do not qualify as dividends for purposes of the dividends-received deduction or as qualified dividend income. The Fund reports capital gain dividends, if any, in a written statement furnished to its shareholders after the close of the Fund's taxable year.

Fluctuations in foreign currency exchange rates may result in foreign exchange gain or loss on transactions in foreign currencies, foreign currency-denominated debt obligations, and certain foreign currency options, futures contracts, and forward contracts. Such gains or losses are generally characterized as ordinary income or loss for tax purposes. The Fund must make certain distributions in order to qualify as a RIC, and the timing of and character of transactions such as foreign currency-related gains and losses may result in the fund paying a distribution treated as a return of capital. Such distribution is nontaxable to the extent of the recipient's basis in its shares.

Some states do not tax distributions made to individual shareholders that are attributable to interest the Fund earned on direct obligations of the U.S. government if the Fund meets the state's minimum investment or reporting requirements, if any. Investments in GNMA or FNMA securities, bankers' acceptances, commercial paper, and repurchase agreements collateralized by U.S. Government Securities generally do not qualify for state tax-free treatment. This exemption may not apply to corporate shareholders.

**Dividend Reinvestment Service**

The Fund will not make the DTC book-entry dividend reinvestment service available for use by beneficial owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial owners should be aware that each broker may require investors to adhere to specific procedures and timetables in order to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares issued by the Fund at NAV. Distributions reinvested in additional shares of the Fund will nevertheless be taxable to beneficial owners acquiring such additional shares to the same extent as if such distributions had been received in cash.

**Foreign Taxes**

Amounts realized by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the United States may otherwise reduce or eliminate such taxes. The Fund is not eligible to elect to pass through its foreign taxes paid in a taxable year. Shareholders cannot claim a credit or deduction with respect to foreign taxes paid or withheld

**Cost Basis Reporting**

Shareholders should contact their intermediaries with respect to reporting of cost basis and available elections with respect to their accounts. You should carefully review the cost basis information provided by the applicable intermediary and make any additional basis holding period or other adjustments that are required when reporting these amounts on your federal income tax returns.

**Sales of Fund Shares**

If a shareholder sells such shareholder's Fund shares, subject to the discussion below, such shareholder generally recognizes a taxable capital gain or loss on the difference between the amount received for the shares and the shareholder's tax basis in the shares. This gain or loss is long-term capital gain or loss if the shareholder has held such Fund shares for more than one year at the time of the sale, and short-term otherwise. If a shareholder receives a capital gain dividend with respect to any Fund share and such Fund share is held for six months or less, then (unless otherwise disallowed) any loss on the sale of that Fund share would be treated as a long-term capital loss to the extent of the capital gain dividend. In addition, if a shareholder recognizes a loss on a disposition of Fund shares, the loss is disallowed under the wash sale rules to the extent the shareholder purchases substantially identical shares within the 61-day period beginning 30 days before and ending 30 days after the disposition. Any disallowed loss generally is reflected in an adjustment to the tax basis of the purchased shares.

**Taxation of CERTAIN Investments**

**PFICs and CFCs**

Passive foreign investment companies ("<u>PFICs</u>") are generally defined as foreign corporations with respect to which at least 75% of their gross income for their taxable year is income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or at least 50% of their assets on average produce, or are held for the production of, such passive income. If the Fund acquires any equity interest in a PFIC, the Fund could be subject to U.S. federal income tax and interest charges on excess distributions received from the PFIC or on gain from the sale of such equity interest in the PFIC, even if all income or gain actually received by the Fund is timely distributed to its shareholders. Excess distributions are characterized as ordinary income even though, absent the application of PFIC rules, some excess distributions may have been classified as capital gain.

The Fund may not pass through to its shareholders any credit or deduction for taxes and interest charges incurred with respect to PFICs. Elections may be available that would ameliorate these adverse tax consequences, but such elections could require the Fund to recognize taxable income or gain without the concurrent receipt of cash. Investments in PFICs could also result in the treatment of associated capital gains as ordinary income. The Fund may attempt to limit or manage its holdings in PFICs to minimize its tax liability or maximize their returns from these investments, but there can be no assurance that they would be able to do so. Moreover, because it is not always possible to identify a foreign corporation as a PFIC in advance of acquiring shares in the corporation, the Fund may incur the tax and interest charges described above in some instances. Dividends paid by the Fund attributable to income and gains derived from PFICs are not eligible to be treated as qualified dividend income.

If the Fund owns 10% or more of either the voting power or value of the stock of a controlled foreign corporation ("<u>CFC</u>"), such corporation is not treated as a PFIC with respect to the Fund. In general, the Fund may be required to recognize dividends from a CFC before actually receiving any dividends. There may also be a tax imposed on a U.S. shareholder's aggregate net CFC income that is treated as global intangible low-taxed income. As a result, the Fund may be required to recognize income sooner than it otherwise would and may never realize such income.

**Additional Information**

In addition to the investments described above, prospective shareholders should be aware that other investments made by the Fund could involve complex tax rules that could result in income or gain recognition by the Fund without corresponding current cash receipts. Although the Fund seeks to avoid significant non-cash income, such non-cash income could be recognized by the Fund. In such case, the Fund may distribute cash derived from other sources to meet the minimum distribution requirements described above, which may require the Fund to liquidate investments prematurely.

Notwithstanding the foregoing, accrual method taxpayers are required to recognize gross income under the "all events test" no later than when such income is recognized as revenue in an applicable financial statement (e.g., an audited financial statement that is used for reporting to partners). This rule may require the Fund to recognize income earlier than as described above.

**U.S. Federal Income Tax Rates**

Non-corporate Fund shareholders (i.e., individuals, trusts, and estates) currently are taxed at a maximum rate of 37% on ordinary income and 20% on net capital gain.

In general, qualified dividend income realized by non-corporate Fund shareholders is taxable at the same rate as net capital gain. Qualified dividend income is dividend income attributable to certain U.S. and foreign corporations, as long as certain holding period requirements are met. If less than 95% of the income of the Fund is attributable to qualified dividend income, then typically only the portion of the Fund's distributions that is attributable to qualified dividend income and reported in writing as such in a timely manner is treated as qualified dividend income in the hands of individual shareholders. Payments received by the Fund from securities lending, repurchase, and other derivative transactions ordinarily do not qualify. The rules attributable to the qualification of Fund distributions as qualified dividend income are complex, including the holding period requirements. Individual Fund shareholders therefore are urged to consult their own tax advisers and financial planners.

The current maximum stated corporate U.S. federal income tax rate applicable to ordinary income and net capital gain is 21%. Actual marginal tax rates may be higher for some shareholders, for example, through reductions in deductions. Distributions from the Fund may qualify for the dividends-received deduction applicable to corporate shareholders with respect to certain dividends. Naturally, the amount of tax payable by any taxpayer is affected by a combination of tax laws covering, for example, deductions, credits, deferrals, exemptions, and sources of income.

In addition, non-corporate Fund shareholders generally are subject to an additional 3.8% tax on their net investment income, which usually includes taxable distributions received from the corresponding Fund and taxable gain on the disposition of Fund shares if the shareholders meets a taxable income test.

Under the Foreign Account Tax Compliance Act ("<u>FATCA</u>") U.S. federal income tax withholding at a 30% rate is imposed on dividends and proceeds of redemptions in respect of Fund shares received by Fund shareholders who own their shares through foreign accounts or foreign intermediaries if certain disclosure requirements related to U.S. accounts or ownership are not satisfied. The Fund does not pay any additional amounts in respect to any amounts withheld.

**Backup Withholding**

Distributions on, and the payment of the proceeds of a disposition of Fund shares generally is subject to information reporting if made within the United States or through certain U.S.-related financial intermediaries. Information returns must be filed with the IRS, and copies of information returns may be made available to the tax authorities of the country in which a holder resides or is incorporated under the provisions of a specific treaty or agreement.

In certain cases, the Fund will be required to withhold at a 24% rate and remit to the U.S. Treasury such amounts withheld from any distributions paid to a shareholder who: (i) has failed to provide a correct taxpayer identification number; (ii) is subject to backup withholding by the IRS; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has not certified that such shareholder is a U.S. person (including a U.S. resident alien). Backup withholding is not an additional tax and any amount withheld may be credited against a shareholder's U.S. federal income tax liability. A shareholder may generally avoid backup withholding by furnishing a properly completed IRS Form W-9. State backup withholding may also be required to be withheld by the Fund under certain circumstances.

**Foreign Shareholders**

For purposes of this discussion, foreign shareholders include (i) nonresident alien individuals, (ii) foreign trusts (i.e., any trust other than a trust with respect to which a U.S. court is able to exercise primary supervision over administration of that trust and one or more U.S. persons have authority to control substantial decisions of that trust), (iii) foreign estates (i.e., estates whose income is not subject to U.S. tax regardless of source), and (iv) foreign corporations.

Generally, distributions made to foreign shareholders are subject to non-refundable U.S. federal income tax withholding at a 30% rate (or such lower rate provided under an applicable income tax treaty) even if they are funded by income or gains (such as portfolio interest, short-term capital gain, or foreign-source dividend and interest income) that, if paid to a foreign person directly, would not be subject to such withholding.

Under legislation that has been available from time to time, the Fund could report in writing to its shareholders certain distributions made to foreign shareholders that would not be subject to U.S. federal income tax withholding where the distribution is attributable to specific sources (such as portfolio interest and short-term capital gain), certain requirements are met and the Fund makes appropriate designations to pay such exempt distributions. Even if the Fund realizes income from such sources, no assurance can be made that the Fund would meet such requirements or make such designations. Where Fund shares are held through an intermediary, even if the Fund makes the appropriate designation, the intermediary may withhold U.S. federal income tax.

Capital gains dividends and gains recognized by a foreign shareholder on the redemption of Fund shares generally are not subject to U.S. federal income tax withholding, provided that certain requirements are satisfied.

Under FATCA, a withholding tax of 30% is imposed on dividends on, and the gross proceeds of a disposition of, Fund shares paid to certain foreign shareholders unless various information reporting requirements are satisfied. Such withholding tax generally applies to non-U.S. financial institutions, which are defined for this purpose as non-U.S. entities that (i) accept deposits in the ordinary course of a banking or similar business, (ii) are engaged in the business of holding financial assets for the account of others, or (iii) are engaged, or hold themselves out as being engaged, primarily in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interest in such assets. Prospective foreign shareholders are encouraged to consult their tax advisors regarding the implications of FATCA on their investment in the Fund.

Before investing in the shares, a prospective foreign shareholder should consult with its own tax advisors, including whether the shareholder's investment can qualify for benefits under an applicable income tax treaty.

**Tax Shelter Reporting Regulations**

Generally, under U.S. Treasury regulations, if an individual shareholder recognizes a loss of $2 million or more, or if a corporate shareholder recognizes a loss of $10 million or more, with respect to Fund shares, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of securities are in many cases exempt from this reporting requirement, but shareholders of a RIC are not exempt under current guidance. Future guidance may extend the current exemption from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**Tax Legislation**

Prospective shareholders should recognize that the present U.S. federal income tax treatment of the Fund and its shareholders may be modified by legislative, judicial, or administrative actions at any time, which may be retroactive in effect. The rules addressing U.S. federal income taxation are constantly under review by Congress, the IRS, and the U.S. Treasury, and statutory changes, as well as promulgation of new regulations, revisions to existing statutes, and revised interpretations of established concepts, occur frequently. You should consult your advisers concerning the status of legislative proposals that may pertain to holding Fund shares.

The foregoing summary does not describe fully the income and other tax consequences of an investment in the Fund. Fund investors are strongly urged to consult with their tax advisers, with specific reference to their own respective situations, regarding the potential tax consequences of an investment in the Fund.

**DESCRIPTION OF CERTAIN INSTRUMENTS**

***Bankers' Acceptances***. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity.

***Certificates of Deposit***. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank or a savings and loan association for a definite period of time and earning a specified return.

***Commercial Paper***. Commercial paper consists of unsecured promissory notes issued by corporations. Issues of commercial paper normally have maturities of less than nine months and fixed rates of return.

***U.S. Government Agency and Instrumentality Obligations***. Obligations issued by agencies and instrumentalities of the U.S. government include such agencies and instrumentalities as the Government National Mortgage Association, the Export-Import Bank of the United States, the Tennessee Valley Authority, the Farmers Home Administration, the Federal Home Loan Banks, the Federal Intermediate Credit Banks, the Federal Farm Credit Banks, the Federal Land Banks, the Federal Housing Administration, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Student Loan Marketing Association. Some of these obligations, such as those of the Government National Mortgage Association are supported by the full faith and credit of the U.S. Treasury; others, such as those of the Export-Import Bank of the United States, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. No assurance can be given that the U.S. government would provide financial support to U.S. government-sponsored instrumentalities if it is not obligated to do so by law. The Fund invests in the obligations of such instrumentalities only when its portfolio managers believe that the credit risk with respect to the instrumentality is minimal.

***U.S. Treasury Securities***. U.S. Treasury securities are obligations issued or guaranteed as to payment of principal and interest by the full faith and credit of the U.S. government. These obligations may include Treasury bills, notes, and bonds, and issues of agencies and instrumentalities of the U.S. government, as long as obligations are guaranteed as to payment of principal and interest by the full faith and credit of the U.S. government.

**ANTI-MONEY LAUNDERING PROGRAM**

The Fund is subject to the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("<u>PATRIOT Act</u>"). Pursuant to requirements under the PATRIOT Act, the Fund or its agent may request information from Authorized Participants to enable it to form a reasonable belief that it knows the true identity of its Authorized Participants and their beneficial owners, if applicable. This information will be used to verify the identity of Authorized Participants or, in some cases, the status of financial professionals; it will be used only for compliance with the requirements of the PATRIOT Act.

The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to allow the Fund to verify their identity. The Fund also reserves the right to redeem any amounts in the Fund from persons whose identity it is unable to verify on a timely basis.

**OTHER INFORMATION**

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Investment Manager may pay fees from its own resources (and not those of the Fund) to financial intermediaries, such as brokers or third-party administrators, for non-distribution-related sub-transfer agency, administrative, sub-accounting, and other shareholder services. Fees paid pursuant to such agreements are generally based on either (i) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (ii) the number of accounts held by Fund shareholders that are serviced by a financial intermediary.

The Investment Manager also may pay certain financial intermediaries for certain activities relating to the Fund. The Investment Manager may pay for financial intermediaries to participate in marketing activities and presentations, educational training programs, activities designed to make registered representatives, other professionals, and individual investors more knowledgeable about the Fund, or activities relating to the support of technology platforms and reporting systems. The Investment Manager may also make payments to financial intermediaries for certain printing, publishing, and mailing costs associated with the Fund. Additionally, the Investment Manager may make payments to financial intermediaries that make shares of the Fund available to their clients or for otherwise promoting the Fund. Payments of this type are sometimes referred to as revenue-sharing payments.

Payments to financial intermediary may be significant to that financial intermediary, and amounts that financial intermediaries pay to an investor's salesperson or other investment professional may also be significant for the investor's salesperson or other investment professional. Because a financial intermediary may make decisions about which investment options it recommends or makes available to its clients and what services to provide for various products based on payments it receives or is eligible to receive, these payments create conflicts of interest between the financial intermediary and its clients, and these financial incentives may cause the financial intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to an investor's salesperson or other investment professional if such individual receives similar payments from a financial intermediary.

**DESCRIPTION OF SHARES**

The Fund's authorized capital consists of an unlimited number of shares of beneficial interest, having no par value. Shareholders are entitled to (i) one vote per full Fund share, (ii) such distributions as may be declared by the Board of Trustees out of funds legally available, and (iii) upon liquidation, to participate ratably in the assets available for distribution. There are no conversion or sinking fund provisions applicable to Fund shares, and the holders have no preemptive rights and may not cumulate their votes in the election of Trustees. Consequently, the holders of more than 50% of Fund shares voting for the election of Trustees can elect all the Trustees, and in such event, the holders of the remaining shares voting for the election of Trustees would be unable to elect any persons as Trustees. As indicated below, the Trust does not anticipate holding an annual meeting in any year in which the election of Trustees is not required to be acted on by shareholders under the 1940 Act.

When issued for payment as described in the Fund Prospectus, Fund shares will be fully paid and non-assessable.

Pursuant to the Trust Instrument, the Trustees may establish and designate one or more separate and distinct series of shares, each of which would be authorized to issue an unlimited number of shares. Additionally, without obtaining any prior authorization or vote of shareholders, the Trustees may redesignate or reclassify any issued shares of any series. In the event that more than one series is established, each share outstanding, regardless of series, would still entitle its holder to one vote. As a general matter, shares would be voted in the aggregate and not by series, except where class voting would be required by the 1940 Act (e.g., change in investment policy or approval of an investment advisory agreement). All consideration received from the sale of shares of any series, together with all income, earnings, profits and proceeds thereof, would belong to that series and would be charged with the liabilities in respect of that series and of that series' share of the general liabilities of the applicable Fund, as the case may be, in the proportion that the total net assets of the series bear to the total net assets of all series. The NAV of a share of any series would be based on the assets belonging to that series less the liabilities charged to that series, and dividends could be paid on shares of any series only out of lawfully available assets belonging to that series. In the event of liquidation or dissolution of any series, the shareholders would be entitled to the assets belonging to that series.

The Trust Instrument contains an express disclaimer of shareholder liability for the Trust's acts or obligations and requires that notice of such disclaimer be given in each agreement, obligation, or instrument entered into or executed by the Trust or the Trustees. The Trust Instrument provides for indemnification and reimbursement of expenses out of the Fund's property, as applicable, for any shareholder held personally liable for its obligations. The Trust Instrument also provides that the Trust would, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon.

The Trust Instrument further provides that the Trustees are not liable for errors of judgment or mistakes of fact or law, but nothing in the Trust Instrument protects a Trustee against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Trustee's office.

**SHAREHOLDER MEETINGS**

The Trust does not expect to hold an annual meeting of shareholders in any year in which the election of Trustees is not required to be acted on by shareholders under the 1940 Act. At its discretion, the Board of Trustees may call a special meeting of shareholders to allow shareholders to vote on any matter that the Board of Trustees deems necessary or advisable.

The Trust's Trust Instrument and Bylaws contain procedures for the removal of Trustees by the Trust's shareholders. At any duly called meeting of shareholders and at which a quorum is present, the shareholders may, by the affirmative vote of the holders of at least two-thirds of the outstanding shares, remove any Trustee.

Upon the written request of the holders of shares entitled to not less than 10% of all the votes entitled to be cast at such meeting, the Secretary of the Trust must promptly call a special meeting of shareholders to vote on the question of removal of any Trustee. Whenever 10 or more shareholders of record who have been such for at least six months preceding the date of application and who hold in the aggregate either shares having a NAV of at least $25,000 or at least 1% of the total outstanding shares, whichever is less, apply to the Secretary in writing stating that they wish to communicate with other shareholders with a view to obtaining signatures to a request for a meeting as described above and accompanied by a form of communication and request which they wish to transmit, the Secretary must, within five business days after such application, either (i) afford to such applicants access to a list of the names and addresses of all shareholders as recorded on the books of the Trust or (ii) inform such applicants as to the approximate number of shareholders of record and the approximate cost of mailing to them the proposed communication and form of request.

If the Secretary elects to follow the course specified in clause (ii) of the last sentence of the preceding paragraph, the Secretary, upon the written request of such applicants accompanied by a tender of the material to be mailed and of the reasonable expenses of mailing, must, with reasonable promptness, mail such material to all shareholders of record at their addresses as recorded on the books unless, within five business days after such tender, the Secretary mails to such applicants and files with the SEC, together with a copy of the material to be mailed, a written statement signed by at least a majority of the Trustees to the effect that, in their opinion, either such material contains untrue statements of fact, omits to state facts necessary to make the statements contained therein not misleading, or would be in violation of applicable law, and specifying the basis of such opinion.

After opportunity for hearing on the objections specified in the written statement so filed, the SEC may, and if demanded by the Trustees or by such applicants must, enter an order either sustaining one or more of such objections or refusing to sustain any of them. If the SEC enters an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the SEC finds, after notice and opportunity for hearing, that all objections so sustained have been met and enters an order so declaring, the Secretary must mail copies of such material to all shareholders with reasonable promptness after the entry of such order and the renewal of such tender.

Rule 18f-2 under the 1940 Act provides that any matter required under the provisions of the 1940 Act, applicable state law, or otherwise to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust has not been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each fund affected by such matter. Rule 18f-2 further provides that a fund is deemed affected by a matter unless it is clear that the interests of each fund in the matter are identical or that the matter does not affect any interest of such fund. The rule exempts the selection of independent auditors and the election of Trustees from the separate voting requirements.

**REGISTRATION STATEMENT**

The Fund Prospectus and this SAI do not contain all the information included in the Registration Statement filed with the SEC under the 1933 Act with respect to the securities offered by the Fund Prospectus. The general public can review the Registration Statement, including the exhibits filed therewith, on the EDGAR Database on the SEC's Internet website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at publicinfo@sec.gov.

Statements contained in the Fund Prospectus and this SAI as to the contents of any contract or other document are not complete and, in each instance, reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement of which this SAI and the Fund Prospectus form a part, and each such statement is qualified in all respects by such reference.

**COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The law firm of Foley & Lardner LLP, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202-5306, serves as counsel to the Fund. Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102-2529, serves as the independent registered public accounting firm to the Fund. Tait, Weller & Baker LLP audits and reports on the Fund's annual financial statements, reviews certain regulatory reports and the Fund's income tax returns, and performs other auditing and tax services when engaged to do so.

**FINANCIAL STATEMENTS**

The following audited financial information, included in the Fund's [Form N-CSR](https://www.sec.gov/Archives/edgar/data/891944/000199937126000464/hft-ncsr_103125.htm) covering the fiscal year ended October 31, 2025, as filed with the SEC on January 8, 2026, under Investment Company Act File No. 811-07168 of the Trust, are incorporated by reference into this SAI:

● Schedule of Investments

● Statement of Assets and Liabilities

● Statement of Operations

● Statements of Changes in Net Assets

● Financial Highlights

● Notes to the Financial Statements

● Report of Independent Registered Public Accounting Firm (annual reports only)

**PART C**

**OTHER INFORMATION**

Item 28. <u>Exhibits</u>

(a) Organizational Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Restated Certificate of Trust.<sup>(9)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853117000334/hft_trusf-ex1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Certificate of Amendment to the Certificate of Trust.<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089706908001905/cmw3906f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Certificate of Amendment to the Certificate of Trust.<sup>(9)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853117000334/hft_trusf-ex1c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Amended and Restated Trust Instrument.<sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713121003026/hft_hf-ex99a4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Amended and Restated Written Instrument Designating and Establishing Series and Classes.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99a5.htm)

(b) [Amended and Restated Bylaws.<sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713121003026/hft_hf-ex99b.htm)

(c) None.

(d) Investment Advisory Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Large Growth Fund.<sup>(4)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853109000435/hft-ex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Gas Utility Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853113000110/hft_hf-ex99d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [First Amendment to Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Gas Utility Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund.<sup>(8)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853117000122/hft-ex99d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Balanced Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund.<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853114000096/hft_hf-ex99d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [First Amendment to Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Balanced Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund.<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853116000649/hft-ex99d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Amended and Restated Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Energy Transition Fund and the Hennessy Midstream Fund.<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF).<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [First Amendment to Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF).<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Second Amendment to Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF).<sup>(21)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853125000047/hft_lft-exd9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Sub-Advisory Agreement for the Hennessy Focus Fund between Hennessy Advisors, Inc. and Broad Run Investment Management, LLC.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853113000110/hft_hf-ex99d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Sub-Advisory Agreement for the Hennessy Equity and Income Fund (fixed income allocation) between Hennessy Advisors, Inc. and FCI Advisors.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853113000110/hft_hf-ex99d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Sub-Advisory Agreement for the Hennessy Equity and Income Fund (equity allocation) between Hennessy Advisors, Inc. and The London Company of Virginia, LLC.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853113000110/hft_hf-ex99d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Sub-Advisory Agreement for the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund between Hennessy Advisors, Inc. and SPARX Asset Management Co., Ltd.<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853114000096/hft_hf-ex99d10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [First Amendment to Sub-Advisory Agreement for the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund between Hennessy Advisors, Inc. and SPARX Asset Management Co., Ltd.<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853118000104/hft-ex99d10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Sub-Advisory Agreement for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF) between Hennessy Advisors, Inc. and Stance Capital, LLC.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99d13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [First Amendment to Sub-Advisory Agreement for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF) between Hennessy Advisors, Inc. and Stance Capital, LLC.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Second Amendment to Sub-Advisory Agreement for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF) between Hennessy Advisors, Inc. and Stance Capital, LLC.<sup>(21)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853125000047/hft_lft-exd18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Sub-Advisory Agreement for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF) between Hennessy Advisors, Inc. and Vident Advisory, LLC.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [First Amendment to Sub-Advisory Agreement for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF) between Hennessy Advisors, Inc. and Vident Advisory, LLC.<sup>(21)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853125000047/hft_lft-exd20.htm)

(e) (1) [Distribution Agreement by and among Quasar Distributors, LLC, Registrant, and Hennessy Advisors, Inc.<sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713121003026/hft_hf-ex99e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Distribution Agreement (Novation) by and among Quasar Distributors, LLC, Registrant, and Hennessy Advisors, Inc.<sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [ETF Distribution Agreement by and between Quasar Distributors, LLC and Registrant.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99e3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Form of Authorized Participant Agreement for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF), the Hennessy Tactical Growth and Income ETF, and the Hennessy Tactical Growth ETF.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99e4.htm)

(f) None.

(g) (1) [Custody Agreement between Registrant and U.S. Bank, National Association.<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089706905001653/cmw1530c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Sixth Amendment to Custody Agreement between Registrant and U.S. Bank, National Association.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Seventh Amendment to Custody Agreement between Registrant and U.S. Bank, National Association.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99g3.htm)

(h) Other Material Contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089706905001653/cmw1530d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Addendum to Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853120000075/hft-ex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Fifth Amendment to the Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC. <sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853120000075/hft-ex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Sixth Amendment to the Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Seventh Amendment to Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089706905001653/cmw1530e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Addendum to Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853120000075/hft-ex99h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Sixth Amendment to the Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99h7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Seventh Amendment to Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC](https://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99h8.htm) .<sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Fifth Amendment to the Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Sixth Amendment to Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Second Amended and Restated Servicing Agreement between Registrant and Hennessy Advisors, Inc. for all Funds.<sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99h7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Power of Attorney.<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089706905001653/cmw1530g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Power of Attorney.<sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853120000075/hft-ex99h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Power of Attorney.<sup>(15)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089706922000549/cmw448k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Power of Attorney.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99h17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Energy Transition Fund and the Hennessy Midstream Fund.<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853119000103/hft-ex99h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [First Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Midstream Fund. <sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853120000075/hft-ex99h14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Second Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Midstream Fund. <sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713121003026/hft_hf-ex99h15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [Third Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Midstream Fund. <sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99h14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [Fourth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Midstream Fund.<sup>(17)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713123002518/hft-ex99h19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [Fifth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Midstream Fund.<sup>(19)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937124002846/hft-ex99h24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [Sixth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Midstream Fund.<sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000183988225012171/hft-ex99h24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [Seventh Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Midstream Fund](ex99-h25.htm) – Filed Herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(8)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853117000122/hft-ex99h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [First Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853118000104/hft-ex99h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) [Second Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853119000103/hft-ex99h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) [Third Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853120000075/hft-ex99h18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [Fourth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(13)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713121003026/hft_hf-ex99h20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) [Fifth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99h20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) [Sixth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(17)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713123002518/hft-ex99h26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) [Seventh Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(19)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937124002846/hft-ex99h32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) [Eighth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund.<sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000183988225012171/hft-ex99h33.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) [Ninth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Technology Fund](ex99-h35.htm) – Filed Herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) [Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Stance ESG ETF.<sup>(16)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122012657/hft-ex99h25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [First Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Stance ESG ETF.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99h32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) [Second Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Stance ESG ETF.<sup>(19)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937124002846/hft-ex99h35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) [Third Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Stance ESG ETF.<sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000183988225012171/hft-ex99h37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) [Fourth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Sustainable ETF (formerly known as the Hennessy Stance ESG ETF).<sup>(21)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853125000047/hft_lft-exh42.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) [Fifth Amendment to Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Sustainable ETF](ex99-h41.htm) – Filed Herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) [Amended and Restated Administrative Services Agreement among American Gas Association, Registrant on behalf the Hennessy Gas Utility Fund, and Hennessy Advisors, Inc.<sup>(12)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853120000075/hft-ex99h19.htm)

(i) [Opinion of Foley & Lardner LLP](ex99-i.htm) – Filed Herewith.

(j) [Consent of Independent Registered Public Accounting Firm](ex99-j.htm) – Filed Herewith.

(k) None.

(l) [Subscription Agreement.<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/891944/0000897069-97-000422.txt)

(m) Distribution (Rule 12b-1) Plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Distribution (Rule 12b-1) Plan for the Hennessy Cornerstone Growth Fund.<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853116000649/hft-ex99m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amended and Restated Distribution (Rule 12b-1) Plan for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Gas Utility Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853113000110/hft_hf-ex99m.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Distribution (Rule 12b-1) Plan for the Hennessy Cornerstone Mid Cap 30 Fund.<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853116000649/hft-ex99m3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Distribution (Rule 12b-1) Plan for the Hennessy Cornerstone Large Growth Fund.<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853116000649/hft-ex99m4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Distribution (Rule 12b-1) Plan for the Hennessy Cornerstone Value Fund.<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853116000649/hft-ex99m5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Distribution (Rule 12b-1) Plan for the Hennessy Total Return Fund.<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853114000096/hft_hf-ex99m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Distribution (Rule 12b-1) Plan for the Hennessy Balanced Fund.<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853114000096/hft_hf-ex99m3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Amended and Restated Distribution (Rule 12b-1) Plan for the Hennessy Energy Transition Fund.<sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99m8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Amended and Restated Distribution (Rule 12b-1) Plan for the Hennessy Midstream Fund.<sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99m9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Distribution (Rule 12b-1) Plan for the Hennessy Japan Fund.<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853116000649/hft-ex99m9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Distribution (Rule 12b-1) Plan for the Hennessy Japan Small Cap Fund.<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000089853116000649/hft-ex99m10.htm)

(n) [Amended and Restated Rule 18f-3 Multi-Class Plan.<sup>(14)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000138713122002590/hft-ex99n.htm)

(o) (1) [Code of Ethics of Registrant and Hennessy Advisors, Inc.<sup>(18)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000199937123001208/hft-ex99o1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of Broad Run Investment Management, LLC](ex99-o2.htm) – Filed Herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics of FCI Advisors.<sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000183988225012171/hft-ex99o3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics of The London Company of Virginia, LLC.<sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000183988225012171/hft-ex99o4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Code of Ethics of SPARX Asset Management Co., Ltd.](ex99-o5.htm) –
Filed Herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Code of Ethics of Stance Capital, LLC.<sup>(20)</sup>](http://www.sec.gov/Archives/edgar/data/891944/000183988225012171/hft-ex99o6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Code of Ethics of Vident Advisory, LLC (d/b/a Vident Asset Management)](ex99-o7.htm) – Filed Herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Code of Ethics of Quasar Distributors, LLC – Not Applicable Per Rule 17j-1(c)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Previously filed as an exhibit to Post-Effective Amendment No. 6 to the Registration Statement and
incorporated by reference thereto. Post-Effective Amendment No. 6 was filed on October 28, 1997, and its accession number is 0000897069-97-000422.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Previously filed as an exhibit to Post-Effective Amendment No. 16 to the Registration Statement. Post-Effective
Amendment No. 16 was filed on July 1, 2005, and its accession number is 0000897069-05-001653.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Previously filed as an exhibit to Post-Effective Amendment No. 24 to the Registration Statement. Post-Effective
Amendment No. 24 was filed on December 15, 2008, and its accession number is 0000897069-08-001905.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Previously filed as an exhibit to Post-Effective Amendment No. 26 to the Registration Statement. Post-Effective
Amendment No. 26 was filed on November 23, 2009, and its accession number is 0000898531-09-000435.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Previously filed as an exhibit to Post-Effective Amendment No. 34 to the Registration Statement. Post-Effective
Amendment No. 34 was filed on February 28, 2013, and its accession number is 0000898531-13-000110.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Previously filed as an exhibit to Post-Effective Amendment No. 38 to the Registration Statement. Post-Effective
Amendment No. 38 was filed on February 28, 2014, and its accession number is 0000898531-14-000096.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Previously filed as an exhibit to Post-Effective Amendment No. 43 to the Registration Statement. Post-Effective
Amendment No. 43 was filed on February 29, 2016, and its accession number is 0000898531-16-000649.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Previously filed as an exhibit to Post-Effective Amendment No. 47 to the Registration Statement. Post-Effective
Amendment No. 47 was filed on February 28, 2017, and its accession number is 0000898531-17-000122.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Previously filed as an exhibit to the Registration Statement on Form N-14. The Registration Statement
was filed on June 13, 2017, and its accession number is 0000898531-17-000334.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Previously filed as an exhibit to Post-Effective Amendment No. 49 to the Registration Statement. Post-Effective
Amendment No. 49 was filed on February 28, 2018, and its accession number is 0000898531-18-000104.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Previously filed as an exhibit to Post-Effective Amendment No. 53 to the Registration Statement. Post-Effective
Amendment No. 53 was filed on February 28, 2019, and its accession number is 0000898531-19-000103.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Previously filed as an exhibit to Post-Effective Amendment No. 55 to the Registration Statement. Post-Effective
Amendment No. 55 was filed on February 28, 2020, and its accession number is 0000898531-20-000075.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Previously filed as an exhibit to Post-Effective Amendment No. 57 to the Registration Statement. Post-Effective
Amendment No. 57 was filed on March 1, 2021, and its accession number is 0001387131-21-003026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Previously filed as an exhibit to Post-Effective Amendment No. 58 to the Registration Statement. Post-Effective
Amendment No. 58 was filed on February 28, 2022, and its accession number is 0001387131-22-002590.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Previously filed as an exhibit to Post-Effective Amendment No. 59 to the Registration Statement. Post-Effective
Amendment No. 59 was filed on September 23, 2022, and its accession number is 0000897069-22-000549.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Previously filed as an exhibit to Post-Effective Amendment No. 62 to the Registration Statement. Post-Effective
Amendment No. 62 was filed on December 22, 2022, and its accession number is 0001387131-22-012657.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Previously filed as an exhibit to Post-Effective Amendment No. 63 to the Registration Statement. Post-Effective
Amendment No. 63 was filed on February 28, 2023, and its accession number is 0001387131-23-002518.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Previously filed as an exhibit to Post-Effective Amendment No. 64 to the Registration Statement. Post-Effective
Amendment No. 64 was filed on December 26, 2023, and its accession number is 0001999371-23-001208.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Previously filed as an exhibit to Post-Effective Amendment No. 65 to the Registration Statement. Post-Effective
Amendment No. 65 was filed on February 28, 2024 (accession number 0001999371-24-002791) and refiled on February 29, 2024 (accession
number 0001999371-24-0028460) solely to ensure that the series and classes/contracts information that appears on the EDGAR system
correctly reflects all series and classes covered by Post-Effective Amendment No. 65.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Previously filed as an exhibit to Post-Effective Amendment No. 66 to the Registration Statement. Post-Effective
Amendment No. 66 was filed on February 28, 2025, and its accession number is 0001839882-25-012171.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Previously filed as an exhibit to Post-Effective Amendment No. 67 to the Registration Statement. Post-Effective
Amendment No. 67 was filed on May 19, 2025, and its accession number is 0000898531-25-000047.

**Item 29.** **<u>Persons Controlled by or Under Common Control with Registrant</u>**

No person is directly or indirectly controlled by or under common control with Registrant.

**Item 30.** **<u>Indemnification</u>**

Pursuant to Chapter 38 of Title 12 of the Delaware Code, Registrant's Amended and Restated Trust Instrument, dated October 14, 2020, contains the following article, which is in full force and effect and has not been modified or canceled:

"**ARTICLE 10**

**LIMITATION OF LIABILITY AND INDEMNIFICATION**

Section 10.1. <u>LIMITATION OF LIABILITY</u>. A Trustee, when acting in such capacity, shall not be personally liable to any person other than the Trust or a beneficial owner for any act, omission, or obligation of the Trust or any Trustee. A Trustee shall not be liable for any act or omission or any conduct whatsoever in such individual's capacity as Trustee, provided that nothing contained herein or in the Delaware Act shall protect any Trustee against any liability to the Trust or to Shareholders to which such Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Section 10.2. <u>INDEMNIFICATION.</u> Subject to the exceptions and limitations contained in Section 10.2(B):

&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) every Person who is, or has been, a Trustee or officer of the Trust (a "<u>Covered Person</u>") shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by such Person in connection with any claim, action, suit, or proceeding in which such Person becomes involved as a party or otherwise by virtue of being or having been a Trustee or officer and against amounts paid or incurred by such Person in the settlement thereof;

&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 words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits, or proceedings (civil, criminal or other, including appeals), actual or threatened while in office or thereafter, and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties, and other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No indemnification shall be provided to a Covered 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;(i) who shall have been adjudicated by a court or body before which the proceeding was brought (1) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Covered Person's office or (2) not to have acted in good faith in the reasonable belief that such Covered Person's action was in the best interest of the Trust; 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;(ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Covered Person's office,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) by the court or other body approving the settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties
to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); 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;(3) by written opinion of independent legal counsel based upon a review of readily available facts (as
opposed to a full trial-type inquiry);

provided, however, that any Shareholder may, by appropriate legal proceedings, challenge any such determination by the Trustees or by independent counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The rights of indemnification in this Trust Instrument may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of the heirs, executors, and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel, other than Covered Persons, and other persons may be entitled by contract or otherwise under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in Section 10.2(A) may be paid by the Trust or Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him to the Trust or Series if it is ultimately determined that such Covered Person is not entitled to indemnification under this Section 10.2; provided, however, that either (i) such Covered Person shall have provided appropriate security for such undertaking, (ii) the Trust is insured against losses arising out of any such advance payments or (iii) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the matter, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe that such Covered Person will be found entitled to indemnification under this Section 10.2.

Section 10.3. <u>SHAREHOLDERS</u>. In case any Shareholder or former Shareholder of any Series shall be held to be personally liable solely by reason of being or having been a Shareholder of such Series and not because of such Shareholder's acts or omissions or for some other reason, the Shareholder or former Shareholder (or such Shareholder's or former Shareholder's heirs, executors, administrators, or other legal representatives, or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Series, shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of the Series and satisfy any judgment thereon from the assets of the Series.

Insofar as indemnification for and with respect to liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Registrant pursuant to the foregoing provisions or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a director, officer or controlling person or Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification is against public policy as expressed in the Act and will be governed by the final adjudication of such issue."

Item 31. <u>Business and Other Connections of Investment Adviser</u>

Incorporated by reference to the Statement of Additional Information pursuant to Rule 411 under the Securities Act of 1933.

Item 32. <u>Principal Underwriters</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quasar Distributors, LLC (the "Distributor"), Registrant's principal underwriter, serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Abacus FCF ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Advisor Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Antares Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Capital Advisors Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Chase Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Edgar Lomax Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. First Sentier American Listed Infrastructure Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. First Sentier Global Listed Infrastructure Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Huber Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Huber Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Huber Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. PIA BBB Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. PIA High Yield Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. PIA MBS Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Poplar Forest Partners Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Pzena Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Reverb ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Scharf ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Scharf Global Opportunity ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. The Aegis Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Allied Asset Advisors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Angel Oak Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Angel Oak Strategic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Brookfield Infrastructure Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Brookfield Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Buffalo Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. DoubleLine Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. AOT Growth and Innovation ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. ARS Focused Opportunities Strategy ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Alpha Architect 1-3 Month Box ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Alpha Architect Aggregate Bond ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Alpha Architect Global Factor Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Alpha Architect High Inflation and Deflation ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Alpha Architect International Quantitative Momentum ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Alpha Architect International Quantitative Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Alpha Architect Tail Risk ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Alpha Architect U.S. Quantitative Momentum ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. Alpha Architect U.S. Quantitative Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. Alpha Architect US Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. Alpha Blue Capital US Small-Mid Cap Dynamic ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. Altrius Global Dividend ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. Amplius Aggressive Asset Allocation ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Argent Focused Small Cap ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Argent Large Cap ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Argent Mid Cap ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Astoria US Equal Weight Quality Kings ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Astoria US Quality Growth Kings ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Bastion Energy ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Bridges Capital Tactical ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Burney U.S. Factor Rotation ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Bushido Capital US Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Bushido Capital US SMID Cap Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Castellan Targeted Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Castellan Targeted Income ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Coastal Compass 100 ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Concourse Capital Focused Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Discipline Fund ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Draco Evolution AI ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. EA Astoria Dynamic Core US Fixed Income ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. EA Bridgeway Blue Chip ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. EA Bridgeway Omni Small-Cap Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Euclidean Fundamental Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Freedom 100 Emerging Markets ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Gadsden Dynamic Multi-Asset ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Guru Favorite Stocks ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Honeytree U.S. Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Intelligent Alpha Atlas ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Keating Active ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. MC Trio Equity Buffered ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. MRBL Enhanced Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. MarketDesk Focused U.S. Dividend ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. MarketDesk Focused U.S. Momentum ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. Matrix Advisors Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. RACWI US ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Relative Sentiment Tactical Allocation ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Research Affiliates Deletions ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. RockCreek Global Equality ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Sarmaya Thematic ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Sparkline Intangible Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Sparkline International Intangible Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Stance Sustainable Beta ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Stocksnips AI-Powered Sentiment US All Cap ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Strive 1000 Dividend Growth ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Strive 1000 Growth ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Strive 1000 Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Strive 500 ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Strive Emerging Markets Ex-China ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. Strive Enhanced Income Short Maturity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. Strive International Developed Markets ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Strive Mid-Cap ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. Strive Natural Resources and Security ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. Strive Small-Cap ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Strive Total Return Bond ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Strive U.S. Energy ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Strive U.S. Semiconductor ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Suncoast Select Growth ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. TBG Dividend Focus ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Towle Value ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. WHITEWOLF Publicly Listed Private Equity ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. YOKE Core ETF, Series of EA Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. AAM Crescent CLO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. AAM Transformers ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Acquirers Deep Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Aptus April Buffer, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Aptus Deferred Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Aptus January Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Aptus July Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Aptus Large Cap Upside ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Aptus October Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. BTD Capital Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Carbon Strategy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. ClearShares OCIO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Hoya Capital Housing ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. Opus Small Cap Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The Acquirers Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. U.S. Global JETS ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. US Vegan Climate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. First American Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. FundX Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. The GoodHaven Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Hennessy Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Horizon Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Hotchkis & Wiley Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Intrepid Capital Management Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. Jacob Funds Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. Core Alternative ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. Optimized Equity Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. LKCM Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. LoCorr Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. MainGate Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. Coho Relative Value Equity Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. Coho Relative Value ESG Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. Kensington Active Advantage Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. Kensington Defender Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. Kensington Managed Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. Leuthold Core ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Leuthold Core Investment Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Leuthold Global Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. Leuthold Select Industries ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Muhlenkamp Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. Port Street Quality Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. Prospector Capital Appreciation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215. Prospector Opportunity Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217. Reinhart International PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219. Tremblant Global ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222. Hood River New Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224. SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225. SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226. SWP Growth & Income ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227. Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228. Mason Capital Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229. Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230. Monetta Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231. Nicholas Equity Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232. Nicholas Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233. Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234. Nicholas Limited Edition, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235. Oaktree Diversified Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236. Permanent Portfolio Family of Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237. Perritt Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238. Procure ETF Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239. Professionally Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240. Provident Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244. Aquarius International Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246. Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256. F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257. F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258. F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262. F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281. MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282. Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288. SGI Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296. The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297. RBC Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298. Rockefeller Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299. SEG Partners Long/Short Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300. Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301. Tax-Exempt Private Credit Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302. Thompson IM Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303. Tortoise Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306. CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307. CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313. Jensen Quality MidCap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316. USQ Core Real Estate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317. Wall Street EWM Funds Trust

(b)&nbsp;&nbsp;&nbsp;&nbsp; To the best of Registrant's knowledge, the directors and executive officers of Quasar Distributors, LLC are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 190 Middle Street, Suite 301 <br> Portland, Maine 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301 <br> Portland, Maine 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301<br> Portland, Maine 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301<br> Portland, Maine 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301<br> Portland, Maine 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301<br> Portland, Maine 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

---

| | |
|:---|:---|
| **Item **33.** | **<u>Location of Accounts and Records</u>** |

---

The accounts, books, and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are in the physical possession of Registrant, Registrant's Custodian, and Registrant's Administrator as follows: the documents required to be maintained by paragraphs (5) and (11) of Rule 31a-1(b) will be maintained by Registrant; the documents required to be maintained by paragraphs (3) and (7) of Rule 31a-1(b) will be maintained by Registrant's Custodian; and all other records will be maintained by Registrant's Administrator.

Item 34. <u>Management Services</u>

All management-related service contracts entered into by Registrant are discussed in Parts A and B of this Registration Statement.

Item 35. <u>Undertakings</u>

Registrant undertakes to furnish each person to whom a prospectus is delivered with a copy of Registrant's latest annual report to shareholders, upon request and without charge.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amended Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Novato and State of California, on the 2<sup>nd</sup> day of March, 2026.

---

| | |
|:---|:---|
| **HENNESSY FUNDS TRUST** | **HENNESSY FUNDS TRUST** |
| (Registrant) | (Registrant) |
| By: | /s/ Teresa M. Nilsen |
|  | Teresa M. Nilsen |
|  | Executive Vice President and Treasurer |

---

Pursuant to the requirements of the Securities Act of 1933, this Amended Registration Statement has been signed by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp;**Title** | **Date** |
| /s/ Neil J. Hennessy | &nbsp;&nbsp;Chairman of the Board and | March 2, 2026 |
| Neil J. Hennessy | &nbsp;&nbsp;President (Principal Executive Officer) and a Trustee |  |
| Robert T. Doyle\* | &nbsp;&nbsp;Trustee | \* |
| J. Dennis DeSousa\* | &nbsp;&nbsp;Trustee | \* |
| Doug Franklin\* | &nbsp;&nbsp;Trustee | \* |
| Claire Garvie\* | &nbsp;&nbsp;Trustee | \* |
| Gerald P. Richardson\* | &nbsp;&nbsp;Trustee | \* |
| /s/ Teresa M. Nilsen | &nbsp;&nbsp;Executive Vice President and Treasurer | March 2, 2026 |
| Teresa M. Nilsen | &nbsp;&nbsp;(Principal Financial and Accounting Officer) |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Teresa M. Nilsen |
|  | Teresa M. Nilsen |
|  | Attorney-in-fact |
|  | Dated as of March 2, 2026 |

---

Signature Page

## Ex-99.(H)(25)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(h)(25)**

**SEVENTH Amendment to<br> Expense Limitation Agreement**

**THIS SEVENTH AMENDMENT TO EXPENSE LIMITATION AGREEMENT** (this "<u>Amendment</u>") is entered into as of February 28, 2026, by and between Hennessy Funds Trust, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of the Hennessy Midstream Fund (the "<u>Fund</u>"), and Hennessy Advisors, Inc., the Fund's investment adviser (the "<u>Adviser</u>").

**RECITALS**

**WHEREAS**, the Adviser and the Trust previously entered into an Expense Limitation Agreement, dated as of October 26, 2018, as amended from time to time (as so amended, the "<u>Agreement</u>"), pursuant to which the Adviser agreed to limit the operating expenses of Investor Class and Institutional Class shares of the Fund; and

**WHEREAS**, the term of the Agreement expires on February 28, 2026, and the parties wish to extend such term through February 28, 2027, on the terms and conditions set forth in this Amendment.

**AGREEMENT**

**NOW**, **THEREFORE**, in consideration of the covenants and the mutual promises set forth in this Amendment, the parties hereto mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the Agreement is extended through February 28, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified or amended by this Amendment, the terms and conditions of the Agreement remain unchanged and in full force and effect.

\* \* \*

(*Signature page follows.*)

**IN WITNESS WHEREOF**, each party has caused this Amendment to be duly executed by its authorized officer as of the date first written above.

---

| | |
|:---|:---|
| **HENNESSY ADVISORS, INC.** | **HENNESSY ADVISORS, INC.** |
| By: | /s/ Teresa M. Nilsen |
|  | Teresa M. Nilsen |
|  | President |
| **HENNESSY FUNDS TRUST** | **HENNESSY FUNDS TRUST** |
| By: | /s/ Neil J. Hennessy |
|  | Neil J. Hennessy |
|  | President |

---

*Signature Page to Seventh Amendment to Expense Limitation Agreement*

## Ex-99.(H)(35)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(h)(35)**

**NINTH Amendment to<br> Expense Limitation Agreement**

**THIS NINTH AMENDMENT TO EXPENSE LIMITATION AGREEMENT** (this "<u>Amendment</u>") is entered into as of February 28, 2026, by and between Hennessy Funds Trust, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of the Hennessy Technology Fund (the "<u>Fund</u>"), and Hennessy Advisors, Inc., the Fund's investment adviser (the "<u>Adviser</u>").

**RECITALS**

**WHEREAS**, the Adviser and the Trust previously entered into an Expense Limitation Agreement, dated as of February 28, 2017, as amended from time to time (as so amended, the "<u>Agreement</u>"), pursuant to which the Adviser agreed to limit the operating expenses of Investor Class and Institutional Class shares of the Fund; and

**WHEREAS**, the term of the Agreement expires on February 28, 2026, and the parties wish to extend such term through February 28, 2027, on the terms and conditions set forth in this Amendment.

**AGREEMENT**

**NOW**, **THEREFORE**, in consideration of the covenants and the mutual promises set forth in this Amendment, the parties hereto mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the Agreement is extended through February 28, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified or amended by this Amendment, the terms and conditions of the Agreement remain unchanged and in full force and effect.

\* \* \*

(*Signature page follows.*)

**IN WITNESS WHEREOF**, each party has caused this Amendment to be duly executed by its authorized officer as of the date first written above.

---

| | |
|:---|:---|
| **HENNESSY ADVISORS, INC.** | **HENNESSY ADVISORS, INC.** |
| By: | /s/ Teresa M. Nilsen |
|  | Teresa M. Nilsen |
|  | President |
| **HENNESSY FUNDS TRUST** | **HENNESSY FUNDS TRUST** |
| By: | /s/ Neil J. Hennessy |
|  | Neil J. Hennessy |
|  | President |

---

*Signature Page to Ninth Amendment to Expense Limitation Agreement*

## Ex-99.(H)(41)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(h)(41)**

**FIFTH Amendment to<br> Expense Limitation Agreement**

**THIS FIFTH AMENDMENT TO EXPENSE LIMITATION AGREEMENT** (this "<u>Amendment</u>") is entered into as of February 28, 2026, by and between Hennessy Funds Trust, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of the Hennessy Sustainable ETF (the "<u>Fund</u>"), and Hennessy Advisors, Inc., the Fund's investment adviser (the "<u>Adviser</u>").

**RECITALS**

**WHEREAS**, the Adviser and the Trust previously entered into an Expense Limitation Agreement, dated as of December 19, 2022, as amended from time to time (as so amended, the "<u>Agreement</u>"), pursuant to which the Adviser agreed to limit the operating expenses of the Fund; and

**WHEREAS**, the term of the Agreement expires on February 28, 2026, and the parties wish to extend such term through February 28, 2027, on the terms and conditions set forth in this Amendment.

**AGREEMENT**

**NOW**, **THEREFORE**, in consideration of the covenants and the mutual promises set forth in this Amendment, the parties hereto mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the Agreement is extended through February 28, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified or amended by this Amendment, the terms and conditions of the Agreement remain unchanged and in full force and effect.

\* \* \*

*(Signature page follows.)*

**IN WITNESS WHEREOF**, each party hereto has caused this Amendment to be executed by its authorized officer as of the date first above written.

---

| | |
|:---|:---|
| **HENNESSY ADVISORS, INC.** | **HENNESSY ADVISORS, INC.** |
| By: | /s/ Teresa M. Nilsen |
|  | Teresa M. Nilsen |
|  | President |
| **HENNESSY FUNDS TRUST** | **HENNESSY FUNDS TRUST** |
| By: | /s/ Neil J. Hennessy |
|  | Neil J. Hennessy |
|  | President |

---

*Signature Page to Fifth Amendment to Expense Limitation Agreement*

## Ex-99.(I)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(i)**

---

| | |
|:---|:---|
| ![](foley-logo.jpg)<br>| **ATTORNEYS AT LAW**<br> 777 East Wisconsin Avenue, Suite 3800<br> Milwaukee, Wisconsin 53202-5306<br> 414.271.2400 TEL<br> 414.297.4900 FAX<br> www.foley.com<br>WRITER'S DIRECT LINE<br> 414.297.5596<br> pfetzer@foley.com Email |

---

March 2, 2026

**<u>Via EMAIL</u>**

Hennessy Funds Trust 7250 Redwood Blvd Suite 200 Novato, CA 94945

---

| | |
|:---|:---|
| **Re:** | **<u>Opinion – Hennessy Funds Trust – Amendment Form N-1A Registration Statement</u>** |

---

Ladies and Gentlemen:

We have acted as counsel for Hennessy Funds Trust (the "<u>Trust</u>") in connection with the preparation of an amendment to the Trust's Registration Statement on Form N-1A, post-effective amendment No. 77 (such amendment being hereinafter referred to as the "<u>Amended Registration Statement</u>"), relating to the sale by the Trust of an indefinite amount of shares of beneficial interest in the series of Hennessy Funds Trust identified in the Amended Registration Statement (collectively referred to as "<u>Shares</u>"), in the manner set forth in the Amended Registration Statement.

You have requested our opinion as to the matters set forth below in connection with the filing of the Amended Registration Statement. For purposes of rendering that opinion, we have examined: (a) the Amended Registration Statement; (b) the Trust's Certificate of Trust, Trust Instrument and Bylaws, each as amended to date; (c) Trust proceedings relative to the authorization for issuance of the Shares; and (d) such other proceedings, documents and records as we have deemed necessary to enable us to render the opinion. We have made such other investigation as we have deemed appropriate, and we have examined and relied upon certificates of public officials.

In rendering this opinion we have assumed, without independent verification, (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided have been duly adopted by the Trust's Board of Trustees; (iv) that the facts contained in the instruments and certificates or statements of public officials, officers and representatives of the Trust on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above. Where documents are referred to in resolutions approved by the Board of Trustees, or in the Amended Registration Statement, we have assumed such documents are the same as in the most recent form provided to us, whether as an exhibit to the Amended Registration Statement or otherwise.

AUSTIN \| BOSTON \| BRUSSELS \| CHICAGO \| DALLAS \| DENVER \| DETROIT \| HOUSTON \| JACKSONVILLE \| LOS ANGELES<br> MADISON \| MEXICO CITY \| MIAMI \| MILWAUKEE \| NEW YORK \| ORLANDO \| RALEIGH \| SACRAMENTO \| SALT LAKE CITY<br> SAN DIEGO \| SAN FRANCISCO \| SILICON VALLEY \| TALLAHASSEE \| TAMPA \| TOKYO \| WASHINGTON, D.C.

![](foley-logo.jpg)

Securities and Exchange Commission

March 2, 2026

We are giving this opinion only as attorneys licensed to practice law in the State of Wisconsin. Our opinion, as set forth herein, is based on the facts in existence and the laws in effect on the date hereof and is limited to the federal laws of the United States of America and the statutory trust law of the State of Delaware as reflected in Chapter 38 of Title 12 of the Delaware Code (the "<u>Delaware Statutory Trust Act</u>") and reported judicial decisions interpreting that law. We express no opinion as to the applicability or effect of the law of any jurisdiction other than that of the United States of America and the Delaware Statutory Trust Act, and we disclaim any opinion as to any statute, rule, regulation, ordinance, order or other promulgation of any regional or local governmental authority.

Based upon and subject to the foregoing, and assuming that (a) the Amended Registration Statement and any amendments thereto are effective and comply with all applicable laws and (b) all Shares are issued and sold in compliance with applicable federal and state securities laws and in the manner stated in the Amended Registration Statement and any amendments thereto, we are of the opinion that the Shares when sold as contemplated in the Amended Registration Statement will be legally issued, fully paid and nonassessable.

In rendering the opinion above, insofar as it relates to the valid existence of the Trust, we have relied solely on a certificate of the Secretary of State of the State of Delaware as to the good standing of the Trust, and such opinion is limited accordingly and is rendered as of the date of such certificate.

This opinion is rendered solely in connection with the filing of the Amended Registration Statement and supersedes any previous opinions of this firm in connection with the issuance of Shares. We hereby consent to the filing of this opinion with the Securities and Exchange Commission ("<u>SEC</u>") as an exhibit to the Amended Registration Statement. In giving our consent, we do not admit that we are experts within the meaning of Section 11 of the Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder (the "<u>Securities Act</u>"), or within the category of persons whose consent is required by Section 7 of the Securities Act.

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| |
|:---|
| Very truly yours, |
| /s/ Foley & Lardner LLP |
| Foley & Lardner LLP |

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## Ex-99.(J)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment to the Registration Statement on Form N-1A of Hennessy Funds Trust and to the use of our reports dated December 23, 2025 on the financial statements and financial highlights of the Hennessy Cornerstone Growth Fund, Hennessy Focus Fund, Hennessy Cornerstone Mid Cap 30 Fund, Hennessy Cornerstone Large Growth Fund, Hennessy Cornerstone Value Fund, Hennessy Total Return Fund, Hennessy Equity and Income Fund, Hennessy Balanced Fund, Hennessy Energy Transition Fund, Hennessy Midstream Fund, Hennessy Gas Utility Fund, Hennessy Japan Fund, Hennessy Japan Small Cap Fund, Hennessy Large Cap Financial Fund, Hennessy Small Cap Financial Fund, Hennessy Technology Fund, and Hennessy Sustainable ETF, each a series of Hennessy Funds Trust. Such financial statements and financial highlights appear in the 2025 Annual Financial Statements in Form N-CSR which is incorporated by reference into the Statement of Additional Information.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**March 2, 2026**

## Ex-99.(O)(2)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(o)(2)**

Appendix 1P

**Broad Run Investment Management, LLC**

**<u>Code of Ethics</u>**

As a fiduciary, Broad Run Investment Management, LLC (the "firm") and its access persons (APs) have a duty of utmost good faith to act solely in the best interests of each client. Our clients entrust us with their funds and personal information, which in turn places a high standard on our conduct and integrity. Our fiduciary duty compels all APs to act with the utmost integrity in all of our dealings. This fiduciary duty is a core aspect of our Code of Ethics and represents the expected basis of all of our dealings.

Our firm adheres to its Code of Ethics and accepts the obligation not only to comply with the mandates and requirements of all applicable laws and regulations but also to take responsibility to act in an ethical and professionally responsible manner in all professional services and activities.

This code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield associated persons from liability for personal trading or other conduct that violates a fiduciary duty to advisory clients.

**<u>Standards of Conduct</u>**

\* The interests of clients will be placed ahead of the firm's or any AP's interests.

\* All known or potential conflicts of interest will be disclosed to our clients.

\* APs are expected to conduct their personal securities transactions in accordance with the policy and will strive to avoid any actual or perceived conflict of interest with the client. Questions regarding the appearance of a conflict with a client should be discussed with the Chief Compliance Officer before taking action that may result in an actual conflict.

\* APs will not take inappropriate advantage of their position with the firm.

\* APs are expected to always comply with securities laws, which include anti-fraud provisions.

\* Investment adviser representatives will be appropriately registered or exempted in each jurisdiction they conduct advisory business as required by regulation.

\* Business titles and professional designations will be accurate and avoid public misperception as to the associate's position, education and background.

**Protection of Non-Public Information**: Associates will exercise diligence and due care in maintaining and protecting client non-public personal information and will be familiar with the firm's published privacy policies. Any known or suspected privacy breach must be immediately reported.

The firm may have written arrangements with third-party providers to perform certain client or firm services. While APs may not be directly involved in this activity, they are expected to not divulge information regarding securities recommendations or client securities holdings to any individual outside of the firm, except:

● To complete transactions or account changes (i.e., communications with custodians);

● As necessary to maintain or service a client account (i.e., communications with a client attorney);

● With a service provider that supports the firm and only following the firm entering into a contractual agreement that prohibits the disclosure or use of confidential information and only as necessary to carry out its assigned responsibilities; and

Broad Run Investment Management, LLC March 2025

Appendix 1P

● As permitted or required by law.

**Personal Conduct**: APs are expected to conduct themselves with the utmost integrity and avoid any actual or perceived conflict with our clients. In this spirit, the following are required:

●  ***Insider Trading*** – APs must review and acknowledge their understanding and adherence to the firm's Insider Trading Policy.

●  ***Gifts*** – All APs are prohibited from receiving any gift, gratuity, hospitality or other offering of more than de minimis value from any person or entity doing business with the firm. This gift policy generally excludes items or events where the employee has reason to believe there is a legitimate business purpose. The latter to be pre-approved by the Chief Compliance Officer (CCO).

●  ***Political Contributions*** – The firm does not engage in direct or indirect political contributions. Any political contributions made by the firm or anyone associated with the firm in a solicitation capacity is strictly prohibited.

●  ***Splitting of Fees*** – Sharing or splitting of advisory fees will only occur with other appropriately registered personnel and only as approved by the firm.

●  ***Director for an Outside Company*** – The firm prohibits APs from serving as a director for an outside entity whose products, services or activities may be a conflict of interest.

●  ***Outside Business Interests*** – Any AP wishing to engage in business activities outside of the firm must seek approval from the CCO prior to the engagement.

●  ***Payment of Services*** – Advisory client payment of services will be made only to the firm.

**Access Person Acknowledgement**: New APs will acknowledge they have read, understand, and agree to comply with our Code of Ethics within the 10 days of hiring with the firm. All APs will annually reaffirm their understanding of the firm's Code of Ethics.

***<u>Personal Securities Trading Policy</u>***

APs and those persons related to the firm through an AP (so called Related Persons ("RPs")) will report, and the firm will periodically review their personal securities accounts and holdings. The firm uses an electronic system to assist it with monitoring personal securities trading. The firm defines an *Access Person* ("AP") to mean any "employee" or "IAR" of the investment adviser that may be performing operational, compliance, supervisory, or any other role involving the firm's investment advisory business. Part-time personnel, interns, or independent contractors may be considered APs depending upon their role and access to client or firm information, as determined by the Chief Compliance Officer.

**Applicability of Personal Securities Trading Policy:** This Personal Securities Trading Policy applies to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities,
 securities transactions, and securities accounts in which an AP has either direct or
 indirect beneficial ownership. An AP is presumed to be a beneficial owner of securities
 and accounts that are held by RPs. RPs include spouses and minor children, and other
 immediate family members<sup>1</sup> of the AP who reside in the same household as
 the AP; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities,
 securities transactions, and securities accounts for which an AP has investment discretion
 or other control or influence (e.g., the AP has power of attorney and/or serves as executor,
 trustee or custodian).

<sup>1</sup> Adult children, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, mothers-in-law, fathers-in-law, sons-in-law, daughters-in-law, brothers-in-laws, and sisters-in-law, including adoptive relationships.

Broad Run Investment Management, LLC March 2025

Appendix 1P

Securities, securities transactions, and securities accounts meeting the definition of (i) and/or (ii) above are hereinafter referred to as "Covered Personal Securities", "Covered Personal Securities Transactions", and "Covered Personal Securities Accounts", respectively.

**Trading Pre-Clearance**: APs and RPs are required to pre-clear all Covered Personal Securities Transactions in restricted securities through the CCO or his designee (generally via either the electronic trade monitoring system or a hard copy trading request form) prior to the transaction, with the following exceptions:

● Purchases which are part of a dividend reinvestment plan (DRIP);

● Any acquisition of a security through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs or similar corporate reorganization or distributions generally applicable to all holders of the same class of securities and without any investment decisions being taken by the AP.

The clearance will be effective through the end of the business day on which it was granted and is automatically revoked if the AP/RP or CCO or qualified designee discovers that the information provided at the time the personal trade was approved is no longer accurate. Pre-clearance for a restricted security will be granted when there are no active client orders in the market in the restricted security, the CCO or qualified designee has a reasonable basis to conclude that no new client orders are expected that day in the restricted security, and there are no violations of the firm's policy on personal security transactions.

**Restricted Securities**: Restricted securities are defined as all publicly traded debt and equity securities, derivatives of and securities exchangeable into publicly traded debt and equity securities (options, warrants, convertibles, etc.), IPOs, ETFs, ETNs, limited offerings, and cryptocurrencies, with the following exceptions:

● US Treasury securities

● bankers' acceptances

● certificates of deposit (CDs)

● repurchase agreements

● commercial paper

● open end mutual funds (including all money market funds) except for the Hennessy Focus Fund (HFCSX and HFCIX)

**Private Placements:** APs should consult with the CCO prior to engaging in any private transactions (e.g., hedge fund or private equity partnership interests) so that the CCO can evaluate the applicability of the firm's pre-clearance and reporting requirements.

**Cryptocurrencies:** APs should consult with the CCO prior to engaging in any transactions involving cryptocurrency coins or tokens (including, but not limited to, initial coin offerings and limited offerings) so that the CCO can evaluate the applicability of the firm's pre-clearance and reporting requirements.

**Blackout Period**: The price paid or received by a client account for any restricted security should not be adversely affected by an AP or RP buying or selling the same restricted security on the same day. Therefore, APs or RPs are not allowed to trade a restricted security on the same day as a client. Furthermore, when the firm has or expects to have an open order for the purchase or sale of a restricted security for any of its clients, APs or RPs will not be allowed to affect personal transactions in such a restricted security until the day after the client's order is completely filled. Additionally, after the firm has communicated a model change to any model-based program in which it participates, APs and RPs must refrain from trading any security impacted by the model update until the day after the change has been implemented by the program. Given that the firm may have very little control over or insight into the trading activity of model-based programs, the CCO may need to exercise discretion in determining whether a model change has been completely implemented.

Broad Run Investment Management, LLC March 2025

Appendix 1P

**Short Swing Profits**: APs or RPs may not profit from the purchase and sale or sale and purchase of the same restricted security within 30 calendar days. Nothing in this restriction shall be deemed to prohibit the taking of a loss through trading within a period shorter than 30 calendar days.

**Gifts and Donations of Restricted Securities:** APs and RPs must pre-clear all gifts and donations of restricted securities through the CCO or his designee.

**Exceptions**: APs and RPs are not required to pre-clear transactions in restricted securities in accounts over which they have no direct or indirect influence or control. Such accounts generally would include blind trusts managed for the benefit of the AP or RP, trusts managed by a third-party trustee for which the AP or RP is a grantor or beneficiary, and personal accounts for which a third-party manager has discretionary investment authority. Notwithstanding the fact that an AP or RP provides a trustee or a third-party manager with discretionary investment authority over the AP's or RP's account, the AP or RP retains direct or indirect influence or control (therefore making the account ineligible for this pre-clearance exception) if the AP or RP can (i) suggest purchases or sales of investments in the account to the trustee or third-party manager; (ii) direct transactions within the account; or (iii) consult with the trustee or third-party manager regarding the account's allocation to specific industries or sectors. However, discussions in which a trustee or third-party manager simply summarizes, describes, or explains account activity to an AP or RP, without receiving directions or suggestions from the AP or RP, would not implicate influence or control by the AP or RP over that account.

The CCO will determine whether an account is exempt from the firm's pre-clearance requirements by making an initial and ongoing assessment as to whether the AP or RP actually has direct or indirect influence or control over the account. In making this assessment, the CCO will:

● obtain information from the AP about the trustee or third-party manager's relationship to the AP or RP;

● obtain periodic certifications from the AP regarding the AP or RP's influence or control over the account; and

● periodically review holdings and/or transactions made in the account to identify transactions that would have been prohibited pursuant to the firm's policy on personal security transactions, absent reliance on the pre-clearance exception.

APs must notify the CCO immediately if any information or certification provided to the CCO regarding an account that has been granted a pre-clearance exception has changed. If at any point the CCO determines that an account that was previously eligible for this pre-clearance exception is no longer eligible (e.g., because the CCO believes that the AP or RP has direct or indirect influence or control over the account), the CCO will notify the AP of this determination and the account will become subject to the firm`s customary pre-clearance procedures.

APs and RPs are also not required to pre-clear transactions in restricted securities in any account managed under a valid investment management agreement by Broad Run Investment Management, LLC. APs must, however, pre-clear any and all personal trades in restricted securities in such accounts not initiated by a committee of the firm's portfolio managers; further, any personal trading in restricted securities will render this pre-clearance exception immediately void and subject the account(s) to the firm`s customary pre-clearance procedures.

Other exceptions must be requested of and approved by the CCO or his designee, in writing, and are typically only granted for the execution of a closing position involving a derivative product (i.e. option, warrant, etc.) where the AP or RP has held a position in such a product for more than 30 calendar days (in the event of a gain) and where the product will expire concurrent with or before the end of the blackout period.

Broad Run Investment Management, LLC March 2025

Appendix 1P

**Initial Holdings Report**: APs will report to the CCO or qualified designee within 10 days of becoming an AP the following initial holdings information (which must be current as of a date no more than 45 days prior to the date the person became an AP) involving:

● Name of each custodian, broker/dealer or bank with whom the AP and/or any RPs maintain a Covered Personal Securities Account;

● Account number and type registration (individual, joint, etc.) for each Covered Personal Securities Account;

● Type of securities (equities/debt), number of shares or principal amount of each Covered Personal Security; and

● Date the report was submitted by the AP.

To the extent possible and/or practical, the AP will report and enter all Covered Personal Securities Accounts into the firm's electronic trade monitoring system, in order to establish daily electronic data feeds (i.e., holdings and transactions) into the system for all such accounts. Otherwise, the AP shall work with the CCO to ensure that Broad Run receives duplicate statements via alternative means (e.g., the CCO or the AP may request that the bank, custodian and/or broker/dealer of record for the AP and RPs send duplicate statements and confirmations to the firm at its main office as they are disseminated, or the AP may retrieve these documents from the appropriate entity's website and email them to the CCO).

**Quarterly Transactions Reports**: Every AP will report, no later than 30 days following the end of each calendar quarter, to the CCO or designee the following:

With respect to Covered Personal Securities Transactions in any restricted security:

● Date of transaction, title and type of securities, interest rate and maturity date (if applicable), and number of shares (equities) or principal amount (debt securities) of each security involved;

● Nature of transaction (purchase, sale or any other type of acquisition or disposition);

● Price of security at which the transaction was affected;

● Name of the custodian, broker/dealer or bank through which the transaction occurred; and

● Date the report was submitted by/for the AP.

With respect to any Covered Personal Securities Account established (or which became a new Covered Personal Securities Account by way of the AP's relationship with a RP) during the quarter:

● Name of the custodian, broker/dealer or bank with whom the account is maintained;

● Account number and type registration (individual, joint, etc.); and

● Date the report was submitted by/for the AP.

To the extent possible and/or practical, APs should submit quarterly transactions reports and report new Covered Personal Securities Accounts through the firm's electronic trade monitoring system. Otherwise, APs should report all such information via a hard copy personal securities trading transaction report form.

*NOTE: A lack of transaction report submission will be interpreted as a lack of any transaction during the period. Should it later be determined that a transaction in fact occurred, the AP will be referred to the CCO.* 

**Annual Holdings Reports**: Each AP will report to the CCO or designee no later than 30 days following the end of the calendar year (this information must be current as of a date no more than 45 days prior to the date the report was submitted):

● Name of each custodian, broker/dealer or bank with whom the AP and/or any RPs maintain a Covered Personal Securities Account;

Broad Run Investment Management, LLC March 2025

Appendix 1P

● Account number and type registration (individual, joint, etc.) for each Covered Personal Securities Account;

● Type of securities (equities/debt), number of shares or principal amount of each Covered Personal Security; and

● Date the report was submitted by the AP.

APs who have reported their Covered Personal Securities Accounts to the firm's electronic trade monitoring system will be asked to confirm on at least an annual basis that they have properly disclosed all of their Covered Personal Securities Accounts through the system (which ensures holdings are regularly fed into the system for all such accounts). APs who have not reported their Covered Personal Securities Accounts to the firm's electronic trade monitoring system will be required to annually submit a hard copy personal securities trading account disclosure form.

**Exceptions:** APs are not required to include in their quarterly transactions reports (a) transactions in any account over which the CCO has determined the AP and any RPs have no direct or indirect influence or control and (b) transactions in any account managed under a valid investment management agreement by Broad Run Investment Management, LLC (see "Exceptions" in the previous section). APs are required, however, to report all such accounts to the CCO pursuant to the policies in this section, and to enter all such accounts into the firm's electronic trade monitoring system to establish daily electronic data feeds (or, if this is not possible and/or practical, work with the CCO to ensure that Broad Run receives duplicate statements via alternative means).

APs must notify the CCO immediately if any information or certification provided to the CCO regarding an account that has been granted a reporting exception has changed. If at any point the CCO determines that an account that was previously eligible for this reporting exception is no longer eligible (e.g., because the CCO believes that the AP or RP has direct or indirect influence or control over the account, or because the AP or RP placed a personal trade in a restricted security not initiated by a committee of the firm's portfolio managers in a Broad Run-managed account), the CCO will notify the AP of this determination and the AP will be required to include transactions for the account in his/her quarterly transactions reports.

**<u>Code of Ethics and Personal Trading Policy Violations</u>**

All APs are required to report promptly any violation of this policy to the CCO, including the discovery of a possible violation committed by another employee. Items that should be reported include but are not limited to non-compliance with federal securities laws, conduct that is harmful to our clients or the firm, etc.

As noted above, APs are encouraged to report any violations or apparent violations and such reports will not be negatively viewed, even if the reportable event upon further review is determined to not be a violation if the employee reported such apparent violation in good faith.

**<u>Code of Ethics and Personal Securities Trading Policy Sanctions</u>**

Upon discovering a violation of policy, the firm may impose any sanctions as deemed appropriate, including disgorgement of profits, trade reversals, and up to and including termination.

Broad Run Investment Management, LLC March 2025

## Ex-99.(O)(5)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(o)(5)**

SPARX Asset Management Co., Ltd.

Code of Ethics

**Table of Contents**

Page

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| | |
|:---|:---|
| SPARX Asset Management Co., Ltd. | 1 |
| I. GENERAL PERSONAL CONDUCT | 1 |
| II. PERSONAL TRADING | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. General Provisions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Scope of Personal Trading Restrictions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Exempt Securities and Exempt Transactions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Pre-clearance of Personal Securities Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Approval of Personal Securities Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. Initial Public Offerings and Limited Offerings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. Short-Term Trading Profits | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. Trading Restriction in Open-End Mutual Funds | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. Trading SPARX Group Co., Ltd. Stock | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. Reporting and Certification under Rule 204A-1 and Rule 17j-1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Reportable Securities" | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Initial Reporting and Certification for New Employees | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Quarterly Transactional Reporting for Non-Designated Broker Account(s) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Annual Reporting and Certification | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;K. Remedial Actions | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;L. Blackout Periods | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;M. Duty of Confidentiality | 6 |
| III. ADDITIONAL PERSONAL COMPLIANCE ISSUES | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Insider Trading | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Gift and Entertainment Policy | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Confidential Client Information | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Outside Employment / Board of Director Service | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Use and Disclosure of Information Concerning our Assets Under Management | 7 |
| IV. REPORTING VIOLATIONS AND SANCTIONS | 8 |
| V. WHISTLEBLOWER PROTECTION | 8 |
| VI. RECORD RETENTION | 8 |

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**I.** **GENERAL PERSONAL CONDUCT** 

SPARX Group Co., Ltd.<sup>1</sup> ("SPARX Group") was founded with a vision to "become the most trusted and respected investment company in the world". Our aim is to be a premier global company, recognized by investors worldwide for our fundamental principles and our passion for excellence and integrity. Our sense of fiduciary responsibilities to our clients must be given the highest of priorities within the entire SPARX Group. Although we have a dedicated team of compliance professionals, each and every employee is expected to embrace the spirit of best practices and is required to adhere to the global standards that apply to our business. All employees of SPARX Group are required to work in a manner that seeks to strengthen and fulfill our vision.

This Code of Ethics (the "Code") establishes rules of conduct for all SPARX employees ("SPARX employees" or "employees" includes all full time and part time employees of SPARX Asset Management Co., Ltd., a SPARX Group company (hereinafter the "Company" or "SPARX"), including directors, statutory auditors, executive officers, consultants, advisers and temporary workers).

SPARX is registered with the U.S. Securities and Exchange Commission (the "SEC") as an investment adviser. In addition to meeting Japanese regulatory requirements, the Code is designed to meet the requirements of Rule 204A-1 under the U.S. Investment Advisers Act of 1940 (the "Advisers Act"), which pertain to all SEC-registered investment advisers, and the requirements of Rule 17j-1 under the U.S. Investment Company Act of 1940 (the "Investment Company Act"), which pertain to investment advisers that advise or sub-advise investment companies registered under the Investment Company Act (each, a "U.S. Registered Fund"). Employees who are involved in activities related to SPARX's U.S. clients are subject to the requirements of Rule 204A-1.<sup>2</sup> Employees who are involved in activities related to SPARX's clients that are U.S. Registered Funds are also subject to the requirements of Rule 17j-1.

The Code is based on the principle that we, as employees, owe a fiduciary duty to our clients. Accordingly, we must avoid activities, interests and relationships that might interfere or appear to interfere with making decisions in the best interests of our clients. Both SPARX and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. Compliance with this section involves more than acting with honesty and good faith alone. It means that SPARX has an affirmative duty of utmost good faith to act solely in the best interest of its clients.

In meeting its fiduciary responsibilities to its clients, SPARX expects every employee to demonstrate the highest standards of ethical conduct for continued employment with SPARX. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with SPARX. Our reputation for fair and honest dealing with our clients has taken considerable time to build. This standing could be seriously damaged as the result of even a single securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Employees should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, including termination of employment.

<sup>1</sup> SPARX Group Co., Ltd. is the Japan-based company and is publicly traded on the Prime Market of Tokyo Stock Exchange(TSE).

<sup>2</sup> Employees who are subject to Rule 204A-1 are required, among other things, to comply with applicable U.S. federal securities laws, which include the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act (as defined above), the Investment Advisers Act (as defined above), Title V of the Gramm-Leach-Bliley Act, certain applicable Titles of the Wall Street Reform and Consumer Protection Act of 2010, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the U.S. Department of the Treasury.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for SPARX employees. In those situations where an employee may be uncertain as to the intent or purpose of the Code, he/she is advised to consult with Legal & Compliance. Legal & Compliance may grant exceptions to certain provisions contained in the Code only in those situations when it is clearly beyond dispute that the interests of our clients will not be adversely affected or compromised and applicable law is not violated. All questions arising in connection with personal securities trading should be resolved in favor of the client.

As employees of a financial services company, we must always be cognizant of our fiduciary duties to:

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| | |
|:---|:---|
| ⮚ | **Place the interests of our clients first**. In other words, as a fiduciary we must scrupulously avoid serving our own personal interests ahead of the interests of our clients. We may not cause a client to take action, or not to take action, for our personal benefit or the benefit of SPARX rather than the benefit of the client. |

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| | |
|:---|:---|
| ⮚ | **Conduct all of our personal securities transactions in full compliance with this Code**. SPARX encourages you and your family to develop personal investment programs. However, you must not take any action in connection with your personal investments that could cause even the appearance of unfairness or impropriety. Accordingly, you must comply with the policies and procedures set forth in this Code. You must not engage in any personal securities transaction involving "frontrunning" or trading ahead of a client or any other SPARX transaction. |

---

As noted above, employees who are involved in activities related to SPARX's clients that are U.S. Registered Funds are subject to the requirements of Rule 17j-1. Under Rule 17j-1, such employee, in connection with the purchase or sale, directly or indirectly, by the employee of a security held or to be acquired by a U.S. Registered Fund, may not:

● Employ any device, scheme or artifice to defraud the U.S. Registered Fund;

● Make any untrue statement of a material fact to the U.S. Registered Fund or omit to state a material fact necessary in order to make the statements made to the U.S. Registered Fund, in light of the circumstances under which they are made, not misleading;

● Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit on the U.S. Registered Fund; or

● Engage in any manipulative practice with respect to the U.S. Registered Fund.

Any questions pertaining to the Code of Ethics should be addressed to Legal & Compliance.

**II.** **PERSONAL TRADING** 

A. **General Provisions** 

SPARX employees may not engage in, or permit any other person or entity to engage in, any purchase or sale of any security of which you have, or by reason of the transaction will acquire, beneficial ownership, unless you have complied with the procedures set forth in the Code, the "SPARX Asset Management Co., Ltd. Compliance Manual (the "Compliance Manual"), and other policies and procedures of SPARX (hereinafter the "Policies and Procedures").

The provisions of this Section II. apply to all accounts holding any securities over which SPARX employees have any beneficial ownership interest, which includes accounts held by immediate family members sharing the same household. It further covers accounts held by persons over whom SPARX employees exercise control and influence, to whom SPARX employees contribute material support, as well as any trust, private company or arrangement with another party in which the employee has an effective voice in investment decisions.

It may be possible in certain limited circumstances for SPARX employees to exclude accounts held personally or by immediate family members sharing the same household if the employee does not have any direct or indirect influence or control over the accounts. Employees should consult with the Legal & Compliance before excluding any accounts held by immediate family members sharing the same household.

Employees who open a new brokerage account will be required to report on such account by way of including it in "all accounts" in their Annual Listing of Securities Holdings (see J. iv, below).

B. **Scope of Personal Trading Restrictions** 

Certain categories of securities ("Non-Exempt Securities") and certain categories of transactions ("Non-Exempt Transactions") are subject to pre-clearance requirements and/or certain trading restrictions under the Policies and Procedures. Non-Exempt Securities and Non-Exempt Transactions include:

● Any shares, bonds, bonds with warrants, bonds with share options, share option certificates, or exchangeable bonds, and other similar securities (other than the Exempted Securities defined blow).

● Any mutual funds which are currently advised or sub-advised by a SPARX Group company.

● All Hedge Funds, Private Funds, Fund of Funds or any other Private Security.

Please note that while there is no exact definition of the term "hedge fund", they can generally be described as any unregistered, privately-offered, managed pool of capital for wealthy, financially sophisticated investors (for example, long-short funds, funds invested in derivatives, arbitrage, etc.)

● Margin transactions (including hedge sale), futures transactions, option transactions, over-the-counter derivative transactions, transactions of options and warrants, and transactions similar thereto (including margin FX trading and CFDs), which are strictly prohibited.

C. **Exempt Securities and Exempt Transactions** 

Certain categories of securities ("Exempt Securities") and transactions ("Exempt Transactions") are not subject to pre-clearance requirements or certain trading restrictions under the Policies and Procedures. Exempt Securities and Exempt Transactions include, among others:

● Securities issued by a government or an international organization (such as the World Bank), banker's bills, CD's and other cash equivalents (such as money market funds);

● Publicly offered open and closed end mutual funds (whether U.S. or non-U.S.) not managed or advised (or sub-advised) by SPARX or an affiliated SPARX Group company;

● Purchases of securities under dividend reinvestment plans;

● Acquisitions or dispositions of securities as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class of securities of which you have Beneficial Ownership;

For more detailed information, please refer to Legal & Compliance. In addition, other specific transactions may be exempted by Legal & Compliance based upon a determination that the transaction does not interfere or appear to interfere with making decisions in the best interest of our clients and does not violate applicable law. All requests to exempt a transaction must be in writing and forwarded to the Head of Legal & Compliance for approval prior to execution of the transaction.

D. **Pre-clearance of Personal Securities Transactions** 

All employees must pre-clear all personal securities transactions (a) in Non-Exempt Securities, (b) involving acquisition of a security in a Limited Offering or Initial Public Offering (as defined in Rule 204A-1) or (c) involving acquisition of interests in any hedge fund / private fund / private securities by submitting a completed Pre-clearance Request Form to Legal & Compliance.

E. **Approval of Personal Securities Transactions** 

Legal & Compliance will review all pre-clearance forms to ensure no conflict or appearance of conflict exists. Once Legal & Compliance is satisfied that no conflicts exist, approval will be granted. Approvals are effective only on the day approval has been granted. If the approved trade is not executed, a new preclearance form must be submitted and approval granted for you to execute the trade.

Pre-clearance for employees wishing to trade SPARX stock is good for two business days.

F. **Initial Public Offerings and Limited Offerings** 

No employee shall acquire any beneficial ownership in any securities in an Initial Public Offering or Limited Offering (as defined in Rule 204A-1) for his or her account, without the prior written approval of Legal & Compliance who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the employee's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

G. **Short-Term Trading Profits** 

Employees may not profit from the purchase and sale, or sale and purchase, within six (6) months of the same securities or equivalent securities (other than Exempt Securities) of which he/she has Beneficial Ownership. Any such short-term trade must be unwound, or if that is not practical, the profits must be contributed to a charitable organization or otherwise be disposed of pursuant to the applicable laws and regulations as well as the Policies and Procedures.

H. **Trading Restriction in Open-End Mutual Funds** 

Excessive trading in any open-end mutual funds advised or sub-advised by SPARX or an affiliated SPARX Group company, is strictly prohibited.

I. **Trading SPARX Group Co., Ltd. Stock** 

Employees of SPARX may not trade shares of SPARX Group Co., Ltd. for a 6-month period commencing from the date of the previous transaction, and shall submit a pre-clearance form to Legal & Compliance in advance and transactions shall be made only through the approved brokers.

This 6-month holding period does not apply to employees wishing to exercise SPARX stock options who then wish to sell out of the position as soon as practically possible. Additionally, employees may not trade SPARX shares the last week of each quarter end and ending one Tokyo business day after the announcement of financial results.

J. **Reporting and Certification under Rule 204A-1 and Rule 17j-1** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Reportable Securities"

Each employee who is involved in activities related to SPARX's U.S. clients is subject to the requirements of Rule 204A-1 and must submit certain reports regarding his/her personal trading, as required by Rule 204A-1. These reporting requirements are described in this Section J. As a matter of SPARX policy, all employees (whether or not involved in activities related to SPARX's U.S. clients) are required to submit the reports described in this Section. The Rule 17j-1 reporting requirements are substantially the same as the Rule 204A-1 requirements.

An employee must report holdings and transactions in securities that are "Reportable Securities," which generally includes all securities other than U.S. Treasury securities, certificates of deposit, commercial paper and other similar money market instruments and shares of open-end mutual fund companies that are not advised by SPARX ("Non-Reportable Securities"). An employee also must report any account at a broker, dealer or bank holding any securities (including Non-Reportable Securities) for which the employee has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Initial Reporting and Certification for New Employees

Within 10 days following the commencement of employment at SPARX, all employees are required to complete and submit the Initial Acknowledgement and Certification and the Initial Listing of Personal Securities Holdings and Brokerage Accounts forms to Legal & Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Quarterly Transactional Reporting for Non-Designated Broker Account(s)

Any employee must complete and submit a Quarterly Transaction Report for all trades in Reportable Securities, including those previously pre-cleared by Legal & Compliance. Any transaction that does not occur through a broker, for example because the transaction involves the purchase of a private investment fund, also must be reported on a Quarterly Transaction Report. All Quarterly Transaction Reports must be received by Legal & Compliance no later than 30 days after the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Annual Reporting and Certification

All "active" employees are required to complete and submit the Annual Listing of Securities Holdings and the Certification of Compliance of Code of Ethics and the Employee Disclosure Questionnaire to Legal & Compliance in the month following the end of the calendar year. Such annual listing may be replaced by a duplicate copy of those reports on the trading records and /or the statement of the account balances regularly provided by the broker with which each of the employees holds his/her account. The Annual Listing of Securities Holdings must include disclosure of all accounts at a broker, dealer or bank that hold any securities (including Non-Reportable Securities), unless the employee has provided that information in some other way.

K. **Remedial Actions** 

SPARX reserves the right to cancel any trade (without prior notice and at the employee's expense) or to instruct you to cancel a trade at your expense. SPARX may suspend or revoke your trading privileges at any time. Employee trading violations can result in penalties ranging from cancellation of an offending trade to termination of your employment. Any loss from an unauthorized or inappropriate trade will be charged to the employee and any profits may be forfeited to a charity of the employee's choice or otherwise be disposed of pursuant to the applicable laws and regulations as well as the Policies and Procedures.

Violations may also lead to civil or criminal proceedings and penalties. Failure to pre-clear trades, comply with any of the reporting requirements, or the filing of false or misleading information may result in sanctions including fines. All fines collected will be donated to an approved charity or otherwise be disposed of pursuant to the applicable laws and regulations as well as the Policies and Procedures. Any remedial action taken is at the discretion of Legal & Compliance.

L. **Blackout Periods** 

The personal trading and investment activities of all employees are subject to scrutiny because of the fiduciary nature of the firm's business. To avoid even the appearance of impropriety, employees may be restricted from conducting personal investment transactions of designated securities during trade blackout periods and may be instructed to reverse (unwind a position) a previously personal investment transaction. Employees will receive further communications regarding the previously placed implementation of trading blackout periods.

M. **Duty of Confidentiality** 

Unless legally required, SPARX will not distribute or disclose personal securities information or any personal information reported to SPARX by officers and employees.

**III.** **ADDITIONAL PERSONAL COMPLIANCE ISSUES** 

A. Insider
Trading

SPARX employees are prohibited from trading, either personally or on behalf of others (including clients), on the basis of material non-public information or communicating material non-public information to others in violation of pertinent regulations and laws. SPARX's policies on insider trading and preventing the misuse of material non-public information are set forth in the Policies and Procedures (including the Compliance Manual and the SPARX Asset Management Co., Ltd. U.S. Compliance Manual Supplement (the "U.S. Supplement")).

B. **Gift and Entertainment Policy** 

Giving, receiving or soliciting gifts in a business setting may create an appearance of impropriety or may raise a potential conflict of interest problem. SPARX employees are generally restricted from receiving gifts from clients or prospective clients, or from accepting gifts in consideration for comments made in a public forum or to the media. Prior to giving or accepting any gift, SPARX employees must obtain pre-approval of Legal & Compliance. All gifts given and received by the Firm or personnel must be logged. In no case will gifts above $250 in the aggregate on a per giver or recipient per year be permitted.

SPARX employees may from time to time receive unsolicited gifts from clients, vendors, and/or brokers. Please note that accepting such gifts without first obtaining approval of Legal & Compliance, is a violation of the Policies and Procedures. Further, employees are required to report such gifts to Legal & Compliance. Legal & Compliance will retain such reports in a Gift and Entertainment file to document that such gifts in no way gave rise to a conflict or perceived conflict of interest. A gift that gives rise to an actual or perceived conflict of interest should be reported to Legal & Compliance, which will determine how best to handle the situation.

No SPARX employee may give or accept cash gifts or cash equivalents to or from clients, investors, vendors or any other entity that does business with or on behalf of the Firm. Further, SPARX employees are strictly prohibited from giving anything of value as a gift to any foreign or domestic governmental official without prior written authorization of the Chief Compliance Officer.

Additionally, providing public servants with gifts of entertainment is also strictly prohibited. This also applies to providing gifts to those considered to be working in a public service by law (including executives at pension fund investment trusts).

"Entertainment" can generally be described as dinner, sporting events and/or trips provided by clients, vendors or brokers. SPARX employees are generally restricted from accepting "entertainment", but SPARX recognizes, in limited circumstances, it is necessary to carry on the business of SPARX. Please note that accepting such "entertainment" is not a violation of the Code of Ethics, but employees are required to report instances to Legal & Compliance after approval is granted from a head of department or division. Further, prior to providing or accepting Entertainment from any ERISA fiduciary, SPARX employees must obtain pre-approval from Legal & Compliance.

C. **Confidential Client Information** 

SPARX's policies regarding Confidential Client Information are set forth in the Policies and Procedures (including the Compliance Manual and the U.S. Supplement). Any doubts about the confidentiality of information must be resolved in favor of confidentiality.

D. **Outside Employment / Board of Director Service** 

SPARX's policies on outside employment and board of director service are set forth in the Policies and Procedures (including the Compliance Manual and the U.S. Supplement).

E. **Use and Disclosure of Information Concerning our Assets Under Management** 

SPARX Group generally discloses information concerning its aggregate assets under management (the "Aggregate AUM") on a monthly basis or otherwise, and may continue to do so. A substantial change of Aggregate AUM after the announcement of the most recent official Aggregate AUM (the "Official AUM") does not in and of itself necessarily trigger a timely disclosure under the TSE rules. Further, this disclosure does not constitute "inside information" under the Financial Instruments and Exchange Law of Japan since, among others, given the material differences of base fees for each account or fund, our performance fee structure and our principal investment businesses and other businesses, the change of AUM does not automatically result in proportionate "increase or reduction of profits or revenue" in excess of the thresholds as set forth by the laws and regulations or "termination of business with major customers" in excess of the threshold as set forth by the laws and regulations. However, SPARX recognizes the importance of AUM information and has adopted this policy to strengthen its internal control and adhere to higher standards.

Aggregate AUM information other than the Official AUM information shall not be provided to external parties (including, without limitation, clients and media), unless approved by the Legal & Compliance Office of SPARX Group Co., Ltd.

Any unpublished Aggregate AUM information shall be shared internally at SPARX Group and its subsidiaries only with those who have a need to access such information.

**IV.** **REPORTING VIOLATIONS AND SANCTIONS** 

All employees shall promptly report to Legal & Compliance all apparent violations of this Code and any other aspects of Policies and Procedures. Legal & Compliance shall promptly report to the board of directors all apparent material violations of the Policies and Procedures.

The board of directors shall consider reports made to it hereunder and shall determine whether or not any of the Policies and Procedures has been violated and what sanctions, if any, should be imposed. Possible sanctions may include reprimands, monetary fine or assessment, or suspension or termination of the employee's employment with SPARX.

**V.** **WHISTLEBLOWER PROTECTION** 

SPARX prohibits any and all retaliation against any individual who reports a violation of this Code of Ethics or any other securities rule or regulation. SPARX maintains a formal whistleblower policy separate from this Code of Ethics.

**SEC Whistleblower Program**

The Dodd-Frank Wall Street Reform and Consumer Protection Act provided the SEC with the authority to pay financial rewards to whistleblowers who provide new and timely information about any securities law violation. To be considered for an award, the SEC's rules require that a whistleblower must voluntarily provide the SEC with original information that leads to the successful enforcement by the SEC of a federal court or administrative action in which the SEC obtains monetary sanctions totaling more than $1 million. The final rules do not require that employee whistleblowers report violations internally in order to qualify for an award.

Under the rules, a whistleblower who provides information to the SEC is protected from employment retaliation if the whistleblower possesses a reasonable belief that the information he or she is providing relates to a possible securities law violation that has occurred, is ongoing, or is about to occur. In addition, the rules make it unlawful for anyone to interfere with a whistleblower's efforts to communicate with the SEC, including threatening to enforce a confidentiality agreement.

**SPARX's employees can report a concern directly to the SEC and SPARX will not interfere with a whistleblower's efforts to communicate with the SEC.**

**VI.** **RECORD RETENTION** 

As required by Rule 204-2 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Legal & Compliance shall maintain and cause to be maintained in a readily accessible place the following records (electronically or in hard copy):

● A copy of this Code of Ethics which is or has been in effect during the past five years;

● A record of any violation of the Code and any action that was taken as a result of such violation for a period of five years from the end of the fiscal year in which the violation occurred;

● A record of any decision, and the reasons supporting the decision, to approve an employee's acquisition of securities, for at least five years after the end of the fiscal year in which the approval is granted;

● A record of all written acknowledgements of receipt of the Code and amendments thereto for each person who is currently, or within the past five years was, an employee of SPARX, which shall be retained for five years after the individual ceases to be an employee;

● A copy of each personal trading report made pursuant to the Code, including any brokerage confirmations and account statements made in lieu of these reports;

● A list of all persons who are, or within the preceding five years have been, subject to the personal trading reporting requirements of the Code or are or were responsible for reviewing personal trading transaction and holdings reports submitted by such persons.;

● A copy of each annual (or, if pertinent, other periodic) written report made to the board of directors of any U.S. Registered Fund advised or sub-advised by SPARX.

## Ex-99.(O)(7)

**[HENNESSY FUNDS TRUST 485BPOS](hennessy-485bpos_030226.htm)**

**Exhibit 99(o)(7)**

![](ex99o7001.jpg)

**Vident Asset Management**

**Code of Ethics**

**July 15, 2025**

![](ex99o7001.jpg)

<u>Contents</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. OVERVIEW** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1******Code of Ethics*** | *3* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2******Standards of Business Conduct*** | *3* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3******Applicability of this Code of Ethics*** | *3* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4******Employee Duties*** | *4* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5******Employees' Obligation to Report Violations*** | *5* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6******Vident's Duties and Responsibilities to Employees and Reporting Persons*** | *5* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7******Fund Board Reporting*** | *6* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8******Recordkeeping*** | *6* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. REPORTABLE PERSONAL SECURITIES TRANSACTIONS** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1******Applicability of this Section to Reporting Persons*** | *6* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2******Resolving Conflicts of Interest*** | *6* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3******Reportable Securities Accounts and Transactions*** | *7* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4******New Accounts*** | *8* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.5******Trading Restrictions and Prohibitions*** | *9* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.6******How to Pre-Clear Reportable Securities, Private Placements, and Cryptocurrency Transactions*** | *11* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.7******Summary of What Employees and their Immediate Family Need to Report Quarterly and Pre-Clear*** | *12* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.8******Ban on Short-Term Trading*** | *13* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.9******Reporting Person Compensation-Related Accounts*** | *14* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. CODE VIOLATIONS** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1******Investigating Code Violations*** | *15* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2******Penalties*** | *15* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3******Dismissal and/or Referral to Authorities*** | *17* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4******Exceptions to the Code*** | *17* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. INSIDER TRADING** | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1******Background*** | *17* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2*** ***Policies and Procedures*** | *19* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**APPENDIX – DEFINITIONS** | 22 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **OVERVIEW** 

**1.1** **Code of Ethics** 

Vident Asset Management ("Vident") has adopted this Code of Ethics ("Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940 Act, as amended (the "1940 Act"). This Code establishes standards of business conduct and outlines the policies and procedures that Employees must follow to prevent fraudulent, manipulative, or improper practices or transactions. This Code is maintained and administered by Vident's Chief Compliance Officer ("CCO") and Compliance Designees. The CCO and Compliance Designees are collectively referred to herein as the "Code Team."

Please refer to **Appendix - Definitions** for the definitions of capitalized terms that are not otherwise defined in the Code.

**1.2** **Standards of Business Conduct** 

Employees must always observe the highest standards of business conduct and follow all applicable laws and regulations. Employees may never:

● Use any device, scheme, or artifice to defraud a client;

● Make any untrue statement of a material fact to a client or mislead a client by omitting to state a material fact;

● Engage in any act, practice or course of business that would defraud or deceive a client;

● Engage in any manipulative practice with respect to a client;

● Engage in any inappropriate trading practices, including price manipulation; or

● Engage in any transaction or series of transactions that may give the appearance of impropriety.

This Code does not attempt to identify all possible fraudulent, manipulative, or improper practices or transactions, and literal compliance with each of its specific provisions will not shield Employees from liability for personal trading or other conduct that violates a fiduciary duty to clients.

**1.3** **Applicability of this Code of Ethics** 

Employees are subject to all provisions of this Code with the exception of Section 2, Reportable Personal Securities Transactions. Section 2 is applicable only to Reporting Persons and their Immediate Family Members.

![](ex99o7001.jpg)

For the avoidance of doubt, all employees of Vident are Employees. Non-employee directors or officers of Vident are not deemed Employees or Reporting Persons as they are not involved in the day-to-day management of Vident and are not privy to Material Non-Public Information regarding Vident Client Account transactions or holdings.

**1.4** **Employee Duties** 

As an Employee, you are expected to:

● Be ethical;

● Act professionally;

● Exercise independent judgment;

● Comply with applicable Federal Securities Laws;

● Avoid, mitigate, or appropriately resolve conflicts of interest, and situations which create the perception of a conflict of intertest. A conflict of interest exists when financial or other incentives motivate an Employee to place their or Vident's interest ahead of a Vident Client Account. For more information on conflicts of interest, see Section 2.2, Resolving Conflicts of Interest, and other applicable conflicts of interest policies;

● Promptly report violations or suspected violations of the Code and/or any Vident compliance policy to the Code Team; and

● Cooperate fully, honestly, and in a timely manner with any Code Team investigation or inquiry.

**Employees and Reporting Persons are required to submit all requests and reports (unless otherwise noted herein) to the Code Team via ComplianceAlpha.**

In addition to ComplianceAlpha, Employees can contact the Code Team for requests, assistance, and ad- hoc issues.

Training for ComplianceAlpha will be provided to Employees upon hire.

All Employees, as a condition of employment, must certify electronically within ComplianceAlpha receipt of this Code and certify, within 10 calendar days of becoming subject to the Code, upon material amendment, and annually thereafter, that they have read, understand, and will comply with the Code. Violations of the Code may result in disciplinary actions, including disgorgement, fines, and even termination, as determined by the Code Team.

The Code and your fiduciary obligations generally require you to put the interests of Vident clients ahead of your own. The Code Team may review and take appropriate action concerning instances of conduct that, while not necessarily violating the letter of the Code, gives the appearance of impropriety.

![](ex99o7001.jpg)

**1.5** **Employees' Obligation to Report Violations** 

Employees are expected to report any concerns regarding ethical business conduct, suspected or actual violations of the Code, or any non-compliance with applicable laws, rules, or regulations to the Code Team (please also see Vident's *Whistleblower* policy in the Compliance Policies & Procedures Manual). Reports will be treated confidentially to the extent reasonably possible and will be investigated promptly and appropriately. No retaliation may be taken against an Employee for providing information in good faith about such violations or concerns.

Examples of violations or concerns that Employees are expected to report include, but are not limited to:

● Fraud or illegal acts involving any aspect of our business;

● Concerns about accounting, auditing, or internal accounting control matters;

● Material omissions or misstatements in regulatory filings; and

● Any activity that is prohibited by the Code.

**1.6** **Vident's Duties and Responsibilities to Employees and Reporting Persons** 

To help Employees comply with this Code, the Code Team will:

● Identify and maintain current listings of Employees and Reporting Persons;

● Notify Reporting Persons in writing of their status as such and the Code requirements;

● Make a copy of the Code available and require initial, upon material amendment, and annual certifications that Employees have read, understand, and will comply with the Code;

● Make available a revised copy of the Code if there are any material amendments to it and require Employees to certify electronically (or in writing) receipt, understanding, and compliance with the revised Code;

● From time to time, provide training sessions to facilitate compliance withand understanding of the Code and keep records of such sessions and the Employees in attendance; and

● Review the Code at least once a year to assess its adequacy and effectiveness.

![](ex99o7001.jpg)

**1.7** **Fund Board Reporting** 

On a quarterly basis, the Code Team shall submit to the respective relevant board of the applicable Reportable Funds (the "Boards") a written report describing violations of the Code, waivers from the Code (as may be relevant to the management of their applicable Reportable Fund), and any sanctions imposed in response to violations.

Vident will provide the Boards a copy of this Code before being retained for its services and within six months of any material changes of this Code.

**1.8** **Recordkeeping** 

This Code, a record of each violation of the Code and any action taken as a result of the violation, a copy of each report and certification/acknowledgment made by an Employee and Reporting Person pursuant to the Code, lists of all persons required to make and/or review reports under the Code within the past five years, and a copy of any pre-clearance given or requested pursuant to the Code shall be preserved with Vident's records, as appropriate, for the periods and in the manner required by the Advisers Act and the 1940 Act.

**2. REPORTABLE PERSONAL SECURITIES TRANSACTIONS**

**2.1** **Applicability of this Section to Reporting Persons** 

All references to Reporting Persons in the guidelines, prohibitions, restrictions, and duties set forth in this Section 2 should be interpreted to also refer, as the context requires, to Immediate Family Members of such persons. "You" or "your" should be interpreted to refer, as the context requires, to Reporting Persons and/or the Immediate Family Members of such persons.

**2.2** **Resolving Conflicts of Interest** 

When engaging in Reportable Securities Transactions and transactions in Cryptocurrency, there might be conflicts between the interests of a Vident Client Account and Reporting Person's personal interests. Any conflicts that arise in connection with such Reportable Securities Transactions and transactions in Cryptocurrency must be resolved in a manner that does not inappropriately benefit the Reporting Person or adversely affect Vident Client Accounts. Reporting Persons shall always place the financial interests of the Vident Client Accounts before personal financial and business interests.

Examples of inappropriate resolutions of conflicts are:

● Taking an investment opportunity away from a Vident Client Account to benefit a portfolio or personal account in which a Reporting Person has Beneficial Ownership;

● Using your position to take advantage of available investments for yourself;

![](ex99o7001.jpg)

● Front running a Vident Client Account by trading in Reportable Securities (or Equivalent Securities) or Cryptocurrency ahead of the Vident Client Account;

● Taking advantage of information or using Vident Client Account portfolio assets to affect the market in a way that personally benefits you or a portfolio or personal account in which you have Beneficial Ownership; and

● Engaging in any other behavior determined by the Code Team to be, or to have the appearance of, an inappropriate resolution of a conflict.

**2.3** **Reportable Securities Accounts and Transactions** 

Reporting Persons must report all Reportable Securities Accounts and Reportable Securities Transactions to the Code Team via ComplianceAlpha (see Section 1.4, Employee Duties). Reportable Securities Accounts include accounts of Immediate Family Members and accounts in which a Reporting Person is a Beneficial Owner. There are three types of reports: (1) an *initial holdings* report that is filed upon becoming a Reporting Person or establishing any Reportable Securities Account, (2) a *quarterly transaction* report, and (3) an *annual holdings* report.

For each broker-dealer, bank, or fund company, where a Reporting Person has a Reportable Securities Account, the Reporting Person will be required to set up their accounts in ComplianceAlpha so their feeds are received electronically. All accounts that have the ability to hold Reportable Securities must be included even if the account does not have holdings of Reportable Securities at the time of reporting.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Initial Holdings Report.* Within 10 calendar days of becoming a Reporting Person:

● All Reportable Securities Accounts and Managed Accounts, including broker name and account number information, must be reported by each Reporting Person to the Code Team via ComplianceAlpha.

● A recent statement (electronic or paper) for each Reportable Securities Account and Managed Account that cannot be linked to ComplianceAlpha must be submitted by each Reporting Person to the Code Team.

● All holdings of Reportable Securities in Reportable Securities Accounts and Managed Accounts must be inputted by each Reporting Person into an Initial Holdings Report via ComplianceAlpha. The information in the report must be current as of a date no more than 45 calendar days prior to the date of becoming a Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Quarterly Transactions Reports.* Within 30 calendar days of each calendar quarter end:

● Each Reporting Person must submit via ComplianceAlpha to the Code Team a report showing all Reportable Securities Transactions made in his/her Reportable Securities Accounts during the quarter. A request for this report will be generated by ComplianceAlpha with notification of due dates and sent to Reporting Persons via email. A report must be submitted by each Reporting Person even if there were no Reportable Securities Transactions during the quarter.

![](ex99o7001.jpg)

● Each Reporting Person must certify as to the correctness and completeness of this report.

● This report and certification must be submitted to the Code Team within 30 calendar days of the previous quarter end.

● Members of the Code Team may not review their own Quarterly Transaction Reports. Another member of the Code Team must review and sign off on their certification.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Annual Holdings Reports.* Within 30 calendar days of each calendar year end:

● All holdings of Reportable Securities in all Reportable Securities Accounts must be reported by each Reporting Person to the Code Team via ComplianceAlpha. The information in the report must be current as of a date no more than 45 calendar days prior to when you submit the report.

● Each Reporting Person must certify as to the correctness and completeness of this report.

● This report and certification must be submitted to the Code Team within 30 calendar days of the previous year end.

● Members of the Code Team may not review their own Annual Holdings Reports. Another member of the Code Team must review and sign off on their certification.

**2.4** **New Accounts** 

Each Reporting Person must report a Reportable Securities Account (including those of Immediate Family Members) to the Code Team within 10 calendar days of receiving the account number or prior to executing a transaction requiring pre-clearance, whichever occurs first. Each Reporting Person wanting to establish a Managed Account (as discussed below) must contact the Code Team **prior to the account's opening and reporting in ComplianceAlpha** and ensure all required documents have been provided to the Code Team.

***Confidentiality***

Vident will make reasonable efforts to ensure that the electronic reports submitted to the Code Team as required by this Code are kept confidential. Reports required to be submitted pursuant to the Code will be selectively reviewed by the Code Team and possibly senior executives or legal counsel on a periodic basis to seek to identify improper trading activity or patterns of trading and to otherwise seek to verify compliance with this Code. Data and information may be provided to Reportable Fund officers and Boards and will be provided to government authorities upon request or others if required to do so by law or court order.

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***Managed Accounts***

As specified in Rule 204A-1, Reporting Persons are not required to submit any report with respect to securities held in accounts over which they have "no direct or indirect influence or control."

For an account to qualify as a Managed Account, it must meet the following criteria:

● Reporting Persons have no direct or indirect influence or control over the account;

● If the Reporting Person's control over the account should change in any way, he or she will immediately notify the Code Team in writing of such a change and will provide any required information regarding holdings and transactions in the account pursuant to the Rule 204A-1 and this Code; and

● The Reporting Person will agree to provide reports of holdings and/or transactions (including, but not limited to, duplicate account statements) made in the account at the request of the Code Team. Where reasonable, such Managed Account should be reported via ComplianceAlpha.

This includes accounts known as "Robo Advisor" accounts where account investments and reallocations are done through an automated platform without human involvement.

In order for an account to be coded in ComplianceAlpha as a Managed Account, documentation from the person or entity managing the account must be submitted to the Code Team (1) **upon hire** for any newly hired, or otherwise **newly designated**, Reporting Persons with managed accounts, or (2) **prior to opening the account** for review and support that any existing Reporting Person will not be able to influence or control Reportable Securities Transactions. Further, both new and existing Reporting Persons must complete an 'Exempt Accounts Certification' initially upon the reporting of the account and annually thereafter, and they must provide a letter from the person or entity managing the account, stating that the Reporting Person does not have investment discretion over the account.

**2.5** **Trading Restrictions and Prohibitions** 

All Reporting Persons **<u>and</u>** their Immediate Family Members must comply with the following trading restrictions and prohibitions:

● **Reportable Securities.** All Reporting Persons must pre-clear transactions of certain Reportable Securities in Reportable Securities Accounts as described in the table that follows in Section 2.6, How to Pre-Clear Reportable Securities, Private Placements, Cryptocurrency Transactions.

● **Same Day Trading.** Reporting Persons who are involved with the management of a Vident Client Account generally are prohibited from trading the same Reportable Security in a Reportable Securities Account on the same day as the Vident Client Account that they manage.

![](ex99o7001.jpg)

● **Vident Index Rebalances.** Reporting Persons who are members of the Vident Index Policy Committee ("VIPC") are prohibited from transacting in Reportable Securities in Reportable Securities Accounts three business days before, and the day of, a Vident sponsored index rebalance.

●  ***De Minimis* Values for Trading.** Notwithstanding the above, a Reporting Person's trade request in ComplianceAlpha will be automatically approved if it meets the following criteria: (i) fewer than 750 shares, (ii) less than $20,000 total, <u>and</u> (iii) an issuer market capitalization of more than $6,000,000,000. If the trade request does not meet *all three of these criteria*, it will be flagged in ComplianceAlpha for further review by the Code Team. The Code Team will notify the Reporting Person via ComplianceAlpha if the trade has been approved or denied.

● **IPOs and Initial Coin Offerings ("ICO").** Reporting Persons are prohibited from purchasing shares in an IPO and from purchasing virtual "coins" or "tokens" in an ICO.

● **Private Placements.** Reporting Persons may, subject to pre-clearance requirements, purchase and sell shares in a Private Placement. Reporting Persons must provide a copy of the Private Placement's private placement memorandum (or confidential offering memorandum) and subscription agreement when requesting permission to make an initial investment in a Private Placement.

● **Exchange-Traded Funds ("ETFs").** All Reporting Persons must disclose and report all holdings in ETFs. Purchases and sales of ETFs require pre-clearance.

● **Short Securities.** Selling securities short (or any derivative, i.e., puts and total return swaps, having the same economic effect as a short sale) are prohibited.

● **Investment Clubs.** Reporting Persons may not participate in the activities of an investment club.

● **Attempts to Manipulate the Market.** Reporting Persons must not execute any transactions intended to raise, lower, or maintain the price of any Reportable Security or to create a false appearance of active trading.

● **Currency Accounts (including Cryptocurrencies).** Reporting Persons do not need to report accounts established to hold foreign currency or Cryptocurrencies, provided no Reportable Securities can be held in the account. Purchases and sales of Cryptocurrencies require pre-clearance as addressed in Section 2.6, How to Pre-Clear Reportable Securities, Private Placements, Cryptocurrency Transactions.

![](ex99o7001.jpg)

**2.6** **How to Pre-Clear Reportable Securities, Private Placements, and Cryptocurrency Transactions** 

Reporting Persons must follow the steps below to pre-clear trades for themselves and their Immediate Family Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Reportable Securities Transaction Request Authorization**. A
 request for authorization of a transaction that requires pre-clearance must be entered
 using ComplianceAlpha (with the exception of Cryptocurrency, see below). Reporting Persons
 may only request pre-clearance for market orders or same day limit orders. Verbal pre-clearance
 requests are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Private Placement Transaction Request Authorization.** Reporting
 Persons must request pre-clearance for Private Placement transactions via ComplianceAlpha.
 Such requests are good for the Private Placement's next transaction window (i.e.,
 monthly, quarterly) as governed by its offering documents. Verbal pre-clearance requests
 are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Have the Request Reviewed and Approved**. After
 receiving the electronic request, the Code Team via ComplianceAlpha will notify Reporting
 Persons if the trade has been approved or denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Trading in Cryptocurrency**. Notwithstanding
 the foregoing, purchases and sales of Cryptocurrency must be pre-approved via email to
 the Code Team. The email should detail the Cryptocurrency to be traded, intended trade
 date, purchase or sale, and quantity. Cryptocurrency approval requests may be approved
 for multiple-day windows on weekends  **<u>only</u>** (for example, Reporting Persons
 may request approval for a transaction with a window of Friday to Sunday). For clarity,
 this does <u>not</u> include any use of Cryptocurrency as payment for goods or services.

The Code Team will respond via email with its approval or denial of Cryptocurrency transaction requests.

The Code Team reserves the right to request Cryptocurrency transaction history from Reporting Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Trading in Foreign Markets**. A
 request for pre-clearance of a transaction in a local foreign market that has already
 closed for the day may be granted with authorization to trade on the following day because
 of time zone considerations. Approval will only be valid for that following trading day
 in that local foreign market.

![](ex99o7001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Approval of Transactions.** 

● *The Request May be Refused.* The Code Team may refuse to authorize a Reporting Person's Reportable Securities Transaction, Private Placement transaction, or Cryptocurrency transaction and need not give an explanation for the refusal. Reasons for refusing your Reportable Securities Transactions, Private Placement transactions, or Cryptocurrency transactions may be confidential.

● *Authorizations Expire.* Any Reportable Securities Transaction authorization is effective until the close of primary market on the same trading day for which the authorization is granted (unless the authorization is revoked earlier). This expiration does not extend to Private Placement or Cryptocurrency transactions as discussed above. If the order for the transaction is not executed within the prescribed period, you must obtain a new pre-clearance authorization before placing a new transaction order.

● *Code Team Pre-Clearance Requests.* A member of the Code Team may not approve their own pre-clearance requests. Another member of the Code Team must review and either approve or deny their request.

**2.7** **Summary of What Employees and their Immediate Family Need to Report Quarterly and Pre-Clear** 

The table below serves as a reference to use in determining what Reporting Persons need to report on *quarterly transaction reports and must pre-clear when executing a trade.* If you have questions about any types of securities not shown below, please contact a member of the Code Team.

![](ex99o7001.jpg)

---

| | |
|:---|:---|
| **Report?** | **Pre-Clear?** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Banker's Acceptances, bank certificates of deposit (CDs), commercial paper & high-quality short-term debt Instruments, including repurchase agreements | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Brokered Certificates of Deposit (CDs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Closed-End Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Corporate Debt Securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Cryptocurrency | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Equity Securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;ETFs and Options on ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;European Union ("EU") and United Kingdom ("UK") domiciled and listed ETFs under the Undertakings for Collective investment in Transferrable Securities ("UCITS") regime | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Futures on Commodities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Futures on Cryptocurrencies | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Futures on a Reportable Security and a narrow-based security index | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Gifting Reportable Securities to any account outside your Reportable Securities Account | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Receipt of Reportable Securities as a Gift | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Initial Public Offering | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited |
| &nbsp;&nbsp;Investment Trusts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Money Market Mutual Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Money Market Funds that are a UCITS, UK open-ended investment company ("OEIC"), or UK unit trust | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Mutual Funds **<u>not</u>** managed by Vident | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Mutual Funds managed by Vident | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;UCITS, OEICS, or UK unit trusts **<u>not</u>** managed by Vident | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Options on Reportable Securities and on commodity futures contracts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Private Placements | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Reportable Securities purchased through Automated Investment Plans | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes (initial plan and any adjustments thereto) |
| &nbsp;&nbsp;Short Term Cash Equivalents | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Transactions in Managed Accounts (including Robo Advisor accounts) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Transactions in 401(k) plans that **do not and cannot** hold Reportable Funds or Reportable Securities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Transactions in UK pension plans including self-invested pension plans that **do not and cannot** hold Reportable Funds or Reportable Securities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Transactions in 529 Plans | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;U.S. Government Bonds (direct obligations) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;U.S. Treasuries/Agencies (direct obligations) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Securities issued by the UK National Savings and Investments | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Virtual Coins or Tokens acquired through an ICO or those acquired through a secondary token offering | &nbsp;&nbsp;Prohibited | &nbsp;&nbsp;Prohibited |

---

**2.8** **Ban on Short-Term Trading** 

There is a ban on short-term trading. Reporting Persons are not permitted to buy and sell, or sell and buy, the same Reportable Security (or Equivalent Security) that has been pre-cleared within 30 calendar days; this will be considered short-term trading.

![](ex99o7001.jpg)

● This prohibition is measured on a Last in – First out ("LIFO") basis.

● Pre-clearance requests will be automatically denied in ComplianceAlpha if they are within the 30-day holding period.

Reporting Persons may be required to disgorge any profits the Reporting Person makes from any sale before the 30- day period expires.

The ban on short-term trading does not apply to transactions that involve:

● Reportable Securities not requiring pre-clearance (e.g., mutual funds that are not Reportable Funds, although they typically impose their own restrictions on short-term trading);

● Commodities, futures (including currency futures), options on futures and options on currencies;

● Automated purchases and sales that were done as part of an Automatic Investment Plan. However, any self- directed purchases or sales outside the pre-set schedule or allocation of the Automatic Investment Plan, or other changes to the pre-set schedule or allocation of the Automatic Investment Plan, within a 30-day holding period, are subject to the 30-day ban on short term trading;

● Cash sweep vehicles, including money market funds;

● Transactions in Managed Accounts; or

● Cryptocurrency.

**2.9** **Reporting Person Compensation-Related Accounts** 

Initial Holdings Report (to be submitted in ComplianceAlpha):

● Reporting Persons who have an established Vident Simple IRA are required to report their balances in Reportable Funds or Reportable Securities.

● 401(k) Plans and IRAs that are external to Vident are required to be reported if the 401(k) Plan or IRA is capable of holding Reportable Funds or Reportable Securities.

Quarterly Transaction Report (to be submitted in ComplianceAlpha):

● Reporting Persons are required to report self-directed transactions in Reportable Funds or Reportable Securities in a Vident Simple IRA that occurred outside of the previously reported investment allocations.

![](ex99o7001.jpg)

● Reporting Persons are required to report transactions in Reportable Funds or Reportable Securities in 401(k) plans or IRAs held outside of Vident.

● Reporting Persons are not required to report bi-weekly payroll contributions, periodic company matches, or profit-sharing contributions.

Annual Holdings Report (to be submitted in ComplianceAlpha):

● Reporting Persons are required to update their holdings in a Vident Simple IRA in their Annual Holdings Report.

● If a 401(k) account or IRA holds Reportable Funds or Reportable Securities, Reporting Persons are required to update these holdings in their Annual Holdings Report.

**3. CODE VIOLATIONS**

**3.1** **Investigating Code Violations** 

The Code Team is responsible for investigating any suspected violation of the Code. This includes not only instances of violations against the letter of the Code, but also any instances that may give the appearance of impropriety. Employees are expected to respond to Code Team inquiries promptly. The Code Team is responsible for reviewing the results of any investigation of any reported or suspected violation of the Code. The Code Team will report the results of each investigation to the CCO. Violations of the Code may also be reported to the Employee's supervisor and the Boards as discussed in Section 1.7, Fund Board Reporting, above.

**3.2** **Penalties** 

The Code Team is responsible for deciding whether a violation is minor, substantive, or serious. In determining the materiality of a violation of the Code, the Code Team will consider the following factors, among others, and will escalate as needed to the CCO and potentially senior management:

● The degree of willfulness of the violation;

● The severity of the violation;

● The extent, if any, to which an Employee profited or benefited from the violation;

● The adverse effect, if any, of the violation on a Vident or a Vident Client Account; and

● The Employee's history of prior violation(s) of the Code.

For purposes of imposing sanctions, violations generally will be counted on a rolling 24-month period. However, the Code Team (in consultation with the CCO) reserves the right to impose a more severe sanction/penalty depending on the severity of the violation and/or taking into consideration violations dating back more than 24 months.

![](ex99o7001.jpg)

Any offenses as described below will be reportable to the Boards. Penalties will be imposed as follows:

*Minor Offenses:*

**●** *First minor offense* – First written notice.

**●** *Second minor offense* – Second written notice.

**●** *Third minor offense* – One-month ban on all personal trading, fine, disgorgement and/or other action.

Minor offenses may include, but are not limited to, the following: failure to timely submit quarterly transaction reports, failure to timely complete assigned training, failure to submit signed electronic acknowledgments of Code forms and certifications, and conflicting pre-clearance request dates versus actual trade dates or other pre-clearance request errors.

*Substantive Offenses:*

**●** *First substantive offense* – Written notice, fine, disgorgement and/or other action.

**●** *Second substantive offense* – Three-month ban on all personal trading, fine, disgorgement and/or other action.

**●** *Third substantive offense* – Six-month ban on all personal trading, fine, disgorgement and/or other action.

Substantive offenses may include, but are not limited to, the following: unauthorized purchase/sale of Reportable Securities as outlined in the Code, violations of short-term trading holding period (30-day rule, excluding Cryptocurrency), failure to request pre-clearance of transactions as required by the Code, and failure to timely report a Reportable Securities Account. Other actions that may be taken in response to a substantive offense may include termination of employment and/or referral to authorities, depending on the seriousness of the offense.

*Serious Offenses:*

Engaging in insider trading or related illegal and prohibited activities such as "front running" and "scalping" is considered a "serious offense." Vident will take appropriate steps, which may include fines, termination of employment and/or referral to governmental authorities for prosecution. The Code Team will immediately inform the CCO of any serious offenses.

*Exceptions:*

The Code Team may deviate from the penalties listed in the Code where the CCO determines that a more or less severe penalty is appropriate based on the specific circumstances of that case. For example, a first substantive offense may warrant a more severe penalty if it follows two minor offenses. Any deviations from the penalties listed in the Code, and the reasons for such deviations, will be documented and/or maintained in the Code files.

![](ex99o7001.jpg)

**3.3** **Dismissal and/or Referral to Authorities** 

Repeated violations or a flagrant violation of the Code may result in immediate dismissal from employment. In addition, the Code Team, the CCO, and/or senior management may determine that a single flagrant violation of the law, such as insider trading, will result in immediate dismissal and referral to authorities.

**3.4** **Exceptions to the Code** 

The Code Team is responsible for enforcing the Code. The Code Team may grant certain exceptions to the Code, provided any requests and any approvals granted must be submitted and obtained, respectively, in advance and in writing. The Code Team may refuse to authorize any request for exception under the Code and is not required to furnish any explanation for the refusal.

**4. INSIDER TRADING**

**4.1** **Background** 

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Non-Public Information by such investment adviser or any associated person. In the past, the Federal Securities Laws have been interpreted to prohibit the following activities:

● Trading by an insider while in possession of Material Non-Public Information;

● Trading by a non-insider while in possession of Material Non-Public Information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential;

● Trading by a non-insider who obtained Material Non-Public Information through unlawful means such as computer hacking; and

● Communicating Material Non-Public Information to others in breach of a fiduciary duty.

***What Information is Material?***

Many types of information may be considered material, including, without limitation, advance knowledge of:

● Dividend or earnings announcements;

● Asset write-downs or write-offs;

![](ex99o7001.jpg)

● Additions to reserves for bad debts or contingent liabilities;

● Expansion or curtailment of company or major division operations;

● Merger, joint venture announcements;

● New product/service announcements;

● Discovery or research developments;

● Criminal, civil and government investigations, and indictments;

● Pending labor disputes;

● Debt service or liquidity problems;

● Bankruptcy or insolvency;

● Tender offers and stock repurchase plans;

● Recapitalization plans; and

● Major developments in litigation or events that could lead to litigation (e.g., a cyber breach or a data leak).

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. The prohibition against misusing Material Non-Public Information applies to a wide range of financial instruments including, but not limited to, equities, bonds, warrants, options, futures, forwards, swaps, commercial paper, government-issued securities, and certain types of virtual currency or Cryptocurrency coins or tokens that were created in connection with an ICO. Material information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material.

Employees should consult with the CCO or a Compliance Designee if there is any question as to whether non-public information is material.

***What Information is Non-Public?***

Once information has been effectively distributed to the investing public, it is no longer non-public. However, the distribution of Material Non-Public Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Non-public information does not change to public information solely by selective dissemination. The confirmation by an insider of unconfirmed rumors, even if the information in question was reported as rumors in a public form, may be non-public information. Examples of the ways in which non-public information might be transmitted include, but are not limited to:

● In person;

● In writing;

● By telephone;

● During a presentation;

● By email, instant messaging, or Bloomberg messaging;

● By text message or through X (formerly, Twitter); or

![](ex99o7001.jpg)

● On a social networking site such as Facebook or LinkedIn.

Employees must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Non-Public Information. Employees should consult with the CCO or a Compliance Designee if there is any question as to whether material information is non-public.

***Penalties for Trading on Material Non-Public Information***

Severe penalties exist for firms and individuals that engage in Insider Trading, including civil injunctions, disgorgement of profits, and jail sentences. Further, fines for Insider Trading may be levied against individuals and companies in amounts up to three times the profit gained, or loss avoided (and up to $1,000,000 for companies). Vident is not obligated to pay legal fees, penalties, or other costs incurred by Employees found guilty of insider trading.

**4.2** **Policies and Procedures** 

Employees are strictly forbidden from engaging in Insider Trading, either personally or on behalf of Vident. Vident's *Insider Trading* policies and procedures apply to all Employees, as well as any transactions in any securities by family members, trusts, or corporations, directly or indirectly controlled by such persons. The policy also applies to transactions by corporations in which the Employee is an officer, director, or 10% or greater stockholder, as well as transactions by partnerships of which the Employee is a partner unless the Employee has no direct or indirect control over the partnership.

***Procedures for Recipients of Material Non-Public Information***

If an Employee has questions as to whether they are in possession of Material Non-Public Information, they should inform the CCO or a Compliance Designee as soon as possible. The CCO or a Compliance Designee will conduct research to determine if the information is likely to be considered material, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in Insider Trading, an Employee:

● Must immediately report the potential receipt of Material Non-Public Information to the CCO or a Compliance Designee;

● Must not trade the securities of any company about which they may possess Material Non-Public Information, derivatives related to the issuer in question, or another company that could be affected by the Material Non-Public Information the Employee may possess;

● Must not discuss any potentially Material Non-Public Information with colleagues, except as specifically required by their position; and

![](ex99o7001.jpg)

● Must not conduct research, trading, or other investment activities regarding a security for which they may have Material Non-Public Information until the CCO, or a Compliance Designee, dictates an appropriate course of action.

If the CCO or a Compliance Designee determines that the information is material and non-public, the CCO or a Compliance Designee will update a list of these restricted securities (the "Restricted List") and ensure coding in ComplianceAlpha to restrict personal trading and the firm's Order Management Systems (as applicable). Vident and its Employees will not place any trades in securities for which it has Material Non-Public Information.

Depending on the relevant facts and circumstances, the CCO or a Compliance Designee may also take some or all the following steps:

● Review these policies and procedures with the affected Employee(s);

● Initially ask the affected Employee(s) to execute written agreements that they will not disclose the potentially Material Non-Public Information to others, including colleagues;

● Periodically ask the affected Employee(s) to sign certifications that they have not improperly shared the information;

● Require the affected Employee(s) to institute enhanced information security practices;

● Implement a shared office space policy or clean desk policy outlining appropriate methods of protecting Material Non-Public Information;

● Change the location of the affected Employee(s)' workspace(s);

● Review the emails of the affected Employees more frequently and/or conduct key word searches of all Employees' emails for the information in question;

● Review these *Insider Trading* policies and procedures with all Employees;

● Inform Vident's other Employees that the affected Employee(s) may be in possession of Material Non-Public Information;

● Remind the other Employees that they should take reasonable steps to avoid inadvertent receipt of the information; and

● Forbid other Employees from seeking to obtain the information.

Trading in affected securities may resume, and other responses may be adjusted or eliminated, when the CCO or a Compliance Designee determines that the information has become public and/or immaterial. At such time, the CCO or a Compliance Designee will update the Restricted List in ComplianceAlpha and the Order Management Systems (as applicable) to indicate the date that trading was allowed to resume and the reason for the resumption.

![](ex99o7001.jpg)

See Vident's *Information Barriers/Firewalls* policies in the Compliance Policies & Procedures Manual.

 ***Selective Disclosure***

Non-public information about Vident's investment strategies, trading, and Vident Client Account holdings may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. Notwithstanding this, see Vident's *Portfolio Holdings Disclosure Policy* in the Compliance Policies & Procedures Manual.

Employees must never disclose proposed or pending trades or other sensitive information to any third party without the prior approval of the CCO or a Compliance Designee. Federal Securities Laws may prohibit the dissemination of such information and doing so may be considered a violation of the fiduciary duty that Vident owes to its Vident Client Accounts.

 ***Relationships with Potential Insiders***

Vident's vendors, including affiliated entities, may possess Material Non-Public Information. Individuals with access to Material Non-Public Information may have an incentive to disclose the information to Vident due to the potential for personal gain. Employees should be extremely cautious about investment recommendations, or information about issuers, that it receives from any party including affiliated entities, vendors, and/or consultants. Employees should inquire about the basis for any such recommendations or information and should consult with the CCO or a Compliance Designee if there is any appearance that the recommendations or information are based on Material Non-Public Information. Vident may receive Material Non-Public Information about its client account investment strategies and trading activities.

Employees are prohibited from trading on, or improperly utilizing, Material Non-Public Information obtained from third-party or affiliated investment advisers or sub-advisers.

***Rumors***

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws. Such conduct is contradictory to this Code, as well as Vident's expectations regarding appropriate behavior of its Employees. Employees are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

This policy is not intended to discourage or prohibit appropriate communications between Employees and other market participants and trading counterparties. Employees should consult with the CCO or a Compliance Designee regarding questions about the appropriateness of any communications.

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**<u>APPENDIX – DEFINITIONS</u>**

***<u>General Note</u>:***

*The definitions and terms used in the Code are intended to mean the same as they do under the Advisers Act and the 1940 Act. If a definition hereunder conflicts with the definitions in the Advisers Act and the 1940 Act, or if a term used in the Code is not defined, you should follow the definitions and meanings in the Advisers Act and the 1940 Act.*

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| ***Automatic Investment Plan*** | &nbsp;&nbsp;A program that allows a person to purchase or sell Reportable Securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. An Automatic Investment Plan includes a SIP (systematic investment plan), SWP (systematic withdrawal plan), SPP (stock purchase plan), DRIP (dividend reinvestment plan), or employer-sponsored plan subject to such a program.<br>|
| ***Beneficial Owner*** | &nbsp;&nbsp;Reporting Persons are the "beneficial owner" of any Reportable Securities in which the Reporting Persons have a direct or indirect Financial or Pecuniary Interest, whether or not the Reporting Persons have the power to buy and sell, or to vote, the securities.<br>In addition, Reporting Persons are the "beneficial owner" of Reportable Securities in which an Immediate Family Member has a direct or indirect Financial or Pecuniary Interest, whether or not the Reporting Person or the Immediate Family Member has the power to buy and sell, or to vote, the Reportable Securities. For example, Reporting Persons have Beneficial Ownership of securities in trusts of which Immediate Family Members are beneficiaries.<br>Reporting Persons are also the "beneficial owner" of Reportable Securities in any account, including but not limited to those of relatives, friends, and entities in which Reporting Persons have a non-controlling interest or over which Reporting Persons or an Immediate Family Member exercise investment discretion. Such accounts do not include accounts Reporting Persons manage on behalf of Vident.<br>|
| ***ComplianceAlpha*** | &nbsp;&nbsp;ACA ComplianceAlpha®, a third-party risk and compliance platform used for the management of personal trading surveillance, employee certifications, gift and entertainment requests and disclosures, political contributions, and outside business activity reporting.<br>|

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| ***Control*** | &nbsp;&nbsp;The power to exercise a controlling influence over the management or policies of a company unless the power is solely the result of an official position with such company. Owning 25% or more of a company's outstanding voting securities is presumed to give Reporting Persons control over the company. (See Section 2(a)(9) of the 1940 Act for a complete definition.)<br>|
| ***Cryptocurrency*** | &nbsp;&nbsp;A digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Generally based on a network that is distributed across a large number of computers. Includes, but not limited to, Avalanche, Bitcoin, Cardano, Dogecoin, Ethereum, Litecoin, Polkadot, Solana, Tether, and Tron.<br>|
| ***Employee*** | &nbsp;&nbsp;Employees, partners, officers, and directors of Vident that are subject to the supervision and control of Vident. This does not include partners, officers, and/or directors that do not perform day-to-day activities for Vident or those that do not come into the possession of Material Non-Public Information regarding the firm's trading activities.<br>|
| ***Equivalent Security*** | &nbsp;&nbsp;Any Reportable Security issued by the same entity as the issuer of a subject security that is convertible into the equity security of the issuer. Examples include, but are not limited to, options, rights, stock appreciation rights, warrants and convertible bonds.<br>|
| ***Federal Securities Laws*** | &nbsp;&nbsp;The Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, Title V of the Gramm- Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.<br>|

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| ***Financial or Pecuniary Interest*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opportunity for Reporting Persons or your Immediate Family Member, directly, or indirectly, to profit or share in any profit derived from a transaction in the subject Reportable Securities whether through any contract, arrangement, understanding, relationship or otherwise. This standard looks beyond the record owner of Reportable Securities to reach the substance of a particular arrangement. Reporting Persons not only have a Financial or Pecuniary Interest in Reportable Securities held by Reporting Persons for their own benefit, but also Reportable Securities held (regardless of whether or how they are registered) by others for a Reporting Person's benefit, such as Reportable Securities held for Reporting Persons by custodians, brokers, relatives, executors, administrators, or trustees. The term also includes any interest in any Reportable Security owned by an entity directly or indirectly controlled by Reporting Persons, which may include corporations, partnerships, limited liability companies, trusts, and other types of legal entities. Reporting Persons or their Immediate Family Member likely have a Financial or Pecuniary Interest in:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Reporting Person's accounts or the accounts of Immediate Family Members;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A partnership or limited liability company if the Reporting Person or an Immediate Family Member is a general partner or a managing member;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A corporation or similar business entity if the Reporting Person or an Immediate Family Member has or shares investment control; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A trust if the Reporting Person or an Immediate Family Member is a beneficiary.<br>|

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| ***Immediate Family Member*** | &nbsp;&nbsp;Any of the following persons, including any such relations through adoption, who reside in the same household with you:<br>|

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● spouse ● brother

● domestic
 partner ● sister

● parent ● mother-in-law

● stepparent ● father-in-law

● child ● daughter-in-law

● stepchild ● son-in-law

● grandparent ● sister-in-law

● grandchild ● brother-in-law

Immediate Family Member also includes any other relationship that the Code Team determines could lead to possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety.

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|  | &nbsp;&nbsp;All references to "Reporting Persons" in the guidelines, prohibitions, restrictions, and duties set forth in the Code should be interpreted to also refer, as the context requires, to Immediate Family Members of such persons. |
| ***Investment Club*** | &nbsp;&nbsp;An investment club is a group of people who pool their money to make investments. Usually, investment clubs are organized as partnerships and, after the members study different investments, the group decides to buy or sell based on a majority vote of the members. Club meetings may be educational and/or each member may actively participate in investment decisions.<br>|
| ***IPO*** | &nbsp;&nbsp;An initial public offering, or the first sale of a company's securities to public investors. Specifically, it is an offering of Securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended.<br>|
| ***Managed Account*** | &nbsp;&nbsp;Any account for which the holder gives, in writing, his or her broker or someone else (other than another Employee) the authority to buy and sell Reportable Securities, either absolutely or subject to certain restrictions, other than pre-approval by any Reporting Person. In other words, the holder gives up the right to decide what Reportable Securities are bought or sold for the account.<br>|
| ***Non-Public Information*** | &nbsp;&nbsp;Any information that is not generally available to the general public in widely disseminated media reports, SEC filings, public reports, or similar publications or sources.<br>|
| ***Private Placement*** | &nbsp;&nbsp;An offering, including an ICO, that is exempt from registration under Section 4(a)(2) or 4(6) of the Securities Act of 1933, as amended, or Rule 504, Rule 505, or Rule 506 thereunder. Shall extend to offerings made and/or domiciled in foreign jurisdictions such as, but not limited to, Bermuda, European Union, British Virgin Islands, Cayman Islands, and Jersey.<br>|
| ***Purchase or Sale of a Security*** | &nbsp;&nbsp;In addition to any acquisition or disposition of a Reportable Security for value, a Purchase or Sale of a Reportable Security includes, among other things, the receipt or giving of a gift or writing of an option to purchase or sell a Reportable Security.<br>|

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| ***Reportable Fund*** | &nbsp;&nbsp;Any investment company registered under the 1940 Act for which Vident serves as an investment adviser or sub-adviser as defined in Section 2(a)(20) of the 1940 Act. Will also include UCITS, OEICs and UK unit trusts which Vident serves as investment adviser, sub-adviser, manager, investment manager, or sub-investment manager. A list of all Reportable Funds managed by Vident is available upon request.<br>|
| ***Reporting Person*** | &nbsp;&nbsp;With respect to the applicability of the Code, this includes Employees, directors, and officers (other than non-Employee directors and officers), and any other persons designated by the Code Team that have access to Non-Public Information regarding any Vident Client Accounts' purchase or sale of securities, or Non-Public Information regarding the portfolio holdings of any Reportable Fund; or who is involved in making securities recommendations to Vident Client Accounts, or who has access to such recommendations that are non-public.<br>All references to "Reporting Persons" in the guidelines, prohibitions, restrictions, and duties set forth in this Code should be interpreted to also refer, as the context requires, to Immediate Family Members of the Reporting Person. The Code Team is responsible for maintaining a list of all Reporting Persons and notifying such Reporting Persons of their status.<br>|
| ***Reportable Securities Account*** | &nbsp;&nbsp;Any account that holds Reportable Securities of which Reporting Persons have Beneficial Ownership, other than a Managed Account that holds Reportable Securities and has previously been approved by the Code Team over which Reporting Persons have no direct influence or Control. A Reportable Securities Account is not limited to Reportable Securities accounts maintained at brokerage firms, but also includes holdings of Reportable Securities owned directly by Reporting Persons or an Immediate Family Member or held through a retirement plan of Vident or a former employer.<br>|
| ***Reportable Securities Transaction*** | &nbsp;&nbsp;A Purchase or Sale of a Reportable Security, of which Reporting Persons acquire or relinquish Beneficial Ownership.<br>|

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| ***Reportable Security/Securities*** | &nbsp;&nbsp;Any security as defined under Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act, except that it does not include direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, brokered certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), shares issued by money market mutual funds, shares issued by mutual funds other than the Reportable Funds, shares issued by unit investment trusts that are invested exclusively in one or more mutual fund, none of which are Reportable Funds, or interests in unit-linked life and pension products sold in the UK that are invested exclusively in one or more UK unit trusts or OEICs, none of which are Reportable Funds. **"Reportable Security" includes any security issued by registered closed-end funds and ETFs.**<br>|
| ***Vident Client Accounts*** | &nbsp;&nbsp;Accounts of investment advisory clients of Vident, including but not limited to investment companies registered under the 1940 Act, UCITS, and OEICs.<br>|

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