# EDGAR Filing Document

**Accession Number:** 0000891944
**File Stem:** 0001999371-26-000464
**Filing Date:** 2026-1
**Character Count:** 592638
**Document Hash:** 6219b9144f30b548dd22f7a9a172c9f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000464.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001999371-26-000464

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07168
- **FILM NUMBER:** 26518981

**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'? Hennessy N-CSR

As filed with the Securities and Exchange Commission on January 8, 2026

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hennessy Funds Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **7250 Redwood Boulevard, Suite 200** |  |
| **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novato, California&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |  **<u>94945</u>** |
| (Address of principal executive offices) | (Zip code) |

---

---

| |
|:---|
| **Teresa M. Nilsen** |
| **7250 Redwood Boulevard, Suite 200** |
| **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novato, California&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: **<u>800-966-4354</u>**

Date of fiscal year end: **<u>October 31, 2025</u>**

Date of reporting period: **<u>October 31, 2025</u>**

Item 1. Reports to Stockholders.

(a) **Annual Shareholder Report**<br> **Hennessy Cornerstone Growth Fund**<br> Investor Class<br> HFCGX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Growth Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $133 | 1.32% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the Russell 2000<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Information Technology, Consumer Discretionary, and Health Care sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Financials, Energy, and Real Estate sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Porch Group, Inc, Astronics Corp., and Brightspring Health Services.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Nomad Foods, Ltd., Jeld-Wen Holding, Inc., and Root, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Consumer Staples and Consumer Discretionary companies and was most underweight Information Technology and Health Care.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of underperformance was due to sector allocation rather than stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, as the Fund's lack of exposure to AI-focused technology names was a headwind.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesc9ld1mj05xfet.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Growth Fund** | 2.18% | 19.14% | 10.13% |
| **Russell 2000<sup>®</sup> Index** | 14.41% | 11.50% | 9.36% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $461975047 |
| **Number of Portfolio Holdings** | 51 |
| **Annual Portfolio Turnover** | 99% |
| **Total Advisory Fee** | $3852855 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94clwf.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Cornerstone Growth Fund**<br> Institutional Class<br> HICGX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Growth Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $101 | 1.00% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the Russell 2000<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Information Technology, Consumer Discretionary, and Health Care sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Financials, Energy, and Real Estate sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Porch Group, Inc, Astronics Corp., and Brightspring Health Services.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Nomad Foods, Ltd., Jeld-Wen Holding, Inc., and Root, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Consumer Staples and Consumer Discretionary companies and was most underweight Information Technology and Health Care.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of underperformance was due to sector allocation rather than stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, as the Fund's lack of exposure to AI-focused technology names was a headwind.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesc9ld1miytjrhi.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Growth Fund** | 2.53% | 19.53% | 10.49% |
| **Russell 2000<sup>®</sup> Index** | 14.41% | 11.50% | 9.36% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $461975047 |
| **Number of Portfolio Holdings** | 51 |
| **Annual Portfolio Turnover** | 99% |
| **Total Advisory Fee** | $3852855 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94clwf.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Focus Fund**<br> Investor Class<br> HFCSX<br>

This annual shareholder report contains important information about the Hennessy Focus Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $172 | 1.48% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed both the Russell 3000<sup>®</sup> Index (the Fund's primary benchmark) and the Russell Midcap<sup>®</sup> Growth Index.

#### Investment Strategy
We implement the Fund's strategy through a concentrated portfolio of approximately 25 companies that we believe are high-quality businesses with large growth opportunities, excellent management, low tail risk, and discount valuations. We invest with a long-term time horizon and encourage shareholders to do the same. Periods can be influenced by many transitory issues unrelated to the growth in the intrinsic value of the Fund's holdings.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Communication Services, Financials, and Information Technology sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Consumer Discretionary, Health Care, and Industrials sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included AST SpaceMobile, Inc., Brookfield Corp., and Markel Group, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Cogent Communications Holdings, Inc., RH, and CarMax, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Communication Services and Financials companies and was most underweight Information Technology and Health Care companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of outperformance was due to stock selection rather than sector allocation.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesc9ld1mj8v7vkk.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Focus Fund** | 32.82% | 16.63% | 11.21% |
| **Russell 3000<sup>®</sup> Index** | 20.81% | 16.74% | 14.08% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $592142632 |
| **Number of Portfolio Holdings** | 24 |
| **Annual Portfolio Turnover** | 1% |
| **Total Advisory Fee** | $5079156 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj94egwq.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Focus Fund**<br> Institutional Class<br> HFCIX<br>

This annual shareholder report contains important information about the Hennessy Focus Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $129 | 1.10% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed both the Russell 3000<sup>®</sup> Index (the Fund's primary benchmark) and the Russell Midcap<sup>®</sup> Growth Index.

#### Investment Strategy
We implement the Fund's strategy through a concentrated portfolio of approximately 25 companies that we believe are high-quality businesses with large growth opportunities, excellent management, low tail risk, and discount valuations. We invest with a long-term time horizon and encourage shareholders to do the same. Periods can be influenced by many transitory issues unrelated to the growth in the intrinsic value of the Fund's holdings.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Communication Services, Financials, and Information Technology sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Consumer Discretionary, Health Care, and Industrials sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included AST SpaceMobile, Inc., Brookfield Corp., and Markel Group, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Cogent Communications Holdings, Inc., RH, and CarMax, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Communication Services and Financials companies and was most underweight Information Technology and Health Care companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of outperformance was due to stock selection rather than sector allocation.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesdbj1mj8v7wj9.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Focus Fund** | 33.34% | 17.07% | 11.63% |
| **Russell 3000<sup>®</sup> Index** | 20.81% | 16.74% | 14.08% |
| **Russell Midcap<sup>®</sup> Growth Index** | 19.59% | 11.17% | 12.65% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $592142632 |
| **Number of Portfolio Holdings** | 24 |
| **Annual Portfolio Turnover** | 1% |
| **Total Advisory Fee** | $5079156 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj94egwq.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Cornerstone Mid Cap 30 Fund**<br> Investor Class<br> HFMDX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Mid Cap 30 Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com. This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $136 | 1.34% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ending October 31, 2025, the Fund underperformed both the Russell Midcap<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Industrials, Utilities, and Financials sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Consumer Discretionary, Communication Services, and Materials sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Dycom Industries, Inc., UGI Corp., and Brinker International, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Herc Holdings, Inc, Newell Brands, Inc., and Graphic Packaging Holding Co.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Consumer Discretionary and Industrials companies and was most underweight Health Care and Financials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The vast majority of underperformance was due to stock selection rather than sector allocation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, as the Fund's lack of exposure to AI-focused technology names was a headwind.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesc9ld1mj05wze0.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Mid Cap 30 Fund** | 2.60% | 22.69% | 11.89% |
| **Russell Midcap<sup>®</sup> Index** | 10.79% | 12.33% | 10.63% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $1275341346 |
| **Number of Portfolio Holdings** | 31 |
| **Annual Portfolio Turnover** | 129% |
| **Total Advisory Fee** | $10962979 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94c21w.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at https://www.hennessyfunds.com/funds/cornerstone-midcap or upon request at fundsinfo@hennessyfunds.com or by calling 1-800-966-4354.

Effective as of September 3, 2025, the Fund adjusted the market capitalization range of what it considers to be a mid-capitalization stock from between $1 billion and $10 billion to between $2 billion and $25 billion.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Cornerstone Mid Cap 30 Fund**<br> Institutional Class<br> HIMDX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Mid Cap 30 Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $99 | 0.98% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ending October 31, 2025, the Fund underperformed both the Russell Midcap<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Industrials, Utilities, and Financials sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Consumer Discretionary, Communication Services, and Materials sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Dycom Industries, Inc., UGI Corp., and Brinker International, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Herc Holdings, Inc, Newell Brands, Inc., and Graphic Packaging Holding Co.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Consumer Discretionary and Industrials companies and was most underweight Health Care and Financials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The vast majority of underperformance was due to stock selection rather than sector allocation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, as the Fund's lack of exposure to AI-focused technology names was a headwind.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesdbj1miytjtvw.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Mid Cap 30 Fund** | 2.99% | 23.13% | 12.30% |
| **Russell Midcap<sup>®</sup> Index** | 10.79% | 12.33% | 10.63% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $1275341346 |
| **Number of Portfolio Holdings** | 31 |
| **Annual Portfolio Turnover** | 129% |
| **Total Advisory Fee** | $10962979 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94c21w.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at https://www.hennessyfunds.com/funds/cornerstone-midcap or upon request at fundsinfo@hennessyfunds.com or by calling 1-800-966-4354.

Effective as of September 3, 2025, the Fund adjusted the market capitalization range of what it considers to be a mid-capitalization stock from between $1 billion and $10 billion to between $2 billion and $25 billion.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Cornerstone Large Growth Fund**<br> Investor Class<br> HFLGX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Large Growth Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $132 | 1.29% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the Russell 1000<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Health Care, Consumer Discretionary, and Financials sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Consumer Staples, Communications Services, and Energy sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Jabil, Inc., Williams-Sonoma, Inc., and Caterpillar, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Booz Allen Hamilton Holdings, GoDaddy, Inc., and Builders FirstSource, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Industrials and Consumer Staples companies and was most underweight Information Technology and Financials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's underperformance was due to both sector allocation and stock selection.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesc9ld1mj064dy7.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Large Growth Fund** | 4.30% | 12.70% | 9.63% |
| **Russell 1000<sup>®</sup> Index** | 21.14% | 17.05% | 14.39% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $134483239 |
| **Number of Portfolio Holdings** | 50 |
| **Annual Portfolio Turnover** | 46% |
| **Total Advisory Fee** | $998694 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj94esc4.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Cornerstone Large Growth Fund**<br> Institutional Class<br> HILGX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Large Growth Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $101 | 1.00% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the Russell 1000<sup>®</sup> Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Health Care, Consumer Discretionary, and Financials sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Consumer Staples, Communications Services, and Energy sectors detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Jabil, Inc., Williams-Sonoma, Inc., and Caterpillar, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Booz Allen Hamilton Holdings, GoDaddy, Inc., and Builders FirstSource, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Industrials and Consumer Staples companies and was most underweight Information Technology and Financials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's underperformance was due to both sector allocation and stock selection.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesc9ld1mj063pyy.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Large Growth Fund** | 4.59% | 13.00% | 9.93% |
| **Russell 1000<sup>®</sup> Index** | 21.14% | 17.05% | 14.39% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $134483239 |
| **Number of Portfolio Holdings** | 50 |
| **Annual Portfolio Turnover** | 46% |
| **Total Advisory Fee** | $998694 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj94esc4.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Cornerstone Value Fund**<br> Investor Class<br> HFCVX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Value Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $127 | 1.21% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the Russell 1000<sup>®</sup> Value Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Financials, Health Care, and Information Technology sectors contributed most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Communication Services sector detracted most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Citigroup, Inc., HSBC Holdings, PLC, and Toronto-Dominion Bank.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Comcast Corp., United Parcel Service, and Kraft Heinz Co.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Energy and Consumer Staples companies and was most underweight Industrials and Financials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While security selection contributed positively to the Fund's performance, sector allocation contributed strongly to the Fund's underperformance.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesc9ld1mj8wj1jr.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Value Fund** | 10.69% | 16.52% | 9.59% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $292601559 |
| **Number of Portfolio Holdings** | 51 |
| **Annual Portfolio Turnover** | 27% |
| **Total Advisory Fee** | $2122318 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94brxr.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Cornerstone Value Fund**<br> Institutional Class<br> HICVX<br>

This annual shareholder report contains important information about the Hennessy Cornerstone Value Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $104 | 0.99% |

---

**How did the Fund perform last year and what affected its performance?**

For the one-year period ended October 31, 2025, the Fund underperformed both the Russell 1000<sup>®</sup> Value Index (the Fund's primary benchmark) and the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Financials, Health Care, and Information Technology sectors contributed most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Communication Services sector detracted most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Citigroup, Inc., HSBC Holdings, PLC, and Toronto-Dominion Bank.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Comcast Corp., United Parcel Service, and Kraft Heinz Co.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Energy and Consumer Staples companies and was most underweight Industrials and Financials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While security selection contributed positively to the Fund's performance, sector allocation contributed strongly to the Fund's underperformance.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qes1g1s31mj8whlyo.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Cornerstone Value Fund** | 10.93% | 16.78% | 9.83% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $292601559 |
| **Number of Portfolio Holdings** | 51 |
| **Annual Portfolio Turnover** | 27% |
| **Total Advisory Fee** | $2122318 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94brxr.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Total Return Fund**<br> Investor Class<br> HDOGX<br>

This annual shareholder report contains important information about the Hennessy Total Return Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $339 | 3.25% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the 75/25 Blended DJIA/Treasury Index (the Fund's primary benchmark) and the Dow Jones Industrial Average.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Information Technology, Industrials, and Financials sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Materials sector detracted from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included International Business Machines Corporation, Cisco Systems, Inc., and Johnson & Johnson.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Dow, Inc., Merck & Co., Inc., and Procter & Gamble Co.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Consumer Staples and Health Care companies and was most underweight Financials and Industrials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of underperformance was due to sector allocation rather than stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the Dow Jones Industrial Average, due to both its allocation to U.S. Treasury securities, which underperformed equities, as well as to the Fund's sector allocations.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesdbj1mj04qr4l.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Total Return Fund** | 8.85% | 9.24% | 6.52% |
| **75/25 Blended DJIA/Treasury Index** | 13.06% | 11.86% | 10.32% |
| **Dow Jones Industrial Average** | 15.84% | 14.61% | 12.85% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $49212669 |
| **Number of Portfolio Holdings** | 18 |
| **Annual Portfolio Turnover** | 35% |
| **Total Advisory Fee** | $292196 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes33ley1mjag17ti.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Equity and Income Fund**<br> Investor Class<br> HEIFX<br>

This annual shareholder report contains important information about the Hennessy Equity and Income Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $167 | 1.63% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
<u>Equities</u>: The positive returns of the Fund's equity allocation reflected better than expected overall economic growth, de-escalation of trade risks, and less restrictive monetary policy. Headwinds to the Fund's relative performance included less exposure to growth and volatility factors and greater relative exposure to quality and shareholder yield factors. The concentration of the S&P 500<sup>®</sup> Index in a few holdings made relative performance challenging. The absolute return of the Fund's equity allocation lagged the strong return of the broader market. The Fund's focus on mitigating downside risk typically results in lower upside participation in rising markets, particularly in double-digit returns, and greater mitigation of downside risk in declining markets.

<u>Fixed Income</u>: The fixed income performance was driven by two key factors. The primary contributor to performance was sector allocation. The Fund maintained an overweight position in investment grade corporate bonds throughout the period. While investment grade corporate bond spreads tightened by 6 basis points overall, the Fund also benefited from the additional carry provided by these securities relative to U.S. Treasuries, as well as capturing additional value by making strategic adjustments during periods of spread volatility. Security selection also contributed positively to performance, particularly within financial sector holdings. Changes in interest rates throughout the year did not have a material impact on portfolio performance due to maintaining a neutral duration relative to the Fund's intermediate fixed income mandate.

#### Positioning
The Fund seeks a balanced portfolio with the goal of maintaining broad market exposure with reduced volatility. The Fund's equity allocation focuses on larger, high-quality companies with demonstrated market dominance, low business risk, and solid long-term growth prospects. The Fund's fixed income allocation focuses on higher quality, intermediate domestic corporate, agency, and government bonds.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesdbj1mj05y4yd.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Equity and Income Fund** | 4.35% | 6.66% | 6.23% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $44472952 |
| **Number of Portfolio Holdings** | 88 |
| **Annual Portfolio Turnover** | 27% |
| **Total Advisory Fee** | $419452 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes55d1mjag49q8.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Equity and Income Fund**<br> Institutional Class<br> HEIIX<br>

This annual shareholder report contains important information about the Hennessy Equity and Income Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $129 | 1.26% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
<u>Equities</u>: The positive returns of the Fund's equity allocation reflected better than expected overall economic growth, de-escalation of trade risks, and less restrictive monetary policy. Headwinds to the Fund's relative performance included less exposure to growth and volatility factors and greater relative exposure to quality and shareholder yield factors. The concentration of the S&P 500<sup>®</sup> Index in a few holdings made relative performance challenging. The absolute return of the Fund's equity allocation lagged the strong return of the broader market. The Fund's focus on mitigating downside risk typically results in lower upside participation in rising markets, particularly in double-digit returns, and greater mitigation of downside risk in declining markets.

<u>Fixed Income</u>: The fixed income performance was driven by two key factors. The primary contributor to performance was sector allocation. The Fund maintained an overweight position in investment grade corporate bonds throughout the period. While investment grade corporate bond spreads tightened by 6 basis points overall, the Fund also benefited from the additional carry provided by these securities relative to U.S. Treasuries, as well as capturing additional value by making strategic adjustments during periods of spread volatility. Security selection also contributed positively to performance, particularly within financial sector holdings. Changes in interest rates throughout the year did not have a material impact on portfolio performance due to maintaining a neutral duration relative to the Fund's intermediate fixed income mandate.

#### Positioning
The Fund seeks a balanced portfolio with the goal of maintaining broad market exposure with reduced volatility. The Fund's equity allocation focuses on larger, high-quality companies with demonstrated market dominance, low business risk, and solid long-term growth prospects. The Fund's fixed income allocation focuses on higher quality, intermediate domestic corporate, agency, and government bonds.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesc9ld1miytjp4e.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Equity and Income Fund** | 4.74% | 7.05% | 6.63% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $44472952 |
| **Number of Portfolio Holdings** | 88 |
| **Annual Portfolio Turnover** | 27% |
| **Total Advisory Fee** | $419452 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes55d1mjag49q8.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Balanced Fund**<br> Investor Class<br> HBFBX<br>

This annual shareholder report contains important information about the Hennessy Balanced Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $194 | 1.88% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the 50/50 Blended DJIA/Treasury Index (the Fund's primary benchmark) and the Dow Jones Industrial Average.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Information Technology, Financials and Health Care sectors contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Materials sector detracted from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included International Business Machines Corporation, Cisco Systems, Inc., and Johnson & Johnson.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Dow, Inc., Merck & Co., Inc., and Procter & Gamble Co.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Health Care and Consumer Staples companies and was most underweight Financials and Industrials companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of underperformance was due to sector allocation rather than stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market due to its allocation to U.S. Treasury securities, which underperformed equities.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesdbj1mj04qmm5.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Balanced Fund** | 6.00% | 6.06% | 4.57% |
| **50/50 Blended DJIA/Treasury Index** | 10.22% | 8.68% | 7.61% |
| **Dow Jones Industrial Average** | 15.84% | 14.61% | 12.85% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $13039289 |
| **Number of Portfolio Holdings** | 17 |
| **Annual Portfolio Turnover** | 39% |
| **Total Advisory Fee** | $77235 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94b7wc.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Energy Transition Fund**<br> Investor Class<br> HNRGX<br>

This annual shareholder report contains important information about the Hennessy Energy Transition Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $270 | 2.53% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed the S&P 500<sup>®</sup> Energy Index (the Fund's primary benchmark) and underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in natural gas-oriented Exploration and Production companies and Oilfield Services companies contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in Integrated companies, Materials companies, and Midstream companies detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Solaris Energy Infrastructure, Inc., National Fuel Gas Corp., and EQT Corp.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Chevron Corp., Freeport McMoran, Inc. and The Williams Companies., Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Exploration and Production, End User, and Utilities and was most underweight Integrated companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of underperformance was due to sub-industry allocation to end user/utility companies.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, due to the Fund's significant weighting toward Hydrocarbon-oriented Energy stocks, which underperformed the broader market during the period.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qes1g1s31mj05tm16.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Energy Transition Fund** | 13.11% | 30.67% | 7.41% |
| **S&P 500<sup>®</sup> Energy Index** | 2.44% | 30.48% | 6.90% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine Energy Fund.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $13101499 |
| **Number of Portfolio Holdings** | 24 |
| **Annual Portfolio Turnover** | 33% |
| **Total Advisory Fee** | $185001 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesc9ld1mj949osn.jpg)

For presentation purposes, the Fund uses custom categories.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Energy Transition Fund**<br> Institutional Class<br> HNRIX<br>

This annual shareholder report contains important information about the Hennessy Energy Transition Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $235 | 2.20% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed the S&P 500<sup>®</sup> Energy Index (the Fund's primary benchmark) and underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in natural gas-oriented Exploration and Production companies and Oilfield Services companies contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in Integrated companies, Materials companies, and Midstream companies detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included Solaris Energy Infrastructure, Inc., National Fuel Gas Corp., and EQT Corp.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included Chevron Corp., Freeport McMoran, Inc. and The Williams Companies., Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Exploration and Production, End User, and Utilities and was most underweight Integrated companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The majority of underperformance was due to sub-industry allocation to end user/utility companies.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, due to the Fund's significant weighting toward Hydrocarbon-oriented Energy stocks, which underperformed the broader market during the period.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesc9ld1miytk69z.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Energy Transition Fund** | 13.46% | 31.09% | 7.73% |
| **S&P 500<sup>®</sup> Energy Index** | 2.44% | 30.48% | 6.90% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine Energy Fund.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $13101499 |
| **Number of Portfolio Holdings** | 24 |
| **Annual Portfolio Turnover** | 33% |
| **Total Advisory Fee** | $185001 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesc9ld1mj949osn.jpg)

For presentation purposes, the Fund uses custom categories.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Midstream Fund**<br> Investor Class<br> HMSFX<br>

This annual shareholder report contains important information about the Hennessy Midstream Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $181 | 1.75% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed the Alerian US Midstream Energy Index (the Fund's primary benchmark)¹ and underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in Natural Gas Gathering and Processing companies structured as C-corp. companies contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Natural Gas Gathering and Processing, Natural Gas Liquid Transportation-oriented C-corp. structured companies, as well as Crude Oil and Refined Product Logistics-oriented companies structured as master limited partnerships ("MLPs"), detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included EQT Corporation, EnLink Midstream, LLC., and Antero Midstream Corporation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included ONEOK, Inc., Targa Resources Corporation and MPLX, LP.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Natural Gas and Natural Gas Liquids Transportation master limited partnerships and C-corp. structured companies and was most underweight Gathering and Processing Service-oriented companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While the Fund outperformed its primary benchmark as a result of accounting for unrealized gains due to the Fund's C-corporation structure, the majority of its actual underperformance compared to its primary benchmark was due to sub-industry allocation, rather than stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, due to the Fund's significant weighting toward hydrocarbon-oriented transportation MLPs and C-corp. structured companies, which underperformed the broader market during the period.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesdbj1mj90tg29.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Midstream Fund** | 6.91%¹ | 28.00% | 5.82% |
| **Alerian US Midstream Energy Index** | 6.33% | 32.56% | 10.03% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine MLP Fund.

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

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

---

| | |
|:---|:---|
| ¹ | Performance has been adjusted in the financial statements due to an adjustment in the Fund's deferred income tax liability resulting from unrealized gains. This adjustment resulted in a change to the Investor Class NAV from $11.87 to $11.39 as of October 31, 2024, and $11.28 to $11.23 as of October 31, 2025. |

---

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $70669231 |
| **Number of Portfolio Holdings** | 16 |
| **Annual Portfolio Turnover** | 6% |
| **Total Advisory Fee** | $857182 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj9493il.jpg)

For presentation purposes, the Fund uses custom categories.

#### Specified Level of Distributions Disclosure
The Fund's dividend distribution policy is intended to provide consistent distributions to its shareholders at a rate that over time is similar to the distribution rate the Fund receives from the companies in which it invests, without offset for the expenses of the Fund. Under the distribution policy, to the extent that sufficient investment income is not available on a quarterly basis, the Fund's distributions could consist of return of capital in order to maintain the distribution rate. A return of capital occurs when some or all of the money that a shareholder invested in the Fund is paid back to the shareholder. During fiscal year 2025, the Fund maintained consistent distributions of $0.2575 per share per quarter. On a tax basis, the estimated component of the cumulative distribution for fiscal year 2025 includes an estimated return of capital of $0.4878 (47.36%) per share. This amount is an estimate, and the actual amounts and sources for tax reporting purposes may change upon final determination of tax characteristics and based on tax regulations.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Midstream Fund**<br> Institutional Class<br> HMSIX<br>

This annual shareholder report contains important information about the Hennessy Midstream Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $149 | 1.44% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed the Alerian US Midstream Energy Index (the Fund's primary benchmark)¹ and underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in Natural Gas Gathering and Processing companies structured as C-corp. companies contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Natural Gas Gathering and Processing, Natural Gas Liquid Transportation-oriented C-corp. structured companies, as well as Crude Oil and Refined Product Logistics-oriented companies structured as master limited partnerships ("MLPs"), detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed most to performance included EQT Corporation, EnLink Midstream, LLC., and Antero Midstream Corporation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted most from performance included ONEOK, Inc., Targa Resources Corporation and MPLX, LP.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Natural Gas and Natural Gas Liquids Transportation master limited partnerships and C-corp. structured companies and was most underweight Gathering and Processing Service-oriented companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While the Fund outperformed its primary benchmark as a result of accounting for unrealized gains due to the Fund's C-corporation structure, the majority of its actual underperformance compared to its primary benchmark was due to sub-industry allocation, rather than stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the broader market, as represented by the S&P 500<sup>®</sup> Index, due to the Fund's significant weighting toward hydrocarbon-oriented transportation MLPs and C-corp. structured companies, which underperformed the broader market during the period.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesdbj1mj90p11k.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Midstream Fund** | 7.01%¹ | 28.29% | 6.08% |
| **Alerian US Midstream Energy Index** | 6.33% | 32.56% | 10.03% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine MLP Fund.

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

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

---

| | |
|:---|:---|
| ¹ | Performance has been adjusted in the financial statements due to an adjustment in the Fund's deferred income tax liability resulting from unrealized gains. This adjustment resulted in a change to the Institutional Class NAV from $12.43 to $11.95 as of October 31, 2024, and $11.89 to $11.84 as of October 31, 2025. |

---

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $70669231 |
| **Number of Portfolio Holdings** | 16 |
| **Annual Portfolio Turnover** | 6% |
| **Total Advisory Fee** | $857182 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj9493il.jpg)

For presentation purposes, the Fund uses custom categories.

#### Specified Level of Distributions Disclosure
The Fund's dividend distribution policy is intended to provide consistent distributions to its shareholders at a rate that over time is similar to the distribution rate the Fund receives from the companies in which it invests, without offset for the expenses of the Fund. Under the distribution policy, to the extent that sufficient investment income is not available on a quarterly basis, the Fund's distributions could consist of return of capital in order to maintain the distribution rate. A return of capital occurs when some or all of the money that a shareholder invested in the Fund is paid back to the shareholder. During fiscal year 2025, the Fund maintained consistent distributions of $0.2575 per share per quarter. On a tax basis, the estimated component of the cumulative distribution for fiscal year 2025 includes an estimated return of capital of $0.4878 (47.36%) per share. This amount is an estimate, and the actual amounts and sources for tax reporting purposes may change upon final determination of tax characteristics and based on tax regulations.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Gas Utility Fund**<br> Investor Class<br> GASFX<br>

This annual shareholder report contains important information about the Hennessy Gas Utility Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $103 | 0.97% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund slightly underperformed the AGA Stock Index (the Fund's primary benchmark) while significantly underperforming the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Multi-Utilities and Gas Utilities industries contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included EQT Corp., Enbridge, Inc., and ONEOK, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included The Williams Companies, Inc., PG&E Corporation, and New Jersey Resources Corporation.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, the Fund was most exposed to Multi-Utilities, Oil and Gas Storage and Transportation, and Electric Utilities companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's slight underperformance to its primary benchmark was due to fees and expenses.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's relative underperformance versus the broader stock market, as represented by the S&P 500<sup>®</sup> Index, was due to asset allocation and investors' preferences for sectors other than energy and utilities.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamentals of many of these companies improved, however, with lower interest rates, which makes dividend-paying utilities more attractive, as well as the prospect of strong demand for energy due to the buildout of data centers related to artificial intelligence.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qes1g1s31mj05yksw.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Gas Utility Fund** | 12.15% | 12.89% | 7.97% |
| **AGA Stock Index** | 12.44% | 13.68% | 9.03% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $493349929 |
| **Number of Portfolio Holdings** | 48 |
| **Annual Portfolio Turnover** | 26% |
| **Total Advisory Fee** | $1998794 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94d3r6.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Gas Utility Fund**<br> Institutional Class<br> HGASX<br>

This annual shareholder report contains important information about the Hennessy Gas Utility Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $71 | 0.67% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund slightly outperformed the AGA Stock Index (the Fund's primary benchmark) and significantly underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Multi-Utilities and Gas Utilities industries contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included EQT Corp., Enbridge, Inc., and ONEOK, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included The Williams Companies, Inc., PG&E Corporation, and New Jersey Resources Corporation.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, the Fund was most exposed to Multi-Utilities, Oil and Gas Storage and Transportation, and Electric Utilities companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's relative underperformance versus the broader stock market, as represented by the S&P 500<sup>®</sup> Index, was due to asset allocation and investors' preferences for sectors other than energy and utilities.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamentals of many of these companies improved, however, with lower interest rates, which makes dividend-paying utilities more attractive, as well as the prospect of strong demand for energy due to the buildout of data centers related to artificial intelligence.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesc9ld1miytjlke.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Gas Utility Fund** | 12.48% | 13.24% | 8.27% |
| **AGA Stock Index** | 12.44% | 13.68% | 9.03% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

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

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $493349929 |
| **Number of Portfolio Holdings** | 48 |
| **Annual Portfolio Turnover** | 26% |
| **Total Advisory Fee** | $1998794 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94d3r6.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Japan Fund**<br> Investor Class<br> HJPNX<br>

This annual shareholder report contains important information about the Hennessy Japan Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $153 | 1.40% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the Russell/Nomura Total Market™ Index (the Fund's primary benchmark) and the Tokyo Stock Price Index (TOPIX).

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's underperformance reflected both stock-specific challenges and sentiment-driven headwinds linked to geopolitical and policy developments.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan's equity market advanced as yen weakness and sustained foreign inflows lifted exporters and domestically cyclical sectors, areas where the portfolio has limited exposure. The focus on non-manufacturing and differentiated manufacturing businesses provided structural resilience but led to near-term underperformance versus lower-quality domestic names that benefited from policy-driven rallies.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President Trump's renewed tariff rhetoric negatively impacted sentiment toward globally exposed Japanese companies, even though the portfolio's businesses faced minimal direct risk.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co., Ltd. lagged due to subdued same-store sales trends in Japan and the US. However, the stock appears to us to be significantly undervalued while the new CEO is taking steps in the right direction in its global convenience store portfolio.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co., Ltd. faced earnings pressure in its HR Technology segment from softer U.S. demand.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesdbj1mj05w60f.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Japan Fund** | 18.97% | 5.17% | 8.64% |
| **Russell/Nomura Total Market™ Index** | 25.75% | 10.19% | 7.97% |
| **Tokyo Stock Price Index (TOPIX)** | 25.28% | 10.07% | 7.79% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $456415327 |
| **Number of Portfolio Holdings** | 29 |
| **Annual Portfolio Turnover** | 16% |
| **Total Advisory Fee** | $3370377 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94amob.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Japan Fund**<br> Institutional Class<br> HJPIX<br>

This annual shareholder report contains important information about the Hennessy Japan Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $114 | 1.04% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed both the Russell/Nomura Total Market™ Index (the Fund's primary benchmark) and the Tokyo Stock Price Index (TOPIX).

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's underperformance reflected both stock-specific challenges and sentiment-driven headwinds linked to geopolitical and policy developments.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan's equity market advanced as yen weakness and sustained foreign inflows lifted exporters and domestically cyclical sectors, areas where the portfolio has limited exposure. The focus on non-manufacturing and differentiated manufacturing businesses provided structural resilience but led to near-term underperformance versus lower-quality domestic names that benefited from policy-driven rallies.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President Trump's renewed tariff rhetoric negatively impacted sentiment toward globally exposed Japanese companies, even though the portfolio's businesses faced minimal direct risk.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co., Ltd. lagged due to subdued same-store sales trends in Japan and the US. However, the stock appears to us to be significantly undervalued while the new CEO is taking steps in the right direction in its global convenience store portfolio.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co., Ltd. faced earnings pressure in its HR Technology segment from softer U.S. demand.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesdbj1mj05v73f.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Japan Fund** | 19.41% | 5.57% | 9.06% |
| **Russell/Nomura Total Market™ Index** | 25.75% | 10.19% | 7.97% |
| **Tokyo Stock Price Index (TOPIX)** | 25.28% | 10.07% | 7.79% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $456415327 |
| **Number of Portfolio Holdings** | 29 |
| **Annual Portfolio Turnover** | 16% |
| **Total Advisory Fee** | $3370377 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesdbj1mj94amob.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Japan Small Cap Fund**<br> Investor Class<br> HJPSX<br>

This annual shareholder report contains important information about the Hennessy Japan Small Cap Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $174 | 1.49% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed both the Russell/Nomura Small Cap™ Index (the Fund's primary benchmark) and the Tokyo Stock Price Index (TOPIX).

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund delivered positive performance, supported by favorable conditions for Japanese small-cap stocks, such as limited currency and tariff impact, broader governance reforms, and attractive valuations. Within this environment, holdings in domestic demand-oriented companies with strong earnings and firms advancing governance reforms contributed meaningfully to returns, while certain healthcare names faced headwinds from external conditions.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penta-Ocean Construction Co., Ltd., a marine civil engineering firm, was the top contributor as its profitability recovered with the completion of unprofitable COVID-era projects and improved margins on new orders, driving strong share gains.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsukishima Holdings Co., Ltd., a specialist in wastewater treatment facilities, also added value, supported by infrastructure renewal demand and enhanced capital policies, including increased shareholder returns, which led to a significant stock re-rating.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PeptiDream Inc., a biotech venture that has partnered with major pharmaceutical firms, detracted due to short-term concerns over the lack of new licensing announcements, which weighed on performance.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qes1g1s31mj04psh8.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Japan Small Cap Fund** | 32.67% | 7.45% | 9.46% |
| **Russell/Nomura Small Cap™ Index** | 23.63% | 6.88% | 6.81% |
| **Tokyo Stock Price Index (TOPIX)** | 25.28% | 10.07% | 7.79% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $129470333 |
| **Number of Portfolio Holdings** | 66 |
| **Annual Portfolio Turnover** | 45% |
| **Total Advisory Fee** | $967985 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj94adjh.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Japan Small Cap Fund**<br> Institutional Class<br> HJSIX<br>

This annual shareholder report contains important information about the Hennessy Japan Small Cap Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $129 | 1.10% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed both the Russell/Nomura Small Cap™ Index (the Fund's primary benchmark) and the Tokyo Stock Price Index (TOPIX).

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund delivered positive performance, supported by favorable conditions for Japanese small-cap stocks, such as limited currency and tariff impact, broader governance reforms, and attractive valuations. Within this environment, holdings in domestic demand-oriented companies with strong earnings and firms advancing governance reforms contributed meaningfully to returns, while certain healthcare names faced headwinds from external conditions.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penta-Ocean Construction Co., Ltd., a marine civil engineering firm, was the top contributor as its profitability recovered with the completion of unprofitable COVID-era projects and improved margins on new orders, driving strong share gains.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsukishima Holdings Co., Ltd., a specialist in wastewater treatment facilities, also added value, supported by infrastructure renewal demand and enhanced capital policies, including increased shareholder returns, which led to a significant stock re-rating.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PeptiDream Inc., a biotech venture that has partnered with major pharmaceutical firms, detracted due to short-term concerns over the lack of new licensing announcements, which weighed on performance.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qes1g1s31miytk3wd.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Japan Small Cap Fund** | 33.21% | 7.88% | 9.87% |
| **Russell/Nomura Small Cap™ Index** | 23.63% | 6.88% | 6.81% |
| **Tokyo Stock Price Index (TOPIX)** | 25.28% | 10.07% | 7.79% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

The inception date of Institutional Class shares is June 15, 2015. Performance shown prior to the inception of Institutional Class shares reflects the performance of Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $129470333 |
| **Number of Portfolio Holdings** | 66 |
| **Annual Portfolio Turnover** | 45% |
| **Total Advisory Fee** | $967985 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes1g1s31mj94adjh.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Large Cap Financial Fund**<br> Investor Class<br> HLFNX<br>

This annual shareholder report contains important information about the Hennessy Large Cap Financial Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $215 | 1.88% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund significantly outperformed both the Russell 1000<sup>®</sup> Index Financials (the Fund's primary benchmark) and the Russell 1000<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Investment Banking and Brokerage and Financial Exchanges and Data sub-industries contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Transaction and Payment Processing Services sub-industry detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included Robinhood Markets, Inc., Coinbase Global, Inc., and Citigroup, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included Etoro Group, Ltd., Capital One Financial Corporation, and Synchrony Financial.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Transaction and Payment Processing Services companies and Consumer Finance and was most underweight Property and Casualty Insurance companies and Asset Management and Custody Banks.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outperformance was due to both sub-industry allocation and stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the onset of a steeper yield curve caused by lowering the federal funds rate, financial companies have performed well this year but have lagged the broader stock market, as represented by the Russell 1000<sup>®</sup> Index.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The solid performance of financial stocks was fueled by strong earnings results, good credit quality, an uptick in mergers and acquisitions, and attractive valuations compared to the broader market.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesc9ld1mj062eec.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Large Cap Financial Fund** | 29.07% | 12.66% | 10.18% |
| **Russell 1000<sup>®</sup> Index Financials** | 16.83% | 20.49% | 14.34% |
| **Russell 1000<sup>®</sup> Index** | 21.14% | 17.05% | 14.39% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $32520586 |
| **Number of Portfolio Holdings** | 31 |
| **Annual Portfolio Turnover** | 48% |
| **Total Advisory Fee** | $278706 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes33ley1mjag5run.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Large Cap Financial Fund**<br> Institutional Class<br> HILFX<br>

This annual shareholder report contains important information about the Hennessy Large Cap Financial Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $178 | 1.55% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund significantly outperformed both the Russell 1000<sup>®</sup> Index Financials (the Fund's primary benchmark) and the Russell 1000<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Investment Banking and Brokerage and Financial Exchanges and Data sub-industries contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Transaction and Payment Processing Services sub-industry detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included Robinhood Markets, Inc., Coinbase Global, Inc., and Citigroup, Inc.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included Etoro Group, Ltd., Capital One Financial Corporation, and Synchrony Financial.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Transaction and Payment Processing Services companies and Consumer Finance and was most underweight Property and Casualty Insurance companies and Asset Management and Custody Banks.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outperformance was due to both sub-industry allocation and stock selection.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the onset of a steeper yield curve caused by lowering the federal funds rate, financial companies have performed well this year but have lagged the broader stock market, as represented by the Russell 1000<sup>®</sup> Index.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The solid performance of financial stocks was fueled by strong earnings results, good credit quality, an uptick in mergers and acquisitions, and attractive valuations compared to the broader market.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qesdbj1mj061rm9.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Large Cap Financial Fund** | 29.50% | 13.05% | 10.57% |
| **Russell 1000<sup>®</sup> Index Financials** | 16.83% | 20.49% | 14.34% |
| **Russell 1000<sup>®</sup> Index** | 21.14% | 17.05% | 14.39% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

The inception date of Institutional Class shares is June 15, 2015. Performance shown prior to the inception of Institutional Class shares reflects the performance of Investor Class shares and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $32520586 |
| **Number of Portfolio Holdings** | 31 |
| **Annual Portfolio Turnover** | 48% |
| **Total Advisory Fee** | $278706 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes33ley1mjag5run.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Small Cap Financial Fund**<br> Investor Class<br> HSFNX<br>

This annual shareholder report contains important information about the Hennessy Small Cap Financial Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $170 | 1.65% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed the Russell 2000<sup>®</sup> Index Financials (the Fund's primary benchmark) and underperformed the Russell 2000<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Regional Banks sub-industry contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included Western New England Bancorp, Inc., Customers Bancorp, Inc., and Hingham Institute for Savings.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included Eagle Bancorp, Inc. and Midland States Bancorp, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Regional Banks and was most underweight Property and Casualty Insurance companies and Investment Banking and Brokerage companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While security selection contributed positively to the Fund's outperformance, sub-industry allocation detracted from relative performance versus its primary benchmark.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After last year's strong relative performance, small-cap financial companies have underperformed small caps in general this year by a significant amount.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Despite this underperformance, fundamentals of small-cap financial stocks have improved, as evidenced by strong earnings results, good credit quality, an uptick in mergers and acquisitions, and attractive valuations compared to the broader market, as represented by the Russell 2000<sup>®</sup> Index.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qes1g1s31mj060hys.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Small Cap Financial Fund** | 5.83% | 14.49% | 7.65% |
| **Russell 2000<sup>®</sup> Index Financials** | 5.09% | 12.74% | 8.13% |
| **Russell 2000<sup>®</sup> Index** | 14.41% | 11.50% | 9.36% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $67457635 |
| **Number of Portfolio Holdings** | 28 |
| **Annual Portfolio Turnover** | 35% |
| **Total Advisory Fee** | $669597 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesjsoa1mjag75j5.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Small Cap Financial Fund**<br> Institutional Class<br> HISFX<br>

This annual shareholder report contains important information about the Hennessy Small Cap Financial Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $137 | 1.33% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund outperformed the Russell 2000<sup>®</sup> Index Financials (the Fund's primary benchmark) and underperformed the Russell 2000<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Regional Banks sub-industry contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included Western New England Bancorp, Inc., Customers Bancorp, Inc., and Hingham Institute for Savings.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included Eagle Bancorp, Inc. and Midland States Bancorp, Inc.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, compared to its primary benchmark, the Fund was most overweight Regional Banks and was most underweight Property and Casualty Insurance companies and Investment Banking and Brokerage companies.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While security selection contributed positively to the Fund's outperformance, sub-industry allocation detracted from relative performance versus its primary benchmark.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After last year's strong relative performance, small-cap financial companies have underperformed small caps in general this year by a significant amount.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Despite this underperformance, fundamentals of small-cap financial stocks have improved, as evidenced by strong earnings results, good credit quality, an uptick in mergers and acquisitions, and attractive valuations compared to the broader market, as represented by the Russell 2000<sup>®</sup> Index.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qes1g1s31mj0609in.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Small Cap Financial Fund** | 6.19% | 14.88% | 8.03% |
| **Russell 2000<sup>®</sup> Index Financials** | 5.09% | 12.74% | 8.13% |
| **Russell 2000<sup>®</sup> Index** | 14.41% | 11.50% | 9.36% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $67457635 |
| **Number of Portfolio Holdings** | 28 |
| **Annual Portfolio Turnover** | 35% |
| **Total Advisory Fee** | $669597 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qesjsoa1mjag75j5.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Technology Fund**<br> Investor Class<br> HTECX<br>

This annual shareholder report contains important information about the Hennessy Technology Fund – Investor Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Investor Class | $140 | 1.24% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed the Nasdaq Composite Index (the Fund's primary benchmark) and outperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Semiconductors, Software, and Electronic Equipment industries contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the IT Services, Broadline Retail, and Interactive Media industries detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included Interdigital, Inc., Pure Storage, Inc., and Lam Research Corp.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included Bumble, Inc., DXC Technology Company, and Teradata Corp.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, the Fund was most exposed to companies in the Systems Software, Semiconductors, and Application Software industries.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While the Fund's absolute performance was strong, it was underexposed to the large "Magnificent Seven" companies (Microsoft, Inc., Tesla, Inc., Facebook (Meta Platforms, Inc.), Apple, Inc., Amazon, Inc., NVIDIA Corporation, and Google (Alphabet, Inc.)) that accounted for a large share of the primary benchmark's performance.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qesdbj1mj05yuhq.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Technology Fund** | 25.78% | 15.11% | 13.34% |
| **Nasdaq Composite Index** | 31.99% | 17.68% | 17.80% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $8503299 |
| **Number of Portfolio Holdings** | 61 |
| **Annual Portfolio Turnover** | 99% |
| **Total Advisory Fee\*** | $- |

---

\* The Fund's investment advisor waived 100% of its advisory fees and reimbursed the Fund for additional expenses in accordance with the expense limitation agreement between the investment advisor and the Fund.

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes55d1mjag91io.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Technology Fund**<br> Institutional Class<br> HTCIX<br>

This annual shareholder report contains important information about the Hennessy Technology Fund – Institutional Class (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyfunds.com/funds/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Institutional Class | $112 | 0.99% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed the Nasdaq Composite Index (the Fund's primary benchmark) and outperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the Semiconductors, Software, and Electronic Equipment industries contributed the most to performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holdings in the IT Services, Broadline Retail, and Interactive Media industries detracted the most from performance.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that contributed the most to performance included Interdigital, Inc., Pure Storage, Inc., and Lam Research Corp.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stocks that detracted the most from performance included Bumble, Inc., DXC Technology Company, and Teradata Corp.

#### Positioning
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the end of the period, the Fund was most exposed to companies in the Systems Software, Semiconductors, and Application Software industries.

#### Performance
• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; While the Fund's absolute performance was strong, it was underexposed to the large "Magnificent Seven" companies (Microsoft, Inc., Tesla, Inc., Facebook (Meta Platforms, Inc.), Apple, Inc., Amazon, Inc., NVIDIA Corporation, and Google (Alphabet, Inc.)) that accounted for a large share of the primary benchmark's performance.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $250,000 Investment
![line](qes1g1s31miytjkay.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Hennessy Technology Fund** | 26.07% | 15.40% | 13.64% |
| **Nasdaq Composite Index** | 31.99% | 17.68% | 17.80% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |

---

**Past performance does not guarantee future results.** The graph above illustrates the performance of an initial investment of $250,000 in the Fund 10 years ago compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyfunds.com/.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $8503299 |
| **Number of Portfolio Holdings** | 61 |
| **Annual Portfolio Turnover** | 99% |
| **Total Advisory Fee\*** | $- |

---

\* The Fund's investment advisor waived 100% of its advisory fees and reimbursed the Fund for additional expenses in accordance with the expense limitation agreement between the investment advisor and the Fund.

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes55d1mjag91io.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyfunds.com/funds/regulatory-documents.

#### Householding
To help keep the Fund's costs as low as possible, we generally deliver a single copy of shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund services at 800-261-6950 or 414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

**Annual Shareholder Report**<br> **Hennessy Sustainable ETF**<br> STNC (Listed on The Nasdaq Stock Market LLC)<br>

This annual shareholder report contains important information about the Hennessy Sustainable ETF (the "Fund") for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.hennessyetfs.com/etfs/regulatory-documents. You can also request this information by contacting us at 1-800-966-4354 or fundsinfo@hennessyfunds.com. **This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Hennessy Sustainable ETF | $88 | 0.85% |

---

#### How did the Fund perform last year and what affected its performance?
For the one-year period ended October 31, 2025, the Fund underperformed the S&P 500<sup>®</sup> Index.

#### Factors Influencing Performance
The Fund faced headwinds during the past fiscal year as the largest contributors to the S&P 500<sup>®</sup> Index were mega-cap technology stocks, including NVIDIA Corporation, Alphabet, Inc., Broadcom, Inc., Microsoft, Inc., Apple, Inc., Tesla, Inc. and Amazon, Inc. These seven stocks accounted for 13% of the 21.45% return of the S&P 500<sup>®</sup> Index. In contrast, the total return of the S&P 500<sup>®</sup> Equal Weight Index, which was 8.55% over the same period, was far closer to the Fund's return, demonstrating that the Fund's underperformance to its benchmark was largely a function of its weighting scheme rather than security selection. This environment of a small number of mega-cap stocks having an outsized impact on returns is challenging for the Fund because the Fund will by construction be underweight many of the aforementioned companies due to its targeted maximum position size in a single security of 3.5%. Another challenge for the Fund is that its risk management process forces it to avoid highly correlated stocks such as mega-cap technology stocks in order to manage downside risk. An environment where highly correlated large benchmark stocks outperform is a recipe for underperformance in the Fund. Finally, both Amazon, Inc. and Tesla, Inc. are not in the Fund's investable universe due to the Fund's sustainability criteria.

#### Positioning
The Fund invests in companies that have two key properties: (1) they are in the top half of their sector peers based on up to 25 sustainability-related key performance indicators and (2) they are identified by our machine-learning model as most likely to outperform both in absolute returns and in risk-adjusted returns over the next quarter. Investments are then allocated with the goal of having the least amount of risk. We generally expect the Fund to outperform in a down market and underperform in a rising market environment after a large downturn.

#### How did the Fund perform over the last 10 years?

#### Change in Value of $10,000 Investment
![line](qes33ley1mjbjajqj.jpg)

#### Average Annual Total Returns

#### for Periods Ended October 31, 2025

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year**<br>  | **Since Inception (03/15/2021)**<br>  |
| **Hennessy Sustainable ETF - NAV** | 7.77% | 6.47% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 14.14% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.** The graph above illustrates the performance of an initial investment of $10,000 in the Fund on its inception date compared with the performance of the indices shown. Fund performance in the graph and table assumes the reinvestment of dividends and capital gains. Unlike the Fund, indices are not subject to fees and other expenses. Investors cannot invest directly in any index. These indices are used for comparative purposes in accordance with Securities and Exchange Commission regulations. Performance data current to the most recent month end may be obtained by visiting https://www.hennessyetfs.com/. Performance for periods including or prior to December 22, 2022, is that of the Stance Equity ESG Large Cap Core ETF.

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

#### Key Fund Statistics
(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets** | $93964753 |
| **Number of Portfolio Holdings** | 43 |
| **Annual Portfolio Turnover** | 275% |
| **Total Advisory Fee** | $809180 |

---

#### Sector Breakdown (% of net assets)
(as of October 31, 2025)

![bar](qes33ley1mjagcetm.jpg)

Sector sub-classifications may differ from those utilized for compliance purposes.

#### Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at https://www.hennessyetfs.com/etfs/regulatory-documents or upon request at fundsinfo@hennessyfunds.com or by calling 1-800-966-4354.

Effective as of May 12, 2025, the name of the Fund changed 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 Investment Company Act of 1940, as amended.

#### For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.hennessyetfs.com/etfs/regulatory-documents.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics or granted any waivers from any provisions thereunder during the period covered by this report. *A copy of the registrant's code of ethics is filed herewith.*

Item 3. Audit Committee Financial Expert.

The registrant's board of trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the financial and business experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity.

Item 4. Principal Accountant Fees and Services.

---

| | |
|:---|:---|
| (a)–(d) | The registrant has engaged its principal accountant, Tait, Weller & Baker LLP, to perform audit services, audit-related services, tax services, and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, tax planning, and review of federal and state tax returns. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years by the registrant's principal accountant: |

---

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $332450 | $331300 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $70750 | $70550 |
| (d) All Other Fees | - | - |

---

---

| | |
|:---|:---|
| (e)(1) | The audit committee has adopted pre-approval procedures for audit and non-audit services provided to the registrant. Under the procedures, at any regularly scheduled audit committee meeting, the audit committee may pre-approve any audit, audit-related, tax, and other non-audit services to be rendered or that may be rendered by a principal accountant to the registrant and certain non-audit services to be rendered by a principal accountant to the investment advisor to the registrant's series or such advisor's affiliates that provide ongoing services to the registrant. The audit committee either specifically pre-approves the services or pre-approves a type of a service. No pre-approval is required for non-audit services that meet the following criteria: (1) the aggregate amount of fees to be paid for all such non-audit services is not more than 5% of the total revenues paid by the registrant to the principal accountant in the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the audit committee and approved prior to the completion of the audit. |

---

The audit committee must pre-approve a principal accountant's engagements for non-audit services with the investment advisor to the registrant's series and such advisor's affiliates that provide ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, unless the aggregate amount of fees to be paid for all such services provided constitutes no more than 5% of the aggregate revenues paid to the principal accountant by the registrant, the investment advisor and such advisor's affiliates that provide ongoing services to the registrant, during the fiscal year in which the services are to be provided.

If a service has not been pre-approved at a regularly scheduled audit committee meeting, and if, in the opinion of the Chief Compliance Officer of the registrant, a proposed engagement must commence before the next regularly scheduled audit committee meeting, any member of the audit committee is authorized under the procedures to pre-approve the engagement. The Chief Compliance Officer of the registrant will arrange for this interim review, coordinate with the designated member of the audit committee and provide, with the assistance of the principal accountant, information about the service to be pre-approved for the interim period. Any interim pre-approval decisions are reported (for informational purposes) to the audit committee at its next regularly scheduled meeting.

All of the tax services referenced above were pre-approved in accordance with the pre-approval procedures for audit and non-audit services.

(e)(2) None of the fees billed by Tait, Weller & Baker LLP applicable to non-audit services in each of Items 4(b) through (d) of this Form were pursuant to a waiver of a pre-approval requirement.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable. All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The principal accountant has not provided any non-audit services in the last two fiscal years to the registrant, to the investment advisor to the registrant's series, Hennessy Advisors, Inc., or to any entity controlling, controlled by, or under common control with Hennessy Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(h) In assessing the independence of the registrant's principal accountant, the registrant's board of trustees noted that the principal accountant has not provided any non-audit services to the investment advisor to the registrant's series, Hennessy Advisors, Inc., or to any entity controlling, controlled by, or under common control with Hennessy Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant is an issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The independent members of the committee are as follows: Robert Doyle, J. Dennis DeSousa, Doug Franklin, Claire Garvie, and Gerald Richardson.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedules of Investments are included within the financial statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Financial Statements and Other Information**

Name of registrant: Hennessy Funds Trust

Date of fiscal year end: October 31, 2025

Date of reporting period: November 1, 2024 – October 31, 2025

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

(a) ![](hftfinancialsa001.jpg)

**ANNUAL FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

**OCTOBER 31, 2025**

![](hftfinancialsa002.jpg)

---

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

---

![](hftfinancialsa003.jpg)

------

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

(This Page Intentionally Left Blank.)

***Contents***

---

| | |
|:---|:---|
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Growth Fund](#hftfinancialsa001) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Focus Fund](#hftfinancialsa002) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Mid Cap 30 Fund](#hftfinancialsa003) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Large Growth Fund](#hftfinancialsa004) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Value Fund](#hftfinancialsa005) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Total Return Fund](#hftfinancialsa006) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Equity and Income Fund](#hftfinancialsa007) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Balanced Fund](#hftfinancialsa008) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Energy Transition Fund](#hftfinancialsa009) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Midstream Fund](#hftfinancialsa010) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Gas Utility Fund](#hftfinancialsa011) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Japan Fund](#hftfinancialsa012) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Japan Small Cap Fund](#hftfinancialsa013) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Large Cap Financial Fund](#hftfinancialsa014) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Small Cap Financial Fund](#hftfinancialsa015) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Technology Fund](#hftfinancialsa016) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#hftfinancialsa017) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#hftfinancialsa018) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#hftfinancialsa019) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Cash Flows – Hennessy Total Return Fund](#hftfinancialsa020) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#hftfinancialsa021) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Growth Fund](#hftfinancialsa022) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Focus Fund](#hftfinancialsa023) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Mid Cap 30 Fund](#hftfinancialsa024) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Large Growth Fund](#hftfinancialsa025) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Cornerstone Value Fund](#hftfinancialsa026) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Total Return Fund](#hftfinancialsa027) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Equity and Income Fund](#hftfinancialsa028) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Balanced Fund](#hftfinancialsa029) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Energy Transition Fund](#hftfinancialsa030) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Midstream Fund](#hftfinancialsa031) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Gas Utility Fund](#hftfinancialsa032) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Japan Fund](#hftfinancialsa033) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Japan Small Cap Fund](#hftfinancialsa034) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Large Cap Financial Fund](#hftfinancialsa035) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Small Cap Financial Fund](#hftfinancialsa036) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hennessy Technology Fund](#hftfinancialsa037) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to the Financial Statements](#hftfinancialsa038) | 80 |
| [Report of Independent Registered Public Accounting Firm](#hftfinancialsa039) | 91 |
| [Additional Information](#hftfinancialsa040) | 92 |
| [Federal Tax Distribution Information](#hftfinancialsa041) | 93 |

---

HENNESSY FUNDS 1-800-966-4354

***Financial Statements — Schedule of Investments***

**Hennessy Cornerstone Growth Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 98.1% | Shares | Value |
| **Communication Services – 14.1%** |  |  |
| Charter Communications, Inc. – Class A (a) | 23500 | $5495240 |
| EverQuote, Inc. – Class A (a) | 376200 | 8103348 |
| Fox Corp. – Class A | 178200 | 11520630 |
| Live Nation Entertainment, Inc. (a) | 66195 | 9898138 |
| Millicom International Cellular SA | 268300 | 12639613 |
| Telephone and Data Systems, Inc. | 239900 | 9312918 |
| Verizon Communications, Inc. | 209785 | 8336856 |
|  |  | 65306743 |
| **Consumer Discretionary – 9.3%** |  |  |
| ADT, Inc. | 1120100 | 9901684 |
| Brinker International, Inc. (a) | 62400 | 6780384 |
| Driven Brands Holdings, Inc. (a) | 538100 | 7721735 |
| Graham Holdings Co. – Class B | 9587 | 9703290 |
| Groupon, Inc. (a) | 442100 | 8899473 |
|  |  | 43006566 |
| **Consumer Staples – 19.4%** |  |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 78500 | 6928410 |
| Casey's General Stores, Inc. | 19700 | 10109843 |
| Chefs' Warehouse, Inc. (a) | 165598 | 9770282 |
| Fresh Del Monte Produce, Inc. | 255345 | 9026446 |
| Nomad Foods Ltd. | 453700 | 5126810 |
| Pilgrim's Pride Corp. | 164200 | 6256020 |
| Post Holdings, Inc. (a) | 77900 | 8096147 |
| PriceSmart, Inc. | 87900 | 10103226 |
| The Kroger Co. | 125562 | 7989510 |
| Walmart, Inc. | 92500 | 9359150 |
| Weis Markets, Inc. | 107979 | 6839390 |
|  |  | 89605234 |
| **Financials – 27.2% (b)** |  |  |
| Allstate Corp. | 38712 | 7414122 |
| Axis Capital Holdings Ltd. | 92700 | 8682282 |
| Brighthouse Financial, Inc. (a) | 155247 | 8859947 |
| CNO Financial Group, Inc. | 188800 | 7555776 |
| EZCORP, Inc. – Class A (a) | 457900 | 8356675 |
| Fidelity National Financial, Inc. | 119300 | 6590132 |
| Hanover Insurance Group, Inc. | 46200 | 7894656 |
| Horace Mann Educators Corp. | 216000 | 9657360 |
| Loews Corp. | 87600 | 8721456 |
| Markel Group, Inc. (a) | 4100 | 8095573 |
| Old Republic International Corp. | 200498 | 7911651 |
| Root, Inc. (a) | 50102 | 4034213 |
| StoneX Group, Inc. (a) | 100400 | 9228768 |
| Travelers Cos., Inc. | 28800 | 7736256 |
| Unum Group | 95200 | 6989584 |
| Virtu Financial, Inc. – Class A | 229200 | 7985328 |
|  |  | 125713779 |
| **Health Care – 10.3%** |  |  |
| Alignment Healthcare, Inc. (a) | 501900 | 8462034 |
| BrightSpring Health Services, Inc. (a) | 519700 | 17176085 |
| Cardinal Health, Inc. | 63900 | 12190203 |
| Fresenius Medical Care AG – ADR | 359500 | 9648980 |
|  |  | 47477302 |
| **Industrials – 9.0%** |  |  |
| Astronics Corp. (a) | 402000 | 19770360 |
| CSG Systems International, Inc. | 148767 | 11643993 |
| Pitney Bowes, Inc. | 1038100 | 10256428 |
|  |  | 41670781 |
| **Information Technology – 4.8%** |  |  |
| Porch Group, Inc. (a) | 1487800 | 22391390 |
| **Real Estate – 2.0%** |  |  |
| Compass, Inc. – Class A (a) | 1193000 | 9198030 |
| **Utilities – 2.0%** |  |  |
| UGI Corp. | 269500 | 9009385 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $406,669,802) |  | 453379210 |
| MASTER LIMITED PARTNERSHIPS – 1.7% |  |  |
| **Energy – 1.7%** |  |  |
| Sunoco LP | 149200 | 7791224 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,238,959) |  | 7791224 |

---

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

---

| | |
|:---|:---|
| **2** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Cornerstone Growth Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| MONEY MARKET FUNDS – 0.3% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 1434746 | $1434746 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,434,746) |  | 1434746 |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $416,343,507) |  | 462605180 |
| Liabilities in Excess of Other Assets – (0.1)% |  | (630133) |
| **TOTAL NET ASSETS – 100.0%** |  | $461975047 |

---

Percentages are stated as a percent of net assets.

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

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

ADR – American Depositary Receipt

LP – Limited Partnership

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $65306743 | $— | $— | $65306743 |
| Consumer Discretionary | 43006566 |  |  | 43006566 |
| Consumer Staples | 89605234 |  |  | 89605234 |
| Financials | 125713779 |  |  | 125713779 |
| Health Care | 47477302 |  |  | 47477302 |
| Industrials | 41670781 |  |  | 41670781 |
| Information Technology | 22391390 |  |  | 22391390 |
| Real Estate | 9198030 |  |  | 9198030 |
| Utilities | 9009385 |  |  | 9009385 |
| **Common Stocks – Total** | 453379210 |  |  | 453379210 |
| **Master Limited Partnerships** |  |  |  |  |
| Energy | 7791224 |  |  | 7791224 |
| **Master Limited Partnerships – Total** | 7791224 |  |  | 7791224 |
| **Money Market Funds** | 1434746 |  |  | 1434746 |
| **Total Investments** | $462605180 | $— | $— | $462605180 |

---

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

---

| | |
|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354<sub>3</sub> |

---

***Financial Statements — Schedule of Investments***

**Hennessy Focus Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 89.3% | Shares | Value |
| **Communication Services – 35.2% (a)** |  |  |
| AST SpaceMobile, Inc. (b) | 2225142 | $178567645 |
| Cogent Communications Holdings, Inc. | 492488 | 20315130 |
| Shenandoah Telecommunications Co. | 796737 | 9815800 |
|  |  | 208698575 |
| **Consumer Discretionary – 13.8%** |  |  |
| CarMax, Inc. (b) | 219238 | 9188265 |
| Floor & Decor Holdings, Inc. – Class A (b) | 62000 | 3873760 |
| Hilton Worldwide Holdings, Inc. | 64041 | 16455975 |
| NVR, Inc. (b) | 2197 | 15842172 |
| O'Reilly Automotive, Inc. (b) | 289605 | 27350296 |
| Restoration Hardware Holdings, Inc. (b) | 53141 | 9166291 |
|  |  | 81876759 |
| **Financials – 19.5%** |  |  |
| Aon PLC – Class A | 76238 | 25972762 |
| Brookfield Asset Management Ltd. | 347377 | 18779200 |
| Brookfield Corp. | 876934 | 40382811 |
| Brookfield Wealth Solutions Ltd. | 23581 | 1086377 |
| Markel Group, Inc. (b) | 14842 | 29305974 |
|  |  | 115527124 |
| **Health Care – 2.6%** |  |  |
| Danaher Corp. | 70807 | 15250412 |
| **Industrials – 9.3%** |  |  |
| Ashtead Group PLC | 580644 | 38704006 |
| RELX PLC – ADR | 47000 | 2079280 |
| TransDigm Group, Inc. | 10801 | 14133217 |
|  |  | 54916503 |
| **Information Technology – 7.2%** |  |  |
| Applied Materials, Inc. | 107512 | 25061047 |
| CDW Corp. | 108355 | 17268536 |
|  |  | 42329583 |
| **Real Estate – 1.7%** |  |  |
| Altus Group Ltd. | 249295 | 10241616 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $190,757,281) |  | 528840572 |
| REAL ESTATE INVESTMENT TRUSTS – 2.3% |  |  |
| **Real Estate – 2.3%** |  |  |
| American Tower Corp., Class A | 76623 | 13713984 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $59,000) |  | 13713984 |
| MONEY MARKET FUNDS – 8.5% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 29204110 | 29204110 |
| First American Treasury |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 3.98% (c) | 21185886 | 21185886 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,389,996) |  | 50389996 |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $241,206,277) |  | 592944552 |
| Liabilities in Excess of Other Assets – (0.1)% |  | (801920) |
| **TOTAL NET ASSETS – 100.0%** |  | $592142632 |

---

Percentages are stated as a percent of net assets.

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

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

ADR – American Depositary Receipt

PLC – Public Limited Company

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

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **4** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Focus Fund — as of October 31, 2025**

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $208698575 | $— | $— | $208698575 |
| Consumer Discretionary | 81876759 |  |  | 81876759 |
| Financials | 115527124 |  |  | 115527124 |
| Health Care | 15250412 |  |  | 15250412 |
| Industrials | 54916503 |  |  | 54916503 |
| Information Technology | 42329583 |  |  | 42329583 |
| Real Estate | 10241616 |  |  | 10241616 |
| **Common Stocks – Total** | 528840572 |  |  | 528840572 |
| **Real Estate Investment Trusts** |  |  |  |  |
| Real Estate | 13713984 |  |  | 13713984 |
| **Real Estate Investment Trusts – Total** | 13713984 |  |  | 13713984 |
| **Money Market Funds** | 50389996 |  |  | 50389996 |
| **Total Investments** | $592944552 | $— | $— | $592944552 |

---

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

---

| | |
|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354<sub>5</sub> |

---

***Financial Statements — Schedule of Investments***

**Hennessy Cornerstone Mid Cap 30 Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 99.8% | Shares | Value |
| **Communication Services – 6.3%** |  |  |
| EchoStar Corp., – Class A (a) | 550200 | $41193474 |
| Nexstar Media Group, Inc. | 200200 | 39185146 |
|  |  | 80378620 |
| **Consumer Discretionary – 24.6%** |  |  |
| Autoliv, Inc. | 329800 | 38520640 |
| Cheesecake Factory, Inc. | 746200 | 37160760 |
| Lithia Motors, Inc., | 123200 | 38694656 |
| Macy's, Inc. | 2447800 | 47707622 |
| Peloton Interactive, Inc. – Class A (a) | 5177200 | 37586472 |
| Penn Entertainment, Inc. (a) | 2082300 | 34274658 |
| Wayfair, Inc., – Class A (a) | 480500 | 49736555 |
| Wolverine World Wide, Inc. | 1318000 | 29918600 |
|  |  | 313599963 |
| **Consumer Staples – 6.0%** |  |  |
| Cal-Maine Foods, Inc. | 400200 | 35137560 |
| Casey's General Stores, Inc. | 80200 | 41157838 |
|  |  | 76295398 |
| **Financials – 3.1%** |  |  |
| StoneX Group, Inc. (a) | 434200 | 39911664 |
| **Industrials – 35.5% (b)** |  |  |
| AECOM Technology Corp. | 329700 | 44295195 |
| American Airlines Group, Inc. (a) | 3242900 | 42579277 |
| C.H. Robinson Worldwide, Inc. | 332300 | 51170877 |
| Dycom Industries, Inc. (a) | 165700 | 47686803 |
| Granite Construction, Inc. | 386700 | 39795297 |
| Jacobs Solutions, Inc. | 289000 | 45029090 |
| Leidos Holdings, Inc. | 235000 | 44760450 |
| Lyft, Inc. – Class A (a) | 1860100 | 38057646 |
| MasTec, Inc. (a) | 236700 | 48324672 |
| Primoris Services Corp. | 360800 | 51060416 |
|  |  | 452759723 |
| **Information Technology – 15.1%** |  |  |
| CommScope Holding Co., Inc. (a) | 2583100 | 44687630 |
| Sanmina Corp. (a) | 351800 | 48214190 |
| TD SYNNEX Corp. | 278200 | 43535518 |
| Viasat, Inc. (a) | 1389800 | 55341836 |
|  |  | 191779174 |
| **Materials – 3.4%** |  |  |
| Crown Holdings, Inc. | 444800 | 43225664 |
| **Real Estate – 5.8%** |  |  |
| Jones Lang LaSalle, Inc. (a) | 134100 | 40912569 |
| Opendoor Technologies, Inc. (a) | 4309100 | 33481707 |
|  |  | 74394276 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,208,349,284) |  | 1272344482 |
| MONEY MARKET FUNDS – 0.4% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 5058051 | 5058051 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,058,051) |  | 5058051 |
| **TOTAL INVESTMENTS – 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,213,407,335) |  | 1277402533 |
| Liabilities in Excess of Other Assets – (0.2)% |  | (2061187) |
| **TOTAL NET ASSETS – 100.0%** |  | $1275341346 |

---

Percentages are stated as a percent of net assets.

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

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

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **6** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Cornerstone Mid Cap 30 Fund — as of October 31, 2025**

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $80378620 | $— | $— | $80378620 |
| Consumer Discretionary | 313599963 |  |  | 313599963 |
| Consumer Staples | 76295398 |  |  | 76295398 |
| Financials | 39911664 |  |  | 39911664 |
| Industrials | 452759723 |  |  | 452759723 |
| Information Technology | 191779174 |  |  | 191779174 |
| Materials | 43225664 |  |  | 43225664 |
| Real Estate | 74394276 |  |  | 74394276 |
| **Common Stocks – Total** | 1272344482 |  |  | 1272344482 |
| **Money Market Funds** | 5058051 |  |  | 5058051 |
| **Total Investments** | $1277402533 | $— | $— | $1277402533 |

---

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

HENNESSY FUNDS 1-800-966-4354 7

***Financial Statements — Schedule of Investments***

**Hennessy Cornerstone Large Growth Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 98.3% | Shares | Value |
| **Consumer Discretionary – 16.0%** |  |  |
| AutoZone, Inc. (a) | 800 | $2939544 |
| Best Buy Co., Inc. | 32400 | 2661336 |
| Darden Restaurants, Inc. | 14500 | 2612175 |
| DR Horton, Inc. | 18000 | 2683440 |
| Lowe's Companies, Inc. | 10100 | 2405113 |
| NVR, Inc. (a) | 300 | 2163246 |
| PulteGroup, Inc. | 22600 | 2709062 |
| Ulta Beauty, Inc. (a) | 6500 | 3379220 |
|  |  | 21553136 |
| **Consumer Staples – 13.8%** |  |  |
| Altria Group, Inc. | 51100 | 2881018 |
| Kimberly-Clark Corp. | 20700 | 2477997 |
| PepsiCo, Inc. | 17900 | 2615011 |
| Philip Morris International, Inc. | 21800 | 3146394 |
| Sysco Corp. | 35900 | 2666652 |
| Target Corp. | 20100 | 1863672 |
| The Hershey Co. | 17200 | 2917636 |
|  |  | 18568380 |
| **Energy – 8.3%** |  |  |
| Cheniere Energy, Inc. | 10300 | 2183600 |
| ConocoPhillips | 25100 | 2230386 |
| Devon Energy Corp. | 69800 | 2267802 |
| EOG Resources, Inc. | 19400 | 2053296 |
| Halliburton Co. | 87800 | 2356552 |
|  |  | 11091636 |
| **Financials – 3.8%** |  |  |
| LPL Financial Holdings, Inc. | 7600 | 2867556 |
| The Progressive Corp. | 10800 | 2224800 |
|  |  | 5092356 |
| **Health Care – 12.9%** |  |  |
| Cardinal Health, Inc. | 20900 | 3987093 |
| Cencora, Inc. | 10900 | 3682129 |
| HCA Healthcare, Inc. | 8500 | 3907280 |
| Johnson & Johnson | 18000 | 3399660 |
| Merck & Co., Inc. | 26700 | 2295666 |
|  |  | 17271828 |
| **Industrials – 27.3% (b)** |  |  |
| 3M Co. | 18800 | 3130200 |
| Booz Allen Hamilton Holding Corp., Class A | 19300 | 1682188 |
| Builders FirstSource, Inc. (a) | 16100 | 1870337 |
| Carlisle Cos., Inc. | 6600 | 2145330 |
| Caterpillar, Inc. | 6900 | 3983094 |
| Deere & Co. | 5800 | 2677454 |
| Delta Air Lines, Inc. | 39800 | 2283724 |
| Ferguson Enterprises, Inc. | 14700 | 3652950 |
| Leidos Holdings, Inc. | 16900 | 3218943 |
| Lockheed Martin Corp. | 5400 | 2656152 |
| PACCAR, Inc. | 23900 | 2351760 |
| Snap-on, Inc. | 7600 | 2550180 |
| Union Pacific Corp. | 11300 | 2490181 |
| United Parcel Service, Inc. – Class B | 20300 | 1957326 |
|  |  | 36649819 |
| **Information Technology – 14.2%** |  |  |
| CDW Corp. | 14000 | 2231180 |
| Dell Technologies, Inc. – Class C | 24000 | 3888240 |
| GoDaddy, Inc. – Class A (a) | 13100 | 1744003 |
| HP, Inc. | 81100 | 2244037 |
| Jabil, Inc. | 16200 | 3578418 |
| NetApp, Inc. | 21700 | 2555826 |
| QUALCOMM, Inc. | 16100 | 2912490 |
|  |  | 19154194 |
| **Materials – 2.0%** |  |  |
| Freeport-McMoRan, Inc. | 65200 | 2718840 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $113,606,440) |  | 132100189 |

---

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

---

| | |
|:---|:---|
| **8** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Cornerstone Large Growth Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| MONEY MARKET FUNDS – 1.8% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 2480723 | $2480723 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,480,723) |  | 2480723 |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $116,087,163) |  | 134580912 |
| Liabilities in Excess of Other Assets – (0.1)% |  | (97673) |
| **TOTAL NET ASSETS – 100.0%** |  | $134483239 |

---

Percentages are stated as a percent of net assets.

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

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

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Consumer Discretionary | $21553136 | $— | $— | $21553136 |
| Consumer Staples | 18568380 |  |  | 18568380 |
| Energy | 11091636 |  |  | 11091636 |
| Financials | 5092356 |  |  | 5092356 |
| Health Care | 17271828 |  |  | 17271828 |
| Industrials | 36649819 |  |  | 36649819 |
| Information Technology | 19154194 |  |  | 19154194 |
| Materials | 2718840 |  |  | 2718840 |
| **Common Stocks – Total** | 132100189 |  |  | 132100189 |
| **Money Market Funds** | 2480723 |  |  | 2480723 |
| **Total Investments** | $134580912 | $— | $— | $134580912 |

---

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

---

| | |
|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354<sub>9</sub> |

---

***Financial Statements — Schedule of Investments***

&nbsp;&nbsp;**Hennessy Cornerstone Value Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 99.4% | Shares | Value |
| **Communication Services – 5.3%** |  |  |
| AT&T, Inc. | 241760 | $5983560 |
| Comcast Corp. – Class A | 147300 | 4100095 |
| Verizon Communications, Inc. | 139000 | 5523860 |
|  |  | 15607515 |
| **Consumer Discretionary – 9.3%** |  |  |
| Ford Motor Co. | 529300 | 6949709 |
| Home Depot, Inc. | 13200 | 5010588 |
| McDonald's Corp. | 19200 | 5729856 |
| NIKE, Inc. – Class B | 76100 | 4915299 |
| Starbucks Corp. | 56600 | 4577242 |
|  |  | 27182694 |
| **Consumer Staples – 18.7%** |  |  |
| Altria Group, Inc. | 103900 | 5857882 |
| Coca-Cola Co. | 85900 | 5918510 |
| Colgate-Palmolive Co. | 60800 | 4684640 |
| Kraft Heinz Co. | 184100 | 4552793 |
| Mondelez International, Inc. – Class A | 93100 | 5349526 |
| PepsiCo, Inc. | 36300 | 5303067 |
| Philip Morris International, Inc. | 44300 | 6393819 |
| The Kroger Co. | 92300 | 5873049 |
| The Procter & Gamble Co. | 33400 | 5022358 |
| Unilever PLC – ADR | 96800 | 5826392 |
|  |  | 54782036 |
| **Energy – 19.9%** |  |  |
| BP PLC – ADR | 170000 | 5972100 |
| Canadian Natural Resources Ltd. | 173200 | 5545864 |
| Chevron Corp. | 33375 | 5263905 |
| ConocoPhillips | 50900 | 4522974 |
| Equinor ASA – ADR | 216200 | 5180152 |
| Exxon Mobil Corp. | 48010 | 5490424 |
| Petroleo Brasileiro SA – Petrobras – ADR | 392800 | 4572192 |
| Schlumberger NV | 123700 | 4460622 |
| Shell PLC – ADR | 80800 | 6053536 |
| Suncor Energy, Inc. | 138100 | 5497761 |
| TotalEnergies SE – ADR | 90600 | 5638944 |
|  |  | 58198474 |
| **Financials – 16.1%** |  |  |
| Bank of America Corp. | 115800 | 6189510 |
| Citigroup, Inc. | 67400 | 6822902 |
| HSBC Holdings PLC – ADR | 106400 | 7455448 |
| Morgan Stanley | 39100 | 6412400 |
| Royal Bank of Canada | 44700 | 6548550 |
| Toronto-Dominion Bank | 93700 | 7695581 |
| Wells Fargo & Co. | 69900 | 6079203 |
|  |  | 47203594 |
| **Health Care – 21.2%** |  |  |
| Abbott Laboratories | 47500 | 5871950 |
| AbbVie, Inc. | 31400 | 6846456 |
| Bristol-Myers Squibb Co. | 95700 | 4408899 |
| CVS Health Corp. | 102400 | 8002560 |
| Gilead Sciences, Inc. | 58700 | 7031673 |
| GSK PLC – ADR | 161160 | 7551958 |
| Johnson & Johnson | 36700 | 6931529 |
| Medtronic PLC | 61200 | 5550840 |
| Merck & Co., Inc. | 55000 | 4728900 |
| Pfizer, Inc. | 204900 | 5050785 |
|  |  | 61975550 |
| **Industrials – 4.1%** |  |  |
| RTX Corp. | 44500 | 7943250 |
| United Parcel Service, Inc. – Class B | 41500 | 4001430 |
|  |  | 11944680 |
| **Information Technology – 4.8%** |  |  |
| Cisco Systems, Inc. | 89500 | 6543345 |
| International Business Machines Corp. | 24000 | 7377840 |
|  |  | 13921185 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $227,247,313) |  | 290815728 |

---

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

---

| | |
|:---|:---|
| **10** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

&nbsp;&nbsp;**Hennessy Cornerstone Value Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| MONEY MARKET FUNDS – 0.5% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (a) | 1504568 | $1504568 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,504,568) |  | 1504568 |
| **TOTAL INVESTMENTS – 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $228,751,881) |  | 292320296 |
| Other Assets in Excess of Liabilities – 0.1% |  | 281263 |
| **TOTAL NET ASSETS – 100.0%** |  | $292601559 |

---

Percentages are stated as a percent of net assets.

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

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

ADR – American Depositary Receipt

PLC – Public Limited Company

(a) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $15607515 | $— | $— | $15607515 |
| Consumer Discretionary | 27182694 |  |  | 27182694 |
| Consumer Staples | 54782036 |  |  | 54782036 |
| Energy | 58198474 |  |  | 58198474 |
| Financials | 47203594 |  |  | 47203594 |
| Health Care | 61975550 |  |  | 61975550 |
| Industrials | 11944680 |  |  | 11944680 |
| Information Technology | 13921185 |  |  | 13921185 |
| **Common Stocks – Total** | 290815728 |  |  | 290815728 |
| **Money Market Funds** | 1504568 |  |  | 1504568 |
| **Total Investments** | $292320296 | $— | $— | $292320296 |

---

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

---

| | |
|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354<sub>11</sub> |

---

***Financial Statements — Schedule of Investments***

**Hennessy Total Return Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 69.5% | Shares | Value |
| **Communication Services – 6.5%** |  |  |
| Verizon Communications, Inc. | 80200 | $3187148 |
| **Consumer Discretionary – 6.4%** |  |  |
| McDonald's Corp. | 10600 | 3163358 |
| **Consumer Staples – 13.2%** |  |  |
| Coca-Cola Co. | 51300 | 3534570 |
| The Procter & Gamble Co. | 19800 | 2977326 |
|  |  | 6511896 |
| **Energy – 6.9%** |  |  |
| Chevron Corp. | 21400 | 3375208 |
| **Health Care – 21.3%** |  |  |
| Amgen, Inc. | 11600 | 3461788 |
| Johnson & Johnson | 20300 | 3834061 |
| Merck & Co., Inc. | 34800 | 2992104 |
| UnitedHealth Group, Inc. | 600 | 204936 |
|  |  | 10492889 |
| **Information Technology – 15.2%** |  |  |
| Cisco Systems, Inc. | 48600 | 3553146 |
| International Business Machines Corp. | 12800 | 3934848 |
|  |  | 7487994 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,229,560) |  | 34218493 |
| U.S. TREASURY BILLS – 69.8% | Par | Value |
| &nbsp;&nbsp;&nbsp;4.01%, 11/06/2025 (a)(b) | $10500000 | 10493992 |
| &nbsp;&nbsp;&nbsp;3.88%, 12/11/2025 (a)(b) | 9000000 | 8960900 |
| &nbsp;&nbsp;&nbsp;3.85%, 01/08/2026 (a)(b) | 15000000 | 14896184 |
| **TOTAL U.S. TREASURY BILLS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,345,950) |  | 34351076 |
| MONEY MARKET FUNDS – 3.0% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (b) | 1473740 | 1473740 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,473,740) |  | 1473740 |
| **TOTAL INVESTMENTS – 142.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $63,049,250) |  | 70043309 |
| Liabilities in Excess of Other Assets – (42.3)% |  | (20830640) |
| **TOTAL NET ASSETS – 100.0%** |  | $49212669 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

(a) The rate listed is the discount rate at issue.

(b) All or a portion of this security is pledged as collateral for securities sold subject to repurchase. The aggregate fair value of the collateral is $22,900,722.

(c) The rate listed is the fund's seven-day yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **12** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Total Return Fund — as of October 31, 2025**

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $3187148 | $— | $— | $3187148 |
| Consumer Discretionary | 3163358 |  |  | 3163358 |
| Consumer Staples | 6511896 |  |  | 6511896 |
| Energy | 3375208 |  |  | 3375208 |
| Health Care | 10492889 |  |  | 10492889 |
| Information Technology | 7487994 |  |  | 7487994 |
| **Common Stocks – Total** | 34218493 |  |  | 34218493 |
| **U.S. Treasury Bills** |  | 34351076 |  | 34351076 |
| **Money Market Funds** | 1473740 |  |  | 1473740 |
| **Total Investments** | $35692233 | $34351076 | $— | $70043309 |

---

**Schedule of Reverse Repurchase Agreements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Face Value** | **Counterparty** | **Rate** | **Principal Trade Date** | **Maturity Date** | **Maturity Amount** |
| $6296500 | Jefferies LLC | 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;11/6/2025 | $6367336 |
| 5397000 | Jefferies LLC | 4.35% | 9/11/2025 | 12/11/2025 | 5455692 |
| 8995000 | Jefferies LLC | 4.35% | 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1/8/2026 | 9092821 |
| $20688500 |  |  |  |  | $20915849 |

---

As of October 31, 2025, the fair value of securities held as collateral for reverse repurchase agreements was $22,900,722 as noted on the Schedule of Investments.

Reverse repurchase agreements are carried at face value; hence, they are not included in the fair valuation hierarchy. The face value of the reverse repurchase agreements at October 31, 2025, was $20,688,500. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. The face value plus interest due at maturity is equal to $20,915,849.

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

---

| | |
|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354<sub>13</sub> |

---

***Financial Statements — Schedule of Investments***

**Hennessy Equity and Income Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 69.0% | Shares | Value |
| **Communication Services – 7.0%** |  |  |
| Alphabet, Inc. – Class C | 11012 | $3103402 |
| **Consumer Discretionary – 4.4%** |  |  |
| Lowe's Companies, Inc. | 2326 | 553890 |
| O'Reilly Automotive, Inc. (a) | 7866 | 742865 |
| Starbucks Corp. | 8379 | 677610 |
|  |  | 1974365 |
| **Consumer Staples – 4.9%** |  |  |
| Altria Group, Inc. | 14273 | 804712 |
| Church & Dwight Co., Inc. | 7573 | 664077 |
| Nestlé S.A. – ADR | 7318 | 699015 |
|  |  | 2167804 |
| **Energy – 1.7%** |  |  |
| Chevron Corp. | 4740 | 747593 |
| **Financials – 20.8%** |  |  |
| Berkshire Hathaway, Inc. – Class B (a) | 4300 | 2053422 |
| Blackrock, Inc. | 1205 | 1304786 |
| Chubb Ltd. | 4085 | 1131300 |
| Equitable Holdings, Inc. | 17651 | 871959 |
| The Charles Schwab Corp. | 13350 | 1261842 |
| The Progressive Corp. | 6166 | 1270196 |
| Visa, Inc. – Class A | 4027 | 1372160 |
|  |  | 9265665 |
| **Health Care – 1.6%** |  |  |
| Johnson & Johnson | 3759 | 709962 |
| **Industrials – 9.4%** |  |  |
| FedEx Corp. | 3225 | 818569 |
| Norfolk Southern Corp. | 5744 | 1627735 |
| Old Dominion Freight Line, Inc. | 5227 | 733975 |
| Republic Services, Inc. | 4782 | 995804 |
|  |  | 4176083 |
| **Information Technology – 11.5%** |  |  |
| Apple, Inc. | 8052 | 2177019 |
| Entegris, Inc. | 8626 | 789883 |
| TE Connectivity PLC | 5535 | 1367200 |
| Texas Instruments, Inc. | 4891 | 789701 |
|  |  | 5123803 |
| **Materials – 7.7%** |  |  |
| Air Products and Chemicals, Inc. | 4639 | 1125375 |
| Martin Marietta Materials, Inc. | 1693 | 1037979 |
| NewMarket Corp. | 1638 | 1257820 |
|  |  | 3421174 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,364,147) |  | 30689851 |
| U.S. TREASURY NOTES – 14.8% | Par | Value |
| &nbsp;&nbsp;&nbsp;1.88%, 07/31/2026 | $550000 | 542398 |
| &nbsp;&nbsp;&nbsp;4.63%, 11/15/2026 | 500000 | 504451 |
| &nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | 625000 | 607715 |
| &nbsp;&nbsp;&nbsp;0.63%, 03/31/2027 | 450000 | 431561 |
| &nbsp;&nbsp;&nbsp;4.13%, 09/30/2027 | 175000 | 176641 |
| &nbsp;&nbsp;&nbsp;3.88%, 10/15/2027 | 600000 | 603000 |
| &nbsp;&nbsp;&nbsp;4.13%, 10/31/2027 | 400000 | 404008 |
| &nbsp;&nbsp;&nbsp;4.38%, 11/30/2028 | 300000 | 306562 |
| &nbsp;&nbsp;&nbsp;2.88%, 04/30/2029 | 250000 | 243799 |
| &nbsp;&nbsp;&nbsp;3.63%, 08/31/2029 | 225000 | 224670 |
| &nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 | 275000 | 282315 |
| &nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | 150000 | 139893 |
| &nbsp;&nbsp;&nbsp;4.13%, 11/15/2032 | 50000 | 50703 |
| &nbsp;&nbsp;&nbsp;3.50%, 02/15/2033 | 425000 | 413877 |
| &nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | 200000 | 192766 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | 275000 | 285028 |
| &nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | 350000 | 350150 |
| &nbsp;&nbsp;&nbsp;3.88%, 08/15/2034 | 150000 | 148233 |
| &nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | 275000 | 286752 |
| &nbsp;&nbsp;&nbsp;4.25%, 05/15/2035 | 300000 | 303938 |
| &nbsp;&nbsp;&nbsp;4.25%, 08/15/2035 | 75000 | 75896 |
| **TOTAL U.S. TREASURY NOTES** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,564,821) |  | 6574356 |
| CORPORATE BONDS – 14.6% |  |  |
| **Communication Services – 0.9%** |  |  |
| Comcast Corp., 4.65%, 02/15/2033 | 250000 | 250229 |
| T-Mobile USA, Inc., 3.88%, 04/15/2030 | 150000 | 147018 |
|  |  | 397247 |
| **Consumer Discretionary – 1.3%** |  |  |
| General Motors Financial Co., Inc., 5.80%, 1/07/2029 | 150000 | 156253 |
| Lowe's Companies, Inc., 2.63%, 4/01/2031 | 325000 | 297150 |
| Marriott International, Inc./MD, 5.00%, 10/15/2027 | 100000 | 101635 |
|  |  | 555038 |
| **Consumer Staples – 0.2%** |  |  |
| Molson Coors Beverage Co., 3.00%, 7/15/2026 | 100000 | 99253 |
| **Energy – 1.6%** |  |  |
| Kinder Morgan, Inc., 5.15%, 6/01/2030 | 250000 | 257700 |
| The Williams Companies, Inc., 2.60%, 3/15/2031 | 475000 | 431373 |
|  |  | 689073 |
| **Financials – 7.3%** |  |  |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;2.30% to 7/21/2031 then SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.22%, 7/21/2032 | 575000 | 511621 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (SOFR + 2.64%), 6/08/2029 | 100000 | 104811 |
| Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (SOFR + 1.88%), 11/17/2029 | 125000 | 132382 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.08% to 4/23/2028 then 3 mo. Term |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.45%, 4/23/2029 | 55000 | 54861 |

---

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

---

| | |
|:---|:---|
| **14** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Equity and Income Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | Par | Value |
| **Financials (Continued)** |  |  |
| Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;5.25% to 03/05/2030 then SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.26%, 03/05/2031 | $140000 | $143190 |
| Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp;&nbsp;4.34% to 4/25/2032 then SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.66%, 4/25/2033 | 185000 | 180305 |
| Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.22% to 5/01/2028 then 3 mo. Term |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.56%, 5/01/2029 | 300000 | 300094 |
| Huntington Bancshares, Inc., 2.55%, 2/04/2030 | 525000 | 486401 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;2.07% to 6/01/2028 then SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.02%, 6/01/2029 | 325000 | 308978 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;2.24% to 7/21/2031 then SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.18%, 7/21/2032 | 250000 | 221237 |
| Regions Financial Corp., 1.80%, 8/12/2028 | 325000 | 304642 |
| State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.82% to 1/26/2033 then SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.57%, 1/26/2034 | 175000 | 177367 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;5.50% to 1/23/2034 then SOFR + |  |  |
| &nbsp;&nbsp;&nbsp;1.78%, 1/23/2035 | 300000 | 313029 |
|  |  | 3238918 |
| **Health Care – 1.1%** |  |  |
| Edwards Lifesciences Corp., 4.30%, 6/15/2028 | 125000 | 125280 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/2030 | 425000 | 376920 |
|  |  | 502200 |
| **Industrials – 1.4%** |  |  |
| General Electric Co., 3.63%, 5/01/2030 | 380000 | 370256 |
| Quanta Services, Inc., 4.30%, 8/09/2028 | 150000 | 150572 |
| Timken Co., 6.88%, 5/08/2028 | 110000 | 116363 |
|  |  | 637191 |
| **Information Technology – 0.8%** |  |  |
| Autodesk, Inc., 2.85%, 1/15/2030 | 125000 | 118418 |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035 | 75000 | 77709 |
| Roper Technologies, Inc., 4.25%, 9/15/2028 | 150000 | 150421 |
|  |  | 346548 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,698,404) |  | 6465468 |
| MORTGAGE-BACKED SECURITIES – 0.7% |  |  |
| **Federal Agency Mortgage-Backed Obligations – 0.7%** |  |  |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;Pool 928831, 6.00%, 10/01/2037 | 48661 | 50941 |
| &nbsp;&nbsp;&nbsp;Pool AB4300, 3.50%, 1/01/2042 | 112998 | 108436 |
| Fannie Mae REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;MD Series 2013-52, Class MD, 1.25%, 6/25/2043 | 30540 | 26146 |
| Fannie Mae REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Y Series 2012-16, Class Y, 2.00%, 11/25/2041 | 26507 | 24242 |
| Freddie Mac Gold Pool, |  |  |
| &nbsp;&nbsp;&nbsp;Pool G02922, 5.50%, 4/01/2037 | 20271 | 21148 |
| Freddie Mac REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;JD Series 4309, Class JD, 2.00%, 10/15/2043 | 20273 | 19066 |
| Freddie Mac REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;DJ Series 4322, Class DJ, 3.00%, 5/15/2043 | 18844 | 18524 |
| Freddie Mac REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;NH Series 3870, Class NH, 2.75%, 1/15/2041 | 3104 | 3066 |
| Freddie Mac REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;ML Series 4146, Class ML, 1.50%, 10/15/2042 | 1633 | 1623 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;BD Series 2013-24, Class BD, 1.75%, 2/16/2043 | 61044 | 54512 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $340,701) |  | 327704 |
| MONEY MARKET FUNDS – 1.8% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (b) | 820236 | 820236 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $820,236) |  | 820236 |
| **TOTAL INVESTMENTS – 100.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,788,309) |  | 44877615 |
| Liabilities in Excess of Other Assets – (0.9)% |  | (404663) |
| **TOTAL NET ASSETS – 100.0%** |  | $44472952 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

ADR – American Depositary Receipt

PLC – Public Limited Company

SOFR – Secured Overnight Financing Rate

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **15** |

---

***Financial Statements — Schedule of Investments***

&nbsp;&nbsp;**Hennessy Equity and Income Fund — as of October 31, 2025**

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $3103402 | $— | $— | $3103402 |
| Consumer Discretionary | 1974365 |  |  | 1974365 |
| Consumer Staples | 2167804 |  |  | 2167804 |
| Energy | 747593 |  |  | 747593 |
| Financials | 9265665 |  |  | 9265665 |
| Health Care | 709962 |  |  | 709962 |
| Industrials | 4176083 |  |  | 4176083 |
| Information Technology | 5123803 |  |  | 5123803 |
| Materials | 3421174 |  |  | 3421174 |
| **Common Stocks – Total** | 30689851 |  |  | 30689851 |
| **U.S. Treasury Notes** |  | 6574356 |  | 6574356 |
| **Corporate Bonds** |  |  |  |  |
| Communication Services |  | 397247 |  | 397247 |
| Consumer Discretionary |  | 555038 |  | 555038 |
| Consumer Staples |  | 99253 |  | 99253 |
| Energy |  | 689073 |  | 689073 |
| Financials |  | 3238918 |  | 3238918 |
| Health Care |  | 502200 |  | 502200 |
| Industrials |  | 637191 |  | 637191 |
| Information Technology |  | 346548 |  | 346548 |
| **Corporate Bonds – Total** |  | 6465468 |  | 6465468 |
| **Mortgage-Backed Securities** |  |  |  |  |
| Federal Agency Mortgage-Backed Obligations |  | 327704 |  | 327704 |
| **Mortgage-Backed Securities – Total** |  | 327704 |  | 327704 |
| **Money Market Funds** | 820236 |  |  | 820236 |
| **Total Investments** | $31510087 | $13367528 | $— | $44877615 |

---

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

---

| | |
|:---|:---|
| **16** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Balanced Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 49.2% | Shares | Value |
| **Communication Services – 4.4%** |  |  |
| Verizon Communications, Inc. | 14400 | $572256 |
| **Consumer Discretionary – 3.4%** |  |  |
| McDonald's Corp. | 1100 | 328273 |
| NIKE, Inc. – Class B | 1650 | 106574 |
|  |  | 434847 |
| **Consumer Staples – 8.4%** |  |  |
| The Coca-Cola Co. | 8650 | 595985 |
| The Procter & Gamble Co. | 3350 | 503740 |
|  |  | 1099725 |
| **Energy – 5.2%** |  |  |
| Chevron Corp. | 4300 | 678196 |
| **Health Care – 17.7%** |  |  |
| Amgen, Inc. | 2150 | 641624 |
| Johnson & Johnson | 3600 | 679932 |
| Merck & Co., Inc. | 8300 | 713634 |
| UnitedHealth Group, Inc. | 800 | 273248 |
|  |  | 2308438 |
| **Information Technology – 10.1%** |  |  |
| Cisco Systems, Inc. | 8600 | 628746 |
| International Business Machines Corp. | 2250 | 691672 |
|  |  | 1320418 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,297,077) |  | 6413880 |
| U.S. TREASURY BILLS – 47.5% | Par | Value |
| &nbsp;&nbsp;&nbsp;4.01%, 11/28/2025 (a) | $1900000 | 1894158 |
| &nbsp;&nbsp;&nbsp;3.81%, 01/22/2026 (a) | 1000000 | 991657 |
| &nbsp;&nbsp;&nbsp;3.94%, 06/11/2026 (a) | 1500000 | 1466906 |
| &nbsp;&nbsp;&nbsp;3.66%, 09/03/2026 (a) | 1900000 | 1842772 |
| **TOTAL U.S. TREASURY BILLS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,191,663) |  | 6195493 |
| MONEY MARKET FUNDS – 3.5% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (b) | 455962 | 455962 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $455,962) |  | 455962 |
| **TOTAL INVESTMENTS – 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,944,702) |  | 13065335 |
| Liabilities in Excess of Other Assets – (0.2)% |  | (26046) |
| **TOTAL NET ASSETS – 100.0%** |  | $13039289 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

(a) The rate shown is the discount rate at issue.

(b) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $572256 | $— | $— | $572256 |
| Consumer Discretionary | 434847 |  |  | 434847 |
| Consumer Staples | 1099725 |  |  | 1099725 |
| Energy | 678196 |  |  | 678196 |
| Health Care | 2308438 |  |  | 2308438 |
| Information Technology | 1320418 |  |  | 1320418 |
| **Common Stocks – Total** | 6413880 |  |  | 6413880 |
| **U.S. Treasury Bills** |  | 6195493 |  | 6195493 |
| **Money Market Funds** | 455962 |  |  | 455962 |
| **Total Investments** | $6869842 | $6195493 | $— | $13065335 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **17** |

---

***Financial Statements — Schedule of Investments***

**Hennessy Energy Transition Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 96.4% | Shares | Value |
| **Downstream – 8.3%** |  |  |
| Phillips 66 | 4000 | $544560 |
| Valero Energy Corp. | 3200 | 542592 |
|  |  | 1087152 |
| **Exploration and Production – 36.3% (a)** |  |  |
| Antero Resources Corp. (b) | 18200 | 562562 |
| Canadian Natural Resources Ltd. | 16600 | 531532 |
| ConocoPhillips | 6324 | 561951 |
| Diamondback Energy, Inc. | 4120 | 589943 |
| EOG Resources, Inc. | 5530 | 585295 |
| EQT Corp. | 11400 | 610812 |
| Expand Energy Corp. | 5900 | 609529 |
| National Fuel Gas Co. | 5800 | 457678 |
| Suncor Energy, Inc. | 6060 | 241248 |
|  |  | 4750550 |
| **Integrated – 11.3%** |  |  |
| Chevron Corp. | 4157 | 655642 |
| Exxon Mobil Corp. | 7202 | 823621 |
|  |  | 1479263 |
| **Materials – 3.3%** |  |  |
| Freeport-McMoRan, Inc. | 10420 | 434514 |
| **Midstream – 8.0%** |  |  |
| Cheniere Energy, Inc. | 2650 | 561800 |
| The Williams Companies, Inc. | 8500 | 491895 |
|  |  | 1053695 |
| **Oil Services – 25.1% (a)** |  |  |
| Halliburton Co. | 26980 | 724143 |
| Helmerich & Payne, Inc. | 22000 | 577720 |
| NOV, Inc. | 45900 | 670140 |
| ProFrac Holding Corp. – Class A (b) | 35000 | 191450 |
| Schlumberger NV | 17810 | 642229 |
| Tenaris SA – ADR | 12000 | 477600 |
|  |  | 3283282 |
| **Utilities – 4.1%** |  |  |
| NextEra Energy, Inc. | 6570 | 534798 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,018,236) |  | 12623254 |
| MONEY MARKET FUNDS – 4.0% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 524691 | 524691 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $524,691) |  | 524691 |
| **TOTAL INVESTMENTS – 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,542,927) |  | 13147945 |
| Liabilities in Excess of Other Assets – (0.4)% |  | (46446) |
| **TOTAL NET ASSETS – 100.0%** |  | $13101499 |

---

Percentages are stated as a percent of net assets.

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

ADR – American Depositary Receipt

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

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| **18** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Energy Transition Fund — as of October 31, 2025**

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Downstream | $1087152 | $— | $— | $1087152 |
| Exploration and Production | 4750550 |  |  | 4750550 |
| Integrated | 1479263 |  |  | 1479263 |
| Materials | 434514 |  |  | 434514 |
| Midstream | 1053695 |  |  | 1053695 |
| Oil Services | 3283282 |  |  | 3283282 |
| Utilities | 534798 |  |  | 534798 |
| **Common Stocks – Total** | 12623254 |  |  | 12623254 |
| **Money Market Funds** | 524691 |  |  | 524691 |
| **Total Investments** | $13147945 | $— | $— | $13147945 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **19** |

---

***Financial Statements — Schedule of Investments***

**Hennessy Midstream Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| MASTER LIMITED PARTNERSHIPS – 56.8% | Units | Value |
| **Crude Oil and Refined Products – 23.1%** |  |  |
| MPLX LP | 179549 | $9113908 |
| Plains All American Pipeline LP | 438196 | 7208324 |
|  |  | 16322232 |
| **Gathering and Processing – 6.4%** |  |  |
| Western Midstream Partners LP | 119770 | 4487782 |
| **Natural Gas/NGL Transportation – 27.3% (a)** |  |  |
| Energy Transfer LP | 580930 | 9777052 |
| Enterprise Products Partners LP | 310050 | 9546439 |
|  |  | 19323491 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,267,094) |  | 40133505 |
| COMMON STOCKS – 42.8% | Shares |  |
| **Gathering and Processing – 12.3%** |  |  |
| Antero Midstream Corp. | 343840 | 5931240 |
| EQT Corp. | 5898 | 316015 |
| Targa Resources Corp. | 15770 | 2429211 |
|  |  | 8676466 |
| **Natural Gas/NGL Transportation – 30.5% (a)** |  |  |
| Cheniere Energy, Inc. | 13370 | 2834440 |
| DT Midstream, Inc. | 19640 | 2150383 |
| Kinder Morgan, Inc. | 125660 | 3291035 |
| ONEOK, Inc. | 75154 | 5035318 |
| TC Energy Corp. | 59530 | 2986025 |
| The Williams Companies, Inc. | 91232 | 5279596 |
|  |  | 21576797 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,778,959) |  | 30253263 |
| MONEY MARKET FUNDS – 10.4% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (b) | 3931190 | 3931190 |
| First American Treasury |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 3.98% (b) | 3412124 | 3412124 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,343,314) |  | 7343314 |
| **TOTAL INVESTMENTS – 110.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $37,389,367) |  | 77730082 |
| Liabilities in Excess of Other Assets – (10.0)% |  | (7060851) |
| **TOTAL NET ASSETS – 100.0%** |  | $70669231 |

---

Percentages are stated as a percent of net assets.

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

LP – Limited Partnership

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

(b) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Master Limited Partnerships** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Crude Oil and Refined Products | $16322232 | $— | $— | $16322232 |
| Gathering and Processing | 4487782 |  |  | 4487782 |
| Natural Gas/NGL Transportation | 19323491 |  |  | 19323491 |
| **Master Limited Partnerships – Total** | 40133505 |  |  | 40133505 |
| **Common Stocks** |  |  |  |  |
| Gathering and Processing | 8676466 |  |  | 8676466 |
| Natural Gas/NGL Transportation | 21576797 |  |  | 21576797 |
| **Common Stocks – Total** | 30253263 |  |  | 30253263 |
| **Money Market Funds** | 7343314 |  |  | 7343314 |
| **Total Investments** | $77730082 | $— | $— | $77730082 |

---

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

---

| | |
|:---|:---|
| **20** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Gas Utility Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 99.7% | Shares | Value |
| **Energy – 36.3% (a)** |  |  |
| Cheniere Energy, Inc. | 108947 | $23096764 |
| DT Midstream, Inc. | 133600 | 14627864 |
| Enbridge, Inc. | 510665 | 23807202 |
| EQT Corp. | 451100 | 24169938 |
| Kinder Morgan, Inc. | 895301 | 23447933 |
| ONEOK, Inc. | 347000 | 23249000 |
| TC Energy Corp. | 470200 | 23585232 |
| The Williams Companies, Inc. | 397500 | 23003325 |
|  |  | 178987258 |
| **Financials – 4.8%** |  |  |
| Berkshire Hathaway, Inc. – Class A (b) | 33 | 23619420 |
| **Utilities – 58.6% (a)** |  |  |
| Algonquin Power & Utilities Corp. | 145064 | 809457 |
| ALLETE, Inc. | 375 | 25249 |
| Alliant Energy Corp. | 33450 | 2235129 |
| Ameren Corp. | 36080 | 3680882 |
| Atmos Energy Corp. | 148086 | 25429328 |
| Avista Corp. | 22272 | 847450 |
| Black Hills Corp. | 46847 | 2971505 |
| CenterPoint Energy, Inc. | 350728 | 13411839 |
| Chesapeake Utilities Corp. | 25958 | 3303934 |
| CMS Energy Corp. | 145698 | 10716088 |
| Consolidated Edison, Inc. | 120836 | 11770635 |
| Dominion Energy, Inc. | 73477 | 4312365 |
| DTE Energy Co. | 44604 | 6045626 |
| Duke Energy Corp. | 99487 | 12366234 |
| Essential Utilities, Inc. | 106200 | 4144986 |
| Exelon Corp. | 131931 | 6084658 |
| Fortis, Inc. | 97676 | 4906265 |
| MDU Resources Group, Inc. | 184907 | 3546516 |
| MGE Energy, Inc. | 13279 | 1100431 |
| National Fuel Gas Co. | 67924 | 5359883 |
| National Grid PLC – ADR | 185544 | 13962186 |
| New Jersey Resources Corp. | 110034 | 4874506 |
| NiSource, Inc. | 362781 | 15276708 |
| Northwest Natural Holding Co. | 51103 | 2326720 |
| Northwestern Energy Group, Inc. | 14798 | 882997 |
| ONE Gas, Inc. | 78875 | 6324986 |
| PG&E Corp. | 740149 | 11812778 |
| PPL Corp. | 162519 | 5935194 |
| Public Service Enterprise Group, Inc. | 160690 | 12945186 |
| RGC Resources, Inc. | 13454 | 278632 |
| Sempra | 283780 | 26090733 |
| Southwest Gas Holdings, Inc. | 94517 | 7514102 |
| Spire, Inc. | 54141 | 4677782 |
| The Southern Co. | 258300 | 24290532 |
| UGI Corp. | 99452 | 3324680 |
| Unitil Corp. | 14598 | 711653 |
| WEC Energy Group, Inc. | 151540 | 16931564 |
| Xcel Energy, Inc. | 99799 | 8100685 |
|  |  | 289330084 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $234,875,859) |  | 491936762 |
| MONEY MARKET FUNDS – 0.4% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 1831997 | 1831997 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,831,997) |  | 1831997 |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $236,707,856) |  | 493768759 |
| Liabilities in Excess of Other Assets – (0.1)% |  | (418830) |
| **TOTAL NET ASSETS – 100.0%** |  | $493349929 |

---

Percentages are stated as a percent of net assets.

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

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

ADR – American Depositary Receipt

PLC – Public Limited Company

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

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **21** |

---

***Financial Statements — Schedule of Investments***

**Hennessy Gas Utility Fund — as of October 31, 2025**

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Energy | $178987258 | $— | $— | $178987258 |
| Financials | 23619420 |  |  | 23619420 |
| Utilities | 289330084 |  |  | 289330084 |
| **Common Stocks – Total** | 491936762 |  |  | 491936762 |
| **Money Market Funds** | 1831997 |  |  | 1831997 |
| **Total Investments** | $493768759 | $— | $— | $493768759 |

---

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

---

| | |
|:---|:---|
| **22** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Japan Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 94.9% | Shares | Value |
| **Communication Services – 11.0%** |  |  |
| SoftBank Group Corp. | 284700 | $49999387 |
| **Consumer Discretionary – 14.0%** |  |  |
| Fast Retailing Co. Ltd. | 24700 | 9081189 |
| Sekisui House Ltd. | 530000 | 11386866 |
| Sony Group Corp. | 1166800 | 32798505 |
| Sumitomo Forestry Co. Ltd. | 1005600 | 10489274 |
|  |  | 63755834 |
| **Consumer Staples – 6.3%** |  |  |
| Rohto Pharmaceutical Co. Ltd. | 268400 | 4160714 |
| Seven & i Holdings Co. Ltd. | 1868900 | 23841785 |
| Unicharm Corp. | 161700 | 1000460 |
|  |  | 29002959 |
| **Financials – 27.6% (a)** |  |  |
| Japan Exchange Group, Inc. | 567900 | 6373260 |
| Mitsubishi UFJ Financial Group, Inc. | 1787500 | 27025339 |
| Mizuho Financial Group | 320300 | 10701607 |
| MS&AD Insurance Group Holdings, Inc. | 705500 | 14585186 |
| ORIX Corp. | 1030600 | 25144741 |
| Sompo Holdings, Inc. | 651700 | 19909179 |
| Tokio Marine Holdings, Inc. | 591100 | 22177277 |
|  |  | 125916589 |
| **Health Care – 1.0%** |  |  |
| Olympus Corp. | 160500 | 1978261 |
| Santen Pharmaceutical Co. Ltd. | 247900 | 2427364 |
|  |  | 4405625 |
| **Industrials – 20.4%** |  |  |
| Daikin Industries, Ltd. | 99000 | 11547109 |
| Hitachi Ltd. | 1297900 | 44787699 |
| Mitsubishi Corp. | 704800 | 16976300 |
| Recruit Holdings Co. Ltd. | 399700 | 19991484 |
|  |  | 93302592 |
| **Information Technology – 8.9%** |  |  |
| Keyence Corp. | 29000 | 10795730 |
| Renesas Electronics Corp. | 194100 | 2406886 |
| Socionext, Inc. | 39700 | 899310 |
| Tokyo Electron Ltd. | 119100 | 26415145 |
|  |  | 40517071 |
| **Materials – 3.7%** |  |  |
| Nissan Chemical Corp. | 125600 | 4251867 |
| Shin-Etsu Chemical Co. Ltd. | 415500 | 12550467 |
|  |  | 16802334 |
| **Real Estate – 2.0%** |  |  |
| Daiwa House Industry Co. Ltd. | 275200 | 9344764 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $254,199,124) |  | 433047155 |
| MONEY MARKET FUNDS – 4.5% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (b) | 20445367 | 20445367 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,445,367) |  | 20445367 |
| **TOTAL INVESTMENTS – 99.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $274,644,491) |  | 453492522 |
| Other Assets in Excess of Liabilities – 0.6% |  | 2922805 |
| **TOTAL NET ASSETS – 100.0%** |  | $456415327 |

---

Percentages are stated as a percent of net assets.

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

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

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

(b) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $49999387 | $— | $— | $49999387 |
| Consumer Discretionary | 63755834 |  |  | 63755834 |
| Consumer Staples | 29002959 |  |  | 29002959 |
| Financials | 125916589 |  |  | 125916589 |
| Health Care | 4405625 |  |  | 4405625 |
| Industrials | 93302592 |  |  | 93302592 |
| Information Technology | 40517071 |  |  | 40517071 |
| Materials | 16802334 |  |  | 16802334 |
| Real Estate | 9344764 |  |  | 9344764 |
| **Common Stocks – Total** | 433047155 |  |  | 433047155 |
| **Money Market Funds** | 20445367 |  |  | 20445367 |
| **Total Investments** | $453492522 | $— | $— | $453492522 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **23** |

---

***Financial Statements — Schedule of Investments***

**Hennessy Japan Small Cap Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 95.1% | Shares | Value |
| **Consumer Discretionary – 14.1%** |  |  |
| Aeon Fantasy Co. Ltd. (a) | 91500 | $1655918 |
| Eternal Hospitality Group Co. Ltd. | 78100 | 1422534 |
| Koshidaka Holdings Co. Ltd. | 143500 | 1098761 |
| LITALICO, Inc. | 242800 | 1944165 |
| Mizuno Corp. | 116100 | 2098855 |
| Musashi Seimitsu Industry Co. Ltd. | 117400 | 2658659 |
| NOK Corp. | 168200 | 2995970 |
| Onward Holdings Co. Ltd. | 297200 | 1247735 |
| Saizeriya Co. Ltd. | 36100 | 1180611 |
| Takashimaya Co. Ltd. | 179900 | 1929043 |
|  |  | 18232251 |
| **Consumer Staples – 9.7%** |  |  |
| Ariake Japan Co. Ltd. | 41700 | 1463870 |
| Daikokutenbussan Co. Ltd. | 48700 | 1959250 |
| Genky DrugStores Co. Ltd. | 74700 | 2486607 |
| Sakata Seed Corp. | 83400 | 2137629 |
| Warabeya Nichiyo Holdings Co. Ltd. | 96700 | 1957719 |
| YAKUODO Holdings Co. Ltd. | 109800 | 1449180 |
| Yamami Co. | 45700 | 1187648 |
|  |  | 12641903 |
| **Financials – 6.1%** |  |  |
| Musashino Bank Ltd. | 125600 | 3382259 |
| Nishi-Nippon Financial Holdings, Inc. | 265000 | 4536176 |
|  |  | 7918435 |
| **Health Care – 2.7%** |  |  |
| Nihon Kohden Corp. | 185300 | 2143858 |
| PeptiDream, Inc. (a) | 140000 | 1416715 |
|  |  | 3560573 |
| **Industrials – 34.5% (b)** |  |  |
| AGC, Inc. | 83700 | 2617831 |
| Amada Co. Ltd. | 52700 | 630239 |
| CKD Corp. | 75800 | 1630504 |
| Daihen Corp. | 49700 | 3266894 |
| Fukuda Corp. | 17800 | 794653 |
| Fukuyama Transporting Co. Ltd. | 68100 | 1690238 |
| Gakujo Co. Ltd. | 143000 | 1497645 |
| Hanwa Co. Ltd. | 30300 | 1266187 |
| Kanamoto Co. Ltd. | 116800 | 2724651 |
| Nabtesco Corp. | 101800 | 2557716 |
| Nichiha Corp. | 71700 | 1276652 |
| Nissei ASB Machine Co. Ltd. | 60800 | 2698540 |
| Nitto Kogyo Corp. | 75100 | 1800626 |
| OSG Corp. | 126500 | 1836635 |
| Penta-Ocean Construction Co. Ltd. | 408100 | 3745749 |
| Raksul, Inc. | 174600 | 1198668 |
| Sankyu, Inc. | 44300 | 2261999 |
| SBS Holdings, Inc. | 96200 | 2116138 |
| Takasago Thermal Engineering Co. Ltd. | 44200 | 1312434 |
| Tanseisha Co. Ltd. | 213300 | 1842206 |
| Tocalo Co. Ltd. | 85200 | 1252209 |
| Transcosmos, Inc. | 107500 | 2546071 |
| Trusco Nakayama Corp. | 133200 | 2103749 |
|  |  | 44668234 |
| **Information Technology – 14.2%** |  |  |
| Canon Marketing Japan, Inc. | 42800 | 1784375 |
| Computer Engineering & Consulting Ltd. | 55100 | 773352 |
| Elecom Co. Ltd. | 101400 | 1186981 |
| Future Corp. | 119800 | 1691550 |
| Macnica Holdings, Inc. | 75900 | 1083019 |
| Mimaki Engineering Co. Ltd. | 109400 | 1209640 |
| Mitsubishi Research Institute, Inc. | 60700 | 1922108 |
| Nippon Signal Co. Ltd. | 125600 | 1026903 |
| Optex Group Co. Ltd. | 127100 | 1924108 |
| Towa Corp. | 82600 | 1272954 |
| Tsuzuki Denki Co. Ltd. | 105000 | 2153008 |
| Ulvac, Inc. | 51200 | 2333585 |
|  |  | 18361583 |
| **Materials – 6.5%** |  |  |
| Daicel Corp. | 37000 | 318957 |
| Maeda Kosen Co. Ltd. | 337600 | 4223560 |
| Nissan Chemical Corp. | 54800 | 1855114 |
| Tokyo Ohka Kogyo Co. Ltd. | 54100 | 1984474 |
|  |  | 8382105 |
| **Real Estate – 6.8%** |  |  |
| Loadstar Capital KK | 64300 | 1347667 |
| Relo Group, Inc. | 266100 | 2862850 |
| Star Mica Holdings Co. Ltd. | 214200 | 1581725 |
| Tosei Corp. | 141900 | 3020128 |
|  |  | 8812370 |
| **Utilities – 0.5%** |  |  |
| EF-ON INC | 244900 | 629293 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $100,862,184) |  | 123206747 |

---

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

---

| | |
|:---|:---|
| **24** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Japan Small Cap Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| MONEY MARKET FUNDS – 4.1% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 5254311 | $5254311 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,254,311) |  | 5254311 |
| **TOTAL INVESTMENTS – 99.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $106,116,495) |  | 128461058 |
| Other Assets in Excess of Liabilities – 0.8% |  | 1009275 |
| **TOTAL NET ASSETS – 100.0%** |  | $129470333 |

---

Percentages are stated as a percent of net assets.

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

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

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Consumer Discretionary | $18232251 | $— | $— | $18232251 |
| Consumer Staples | 12641903 |  |  | 12641903 |
| Financials | 7918435 |  |  | 7918435 |
| Health Care | 3560573 |  |  | 3560573 |
| Industrials | 44668234 |  |  | 44668234 |
| Information Technology | 18361583 |  |  | 18361583 |
| Materials | 8382105 |  |  | 8382105 |
| Real Estate | 8812370 |  |  | 8812370 |
| Utilities | 629293 |  |  | 629293 |
| **Common Stocks – Total** | 123206747 |  |  | 123206747 |
| **Money Market Funds** | 5254311 |  |  | 5254311 |
| **Total Investments** | $128461058 | $— | $— | $128461058 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **25** |

---

***Financial Statements — Schedule of Investments***

**Hennessy Large Cap Financial Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 95.6% | Shares | Value |
| **Financials – 95.5% (a)** |  |  |
| Bank of America Corp. | 34000 | $1817300 |
| Berkshire Hathaway, Inc. – Class B (b) | 3000 | 1432620 |
| Block, Inc. (b) | 20500 | 1556770 |
| Capital One Financial Corp. | 7000 | 1539930 |
| Chime Financial, Inc. – Class A (b) | 32000 | 549440 |
| Citigroup, Inc. | 22000 | 2227060 |
| Citizens Financial Group, Inc. | 10000 | 508700 |
| Coinbase Global, Inc. – Class A (b) | 5000 | 1718900 |
| Equitable Holdings, Inc. | 18000 | 889200 |
| Etoro Group Ltd. – Class A (b) | 20000 | 741200 |
| Federal National Mortgage Association (b) | 33000 | 336930 |
| Figure Technology Solutions, Inc. – Class A (b) | 7000 | 277200 |
| Fiserv, Inc. (b) | 4000 | 266760 |
| JPMorgan Chase & Co. | 5500 | 1711160 |
| KeyCorp | 5000 | 87950 |
| Klarna Group PLC (b) | 5000 | 187850 |
| Mastercard, Inc. – Class A | 2000 | 1103980 |
| Morgan Stanley | 10000 | 1640000 |
| PayPal Holdings, Inc. (b) | 22000 | 1523940 |
| Robinhood Markets, Inc. – Class A (b) | 12000 | 1761360 |
| Synchrony Financial | 18000 | 1338840 |
| The Charles Schwab Corp. | 3000 | 283560 |
| The Goldman Sachs Group, Inc. | 1100 | 868307 |
| The PNC Financial Services Group, Inc. | 8000 | 1460400 |
| Truist Financial Corp. | 36500 | 1628995 |
| U.S. Bancorp | 15000 | 700200 |
| Visa, Inc. – Class A | 4000 | 1362960 |
| Wells Fargo & Co. | 17800 | 1548066 |
|  |  | 31069578 |
| **Information Technology – 0.1%** |  |  |
| Circle Internet Group, Inc. (b) | 200 | 25396 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,862,353) |  | 31094974 |
| MONEY MARKET FUNDS – 5.2% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 1565648 | 1565648 |
| First American Treasury |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 3.98% (c) | 135201 | 135201 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,700,849) |  | 1700849 |
| **TOTAL INVESTMENTS – 100.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,563,202) |  | 32795823 |
| Liabilities in Excess of Other Assets – (0.8)% |  | (275237) |
| **TOTAL NET ASSETS – 100.0%** |  | $32520586 |

---

Percentages are stated as a percent of net assets.

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

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

PLC – Public Limited Company

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

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financials | $31069578 | $— | $— | $31069578 |
| Information Technology | 25396 |  |  | 25396 |
| **Common Stocks – Total** | 31094974 |  |  | 31094974 |
| **Money Market Funds** | 1700849 |  |  | 1700849 |
| **Total Investments** | $32795823 | $— | $— | $32795823 |

---

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

---

| | |
|:---|:---|
| **26** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Small Cap Financial Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 99.4% | Shares | Value |
| **Financials – 99.4% (a)** |  |  |
| Associated Banc-Corp. | 63000 | $1560510 |
| Atlantic Union Bankshares Corp. | 30000 | 975600 |
| Avidia Bancorp, Inc. (b) | 70000 | 1040900 |
| Banc of California, Inc. | 220000 | 3733400 |
| BankUnited, Inc. | 78000 | 3126240 |
| Banner Corp. | 20000 | 1207800 |
| Beacon Financial Corp. | 42000 | 1022280 |
| Bread Financial Holdings, Inc. | 43000 | 2693950 |
| California BanCorp (b) | 115000 | 2126350 |
| Columbia Banking System, Inc. | 140000 | 3752000 |
| ConnectOne Bancorp, Inc. | 145000 | 3488700 |
| Customers Bancorp, Inc. (b) | 38000 | 2550560 |
| Eagle Bancorp, Inc. | 145000 | 2428750 |
| Eastern Bankshares, Inc. | 118000 | 2068540 |
| Flagstar Bank NA | 272000 | 3106240 |
| Hancock Whitney Corp. | 23000 | 1313530 |
| Independent Bank Corp. | 47000 | 3162630 |
| NB Bancorp, Inc. | 185000 | 3342950 |
| OceanFirst Financial Corp. | 175000 | 3181500 |
| Old National Bancorp | 95000 | 1940850 |
| Provident Financial Services, Inc. | 185000 | 3383650 |
| Rocket Companies, Inc. – Class A | 120000 | 1999200 |
| The Bancorp, Inc. (b) | 31000 | 2026470 |
| The Hingham Institution for Savings | 13000 | 3825380 |
| WaFd, Inc. | 110000 | 3193300 |
| Western New England Bancorp, Inc. | 215000 | 2444550 |
| Wintrust Financial Corp. | 18000 | 2340360 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,042,944) |  | 67036190 |
| MONEY MARKET FUNDS – 0.9% |  |  |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 610192 | 610192 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $610,192) |  | 610192 |
| **TOTAL INVESTMENTS – 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,653,136) |  | 67646382 |
| Liabilities in Excess of Other Assets – (0.3)% |  | (188747) |
| **TOTAL NET ASSETS – 100.0%** |  | $67457635 |

---

Percentages are stated as a percent of net assets.

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

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

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

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financials | $67036190 | $— | $— | $67036190 |
| **Common Stocks – Total** | 67036190 |  |  | 67036190 |
| **Money Market Funds** | 610192 |  |  | 610192 |
| **Total Investments** | $67646382 | $— | $— | $67646382 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **27** |

---

***Financial Statements — Schedule of Investments***

**Hennessy Technology Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 97.5% | Shares | Value |
| **Communication Services – 8.2%** |  |  |
| Cargurus, Inc. (a) | 3952 | $138794 |
| Meta Platforms, Inc. – Class A | 192 | 124483 |
| Pinterest, Inc. – Class A (a) | 4357 | 144217 |
| TripAdvisor, Inc. (a) | 8847 | 142083 |
| Yelp, Inc. (a) | 4376 | 144320 |
|  |  | 693897 |
| **Consumer Discretionary – 1.3%** |  |  |
| Sea Ltd. – ADR (a) | 732 | 114375 |
| **Information Technology – 88.0% (b)** |  |  |
| Adobe, Inc. (a) | 392 | 133402 |
| Apple, Inc. | 536 | 144918 |
| Applied Materials, Inc. | 630 | 146853 |
| AppLovin Corp. – Class A (a) | 227 | 144674 |
| Arista Networks, Inc. (a) | 875 | 137979 |
| ASML Holding NV | 139 | 147233 |
| Atlassian Corp. – Class A (a) | 922 | 156205 |
| Autodesk, Inc. (a) | 444 | 133795 |
| CDW Corp. | 882 | 140564 |
| Cellebrite DI Ltd. (a) | 7230 | 123344 |
| CGI, Inc. | 1513 | 131631 |
| Check Point Software Technologies Ltd. (a) | 688 | 134628 |
| Clearwater Analytics Holdings, Inc. – Class A (a) | 7639 | 140634 |
| Cognizant Technology Solutions Corp. – Class A | 2004 | 146052 |
| Commvault Systems, Inc. (a) | 789 | 109845 |
| Diebold Nixdorf, Inc. (a) | 2404 | 142197 |
| Docusign, Inc. (a) | 1909 | 139624 |
| Endava PLC – ADR (a) | 15334 | 142146 |
| Extreme Networks, Inc. (a) | 6649 | 126464 |
| Fortinet, Inc. (a) | 1597 | 138029 |
| Frequency Electronics, Inc. (a) | 3573 | 131201 |
| Gartner, Inc. (a) | 558 | 138574 |
| GlobalFoundries, Inc. (a) | 3845 | 136882 |
| Globant SA (a) | 2320 | 142866 |
| GoDaddy, Inc. – Class A (a) | 1016 | 135260 |
| Hewlett Packard Enterprise Co. | 5287 | 129109 |
| Ingram Micro Holding Corp. | 6189 | 142099 |
| InterDigital, Inc. | 391 | 141526 |
| Ituran Location and Control Ltd. | 3851 | 148302 |
| Jabil, Inc. | 668 | 147554 |
| KLA Corp. | 130 | 157136 |
| Lam Research Corp. | 968 | 152421 |
| Monolithic Power Systems, Inc. | 141 | 141705 |
| Motorola Solutions, Inc. | 299 | 121606 |
| NetApp, Inc. | 1142 | 134505 |
| NVIDIA Corp. | 708 | 143363 |
| OneSpan, Inc. | 8864 | 101050 |
| Open Text Corp. | 3537 | 135644 |
| Oracle Corp. | 475 | 124740 |
| Palo Alto Networks, Inc. (a) | 630 | 138751 |
| Pegasystems, Inc. | 2462 | 156706 |
| Pure Storage, Inc. – Class A (a) | 1485 | 146569 |
| QUALCOMM, Inc. | 804 | 145444 |
| Qualys, Inc. (a) | 1062 | 130902 |
| Rapid7, Inc. (a) | 7522 | 139232 |
| ScanSource, Inc. (a) | 3298 | 141501 |
| STMicroelectronics NV | 4785 | 117089 |
| Taiwan Semiconductor |  |  |
| &nbsp;&nbsp;&nbsp;Manufacturing Co. Ltd. – ADR | 457 | 137296 |
| Telefonaktiebolaget LM Ericsson – ADR | 16324 | 164709 |
| Teradata Corp. (a) | 6239 | 130083 |
| Turtle Beach Corp. (a) | 9015 | 152353 |
| United Microelectronics Corp. – ADR | 18212 | 140415 |
| Vontier Corp. | 3426 | 131901 |
| Zscaler, Inc. (a) | 437 | 144708 |
|  |  | 7483419 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,619,875) |  | 8291691 |

---

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

---

| | |
|:---|:---|
| **28** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Schedule of Investments***

**Hennessy Technology Fund — as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| MONEY MARKET FUNDS – 2.7% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (c) | 228449 | $228449 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $228,449) |  | 228449 |
| **TOTAL INVESTMENTS – 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,848,324) |  | 8520140 |
| Liabilities in Excess of Other Assets – (0.2)% |  | (16841) |
| **TOTAL NET ASSETS – 100.0%** |  | $8503299 |

---

Percentages are stated as a percent of net assets.

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

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

ADR – American Depositary Receipt

PLC – Public Limited Company

(a) Non-income producing security.

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

(c) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $693897 | $— | $— | $693897 |
| Consumer Discretionary | 114375 |  |  | 114375 |
| Information Technology | 7483419 |  |  | 7483419 |
| **Common Stocks – Total** | 8291691 |  |  | 8291691 |
| **Money Market Funds** | 228449 |  |  | 228449 |
| **Total Investments** | $8520140 | $— | $— | $8520140 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **29** |

---

***Financial Statements — Statements of Assets and Liabilities***

**as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **HENNESSY**<br>**CORNERSTONE**<br>**GROWTH**<br>**FUND** |<br>**HENNESSY**<br>**FOCUS FUND** |
| **ASSETS:** |  |  |
| Investments in securities, at value | $462605180 | $592944552 |
| Dividends and interest receivable | 238457 | 127037 |
| Receivable for fund shares sold | 143451 | 253082 |
| Return of capital receivable | 137294 |  |
| Dividend tax reclaim receivable | 39659 |  |
| Prepaid expenses and other assets | 48410 | 39934 |
| &nbsp;&nbsp;&nbsp;Total assets | 463212451 | 593364605 |
| **LIABILITIES:** |  |  |
| Payable for fund securities purchased |  |  |
| Payable for fund shares redeemed | 684750 | 403125 |
| Payable to advisor | 295757 | 457460 |
| Payable to administrator | 71294 | 85760 |
| Payable to auditor | 22742 | 22745 |
| Accrued distribution fees | 37473 | 66822 |
| Accrued service fees | 21782 | 34348 |
| Accrued trustees' fees | 5311 | 5308 |
| Reverse repurchase agreement |  |  |
| Accrued interest payable |  |  |
| Accrued expenses and other payables | 98295 | 146405 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1237404 | 1221973 |
| **NET ASSETS** | $461975047 | $592142632 |
| **NET ASSETS CONSISTS OF:** |  |  |
| Capital stock | $428179305 | $68790656 |
| Total distributable earnings | 33795742 | 523351976 |
| &nbsp;&nbsp;&nbsp;Total net assets | $461975047 | $592142632 |
| **NET ASSETS:** |  |  |
| **Investor Class** |  |  |
| Shares authorized (no par value) | Unlimited | Unlimited |
| Net assets applicable to outstanding shares | $251175477 | $404666807 |
| Shares issued and outstanding | 7848660 | 6946762 |
| Net asset value, offering price, and redemption price per share | $32.00 | $58.25 |
| **Institutional Class** |  |  |
| Shares authorized (no par value) | Unlimited | Unlimited |
| Net assets applicable to outstanding shares | $210799570 | $187475825 |
| Shares issued and outstanding | 6287172 | 3049695 |
| Net asset value, offering price, and redemption price per share | $33.53 | $61.47 |
| Investments, at cost | $416343507 | $241206277 |

---

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

---

| | |
|:---|:---|
| **30** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Assets and Liabilities***

**as of October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HENNESSY**<br>**CORNERSTONE**<br>**MID CAP 30**<br>**FUND** | **HENNESSY**<br>**CORNERSTONE**<br>**LARGE**<br>**GROWTH FUND** |<br>**HENNESSY**<br>**CORNERSTONE**<br>**VALUE FUND** |<br>**HENNESSY**<br>**TOTAL RETURN**<br>**FUND** |<br>**HENNESSY**<br>**EQUITY AND**<br>**INCOME FUND** |<br>**HENNESSY**<br>**BALANCED**<br>**FUND** |
| $1277402533 | $134580912 | $292320296 | $70043309 | $44877615 | $13065335 |
| 770010 | 87738 | 608509 | 80007 | 142075 | 14632 |
| 1014829 | 521 | 394 | 134 |  |  |
|  | 534 | 7080 |  | 20503 |  |
| 78586 | 19134 | 28755 | 11587 | 18924 | 8653 |
| 1279265958 | 134688839 | 292965034 | 70135037 | 45059117 | 13088620 |
|  |  |  |  | 477450 |  |
| 2506797 | 22001 | 212 | 24213 | 10628 | 100 |
| 801180 | 84927 | 184531 | 25036 | 30935 | 6616 |
| 185790 | 21319 | 43827 | 8992 | 8777 | 3882 |
| 22742 | 22742 | 22742 | 22742 | 22751 | 22742 |
| 66105 | 18674 | 44139 | 7459 | 4710 | 1714 |
| 38470 | 10050 | 24098 | 4172 | 2172 | 1103 |
| 5312 | 5312 | 5312 | 5314 | 5313 | 5314 |
|  |  |  | 20688500 |  |  |
|  |  |  | 123419 |  |  |
| 298216 | 20575 | 38614 | 12521 | 23429 | 7860 |
| 3924612 | 205600 | 363475 | 20922368 | 586165 | 49331 |
| $1275341346 | $134483239 | $292601559 | $49212669 | $44472952 | $13039289 |
| $1200699081 | $108241209 | $210379940 | $42694521 | $26001613 | $12016536 |
| 74642265 | 26242030 | 82221619 | 6518148 | 18471339 | 1022753 |
| $1275341346 | $134483239 | $292601559 | $49212669 | $44472952 | $13039289 |
| Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| $453599890 | $117784618 | $282956818 | $49212669 | $25151828 | $13039289 |
| 19605221 | 9858303 | 12361156 | 3476414 | 1741516 | 1053582 |
| $23.14 | $11.95 | $22.89 | $14.16 | $14.44 | $12.38 |
| Unlimited | Unlimited | Unlimited | N/A | Unlimited | N/A |
| $821741456 | $16698621 | $9644741 | N/A | $19321124 | N/A |
| 33614480 | 1380951 | 420054 | N/A | 1427716 | N/A |
| $24.45 | $12.09 | $22.96 | N/A | $13.53 | N/A |
| $1213407335 | $116087163 | $228751881 | $63049250 | $30788309 | $11944702 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **31** |

---

***Financial Statements — Statements of Assets and Liabilities***

**as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **HENNESSY**<br>**ENERGY**<br>**TRANSITION**<br>**FUND** |<br>**HENNESSY**<br>**MIDSTREAM**<br>**FUND** |
| **ASSETS:** |  |  |
| Investments in securities, at value | $13147945 | $77730082 |
| Dividends and interest receivable | 2434 | 67311 |
| Receivable for fund shares sold | 509 | 5092 |
| Receivable for securities sold |  | 213963 |
| Return of capital receivable |  | 495543 |
| Dividend tax reclaim receivable |  |  |
| Due from advisor |  |  |
| Prepaid expenses and other assets | 9425 | 13712 |
| &nbsp;&nbsp;&nbsp;Total assets | 13160313 | 78525703 |
| **LIABILITIES:** |  |  |
| Payable for fund securities purchased |  |  |
| Payable for fund shares redeemed | 1711 | 46958 |
| Payable to advisor | 13693 | 66009 |
| Payable to administrator |  |  |
| Payable to auditor | 23408 | 41308 |
| Accrued distribution fees | 1611 | 3645 |
| Accrued service fees | 509 | 2239 |
| Accrued trustees' fees | 5312 | 5311 |
| Accrued interest payable | 17 |  |
| Deferred income tax |  | 7670370 |
| Accrued expenses and other payables | 12553 | 20632 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 58814 | 7856472 |
| **NET ASSETS** | $13101499 | $70669231 |
| **NET ASSETS CONSISTS OF:** |  |  |
| Capital stock | $43477930 | $61000107 |
| Total distributable earnings (accumulated deficit) | (30376431) | 9669124 |
| &nbsp;&nbsp;&nbsp;Total net assets | $13101499 | $70669231 |
| **NET ASSETS:** |  |  |
| **Investor Class** |  |  |
| Shares authorized (no par value) | Unlimited | Unlimited |
| Net assets applicable to outstanding shares | $6075249 | $25357505 |
| Shares issued and outstanding | 207726 | 2257813 |
| Net asset value, offering price, and redemption price per share | $29.25 | $11.23 |
| **Institutional Class** |  |  |
| Shares authorized (no par value) | Unlimited | Unlimited |
| Net assets applicable to outstanding shares | $7026250 | $45311726 |
| Shares issued and outstanding | 234333 | 3826963 |
| Net asset value, offering price, and redemption price per share | $29.98 | $11.84 |
| Investments, at cost | $9542927 | $37389367 |

---

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

---

| | |
|:---|:---|
| **32** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Assets and Liabilities***

**as of October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**HENNESSY**<br>**GAS UTILITY**<br>**FUND** |<br>**HENNESSY**<br>**JAPAN FUND** |<br>**HENNESSY**<br>**JAPAN SMALL**<br>**CAP FUND** | **HENNESSY**<br>**LARGE CAP**<br>**FINANCIAL**<br>**FUND** | **HENNESSY**<br>**SMALL CAP**<br>**FINANCIAL**<br>**FUND** |<br>**HENNESSY**<br>**TECHNOLOGY**<br>**FUND** |
| $493768759 | $453492522 | $128461058 | $32795823 | $67646382 | $8520140 |
| 158829 | 3332326 | 902125 | 33070 | 2225 | 1103 |
| 19868 | 191713 | 383265 | 702 | 3040 |  |
|  |  | 145055 |  |  |  |
|  | 204843 | 55771 |  |  | 615 |
|  |  |  |  |  | 4323 |
| 34042 | 45785 | 22311 | 15719 | 18853 | 17036 |
| 493981498 | 457267189 | 129969585 | 32845314 | 67670500 | 8543217 |
|  |  | 250812 | 207152 | 65190 |  |
| 143943 | 387987 | 73598 | 36386 | 11554 |  |
| 172840 | 306173 | 90482 | 24189 | 52238 |  |
| 73422 | 65317 | 21353 | 6551 | 11973 |  |
| 22742 | 22746 | 22742 | 22742 | 22753 | 22755 |
| 68359 | 7052 | 5832 | 3938 | 9996 | 997 |
| 37973 | 4171 | 3316 | 2026 | 5264 | 524 |
| 5319 | 5310 | 5307 | 5309 | 5309 | 5312 |
| 106971 | 53106 | 25810 | 16435 | 28588 | 10330 |
| 631569 | 851862 | 499252 | 324728 | 212865 | 39918 |
| $493349929 | $456415327 | $129470333 | $32520586 | $67457635 | $8503299 |
| $211069479 | $268170029 | $91681172 | $17398562 | $48614220 | $5419401 |
| 282280450 | 188245298 | 37789161 | 15122024 | 18843415 | 3083898 |
| $493349929 | $456415327 | $129470333 | $32520586 | $67457635 | $8503299 |
| Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| $433646712 | $49635668 | $38585325 | $23879695 | $61167725 | $6205466 |
| 15044673 | 1019144 | 1812087 | 679678 | 2188601 | 230551 |
| $28.82 | $48.70 | $21.29 | $35.13 | $27.95 | $26.92 |
| Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| $59703217 | $406779659 | $90885008 | $8640891 | $6289910 | $2297833 |
| 2077219 | 8013948 | 4326035 | 242798 | 399578 | 82557 |
| $28.74 | $50.76 | $21.01 | $35.59 | $15.74 | $27.83 |
| $236707856 | $274644491 | $106116495 | $19563202 | $53653136 | $6848324 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **33** |

---

***Financial Statements — Statements of Operations***

**for the year ended October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **HENNESSY**<br>**CORNERSTONE**<br>**GROWTH**<br>**FUND** |<br>**HENNESSY**<br>**FOCUS FUND** |
| **INVESTMENT INCOME:** |  |  |
| Dividend income<sup>(1)</sup> | $5747710 | $2848947 |
| Interest income | 589029 | 373015 |
| &nbsp;&nbsp;&nbsp;Total investment income | 6336739 | 3221962 |
| **EXPENSES:** |  |  |
| Investment advisory fees (See Note 5) | 3852855 | 5079156 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 586086 | 714413 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 240969 | 149130 |
| Distribution fees – Investor Class (See Note 5) | 457850 | 533231 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 444015 | 467343 |
| Service fees – Investor Class (See Note 5) | 305233 | 355487 |
| Federal and state registration fees | 77760 | 58587 |
| Trustees' fees and expenses | 26769 | 26977 |
| Audit fees | 22739 | 22739 |
| Compliance expense (See Note 5) | 29926 | 30160 |
| Reports to shareholders | 52643 | 42330 |
| Legal fees | 10591 | 7982 |
| Interest expense (See Notes 7 and 9) | 7024 | 2359 |
| Other expenses | 74414 | 91810 |
| &nbsp;&nbsp;&nbsp;Net expenses | 6188874 | 7581704 |
| **NET INVESTMENT INCOME (LOSS)** | $147865 | $(4359742) |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | $(12602621) | $215026776 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | 21806808 | (57958360) |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments | 9204187 | 157068416 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9352052 | $152708674 |
| <sup>(1)</sup> Net of foreign taxes withheld and issuance fees of | $219885 | $145585 |

---

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

---

| | |
|:---|:---|
| **34** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Operations***

**for the year ended October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HENNESSY**<br>**CORNERSTONE**<br>**MID CAP 30**<br>**FUND** | **HENNESSY**<br>**CORNERSTONE**<br>**LARGE**<br>**GROWTH FUND** |<br>**HENNESSY**<br>**CORNERSTONE**<br>**VALUE FUND** |<br>**HENNESSY**<br>**TOTAL RETURN**<br>**FUND** |<br>**HENNESSY**<br>**EQUITY AND**<br>**INCOME FUND** |<br>**HENNESSY**<br>**BALANCED**<br>**FUND** |
| $18563725 | $2859775 | $11059288 | $1198112 | $559518 | $225103 |
| 1434763 | 77772 | 195966 | 1537779 | 561133 | 282738 |
| 19998488 | 2937547 | 11255254 | 2735891 | 1120651 | 507841 |
| 10962979 | 998694 | 2122318 | 292196 | 419452 | 77235 |
| 1231192 | 104264 | 193428 | 34089 | 60938 | 5740 |
| 1124470 | 8323 | 9565 |  | 21723 |  |
| 814960 | 177829 | 414488 | 73049 | 43527 | 19309 |
| 1233160 | 123647 | 248972 | 52678 | 56174 | 22935 |
| 543306 | 118400 | 276326 | 48699 | 29018 | 12873 |
| 129871 | 34420 | 36915 | 20123 | 33773 | 20355 |
| 38218 | 22372 | 24060 | 21473 | 21540 | 21079 |
| 22739 | 22739 | 22739 | 22739 | 22756 | 22739 |
| 32831 | 28849 | 29253 | 28597 | 28614 | 28505 |
| 120874 | 18497 | 25512 | 10295 | 11882 | 4079 |
| 31378 | 1979 | 4271 | 593 | 6099 | 97 |
| 19636 | 178 |  | 966258 | 1812 |  |
| 196743 | 27803 | 48329 | 10769 | 12787 | 7564 |
| 16502357 | 1687994 | 3456176 | 1581558 | 770095 | 242510 |
| $3496131 | $1249553 | $7799078 | $1154333 | $350556 | $265331 |
| $36029436 | $7190172 | $15078702 | $(518455) | $6703429 | $(84919) |
| (64638291) | (2761349) | 6236426 | 3484787 | (4595990) | 557731 |
| (28608855) | 4428823 | 21315128 | 2966332 | 2107439 | 472812 |
| $(25112724) | $5678376 | $29114206 | $4120665 | $2457995 | $738143 |
| $— | $— | $414910 | $— | $5282 | $— |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **35** |

---

***Financial Statements — Statements of Operations***

**for the year ended October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **HENNESSY**<br>**ENERGY**<br>**TRANSITION**<br>**FUND** |<br>**HENNESSY**<br>**MIDSTREAM**<br>**FUND** |
| **INVESTMENT INCOME:** |  |  |
| Distributions received from master limited partnerships | $— | $3296658 |
| Return of capital on distributions received |  | (3296658) |
| Dividend income<sup>(1)</sup> | 406863 | 943256 |
| Interest income | 20653 | 260927 |
| &nbsp;&nbsp;&nbsp;Total investment income | 427516 | 1204183 |
| **EXPENSES:** |  |  |
| Investment advisory fees (See Note 5) | 185001 | 868181 |
| Sub-transfer agent expenses – Investor Class (See Note 5) | 12087 | 64291 |
| Sub-transfer agent expenses – Institutional Class (See Note 5) | 10511 | 53872 |
| Distribution fees – Investor Class (See Note 5) | 9354 | 40089 |
| Administration, accounting, custody, and transfer agent fees (See Note 5) | 24545 | 77822 |
| Service fees – Investor Class (See Note 5) | 6236 | 26726 |
| Federal and state registration fees | 31358 | 35678 |
| Trustees' fees and expenses | 21103 | 21850 |
| Audit fees | 23411 | 41303 |
| Compliance expense (See Note 5) | 28515 | 28675 |
| Reports to shareholders | 9343 | 21299 |
| Legal fees | 97 | 1275 |
| Interest expense (See Notes 7 and 9) | 744 |  |
| Income tax expense |  | 1100 |
| Other expenses | 8755 | 23515 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers and reimbursements | 371060 | 1305676 |
| Service provider expense waiver (See Note 5) | (24545) | (77822) |
| Expense reimbursement by advisor – Investor Class (See Note 5) |  | (16987) |
| Expense reimbursement by advisor – Institutional Class (See Note 5) |  | 5988 |
| &nbsp;&nbsp;&nbsp;Net expenses | 346515 | 1216855 |
| **NET INVESTMENT INCOME (LOSS)** | $81001 | $(12672) |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | $2556353 | $3462698 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on foreign currency |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | (928915) | 3155869 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on foreign currency |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income tax |  | (2152107) |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments | 1627438 | 4466460 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1708439 | $4453788 |
| <sup>(1)</sup> Net of foreign taxes withheld and issuance fees of | $8484 | $23213 |

---

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

---

| | |
|:---|:---|
| **36** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Operations***

**for the year ended October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**HENNESSY**<br>**GAS UTILITY**<br>**FUND** |<br>**HENNESSY**<br>**JAPAN FUND** |<br>**HENNESSY**<br>**JAPAN SMALL**<br>**CAP FUND** | **HENNESSY**<br>**LARGE CAP**<br>**FINANCIAL**<br>**FUND** | **HENNESSY**<br>**SMALL CAP**<br>**FINANCIAL**<br>**FUND** |<br>**HENNESSY**<br>**TECHNOLOGY**<br>**FUND** |
| $— | $— | $— | $— | $— | $— |
| 14961352 | 9550661 | 2957833 | 516239 | 1978461 | 54551 |
| 186178 | 1306258 | 194745 | 26584 | 46425 | 8287 |
| 15147530 | 10856919 | 3152578 | 542823 | 2024886 | 62838 |
| 1998794 | 3370377 | 967985 | 278706 | 669597 | 58358 |
| 691616 | 100381 | 76275 | 46008 | 140370 | 6063 |
| 60290 | 375162 | 75973 | 8665 | 8695 | 1909 |
| 661291 | 73412 | 50827 | 35006 | 101578 | 8219 |
| 419050 | 359510 | 112434 | 37633 | 73647 | 18796 |
| 440861 | 48942 | 33885 | 23337 | 67719 | 5480 |
| 40487 | 53649 | 32693 | 32985 | 37839 | 32183 |
| 26414 | 25402 | 22179 | 21275 | 21717 | 21019 |
| 22739 | 22739 | 22739 | 22739 | 22756 | 22756 |
| 29800 | 29599 | 28791 | 28556 | 28699 | 28498 |
| 35435 | 33350 | 17394 | 10090 | 15039 | 8424 |
| 7662 | 6787 | 1534 | 228 | 1130 | 97 |
| 4598 |  |  | 292 | 2586 | 478 |
| 247503 | 67751 | 24782 | 11586 | 17312 | 8141 |
| 4686540 | 4567061 | 1467491 | 557106 | 1208684 | 220421 |
|  |  |  |  |  | (18796) |
|  |  |  |  |  | (77182) |
|  |  |  |  |  | (32982) |
| 4686540 | 4567061 | 1467491 | 557106 | 1208684 | 91461 |
| $10460990 | $6289858 | $1685087 | $(14283) | $816202 | $(28623) |
| $49352453 | $9934098 | $16212221 | $5704949 | $8187166 | $1523335 |
|  | (150096) | (81044) |  |  |  |
| (3619143) | 60547570 | 16255128 | 1913255 | (4599551) | 239077 |
|  | 53730 | 12392 |  |  |  |
| 45733310 | 70385302 | 32398697 | 7618204 | 3587615 | 1762412 |
| $56194300 | $76675160 | $34083784 | $7603921 | $4403817 | $1733789 |
| $447191 | $895455 | $328648 | $— | $720 | $4487 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **37** |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | |
|:---|:---|:---|
|  | **Hennessy Cornerstone Growth Fund** | **Hennessy Cornerstone Growth Fund** |
|  | Year Ended | Year Ended |
|  | October 31, 2025 | October 31, 2024 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $147865 | $(379831) |
| Net realized gain (loss) on investments | (12602621) | 87209748 |
| Net change in unrealized appreciation/depreciation on investments | 21806808 | 6152759 |
| Net increase (decrease) in net assets resulting from operations | 9352052 | 92982676 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (44313481) | (606782) |
| Distributable earnings – Institutional Class | (23640467) | (167282) |
| Total distributions | (67953948) | (774064) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 82754032 | 187004052 |
| Proceeds from shares subscribed – Institutional Class | 168152742 | 176079733 |
| Dividends reinvested – Investor Class | 42865812 | 578789 |
| Dividends reinvested – Institutional Class | 22247842 | 152443 |
| Cost of shares redeemed – Investor Class | (171822880) | (66009736) |
| Cost of shares redeemed – Institutional Class | (135051491) | (42258515) |
| Net increase (decrease) in net assets derived from capital share transactions | 9146057 | 255546766 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (49455839) | 347755378 |
| **NET ASSETS:** |  |  |
| Beginning of year | 511430886 | 163675508 |
| End of year | $461975047 | $511430886 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 2504771 | 5583614 |
| Shares sold – Institutional Class | 5069648 | 5015256 |
| Shares issued to holders as reinvestment of dividends – Investor Class | 1242392 | 20835 |
| Shares issued to holders as reinvestment of dividends – Institutional Class | 616985 | 5260 |
| Shares redeemed – Investor Class | (5442052) | (1996103) |
| Shares redeemed – Institutional Class | (4085252) | (1230851) |
| Net increase (decrease) in shares outstanding | (93508) | 7398011 |

---

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

---

| | |
|:---|:---|
| **38** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hennessy Focus Fund** | **Hennessy Focus Fund** | **Hennessy Cornerstone Mid Cap 30 Fund** | **Hennessy Cornerstone Mid Cap 30 Fund** | **Hennessy Cornerstone Large Growth Fund** | **Hennessy Cornerstone Large Growth Fund** |
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 |
| $(4359742) | $(2065371) | $3496131 | $1399597 | $1249553 | $1360061 |
| 215026776 | 108696237 | 36029436 | 278822792 | 7190172 | 5023205 |
| (57958360) | 98523270 | (64638291) | 126453711 | (2761349) | 23155669 |
| 152708674 | 205154136 | (25112724) | 406676100 | 5678376 | 29538935 |
| (51685363) | (79757816) | (106325530) | (30621646) | (5162662) | (4666709) |
| (37079720) | (49294820) | (173232185) | (30645521) | (770276) | (700235) |
| (88765083) | (129052636) | (279557715) | (61267167) | (5932938) | (5366944) |
| 17517239 | 29277840 | 183587822 | 282252860 | 505249 | 730180 |
| 32425235 | 123166611 | 626530452 | 597592597 | 1476333 | 1517612 |
| 50416179 | 77544027 | 101214406 | 29980981 | 4969391 | 4502505 |
| 24839216 | 44780385 | 166271011 | 29053170 | 756303 | 687942 |
| (109531838) | (109103205) | (350047466) | (131986048) | (15235624) | (11559927) |
| (162196050) | (138696803) | (744655970) | (146433185) | (2896568) | (3548864) |
| (146530019) | 26968855 | (17099745) | 660460375 | (10424916) | (7670552) |
| (82586428) | 103070355 | (321770184) | 1005869308 | (10679478) | 16501439 |
| 674729060 | 571658705 | 1597111530 | 591242222 | 145162717 | 128661278 |
| $592142632 | $674729060 | $1275341346 | $1597111530 | $134483239 | $145162717 |
| 351760 | 600016 | 7636601 | 12231650 | 43733 | 64598 |
| 658300 | 2677784 | 25589526 | 24551093 | 126719 | 130300 |
| 1102957 | 1909481 | 4131263 | 1609285 | 419287 | 419889 |
| 516730 | 1052418 | 6435076 | 1481549 | 63287 | 63274 |
| (2334447) | (2423040) | (15849827) | (5870859) | (1308461) | (1002293) |
| (3400664) | (2894254) | (33095344) | (6109706) | (250459) | (301654) |
| (3105364) | 922405 | (5152705) | 27893012 | (905894) | (625886) |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **39** |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | |
|:---|:---|:---|
|  | **Hennessy Cornerstone Value Fund** | **Hennessy Cornerstone Value Fund** |
|  | Year Ended | Year Ended |
|  | October 31, 2025 | October 31, 2024 |
| **OPERATIONS:** |  |  |
| Net investment income | $7799078 | $8789191 |
| Net realized gain (loss) on investments | 15078702 | 7254630 |
| Net change in unrealized appreciation/depreciation on investments | 6236426 | 40523513 |
| Net increase in net assets resulting from operations | 29114206 | 56567334 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (11686954) | (9186043) |
| Distributable earnings – Institutional Class | (373765) | (284175) |
| Total distributions | (12060719) | (9470218) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 5517026 | 1844518 |
| Proceeds from shares subscribed – Institutional Class | 7653208 | 1069369 |
| Dividends reinvested – Investor Class | 10965553 | 8633177 |
| Dividends reinvested – Institutional Class | 337691 | 258511 |
| Cost of shares redeemed – Investor Class | (23824114) | (28713534) |
| Cost of shares redeemed – Institutional Class | (7064189) | (2125183) |
| Net decrease in net assets derived from capital share transactions | (6414825) | (19033142) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 10638662 | 28063974 |
| **NET ASSETS:** |  |  |
| Beginning of year | 281962897 | 253898923 |
| End of year | $292601559 | $281962897 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 253487 | 91909 |
| Shares sold – Institutional Class | 353571 | 53722 |
| Shares issued to holders as reinvestment of dividends – Investor Class | 529866 | 446390 |
| Shares issued to holders as reinvestment of dividends – Institutional Class | 16314 | 13353 |
| Shares redeemed – Investor Class | (1094306) | (1445888) |
| Shares redeemed – Institutional Class | (322086) | (107627) |
| Net decrease in shares outstanding | (263154) | (948141) |

---

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

---

| | |
|:---|:---|
| **40** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hennessy Total Return Fund** | **Hennessy Total Return Fund** | **Hennessy Equity and Income Fund** | **Hennessy Equity and Income Fund** | **Hennessy Balanced Fund** | **Hennessy Balanced Fund** |
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 |
| $1154333 | $1566102 | $350556 | $501581 | $265331 | $360046 |
| (518455) | 720394 | 6703429 | 7451969 | (84919) | 207706 |
| 3484787 | 4854980 | (4595990) | 4549342 | 557731 | 863545 |
| 4120665 | 7141476 | 2457995 | 12502892 | 738143 | 1431297 |
| (1632171) | (3616720) | (3495688) | (3105856) | (409870) | (376967) |
| N/A | N/A | (3154202) | (3077045) | N/A | N/A |
| (1632171) | (3616720) | (6649890) | (6182901) | (409870) | (376967) |
| 898175 | 419282 | 10198577 | 361950 | 1142103 | 4638036 |
| N/A | N/A | 1194662 | 2227852 | N/A | N/A |
| 1553052 | 3438144 | 3387249 | 3000628 | 394247 | 365342 |
| N/A | N/A | 3029457 | 2617818 | N/A | N/A |
| (4771388) | (5881147) | (18004394) | (9212958) | (1536376) | (5638415) |
| N/A | N/A | (10666310) | (14790153) | N/A | N/A |
| (2320161) | (2023721) | (10860759) | (15794863) | (26) | (635037) |
| 168333 | 1501035 | (15052654) | (9474872) | 328247 | 419293 |
| 49044336 | 47543301 | 59525606 | 69000478 | 12711042 | 12291749 |
| $49212669 | $49044336 | $44472952 | $59525606 | $13039289 | $12711042 |
| 65258 | 31697 | 645943 | 24874 | 94190 | 394942 |
| N/A | N/A | 85539 | 162896 | N/A | N/A |
| 113549 | 265100 | 236324 | 216412 | 32737 | 30750 |
| N/A | N/A | 225408 | 200484 | N/A | N/A |
| (349142) | (443078) | (1187034) | (627737) | (127652) | (477224) |
| N/A | N/A | (792423) | (1078531) | N/A | N/A |
| (170335) | (146281) | (786243) | (1101602) | (725) | (51532) |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **41** |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | |
|:---|:---|:---|
|  | **Hennessy Energy Transition Fund** | **Hennessy Energy Transition Fund** |
|  | Year Ended | Year Ended |
|  | October 31, 2025 | October 31, 2024 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $81001 | $114217 |
| Net realized gain on investments | 2556353 | 2446699 |
| Net change in unrealized appreciation/depreciation on investments | (928915) | (1819834) |
| Net increase in net assets resulting from operations | 1708439 | 741082 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (4830) |  |
| Return of capital – Investor Class |  |  |
| Distributable earnings – Institutional Class | (11150) |  |
| Return of capital – Institutional Class |  |  |
| Total distributions | (15980) |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 1659818 | 826073 |
| Proceeds from shares subscribed – Institutional Class | 2381790 | 1770310 |
| Dividends reinvested – Investor Class | 4480 |  |
| Dividends reinvested – Institutional Class | 11018 |  |
| Cost of shares redeemed – Investor Class | (2770303) | (3752323) |
| Cost of shares redeemed – Institutional Class | (4490312) | (5369899) |
| Net increase (decrease) in net assets derived from capital share transactions | (3203509) | (6525839) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1511050) | (5784757) |
| **NET ASSETS:** |  |  |
| Beginning of year | 14612549 | 20397306 |
| End of year | $13101499 | $14612549 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 59926 | 32213 |
| Shares sold – Institutional Class | 82691 | 69692 |
| Shares issued to holders as reinvestment of dividends – Investor Class | 170 |  |
| Shares issued to holders as reinvestment of dividends – Institutional Class | 408 |  |
| Shares redeemed – Investor Class | (102564) | (152192) |
| Shares redeemed – Institutional Class | (156337) | (225321) |
| Net increase (decrease) in shares outstanding | (115706) | (275608) |

---

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

---

| | |
|:---|:---|
| **42** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hennessy Midstream Fund** | **Hennessy Midstream Fund** | **Hennessy Gas Utility Fund** | **Hennessy Gas Utility Fund** | **Hennessy Japan Fund** | **Hennessy Japan Fund** |
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 |
| $(12672) | $80542 | $10460990 | $11117553 | $6289858 | $3268333 |
| 3462698 | 822198 | 49352453 | 31301117 | 9784002 | 21733323 |
| 1003762 | 12446433 | (3619143) | 76748141 | 60601300 | 68246264 |
| 4453788 | 13349173 | 56194300 | 119166811 | 76675160 | 93247920 |
| (1167782) | (310240) | (30996196) | (25604263) | (2871000) | (2789944) |
| (1050486) | (1489856) |  |  |  |  |
| (2123667) | (651672) | (4702563) | (3717985) | (21721268) | (14520668) |
| (1910357) | (3129507) |  |  |  |  |
| (6252292) | (5581275) | (35698759) | (29322248) | (24592268) | (17310612) |
| 14151145 | 6761271 | 22592745 | 5548732 | 8226164 | 21905975 |
| 8290756 | 7301317 | 28119334 | 7890354 | 67022322 | 134234776 |
| 1538542 | 1299243 | 29062148 | 24042649 | 2782634 | 2698448 |
| 3832360 | 3572791 | 3870572 | 3561181 | 21485258 | 14281682 |
| (9746660) | (6649066) | (63952336) | (67542228) | (19371848) | (28127178) |
| (12901580) | (6998085) | (24667850) | (26637584) | (89420061) | (86372015) |
| 5164563 | 5287471 | (4975387) | (53136896) | (9275531) | 58621688 |
| 3366059 | 13055369 | 15520154 | 36707667 | 42807361 | 134558996 |
| 67303172 | 54247803 | 477829775 | 441122108 | 413607966 | 279048970 |
| $70669231 | $67303172 | $493349929 | $477829775 | $456415327 | $413607966 |
| 1125880 | 606486 | 800363 | 230697 | 193644 | 522382 |
| 615179 | 616439 | 970358 | 326870 | 1504667 | 3221145 |
| 122585 | 119217 | 1033198 | 1023187 | 63320 | 76013 |
| 289216 | 313677 | 137847 | 152311 | 470718 | 387352 |
| (792496) | (599504) | (2262863) | (2813424) | (452788) | (686959) |
| (992304) | (608303) | (892979) | (1138705) | (1980553) | (2016273) |
| 368060 | 448012 | (214076) | (2219064) | (200992) | 1503660 |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **43** |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | |
|:---|:---|:---|
|  | **Hennessy Japan Small Cap Fund** | **Hennessy Japan Small Cap Fund** |
|  | Year Ended | Year Ended |
|  | October 31, 2025 | October 31, 2024 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1685087 | $1455262 |
| Net realized gain on investments | 16131177 | 4432544 |
| Net change in unrealized appreciation/depreciation on investments | 16267520 | 8123783 |
| Net increase in net assets resulting from operations | 34083784 | 14011589 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings – Investor Class | (1125405) | (297604) |
| Distributable earnings – Institutional Class | (3349956) | (914493) |
| Total distributions | (4475361) | (1212097) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares subscribed – Investor Class | 4735884 | 6202819 |
| Proceeds from shares subscribed – Institutional Class | 15645833 | 18992960 |
| Dividends reinvested – Investor Class | 1102297 | 288648 |
| Dividends reinvested – Institutional Class | 3335831 | 907721 |
| Cost of shares redeemed – Investor Class | (5543228) | (12937514) |
| Cost of shares redeemed – Institutional Class | (28596664) | (20616892) |
| Net increase (decrease) in net assets derived from capital share transactions | (9320047) | (7162258) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 20288376 | 5637234 |
| **NET ASSETS:** |  |  |
| Beginning of year | 109181957 | 103544723 |
| End of year | $129470333 | $109181957 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares sold – Investor Class | 247378 | 365195 |
| Shares sold – Institutional Class | 845507 | 1165653 |
| Shares issued to holders as reinvestment of dividends – Investor Class | 63516 | 17774 |
| Shares issued to holders as reinvestment of dividends – Institutional Class | 195315 | 56732 |
| Shares redeemed – Investor Class | (304110) | (785981) |
| Shares redeemed – Institutional Class | (1532455) | (1279525) |
| Net increase (decrease) in shares outstanding | (484849) | (460152) |

---

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

---

| | |
|:---|:---|
| **44** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Statements of Changes in Net Assets***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hennessy Large Cap Financial Fund** | **Hennessy Large Cap Financial Fund** | **Hennessy Small Cap Financial Fund** | **Hennessy Small Cap Financial Fund** | **Hennessy Technology Fund** | **Hennessy Technology Fund** |
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 | October 31, 2025 | October 31, 2024 |
| $(14283) | $283086 | $816202 | $1377907 | $(28623) | $(10988) |
| 5704949 | 1119131 | 8187166 | 4939106 | 1523335 | 1187606 |
| 1913255 | 10431649 | (4599551) | 19197947 | 239077 | 826584 |
| 7603921 | 11833866 | 4403817 | 25514960 | 1733789 | 2003202 |
| (129935) | (343966) | (4675618) | (3164215) | (222761) |  |
| (57383) | (181936) | (544794) | (528957) | (116886) |  |
| (187318) | (525902) | (5220412) | (3693172) | (339647) |  |
| 3604239 | 1178009 | 6020415 | 19347685 | 292091 | 304942 |
| 2307668 | 371407 | 2479381 | 7371175 | 71994 | 568046 |
| 126596 | 334786 | 4576567 | 3082419 | 216138 |  |
| 54745 | 176363 | 523886 | 492770 | 116886 |  |
| (6660383) | (4548139) | (29782690) | (16067224) | (568704) | (796185) |
| (3124604) | (9480261) | (2744592) | (10323135) | (912735) | (532311) |
| (3691739) | (11967835) | (18927033) | 3903690 | (784330) | (455508) |
| 3724864 | (659871) | (19743628) | 25725478 | 609812 | 1547694 |
| 28795722 | 29455593 | 87201263 | 61475785 | 7893487 | 6345793 |
| $32520586 | $28795722 | $67457635 | $87201263 | $8503299 | $7893487 |
| 111923 | 48787 | 214899 | 752848 | 12652 | 15198 |
| 70456 | 15487 | 150947 | 490962 | 2881 | 28028 |
| 4250 | 14468 | 156742 | 124439 | 9143 |  |
| 1819 | 7556 | 32178 | 34257 | 4792 |  |
| (214460) | (194450) | (1081556) | (653173) | (25089) | (38331) |
| (100376) | (422417) | (186129) | (704006) | (41908) | (25502) |
| (126388) | (530569) | (712919) | 45327 | (37529) | (20607) |

---

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **45** |

---

***Financial Statements — Statement of Cash Flows***

**Hennessy Total Return Fund *for the year ended October 31, 2025***

---

| | |
|:---|:---|
| **Cash flows from operating activities:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets from operations | $4120665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to purchase securities | (11799343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of securities | 14324342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sale of short term investments | 2654645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss on investments in securities | 518455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on securities | (1476448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/depreciation on investments in securities | (3484787) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increases) decreases in operating assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in dividends and interest receivable | (15465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in prepaid expenses and other assets | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increases (decreases) in operating liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable to advisor | (615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable to administrator | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for distribution fees | (1264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable for service fees | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued interest payable | (15996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued audit fees | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued trustee fees | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other accrued expenses and payables | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating securities | 4827552 |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in reverse repurchase agreements | (899500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds on shares sold | 898242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment on shares redeemed | (4747175) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash, net of reinvestments | (79119) |
| Net cash used for financing activities | (4827552) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash |  |
| **Cash:** |  |
| Beginning balance |  |
| Ending balance |  |
| **Supplemental information:** |  |
| Non-cash financing activities not included herein, consisting of dividend reinvestment of dividends and distributions | 1553052 |
| **Cash paid for interest** | 982254 |

---

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

---

| | |
|:---|:---|
| **46** | WWW.HENNESSYFUNDS.COM |

---

(This Page Intentionally Left Blank.)

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **47** |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Growth Fund**

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

---

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

---

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

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

---

| | |
|:---|:---|
| **48** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Growth Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $37.04 | $24.91 | $25.17 | $31.09 | $20.68 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.09 | 0.01 | 0.29 | 0.34 | (0.05) |
| Net realized and unrealized gains on investments | 1.17 | 12.30 | 0.38 | 0.67 | 10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.26 | 12.31 | 0.67 | 1.01 | 10.41 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.11) | (0.18) | (0.35) |  |  |
| Dividends from net realized gains | (4.66) |  | (0.58) | (6.93) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.77) | (0.18) | (0.93) | (6.93) |  |
| Net asset value, end of year | $33.53 | $37.04 | $24.91 | $25.17 | $31.09 |
| **TOTAL RETURN** | 2.53% | 49.64% | 2.85% | 2.84% | 50.34% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $210.80 | $173.57 | $22.32 | $18.52 | $15.78 |
| Ratio of expenses to average net assets | 1.00% | 0.97% | 1.02% | 1.01% | 1.01% |
| Ratio of net investment income (loss) to average net assets | 0.27% | 0.02% | 1.18% | 1.38% | (0.17)% |
| Portfolio turnover rate<sup>(2)</sup> | 99% | 94% | 90% | 102% | 98% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **49** |

---

***Financial Statements — Financial Highlights***

**Hennessy Focus Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $50.46 | $46.14 | $51.12 | $80.48 | $71.68 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.44) | (0.21) | (0.29) | (0.56) | (0.63) |
| Net realized and unrealized gains (losses) on investments | 15.11 | 15.14 | 2.15 | (16.93) | 31.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 14.67 | 14.93 | 1.86 | (17.49) | 30.83 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net realized gains | (6.88) | (10.61) | (6.84) | (11.87) | (22.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (6.88) | (10.61) | (6.84) | (11.87) | (22.03) |
| Net asset value, end of year | $58.25 | $50.46 | $46.14 | $51.12 | $80.48 |
| **TOTAL RETURN** | 32.82% | 37.93% | 3.52% | -25.55% | 52.87% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $404.67 | $394.90 | $357.13 | $431.67 | $709.40 |
| Ratio of expenses to average net assets | 1.48% | 1.49% | 1.50% | 1.52% | 1.49% |
| Ratio of net investment loss to average net assets | (0.92)% | (0.46)% | (0.58)% | (0.92)% | (0.88)% |
| Portfolio turnover rate<sup>(2)</sup> | 1% | 10% | 12% | 5% | 4% |

---

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

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

---

| | |
|:---|:---|
| **50** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

**Hennessy Focus Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $53.04 | $48.32 | $53.34 | $83.66 | $74.24 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.25) | (0.06) | (0.11) | (0.34) | (0.37) |
| Net realized and unrealized gains (losses) on investments | 15.92 | 15.89 | 2.23 | (17.63) | 32.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 15.67 | 15.83 | 2.12 | (17.97) | 32.25 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net realized gains | (7.24) | (11.11) | (7.14) | (12.35) | (22.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (7.24) | (11.11) | (7.14) | (12.35) | (22.83) |
| Net asset value, end of year | $61.47 | $53.04 | $48.32 | $53.34 | $83.66 |
| **TOTAL RETURN** | 33.34% | 38.44% | 3.90% | -25.27% | 53.43% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $187.48 | $279.83 | $214.53 | $308.95 | $498.51 |
| Ratio of expenses to average net assets | 1.10% | 1.11% | 1.13% | 1.13% | 1.12% |
| Ratio of net investment loss to average net assets | (0.51)% | (0.12)% | (0.22)% | (0.53)% | (0.50)% |
| Portfolio turnover rate<sup>(2)</sup> | 1% | 10% | 12% | 5% | 4% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **51** |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Mid Cap 30 Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $26.48 | $18.92 | $20.83 | $19.78 | $13.27 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.00<sup>(2)</sup> | (0.01) | 0.01 | 0.17 | (0.14) |
| Net realized and unrealized gains on investments | 0.91 | 9.47 | 1.68 | 1.22 | 6.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.91 | 9.46 | 1.69 | 1.39 | 6.51 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.04) |  |  | (0.34) |  |
| Dividends from net realized gains | (4.21) | (1.90) | (3.60) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.25) | (1.90) | (3.60) | (0.34) |  |
| Net asset value, end of year | $23.14 | $26.48 | $18.92 | $20.83 | $19.78 |
| **TOTAL RETURN** | 2.60% | 54.22% | 10.03% | 7.12% | 49.06% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $453.60 | $627.17 | $297.37 | $215.00 | $219.58 |
| Ratio of expenses to average net assets | 1.34% | 1.33% | 1.34% | 1.35% | 1.36% |
| Ratio of net investment income (loss) to average net assets | 0.02% | (0.06)% | 0.09% | 0.84% | (0.74)% |
| Portfolio turnover rate<sup>(3)</sup> | 129% | 94% | 120% | 176% | 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.

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

---

| | |
|:---|:---|
| **52** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Mid Cap 30 Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.96 | $19.91 | $21.84 | $20.66 | $13.81 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.09 | 0.07 | 0.09 | 0.24 | (0.07) |
| Net realized and unrealized gains on investments | 0.97 | 9.98 | 1.76 | 1.29 | 6.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.06 | 10.05 | 1.85 | 1.53 | 6.85 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.12) |  |  | (0.35) |  |
| Dividends from net realized gains | (4.45) | (2.00) | (3.78) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.57) | (2.00) | (3.78) | (0.35) |  |
| Net asset value, end of year | $24.45 | $27.96 | $19.91 | $21.84 | $20.66 |
| **TOTAL RETURN** | 2.99% | 54.74% | 10.43% | 7.52% | 49.60% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $821.74 | $969.94 | $293.88 | $174.62 | $169.19 |
| Ratio of expenses to average net assets | 0.98% | 0.95% | 0.97% | 1.00% | 0.99% |
| Ratio of net investment income (loss) to average net assets | 0.36% | 0.27% | 0.44% | 1.18% | (0.38)% |
| Portfolio turnover rate<sup>(2)</sup> | 129% | 94% | 120% | 176% | 0% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **53** |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Large Growth Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $11.94 | $10.06 | $10.92 | $14.35 | $10.21 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.10 | 0.10 | 0.11 | 0.09 | 0.09 |
| Net realized and unrealized gains (losses) on investments | 0.41 | 2.19 | 0.87 | (1.66) | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.51 | 2.29 | 0.98 | (1.57) | 4.73 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.11) | (0.11) | (0.08) | (0.08) | (0.10) |
| Dividends from net realized loss | (0.39) | (0.30) | (1.76) | (1.78) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.50) | (0.41) | (1.84) | (1.86) | (0.59) |
| Net asset value, end of year | $11.95 | $11.94 | $10.06 | $10.92 | $14.35 |
| **TOTAL RETURN** | 4.30% | 23.34% | 9.48% | -12.76% | 48.00% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $117.78 | $127.75 | $112.89 | $115.15 | $143.11 |
| Ratio of expenses to average net assets | 1.29% | 1.27% | 1.28% | 1.30% | 1.29% |
| Ratio of net investment income to average net assets | 0.89% | 0.89% | 1.10% | 0.76% | 0.69% |
| Portfolio turnover rate<sup>(2)</sup> | 46% | 54% | 53% | 76% | 68% |

---

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

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

---

| | |
|:---|:---|
| **54** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Large Growth Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $12.08 | $10.18 | $11.05 | $14.51 | $10.33 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 |
| Net realized and unrealized gains (losses) on investments | 0.40 | 2.21 | 0.89 | (1.68) | 4.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.54 | 2.35 | 1.03 | (1.55) | 4.80 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.14) | (0.14) | (0.12) | (0.11) | (0.13) |
| Dividends from net realized loss | (0.39) | (0.31) | (1.78) | (1.80) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.53) | (0.45) | (1.90) | (1.91) | (0.62) |
| Net asset value, end of year | $12.09 | $12.08 | $10.18 | $11.05 | $14.51 |
| **TOTAL RETURN** | 4.59% | 23.62% | 9.85% | -12.52% | 48.30% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $16.70 | $17.41 | $15.77 | $14.80 | $18.39 |
| Ratio of expenses to average net assets | 1.00% | 1.00% | 1.00% | 0.99% | 1.04% |
| Ratio of net investment income to average net assets | 1.18% | 1.17% | 1.37% | 1.08% | 0.91% |
| Portfolio turnover rate<sup>(2)</sup> | 46% | 54% | 53% | 76% | 68% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **55** |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Value Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $21.61 | $18.14 | $20.30 | $19.59 | $13.69 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.59 | 0.65 | 0.63 | 0.55 | 0.44 |
| Net realized and unrealized gains (losses) on investments | 1.62 | 3.51 | (0.84) | 1.10 | 5.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.21 | 4.16 | (0.21) | 1.65 | 6.31 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.67) | (0.69) | (0.50) | (0.51) | (0.41) |
| Dividends from net realized gains | (0.26) |  | (1.45) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.93) | (0.69) | (1.95) | (0.94) | (0.41) |
| Net asset value, end of year | $22.89 | $21.61 | $18.14 | $20.30 | $19.59 |
| **TOTAL RETURN** | 10.69% | 23.38% | -1.45% | 8.68% | 46.82% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $282.96 | $273.89 | $246.40 | $268.81 | $254.23 |
| Ratio of expenses to average net assets | 1.21% | 1.22% | 1.23% | 1.23% | 1.23% |
| Ratio of net investment income to average net assets | 2.71% | 3.21% | 3.31% | 2.74% | 2.43% |
| Portfolio turnover rate<sup>(2)</sup> | 27% | 22% | 31% | 36% | 41% |

---

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

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

---

| | |
|:---|:---|
| **56** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

**Hennessy Cornerstone Value Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $21.68 | $18.17 | $20.34 | $19.63 | $13.71 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.64 | 0.69 | 0.67 | 0.58 | 0.48 |
| Net realized and unrealized gains (losses) on investments | 1.62 | 3.52 | (0.84) | 1.12 | 5.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.26 | 4.21 | (0.17) | 1.70 | 6.36 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.72) | (0.70) | (0.55) | (0.56) | (0.44) |
| Dividends from net realized gains | (0.26) |  | (1.45) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.98) | (0.70) | (2.00) | (0.99) | (0.44) |
| Net asset value, end of year | $22.96 | $21.68 | $18.17 | $20.34 | $19.63 |
| **TOTAL RETURN** | 10.93% | 23.66% | -1.26% | 8.92% | 47.19% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $9.64 | $8.07 | $7.50 | $24.35 | $5.50 |
| Ratio of expenses to average net assets: | 0.99% | 0.98% | 1.06% | 1.00% | 0.99% |
| Ratio of net investment income to average net assets: | 2.92% | 3.44% | 3.48% | 2.92% | 2.67% |
| Portfolio turnover rate<sup>(2)</sup> | 27% | 22% | 31% | 36% | 41% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **57** |

---

***Financial Statements — Financial Highlights***

**Hennessy Total Return Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $13.45 | $12.53 | $13.47 | $13.54 | $11.97 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.32 | 0.42 | 0.40 | 0.22 | 0.20 |
| Net realized and unrealized gains (losses) on investments | 0.84 | 1.47 | (0.30) | (0.07) | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.16 | 1.89 | 0.10 | 0.15 | 2.53 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.32) | (0.43) | (0.38) | (0.22) | (0.20) |
| Dividends from net realized gains | (0.13) | (0.54) | (0.66) |  | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.45) | (0.97) | (1.04) | (0.22) | (0.96) |
| Net asset value, end of year | $14.16 | $13.45 | $12.53 | $13.47 | $13.54 |
| **TOTAL RETURN** | 8.85% | 15.52% | 0.53% | 1.12% | 21.72% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $49.21 | $49.04 | $47.54 | $53.36 | $54.45 |
| Ratio of expenses to average net assets | 3.25% | 3.62% | 3.37% | 1.77% | 1.35% |
| Ratio of net investment income to average net assets | 2.37% | 3.14% | 3.05% | 1.62% | 1.52% |
| Portfolio turnover rate | 35% | 32% | 36% | 24% | 19% |

---

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

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

---

| | |
|:---|:---|
| **58** | WWW.HENNESSYFUNDS.COM |

---

(This Page Intentionally Left Blank.)

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **59** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Equity and Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $15.52 | $14.10 | $14.06 | $17.26 | $15.12 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.07 | 0.09 | 0.10 | 0.08 | 0.09 |
| Net realized and unrealized gains (losses) on investments | 0.58 | 2.63 | 0.42 | (2.09) | 3.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.65 | 2.72 | 0.52 | (2.01) | 3.10 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.07) | (0.09) | (0.10) | (0.08) | (0.10) |
| Dividends from net realized gains | (1.66) | (1.21) | (0.38) | (1.11) | (0.86) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.73) | (1.30) | (0.48) | (1.19) | (0.96) |
| Net asset value, end of year | $14.44 | $15.52 | $14.10 | $14.06 | $17.26 |
| **TOTAL RETURN** | 4.35% | 20.43% | 3.67% | -12.60% | 21.24% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $25.15 | $31.75 | $34.29 | $39.17 | $53.97 |
| Ratio of expenses to average net assets | 1.63% | 1.55% | 1.52% | 1.51% | 1.49% |
| Ratio of net investment income to average net assets | 0.50% | 0.59% | 0.71% | 0.53% | 0.54% |
| Portfolio turnover rate<sup>(2)</sup> | 27% | 16% | 11% | 15% | 26% |

---

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

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

---

| | |
|:---|:---|
| **60** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Equity and Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $14.55 | $13.23 | $13.21 | $16.22 | $14.22 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.12 | 0.13 | 0.15 | 0.13 | 0.14 |
| Net realized and unrealized gains (losses) on investments | 0.54 | 2.47 | 0.38 | (1.97) | 2.83 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.66 | 2.60 | 0.53 | (1.84) | 2.97 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.12) | (0.14) | (0.15) | (0.13) | (0.16) |
| Dividends from net realized gains | (1.56) | (1.14) | (0.36) | (1.04) | (0.81) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.68) | (1.28) | (0.51) | (1.17) | (0.97) |
| Net asset value, end of year | $13.53 | $14.55 | $13.23 | $13.21 | $16.22 |
| **TOTAL RETURN** | 4.74% | 20.85% | 3.99% | -12.25% | 21.68% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $19.32 | $27.78 | $34.71 | $47.74 | $66.06 |
| Ratio of expenses to average net assets | 1.26% | 1.18% | 1.15% | 1.13% | 1.12% |
| Ratio of net investment income to average net assets | 0.87% | 0.97% | 1.08% | 0.90% | 0.91% |
| Portfolio turnover rate<sup>(2)</sup> | 27% | 16% | 11% | 15% | 26% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **61** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Balanced Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $12.06 | $11.12 | $11.82 | $12.39 | $10.84 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.25 | 0.32 | 0.26 | 0.06 | 0.02 |
| Net realized and unrealized gains (losses) on investments | 0.46 | 0.95 | (0.27) | (0.15) | 1.56 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.71 | 1.27 | (0.01) | (0.09) | 1.58 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.25) | (0.32) | (0.25) | (0.05) | (0.03) |
| Dividends from net realized gains | (0.14) | (0.01) | (0.44) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.33) | (0.69) | (0.48) | (0.03) |
| Net asset value, end of year | $12.38 | $12.06 | $11.12 | $11.82 | $12.39 |
| **TOTAL RETURN** | 6.00% | 11.47% | -0.22% | -0.70% | 14.62% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $13.04 | $12.71 | $12.29 | $12.89 | $13.53 |
| Ratio of expenses to average net assets | 1.88% | 1.82% | 1.84% | 1.80% | 1.85% |
| Ratio of net investment income to average net assets | 2.06% | 2.70% | 2.26% | 0.49% | 0.17% |
| Portfolio turnover rate | 39% | 57% | 22% | 29% | 31% |

---

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

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

---

| | |
|:---|:---|
| **62** | WWW.HENNESSYFUNDS.COM |

---

(This Page Intentionally Left Blank.)

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **63** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Energy Transition Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $25.88 | $24.22 | $24.15 | $18.31 | $8.74 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.09 | 0.13 | 0.17 | 0.16 | 0.06 |
| Net realized and unrealized gains on investments | 3.30 | 1.53 | 0.02 | 7.74 | 9.51 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.39 | 1.66 | 0.19 | 7.90 | 9.57 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.02) |  | (0.12) | (2.06) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.02) |  | (0.12) | (2.06) |  |
| Net asset value, end of year | $29.25 | $25.88 | $24.22 | $24.15 | $18.31 |
| **TOTAL RETURN** | 13.11% | 6.85% | 0.81% | 49.24% | 109.50% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $6.08 | $6.47 | $8.96 | $10.21 | $6.80 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.70% | 2.61% | 2.42% | 2.42% | 2.96% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | 2.53% | 2.44% | 2.27% | 2.25% | 2.74% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 0.17% | 0.36% | 0.59% | 0.64% | 0.16% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement | 0.34% | 0.53% | 0.74% | 0.81% | 0.38% |
| Portfolio turnover rate<sup>(3)</sup> | 33% | 14% | 28% | 31% | 74% |

---

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Certain service provider expenses were voluntarily waived during the fiscal year. <br> <sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

---

| | |
|:---|:---|
| **64** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Energy Transition Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $26.46 | $24.68 | $24.59 | $18.60 | $8.85 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.20 | 0.24 | 0.25 | 0.23 | 0.07 |
| Net realized and unrealized gains on investments | 3.36 | 1.54 | 0.02 | 7.87 | 9.68 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.56 | 1.78 | 0.27 | 8.10 | 9.75 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.04) |  | (0.18) | (2.11) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.04) |  | (0.18) | (2.11) |  |
| Net asset value, end of year | $29.98 | $26.46 | $24.68 | $24.59 | $18.60 |
| **TOTAL RETURN** | 13.46% | 7.21% | 1.14% | 49.71% | 110.17% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $7.03 | $8.14 | $11.43 | $13.33 | $9.45 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.37% | 2.28% | 2.08% | 2.09% | 2.61% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | 2.20% | 2.11% | 1.93% | 1.92% | 2.39% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 0.53% | 0.77% | 0.92% | 0.96% | 0.22% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement | 0.70% | 0.94% | 1.07% | 1.13% | 0.44% |
| Portfolio turnover rate<sup>(3)</sup> | 33% | 14% | 28% | 31% | 74% |

---

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Certain service provider expenses were voluntarily waived during the fiscal year. <br> <sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **65** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Midstream Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $11.39 | $10.02 | $9.58 | $8.66 | $5.55 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment loss<sup>(1)(2)</sup> | (0.03) | (0.00)<sup>(3)</sup> | (0.02) | (0.07) | (0.07) |
| Net realized and unrealized gains on investments | 0.90 | 2.40 | 1.49 | 2.02 | 4.21 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.87 | 2.40 | 1.47 | 1.95 | 4.14 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.54) | (0.18) | (0.84) | (0.06) |  |
| Dividends from return of capital | (0.49) | (0.85) | (0.19) | (0.97) | (1.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.03) | (1.03) | (1.03) | (1.03) | (1.03) |
| Net asset value, end of year | $11.23 | $11.39 | $10.02 | $9.58 | $8.66 |
| **TOTAL RETURN** | 6.91% | 24.81% | 16.39% | 24.03% | 78.41% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $25.36 | $20.53 | $16.79 | $11.47 | $6.72 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.91% | 1.94% | 2.03% | 2.05% | 2.11% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 1.75% | 1.75% | 1.78% | 1.76% | 1.76% |
| Ratio of net investment loss to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement<sup>(2)</sup> | (0.39)% | (0.23)% | (0.50)% | (1.08)% | (1.26)% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | (0.23)% | (0.04)% | (0.25)% | (0.79)% | (0.91)% |
| Portfolio turnover rate<sup>(5)</sup> | 6% | 6% | 16% | 33% | 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.

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

---

| | |
|:---|:---|
| **66** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Midstream Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $11.95 | $10.43 | $9.91 | $8.90 | $5.68 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)(2)</sup> | 0.01 | 0.02 | (0.00)<sup>(3)</sup> | (0.05) | (0.05) |
| Net realized and unrealized gains on investments | 0.91 | 2.53 | 1.55 | 2.09 | 4.30 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.92 | 2.55 | 1.55 | 2.04 | 4.25 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.54) | (0.18) | (0.84) | (0.06) |  |
| Dividends from return of capital | (0.49) | (0.85) | (0.19) | (0.97) | (1.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.03) | (1.03) | (1.03) | (1.03) | (1.03) |
| Net asset value, end of year | $11.84 | $11.95 | $10.43 | $9.91 | $8.90 |
| **TOTAL RETURN** | 7.01% | 25.30% | 16.67% | 24.41% | 78.57% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $45.31 | $46.77 | $37.46 | $33.06 | $30.45 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 1.52% | 1.54% | 1.65% | 1.69% | 1.74% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(4)</sup> | 1.44% | 1.50% | 1.53% | 1.51% | 1.51% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement<sup>(2)</sup> | 0.01% | 0.17% | (0.12)% | (0.71)% | (0.89)% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | 0.09% | 0.21% | (0.00)%<sup>(3)</sup> | (0.53)% | (0.66)% |
| Portfolio turnover rate<sup>(5)</sup> | 6% | 6% | 16% | 33% | 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.

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **67** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Gas Utility Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.57 | $22.57 | $25.91 | $26.09 | $24.08 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.59 | 0.60 | 0.54 | 0.50 | 0.52 |
| Net realized and unrealized gains (losses) on investments | 2.68 | 5.95 | (1.70) | 1.98 | 4.00 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.27 | 6.55 | (1.16) | 2.48 | 4.52 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.59) | (0.61) | (0.53) | (0.50) | (0.57) |
| Dividends from net realized gains | (1.43) | (0.94) | (1.65) | (2.16) | (1.94) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.02) | (1.55) | (2.18) | (2.66) | (2.51) |
| Net asset value, end of year | $28.82 | $27.57 | $22.57 | $25.91 | $26.09 |
| **TOTAL RETURN** | 12.15% | 30.34% | -5.01% | 10.14% | 19.91% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $433.65 | $426.63 | $384.37 | $459.41 | $457.31 |
| Ratio of expenses to average net assets | 0.97% | 0.99% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets | 2.07% | 2.46% | 2.21% | 1.88% | 2.06% |
| Portfolio turnover rate<sup>(2)</sup> | 26% | 13% | 12% | 31% | 15% |

---

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

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

---

| | |
|:---|:---|
| **68** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Gas Utility Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.50 | $22.51 | $25.84 | $26.01 | $24.01 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.65 | 0.67 | 0.62 | 0.57 | 0.59 |
| Net realized and unrealized gains (losses) on investments | 2.69 | 5.94 | (1.70) | 1.99 | 3.99 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.34 | 6.61 | (1.08) | 2.56 | 4.58 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.68) | (0.68) | (0.60) | (0.58) | (0.65) |
| Dividends from net realized gains | (1.42) | (0.94) | (1.65) | (2.15) | (1.93) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.10) | (1.62) | (2.25) | (2.73) | (2.58) |
| Net asset value, end of year | $28.74 | $27.50 | $22.51 | $25.84 | $26.01 |
| **TOTAL RETURN** | 12.48% | 30.74% | -4.74% | 10.53% | 20.29% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $59.70 | $51.20 | $56.75 | $93.58 | $63.06 |
| Ratio of expenses to average net assets | 0.67% | 0.69% | 0.71% | 0.68% | 0.69% |
| Ratio of net investment income to average net assets | 2.31% | 2.76% | 2.52% | 2.13% | 2.35% |
| Portfolio turnover rate<sup>(2)</sup> | 26% | 13% | 12% | 31% | 15% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **69** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $43.21 | $34.99 | $29.43 | $47.78 | $42.79 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.49 | 0.19 | 0.23 | (0.11) | (0.23) |
| Net realized and unrealized gains (losses) on investments | 7.43 | 10.21 | 5.33 | (17.83) | 5.22 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.92 | 10.40 | 5.56 | (17.94) | 4.99 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.42) |  |  | (0.41) |  |
| Dividends from net realized gains | (2.01) | (2.18) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.43) | (2.18) |  | (0.41) |  |
| Net asset value, end of year | $48.70 | $43.21 | $34.99 | $29.43 | $47.78 |
| **TOTAL RETURN** | 18.97% | 31.08% | 18.89% | -37.86% | 11.66% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $49.64 | $52.49 | $45.61 | $39.55 | $86.11 |
| Ratio of expenses to average net assets | 1.40% | 1.42% | 1.44% | 1.44% | 1.43% |
| Ratio of net investment income (loss) to average net assets | 1.12% | 0.47% | 0.65% | (0.30)% | (0.49)% |
| Portfolio turnover rate<sup>(2)</sup> | 16% | 17% | 57% | 21% | 16% |

---

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

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

---

| | |
|:---|:---|
| **70** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $45.03 | $36.32 | $30.43 | $49.54 | $44.19 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.69 | 0.39 | 0.30 | 0.02 | (0.03) |
| Net realized and unrealized gains (losses) on investments | 7.72 | 10.58 | 5.59 | (18.39) | 5.38 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 8.41 | 10.97 | 5.89 | (18.37) | 5.35 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.59) |  |  | (0.74) | (0.00)<sup>(2)</sup> |
| Dividends from net realized gains | (2.09) | (2.26) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.68) | (2.26) |  | (0.74) | (0.00)<sup>(2)</sup> |
| Net asset value, end of year | $50.76 | $45.03 | $36.32 | $30.43 | $49.54 |
| **TOTAL RETURN** | 19.41% | 31.59% | 19.36% | -37.63% | 12.11% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $406.78 | $361.11 | $233.44 | $275.24 | $727.47 |
| Ratio of expenses to average net assets | 1.04% | 1.02% | 1.04% | 1.05% | 1.04% |
| Ratio of net investment income (loss) to average net assets | 1.54% | 0.92% | 0.84% | 0.04% | (0.07)% |
| Portfolio turnover rate<sup>(3)</sup> | 16% | 17% | 57% | 21% | 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.

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **71** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Small Cap Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $16.63 | $14.74 | $13.10 | $18.12 | $15.73 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.20 | 0.16 | 0.14 | 0.12 | 0.03 |
| Net realized and unrealized gains (losses) on investments | 5.08 | 1.87 | 1.58 | (5.07) | 2.40 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.28 | 2.03 | 1.72 | (4.95) | 2.43 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.15) | (0.14) | (0.08) | (0.00)<sup>(2)</sup> | (0.04) |
| Dividends from net realized gains | (0.47) |  |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.62) | (0.14) | (0.08) | (0.07) | (0.04) |
| Net asset value, end of year | $21.29 | $16.63 | $14.74 | $13.10 | $18.12 |
| **TOTAL RETURN** | 32.67% | 13.79% | 13.22% | -27.41% | 15.46% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $38.59 | $30.02 | $32.56 | $31.23 | $46.15 |
| Ratio of expenses to average net assets | 1.49% | 1.52% | 1.51% | 1.57% | 1.53% |
| Ratio of net investment income to average net assets | 1.10% | 0.96% | 0.97% | 0.83% | 0.16% |
| Portfolio turnover rate<sup>(3)</sup> | 45% | 28% | 32% | 45% | 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.

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

---

| | |
|:---|:---|
| **72** | WWW.HENNESSYFUNDS.COM |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Japan Small Cap Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $16.43 | $14.56 | $12.97 | $17.94 | $15.58 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.28 | 0.23 | 0.21 | 0.18 | 0.11 |
| Net realized and unrealized gains (losses) on investments | 5.01 | 1.83 | 1.54 | (4.99) | 2.37 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.29 | 2.06 | 1.75 | (4.81) | 2.48 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.24) | (0.19) | (0.16) | (0.09) | (0.12) |
| Dividends from net realized gains | (0.47) |  |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.71) | (0.19) | (0.16) | (0.16) | (0.12) |
| Net asset value, end of year | $21.01 | $16.43 | $14.56 | $12.97 | $17.94 |
| **TOTAL RETURN** | 33.21% | 14.23% | 13.60% | -27.05% | 15.90% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $90.89 | $79.16 | $70.99 | $47.65 | $66.58 |
| Ratio of expenses to average net assets | 1.10% | 1.12% | 1.11% | 1.17% | 1.13% |
| Ratio of net investment income to average net assets | 1.51% | 1.42% | 1.44% | 1.22% | 0.63% |
| Portfolio turnover rate<sup>(2)</sup> | 45% | 28% | 32% | 45% | 24% |

---

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

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

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **73** |

---

***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Large Cap Financial Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.37 | $18.57 | $24.80 | $35.32 | $22.33 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | (0.04) | 0.20 | 0.35 | 0.15 | (0.15) |
| Net realized and unrealized gains (losses) on investments | 7.97 | 9.00 | (4.92) | (9.02) | 13.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.93 | 9.20 | (4.57) | (8.87) | 12.99 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.17) | (0.40) | (0.13) |  |  |
| Dividends from net realized gains |  |  | (1.53) | (1.65) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.40) | (1.66) | (1.65) |  |
| Net asset value, end of year | $35.13 | $27.37 | $18.57 | $24.80 | $35.32 |
| **TOTAL RETURN** | 29.07% | 49.91% | -19.62% | -26.22% | 58.17% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $23.88 | $21.29 | $16.88 | $23.63 | $36.42 |
| Ratio of expenses to average net assets | 1.88% | 1.89% | 1.79% | 1.69% | 1.68% |
| Ratio of net investment income (loss) to average net assets | (0.13)% | 0.84% | 1.64% | 0.55% | (0.47)% |
| Portfolio turnover rate<sup>(2)</sup> | 48% | 37% | 114% | 78% | 62% |

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

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

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| | |
|:---|:---|
| **74** | WWW.HENNESSYFUNDS.COM |

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***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Large Cap Financial Fund**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.69 | $18.76 | $25.11 | $35.63 | $22.44 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.07 | 0.32 | 0.43 | 0.25 | (0.03) |
| Net realized and unrealized gains (losses) on investments | 8.06 | 9.06 | (4.99) | (9.10) | 13.22 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 8.13 | 9.38 | (4.56) | (8.85) | 13.19 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.23) | (0.45) | (0.24) |  |  |
| Dividends from net realized gains |  |  | (1.55) | (1.67) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.23) | (0.45) | (1.79) | (1.67) |  |
| Net asset value, end of year | $35.59 | $27.69 | $18.76 | $25.11 | $35.63 |
| **TOTAL RETURN** | 29.50% | 50.45% | -19.41% | -25.95% | 58.78% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $8.64 | $7.50 | $12.58 | $22.15 | $35.06 |
| Ratio of expenses to average net assets | 1.55% | 1.57% | 1.46% | 1.33% | 1.32% |
| Ratio of net investment income (loss) to average net assets | 0.21% | 1.35% | 1.99% | 0.89% | (0.11)% |
| Portfolio turnover rate<sup>(2)</sup> | 48% | 37% | 114% | 78% | 62% |

---

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

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

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| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **75** |

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***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Small Cap Financial Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $27.88 | $20.42 | $29.47 | $31.52 | $17.46 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.29 | 0.45 | 0.43 | 0.22 | 0.25 |
| Net realized and unrealized gains (losses) on investments | 1.39 | 8.20 | (7.13) | (1.96) | 14.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.68 | 8.65 | (6.70) | (1.74) | 14.26 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.35) | (0.48) | (0.19) | (0.22) | (0.20) |
| Dividends from net realized gains | (1.26) | (0.71) | (2.16) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.61) | (1.19) | (2.35) | (0.31) | (0.20) |
| Net asset value, end of year | $27.95 | $27.88 | $20.42 | $29.47 | $31.52 |
| **TOTAL RETURN** | 5.83% | 43.17% | -24.53% | -5.60% | 82.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $61.17 | $80.80 | $54.60 | $93.40 | $140.03 |
| Ratio of expenses to average net assets | 1.65% | 1.62% | 1.62% | 1.59% | 1.58% |
| Ratio of net investment income to average net assets | 1.07% | 1.83% | 1.83% | 0.72% | 0.90% |
| Portfolio turnover rate<sup>(2)</sup> | 35% | 54% | 72% | 27% | 28% |

---

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

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

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| | |
|:---|:---|
| **76** | WWW.HENNESSYFUNDS.COM |

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***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Small Cap Financial Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $15.89 | $11.82 | $17.24 | $18.57 | $10.37 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.21 | 0.33 | 0.30 | 0.20 | 0.21 |
| Net realized and unrealized gains (losses) on investments | 0.79 | 4.71 | (4.14) | (1.14) | 8.26 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.00 | 5.04 | (3.84) | (0.94) | 8.47 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.44) | (0.56) | (0.31) | (0.34) | (0.27) |
| Dividends from net realized gains | (0.71) | (0.41) | (1.27) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.15) | (0.97) | (1.58) | (0.39) | (0.27) |
| Net asset value, end of year | $15.74 | $15.89 | $11.82 | $17.24 | $18.57 |
| **TOTAL RETURN** | 6.19% | 43.64% | -24.32% | -5.21% | 82.88% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $6.29 | $6.40 | $6.87 | $20.17 | $32.08 |
| Ratio of expenses to average net assets | 1.33% | 1.28% | 1.29% | 1.22% | 1.20% |
| Ratio of net investment income to average net assets | 1.38% | 2.35% | 2.13% | 1.13% | 1.31% |
| Portfolio turnover rate<sup>(2)</sup> | 35% | 54% | 72% | 27% | 28% |

---

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

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

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| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **77** |

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***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Technology Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $22.28 | $16.94 | $14.81 | $26.89 | $20.50 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | (0.10) | (0.05) | (0.01) | 0.00<sup>(2)</sup> | (0.02) |
| Net realized and unrealized gains (losses) on investments | 5.71 | 5.39 | 2.15 | (5.38) | 8.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.61 | 5.34 | 2.14 | (5.38) | 8.80 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income |  |  | (0.01) |  | (0.04) |
| Dividends from net realized gains | (0.97) |  |  | (6.70) | (2.37) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.97) |  | (0.01) | (6.70) | (2.41) |
| Net asset value, end of year | $26.92 | $22.28 | $16.94 | $14.81 | $26.89 |
| **TOTAL RETURN** | 25.78% | 31.52% | 14.47% | -26.44% | 45.11% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $6.21 | $5.21 | $4.35 | $3.99 | $6.06 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.88% | 2.77% | 3.17% | 3.06% | 2.79% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(3)</sup> | 1.24% | 1.23% | 1.23% | 1.23% | 1.23% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | (2.08)% | (1.76)% | (2.02)% | (1.81)% | (1.64)% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement | (0.44)% | (0.22)% | (0.08)% | 0.02% | (0.08)% |
| Portfolio turnover rate<sup>(4)</sup> | 99% | 84% | 101% | 151% | 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.

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

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| | |
|:---|:---|
| **78** | WWW.HENNESSYFUNDS.COM |

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***Financial Statements — Financial Highlights***

&nbsp;&nbsp;**Hennessy Technology Fund**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $22.98 | $17.43 | $15.26 | $27.65 | $21.08 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | (0.05) | 0.01 | 0.03 | 0.05 | 0.05 |
| Net realized and unrealized gains (losses) on investments | 5.90 | 5.54 | 2.21 | (5.55) | 9.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.85 | 5.55 | 2.24 | (5.50) | 9.11 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income |  |  | (0.07) |  | (0.11) |
| Dividends from net realized gains | (1.00) |  |  | (6.89) | (2.43) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.00) |  | (0.07) | (6.89) | (2.54) |
| Net asset value, end of year | $27.83 | $22.98 | $17.43 | $15.26 | $27.65 |
| **TOTAL RETURN** | 26.07% | 31.84% | 14.77% | -26.28% | 45.49% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (millions) | $2.30 | $2.68 | $1.99 | $1.39 | $2.06 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 2.60% | 2.47% | 2.85% | 2.73% | 2.44% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement<sup>(2)</sup> | 0.99% | 0.98% | 0.98% | 0.98% | 0.98% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | (1.81)% | (1.46)% | (1.70)% | (1.48)% | (1.29)% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement | (0.20)% | 0.03% | 0.17% | 0.27% | 0.17% |
| Portfolio turnover rate<sup>(3)</sup> | 99% | 84% | 101% | 151% | 200% |

---

<sup>(1)</sup> Calculated using the average shares outstanding method. <br> <sup>(2)</sup> Certain service provider expenses were voluntarily waived during the fiscal year. <br> <sup>(3)</sup> Calculated on the basis of the Fund as a whole.

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

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| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **79** |

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***Notes to the Financial Statements***

**October 31, 2025**

**1). ORGANIZATION**

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

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

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

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

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

**2). SIGNIFICANT ACCOUNTING POLICIES**

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

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

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| | |
|:---|:---|
| **80** | WWW.HENNESSYFUNDS.COM |

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| | |
|:---|:---|
| b). | Federal Income Taxes – This paragraph applies to all Funds other than the Midstream Fund. Each Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, no Fund has made provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. Each Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. Each Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes. Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2025 are as follows: |

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| | | |
|:---|:---|:---|
|  | Total<br>Distributable<br>Earnings |<br>Capital<br>Stock |
| Growth Fund | $(5369) | $5369 |
| Focus Fund | (36675000) | 36675000 |
| Mid Cap 30 Fund | (26567312) | 26567312 |
| Large Growth Fund | (687032) | 687032 |
| Value Fund | (1425700) | 1425700 |
| Total Return Fund |  |  |
| Equity and Income Fund | (2107542) | 2107542 |
| Balanced Fund |  |  |
| Energy Transition Fund |  |  |
| Gas Utility Fund | (3893898) | 3893898 |
| Japan Fund | (2447025) | 2447025 |
| Japan Small Cap Fund | (1704738) | 1704738 |
| Large Cap Financial Fund | (125236) | 125236 |
| Small Cap Financial Fund | (1290858) | 1290858 |
| Technology Fund | (60658) | 60658 |

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This paragraph applies to the Midstream Fund. The Midstream Fund is taxed as a corporation and is obligated to pay U.S. federal and state income tax on its taxable income. Currently, the maximum marginal regular federal income tax rate for a corporation is 21%. The Midstream Fund invests a substantial portion of its assets in master limited partnerships ("MLPs"), which are treated as partnerships for federal income tax purposes. As a limited partner in MLPs, the Midstream Fund reports its allocable share of each MLP's taxable income in computing its own taxable income. The Midstream Fund includes any tax expense or benefit in its Statement of Operations based on the component of income or gains/losses to which such expense or benefit relates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the carrying amount of assets and liabilities for income tax purposes. The Midstream Fund recognizes a valuation allowance if, based on the weight of available evidence, it is more likely than not that the Fund will not realize some portion or all of the deferred income tax assets. As of October 31, 2025, the Midstream Fund did not have a valuation allowance on its deferred tax assets.

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **81** |

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

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

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

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

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

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| i). | Foreign Currency – Values of investments denominated in foreign currencies, if any, are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held. Such fluctuations are included in net realized and unrealized gain/loss on investments. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards, and other factors. |

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

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As of October 31, 2025, securities with a fair value of $22,900,722 were pledged by the Total Return Fund to collateralize reverse repurchase agreements, which securities are included in investments in securities in its Statement of Assets and Liabilities.

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

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

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| m). | Offsetting Assets and Liabilities – The Total Return Fund follows the financial reporting rules regarding offsetting assets and liabilities and related netting arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Reverse repurchase transactions are entered into by the Total Return Fund under Master Repurchase Agreements ("MRAs") that permit the Total Return Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables under the MRA with collateral held with the counterparty and create one single net payment from the Fund. Upon a bankruptcy or insolvency of the MRA counterparty, the Total Return Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, the Total Return Fund's use of the proceeds of the MRA may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Total Return Fund's obligation to repurchase the securities. For additional information regarding the offsetting of assets and liabilities as of October 31, 2025, please refer to the table in Note 9. |

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| **82** | WWW.HENNESSYFUNDS.COM |

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

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|:---|:---|
| o). | Recent Accounting Pronouncements and Regulatory Updates – In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the chief operating decision maker (the "CODM") for the Funds using the information presented in the financial statements and financial highlights. The CODM is Teresa Nilsen, the Executive Vice President and Treasurer of the Funds. |

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

**3). SECURITIES VALUATION**

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

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that a Fund has the ability to access at the date of measurement.

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| Level 2 – | Other significant observable inputs other than quoted prices included in Level 1 (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). |

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Level 3 – Significant unobservable inputs (including a Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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

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

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

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

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

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| HENNESSY FUNDS | 1-800-966-4354 | **83** |

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

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

The Funds have performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of each Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of each Fund's securities as of October 31, 2025, are included in its Schedule of Investments.

**4). INVESTMENT TRANSACTIONS**

Purchases and sales of investment securities (excluding government and short-term investments) during fiscal year 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Growth Fund | $504286602 | $551374573 |
| Focus Fund | 4527417 | 284277697 |
| Mid Cap 30 Fund | 1875027416 | 2110742354 |
| Large Growth Fund | 61443142 | 77788757 |
| Value Fund | 75891375 | 81838439 |
| Total Return Fund | 11799343 | 14324342 |
| Equity and Income Fund | 12426720 | 27050728 |
| Balanced Fund | 2483240 | 2686996 |
| Energy Transition Fund | 4721123 | 8299488 |
| Midstream Fund | 4592204 | 5941047 |
| Gas Utility Fund | 128225648 | 158424070 |
| Japan Fund | 62824779 | 87201028 |
| Japan Small Cap Fund | 52153862 | 67008029 |
| Large Cap Financial Fund | 14524442 | 19582750 |
| Small Cap Financial Fund | 25684092 | 47576076 |
| Technology Fund | 7614807 | 8760938 |

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Purchases and sales/maturities of long-term U.S. government securities for the Equity and Income Fund during fiscal year 2025 were $1,592,040 and $3,607,842, respectively. There were no purchases or sales/maturities of long-term U.S. government securities by any other Funds during fiscal year 2025.

**5). INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

The Advisor provides the Funds with investment advisory services under Investment Advisory Agreements between the Advisor and the Trust. The Advisor provides or oversees the provision of all investment advice and furnishes office spaces, facilities, and most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee from each Fund. The net investment advisory fees expensed by each Fund during fiscal year 2025 are included in its Statement of Operations. The fee for each Fund is based on the average daily net assets of the Fund at an annual rate of:

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

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| **84** | WWW.HENNESSYFUNDS.COM |

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

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

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During fiscal year 2025, the Advisor paid a sub-advisory fee at the average rate of 0.35% of the daily net assets of each of the Japan Fund and the Japan Small Cap Fund.

The Advisor has contractually agreed to (i) limit total annual operating expenses of the Midstream Fund to 1.75% of its net assets for Investor Class shares and 1.50% of its net assets for Institutional Class shares (excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) and (ii) limit total annual operating expenses of the Technology Fund to 0.98% of its net assets for both Investor Class shares and Institutional Class shares (excluding all federal, state, and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Advisor, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities), in each case, through February 28, 2026.

For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from a Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of October 31, 2025, expenses subject to potential recovery and the fiscal years in which they expire were as follows:

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|:---|:---|:---|:---|:---|
|  | Fiscal Year 2026 | Fiscal Year 2027 | Fiscal Year 2028 | Total |
| Midstream Fund – Investor Class | $19218 | $15904 | $16987 | $52109 |
| Midstream Fund – Institutional Class |  |  |  |  |
| Technology Fund – Investor Class | 72197 | 66424 | 77182 | 215803 |
| Technology Fund – Institutional Class | 25964 | 31785 | 32982 | 90731 |

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The Advisor recouped $5,988 of previously waived expenses from Institutional Class shares of the Midstream Fund during fiscal year 2025. The Advisor did not recoup expenses from the Technology Fund during fiscal year 2025.

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of each Fund, which compensates the Advisor for the non-investment advisory services it provides to each Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Funds attributable to Investor Class shares. The shareholder service fees expensed by each Fund during fiscal year 2025 are included in its Statement of Operations.

Each Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, each Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plans may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by each Fund during fiscal year 2025 are included in its Statement of Operations.

The Funds have entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Funds to brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by each Fund during fiscal year 2025 are included in its Statement of Operations.

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

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| HENNESSY FUNDS | 1-800-966-4354 | **85** |

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U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("Fund Services") provides the Funds with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Funds, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Funds' custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Funds' expenses and reviewing the Funds' expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Funds' custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by each Fund during fiscal year 2025 are included in its Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Energy Transition Fund, the Midstream Fund, and the Technology Fund. The fees voluntarily waived by Fund Services during fiscal year 2025 are included in the Statement of Operations for the Energy Transition Fund, the Midstream Fund, and the Technology Fund.

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

The officers of the Funds are affiliated with the Advisor. With the exception of the Chief Compliance Officer and Senior Compliance Officer, such officers receive no compensation from the Funds for serving in their respective roles. The Funds make reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and Senior Compliance Officer. The compliance fees expensed by each Fund during fiscal year 2025 for reimbursement payments to the Advisor are included in its Statement of Operations.

**6). GUARANTEES AND INDEMNIFICATIONS**

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

**7). LINE OF CREDIT**

Each Fund has an uncommitted line of credit with the other Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Fund's net assets, or 30% for the Gas Utility Fund, the Japan Fund, and the Japan Small Cap Fund, and 10% for the Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Funds' custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank's prime rate and are secured by each Funds' assets (as to its own borrowings only). The following table shows the outstanding average daily balance, weighted average interest rate, and maximum amount outstanding during fiscal year 2025 for each Fund that utilized the line of credit, as well as the amount of borrowings outstanding under the line of credit as of October 31, 2025:

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|  | Outstanding Daily<br>Average Balance | Weighted Average<br>Interest Rate | Maximum Amount<br>Outstanding | Amount Outstanding at<br>October 31, 2025 |
| Growth Fund | $93329 | 7.42% | $6466000 | $— |
| Focus Fund | 30666 | 7.59% | 2007000 |  |
| Mid Cap 30 Fund | 258230 | 7.50% | 33281000 |  |
| Large Growth Fund | 2195 | 8.00% | 393000 |  |
| Equity and Income Fund | 23186 | 7.71% | 5614000 |  |
| Energy Transition Fund | 9742 | 7.54% | 393000 |  |
| Gas Utility Fund | 60460 | 7.50% | 7221000 |  |
| Large Cap Financial Fund | 3778 | 7.61% | 1063000 |  |
| Small Cap Financial Fund | 34008 | 7.50% | 5865000 |  |
| Technology Fund | 6279 | 7.50% | 576000 |  |

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The interest expensed by each Fund under the line of credit during fiscal year 2025 is included in its Statement of Operations.

**8). FEDERAL TAX INFORMATION**

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

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|:---|:---|:---|:---|:---|
|  | Growth<br>Fund | Focus<br>Fund | Mid Cap 30<br>Fund | Large Growth<br>Fund |
| Cost of investments for tax purposes | $416562664 | $241248257 | $1214240352 | $116098190 |
| Gross tax unrealized appreciation | $71944397 | $368948050 | $106735659 | $28965070 |
| Gross tax unrealized depreciation | (25901881) | (17251755) | (43573478) | (10482348) |
| Net tax unrealized appreciation/(depreciation) | $46042516 | $351696295 | $63162181 | $18482722 |
| Undistributed ordinary income | $147865 | $— | $11480084 | $1326909 |
| Undistributed long-term capital gains |  | 175917712 |  | 6432399 |
| Total distributable earnings | $147865 | $175917712 | $11480084 | $7759308 |
| Other accumulated gain/(loss) | $(12394639) | $(4262031) | $— | $— |
| Total accumulated gain/(loss) | $33795742 | $523351976 | $74642265 | $26242030 |

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| **86** | WWW.HENNESSYFUNDS.COM |

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|:---|:---|:---|:---|:---|
|  |<br>Value<br>Fund |<br>Total Return<br>Fund | Equity and<br>Income<br>Fund |<br>Balanced<br>Fund |
| Cost of investments for tax purposes | $229863655 | $63075785 | $30961502 | $11959927 |
| Gross tax unrealized appreciation | $75231674 | $7826182 | $14721626 | $1290693 |
| Gross tax unrealized depreciation | (12775033) | (858658) | (805549) | (185285) |
| Net tax unrealized appreciation/(depreciation) | $62456641 | $6967524 | $13916077 | $1105408 |
| Undistributed ordinary income | $6314182 | $87735 | $675 | $18656 |
| Undistributed long-term capital gains | 13450796 |  | 4554587 |  |
| Total distributable earnings | $19764978 | $87735 | $4555262 | $18656 |
| Other accumulated gain/(loss) | $— | $(537111) | $— | $(101311) |
| Total accumulated gain/(loss) | $82221619 | $6518148 | $18471339 | $1022753 |

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|:---|:---|:---|:---|:---|
|  | Energy Transition<br>Fund | Gas Utility<br>Fund | Japan<br>Fund | Japan Small<br>Cap Fund |
| Cost of investments for tax purposes | $9542929 | $255498183 | $313824456 | $106579085 |
| Gross tax unrealized appreciation | $3816868 | $261426873 | $185481376 | $27856699 |
| Gross tax unrealized depreciation | (211852) | (23156297) | (45926387) | (6003457) |
| Net tax unrealized appreciation/(depreciation) | $3605016 | $238270576 | $139554989 | $21853242 |
| Undistributed ordinary income | $65021 | $— | $41254718 | $3539179 |
| Undistributed long-term capital gains |  | 44009874 | 7435591 | 12396740 |
| Total distributable earnings | $65021 | $44009874 | $48690309 | $15935919 |
| Other accumulated gain/(loss) | $(34046468) | $— | $— | $— |
| Total accumulated gain/(loss) | $(30376431) | $282280450 | $188245298 | $37789161 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Large Cap<br>Financial<br>Fund | Small Cap<br>Financial<br>Fund | <br>Technology<br>Fund |
| Cost of investments for tax purposes | $20019292 | $55516027 | $6880727 |
| Gross tax unrealized appreciation | $14121879 | $14715569 | $2113386 |
| Gross tax unrealized depreciation | (1345348) | (2585214) | (473973) |
| Net tax unrealized appreciation/(depreciation) | $12776531 | $12130355 | $1639413 |
| Undistributed ordinary income | $— | $725641 | $534774 |
| Undistributed long-term capital gains | 2359776 | 5987419 | 909711 |
| Total distributable earnings | $2359776 | $6713060 | $1444485 |
| Other accumulated gain/(loss) | $(14283) | $— | $— |
| Total accumulated gain/(loss) | $15122024 | $18843415 | $3083898 |

---

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

Capital loss carryforwards available as of October 31, 2025, to offset future gains, as well as capital loss carryforwards utilized during fiscal year 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Non-Expiring<br>Short Term | Non-Expiring<br>Long Term |<br>Total | Total Capital Loss<br>Carryforwards Utilized |
| Growth Fund | $12394639 | $— | $12394639 | $— |
| Focus Fund |  |  |  |  |
| Mid Cap 30 Fund |  |  |  |  |
| Large Growth Fund |  |  |  |  |
| Value Fund |  |  |  |  |
| Total Return Fund |  | 537111 | 537111 |  |
| Equity and Income Fund |  |  |  |  |
| Balanced Fund | 22891 | 78420 | 101311 |  |
| Energy Transition Fund | 18090532 | 15955936 | 34046468 | 2543347 |
| Gas Utility Fund |  |  |  |  |
| Japan Fund |  |  |  |  |
| Japan Small Cap Fund |  |  |  |  |
| Large Cap Financial Fund |  |  |  | 2668608 |
| Small Cap Financial Fund |  |  |  |  |
| Technology Fund |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **87** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Growth Fund | $— | Energy Transition Fund | $— |
| Focus Fund | 4262031 | Gas Utility Fund |  |
| Mid Cap 30 Fund |  | Japan Fund |  |
| Large Growth Fund |  | Japan Small Cap Fund |  |
| Value Fund |  | Large Cap Financial Fund | 14283 |
| Total Return Fund |  | Small Cap Financial Fund |  |
| Equity and Income Fund |  | Technology Fund |  |
| Balanced Fund |  |  |  |

---

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

b). Midstream Fund – As of October 31, 2025, the components of accumulated earnings (losses) for income tax purposes for the Midstream Fund were as follows:

---

| | |
|:---|:---|
|  | Investments |
| Cost of investments for tax purposes | $32406024 |
| Gross tax unrealized appreciation | $45324059 |
| Gross tax unrealized depreciation |  |
| Net tax unrealized appreciation/(depreciation) | $45324059 |

---

As of October 31, 2025, deferred tax assets (liabilities) for the Midstream Fund consisted of the following:

---

| | |
|:---|:---|
| Deferred tax assets (liabilities): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating losses | $824601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on investments | (8494971) |
| &nbsp;&nbsp;Total deferred tax liability, net | (7670370) |
| &nbsp;&nbsp;Valuation allowance |  |
| &nbsp;&nbsp;Net | $(7670370) |

---

For fiscal year 2025, the Midstream Fund had an effective tax rate of 0% and a federal statutory rate of 21%, with the difference resulting from a change in the valuation allowance of the deferred tax assets.

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

The Midstream Fund may carry forward any net capital loss five years to offset any future realized capital gains. The Midstream Fund may carry forward indefinitely any net operating loss arising in a tax year ending after December 31, 2019. As of October 31, 2025, the Midstream Fund did not have any capital loss carryforwards.

As of October 31, 2025, the Midstream Fund had $3,789,117 in net operating loss carryforwards that the Fund may carry forward indefinitely.

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

---

| | |
|:---|:---|
| Tax expense (benefit) at statutory rates | $1387361 |
| State income tax expense, net of federal benefit | 40993 |
| Tax expense (benefit) on permanent items<sup>(1)</sup> | (82340) |
| Tax expense (benefit) on expired carryforwards | 806095 |
| Tax expense (benefit) due to change in effective state rates |  |
| Total current tax expense (benefit) |  |
| Change in valuation allowance |  |
| Total tax expense | $2152109 |

---

<sup>(1)</sup> Permanent items consist of dividends-received deductions.

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

---

| | |
|:---|:---|
| **88** | WWW.HENNESSYFUNDS.COM |

---

c). During fiscal years 2025 and 2024, the tax character of distributions paid by the Funds were as follows (estimated in the case of the Midstream Fund):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fiscal Year 2025 | Fiscal Year 2024 |  | Fiscal Year 2025 | Fiscal Year 2024 |
| **Growth Fund** |  |  | **Energy Transition Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $1089939 | $774064 | Ordinary income<sup>(1)</sup> | $15980 | $— |
| Long-term capital gains | 66864009 |  | Long-term capital gains |  |  |
| Total distributions | $67953948 | $774064 | Total distributions | $15980 | $— |
| **Focus Fund** |  |  | **Midstream Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $— | $— | Ordinary income<sup>(1)</sup> | $3291449 | $961912 |
| Long-term capital gains | 88765083 | 129052636 | Return of capital | 2960843 | 4619363 |
| Total distributions | $88765083 | $129052636 | Total distributions | $6252292 | $5581275 |
| **Mid Cap 30 Fund** |  |  | **Gas Utility Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $6866089 | $— | Ordinary income<sup>(1)</sup> | $10550912 | $11304235 |
| Long-term capital gains | 272691626 | 61267167 | Long-term capital gains | 25147847 | 18018013 |
| Total distributions | $279557715 | $61267167 | Total distributions | $35698759 | $29322248 |
| **Large Growth Fund** |  |  | **Japan Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $2770401 | $1525599 | Ordinary income<sup>(1)</sup> | $5417278 | $— |
| Long-term capital gains | 3162537 | 3841345 | Long-term capital gains | 19174990 | 17310612 |
| Total distributions | $5932938 | $5366944 | Total distributions | $24592268 | $17310612 |
| **Value Fund** |  |  | **Japan Small Cap Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $12060719 | $9470218 | Ordinary income<sup>(1)</sup> | $1423524 | $1212097 |
| Long-term capital gains |  |  | Long-term capital gains | 3051837 |  |
| Total distributions | $12060719 | $9470218 | Total distributions | $4475361 | $1212097 |
| **Total Return Fund** |  |  | **Large Cap Financial Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $1146756 | $1610256 | Ordinary income<sup>(1)</sup> | $187318 | $525902 |
| Long-term capital gains | 485415 | 2006464 | Long-term capital gains |  |  |
| Total distributions | $1632171 | $3616720 | Total distributions | $187318 | $525902 |
| **Equity and Income Fund** |  |  | **Small Cap Financial Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $356937 | $510738 | Ordinary income<sup>(1)</sup> | $2343518 | $1582796 |
| Long-term capital gains | 6292953 | 5672163 | Long-term capital gains | 2876894 | 2110376 |
| Total distributions | $6649890 | $6182901 | Total distributions | $5220412 | $3693172 |
| **Balanced Fund** |  |  | **Technology Fund** |  |  |
| Ordinary income<sup>(1)</sup> | $267311 | $363643 | Ordinary income<sup>(1)</sup> | $— | $— |
| Long-term capital gains | 142559 | 13324 | Long-term capital gains | 339647 |  |
| Total distributions | $409870 | $376967 | Total distributions | $339647 | $— |

---

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

**9). REVERSE REPURCHASE AGREEMENTS**

Under a reverse repurchase agreement, the Total Return Fund sells securities and agrees to repurchase them at a mutually agreed date and price. Reverse repurchase agreements are regarded as a form of secured borrowing by the Total Return Fund. Securities sold under reverse repurchase agreements are reflected as a liability in the Statement of Assets and Liabilities. Interest payments made under reverse repurchase agreements during fiscal year 2025, totaled $966,258 and are recorded as interest expense in the Statement of Operations.

During fiscal year 2025, the average daily balance and average interest rate in effect for reverse repurchase agreements held by the Total Return Fund were $20,565,281 and 4.63%, respectively. Below is information about the scheduled maturity date, amount, and interest rate for outstanding reverse repurchase agreements held by the Total Return Fund as of October 31, 2025:

---

| | | |
|:---|:---|:---|
| Maturity Date | Amount | Interest Rate |
| November 6, 2025 | $6296500 | 4.50% |
| December 11, 2025 | 5397000 | 4.35% |
| January 8, 2026 | 8995000 | 4.35% |

---

Outstanding reverse repurchase agreements as of October 31, 2025, comprised 42.04% of the Total Return Fund's net assets.

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **89** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| |  | | Statement of Assets and Liabilities | Statement of Assets and Liabilities | |
|  | Gross Amounts | Net Amounts |  |  |  |
|  | Offset in the | Presented in the |  |  |  |
| Gross Amounts | Statement of | Statement of |  | Collateral |  |
| of Recognized | Assets and | Assets and | Financial | Pledged |  |
| Liabilities | Liabilities | Liabilities | Instruments | (Received) | Net Amount |
| $20688500 | $— | $20688500 | $20688500 | $— | $— |
| $20688500 | $— | $20688500 | $20688500 | $— | $— |

---

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

**10). GLOBAL EVENTS**

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

**11). EVENTS SUBSEQUENT TO YEAR END**

Management has evaluated the Funds' related events and transactions that occurred subsequent to October 31, 2025, through the date of issuance of the Funds' financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

On December 4, 2025, capital gains were declared and paid to shareholders of record on December 3, 2025, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Short-term | Short-term | Long-term | Long-term |
|  | Investor Class | Institutional Class | Investor Class | Institutional Class |
| Focus Fund | N/A | N/A | 17.84742 | 18.83989 |
| Mid Cap 30 Fund | 0.16343 | 0.17274 | N/A | N/A |
| Large Growth Fund | 0.00693 | 0.00703 | 0.57633 | 0.58345 |
| Value Fund | 0.01310 | 0.01314 | 1.06282 | 1.06626 |
| Equity and Income Fund | N/A | N/A | 1.52115 | 1.42582 |
| Gas Utility Fund | N/A | N/A | 2.58977 | 2.58309 |
| Japan Fund | N/A | N/A | 0.83671 | 0.87231 |
| Japan Small Cap Fund | 0.25483 | 0.25151 | 2.04022 | 2.01369 |
| Large Cap Financial Fund | N/A | N/A | 2.63060 | 2.66544 |
| Small Cap Financial Fund | 0.24109 | 0.13583 | 2.52362 | 1.42179 |
| Technology Fund | 1.69111 | 1.74915 | 2.87677 | 2.97550 |

---

On December 1, 2025, distributions were declared and paid to shareholders of record on November 28, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | Return of Capital | Return of Capital |
|  | Investor Class | Institutional Class |
| Midstream Fund | $0.2575 | $0.2575 |

---

---

| | |
|:---|:---|
| **90** | WWW.HENNESSYFUNDS.COM |

---

***Report of Independent Registered Public Accounting Firm***

To the Shareholders and Board of Trustees

of the Hennessy Funds Trust

Novato, CA

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities 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, and Hennessy Technology Fund (the "Funds"), each a series of Hennessy Funds Trust, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statement of cash flows of the Hennessy Total Return Fund for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations for the year then ended, the results of cash flows of the Hennessy Total Return Fund for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](hftfinancialsa009.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

Philadelphia, Pennsylvania

December 23, 2025

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **91** |

---

***Additional Information (Unaudited)***

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

Not applicable. There were no changes in or disagreements with accountants during the period covered by this report.

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

Not applicable. There were no matters submitted to a vote of shareholders during the period covered by this report.

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

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

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

Not applicable. The Board of Trustees did not approve any investment advisory contracts during the most recent fiscal half year.

---

| | |
|:---|:---|
| **92** | WWW.HENNESSYFUNDS.COM |

---

***Federal Tax Distribution Information (Unaudited)***

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

---

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

---

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

---

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

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Country | Gross Foreign Income | Foreign Tax Paid |
| Japan Fund | Japan | $10446020 | $895455 |
| Japan Small Cap Fund | Japan | $3286481 | $328648 |

---

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-800-966-4354 | **93** |

---

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

*The Hennessy Funds*

800-966-4354 or 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 Drive, 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

![](hftfinancialsa004.jpg)

------

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

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

others only if preceded or accompanied by a current prospectus.

![](hftfinancialsa005.jpg)

**ANNUAL FINANCIAL STATEMENTS** 

**AND OTHER INFORMATION**

**OCTOBER 31, 2025**

![](hftfinancialsa006.jpg)

Hennessy Sustainable ETF

**(The Nasdaq Stock Market LLC: STNC)**

![](hftfinancialsa007.jpg)

------

www.hennessyetfs.com \| 1-877-671-3199

(This Page Intentionally Left Blank.)

***Contents***

---

| | |
|:---|:---|
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#hftfinancialsb001) | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#hftfinancialsb002) | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations](#hftfinancialsb003) | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#hftfinancialsb004) | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#hftfinancialsb005) | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;[Notes to the Financial Statements](#hftfinancialsb006) | &nbsp;&nbsp;8 |
| [Report of Independent Registered Public Accounting Firm](#hftfinancialsb007) | &nbsp;&nbsp;13 |
| [Additional Information](#hftfinancialsb008) | &nbsp;&nbsp;14 |
| [Federal Tax Distribution Information](#hftfinancialsb009) | &nbsp;&nbsp;15 |

---

HENNESSY FUNDS 1-877-671-3199

 ****

***Financial Statements — Schedule of Investments***

**as of October 31, 2025**

---

| | | |
|:---|:---|:---|
| COMMON STOCKS – 97.1% | Shares | Value |
| **Communication Services – 1.8%** |  |  |
| Charter Communications, Inc. – Class A (a) | 7281 | $1702589 |
| **Consumer Discretionary – 18.5%** |  |  |
| Best Buy Co., Inc. | 9346 | 767681 |
| eBay, Inc. | 30278 | 2461904 |
| Ford Motor Co. | 207949 | 2730370 |
| General Motors Co. | 35733 | 2468793 |
| Genuine Parts Co. | 19445 | 2475543 |
| Hilton Worldwide Holdings, Inc. | 10075 | 2588872 |
| Lululemon Athletica, Inc. (a) | 8991 | 1533325 |
| Norwegian Cruise Line Holdings Ltd. (a) | 105690 | 2369570 |
|  |  | 17396058 |
| **Consumer Staples – 11.2%** |  |  |
| Bunge Global SA | 32813 | 3104110 |
| Keurig Dr Pepper, Inc. | 87687 | 2381579 |
| The JM Smucker Co. | 24659 | 2553439 |
| The Kraft Heinz Co. | 98963 | 2447355 |
|  |  | 10486483 |
| **Financials – 14.5%** |  |  |
| Globe Life, Inc. | 19090 | 2510526 |
| JPMorgan Chase & Co. | 6220 | 1935166 |
| Raymond James Financial, Inc. | 14254 | 2261682 |
| Regions Financial Corp. | 7937 | 192075 |
| Travelers Cos., Inc. | 8089 | 2172867 |
| Visa, Inc. – Class A | 7559 | 2575654 |
| W.R. Berkley Corp. | 27369 | 1952505 |
|  |  | 13600475 |
| **Health Care – 15.1%** |  |  |
| Cardinal Health, Inc. | 16983 | 3239847 |
| Cencora, Inc. | 8615 | 2910233 |
| CVS Health Corp. | 33327 | 2604505 |
| Pfizer, Inc. | 26513 | 653545 |
| Stryker Corp. | 7353 | 2619433 |
| The Cigna Group | 8895 | 2174027 |
|  |  | 14201590 |
| **Industrials – 15.1%** |  |  |
| Automatic Data Processing, Inc. | 9193 | 2392938 |
| Delta Air Lines, Inc. | 48102 | 2760093 |
| Johnson Controls International PLC | 14006 | 1602146 |
| Trane Technologies PLC | 5647 | 2533527 |
| United Airlines Holdings, Inc. (a) | 28609 | 2690390 |
| WW Grainger, Inc. | 2246 | 2198834 |
|  |  | 14177928 |
| **Information Technology – 14.7%** |  |  |
| Advanced Micro Devices, Inc. (a) | 16347 | 4186794 |
| Intel Corp. (a) | 75091 | 3002889 |
| Jabil, Inc. | 12390 | 2736827 |
| NVIDIA Corp. | 14357 | 2907149 |
| Seagate Technology Holdings PLC | 3729 | 954176 |
|  |  | 13787835 |
| **Materials – 3.4%** |  |  |
| International Paper Co. | 51899 | 2005377 |
| Smurfit WestRock PLC | 33155 | 1224083 |
|  |  | 3229460 |
| **Utilities – 2.8%** |  |  |
| Edison International | 47143 | 2610780 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $88,043,675) |  | 91193198 |
| REAL ESTATE INVESTMENT TRUSTS – 2.6% |  |  |
| **Real Estate – 2.6%** |  |  |
| Extra Space Storage, Inc. | 18664 | 2492391 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,640,325) |  | 2492391 |
| RIGHTS – 0.0% (b) |  |  |
| **Health Care – 0.0%** |  |  |
| Sycamore Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp; Expires 08/28/2026, Exercise Price $3.00 (a)(c) | 167900 | 0 |
| **TOTAL RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $0) |  | 0 |

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

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| | |
|:---|:---|
| **2** | WWW.HENNESSYETFS.COM |

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***Financial Statements — Schedule of Investments***

**as of October 31, 2025**

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| | | |
|:---|:---|:---|
| MONEY MARKET FUNDS – 0.3% | Shares | Value |
| First American Government |  |  |
| &nbsp;&nbsp;&nbsp;Obligations Fund – Class X, 4.03% (d) | 309458 | $309458 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $309,458) |  | 309458 |
| **TOTAL INVESTMENTS – 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,993,458) |  | 93995047 |
| Liabilities in Excess of Other Assets – (0.0%) (b) |  | (30294) |
| **TOTAL NET ASSETS – 100.0%** |  | $93964753 |

---

Percentages are stated as a percent of net assets.

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

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

LLC – Limited Liability Company

PLC – Public Limited Company

(a) Non-income producing security.

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

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025.

(d) The rate shown represents the 7-day annualized yield as of October 31, 2025.

**Summary of Fair Value Exposure as of October 31, 2025**

The following is a summary of the inputs used to value the Fund's net assets as of October 31, 2025 (see Note 3 in the accompanying Notes to the Financial Statements):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication Services | $1702589 | $— | $— | $1702589 |
| Consumer Discretionary | 17396058 |  |  | 17396058 |
| Consumer Staples | 10486483 |  |  | 10486483 |
| Financials | 13600475 |  |  | 13600475 |
| Health Care | 14201590 |  |  | 14201590 |
| Industrials | 14177928 |  |  | 14177928 |
| Information Technology | 13787835 |  |  | 13787835 |
| Materials | 3229460 |  |  | 3229460 |
| Utilities | 2610780 |  |  | 2610780 |
| **Common Stocks – Total** | 91193198 |  |  | 91193198 |
| **Real Estate Investment Trusts** |  |  |  |  |
| Real Estate | 2492391 |  |  | 2492391 |
| **Real Estate Investment Trusts – Total** | 2492391 |  |  | 2492391 |
| **Rights** |  |  |  |  |
| Health Care |  |  | 0 | 0 |
| **Rights – Total** |  |  | 0 | 0 |
| **Money Market Funds** | 309458 |  |  | 309458 |
| **Total Investments** | $93995047 | $— | $0 | $93995047 |

---

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year as compared to the security classifications from the prior year's annual report.

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

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| | |
|:---|:---|
| HENNESSY FUNDS | 1-877-671-3199<sub>3</sub> |

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 ****

***Financial Statements — Statement of Assets and Liabilities***

**as of October 31, 2025**

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| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at value | $93995047 |
| Dividends and interest receivable | 38199 |
| Dividend tax reclaim receivable | 1074 |
| &nbsp;&nbsp;&nbsp;Total assets | 94034320 |
| **LIABILITIES:** |  |
| Payable to advisor | 69567 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 69567 |
| **NET ASSETS** | $93964753 |
| **NET ASSETS CONSIST OF:** |  |
| Par value | $2866 |
| Capital stock | 108373199 |
| Accumulated deficit | (14411312) |
| &nbsp;&nbsp;&nbsp;Total net assets | $93964753 |
| **NET ASSETS:** |  |
| Shares authorized ($0.001 par value) | 100000000 |
| Net assets applicable to outstanding shares | $93964753 |
| Shares issued and outstanding | 2866142 |
| Net asset value, offering price, and redemption price per share | $32.78 |
| Investments, at cost | $90993458 |

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

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| | |
|:---|:---|
| **4** | WWW.HENNESSYETFS.COM |

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***Financial Statements — Statement of Operations***

**for the year ended October 31, 2025**

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| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income | $1813248<sup>(1)</sup> |
| Interest income | 31898 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1845146 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 5) | 904377 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers | 904377 |
| Expense reimbursement from advisor | (95197) |
| &nbsp;&nbsp;&nbsp;Net expenses | 809180 |
| **NET INVESTMENT INCOME** | $1035966 |
| **REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | $(8642715) |
| &nbsp;&nbsp;&nbsp;Net realized gain from redemption in-kind | 14710238 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | 121566 |
| &nbsp;&nbsp;&nbsp;Net gain on investments | 6189089 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $7225055 |
| <sup>(1)</sup> Net of issuance fees withheld of | $44 |

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

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| | |
|:---|:---|
| HENNESSY FUNDS | 1-877-671-3199<sub>5</sub> |

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 ****

***Financial Statements — Statements of Changes in Net Assets***

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| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
| **OPERATIONS:** |  |  |
| Net investment income | $1035966 | $652261 |
| Net realized gain on investments | 6067523 | 28453208 |
| Net change in unrealized appreciation/depreciation on investments | 121566 | (13422739) |
| Net increase in net assets resulting from operations | 7225055 | 15682730 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributable earnings | (943473) | (50006) |
| Total distributions | (943473) | (50006) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares issued in the Reorganization – (See Note 9) |  | 71656846 |
| Proceeds from shares subscribed | 81647451 | 158492724 |
| Cost of shares redeemed | (93788832) | (186352895) |
| Net increase (decrease) in net assets derived from capital share transactions | (12141381) | 43796675 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5859799) | 59429399 |
| **NET ASSETS:** |  |  |
| Beginning of year | 99824552 | 40395153 |
| End of year | $93964753 | $99824552 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| Shares issued in the Reorganization |  | 2506142 |
| Shares sold | 2615000 | 5435000 |
| Shares redeemed | (3000000) | (6375000) |
| Net increase (decrease) in shares outstanding | (385000) | 1566142 |

---

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

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| | |
|:---|:---|
| **6** | WWW.HENNESSYETFS.COM |

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***Financial Statements — Financial Highlights***

**For a share outstanding throughout each period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Year Ended<br>October 31,<br>2025 |<br>Year Ended<br>October 31,<br>2024 | Two-Month<br>Period Ended<br>October 31,<br>2023 |<br>Year Ended<br>August 31,<br>2023<sup>(9)</sup> |<br>Year Ended<br>August 31,<br>2022<sup>(9)</sup> |<br>Period Ended<br>August 31,<br>2021<sup>(1)(9)</sup> |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $30.70 | $23.97 | $26.73 | $24.80 | $27.82 | $25.00 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment gain (loss)<sup>(2)</sup> | 0.34 | 0.20 | (0.00)<sup>(3)</sup> | 0.07 | 0.20 | 0.02 |
| Net realized and unrealized gains (losses) on investments | 2.03 | 6.55 | (2.76) | 2.01 | (3.10) | 2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.37 | 6.75 | (2.76) | 2.08 | (2.90) | 2.82 |
| **Less distributions:** |  |  |  |  |  |  |
| Dividends from net investment income | (0.29) | (0.02) |  | (0.15) | (0.10) |  |
| Dividends from net realized gains |  |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.29) | (0.02) |  | (0.15) | (0.12) |  |
| Net asset value, end of period | $32.78 | $30.70 | $23.97 | $26.73 | $24.80 | $27.82 |
| **TOTAL RETURN ON NET ASSET VALUE<sup>(4)</sup>**  | 7.77% | 28.18% | -10.31%<sup>(5)</sup> | 8.39% | -10.50% | 11.23%<sup>(5)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $93.96 | $99.82 | $40.40 | $45.31 | $42.53 | $37.29 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 0.95% | 0.95% | 0.95%<sup>(6)</sup> | 0.95% | 0.95% | 0.95%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;After expense reimbursement | 0.85% | 0.85% | 0.85%<sup>(6)</sup> | 0.85% | 0.85% | 0.85%<sup>(6)</sup> |
| Ratio of net investment gain (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement | 0.99% | 0.58% | (0.11)%<sup>(6)</sup> | 0.17% | 0.64% | 0.09%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;After expense reimbursement | 1.09% | 0.68% | (0.01)%<sup>(6)</sup> | 0.27% | 0.74% | 0.19%<sup>(6)</sup> |
| Portfolio turnover rate<sup>(7)</sup> | 275% | 291%<sup>(8)</sup> | 62%<sup>(5)</sup> | 274% | 290% | 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.

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

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| | |
|:---|:---|
| HENNESSY FUNDS | 1-877-671-3199<sub>7</sub> |

---

***Notes to the Financial Statements***

**October 31, 2025**

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| | |
|:---|:---|
| **1).** | **ORGANIZATION** |

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

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

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| | |
|:---|:---|
| **2).** | **SIGNIFICANT ACCOUNTING POLICIES** |

---

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

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

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

---

Due to inherent differences in the recognition of income, expenses, and realized gains/losses under GAAP and federal income tax regulations, permanent differences between book and tax basis for reporting are identified and appropriately reclassified in the Statement of Assets and Liabilities, as needed. The adjustments for fiscal year 2025 are as follows:

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| | |
|:---|:---|
| Total Distributable Earnings | Capital Stock |
| $(14451466) | $14451466 |

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

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

---

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

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

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

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

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

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| | |
|:---|:---|
| **8** | WWW.HENNESSYETFS.COM |

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| | |
|:---|:---|
| j). | Recent Accounting Pronouncements and Regulatory Updates – In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the chief operating decision maker (the "CODM") for the Fund using the information presented in the financial statements and financial highlights. The CODM is Teresa Nilsen, the Executive Vice President and Treasurer of the Funds. |

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

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| | |
|:---|:---|
| **3).** | **SECURITIES VALUATION** |

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

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

---

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

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

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

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

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

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| | |
|:---|:---|
| HENNESSY FUNDS | 1-877-671-3199<sub>9</sub> |

---

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

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

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund's securities as of October 31, 2025, are included in the Schedule of Investments.

---

| | |
|:---|:---|
| **4).** | **INVESTMENT TRANSACTIONS** |

---

Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during fiscal year 2025 were $268,459,208, and $267,568,912, respectively. There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during fiscal year 2025.

Purchases and sales of in-kind transactions for the Fund during fiscal year 2025, were $79,895,665 and $92,691,569, respectively.

---

| | |
|:---|:---|
| **5).** | **INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** |

---

The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement (the "Investment Advisory Agreement"). The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a unitary management fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.95%. From the unitary management fee, the Advisor pays most of the expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, and other services. The net investment advisory fees expensed by the Fund during fiscal year 2025 are included in the Statement of Operations.

The Advisor has delegated the day-to-day management of the portfolio composition of the Fund to a sub-advisor, Stance Capital, LLC ("Stance Capital"), and has delegated the responsibility for selecting broker-dealers to execute purchase and sale transactions for the Fund to Vident Advisory, LLC ("Vident"), as instructed by Stance Capital and subject to the supervision of the Advisor and the Board. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During fiscal year 2025, the Advisor (not the Fund) paid a sub-advisory fee to Stance Capital at the average rate of 0.40% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement with Stance Capital, the Advisor pays sub-advisory fees to Stance Capital at an annual rate of 0.40% of the average daily net assets up to $125 million, 0.37% of average daily net assets for assets over $125 million and up to $250 million, and 0.35% for average daily net assets over $250 million. During fiscal year 2025, the Advisor (not the Fund) paid a sub-advisory fee to Vident at the average rate of 0.05% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement with Vident, the Advisor pays sub-advisory fees to Vident of at an annual rate of 0.05% of the Fund's average daily net assets up to $250 million, 0.045% of average daily net assets for assets over $250 million and up to $500 million, and 0.04% for average daily net assets in excess of $500 million, subject to a minimum sub-advisory fee to of $18,750 on an annual basis.

The Advisor has contractually agreed to waive a portion of its unitary management fee to the extent necessary to limit the Fund's annual operating expenses (excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) to 0.85% of the Fund's net assets through February 28, 2026.

During fiscal year 2025, the Advisor waived $95,197 of its unitary management fee.

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

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

---

| | |
|:---|:---|
| **10** | WWW.HENNESSYETFS.COM |

---

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

---

| | |
|:---|:---|
| **6).** | **GUARANTEES AND INDEMNIFICATIONS** |

---

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

---

| | |
|:---|:---|
| **7).** | **FEDERAL TAX INFORMATION** |

---

As of October 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  | Investments |
| Cost of investments for tax purposes | $91126716 |
| Gross tax unrealized appreciation | $6348362 |
| Gross tax unrealized depreciation | (3480031) |
| Net tax unrealized appreciation/(depreciation) | $2868331 |
| Undistributed ordinary income | $744754 |
| Undistributed long-term capital gains |  |
| Total distributable earnings | $744754 |
| Other accumulated gain/(loss) | $(18024397) |
| Total accumulated gain/(loss) | $(14411312) |

---

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

During fiscal years 2025 and 2024, the tax character of distributions paid by the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year 2025 | Fiscal Year 2024 |
| Ordinary income<sup>(1)</sup> | $943473 | $50006 |
| Long-term capital gains |  |  |
| Total distributions | $943473 | $50006 |

---

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

---

| | |
|:---|:---|
| **8).** | **SHARE TRANSACTIONS** |

---

Shares of the Fund were listed and traded on the NYSE Arca, Inc. from November 1, 2024, through December 17, 2024, and on The Nasdaq Stock Market LLC (the "Exchange") from December 18, 2024, through October 31, 2025. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 5,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants and do not have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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

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

---

| | |
|:---|:---|
| HENNESSY FUNDS | 1-877-671-3199<sub>11</sub> |

---

---

| | |
|:---|:---|
| **9).** | **AGREEMENT AND PLAN OF REORGANIZATION** |

---

On October 24, 2023, and January 31, 2024, shareholders of each of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund, respectively, approved an Agreement and Plan of Reorganization between the Trust, on behalf of the Fund, and Quaker Investment Trust, a Massachusetts business trust, on behalf of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund, respectively. The Agreements and Plans of Reorganization provided for the transfer of all of the assets of the CCM Small /Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund to the Fund and the assumption of the liabilities (other than any excluded liabilities) of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund by the Fund. The CCM Small/Mid-Cap Impact Value Fund, the CCM Core Impact Equity Fund, and the Fund have substantially similar investment objectives. The following tables illustrate the specifics of the reorganization of the CCM Small/Mid-Cap Impact Value Fund and the CCM Core Impact Equity Fund into the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| CCM Small/Mid-Cap<br> Impact Value Fund<br> Net Assets | Shares Issued to Shareholders of<br> CCM Small/Mid-Cap Impact Value Fund | Fund Net Assets | Combined<br> Net Assets | Tax Status<br> of Transfer |
| $12436393<sup>(1)</sup> | 490155 | $42752473 | $55188866 | Non-taxable |
| CCM Core Impact<br> Equity Fund<br> Net Assets | Shares Issued to Shareholders of<br> CCM Core Impact Equity Fund | Fund Net Assets | Combined<br> Net Assets | Tax Status<br> of Transfer |
| $59220453<sup>(2)</sup> | 2015987 | $113981010 | $173201464 | Non-taxable |

---

<sup>(1)</sup> Includes accumulated net investment loss, accumulated realized losses, and unrealized appreciation in the amounts of $(129972), $(3067772), and $1,219,276, respectively.

<sup>(2)</sup> Includes accumulated net investment loss, accumulated realized losses, and unrealized appreciation in the amounts of $(454376), $(242945), and $17,358,330, respectively.

For financial reporting purposes, the Fund is deemed to be the accounting survivor and as a result, the statement of Operations and Financial Highlights reflect the operations of the Fund only. The assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund were carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Assuming the reorganizations had been completed on November 1, 2023, the beginning of the reporting period, the unaudited pro forma results of operations as of October 31, 2024, would have been as follows:

---

| | |
|:---|:---|
|  | (Unaudited) |
| Net investment loss | $576555 |
| Net realized gain on investments | 33918701 |
| Net change in unrealized appreciation/depreciation on investments | (4886454) |
| Net increase in net assets resulting from operations | $29608802 |

---

Because the Fund has been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the CCM Small/Mid-Cap Impact Value Fund and CCM Core Impact Equity Fund that have been included in the Fund's Statement of Operations since November 10, 2023, and February 23, 2024, the dates the reorganizations were completed, respectively.

---

| | |
|:---|:---|
| **10).** | **GLOBAL EVENTS** |

---

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

---

| | |
|:---|:---|
| **11).** | **EVENTS SUBSEQUENT TO YEAR END** |

---

Management has evaluated the Fund's related events and transactions that occurred subsequent to October 31, 2025, through the date of issuance of the Fund's financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

The Fund paid a distribution to shareholders as follows:

Record Date Ex-Date Payable Date Ordinary Income Rate <br> 12/12/2025 12/12/2025 12/15/2025 0.33687271

---

| | |
|:---|:---|
| **12** | WWW.HENNESSYETFS.COM |

---

 ****

 ****

***Report of Independent Registered Public Accounting Firm***

To the Board of Trustees of Hennessy Funds Trust

and the shareholders of the Hennessy Sustainable ETF

Novato, CA

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the Hennessy Sustainable ETF (formerly Hennessy Stance ESG ETF) (the "Fund"), a series of Hennessy Funds Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the two years in the period ended October 31, 2025, two-month period ended October 31, 2023, and for the year ended August 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period ended October 31, 2025, two-month period ended October 31, 2023 and for the year ended August 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for the year ended August 31, 2022, and for the period March 15, 2021 (commencement of operations) through August 31, 2021, were audited by other auditors, whose report dated October 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | ![](hftfinancialsa009.jpg) |
|  | <br> TAIT, WELLER & BAKER LLP |
| Philadelphia, Pennsylvania |  |
| December 23, 2025 |  |

---

---

| | |
|:---|:---|
| HENNESSY FUNDS | 1-877-671-3199<sub>13</sub> |

---

 ****

 ****

***Additional Information (Unaudited)***

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

Not applicable. There were no changes in or disagreements with accountants during the period covered by this report.

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

Not applicable. There were no matters submitted to a vote of shareholders during the period covered by this report.

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

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

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

Not applicable. The Board of Trustees did not approve any investment advisory contracts during the most recent fiscal half year.

---

| | |
|:---|:---|
| **14** | WWW.HENNESSYETFS.COM |

---

 ****

 ****

***Federal Tax Distribution Information (Unaudited)***

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

100.00%

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

100.00%

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

0.00%

---

| | | |
|:---|:---|:---|
| HENNESSY FUNDS | 1-877-671-3199 | **15** |

---

 

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

*The Hennessy Funds*

877-671-3199 or 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 Drive, 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

![](hftfinancialsa008.jpg)

------

**www.hennessyetfs.com \|** 1-877-671-3199

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

others only if preceded or accompanied by a current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

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

Not applicable. There were no changes in or disagreements with accountants during the period covered by this report.

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

Not applicable. There were no matters submitted to a vote of shareholders during the period covered by this report.

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

The trustee fees and compliance expenses for the Hennessy mutual funds are included in the financial statements and related footnotes filed under Item 7(a) of this Form. This item is not applicable for the Hennessy Sustainable ETF. All fund expenses for the Hennessy Sustainable ETF, including trustee fee and compliance expenses, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Statement of Additional Information for the Hennessy Sustainable ETF.

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

Not applicable. The registrant's board of trustees did not approve any investment advisory contracts during the most recent fiscal half year.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable. There have not been any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees during the period.

Item 16. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing date of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized, and reported and made known to them by others within the registrant and by the registrant's service providers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable to this report.

Item 19. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *[Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing of an exhibit](hft_hf-ex99codeeth.htm) .* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive and principal financial officer of the registrant pursuant to Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).* Filed herewith.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by such Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable. There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| HENNESSY FUNDS TRUST<br> (Registrant) | HENNESSY FUNDS TRUST<br> (Registrant) |
| By: | /s/ Neil J. Hennessy |
|  | Neil J. Hennessy |
|  | President |
| Date: | January 8, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Neil J. Hennessy | Date: | January 8, 2026 |
|  | Neil J. Hennessy, President and<br> Principal Executive Officer |  |  |
| By: | /s/ Teresa M. Nilsen | Date: | January 8, 2026 |
|  | Teresa M. Nilsen, Treasurer and<br> Principal Financial Officer  |  |  |

---

## Ex-99.Code

[Hennessy Funds Trust N-CSR](hft-ncsr_103125.htm)

**Exhibit 99.CODE ETH** <br>

![](hft_coelogos.jpg)

## <br>

## Code of Ethics

### for

### Hennessy Funds Trust

### and

### Hennessy Advisors, Inc.

#### __________________________

#### August 2023

#### __________________________

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| I. | GENERAL | 1 |
| A. | Introduction | 1 |
| B. | Definitions | 1 |
| II. | STANDARDS OF BUSINESS CONDUCT | 3 |
| A. | General Standards | 3 |
| B. | Specific Duties and Responsibilities | 3 |
| C. | Reporting Violations | 4 |
| III. | PERSONAL SECURITIES INVESTMENT TRANSACTIONS POLICY | 5 |
| A. | General | 5 |
| B. | Accounts Covered | 6 |
| C. | Exempt Securities and Transactions | 6 |
| D. | Restrictions and Limitations on Personal Securities Transactions | 7 |
| E. | Reporting Procedures | 8 |
| IV. | INSIDER TRADING POLICY | 11 |
| A. | What is Material Information? | 11 |
| B. | What is Non-Public Information? | 12 |
| C. | What are the Penalties for Insider Trading? | 12 |
| D. | Compliance Procedures | 13 |
| E. | Securities Issued by the Adviser | 14 |
| V. | COMPLIANCE | 16 |
| A. | Approval of the Code of Ethics | 16 |
| B. | Annual Certification | 17 |
| C. | Prohibition on Self Clearance | 17 |
| D. | Other Obligations | 17 |
| E. | Maintenance of Records | 17 |
| F. | Interpretation and Enforcement | 17 |

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i<br>

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**I. GENERAL**

**A. <u>Introduction</u>**

Hennessy Funds Trust ("<u>HFT</u>") and Hennessy Advisors, Inc. (the "<u>Adviser</u>") have adopted this Code of Ethics (this "<u>Code</u>"). This Code is designed to comply with Rule 17j-1 of the Investment Company Act and Rule 204A-1 of the Investment Advisers Act. It is based on the principle that we owe a fiduciary duty of undivided loyalty to our shareholders. Accordingly, we must avoid transactions, activities, and relationships that conflict or appear to conflict with making decisions in the best interests of our shareholders. HFT and the Adviser expect all of their directors, trustees, officers, and employees to maintain high ethical standards of conduct and to comply with applicable laws and governmental regulations.

**B. <u>Definitions</u>**

The following definitions apply for purposes of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "<u>Access Person</u>" means any director, trustee, officer, or employee of HFT or the Adviser, but excluding (a) any summer associate or other temporary employee of HFT or the Adviser and (b) any director of the Adviser who meets independence requirements under applicable law. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "<u>Adviser</u>" has the meaning set forth in Section I.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A Covered Security is "<u>being considered for purchase or sale</u>" when a recommendation to purchase or sell such Covered Security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "<u>beneficial ownership</u>" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act in determining whether a person has a pecuniary interest in a security for purposes of Section 16 of the Exchange Act. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "<u>CCO</u>" means Chief Compliance Officer per Rule 38a-1 of the Investment Company Act and Rule 206(4)-7 of the Investment Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "<u>control</u>" has the meaning set forth in Section 2(a)(9) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "<u>Covered Security</u>" means a security as defined in Section 2(a)(36) of the Investment Company Act, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. direct obligations of the Government of the United States;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. shares issued by open-end registered investment companies (but not exchange-traded funds) other than HFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "<u>Disinterested Trustee</u>" means a trustee of HFT who is not an "interested person" of HFT within the meaning of Section 2(a)(19) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "<u>Fund</u>" means, individually, any series of HFT and collectively all such series shall be referred to as the "<u>Funds</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "<u>HFT</u>" has the meaning set forth in Section I.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "<u>Initial Public Offering</u>" means an offering of securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "<u>Investment Advisers Act</u>" means the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "<u>Investment Personnel</u>" means (a) any employee of HFT or the Adviser or of any company in a control relationship to HFT or the Adviser who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by a Fund and (b) any natural person who controls HFT or the Adviser and who obtains information concerning recommendations made to a Fund regarding the purchase or sale of securities by such Fund. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "<u>Laws</u>" means the laws, rules, and regulations of U.S. and foreign federal, state, and local governments and other applicable regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "<u>personal securities transaction</u>" has the meaning set forth in Section III.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "<u>SEC</u>" means the Securities and Exchange Commission.

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**II. STANDARDS OF BUSINESS CONDUCT**

**A. <u>General Standards</u>**

HFT and the Adviser hold their directors, trustees, officers, and employees accountable for adhering to and advocating the following standards to the best of their knowledge and ability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They shall always act in an honest and ethical manner, including in connection with the handling and avoidance of actual or apparent conflicts of interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They shall fully comply with all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They shall proactively promote full, fair, accurate, timely, and understandable disclosure in reports and documents that HFT or the Adviser file with or submit to the SEC and in other public communications made by HFT or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. They shall proactively promote ethical and honest behavior with HFT and the Adviser, including, without limitation, by adhering to and promptly reporting violations of this Code.

**B. <u>Specific Duties and Responsibilities</u>**

In adhering to and advocating the general standards set forth above, the directors, trustees, officers, and employees of HFT and the Adviser shall fulfill the following duties and responsibilities to the best of their knowledge and ability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They shall handle all conflicts of interest between personal and professional relationships in an ethical and honest manner. They shall disclose in advance to the CCO of HFT or the Adviser, as applicable, the relevant details of any transaction or relationship that reasonably could be expected to give rise to an actual or apparent conflict of interest between themselves and HFT or the Adviser. Such CCO shall, as appropriate, discuss such disclosures with the Board of Trustees of HFT or the Board of Directors of the Adviser, as applicable, which Board shall thereafter take such action with respect to the conflict of interest as it deems appropriate. The general policy of HFT and the Adviser is to avoid conflicts of interest whenever practicable. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They shall use their best efforts to ensure the timely and understandable disclosure of information that, in all material respects, is accurate, complete, objective, and relevant in all reports and documents HFT or the Adviser file with or submit to the SEC or in any other public communications made by HFT or the Adviser. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They shall use their best efforts to ensure compliance in all material respects with all applicable Laws by HFT and the Adviser.

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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. They shall respect the confidentiality of information acquired in the course of their work and shall not disclose confidential information, except when they believe they are authorized for business purposes or legally obliged to disclose confidential information. They may not use confidential information acquired in the course of their work for their personal advantage. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. They shall not take or direct or allow any other person to take or direct any action to fraudulently influence, coerce, manipulate, or mislead the independent auditing firm of HFT or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. They may not engage the auditing firms of HFT or the Adviser to perform audit or non-audit services without the prior approval of the Board of Trustees of HFT or the Board of Directors or Audit Committee of the Adviser, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The independent directors of the Adviser shall not have access to, and shall not seek from any employee of the Adviser, any non-public information regarding the portfolio holdings of the Funds, except that certain limited access to such information may be granted with advance permission from the CCO of HFT. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If they are Investment Personnel, they shall not, without the prior approval of the CCO of HFT or the Adviser, as applicable, receive any gift or participate in any entertainment event of more than de minimis value from or with any person or entity that does or is seeking to do business with or on behalf of a Fund or the Adviser. The annual receipt of gifts from the same source valued at $100 or less shall be considered de minimis, while the annual receipt of entertainment from the same source valued at $1,000 or less shall be considered de minimis. Additionally, the receipt of an occasional dinner, a ticket to a sporting event or the theater, or comparable entertainment event also shall be considered to be of de minimis value. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If they are Investment Personnel, except for service that began prior to March 2, 1996, they shall not serve on the board of directors of publicly traded companies absent prior authorization of the Board of Trustees of HFT. The Board of Trustees of HFT may so authorize such board service only if it determines that such board service is consistent with the interests of the Funds and their shareholders. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. They shall promptly report any suspected violations of this Code to the CCOs of HFT and the Adviser in accordance with Section II.C below.

**C. <u>Reporting Violations</u>**

Each director, trustee, officer, or employee of HFT or the Adviser must promptly report any of the following matters to the CCOs of HFT and the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a violation or potential violation of a Law by HFT or the Adviser;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a belief that such director, trustee, officer, or employee is being asked to violate this Code or any Law in the performance of his or her duties for HFT or the Adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other violation or potential violation of this Code by any person.

If desired, such matters may, in addition to being reported to the CCOs of HFT and the Adviser, also be reported to the Chair of the Audit Committee of the Board of Directors of the Adviser. Appropriate steps will be taken to maintain the confidentiality of the reporting person's identity to the extent consistent with the obligations of HFT and the Adviser to investigate and remedy the matter and, if appropriate, report the matter to government officials. Reports of Code violations may also be made on an anonymous basis. No retribution will be taken against a person who makes a report in good faith of a violation or potential violation of this Code.

**III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERSONAL SECURITIES INVESTMENT TRANSACTIONS POLICY**

Rule 17j-1 under the Investment Company Act and Rule 240A-1 under the Advisers Act require the reporting of all personal securities transactions (with certain limited exceptions) and preclearance of certain personal securities investment transactions by persons who are involved in the investment activities of HFT or the Adviser or who have access to non-public information regarding purchases or sales of securities or the portfolio holdings of any of the Funds. This policy implements the requirements of those rules and also sets forth additional procedures that are intended to avoid any actual or apparent conflicts of interest that may arise from personal securities investment transactions.

**A. <u>General</u>**

Subject to the limited exclusions set forth in Section III.C below, all Access Persons are required to report holdings and transactions in Covered Securities with respect to which they have discretionary authority or beneficial ownership. In addition, subject to the limited exclusions set forth in Section III.C below, no Access Person (or certain of his or her family members as described in Section III.B below) shall buy or sell any Covered Security for any account over which such Access Person has discretionary authority or for an account in which such Access Person has, or as a result of the transaction acquires, any direct or indirect beneficial ownership (referred to herein as a "<u>personal securities transaction</u>") unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Access Person has obtained preclearance of such transaction in accordance with the procedures described in Section III.D.7 below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction is reported in writing to the CCOs of HFT and the Adviser on a quarterly basis in accordance with the requirements of Section III.E.3 below.

**Except as otherwise specifically provided therein, (1) Disinterested Trustees are not subject to the restrictions and limitations or reporting requirements set forth in Sections III.D and III.E and (2) non-executive directors of the Advisor who do not have access to nonpublic information regarding securities recommendations, securities transactions, or portfolio holdings for the Funds and are not involved in making securities recommendations to the Funds are not subject to the restrictions and limitations set forth in Section III.D.**

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**B. <u>Accounts Covered</u>**

The term "beneficial ownership" is defined by the rules of the SEC. Generally, a person is deemed to have beneficial ownership of securities held in the name of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such person's spouse or minor child;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a relative (including in-laws, stepchildren, or stepparents) sharing the same house; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anyone else if such person is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o obtain benefits substantially equivalent to ownership of the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o obtain ownership of the securities immediately or at some future time.

**C. <u>Exempt Securities and Transactions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Exemptions from Preclearance and Reporting Requirements*

The preclearance and reporting requirements set forth in this Section III do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. purchases or sales that are non-volitional on the part of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Exemptions from Preclearance Requirements Only*

The preclearance requirements set forth in this Section III do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. purchases, sales, or gifts of common stock of issuers in the Dow Jones Industrial Average provided that the number of shares purchased or sold of any one such issuer on any day does not exceed 5,000 shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. purchases, sales, or gifts of shares issued by HFT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. purchases, sales, or gifts of exchange-traded funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. in-kind transfers.

**D. <u>Restrictions and Limitations on Personal Securities Transactions</u>**

The provisions of this Section III.D apply to all Access Persons, **except they do not apply to Disinterested Trustees other than as specifically set forth in Section III.D.3 below and they do not apply to non-executive directors of the Advisor who do not have access to nonpublic information regarding securities recommendations, securities transactions, or portfolio holdings for the Funds and who are not involved in making securities recommendations to the Funds**.

**Any personal securities transaction by an Access Person in violation of this Code may be required to be reversed and any resulting profits may be subject to disgorgement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Participation in Initial Public Offerings*

No Access Person may acquire any Covered Security in an Initial Public Offering without the prior approval of the CCOs of HFT and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Participation in Private Placements*

No Access Person may participate in a private placement of any kind (including, but not limited to, investments in limited partnership, limited liability companies, hedge funds, private equity funds, PIPEs, real estate, oil and gas partnerships, and venture capital investments) without the prior approval of the CCOs of HFT and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Trading in a Security on a Day When There Is a "Buy" or "Sell" Order or Serious Consideration Thereof*

No Access Person may purchase or sell, directly or indirectly, any Covered Security on any day during which (a) the Adviser has placed a "buy" or "sell" order in the same security for a Fund or (b) to the actual knowledge of such Access Person at the time of such purchase or sale, the same security is being considered for purchase or sale by a Fund.

Disinterested Trustees are subject to this prohibition if they know or should have known at the time of such purchase or sale that the Adviser has such a pending "buy" or "sell" order in the same security for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Blackout Period*

No Access Person may purchase or sell, directly or indirectly, a Covered Security within one trading day after the Adviser has purchased or sold the same security for a Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Short-Swing Profits*

No Access Person may profit from the purchase and sale or sale and purchase within 14 calendar days of the same or equivalent security if trading in such security is subject to preclearance in accordance with the procedures described in Section III.D.7. This Section III.D.5 does not prohibit the avoidance of losses through trading within a period shorter than 14 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Restricted List*

HFT and the Adviser may from time to time establish a restricted list that includes the names of companies for which HFT or the Adviser may have, or are in a position to receive, material non-public information. Access Persons are not allowed to trade or invest in the securities of any company on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Preclearance Requirements*

Access Persons must obtain preclearance of all personal securities transactions in Covered Securities that are not exempted by Section III.C through the ComplianceAlpha system or any alternative procedures as may be announced following the approval of the CCOs of HFT and the Adviser. Access Persons will receive notification regarding whether their preclearance request is approved or denied, but the specific reason for the decision is not required to be provided. If a preclearance request for a personal securities transaction submitted by an Access Person is denied, such Access Person is prohibited from executing such personal securities transaction. If the personal securities transaction is not completed on the date of preclearance, a new preclearance must be obtained prior to executing any remaining portion of such personal securities transaction (unless the approval specifically states that it will remain in effect for a longer period of time, in which case the specified time period applies). If an Access Person believes he or she may not be able to complete a personal securities transaction in a single trading day because of limited liquidity in the applicable security, he or she may request that the preclearance approval extend for up to five days. Such requests will be considered on a case-by-case basis based on the facts and circumstances known at the time. Approval of a preclearance request for a personal securities transaction that has not yet been executed may be revoked at any time if new information makes revocation advisable.

**E. <u>Reporting Procedures</u>**

The provisions of this Section III.E apply to all Access Persons, **except they do not apply to Disinterested Trustees other than as specifically set forth in Section III.E.1 below**. If desired, an Access Person may include a statement on any report filed pursuant to Sections III.E.2-III.E.4 below that the report shall not be construed as an admission by such Access Person that he or she has any beneficial ownership in the security to which the report relates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Limited Reporting Obligations for Disinterested Trustees*

Disinterested Trustees do not need to file an initial holdings report or annual holdings report pursuant to Sections III.E.2 or III.E.4 below. Additionally, Disinterested Trustees do not need to file a quarterly transaction report pursuant to Section III.E.3 below except to report a personal securities transaction in a Covered Security if such Disinterested Trustee, at the time of making such personal securities transaction, knew or, in the ordinary course of fulfilling his or her official duties as a trustee of HFT, should have known that, during the 15-day period immediately before or after the date of such personal securities transaction, such Covered Security was purchased or sold by a Fund or was being considered by a Fund or the Adviser for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Initial Holdings Report*

Each Access Person shall, no later than 10 days after such person becomes an Access Person, file an initial holdings report with the CCOs of HFT and the Adviser containing the following information (which information must be current as of a date no more than 45 days prior to the date such person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the title and type of security, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which such Access Person had any direct or indirect beneficial ownership at the time the person became an Access Person; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the name of any broker, dealer, or bank with whom such Access Person maintained an account in which any securities (regardless of whether such securities were Covered Securities) were held for the direct or indirect benefit of such Access Person; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date the report is submitted by such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Quarterly Transaction Report*

Each Access Person shall, no later than 30 days after the end of each calendar quarter, file a quarterly transaction report with the CCOs of HFT and the Adviser containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. with respect to any personal securities transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership (except that personal securities transactions pursuant to an automatic dividend reinvestment plan do not need to be reported in a quarterly transaction report): 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of the personal securities transaction, the title, exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each security involved; 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the nature of the personal securities transaction (i.e., purchase, sale, or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the price of the Covered Security at which the personal securities transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the name of the broker, dealer, or bank with or through whom the personal securities transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the date that the report is submitted by such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. with respect to any account established by such Access Person during the quarter in which any securities (regardless of whether such securities were Covered Securities) were held for the direct or indirect benefit of such Access Person: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the name of the broker, dealer, or bank with whom such Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the date the report is submitted by such Access Person.

In lieu of filing a quarterly transaction report, an Access Person may provide duplicate copies of all account statements for all securities accounts in which Covered Securities were held with respect to such Access Person to the CCO of HFT within the period set forth in this Section III.E.3, provided that all of the information required by this Section III.E.3 is contained in such account statements or in the records of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Annual Holdings Report*

Each Access Person shall, no later than January 30 of each year, file an annual holdings report with the CCOs of HFT and the Adviser containing the following information as of the preceding December 31:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the title and type of security, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which such Access Person had any direct or indirect beneficial ownership; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the name of any broker, dealer, or bank with whom such Access Person maintains an account in which any securities (regardless of whether such securities were Covered Securities) are held for the direct or indirect benefit of such Access Person; and 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date the report is submitted by such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Review of Periodic Reports; Identification of Access Person*

The CCOs of HFT and the Adviser or their designees shall review all reports filed by Access Persons pursuant to this Section III. The CCOs of HFT and the Adviser shall identify all Access Persons who are required to file reports pursuant to Section III.E and must inform such Access Persons of their reporting obligations.

**IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INSIDER TRADING POLICY**

HFT and the Adviser prohibit their directors, trustees, officers, and employees from trading, either personally or on behalf of the Funds, on the basis of material non-public information or communicating material non-public information to others in violation of the Law. In addition, communication of inside information (tipping) to a third party, where improper trading can be anticipated, is also strictly prohibited. This conduct is frequently referred to as "insider trading." In addition, each of HFT and the Advisor, as an entity, is prohibited from trading on the basis of material non-public information or communicating material non-public information to others in violation of the Law.

In addition to applying to the directors, trustees, officers, and employees of HFT and the Adviser, this policy also applies to their respective spouses, children, and relatives sharing a home with them, and certain trusts, partnerships, and corporations affiliated with them.

Insider trading Laws are continuously changing. In the event an individual has any hesitation about whether or not something may be considered insider trading, such individual should immediately discuss the matter with the Chief Compliance Officer of HFT or the Adviser. Seeking guidance if there is even the slightest hesitation is likely to prevent disciplinary action or complex legal problems.

**A. <u>What is Material Information?</u>**

"Material information" generally means information that a reasonable investor would consider important in deciding whether to buy, sell, or hold a security, or information that is reasonably certain to have a substantial effect on the price of a company's securities once such information becomes publicly available. Both positive and negative information may be material. Information that may be considered material includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings estimates or changes in previously released earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending changes in corporate policy (such as dividend changes or stock splits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant new products, services, or processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending large commercial or government contracts;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain or loss of a substantial customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pending litigation or changes in the status of litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a significant refinancing transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• news of a pending acquisition or sale of assets or a proposed merger or tender offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government investigations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in management.

Material information may also relate to the market for a company's securities. Information about a significant order to purchase or sell securities may be material in some instances.

No simple test exists to determine whether information is material. Assessments of materiality involve a highly fact-specific analysis. **Since the question of whether inside information is material is determined in litigation with the benefit of 20/20 hindsight, individuals should consult the CCO of HFT or the Adviser if they are in receipt of any non-public information, regardless of whether or not they believe it is material.**

**B. <u>What is Non-Public Information?</u>**

Information is non-public until it has been disclosed in a manner sufficient to ensure availability to the investing public and sufficient time has passed since its dissemination for investors to have absorbed the information (which is generally measured in days and not minutes). For example, information in a report filed with the SEC or appearing in the Wall Street Journal or other publication of general circulation would be considered public after a sufficient amount of time has passed since its publication.

**C. <u>What are the Penalties for Insider Trading?</u>**

The federal securities laws impose potentially severe penalties on persons who trade securities while in possession of material non-public information or who improperly disclose material non-public information to others. Individuals who trade on (or tip) inside information may face one or more of the following consequences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• termination of such individual's employment or other relationship with HFT and the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• criminal sanctions, which may include a fine of up to $5 million and up to 20 years imprisonment; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of the profits gained or losses avoided through insider trading and a penalty of up to three times such amount; 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an SEC order permanently barring such individual from the securities industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a lawsuit by investors seeking to recover damages for insider trading violations.

Similar penalties may be imposed against so-called "controlling persons" who fail to take appropriate steps to prevent or detect insider trading violations (including tipping violations) by their employees or subordinates.

HFT and the Adviser may also be subject to penalties in the event a director, trustee, officer, or employee is found liable for insider trading, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil penalties of up to the greater of $1 million or three times the amount of profits gained or losses avoided by such individual; 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• criminal fines of up to $25 million; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on their ability to conduct their business activities.

**D. <u>Compliance Procedures</u>**

The following procedures have been established to help directors, trustees, officers, and employees of HFT and the Adviser avoid insider trading and to help HFT and the Adviser prevent, detect, and impose sanctions against individuals who engage in insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Identifying Inside Information*

Before executing any personal trade or trade for the Funds, a director, trustee, officer, or employee of HFT or the Adviser must determine whether they have access to material, non-public information. The following questions are relevant to such a determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is the information material? Would an investor consider this information important in making his or her investment decision? If disclosed, would this information substantially affect the market price of the securities?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is the information non-public? Has the information been effectively communicated to the marketplace by appearing in publications of general circulation? Is the information readily available to a significant number of other investors in the market? How much time has passed since the information was disseminated? 

If, after consideration of the foregoing matters, an individual believes information is material and non-public or is not sure about whether such information is material and non-public, he or she should take the following steps:

<br> a. immediately report the information to the CCO of HFT or the Adviser;

------

<br> b. refrain from purchasing or selling any securities to which the information is relevant; and

<br> c. refrain from communicating the information to anyone inside or outside of HFT and the Adviser other than the CCOs of HFT and the Adviser and other individuals who "need to know" such information in order to perform their job responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Restricting Access to Material Non-Public Information*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Communications

Access to material non-public information must be limited to only those individuals who have a "need to know."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Information Handling

Directors, trustees, officers, and employees of HFT and the Adviser should take all appropriate actions to safeguard any material non-public information in their possession. Such information should be kept secure. For example, documents or papers containing material non-public information should not be left on desks or otherwise where it may be seen by other people, and access to files (whether hard copy or electronic) containing material non-public information should be restricted.

In addition, material non-public information should not be discussed in public or quasi-public places where conversations may be overheard by others.

**E. <u>Securities Issued by the Adviser</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *General*

Insider trading Laws apply to the securities of the Adviser the same as they apply to the securities of any issuer. However, because there is a higher likelihood of access to material non-public information regarding the Adviser than regarding other companies, additional procedures are warranted.

In addition to the procedures set forth in Section IV.D, the following additional procedures are designed to help ensure that all material non-public information regarding the Adviser remains confidential:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tips about material non-public information regarding the Adviser should never be given to anyone who may, directly or indirectly, use such information to derive an improper personal benefit through personal trading in the Adviser's stock or by passing the tip on to others; and 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all inquiries regarding the Adviser from the press or other news media must be referred to the Chief Executive Officer or President of the Adviser (who may authorize any employee to speak to the press or other news media outlet about the Adviser on a case-by-case basis). 

------

If an individual becomes aware of a leak of inside information regarding the Adviser, he or she should immediately report the leak to the CCO of the Adviser. The Adviser is required under Regulation FD of the federal securities laws to avoid the selective disclosure of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Quiet Period*

Directors, trustees, officers, and employees of HFT and the Adviser may not purchase or sell any securities of the Adviser during the period beginning on the first day of each quarter and ending on the second business day after public announcement of quarterly or (in the case of the fourth fiscal quarter) annual results for the prior period or during any other period declared to be a quiet period by the CCO of the Adviser. All personal securities transactions in securities of the Adviser must be precleared in accordance with Section III.D.7 regardless of whether such purchase or sale is outside of a quiet period. Notwithstanding the foregoing, a participant in any equity incentive plan of the Adviser as may be in effect from time to time may elect, either during or outside of a quiet period, to have the Adviser withhold shares of the Adviser's common stock otherwise deliverable or vesting under an award to satisfy any federal, state, or local tax obligations, and the Adviser may withhold such shares, in accordance with the terms and conditions of such equity incentive plan; provided that the CCO of the Adviser may in his or her discretion suspend the right to make any such election. The submission of such an election by a participant shall serve as a preclearance request under Section III.D.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Reporting of Stock Transactions to SEC*

The Personal Securities Investment Transactions Policy set forth in Section III is designed to implement the requirements of Rule 17j-1 under the Investment Company Act and Rule 240A-1 under the Advisers Act, as well as to assist directors and executive officers in complying with the filing and short-swing insider trading liability provisions of Section 16 of the Exchange Act. As a general rule, transactions in securities of the Adviser (including the receipt or exercise of stock options) by directors, executive officers, 10% or more shareholders, and their related persons are required to be reported to the SEC on Form 4 within two business days of the transaction. Because the Form 4 must be filed with the SEC within the two-business day deadline, it is critical for the Adviser to be aware of transactions in its securities by insiders ahead of time so that it may assist with making the required filings. Most changes of ownership must be reported even if there has been no net change in holdings. Certain transactions such as gifts may be reported on a deferred basis on Form 5. If any transactions are reported late, the Adviser must disclose such late filings in its annual meeting proxy statement. Furthermore, the SEC has authority to impose civil fines and issue cease-and--desist orders for late filings.

The Form 4 and 5 reporting requirements are designed, among other things, to assist with enforcing the short-swing insider trading liability provisions of Section 16(b) of

------

the Exchange Act. The Personal Securities Investment Transactions Policy set forth in Section III is also designed to help reporting persons avoid short-swing insider trading liability. Section 16(b) of the Exchange Act provides that any "profit" on a purchase and sale of securities of an issuer by a director, executive officer, or a 10% or more shareholder of such issuer within any six-month period must be paid to the issuer unless certain exemptions apply. "Profit" is computed by matching any sale of Company stock taking place at a higher price than a purchase taking place within six months before or after the sale, regardless of the seller's tax basis in specifically identified shares sold. Intent to take unfair advantage of inside information is not required for liability under Section 16(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *No Short Sales*

Section 16(c) of the Exchange Act prohibits directors, executive officers, and 10% or more shareholders from making "short sales" of the securities of the Adviser. A short sale occurs when an investor sells borrowed securities (in anticipation of a price decline) and is required to return an equal number of shares at some predefined point in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Rule 10b5-1 Plans*

The implementation, modification, or termination of any Rule 10b5-1 plan under the Exchange Act by the Adviser or any director, trustee, officer, or employee of HFT or the Adviser must be approved in advance by external or internal legal counsel to the Adviser.

**V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPLIANCE**

**A. <u>Approval of the Code of Ethics</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Board of Trustees of HFT, including a majority of the Disinterested Trustees, and the Board of Directors of the Adviser shall approve this Code and any material changes thereto. Prior to approving this Code and any material changes thereto, the Board of Trustees of HFT, including a majority of the Disinterested Trustees, must determine that this Code contains provisions reasonably necessary to prevent Access Persons from violating Rule 17j-1(b) under the Investment Company Act. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No less frequently than annually, the CCOs of HFT and the Adviser shall furnish a report to the Board of Trustees of HFT and the Board of Directors of the Adviser that includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a description of all issues arising under the Code since the last report to such Boards, including, but not limited to, information about material violations of this Code and sanctions imposed in response to such material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a list of Access Persons under this Code; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a certification that HFT and the Adviser have adopted such procedures as are reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any explicit or implied waivers of this Code for directors, trustees, or executive officers must be approved by the Board of Trustees of HFT and the Board of Directors or Audit Committee of the Adviser, as applicable, and must be promptly disclosed.

**B. <u>Annual Certification</u>**

Each year, the CCOs of HFT and the Adviser shall provide all directors, trustees, officers, and employees with a copy of this Code. Promptly following receipt thereof, each such person shall certify to HFT and to the Adviser that he or she (1) has read and understands this Code and recognizes that he or she is subject thereto, (2) has complied with the requirements of this Code, and (3) has disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code.

**C. <u>Prohibition on Self Clearance</u>**

No director, trustee, officer, or employee may preclear his or her own trades, review his or her own required trading reports, or otherwise serve as the final point of review of his or her own actions under this Code. To the extent this Code requires action by a CCO and the CCO also engages in personal securities transactions, such CCO's responsibilities under this Code with respect to such CCO's personal securities transactions shall be carried out by the other CCO or an appropriate designee.

**D. <u>Other Obligations</u>**

Compliance with this Code does not relieve directors, trustees, officers, or employees of their obligations under any other code of ethics.

**E. <u>Maintenance of Records</u>**

This Code and the approvals and reports required by Section V.A shall be maintained by the Funds' administrator and the CCOs of HFT and the Adviser. The reports required by Section III.E shall be maintained by the CCO of HFT.

**F. <u>Interpretation and Enforcement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This is a combined Code of Ethics for HFT and the Adviser. The Board of Directors of the Adviser (or a committee thereof) is responsible for overseeing the interpretation and enforcement of this Code in all matters related to the Adviser. The Board of Trustees of HFT is responsible for overseeing the interpretation and enforcement of this Code in all matters related to HFT. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each director, trustee, officer, and employee will be held accountable for his or her adherence to this Code by the Board of Trustees of HFT or the Board of Directors of the Adviser, as applicable. Directors, trustees, officers, and employees who fail to adhere to this Code will be subject to appropriate disciplinary action, ranging from warnings to possible termination or removal. 

17 <br>

## Ex-99.Cert

[Hennessy Funds Trust N-CSR](hft-ncsr_103125.htm)

**EXHIBIT 99.302CERT**

**CERTIFICATIONS**

I, Neil J. Hennessy, certify that:

1. I have reviewed this report on Form N-CSR of Hennessy Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 8, 2026 | /s/ Neil J. Hennessy |
|  | Neil J. Hennessy<br> President and Principal Executive Officer |

---

**EXHIBIT 99.302CERT**

**CERTIFICATIONS**

I, Teresa M. Nilsen, certify that:

1. I have reviewed this report on Form N-CSR of Hennessy Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 8, 2026 | /s/ Teresa M. Nilsen |
|  | Teresa M. Nilsen<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

[Hennessy Funds Trust N-CSR](hft-ncsr_103125.htm)

**EX.99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act<br> and Section 906 of the Sarbanes-Oxley Act**

Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Hennessy Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Hennessy Funds Trust for the period ended October 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Hennessy Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Neil J. Hennessy | /s/ Teresa M. Nilsen |
| Neil J. Hennessy | Teresa M. Nilsen |
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |
| Hennessy Funds Trust | Hennessy Funds Trust |
| Date: January 8, 2026 | Date: January 8, 2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Hennessy Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.