0000898531-21-000351.txt : 20210709 0000898531-21-000351.hdr.sgml : 20210709 20210709092237 ACCESSION NUMBER: 0000898531-21-000351 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 39 CONFORMED PERIOD OF REPORT: 20210430 FILED AS OF DATE: 20210709 DATE AS OF CHANGE: 20210709 EFFECTIVENESS DATE: 20210709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HENNESSY FUNDS TRUST CENTRAL INDEX KEY: 0000891944 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07168 FILM NUMBER: 211081791 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 0000891944 S000019531 Hennessy Cornerstone Large Growth Fund C000054248 Investor Class HFLGX C000074662 Institutional Class HILGX 0000891944 S000038529 Hennessy Focus Fund C000118915 Investor Class HFCSX C000118916 Institutional Class HFCIX 0000891944 S000038530 Hennessy Large Cap Financial Fund C000118917 Investor Class HLFNX C000157630 Institutional Class HILFX 0000891944 S000038531 Hennessy Small Cap Financial Fund C000118918 Investor Class HSFNX C000118919 Institutional Class HISFX 0000891944 S000038532 Hennessy Technology Fund C000118920 Investor Class HTECX C000118921 Institutional Class HTCIX 0000891944 S000038533 Hennessy Gas Utility Fund C000118922 Investor Class GASFX C000179119 Institutional Class HGASX 0000891944 S000038534 Hennessy Equity and Income Fund C000118923 Institutional Class HEIFX C000118924 Investor Class HEIIX 0000891944 S000044800 Hennessy Cornerstone Growth Fund C000139151 Investor Class HFCGX C000139152 Institutional Class HICGX 0000891944 S000044801 Hennessy Cornerstone Mid Cap 30 Fund C000139153 Investor Class HFMDX C000139154 Institutional Class HIMDX 0000891944 S000044802 Hennessy Cornerstone Value Fund C000139155 Investor Class HFCVX C000139156 Institutional Class HICVX 0000891944 S000044803 Hennessy Total Return Fund C000139157 Investor Class HDOGX 0000891944 S000044804 Hennessy Balanced Fund C000139158 Investor Class HBFBX 0000891944 S000044805 Hennessy Japan Fund C000139159 Institutional Class HJPIX C000139160 Investor Class HJPNX 0000891944 S000044806 Hennessy Japan Small Cap Fund C000139161 Investor Class HJPSX C000157631 Institutional Class HJSIX 0000891944 S000063244 Hennessy BP Energy Transition Fund C000205117 Institutional Class HNRIX C000205118 Investor Class HNRGX 0000891944 S000063245 Hennessy BP Midstream Fund C000205119 Investor Class HMSFX C000205120 Institutional Class HMSIX N-CSRS 1 hft_hf-ncsrs.htm HENNESSY FUNDS SEMIANNUAL REPORTS 4-30-21
As filed with the Securities and Exchange Commission on July 9, 2021


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


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES




Investment Company Act file number (811-07168)



Hennessy Funds Trust
(Exact name of registrant as specified in charter)



7250 Redwood Blvd., Suite 200
Novato, CA 94945
(Address of principal executive offices) (Zip code)



Teresa M. Nilsen
7250 Redwood Blvd., Suite 200
Novato, CA 94945
(Name and address of agent for service)



800-966-4354
Registrant’s telephone number, including area code



Date of fiscal year end: October 31, 2021



Date of reporting period: April 30, 2021

Item 1. Reports to Stockholders.

(a)






SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY CORNERSTONE GROWTH FUND
 
Investor Class  HFCGX
Institutional Class  HICGX





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





(This Page Intentionally Left Blank.)
 




Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
23
Proxy Voting Policy and Proxy Voting Records
25
Availability of Quarterly Portfolio Schedule
25
Important Notice Regarding Delivery of Shareholder Documents
25
Electronic Delivery
25
Board Approval of Investment Advisory Agreement
26









HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 

Ryan C. Kelley
Chief Investment Officer


Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 

HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Cornerstone Growth Fund –
        
  Investor Class (HFCGX)
49.02%
  99.40%
11.89%
10.20%
Hennessy Cornerstone Growth Fund –
        
  Institutional Class (HICGX)
49.27%
100.06%
12.27%
10.54%
Russell 2000® Index
48.06%
  74.91%
16.48%
11.63%
S&P 500® Index
28.85%
  45.98%
17.42%
14.17%

Expense ratios:  1.36% (Investor Class); 1.05% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The Russell 2000® Index comprises the smallest 2,000 companies in the Russell 3000® Index based on market capitalization, representing approximately 8% of the Russell 3000® Index in terms of total market capitalization. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® 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® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 

 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY CORNERSTONE GROWTH FUND
(% of Net Assets)

 

 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Hovnanian Enterprises, Inc., Class A
4.67%
Danaos Corp.
3.36%
Citi Trends, Inc.
2.94%
Yellow Corp.
2.90%
Century Aluminum Co.
2.51%
United Natural Foods, Inc.
2.40%
Hibbett Sports, Inc.
2.36%
Signet Jewelers Ltd.
2.32%
AutoNation, Inc.
2.31%
MarineMax, Inc.
2.24%

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5

COMMON STOCKS – 96.70%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 2.42%
                  
Fluent, Inc. (a)
    
489,000
    
$
1,819,080
      
1.03
%
Gogo, Inc. (a)
    
234,000
      
2,438,280
      
1.39
%
             
4,257,360
      
2.42
%
                         
Consumer Discretionary – 43.16%
                        
1-800-Flowers.com, Inc., Class A (a)
    
98,700
      
3,155,932
      
1.79
%
AutoNation, Inc. (a)
    
39,700
      
4,068,456
      
2.31
%
Bed Bath & Beyond, Inc. (a)
    
112,100
      
2,838,372
      
1.61
%
Big 5 Sporting Goods Corp.
    
208,000
      
3,810,560
      
2.17
%
Big Lots, Inc.
    
56,500
      
3,895,110
      
2.22
%
Citi Trends, Inc. (a)
    
49,400
      
5,167,240
      
2.94
%
GoPro, Inc., Class A (a)
    
282,700
      
3,174,721
      
1.81
%
Green Brick Partners, Inc. (a)
    
139,600
      
3,603,076
      
2.05
%
Hibbett Sports, Inc. (a)
    
52,300
      
4,155,235
      
2.36
%
Hovnanian Enterprises, Inc., Class A (a)
    
61,900
      
8,207,321
      
4.67
%
Kirkland’s, Inc. (a)
    
112,700
      
3,335,920
      
1.90
%
Lands’ End, Inc. (a)
    
104,400
      
2,405,376
      
1.37
%
Lithia Motors, Inc., Class A
    
8,800
      
3,382,544
      
1.92
%
Lumber Liquidators Holdings, Inc. (a)
    
100,345
      
2,405,270
      
1.37
%
MarineMax, Inc. (a)
    
69,300
      
3,936,240
      
2.24
%
Qurate Retail Group, Inc.
    
238,300
      
2,835,770
      
1.61
%
Signet Jewelers Ltd. (a)(b)
    
68,300
      
4,080,925
      
2.32
%
Sportsman’s Warehouse Holdings, Inc. (a)
    
167,800
      
2,946,568
      
1.68
%
Turtle Beach Corp. (a)
    
102,300
      
2,842,917
      
1.62
%
Vista Outdoor, Inc. (a)
    
94,700
      
3,088,167
      
1.76
%
VOXX International Corp. (a)
    
149,000
      
2,540,450
      
1.44
%
             
75,876,170
      
43.16
%
                         
Consumer Staples – 6.97%
                        
BJ’s Wholesale Club Holdings, Inc. (a)
    
69,000
      
3,082,230
      
1.75
%
Nu Skin Enterprises, Inc., Class A
    
49,600
      
2,621,856
      
1.49
%
SunOpta, Inc. (a)(b)
    
188,200
      
2,331,798
      
1.33
%
United Natural Foods, Inc. (a)
    
114,400
      
4,216,784
      
2.40
%
             
12,252,668
      
6.97
%
                         
Energy – 2.72%
                        
Centrus Energy Corp., Class A (a)
    
133,900
      
3,064,971
      
1.75
%
Renewable Energy Group, Inc. (a)
    
30,800
      
1,710,016
      
0.97
%
             
4,774,987
      
2.72
%
 

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

 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS
 
COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Financials – 3.34%
                  
PennyMac Financial Services, Inc.
    
46,800
    
$
2,817,828
      
1.60
%
Virtu Financial, Inc., Class A
    
103,200
      
3,057,816
      
1.74
%
             
5,875,644
      
3.34
%
                         
Health Care – 9.50%
                        
Community Health Systems, Inc. (a)
    
315,200
      
3,514,480
      
2.00
%
Covetrus, Inc. (a)
    
85,200
      
2,440,980
      
1.39
%
Molina Healthcare, Inc. (a)
    
13,800
      
3,520,380
      
2.00
%
Owens & Minor, Inc.
    
100,200
      
3,616,218
      
2.06
%
Surgery Partners, Inc. (a)
    
74,800
      
3,605,360
      
2.05
%
             
16,697,418
      
9.50
%
                         
Industrials – 15.78%
                        
BlueLinx Holdings, Inc. (a)
    
76,400
      
3,855,908
      
2.19
%
Danaos Corp. (a)(b)
    
108,703
      
5,901,486
      
3.36
%
Infrastructure and Energy Alternatives, Inc. (a)
    
143,000
      
1,884,740
      
1.07
%
MYR Group, Inc. (a)
    
49,500
      
3,856,050
      
2.19
%
Quanta Services, Inc.
    
38,400
      
3,710,976
      
2.11
%
Titan Machinery, Inc. (a)
    
131,600
      
3,436,076
      
1.96
%
Yellow Corp. (a)
    
555,100
      
5,090,267
      
2.90
%
             
27,735,503
      
15.78
%
                         
Information Technology – 6.33%
                        
Alpha & Omega Semiconductor Ltd. (a)(b)
    
90,200
      
2,805,220
      
1.60
%
MoneyGram International, Inc. (a)
    
365,200
      
2,519,880
      
1.43
%
Ultra Clean Holdings, Inc. (a)
    
71,200
      
3,636,184
      
2.07
%
VirnetX Holding Corp.
    
466,100
      
2,172,026
      
1.23
%
             
11,133,310
      
6.33
%
                         
Materials – 6.48%
                        
Century Aluminum Co. (a)
    
282,100
      
4,417,686
      
2.51
%
Rayonier Advanced Materials, Inc. (a)
    
367,959
      
3,344,747
      
1.90
%
Tronox Holdings PLC, Class A (b)
    
171,300
      
3,631,560
      
2.07
%
             
11,393,993
      
6.48
%
Total Common Stocks
                        
  (Cost $153,977,824)
            
169,997,053
      
96.70
%


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


HENNESSY FUNDS
1-800-966-4354
  
7

SHORT-TERM INVESTMENTS – 3.47%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 3.47%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (c)
    
6,109,164
    
$
6,109,164
      
3.47
%
                         
Total Short-Term Investments
                        
  (Cost $6,109,164)
            
6,109,164
      
3.47
%
                         
Total Investments
                        
  (Cost $160,086,988) – 100.17%
            
176,106,217
      
100.17
%
Liabilities in Excess of Other Assets – (0.17)%
            
(294,616
)
    
(0.17
)%
                         
TOTAL NET ASSETS – 100.00%
          
$
175,811,601
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
Non-income-producing security.
(b)
U.S.-traded security of a foreign corporation.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
4,257,360
    
$
—
    
$
—
    
$
4,257,360
  
Consumer Discretionary
    
75,876,170
      
—
      
—
      
75,876,170
  
Consumer Staples
    
12,252,668
      
—
      
—
      
12,252,668
  
Energy
    
4,774,987
      
—
      
—
      
4,774,987
  
Financials
    
5,875,644
      
—
      
—
      
5,875,644
  
Health Care
    
16,697,418
      
—
      
—
      
16,697,418
  
Industrials
    
27,735,503
      
—
      
—
      
27,735,503
  
Information Technology
    
11,133,310
      
—
      
—
      
11,133,310
  
Materials
    
11,393,993
      
—
      
—
      
11,393,993
  
Total Common Stocks
  
$
169,997,053
    
$
—
    
$
—
    
$
169,997,053
  
Short-Term Investments
                                
Money Market Funds
  
$
6,109,164
    
$
—
    
$
—
    
$
6,109,164
  
Total Short-Term Investments
  
$
6,109,164
    
$
—
    
$
—
    
$
6,109,164
  
Total Investments
  
$
176,106,217
    
$
—
    
$
—
    
$
176,106,217
  


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


 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 

ASSETS:
      
Investments in securities, at value (cost $160,086,988)
  
$
176,106,217
  
Dividends and interest receivable
    
1,182
  
Receivable for fund shares sold
    
4,813
  
Prepaid expenses and other assets
    
19,487
  
Total assets
    
176,131,699
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
41,826
  
Payable to advisor
    
105,602
  
Payable to sub-transfer agents
    
39,790
  
Payable to administrator
    
32,783
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
67,677
  
Accrued service fees
    
12,969
  
Accrued trustees fees
    
4,578
  
Accrued expenses and other payables
    
3,646
  
Total liabilities
    
320,098
  
NET ASSETS
  
$
175,811,601
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
120,602,574
  
Total distributable earnings
    
55,209,027
  
Total net assets
  
$
175,811,601
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
159,935,624
  
Shares issued and outstanding
    
5,389,945
  
Net asset value, offering price, and redemption price per share
  
$
29.67
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
15,875,977
  
Shares issued and outstanding
    
514,300
  
Net asset value, offering price, and redemption price per share
  
$
30.87
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Dividend income(1)
  
$
741,004
  
Interest income
    
712
  
Total investment income
    
741,716
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
575,976
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
109,849
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
4,882
  
Distribution fees – Investor Class (See Note 5)
    
105,898
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
91,701
  
Service fees – Investor Class (See Note 5)
    
70,599
  
Federal and state registration fees
    
16,275
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
9,500
  
Reports to shareholders
    
8,253
  
Legal fees
    
817
  
Other expenses
    
10,385
  
Total expenses
    
1,029,206
  
NET INVESTMENT LOSS
  
$
(287,490
)
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
41,824,404
  
Net change in unrealized appreciation/depreciation on investments
    
17,312,496
  
Net gain on investments
    
59,136,900
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
58,849,410
  










 
(1)
Net of foreign taxes withheld and issuance fees of $2,958.

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


 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements
 
Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment loss
  
$
(287,490
)
  
$
(510,935
)
Net realized gain on investments
    
41,824,404
      
10,883,233
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
17,312,496
      
(7,115,920
)
Net increase in net assets resulting from operations
    
58,849,410
      
3,256,378
  
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
5,412,783
      
1,531,765
  
Proceeds from shares subscribed – Institutional Class
    
964,945
      
413,552
  
Cost of shares redeemed – Investor Class
    
(9,753,599
)
    
(18,630,110
)
Cost of shares redeemed – Institutional Class
    
(2,276,847
)
    
(3,680,802
)
Net decrease in net assets derived
                
  from capital share transactions
    
(5,652,718
)
    
(20,365,595
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
53,196,692
      
(17,109,217
)
                 
NET ASSETS:
                
Beginning of period
    
122,614,909
      
139,724,126
  
End of period
  
$
175,811,601
    
$
122,614,909
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
196,344
      
86,853
  
Shares sold – Institutional Class
    
34,246
      
22,734
  
Shares redeemed – Investor Class
    
(379,078
)
    
(1,047,908
)
Shares redeemed – Institutional Class
    
(83,522
)
    
(196,584
)
Net decrease in shares outstanding
    
(232,010
)
    
(1,134,905
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
19.91
  
         
Income from investment operations:
        
Net investment loss
    
(0.05
)(1)
Net realized and unrealized gains (losses) on investments
    
9.81
  
Total from investment operations
    
9.76
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
29.67
  
         
TOTAL RETURN
    
49.02
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
159.94
  
Ratio of expenses to average net assets
    
1.35
%(3)
Ratio of net investment loss to average net assets
    
(0.40
)%(3)
Portfolio turnover rate(4)
    
104
%(2)









(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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


 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
19.15
    
$
22.17
    
$
24.16
    
$
18.98
    
$
20.00
  
                                     
                                     
 
(0.08
)(1)
    
(0.01
)(1)
    
(0.17
)
    
(0.09
)
    
(0.02
)
 
0.84
      
(1.19
)
    
(1.82
)
    
5.27
      
(0.98
)
 
0.76
      
(1.20
)
    
(1.99
)
    
5.18
      
(1.00
)
                                     
                                     
 
—
      
—
      
—
      
—
      
(0.02
)
 
—
      
(1.82
)
    
—
      
—
      
—
  
 
—
      
(1.82
)
    
—
      
—
      
(0.02
)
$
19.91
    
$
19.15
    
$
22.17
    
$
24.16
    
$
18.98
  
                                     
 
3.97
%
    
-5.19
%
    
-8.24
%
    
27.29
%
    
-5.00
%
                                     
                                     
$
110.96
    
$
125.10
    
$
158.98
    
$
197.22
    
$
184.61
  
 
1.36
%
    
1.34
%
    
1.30
%
    
1.30
%
    
1.32
%
 
(0.45
)%
    
(0.07
)%
    
(0.56
)%
    
(0.33
)%
    
(0.18
)%
 
98
%
    
95
%
    
133
%
    
98
%
    
97
%


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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
20.68
  
         
Income from investment operations:
        
Net investment income (loss)
    
(0.01
)(1)
Net realized and unrealized gains (losses) on investments
    
10.20
  
Total from investment operations
    
10.19
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
30.87
  
         
TOTAL RETURN
    
49.27
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
15.88
  
Ratio of expenses to average net assets
    
1.01
%(3)
Ratio of net investment income (loss) to average net assets
    
(0.05
)%(3)
Portfolio turnover rate(4)
    
104
%(2)









(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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


 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
19.83
    
$
22.88
    
$
24.85
    
$
19.46
    
$
20.47
  
                                     
                                     
 
(0.03
)(1)
    
0.05
(1) 
    
0.11
      
0.01
      
0.17
  
 
0.88
      
(1.22
)
    
(2.08
)
    
5.38
      
(1.13
)
 
0.85
      
(1.17
)
    
(1.97
)
    
5.39
      
(0.96
)
                                     
                                     
 
—
      
—
      
—
      
—
      
(0.05
)
 
—
      
(1.88
)
    
—
      
—
      
—
  
 
—
      
(1.88
)
    
—
      
—
      
(0.05
)
$
20.68
    
$
19.83
    
$
22.88
    
$
24.85
    
$
19.46
  
                                     
 
4.29
%
    
-4.86
%
    
-7.93
%
    
27.70
%
    
-4.69
%
                                     
                                     
$
11.65
    
$
14.62
    
$
20.52
    
$
31.65
    
$
25.74
  
 
1.05
%
    
1.01
%
    
0.96
%
    
0.97
%
    
0.98
%
 
(0.14
)%
    
0.27
%
    
(0.23
)%
    
(0.00
)%
    
0.14
%
 
98
%
    
95
%
    
133
%
    
98
%
    
97
%


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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)

1).  ORGANIZATION
 
The Hennessy Cornerstone Growth Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term growth of capital. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of partnership income and wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.


 
WWW.HENNESSYFUNDS.COM
16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.


HENNESSY FUNDS
1-800-966-4354
  
17
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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


 
WWW.HENNESSYFUNDS.COM
18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 

HENNESSY FUNDS
1-800-966-4354
  
19
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $154,780,535 and $162,654,024, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 

 
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20
NOTES TO THE FINANCIAL STATEMENTS

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 

HENNESSY FUNDS
1-800-966-4354
  
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8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
124,110,252
  
Gross tax unrealized appreciation
  
$
18,169,766
  
Gross tax unrealized depreciation
    
(19,469,019
)
Net tax unrealized appreciation/(depreciation)
  
$
(1,299,253
)
Undistributed ordinary income
  
$
—
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
—
  
Other accumulated gain/(loss)
  
$
(2,341,130
)
Total accumulated gain/(loss)
  
$
(3,640,383
)

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had $1,916,363 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
As of October 31, 2020, the Fund deferred, on a tax basis, a late-year ordinary loss of $424,767. Late-year ordinary losses are net ordinary losses incurred after December 31, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the Fund did not pay any distributions.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 


 
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22
NOTES TO THE FINANCIAL STATEMENTS/EXPENSE EXAMPLE

Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

HENNESSY FUNDS
1-800-966-4354
  
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Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,490.20
$8.36
Hypothetical (5% return before expenses)
$1,000.00
$1,018.08
$6.78
       
Institutional Class
      
Actual
$1,000.00
$1,492.70
$6.24
Hypothetical (5% return before expenses)
$1,000.00
$1,019.79
$5.06

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.35% for Investor Class shares or 1.01% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).





 
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24
EXPENSE EXAMPLE — ELECTRONIC DELIVERY

 
How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.

Subscribe to receive our team’s unique market and sector insights delivered to your inbox
www.hennessyfunds.com/subscribe

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HENNESSY FUNDS
1-800-966-4354
  
25
Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and

 
 
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26
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.


HENNESSY FUNDS
1-800-966-4354
  
27
   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.

 
 
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28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT


 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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




HENNESSY FUNDS
1-800-966-4354
  
29

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202



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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY FOCUS FUND
 
Investor Class  HFCSX
Institutional Class  HFCIX


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






(This Page Intentionally Left Blank.)
 






Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
24
Proxy Voting Policy and Proxy Voting Records
26
Availability of Quarterly Portfolio Schedule
26
Federal Tax Distribution Information
26
Important Notice Regarding Delivery of Shareholder Documents
26
Electronic Delivery
26
Board Approval of Investment Advisory Agreements
27







HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

 
Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,


  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Focus Fund –
        
  Investor Class (HFCSX)
39.20%
57.33%
13.67%
13.31%
Hennessy Focus Fund –
        
  Institutional Class (HFCIX)
39.46%
57.95%
14.09%
13.69%
Russell 3000® Index
31.08%
50.92%
17.67%
14.03%
Russell Mid Cap® Growth Index
24.84%
53.97%
19.70%
14.33%

Expense ratios: 1.51% (Investor Class); 1.14% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2012, is that of the FBR Focus Fund.
 
The Russell 3000® Index comprises the 3,000 largest U.S. companies based on market capitalization, representing approximately 98% of the investable U.S. equities market. The Russell Midcap® Growth Index comprises approximately 65% of the total market value of the Russell Midcap® Index and includes companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY FOCUS FUND
(% of Net Assets)


 
 
 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Brookfield Asset Management, Inc., Class A
9.22%
American Tower Corp., Class A
9.17%
CarMax, Inc.
8.47%
Markel Corp.
8.28%
Aon PLC
7.50%
Encore Capital Group, Inc.
7.04%
O’Reilly Automotive, Inc.
6.31%
Restoration Hardware Holdings, Inc.
5.94%
American Woodmark Corp.
5.71%
NVR, Inc.
5.14%

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5

COMMON STOCKS – 83.56%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Consumer Discretionary – 25.86%
                  
CarMax, Inc. (a)
    
766,122
    
$
102,078,095
      
8.47
%
NVR, Inc. (a)
    
12,335
      
61,898,264
      
5.14
%
O’Reilly Automotive, Inc. (a)
    
137,448
      
75,992,250
      
6.31
%
Restoration Hardware Holdings, Inc. (a)
    
104,116
      
71,633,890
      
5.94
%
             
311,602,499
      
25.86
%
                         
Financials – 33.93%
                        
Aon PLC (b)
    
359,532
      
90,400,726
      
7.50
%
Brookfield Asset Management, Inc., Class A (b)
    
2,435,642
      
111,016,562
      
9.22
%
Encore Capital Group, Inc. (a)(d)
    
2,154,808
      
84,770,147
      
7.04
%
Markel Corp. (a)
    
84,804
      
99,765,122
      
8.28
%
Marlin Business Services Corp. (d)
    
1,010,273
      
22,781,656
      
1.89
%
             
408,734,213
      
33.93
%
                         
Industrials – 17.75%
                        
Allegiant Travel Co. (a)
    
108,088
      
25,479,584
      
2.11
%
American Woodmark Corp. (a)(e)
    
691,441
      
68,770,722
      
5.71
%
Ashtead Group PLC (b)
    
860,196
      
55,252,408
      
4.59
%
Fastenal Co.
    
285,362
      
14,918,725
      
1.24
%
Hexcel Corp. (a)
    
719,198
      
40,569,959
      
3.37
%
Mistras Group, Inc. (a)
    
792,084
      
8,815,895
      
0.73
%
             
213,807,293
      
17.75
%
                         
Information Technology – 6.02%
                        
CDW Corp.
    
94,844
      
16,913,531
      
1.40
%
SS&C Technologies Holdings, Inc.
    
749,303
      
55,613,269
      
4.62
%
             
72,526,800
      
6.02
%
Total Common Stocks
                        
  (Cost $374,049,852)
            
1,006,670,805
      
83.56
%
                         
REITS – 9.17%
                        
                         
Financials – 9.17%
                        
American Tower Corp., Class A
    
433,506
      
110,444,324
      
9.17
%
                         
Total REITS
                        
  (Cost $806,605)
            
110,444,324
      
9.17
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

SHORT-TERM INVESTMENTS – 3.53%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 3.53%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (c)
    
42,529,189
    
$
42,529,189
      
3.53
%
                         
Total Short-Term Investments
                        
  (Cost $42,529,189)
            
42,529,189
      
3.53
%
                         
Total Investments
                        
  (Cost $417,385,646) – 96.26%
            
1,159,644,318
      
96.26
%
Other Assets in Excess of Liabilities – 3.74%
            
45,076,697
      
3.74
%
                         
TOTAL NET ASSETS – 100.00%
          
$
1,204,721,015
      
100.00
%

Percentages are stated as a percent of net assets.

PLC – Public Limited Company
REIT – Real Estate Investment Trust
(a)
Non-income-producing security.
(b)
U.S.-traded security of a foreign corporation.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.
(d)
Investment in affiliated security. Investment represents five percent or more of the outstanding voting securities of the issuer, making the issuer an affiliate of the Fund, as defined in the Investment Company Act of 1940, as amended, for the period ended April 30, 2021. Details of transactions with affiliated companies for the period ended April 30, 2021, are as follows:

     
Common Stocks
        
     
Encore Capital
    
Marlin Business
        
     
Group, Inc.
    
Services Corp.
    
Total
  
 
Beginning Cost – November 1, 2020
  
$
86,942,640
    
$
15,865,289
    
$
102,807,929
  
 
Purchase Cost
  
$
—
    
$
—
    
$
—
  
 
Sales Cost
  
$
(23,442,443
)
  
$
—
    
$
(23,442,443
)
 
Ending Cost – April 30, 2021
  
$
63,500,197
    
$
15,865,289
    
$
79,365,486
  
 
Dividend Income
  
$
—
    
$
282,876
    
$
282,876
  
 
Net Change in Unrealized Appreciation/Depreciation
  
$
21,913,272
    
$
15,406,663
    
$
37,319,935
  
 
Realized Gain/Loss
  
$
(2,173,165
)
  
$
—
    
$
(2,173,165
)
 
Shares
    
2,154,808
      
1,010,273
      
3,165,081
  
 
Market Value – April 30, 2021
  
$
84,770,147
    
$
22,781,656
    
$
107,551,803
  

 

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


HENNESSY FUNDS
1-800-966-4354
  
7
(e)
Investment in affiliated security for the period from November 1, 2020, through December 9, 2020, because during such time the investment represented five percent or more of the outstanding voting securities of the issuer, making the issuer an affiliate of the Fund, as defined in the Investment Company Act of 1940. Details of transactions with affiliated companies for the period from November 1, 2020, through December 9, 2020, are as follows:

     
Common Stocks
  
     
American
  
     
Woodmark Corp.
  
 
Beginning Cost – November 1, 2020
  
$
35,945,812
  
 
Purchase Cost
  
$
—
  
 
Sales Cost
  
$
(7,222,406
)
 
Ending Cost – December 9, 2020
  
$
28,723,406
  
 
Dividend Income
  
$
—
  
 
Net Change in Unrealized Appreciation/Depreciation
  
$
8,220,936
  
 
Realized Gain/Loss
  
$
3,307,029
  
 
Shares
    
856,269
  
 
Market Value – December 9, 2020
  
$
81,062,986
  

 
Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Consumer Discretionary
  
$
311,602,499
    
$
—
    
$
—
    
$
311,602,499
  
Financials
    
408,734,213
      
—
      
—
      
408,734,213
  
Industrials
    
213,807,293
      
—
      
—
      
213,807,293
  
Information Technology
    
72,526,800
      
—
      
—
      
72,526,800
  
Total Common Stocks
  
$
1,006,670,805
    
$
—
    
$
—
    
$
1,006,670,805
  
REITS
                                
Financials
  
$
110,444,324
    
$
—
    
$
—
    
$
110,444,324
  
Total REITS
  
$
110,444,324
    
$
—
    
$
—
    
$
110,444,324
  
Short-Term Investments
                                
Money Market Funds
  
$
42,529,189
    
$
—
    
$
—
    
$
42,529,189
  
Total Short-Term Investments
  
$
42,529,189
    
$
—
    
$
—
    
$
42,529,189
  
Total Investments
  
$
1,159,644,318
    
$
—
    
$
—
    
$
1,159,644,318
  


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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in unaffiliated securities, at value (cost $338,020,160)
  
$
1,052,092,515
  
Investments in affiliated securities, at value (cost $79,365,486)
    
107,551,803
  
Total investments in securities, at value (cost $417,385,646)
    
1,159,644,318
  
Dividends and interest receivable
    
264,391
  
Receivable for fund shares sold
    
47,346,070
  
Prepaid expenses and other assets
    
54,329
  
Total assets
    
1,207,309,108
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
879,299
  
Payable to advisor
    
834,151
  
Payable to sub-transfer agents
    
403,559
  
Payable to administrator
    
204,255
  
Payable to auditor
    
11,222
  
Accrued distribution fees
    
164,823
  
Accrued service fees
    
60,636
  
Accrued trustees fees
    
2,204
  
Accrued expenses and other payables
    
27,944
  
Total liabilities
    
2,588,093
  
NET ASSETS
  
$
1,204,721,015
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
301,271,454
  
Total distributable earnings
    
903,449,561
  
Total net assets
  
$
1,204,721,015
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
757,371,195
  
Shares issued and outstanding
    
10,334,813
  
Net asset value, offering price, and redemption price per share
  
$
73.28
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
447,349,820
  
Shares issued and outstanding
    
5,882,952
  
Net asset value, offering price, and redemption price per share
  
$
76.04
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Dividend income from unaffiliated securities(1)
  
$
2,807,326
  
Dividend income from affiliated securities
    
282,876
  
Interest income
    
3,176
  
Total investment income
    
3,093,378
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
4,914,130
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
764,578
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
170,231
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
606,962
  
Distribution fees – Investor Class (See Note 5)
    
533,386
  
Service fees – Investor Class (See Note 5)
    
355,590
  
Reports to shareholders
    
37,808
  
Federal and state registration fees
    
31,499
  
Compliance expense (See Note 5)
    
13,844
  
Trustees’ fees and expenses
    
12,866
  
Audit fees
    
11,227
  
Legal fees
    
9,638
  
Interest expense (See Note 7)
    
152
  
Other expenses
    
97,434
  
Total expenses
    
7,559,345
  
NET INVESTMENT LOSS
  
$
(4,465,967
)
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments:
        
  Unaffiliated investments
  
$
171,762,059
  
  Affiliated investments
    
1,133,864
  
Net change in unrealized appreciation/depreciation on investments:
        
  Unaffiliated investments
    
152,212,978
  
  Affiliated investments
    
45,540,871
  
Net gain on investments
    
370,649,772
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
366,183,805
  






 
(1)
Net of foreign taxes withheld of $104,861.

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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment loss
  
$
(4,465,967
)
  
$
(10,438,055
)
Net realized gain on investments
    
172,895,923
      
398,622,166
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
197,753,849
      
(517,606,582
)
Net increase (decrease) in net
                
  assets resulting from operations
    
366,183,805
      
(129,422,471
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(202,897,648
)
    
(124,333,581
)
Distributable earnings – Institutional Class
    
(111,878,455
)
    
(60,331,162
)
Total distributions
    
(314,776,103
)
    
(184,664,743
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
22,993,984
      
81,768,827
  
Proceeds from shares subscribed – Institutional Class
    
99,781,474
      
104,509,456
  
Dividends reinvested – Investor Class
    
198,099,142
      
122,154,479
  
Dividends reinvested – Institutional Class
    
100,565,261
      
53,173,071
  
Cost of shares redeemed – Investor Class
    
(176,674,603
)
    
(532,052,736
)
Cost of shares redeemed – Institutional Class
    
(157,723,359
)
    
(248,641,138
)
Net increase (decrease) in net assets derived
                
  from capital share transactions
    
87,041,899
      
(419,088,041
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
138,449,601
      
(733,175,255
)
                 
NET ASSETS:
                
Beginning of period
    
1,066,271,414
      
1,799,446,669
  
End of period
  
$
1,204,721,015
    
$
1,066,271,414
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
327,102
      
1,025,186
  
Shares sold – Institutional Class
    
1,374,551
      
1,368,275
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
3,250,725
      
1,522,553
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
1,592,734
      
642,032
  
Shares redeemed – Investor Class
    
(2,711,812
)
    
(7,333,258
)
Shares redeemed – Institutional Class
    
(2,304,601
)
    
(3,465,044
)
Net increase (decrease) in shares outstanding
    
1,528,699
      
(6,240,256
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
71.68
  
         
Income from investment operations:
        
Net investment loss
    
(0.32
)(1)
Net realized and unrealized gains (losses) on investments
    
23.95
  
Total from investment operations
    
23.63
  
         
Less distributions:
        
Dividends from net realized gains
    
(22.03
)
Total distributions
    
(22.03
)
Net asset value, end of period
  
$
73.28
  
         
TOTAL RETURN
    
39.20
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
757.37
  
Ratio of expenses to average net assets
    
1.52
%(3)
Ratio of net investment loss to average net assets
    
(0.95
)%(3)
Portfolio turnover rate(4)
    
0
%(2)








 
(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 


Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
85.11
    
$
83.20
    
$
84.92
    
$
70.63
    
$
71.94
  
                                     
                                     
 
(0.66
)(1)
    
(0.52
)(1)
    
(0.86
)
    
(0.51
)
    
(0.45
)
 
(4.21
)
    
16.90
      
(0.85
)
    
14.80
      
(0.72
)
 
(4.87
)
    
16.38
      
(1.71
)
    
14.29
      
(1.17
)
                                     
                                     
 
(8.56
)
    
(14.47
)
    
(0.01
)
    
—
      
(0.14
)
 
(8.56
)
    
(14.47
)
    
(0.01
)
    
—
      
(0.14
)
$
71.68
    
$
85.11
    
$
83.20
    
$
84.92
    
$
70.63
  
                                     
 
-6.79
%
    
24.16
%
    
-2.02
%
    
20.23
%
    
-1.63
%
                                     
                                     
$
678.72
    
$
1,213.20
    
$
1,339.45
    
$
1,675.00
    
$
1,626.71
  
 
1.51
%
    
1.47
%
    
1.47
%
    
1.48
%
    
1.47
%
 
(0.88
)%
    
(0.67
)%
    
(0.72
)%
    
(0.51
)%
    
(0.65
)%
 
5
%
    
2
%
    
13
%
    
5
%
    
2
%





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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
74.24
  
         
Income from investment operations:
        
Net investment loss
    
(0.20
)(1)
Net realized and unrealized gains (losses) on investments
    
24.83
  
Total from investment operations
    
24.63
  
         
Less distributions:
        
Dividends from net realized gains
    
(22.83
)
Total distributions
    
(22.83
)
Net asset value, end of period
  
$
76.04
  
         
TOTAL RETURN
    
39.46
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
447.35
  
Ratio of expenses to average net assets
    
1.14
%(3)
Ratio of net investment loss to average net assets
    
(0.57
)%(3)
Portfolio turnover rate(4)
    
0
%(2)








 
(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
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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14

FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 


Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
87.83
    
$
85.66
    
$
87.10
    
$
72.17
    
$
73.24
  
                                     
                                     
 
(0.39
)(1)
    
(0.25
)(1)
    
(0.28
)
    
(0.11
)
    
(0.14
)
 
(4.36
)
    
17.41
      
(1.15
)
    
15.04
      
(0.79
)
 
(4.75
)
    
17.16
      
(1.43
)
    
14.93
      
(0.93
)
                                     
                                     
 
(8.84
)
    
(14.99
)
    
(0.01
)
    
—
      
(0.14
)
 
(8.84
)
    
(14.99
)
    
(0.01
)
    
—
      
(0.14
)
$
74.24
    
$
87.83
    
$
85.66
    
$
87.10
    
$
72.17
  
                                     
 
-6.45
%
    
24.59
%
    
-1.65
%
    
20.69
%
    
-1.27
%
                                     
                                     
$
387.55
    
$
586.25
    
$
811.96
    
$
1,057.32
    
$
765.82
  
 
1.14
%
    
1.12
%
    
1.09
%
    
1.10
%
    
1.10
%
 
(0.51
)%
    
(0.32
)%
    
(0.34
)%
    
(0.13
)%
    
(0.28
)%
 
5
%
    
2
%
    
13
%
    
5
%
    
2
%





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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Focus Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is capital appreciation. The Fund is a non-diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
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16

NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain/loss on investments. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards, and other factors.
   
j).
REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other


HENNESSY FUNDS
1-800-966-4354
  
17

 
times, investments in a REIT may result in the Fund’s receipt of cash in excess of the REIT’s earnings. If the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.
   
k).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are

 
 
WWW.HENNESSYFUNDS.COM
18

NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a
 

HENNESSY FUNDS
1-800-966-4354
  
19
security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $0 and $299,741,742, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.90%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, Broad Run Investment Management, LLC. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During the six months ended April 30, 2021, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.29% of the daily net assets of the Fund.
 
 
 
WWW.HENNESSYFUNDS.COM
20
NOTES TO THE FINANCIAL STATEMENTS

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The
 

HENNESSY FUNDS
1-800-966-4354
  
21
compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $9,326 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $1,688,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
520,940,105
  
Gross tax unrealized appreciation
  
$
596,628,194
  
Gross tax unrealized depreciation
    
(52,123,371
)
Net tax unrealized appreciation/(depreciation)
  
$
544,504,823
  
Undistributed ordinary income
  
$
—
  
Undistributed long-term capital gains
    
314,776,071
  
Total distributable earnings
  
$
314,776,071
  
Other accumulated gain/(loss)
  
$
(7,239,035
)
Total accumulated gain/(loss)
  
$
852,041,859
  

As of October 31, 2020, the Fund had no tax-basis capital losses to offset future capital gains.
 
As of October 31, 2020, the Fund deferred, on a tax basis, a late-year ordinary loss of $7,239,035. Late-year ordinary losses are net ordinary losses incurred after December 31, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
 
 
WWW.HENNESSYFUNDS.COM
22
NOTES TO THE FINANCIAL STATEMENTS

During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
—
    
$
—
  
Long-term capital gains
    
314,776,103
      
184,664,743
  
Total distributions
  
$
314,776,103
    
$
184,664,743
  

(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 





HENNESSY FUNDS
1-800-966-4354
  
23
Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

 
 
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24
EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,392.00
$9.01
Hypothetical (5% return before expenses)
$1,000.00
$1,017.26
$7.60
       
Institutional Class
      
Actual
$1,000.00
$1,394.60
$6.77
Hypothetical (5% return before expenses)
$1,000.00
$1,019.14
$5.71

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.52% for Investor Class shares or 1.14% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).







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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 0.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 
Subscribe to receive our team’s unique market and sector insights delivered to your inbox
www.hennessyfunds.com/subscribe

Follow us on social media
 
   

 
 
WWW.HENNESSYFUNDS.COM
26
PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Board Approval of Investment Advisory
Agreements
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”) and the sub-advisory agreement for the Fund between the Advisor and Broad Run Investment Management, LLC (the “Sub-Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub-advisory agreements. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
Summaries of the advisory and sub-advisory agreements;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor and the Sub-Advisor and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund;
     
 
(8)
A memorandum from the Adviser regarding economies of scale;
     
 
(9)
A completed questionnaire from the Sub-Advisor;
     
 
(10)
A summary of the Sub-Advisor’s responses to the questionnaire, as well as relevant information from the Sub-Advisor’s Form ADVs Parts 1 and 2 and the certifications submitted the Sub-Advisor each quarter;
     
 
(11)
Financial information of the Sub-Advisor; and
     
 
(12)
The Sub-Advisor’s Code of Ethics.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the
 

HENNESSY FUNDS
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27
Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor and the Sub-Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor and the Sub-Advisor;
     
 
(5)
The performance of the Fund; and
     
 
(6)
Any benefits to the Advisor and the Sub-Advisor from serving as an investment advisor to the Fund (other than the advisory and sub-advisory fees).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor oversees the Sub-Advisor for the Fund, and the Sub-Advisor acts as the portfolio manager for the Fund by providing portfolio management services.
       
   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Sub-Advisor and the Fund’s other service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Sub-Advisor and the Fund’s other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees the selection and continued employment of the Sub-Advisor, reviews the Fund’s investment performance, and monitors the Sub-Advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.

 
 
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28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

   
(g)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(h)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(i)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(j)
For each annual report of the Fund, the Advisor reviews the written summary prepared by the Sub-Advisor of the Fund’s performance during the most recent 12-month period.
       
   
(k)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(l)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(m)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(n)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees considered the services identified below that are provided by the Sub-Advisor. Based on this review and an assessment of the Sub-Advisor’s performance, the Trustees concluded that the Sub-Advisor provides high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Sub-Advisor and that the nature and extent of the services provided by the Sub-Advisor were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

   
(a)
The Sub-Advisor acts as the portfolio manager for the Fund. In this capacity, the Sub-Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Sub-Advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the Sub-Advisor’s duties as a portfolio manager to the Fund.
       
   
(c)
For each annual report of the Fund, the Sub-Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.


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29
   
(d)
The Sub-Advisor provides a quarterly compliance certification to the Board regarding trading and allocation practices, supervisory matters, the Sub-Advisor’s compliance program (including its code of ethics), compliance with the Fund’s policies, and general firm updates.

 
(3)
The Trustees considered the distinction between the services performed by the Advisor and the Sub-Advisor. The Trustees noted that the management of the Fund, including the oversight of the Sub-Advisor, involves more comprehensive and substantive duties than the duties of the Sub-Advisor. Specifically, the Trustees considered the lists of services identified above and concluded that the services performed by the Advisor for the Fund require a higher level of service and oversight than the services performed by the Sub-Advisor. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the Sub-Advisor is reasonable.
     
 
(4)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the Sub-Advisor manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory and sub-advisory agreements.
     
 
(5)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.
     
 
(6)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(7)
The Trustees considered the profitability of the Advisor and the Sub-Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the Sub-Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(8)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.

 
 
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30
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

 
(9)
The Trustees considered any benefits to the Advisor and the Sub-Advisor from serving as an advisor to the Fund (other than the advisory and sub-advisory fees). The Trustees noted that the Advisor and the Sub-Advisor may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the Sub-Advisor from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and the Sub-Advisor’s own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the Sub-Advisor could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.

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





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31





(This Page Intentionally Left Blank.)
 





For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202



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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY CORNERSTONE MID CAP 30 FUND
 
Investor Class  HFMDX
Institutional Class  HIMDX







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






(This Page Intentionally Left Blank.)
 





Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
23
Proxy Voting Policy and Proxy Voting Records
25
Availability of Quarterly Portfolio Schedule
25
Important Notice Regarding Delivery of Shareholder Documents
25
Electronic Delivery
25
Board Approval of Investment Advisory Agreement
26








HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

 
Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 


HENNESSY FUNDS
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3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Cornerstone
        
  Mid Cap 30 Fund –
        
  Investor Class (HFMDX)
49.51%
107.97%
12.42%
10.89%
Hennessy Cornerstone
        
  Mid Cap 30 Fund –
        
  Institutional Class (HIMDX)
49.82%
108.78%
12.84%
11.26%
Russell Midcap® Index
35.42%
  59.57%
15.58%
12.69%
S&P 500® Index
28.85%
  45.98%
17.42%
14.17%

Expense ratios: 1.37% (Investor Class); 1.01% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 


 

_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The Russell Midcap® Index comprises approximately 800 of the smallest securities of the Russell 1000® Index based on a combination of market capitalization and current index membership. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® 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® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 

 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements
 
Schedule of Investments as of April 30, 2021 (Unaudited)

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


 

 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
LPL Financial Holdings, Inc.
4.53%
Valmont Industries, Inc.
4.36%
Sleep Number Corp.
4.21%
Mattel, Inc.
4.11%
Jefferies Financial Group, Inc.
3.94%
Williams-Sonoma, Inc.
3.90%
Avient Corp.
3.84%
Vista Outdoor, Inc.
3.81%
Quanta Services, Inc.
3.75%
LKQ Corp.
3.56%

 

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5

COMMON STOCKS – 98.02%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Consumer Discretionary – 33.46%
                  
Bed Bath & Beyond, Inc. (a)
    
344,400
    
$
8,720,208
      
2.10
%
Big Lots, Inc.
    
188,900
      
13,022,766
      
3.14
%
KB Home
    
246,400
      
11,883,872
      
2.86
%
Lithia Motors, Inc., Class A
    
37,300
      
14,337,374
      
3.45
%
LKQ Corp. (a)
    
316,500
      
14,783,715
      
3.56
%
Mattel, Inc. (a)
    
795,200
      
17,064,992
      
4.11
%
Meritage Homes Corp. (a)
    
90,500
      
9,628,295
      
2.32
%
Sleep Number Corp. (a)
    
156,100
      
17,466,029
      
4.21
%
Vista Outdoor, Inc. (a)
    
485,400
      
15,828,894
      
3.81
%
Williams-Sonoma, Inc.
    
94,900
      
16,204,175
      
3.90
%
             
138,940,320
      
33.46
%
                         
Consumer Staples – 7.94%
                        
BJ’s Wholesale Club Holdings, Inc. (a)
    
243,800
      
10,890,546
      
2.62
%
Casey’s General Stores, Inc.
    
54,800
      
12,176,012
      
2.93
%
Grocery Outlet Holding Corp. (a)
    
245,700
      
9,923,823
      
2.39
%
             
32,990,381
      
7.94
%
                         
Energy – 2.40%
                        
Renewable Energy Group, Inc. (a)
    
179,800
      
9,982,496
      
2.40
%
                         
Financials – 8.47%
                        
Jefferies Financial Group, Inc.
    
502,500
      
16,336,275
      
3.94
%
LPL Financial Holdings, Inc.
    
120,100
      
18,819,670
      
4.53
%
             
35,155,945
      
8.47
%
                         
Health Care – 6.99%
                        
Allscripts Healthcare Solutions, Inc. (a)
    
946,800
      
14,732,208
      
3.55
%
Owens & Minor, Inc.
    
395,600
      
14,277,204
      
3.44
%
             
29,009,412
      
6.99
%
                         
Industrials – 17.95%
                        
Colfax Corp. (a)
    
318,300
      
14,383,977
      
3.46
%
Maxar Technologies, Inc.
    
320,400
      
12,434,724
      
2.99
%
Quanta Services, Inc.
    
160,900
      
15,549,376
      
3.75
%
The Timken Co.
    
167,600
      
14,056,612
      
3.39
%
Valmont Industries, Inc.
    
73,303
      
18,094,846
      
4.36
%
             
74,519,535
      
17.95
%
 

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

 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS
 

COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Information Technology – 7.71%
                  
Arrow Electronics, Inc. (a)
    
119,000
    
$
13,574,330
      
3.27
%
Concentrix Corp. (a)
    
66,600
      
10,348,308
      
2.49
%
SYNNEX Corp.
    
66,900
      
8,108,280
      
1.95
%
             
32,030,918
      
7.71
%
                         
Materials – 13.10%
                        
Avient Corp.
    
313,800
      
15,931,626
      
3.84
%
Berry Global Group, Inc. (a)
    
201,000
      
12,787,620
      
3.08
%
Commercial Metals Co.
    
471,800
      
13,785,996
      
3.32
%
Sealed Air Corp.
    
240,700
      
11,890,580
      
2.86
%
             
54,395,822
      
13.10
%
Total Common Stocks
                        
  (Cost $270,599,089)
            
407,024,829
      
98.02
%
                         
SHORT-TERM INVESTMENTS – 2.10%
                        
                         
Money Market Funds – 2.10%
                        
First American Government Obligations Fund,
                        
  Institutional Class, 0.03% (b)
    
8,735,634
      
8,735,634
      
2.10
%
                         
Total Short-Term Investments
                        
  (Cost $8,735,634)
            
8,735,634
      
2.10
%
                         
Total Investments
                        
  (Cost $279,334,723) – 100.12%
            
415,760,463
      
100.12
%
Liabilities in Excess of Other Assets – (0.12)%
            
(503,898
)
    
(0.12
)%
                         
TOTAL NET ASSETS – 100.00%
          
$
415,256,565
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
Non-income-producing security.
(b)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


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


HENNESSY FUNDS
1-800-966-4354
  
7

Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Consumer Discretionary
  
$
138,940,320
    
$
—
    
$
—
    
$
138,940,320
  
Consumer Staples
    
32,990,381
      
—
      
—
      
32,990,381
  
Energy
    
9,982,496
      
—
      
—
      
9,982,496
  
Financials
    
35,155,945
      
—
      
—
      
35,155,945
  
Health Care
    
29,009,412
      
—
      
—
      
29,009,412
  
Industrials
    
74,519,535
      
—
      
—
      
74,519,535
  
Information Technology
    
32,030,918
      
—
      
—
      
32,030,918
  
Materials
    
54,395,822
      
—
      
—
      
54,395,822
  
Total Common Stocks
  
$
407,024,829
    
$
—
    
$
—
    
$
407,024,829
  
Short-Term Investments
                                
Money Market Funds
  
$
8,735,634
    
$
—
    
$
—
    
$
8,735,634
  
Total Short-Term Investments
  
$
8,735,634
    
$
—
    
$
—
    
$
8,735,634
  
Total Investments
  
$
415,760,463
    
$
—
    
$
—
    
$
415,760,463
  





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


 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $279,334,723)
  
$
415,760,463
  
Dividends and interest receivable
    
74,907
  
Receivable for fund shares sold
    
277,219
  
Prepaid expenses and other assets
    
28,278
  
Total assets
    
416,140,867
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
355,222
  
Payable to advisor
    
252,456
  
Payable to sub-transfer agents
    
113,461
  
Payable to administrator
    
77,206
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
44,650
  
Accrued service fees
    
19,555
  
Accrued trustees fees
    
3,821
  
Accrued expenses and other payables
    
6,704
  
Total liabilities
    
884,302
  
NET ASSETS
  
$
415,256,565
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
318,923,090
  
Total distributable earnings
    
96,333,475
  
Total net assets
  
$
415,256,565
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
238,392,146
  
Shares issued and outstanding
    
12,013,667
  
Net asset value, offering price, and redemption price per share
  
$
19.84
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
176,864,419
  
Shares issued and outstanding
    
8,549,847
  
Net asset value, offering price, and redemption price per share
  
$
20.69
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Dividend income
  
$
1,195,847
  
Interest income
    
1,177
  
Total investment income
    
1,197,024
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
1,412,028
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
226,842
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
69,770
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
216,007
  
Distribution fees – Investor Class (See Note 5)
    
164,514
  
Service fees – Investor Class (See Note 5)
    
109,676
  
Federal and state registration fees
    
19,440
  
Reports to shareholders
    
17,788
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
10,131
  
Legal fees
    
2,177
  
Interest expense (See Note 7)
    
1,126
  
Other expenses
    
23,480
  
Total expenses
    
2,298,050
  
NET INVESTMENT LOSS
  
$
(1,101,026
)
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
13,000,107
  
Net change in unrealized appreciation/depreciation on investments
    
137,355,954
  
Net gain on investments
    
150,356,061
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
149,255,035
  



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


 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets

   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment loss
  
$
(1,101,026
)
  
$
(355,618
)
Net realized gain on investments
    
13,000,107
      
35,396,494
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
137,355,954
      
(10,356,279
)
Net increase in net assets resulting from operations
    
149,255,035
      
24,684,597
  
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
18,969,896
      
36,649,372
  
Proceeds from shares subscribed – Institutional Class
    
4,346,980
      
10,233,461
  
Cost of shares redeemed – Investor Class
    
(55,004,797
)
    
(67,490,215
)
Cost of shares redeemed – Institutional Class
    
(27,107,208
)
    
(54,174,180
)
Net decrease in net assets derived
                
  from capital share transactions
    
(58,795,129
)
    
(74,781,562
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
90,459,906
      
(50,096,965
)
                 
NET ASSETS:
                
Beginning of period
    
324,796,659
      
374,893,624
  
End of period
  
$
415,256,565
    
$
324,796,659
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
1,089,136
      
2,924,072
  
Shares sold – Institutional Class
    
232,901
      
796,521
  
Shares redeemed – Investor Class
    
(3,297,526
)
    
(5,859,484
)
Shares redeemed – Institutional Class
    
(1,539,262
)
    
(4,490,843
)
Net decrease in shares outstanding
    
(3,514,751
)
    
(6,629,734
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
13.27
  
         
Income from investment operations:
        
Net investment loss
    
(0.06
)(1)
Net realized and unrealized gains (losses) on investments
    
6.63
  
Total from investment operations
    
6.57
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
19.84
  
         
TOTAL RETURN
    
49.51
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
238.39
  
Ratio of expenses to average net assets
    
1.36
%(3)
Ratio of net investment loss to average net assets
    
(0.73
)%(3)
Portfolio turnover rate(4)
    
0
%(2)









(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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


 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
12.01
    
$
16.87
    
$
22.46
    
$
18.37
    
$
20.12
  
                                     
                                     
 
(0.03
)(1)
    
(0.02
)(1)
    
(0.06
)
    
(0.15
)
    
(0.07
)
 
1.29
      
(0.34
)
    
(1.87
)
    
4.36
      
(1.51
)
 
1.26
      
(0.36
)
    
(1.93
)
    
4.21
      
(1.58
)
                                     
                                     
 
—
      
—
      
—
      
—
      
(0.03
)
 
—
      
(4.50
)
    
(3.66
)
    
(0.12
)
    
(0.14
)
 
—
      
(4.50
)
    
(3.66
)
    
(0.12
)
    
(0.17
)
$
13.27
    
$
12.01
    
$
16.87
    
$
22.46
    
$
18.37
  
                                     
 
10.49
%
    
-1.22
%
    
-10.54
%
    
23.02
%
    
-7.89
%
                                     
                                     
$
188.71
    
$
206.11
    
$
338.39
    
$
351.16
    
$
485.15
  
 
1.37
%
    
1.36
%
    
1.31
%
    
1.34
%
    
1.35
%
 
(0.27
)%
    
(0.15
)%
    
(0.47
)%
    
(0.33
)%
    
(0.24
)%
 
94
%
    
70
%
    
181
%
    
106
%
    
108
%




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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
13.81
  
         
Income from investment operations:
        
Net investment income (loss)
    
(0.03
)(1)
Net realized and unrealized gains (losses) on investments
    
6.91
  
Total from investment operations
    
6.88
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
20.69
  
         
TOTAL RETURN
    
49.82
%(3)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
176.86
  
Ratio of expenses to average net assets
    
0.99
%(4)
Ratio of net investment income (loss) to average net assets
    
(0.36
)%(4)
Portfolio turnover rate(5)
    
0
%(3)









(1)
Calculated using the average shares outstanding method.
(2)
Amount is between $(0.005) and 0.005.
(3)
Not annualized.
(4)
Annualized.
(5)
Calculated on the basis of the Fund as a whole.

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


 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
12.46
    
$
17.38
    
$
23.07
    
$
18.80
    
$
20.55
  
                                     
                                     
 
0.01
(1) 
    
0.03
(1) 
    
(0.00
)(2)
    
0.02
      
0.00
(2) 
 
1.34
      
(0.36
)
    
(1.92
)
    
4.38
      
(1.54
)
 
1.35
      
(0.33
)
    
(1.92
)
    
4.40
      
(1.54
)
                                     
                                     
 
—
      
—
      
—
      
—
      
(0.06
)
 
—
      
(4.59
)
    
(3.77
)
    
(0.13
)
    
(0.15
)
 
—
      
(4.59
)
    
(3.77
)
    
(0.13
)
    
(0.21
)
$
13.81
    
$
12.46
    
$
17.38
    
$
23.07
    
$
18.80
  
                                     
 
10.83
%
    
-0.84
%
    
-10.22
%
    
23.47
%
    
-7.53
%
                                     
                                     
$
136.09
    
$
168.79
    
$
329.30
    
$
620.38
    
$
754.97
  
 
1.01
%
    
1.00
%
    
0.95
%
    
0.97
%
    
0.97
%
 
0.09
%
    
0.20
%
    
(0.12
)%
    
0.04
%
    
0.07
%
 
94
%
    
70
%
    
181
%
    
106
%
    
108
%




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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Cornerstone Mid Cap 30 Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term growth of capital. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
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16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.


HENNESSY FUNDS
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3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.
   
 
Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
   
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.

 
 
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NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $0 and $60,798,619, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 

HENNESSY FUNDS
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The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $68,923 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $2,642,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
325,530,984
  
Gross tax unrealized appreciation
  
$
12,310,642
  
Gross tax unrealized depreciation
    
(13,295,142
)
Net tax unrealized appreciation/(depreciation)
  
$
(984,500
)
Undistributed ordinary income
  
$
—
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
—
  
Other accumulated gain/(loss)
  
$
(51,937,060
)
Total accumulated gain/(loss)
  
$
(52,921,560
)

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had $7,140,431 in unlimited long-term and $44,198,254 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 

HENNESSY FUNDS
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As of October 31, 2020, the Fund deferred, on a tax basis, a late-year ordinary loss of $598,375. Late-year ordinary losses are net ordinary losses incurred after December 31, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the Fund did not pay any distributions.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 





 
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NOTES TO THE FINANCIAL STATEMENTS/EXPENSE EXAMPLE

Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

HENNESSY FUNDS
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Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,495.10
$8.41
Hypothetical (5% return before expenses)
$1,000.00
$1,018.05
$6.80
       
Institutional Class
      
Actual
$1,000.00
$1,498.20
$6.13
Hypothetical (5% return before expenses)
$1,000.00
$1,019.89
$4.96

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.36% for Investor Class shares or 0.99% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).





 
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EXPENSE EXAMPLE — ELECTRONIC DELIVERY

 
How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 
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Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and

 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
 
 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.


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1-800-966-4354
  
27
   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.

 
 
WWW.HENNESSYFUNDS.COM
28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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




HENNESSY FUNDS
1-800-966-4354
  
29

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202





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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY CORNERSTONE LARGE GROWTH FUND
 
Investor Class  HFLGX
Institutional Class  HILGX



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






(This Page Intentionally Left Blank.)
 





Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
23
Proxy Voting Policy and Proxy Voting Records
25
Availability of Quarterly Portfolio Schedule
25
Federal Tax Distribution Information
25
Important Notice Regarding Delivery of Shareholder Documents
25
Electronic Delivery
25
Board Approval of Investment Advisory Agreement
26








HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Cornerstone
        
  Large Growth Fund –
        
  Investor Class (HFLGX)
40.67%
60.48%
14.56%
11.50%
Hennessy Cornerstone
        
  Large Growth Fund –
        
  Institutional Class (HILGX)
40.84%
60.94%
14.89%
11.78%
Russell 1000® Index
30.03%
49.48%
17.76%
14.23%
S&P 500® Index
28.85%
45.98%
17.42%
14.17%

Expense ratios: 1.31% (Investor Class); 1.01% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 

 
 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The Russell 1000® Index comprises the 1,000 largest companies in the Russell 3000® Index based on market capitalization. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® 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® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY CORNERSTONE LARGE GROWTH FUND
(% of Net Assets)



 

 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
PulteGroup, Inc.
2.22%
Williams-Sonoma, Inc.
2.20%
DR Horton, Inc.
2.17%
AutoZone, Inc.
2.12%
The Home Depot, Inc.
2.12%
Whirlpool Corp.
2.11%
KKR & Co., Inc.
2.10%
O’Reilly Automotive, Inc.
2.09%
Lowe’s Companies, Inc.
2.08%
The Interpublic Group of Companies, Inc.
2.05%

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 96.16%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 5.85%
                  
Omnicom Group, Inc.
    
42,500
    
$
3,496,050
      
2.03
%
The Interpublic Group of Companies, Inc.
    
111,700
      
3,546,475
      
2.05
%
Verizon Communications, Inc.
    
52,800
      
3,051,312
      
1.77
%
             
10,093,837
      
5.85
%
                         
Consumer Discretionary – 26.55%
                        
AutoZone, Inc. (a)
    
2,500
      
3,660,300
      
2.12
%
Best Buy Co., Inc.
    
29,100
      
3,383,457
      
1.96
%
Dollar General Corp.
    
15,400
      
3,307,150
      
1.92
%
Dollar Tree, Inc. (a)
    
29,700
      
3,412,530
      
1.98
%
DR Horton, Inc.
    
38,000
      
3,735,020
      
2.17
%
eBay, Inc.
    
51,700
      
2,884,343
      
1.67
%
Lowe’s Companies, Inc.
    
18,300
      
3,591,375
      
2.08
%
O’Reilly Automotive, Inc. (a)
    
6,500
      
3,593,720
      
2.09
%
PulteGroup, Inc.
    
64,700
      
3,825,064
      
2.22
%
Target Corp.
    
15,900
      
3,295,434
      
1.91
%
The Home Depot, Inc.
    
11,300
      
3,657,471
      
2.12
%
Whirlpool Corp.
    
15,400
      
3,641,330
      
2.11
%
Williams-Sonoma, Inc.
    
22,200
      
3,790,650
      
2.20
%
             
45,777,844
      
26.55
%
                         
Consumer Staples – 10.95%
                        
Kellogg Co.
    
50,600
      
3,158,452
      
1.83
%
Kimberly-Clark Corp.
    
22,700
      
3,026,364
      
1.76
%
Philip Morris International, Inc.
    
34,700
      
3,296,500
      
1.91
%
The Clorox Co.
    
16,100
      
2,938,250
      
1.70
%
The Kroger Co.
    
90,600
      
3,310,524
      
1.92
%
Walmart, Inc.
    
22,500
      
3,147,975
      
1.83
%
             
18,878,065
      
10.95
%
                         
Financials – 9.96%
                        
Ameriprise Financial, Inc.
    
13,200
      
3,410,880
      
1.98
%
KKR & Co., Inc.
    
64,100
      
3,626,778
      
2.10
%
T. Rowe Price Group, Inc.
    
18,000
      
3,225,600
      
1.87
%
The Allstate Corp.
    
27,400
      
3,474,320
      
2.02
%
The Progressive Corp.
    
34,000
      
3,425,160
      
1.99
%
             
17,162,738
      
9.96
%

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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Health Care – 20.23%
                  
AbbVie, Inc.
    
27,100
    
$
3,021,650
      
1.75
%
Amgen, Inc.
    
13,000
      
3,115,320
      
1.81
%
Biogen, Inc. (a)
    
10,700
      
2,860,431
      
1.66
%
Cardinal Health, Inc.
    
56,700
      
3,421,278
      
1.98
%
HCA Healthcare, Inc.
    
17,000
      
3,418,020
      
1.98
%
Hologic, Inc. (a)
    
40,500
      
2,654,775
      
1.54
%
Humana, Inc.
    
7,700
      
3,428,348
      
1.99
%
Merck & Co., Inc.
    
40,200
      
2,994,900
      
1.74
%
Quest Diagnostics, Inc.
    
25,200
      
3,323,376
      
1.93
%
Regeneron Pharmaceuticals, Inc. (a)
    
6,500
      
3,128,450
      
1.81
%
UnitedHealth Group, Inc.
    
8,800
      
3,509,440
      
2.04
%
             
34,875,988
      
20.23
%
                         
Industrials – 11.27%
                        
3M Co.
    
16,700
      
3,292,238
      
1.91
%
Booz Allen Hamilton Holding Corp., Class A
    
37,800
      
3,135,510
      
1.82
%
Emerson Electric Co.
    
34,000
      
3,076,660
      
1.79
%
Lockheed Martin Corp.
    
8,800
      
3,348,928
      
1.94
%
Snap-on, Inc.
    
14,400
      
3,421,440
      
1.98
%
Union Pacific Corp.
    
14,200
      
3,153,678
      
1.83
%
             
19,428,454
      
11.27
%
                         
Information Technology – 9.38%
                        
Cisco Systems, Inc.
    
65,000
      
3,309,150
      
1.92
%
HP, Inc.
    
100,700
      
3,434,877
      
1.99
%
Intel Corp.
    
48,050
      
2,764,317
      
1.60
%
NortonLifeLock, Inc.
    
149,600
      
3,232,856
      
1.88
%
Oracle Corp.
    
45,200
      
3,425,708
      
1.99
%
             
16,166,908
      
9.38
%
                         
Materials – 1.97%
                        
FMC Corp.
    
28,700
      
3,393,488
      
1.97
%
                         
Total Common Stocks
                        
  (Cost $137,189,385)
            
165,777,322
      
96.16
%


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


HENNESSY FUNDS
1-800-966-4354
  
7

SHORT-TERM INVESTMENTS – 4.01%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 4.01%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (b)
    
6,920,575
    
$
6,920,575
      
4.01
%
                         
Total Short-Term Investments
                        
  (Cost $6,920,575)
            
6,920,575
      
4.01
%
                         
Total Investments
                        
  (Cost $144,109,960) – 100.17%
            
172,697,897
      
100.17
%
Liabilities in Excess of Other Assets – (0.17)%
            
(299,315
)
    
(0.17
)%
                         
TOTAL NET ASSETS – 100.00%
          
$
172,398,582
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
Non-income-producing security.
(b)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
10,093,837
    
$
—
    
$
—
    
$
10,093,837
  
Consumer Discretionary
    
45,777,844
      
—
      
—
      
45,777,844
  
Consumer Staples
    
18,878,065
      
—
      
—
      
18,878,065
  
Financials
    
17,162,738
      
—
      
—
      
17,162,738
  
Health Care
    
34,875,988
      
—
      
—
      
34,875,988
  
Industrials
    
19,428,454
      
—
      
—
      
19,428,454
  
Information Technology
    
16,166,908
      
—
      
—
      
16,166,908
  
Materials
    
3,393,488
      
—
      
—
      
3,393,488
  
Total Common Stocks
  
$
165,777,322
    
$
—
    
$
—
    
$
165,777,322
  
Short-Term Investments
                                
Money Market Funds
  
$
6,920,575
    
$
—
    
$
—
    
$
6,920,575
  
Total Short-Term Investments
  
$
6,920,575
    
$
—
    
$
—
    
$
6,920,575
  
Total Investments
  
$
172,697,897
    
$
—
    
$
—
    
$
172,697,897
  


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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $144,109,960)
  
$
172,697,897
  
Dividends and interest receivable
    
103,790
  
Receivable for fund shares sold
    
7,656
  
Prepaid expenses and other assets
    
27,547
  
Total assets
    
172,836,890
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
86,801
  
Payable to advisor
    
99,280
  
Payable to administrator
    
29,817
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
169,346
  
Accrued service fees
    
11,508
  
Accrued trustees fees
    
4,717
  
Accrued expenses and other payables
    
25,612
  
Total liabilities
    
438,308
  
NET ASSETS
  
$
172,398,582
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
121,327,797
  
Total distributable earnings
    
51,070,785
  
Total net assets
  
$
172,398,582
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
141,280,593
  
Shares issued and outstanding
    
10,356,006
  
Net asset value, offering price, and redemption price per share
  
$
13.64
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
31,117,989
  
Shares issued and outstanding
    
2,257,802
  
Net asset value, offering price, and redemption price per share
  
$
13.78
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Dividend income
  
$
1,388,038
  
Interest income
    
510
  
Total investment income
    
1,388,548
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
509,841
  
Distribution fees – Investor Class (See Note 5)
    
91,370
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
81,826
  
Service fees – Investor Class (See Note 5)
    
60,913
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
50,759
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
4,099
  
Federal and state registration fees
    
16,114
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
9,500
  
Reports to shareholders
    
6,262
  
Legal fees
    
817
  
Other expenses
    
10,478
  
Total expenses before recoupment by advisor
    
867,050
  
Expense recoupment by advisor – Investor Class (See Note 5)
    
760
  
Net expenses
    
867,810
  
NET INVESTMENT INCOME
  
$
520,738
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
22,017,831
  
Net change in unrealized appreciation/depreciation on investments
    
23,402,623
  
Net gain on investments
    
45,420,454
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
45,941,192
  


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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
520,738
    
$
1,164,145
  
Net realized gain on investments
    
22,017,831
      
6,452,954
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
23,402,623
      
(8,936,589
)
Net increase (decrease) in net assets
                
  resulting from operations
    
45,941,192
      
(1,319,490
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(5,878,284
)
    
(2,977,504
)
Distributable earnings – Institutional Class
    
(758,549
)
    
(399,991
)
Total distributions
    
(6,636,833
)
    
(3,377,495
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
4,959,630
      
1,781,545
  
Proceeds from shares subscribed – Institutional Class
    
14,885,547
      
1,724,940
  
Dividends reinvested – Investor Class
    
5,574,992
      
2,817,178
  
Dividends reinvested – Institutional Class
    
740,220
      
392,293
  
Cost of shares redeemed – Investor Class
    
(7,343,545
)
    
(14,850,308
)
Cost of shares redeemed – Institutional Class
    
(1,430,389
)
    
(7,495,843
)
Net increase (decrease) in net assets derived
                
  from capital share transactions
    
17,386,455
      
(15,630,195
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
56,690,814
      
(20,327,180
)
                 
NET ASSETS:
                
Beginning of period
    
115,707,768
      
136,034,948
  
End of period
  
$
172,398,582
    
$
115,707,768
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
372,916
      
182,762
  
Shares sold – Institutional Class
    
1,089,871
      
191,956
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
501,827
      
255,706
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
65,914
      
35,229
  
Shares redeemed – Investor Class
    
(613,618
)
    
(1,505,702
)
Shares redeemed – Institutional Class
    
(117,674
)
    
(736,903
)
Net increase (decrease) in shares outstanding
    
1,299,236
      
(1,576,952
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
10.21
  
         
Income from investment operations:
        
Net investment income
    
0.04
(1) 
Net realized and unrealized gains (losses) on investments
    
3.97
  
Total from investment operations
    
4.01
  
         
Less distributions:
        
Dividends from net investment income
    
(0.09
)
Dividends from net realized gains
    
(0.49
)
Total distributions
    
(0.58
)
Net asset value, end of period
  
$
13.64
  
         
TOTAL RETURN
    
40.67
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
141.28
  
Ratio of expenses to average net assets:
        
Before expense reimbursement/recoupment
    
1.29
%(3)
After expense reimbursement/recoupment
    
1.29
%(3)
Ratio of net investment income to average net assets:
        
Before expense reimbursement/recoupment
    
0.73
%(3)
After expense reimbursement/recoupment
    
0.73
%(3)
Portfolio turnover rate(5)
    
69
%(2)









(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
The Fund had an expense limitation agreement in place through November 30, 2019.
(5)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
10.54
    
$
12.24
    
$
11.75
    
$
10.27
    
$
12.99
  
                                     
                                     
 
0.09
(1) 
    
0.13
(1) 
    
0.06
      
0.11
      
0.09
  
 
(0.15
)
    
0.56
      
0.94
      
1.49
      
0.08
  
 
(0.06
)
    
0.69
      
1.00
      
1.60
      
0.17
  
                                     
                                     
 
(0.14
)
    
(0.09
)
    
(0.08
)
    
(0.12
)
    
(0.16
)
 
(0.13
)
    
(2.30
)
    
(0.43
)
    
—
      
(2.73
)
 
(0.27
)
    
(2.39
)
    
(0.51
)
    
(0.12
)
    
(2.89
)
$
10.21
    
$
10.54
    
$
12.24
    
$
11.75
    
$
10.27
  
                                     
 
-0.75
%
    
7.84
%
    
8.53
%
    
15.70
%
    
2.63
%
                                     
                                     
$
103.11
    
$
117.62
    
$
125.91
    
$
91.74
    
$
87.73
  
                                     
 
1.31
%
    
1.31
%
    
1.24
%
    
1.25
%
    
1.25
%
 
1.31
%(4)
    
1.29
%
    
1.24
%
    
1.25
%
    
1.25
%
                                     
 
0.93
%
    
1.24
%
    
0.81
%
    
0.95
%
    
1.22
%
 
0.93
%
    
1.26
%
    
0.81
%
    
0.95
%
    
1.22
%
 
62
%
    
57
%
    
70
%
    
65
%
    
53
%







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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
10.33
  
         
Income from investment operations:
        
Net investment income
    
0.06
(1) 
Net realized and unrealized gains (losses) on investments
    
4.01
  
Total from investment operations
    
4.07
  
         
Less distributions:
        
Dividends from net investment income
    
(0.13
)
Dividends from net realized gains
    
(0.49
)
Total distributions
    
(0.62
)
Net asset value, end of period
  
$
13.78
  
         
TOTAL RETURN
    
40.84
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
31.12
  
Ratio of expenses to average net assets:
        
Before expense reimbursement
    
1.01
%(3)
After expense reimbursement
    
1.01
%(3)
Ratio of net investment income to average net assets:
        
Before expense reimbursement
    
0.94
%(3)
After expense reimbursement
    
0.94
%(3)
Portfolio turnover rate(5)
    
69
%(2)









(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
The Fund had an expense limitation agreement in place through November 30, 2019.
(5)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
10.65
    
$
12.38
    
$
11.87
    
$
10.37
    
$
13.10
  
                                     
                                     
 
0.13
(1) 
    
0.16
(1) 
    
0.14
      
0.13
      
0.13
  
 
(0.15
)
    
0.56
      
0.90
      
1.52
      
0.07
  
 
(0.02
)
    
0.72
      
1.04
      
1.65
      
0.20
  
                                     
                                     
 
(0.17
)
    
(0.12
)
    
(0.10
)
    
(0.15
)
    
(0.17
)
 
(0.13
)
    
(2.33
)
    
(0.43
)
    
—
      
(2.76
)
 
(0.30
)
    
(2.45
)
    
(0.53
)
    
(0.15
)
    
(2.93
)
$
10.33
    
$
10.65
    
$
12.38
    
$
11.87
    
$
10.37
  
                                     
 
-0.40
%
    
8.12
%
    
8.82
%
    
16.00
%
    
2.92
%
                                     
                                     
$
12.60
    
$
18.42
    
$
19.25
    
$
12.17
    
$
12.24
  
                                     
 
1.01
%
    
1.00
%
    
0.96
%
    
1.00
%
    
1.01
%
 
1.01
%(4)
    
0.98
%
    
0.96
%
    
1.00
%
    
1.01
%
                                     
 
1.23
%
    
1.56
%
    
1.08
%
    
1.20
%
    
1.47
%
 
1.23
%
    
1.58
%
    
1.08
%
    
1.20
%
    
1.47
%
 
62
%
    
57
%
    
70
%
    
65
%
    
53
%







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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Cornerstone Large Growth Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term growth of capital. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
WWW.HENNESSYFUNDS.COM
16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.


HENNESSY FUNDS
1-800-966-4354
  
17
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.
   
 
Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
   
 
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.

 
 
WWW.HENNESSYFUNDS.COM
18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $99,929,209 and $92,612,722, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 

HENNESSY FUNDS
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From December 1, 2017, through November 30, 2019, the Advisor contractually agreed to limit total annual operating expenses to 1.29% of the Fund’s net assets for Investor Class shares and 0.98% of the Fund’s net assets for Institutional Class shares (in each case, excluding all federal, state, and local taxes, interest, brokerage commissions, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities).
 
For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of April 30, 2021, expenses subject to potential recovery for Investor Class and Institutional Class shares and the fiscal years in which they expire were as follows:
 
   
Fiscal Year
    
Fiscal Year
        
   
2022
    
2023
    
Total
  
Investor Class
  
$
19,361
    
$
—
    
$
19,361
  
Institutional Class
  
$
2,872
    
$
162
    
$
3,034
  

During the six months ended April 30, 2021, the Advisor recouped previously waived expenses from the Fund as set forth in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various
 
 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 

HENNESSY FUNDS
1-800-966-4354
  
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8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
110,847,020
  
Gross tax unrealized appreciation
  
$
18,438,968
  
Gross tax unrealized depreciation
    
(13,309,319
)
Net tax unrealized appreciation/(depreciation)
  
$
5,129,649
  
Undistributed ordinary income
  
$
1,164,101
  
Undistributed long-term capital gains
    
5,472,676
  
Total distributable earnings
  
$
6,636,777
  
Other accumulated gain/(loss)
  
$
—
  
Total accumulated gain/(loss)
  
$
11,766,426
  

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had no tax basis capital losses to offset future capital gains.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
1,164,101
    
$
3,097,827
  
Long-term capital gains
    
5,472,732
      
279,668
  
Total distributions
  
$
6,636,833
    
$
3,377,495
  

(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 

 
 
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22
NOTES TO THE FINANCIAL STATEMENTS/EXPENSE EXAMPLE

Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

HENNESSY FUNDS
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Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,406.70
$7.70
Hypothetical (5% return before expenses)
$1,000.00
$1,018.40
$6.46
       
Institutional Class
      
Actual
$1,000.00
$1,408.40
$6.03
Hypothetical (5% return before expenses)
$1,000.00
$1,019.79
$5.06

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.29% for Investor Class shares or 1.01% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).








 
 
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24
EXPENSE EXAMPLE — ELECTRONIC DELIVERY

How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 100.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 43.08%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 
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HENNESSY FUNDS
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Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and

 
 
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26
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.


HENNESSY FUNDS
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(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.

 
 
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28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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






HENNESSY FUNDS
1-800-966-4354
  
29

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY CORNERSTONE VALUE FUND
 
Investor Class  HFCVX
Institutional Class  HICVX









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






(This Page Intentionally Left Blank.)
 




Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
23
Proxy Voting Policy and Proxy Voting Records
25
Availability of Quarterly Portfolio Schedule
25
Federal Tax Distribution Information
25
Important Notice Regarding Delivery of Shareholder Documents
25
Electronic Delivery
25
Board Approval of Investment Advisory Agreement
26









HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 



HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Cornerstone Value Fund –
        
  Investor Class (HFCVX)
38.95%
40.08%
  9.43%
  8.99%
Hennessy Cornerstone Value Fund –
        
  Institutional Class (HICVX)
39.17%
40.40%
  9.68%
  9.23%
Russell 1000® Value Index
36.30%
45.92%
12.15%
11.13%
S&P 500® Index
28.85%
45.98%
17.42%
14.17%

Expense ratios: 1.30% (Investor Class); 1.08% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The Russell 1000® Value Index comprises those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth value. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® 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® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY CORNERSTONE VALUE FUND
(% of Net Assets)


 


 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
United Parcel Service, Inc., Class B
2.33%
The Home Depot, Inc.
2.28%
International Business Machines Corp.
2.17%
HP, Inc.
2.13%
Pfizer, Inc.
2.12%
Newmont Mining Corp.
2.11%
The Bank of New York Mellon Corp.
2.11%
McDonald’s Corp.
2.09%
Mondelez International, Inc.
2.09%
Corning, Inc.
2.07%

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 99.22%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 6.00%
                  
AT&T, Inc.
    
165,660
    
$
5,203,380
      
2.06
%
BCE, Inc. (a)
    
107,100
      
5,060,475
      
2.01
%
Verizon Communications, Inc.
    
84,100
      
4,860,139
      
1.93
%
             
15,123,994
      
6.00
%
                         
Consumer Discretionary – 4.37%
                        
McDonald’s Corp.
    
22,300
      
5,264,584
      
2.09
%
The Home Depot, Inc.
    
17,800
      
5,761,326
      
2.28
%
             
11,025,910
      
4.37
%
                         
Consumer Staples – 22.20%
                        
Altria Group, Inc.
    
104,500
      
4,989,875
      
1.98
%
British American Tobacco PLC – ADR (a)
    
129,900
      
4,872,549
      
1.93
%
Colgate-Palmolive Co.
    
61,500
      
4,963,050
      
1.97
%
Mondelez International, Inc.
    
86,700
      
5,272,227
      
2.09
%
PepsiCo, Inc.
    
35,600
      
5,132,096
      
2.04
%
Philip Morris International, Inc.
    
54,800
      
5,206,000
      
2.06
%
The Coca-Cola Co.
    
93,200
      
5,030,936
      
1.99
%
The Kraft Heinz Co.
    
125,500
      
5,181,895
      
2.05
%
The Kroger Co.
    
141,500
      
5,170,410
      
2.05
%
The Procter & Gamble Co.
    
37,400
      
4,989,908
      
1.98
%
Unilever PLC – ADR (a)
    
88,400
      
5,190,848
      
2.06
%
             
55,999,794
      
22.20
%
                         
Energy – 16.79%
                        
BP PLC – ADR (a)
    
189,300
      
4,762,788
      
1.89
%
Canadian Natural Resources Ltd. (a)
    
163,100
      
4,954,978
      
1.97
%
Chevron Corp.
    
45,575
      
4,697,415
      
1.86
%
ConocoPhillips
    
88,400
      
4,520,776
      
1.79
%
Exxon Mobil Corp.
    
82,510
      
4,722,873
      
1.87
%
Petroleo Brasileiro SA – ADR (a)
    
595,800
      
5,052,384
      
2.00
%
Royal Dutch Shell PLC – ADR (a)
    
113,500
      
4,313,000
      
1.71
%
Suncor Energy, Inc. (a)
    
229,900
      
4,924,458
      
1.95
%
TOTAL SE – ADR (a)
    
99,500
      
4,405,860
      
1.75
%
             
42,354,532
      
16.79
%
                         
Financials – 13.90%
                        
Citigroup, Inc.
    
66,900
      
4,765,956
      
1.89
%
JPMorgan Chase & Co.
    
30,900
      
4,752,729
      
1.88
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Financials (Continued)
                  
Manulife Financial Corp. (a)
    
226,200
    
$
4,942,470
      
1.96
%
MetLife, Inc.
    
78,300
      
4,982,229
      
1.97
%
Royal Bank of Canada (a)
    
53,600
      
5,113,440
      
2.03
%
The Bank of New York Mellon Corp.
    
106,500
      
5,312,220
      
2.11
%
Toronto-Dominion Bank (a)
    
75,700
      
5,204,375
      
2.06
%
             
35,073,419
      
13.90
%
                         
Health Care – 15.62%
                        
AbbVie, Inc.
    
42,900
      
4,783,350
      
1.90
%
Bristol-Myers Squibb Co.
    
75,500
      
4,712,710
      
1.87
%
CVS Health Corp.
    
67,200
      
5,134,080
      
2.04
%
Gilead Sciences, Inc.
    
74,500
      
4,728,515
      
1.87
%
GlaxoSmithKline PLC – ADR (a)
    
138,000
      
5,152,920
      
2.04
%
Johnson & Johnson
    
29,200
      
4,751,716
      
1.88
%
Merck & Co., Inc.
    
64,300
      
4,790,350
      
1.90
%
Pfizer, Inc.
    
138,100
      
5,337,565
      
2.12
%
             
39,391,206
      
15.62
%
                         
Industrials – 4.39%
                        
Raytheon Technologies Corp.
    
62,600
      
5,210,824
      
2.06
%
United Parcel Service, Inc., Class B
    
28,800
      
5,871,168
      
2.33
%
             
11,081,992
      
4.39
%
                         
Information Technology – 11.97%
                        
Cisco Systems, Inc.
    
101,300
      
5,157,183
      
2.04
%
Corning, Inc.
    
117,900
      
5,212,359
      
2.07
%
HP, Inc.
    
157,300
      
5,365,503
      
2.13
%
Intel Corp.
    
74,000
      
4,257,220
      
1.69
%
International Business Machines Corp.
    
38,500
      
5,462,380
      
2.17
%
Texas Instruments, Inc.
    
26,200
      
4,729,362
      
1.87
%
             
30,184,007
      
11.97
%
                         
Materials – 3.98%
                        
Dow, Inc.
    
75,600
      
4,725,000
      
1.87
%
Newmont Mining Corp.
    
85,100
      
5,311,091
      
2.11
%
             
10,036,091
      
3.98
%
                         
Total Common Stocks
                        
  (Cost $227,472,155)
            
250,270,945
      
99.22
%


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


HENNESSY FUNDS
1-800-966-4354
  
7
SHORT-TERM INVESTMENTS – 0.72%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 0.72%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (b)
    
1,828,118
    
$
1,828,118
      
0.72
%
                         
Total Short-Term Investments
                        
  (Cost $1,828,118)
            
1,828,118
      
0.72
%
                         
Total Investments
                        
  (Cost $229,300,273) – 99.94%
            
252,099,063
      
99.94
%
Other Assets in Excess of Liabilities – 0.06%
            
160,257
      
0.06
%
                         
TOTAL NET ASSETS – 100.00%
          
$
252,259,320
      
100.00
%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt
PLC – Public Limited Company
(a)
U.S.-traded security of a foreign corporation.
(b)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
15,123,994
    
$
—
    
$
—
    
$
15,123,994
  
Consumer Discretionary
    
11,025,910
      
—
      
—
      
11,025,910
  
Consumer Staples
    
55,999,794
      
—
      
—
      
55,999,794
  
Energy
    
42,354,532
      
—
      
—
      
42,354,532
  
Financials
    
35,073,419
      
—
      
—
      
35,073,419
  
Health Care
    
39,391,206
      
—
      
—
      
39,391,206
  
Industrials
    
11,081,992
      
—
      
—
      
11,081,992
  
Information Technology
    
30,184,007
      
—
      
—
      
30,184,007
  
Materials
    
10,036,091
      
—
      
—
      
10,036,091
  
Total Common Stocks
  
$
250,270,945
    
$
—
    
$
—
    
$
250,270,945
  
Short-Term Investments
                                
Money Market Funds
  
$
1,828,118
    
$
—
    
$
—
    
$
1,828,118
  
Total Short-Term Investments
  
$
1,828,118
    
$
—
    
$
—
    
$
1,828,118
  
Total Investments
  
$
252,099,063
    
$
—
    
$
—
    
$
252,099,063
  


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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements
 
Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)

ASSETS:
      
Investments in securities, at value (cost $229,300,273)
  
$
252,099,063
  
Dividends and interest receivable
    
742,993
  
Receivable for fund shares sold
    
5,477
  
Prepaid expenses and other assets
    
20,384
  
Total Assets
    
252,867,917
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
91,523
  
Payable to advisor
    
153,072
  
Payable to administrator
    
47,131
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
243,297
  
Accrued service fees
    
20,246
  
Accrued trustees fees
    
4,379
  
Accrued expenses and other payables
    
37,722
  
Total liabilities
    
608,597
  
NET ASSETS
  
$
252,259,320
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
222,306,185
  
Total distributable earnings
    
29,953,135
  
Total net assets
  
$
252,259,320
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
246,920,984
  
Shares issued and outstanding
    
13,318,103
  
Net asset value, offering price, and redemption price per share
  
$
18.54
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
5,338,336
  
Shares issued and outstanding
    
287,665
  
Net asset value, offering price, and redemption price per share
  
$
18.56
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Dividend income(1)
  
$
4,169,889
  
Interest income
    
475
  
Total investment income
    
4,170,364
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
857,194
  
Distribution fees – Investor Class (See Note 5)
    
170,034
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
133,524
  
Service fees – Investor Class (See Note 5)
    
113,356
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
73,687
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
1,492
  
Federal and state registration fees
    
16,833
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Reports to shareholders
    
10,156
  
Trustees’ fees and expenses
    
9,774
  
Legal fees
    
1,365
  
Other expenses
    
17,801
  
Total expenses
    
1,430,287
  
NET INVESTMENT INCOME
  
$
2,740,077
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
5,689,771
  
Net change in unrealized appreciation/depreciation on investments
    
65,231,211
  
Net gain on investments
    
70,920,982
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
73,661,059
  










 
(1)
Net of foreign taxes withheld and issuance fees of $110,417.

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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
2,740,077
    
$
6,083,189
  
Net realized gain (loss) on investments
    
5,689,771
      
(133,331
)
Net change in unrealized
                
  appreciation/depreciation on investments
    
65,231,211
      
(46,256,323
)
Net increase (decrease) in net
                
  assets resulting from operations
    
73,661,059
      
(40,306,465
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(5,556,028
)
    
(16,696,863
)
Distributable earnings – Institutional Class
    
(127,258
)
    
(434,493
)
Total distributions
    
(5,683,286
)
    
(17,131,356
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
596,399
      
1,453,188
  
Proceeds from shares subscribed – Institutional Class
    
253,349
      
669,886
  
Dividends reinvested – Investor Class
    
5,201,166
      
15,770,353
  
Dividends reinvested – Institutional Class
    
108,614
      
399,784
  
Cost of shares redeemed – Investor Class
    
(14,979,043
)
    
(25,597,692
)
Cost of shares redeemed – Institutional Class
    
(786,893
)
    
(1,759,353
)
Net decrease in net assets derived
                
  from capital share transactions
    
(9,606,408
)
    
(9,063,834
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
58,371,365
      
(66,501,655
)
                 
NET ASSETS:
                
Beginning of period
    
193,887,955
      
260,389,610
  
End of period
  
$
252,259,320
    
$
193,887,955
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
35,159
      
95,023
  
Shares sold – Institutional Class
    
15,183
      
42,187
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
331,074
      
906,647
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
6,909
      
22,969
  
Shares redeemed – Investor Class
    
(897,624
)
    
(1,724,299
)
Shares redeemed – Institutional Class
    
(47,372
)
    
(121,134
)
Net decrease in shares outstanding
    
(556,671
)
    
(778,607
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
13.69
  
         
Income from investment operations:
        
Net investment income
    
0.20
(1) 
Net realized and unrealized gains (losses) on investments
    
5.06
  
Total from investment operations
    
5.26
  
         
Less distributions:
        
Dividends from net investment income
    
(0.41
)
Dividends from net realized gains
    
—
  
Total distributions
    
(0.41
)
Net asset value, end of period
  
$
18.54
  
         
TOTAL RETURN
    
38.95
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
246.92
  
Ratio of expenses to average net assets
    
1.24
%(3)
Ratio of net investment income to average net assets
    
2.36
%(3)
Portfolio turnover rate(4)
    
43
%(2)














(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
17.43
    
$
19.29
    
$
21.48
    
$
18.36
    
$
17.69
  
                                     
                                     
 
0.41
(1) 
    
0.47
(1) 
    
0.41
      
0.45
      
0.43
  
 
(3.01
)
    
0.30
      
0.35
      
3.10
      
0.67
  
 
(2.60
)
    
0.77
      
0.76
      
3.55
      
1.10
  
                                     
                                     
 
(0.47
)
    
(0.41
)
    
(0.42
)
    
(0.43
)
    
(0.43
)
 
(0.67
)
    
(2.22
)
    
(2.53
)
    
—
      
—
  
 
(1.14
)
    
(2.63
)
    
(2.95
)
    
(0.43
)
    
(0.43
)
$
13.69
    
$
17.43
    
$
19.29
    
$
21.48
    
$
18.36
  
                                     
 
-16.22
%
    
5.22
%
    
3.64
%
    
19.63
%
    
6.41
%
                                     
                                     
$
189.60
    
$
253.95
    
$
266.76
    
$
281.07
    
$
126.53
  
 
1.30
%
    
1.23
%
    
1.21
%
    
1.22
%
    
1.25
%
 
2.71
%
    
2.75
%
    
2.21
%
    
2.36
%
    
2.33
%
 
32
%
    
27
%
    
41
%
    
72
%
    
36
%







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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
13.71
  
         
Income from investment operations:
        
Net investment income
    
0.22
(1) 
Net realized and unrealized gains (losses) on investments
    
5.07
  
Total from investment operations
    
5.29
  
         
Less distributions:
        
Dividends from net investment income
    
(0.44
)
Dividends from net realized gains
    
—
  
Total distributions
    
(0.44
)
Net asset value, end of period
  
$
18.56
  
         
TOTAL RETURN
    
39.17
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
5.34
  
Ratio of expenses to average net assets:
    
0.99
%(3)
Ratio of net investment income to average net assets:
    
2.61
%(3)
Portfolio turnover rate(4)
    
43
%(2)














(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
17.45
    
$
19.33
    
$
21.52
    
$
18.40
    
$
17.67
  
                                     
                                     
 
0.44
(1) 
    
0.50
(1) 
    
0.45
      
0.43
      
0.48
  
 
(3.01
)
    
0.29
      
0.35
      
3.18
      
0.67
  
 
(2.57
)
    
0.79
      
0.80
      
3.61
      
1.15
  
                                     
                                     
 
(0.49
)
    
(0.45
)
    
(0.46
)
    
(0.49
)
    
(0.42
)
 
(0.68
)
    
(2.22
)
    
(2.53
)
    
—
      
—
  
 
(1.17
)
    
(2.67
)
    
(2.99
)
    
(0.49
)
    
(0.42
)
$
13.71
    
$
17.45
    
$
19.33
    
$
21.52
    
$
18.40
  
                                     
 
-16.06
%
    
5.37
%
    
3.88
%
    
19.95
%
    
6.72
%
                                     
                                     
$
4.29
    
$
6.44
    
$
7.22
    
$
7.40
    
$
1.88
  
 
1.08
%
    
1.08
%
    
0.98
%
    
0.97
%
    
0.95
%
 
2.94
%
    
2.92
%
    
2.43
%
    
2.60
%
    
2.63
%
 
32
%
    
27
%
    
41
%
    
72
%
    
36
%







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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)

1).  ORGANIZATION
 
The Hennessy Cornerstone Value Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is total return, consisting of capital appreciation and current income. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.
 
 
 
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16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 

HENNESSY FUNDS
1-800-966-4354
  
17
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
   
 
Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
 
 
 
WWW.HENNESSYFUNDS.COM
18
NOTES TO THE FINANCIAL STATEMENTS
 
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.
   
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 

HENNESSY FUNDS
1-800-966-4354
  
19
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $97,431,123 and $108,210,162, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
 
 
WWW.HENNESSYFUNDS.COM
20
NOTES TO THE FINANCIAL STATEMENTS

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 

HENNESSY FUNDS
1-800-966-4354
  
21
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
236,632,445
  
Gross tax unrealized appreciation
  
$
17,499,311
  
Gross tax unrealized depreciation
    
(60,265,799
)
Net tax unrealized appreciation/(depreciation)
  
$
(42,766,488
)
Undistributed ordinary income
  
$
4,857,601
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
4,857,601
  
Other accumulated gain/(loss)
  
$
(115,751
)
Total accumulated gain/(loss)
  
$
(38,024,638
)

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had $115,751 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
5,683,286
    
$
7,147,381
  
Long-term capital gains
    
—
      
9,983,975
  
Total distributions
  
$
5,683,286
    
$
17,131,356
  

(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 

 
 
WWW.HENNESSYFUNDS.COM
22
NOTES TO THE FINANCIAL STATEMENTS/EXPENSE EXAMPLE

Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

HENNESSY FUNDS
1-800-966-4354
  
23
 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,389.50
$7.35
Hypothetical (5% return before expenses)
$1,000.00
$1,018.65
$6.21
       
Institutional Class
      
Actual
$1,000.00
$1,391.70
$5.87
Hypothetical (5% return before expenses)
$1,000.00
$1,019.89
$4.96

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.24% for Investor Class shares or 0.99% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).





 
 
WWW.HENNESSYFUNDS.COM
24
EXPENSE EXAMPLE — ELECTRONIC DELIVERY

 
How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 99.50%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.

To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 
Subscribe to receive our team’s unique market and sector insights delivered to your inbox
www.hennessyfunds.com/subscribe

Follow us on social media
 
   


HENNESSY FUNDS
1-800-966-4354
  
25
Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and
 
 
 
WWW.HENNESSYFUNDS.COM
26
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.


HENNESSY FUNDS
1-800-966-4354
  
27
   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.
 
 
 
WWW.HENNESSYFUNDS.COM
28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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




HENNESSY FUNDS
1-800-966-4354
  
29

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.





SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY TOTAL RETURN FUND
 
Investor Class  HDOGX










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






(This Page Intentionally Left Blank.)
 





Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Statement of Cash Flows
12
Financial Highlights
14
Notes to the Financial Statements
16
Expense Example
24
Proxy Voting Policy and Proxy Voting Records
25
Availability of Quarterly Portfolio Schedule
25
Federal Tax Distribution Information
25
Important Notice Regarding Delivery of Shareholder Documents
25
Electronic Delivery
25
Board Approval of Investment Advisory Agreement
26









HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 



HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Total Return
        
  Fund (HDOGX)
21.45%
16.51%
  6.82%
  7.44%
75/25 Blended DJIA/Treasury Index
21.34%
30.59%
12.73%
  9.94%
Dow Jones Industrial Average
29.07%
42.12%
16.48%
12.95%

Expense ratio: 1.73%
 
(1)
Periods of less than one year are not annualized.


 

 

 

 

 

_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The 75/25 Blended DJIA/Treasury Index consists of 75% common stocks represented by the Dow Jones Industrial Average and 25% short-duration Treasury securities represented by the ICE BofAML 3-Month U.S. Treasury Bill Index, which comprises U.S. Treasury securities maturing in three months. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange or The NASDAQ Stock Market. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
The expense ratio presented is from the most recent prospectus. The expense ratio for the current reporting period is available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY TOTAL RETURN FUND
(% of Net Assets)


 
 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
U.S. Treasury Bill, 0.020%, 07/15/2021
31.77%
U.S. Treasury Bill, 0.010%, 06/17/2021
21.18%
U.S. Treasury Bill, 0.015%, 05/13/2021
15.88%
Cisco Systems, Inc.
  7.68%
Chevron Corp.
  7.66%
Walgreens Boots Alliance, Inc.
  7.66%
3M Co.
  7.52%
International Business Machines Corp.
  7.21%
Dow, Inc.
  7.20%
Verizon Communications, Inc.
  6.35%

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5

COMMON STOCKS – 70.99%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 6.35%
                  
Verizon Communications, Inc.
    
62,300
    
$
3,600,317
      
6.35
%
                         
Consumer Staples – 13.88%
                        
The Coca-Cola Co.
    
65,300
      
3,524,894
      
6.22
%
Walgreens Boots Alliance, Inc.
    
81,700
      
4,338,270
      
7.66
%
             
7,863,164
      
13.88
%
                         
Energy – 7.66%
                        
Chevron Corp.
    
42,100
      
4,339,247
      
7.66
%
                         
Financials – 5.38%
                        
JPMorgan Chase & Co.
    
17,800
      
2,737,818
      
4.83
%
The Travelers Companies, Inc.
    
2,000
      
309,320
      
0.55
%
             
3,047,138
      
5.38
%
                         
Health Care – 8.11%
                        
Amgen, Inc.
    
6,700
      
1,605,588
      
2.84
%
Merck & Co., Inc.
    
40,100
      
2,987,450
      
5.27
%
             
4,593,038
      
8.11
%
                         
Industrials – 7.52%
                        
3M Co.
    
21,600
      
4,258,224
      
7.52
%
                         
Information Technology – 14.89%
                        
Cisco Systems, Inc.
    
85,500
      
4,352,805
      
7.68
%
International Business Machines Corp.
    
28,800
      
4,086,144
      
7.21
%
             
8,438,949
      
14.89
%
                         
Materials – 7.20%
                        
Dow, Inc.
    
65,300
      
4,081,250
      
7.20
%
                         
Total Common Stocks
                        
  (Cost $34,029,857)
            
40,221,327
      
70.99
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

SHORT-TERM INVESTMENTS – 70.39%
  
Number of Shares/
          
% of
  
   
Par Amount
    
Value
    
Net Assets
  
Money Market Funds – 1.56%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (a)
    
883,323
    
$
883,323
      
1.56
%
                         
U.S. Treasury Bills – 68.83%
                        
0.015%, 05/13/2021 (b)(c)
    
9,000,000
      
8,999,910
      
15.88
%
0.010%, 06/17/2021 (b)(c)
    
12,000,000
      
11,999,922
      
21.18
%
0.020%, 07/15/2021 (b)(c)
    
18,000,000
      
17,999,726
      
31.77
%
             
38,999,558
      
68.83
%
                         
Total Short-Term Investments
                        
  (Cost $39,882,780)
            
39,882,881
      
70.39
%
                         
Total Investments
                        
  (Cost $73,912,637) – 141.38%
            
80,104,208
      
141.38
%
Liabilities in Excess of Other Assets – (41.38)%
            
(23,446,648
)
    
(41.38
)%
                         
TOTAL NET ASSETS – 100.00%
          
$
56,657,560
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
The rate listed is the fund’s seven-day yield as of April 30, 2021.
(b)
The rate listed is the discount rate at issue.
(c)
All or a portion of this security is pledged as collateral for securities sold subject to repurchase. The aggregate fair value of the collateral is $25,999,704.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
3,600,317
    
$
—
    
$
—
    
$
3,600,317
  
Consumer Staples
    
7,863,164
      
—
      
—
      
7,863,164
  
Energy
    
4,339,247
      
—
      
—
      
4,339,247
  
Financials
    
3,047,138
      
—
      
—
      
3,047,138
  
Health Care
    
4,593,038
      
—
      
—
      
4,593,038
  
Industrials
    
4,258,224
      
—
      
—
      
4,258,224
  
Information Technology
    
8,438,949
      
—
      
—
      
8,438,949
  
Materials
    
4,081,250
      
—
      
—
      
4,081,250
  
Total Common Stocks
  
$
40,221,327
    
$
—
    
$
—
    
$
40,221,327
  
Short-Term Investments
                                
Money Market Funds
  
$
883,323
    
$
—
    
$
—
    
$
883,323
  
U.S. Treasury Bills
    
—
      
38,999,558
      
—
      
38,999,558
  
Total Short-Term Investments
  
$
883,323
    
$
38,999,558
    
$
—
    
$
39,882,881
  
Total Investments
  
$
41,104,650
    
$
38,999,558
    
$
—
    
$
80,104,208
  


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


HENNESSY FUNDS
1-800-966-4354
  
7
Schedule of Reverse Repurchase Agreements
 
             
Principal
  
Maturity
  
Maturity
  
 
Face Value
  
Counterparty
  
Rate
  
Trade Date
  
Date
  
Amount
  
 
$
5,397,000
  
Jefferies LLC
  
0.30%

02/11/21
  
05/13/21
  
$
5,401,048
  
   
7,196,000
  
Jefferies LLC
  
0.25%

03/18/21
  
06/17/21
    
7,200,498
  
   
10,794,000
  
Jefferies LLC
  
0.25%

04/15/21
  
07/15/21
    
10,800,746
  
 
$
23,387,000
                     
$
23,402,292
  

As of April 30, 2021, the fair value of securities held as collateral for reverse repurchase agreements was $25,999,704, as noted on the Schedule of Investments.
 
Reverse repurchase agreements are not included in the fair value hierarchy because they are carried at face value.  Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. The face value of the reverse repurchase agreements as of April 30, 2021, was $23,387,000. The face value plus interest due at maturity is equal to $23,402,292.
 



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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)

ASSETS:
      
Investments in securities, at value (cost $73,912,637)
  
$
80,104,208
  
Dividends and interest receivable
    
39,126
  
Receivable for fund shares sold
    
6,046
  
Prepaid expenses and other assets
    
9,789
  
Total assets
    
80,159,169
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
6,161
  
Payable to advisor
    
28,131
  
Payable to administrator
    
12,097
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
27,629
  
Accrued service fees
    
4,689
  
Reverse repurchase agreements
    
23,387,000
  
Accrued interest payable
    
6,781
  
Accrued trustees fees
    
4,945
  
Accrued expenses and other payables
    
12,949
  
Total liabilities
    
23,501,609
  
NET ASSETS
  
$
56,657,560
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
51,012,212
  
Total distributable earnings
    
5,645,348
  
Total net assets
  
$
56,657,560
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
56,657,560
  
Shares issued and outstanding
    
4,167,051
  
Net asset value, offering price, and redemption price per share
  
$
13.60
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Dividend income
  
$
840,630
  
Interest income
    
12,125
  
Total investment income
    
852,755
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
164,187
  
Distribution fees – Investor Class (See Note 5)
    
41,047
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
36,125
  
Interest expense (See Notes 7 and 9)
    
32,381
  
Service fees – Investor Class (See Note 5)
    
27,364
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
20,401
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Federal and state registration fees
    
10,586
  
Trustees’ fees and expenses
    
9,231
  
Reports to shareholders
    
5,352
  
Legal fees
    
362
  
Other expenses
    
4,794
  
Total expenses
    
376,901
  
NET INVESTMENT INCOME
  
$
475,854
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized loss on investments
  
$
(448,079
)
Net change in unrealized appreciation/depreciation on investments
    
10,474,650
  
Net gain on investments
    
10,026,571
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
10,502,425
  


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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets

   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
475,854
    
$
1,229,563
  
Net realized gain (loss) on investments
    
(448,079
)
    
4,113,416
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
10,474,650
      
(13,243,536
)
Net increase (decrease) in net
                
  assets resulting from operations
    
10,502,425
      
(7,900,557
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(3,626,442
)
    
(1,304,402
)
Total distributions
    
(3,626,442
)
    
(1,304,402
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
336,359
      
1,734,947
  
Dividends reinvested – Investor Class
    
3,436,483
      
1,234,664
  
Cost of shares redeemed – Investor Class
    
(4,657,191
)
    
(16,040,005
)
Net decrease in net assets derived
                
  from capital share transactions
    
(884,349
)
    
(13,070,394
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
5,991,634
      
(22,275,353
)
                 
NET ASSETS:
                
Beginning of period
    
50,665,926
      
72,941,279
  
End of period
  
$
56,657,560
    
$
50,665,926
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
25,596
      
133,453
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
268,736
      
99,796
  
Shares redeemed – Investor Class
    
(360,508
)
    
(1,218,266
)
Net decrease in shares outstanding
    
(66,176
)
    
(985,017
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Statement of Cash Flows for the six months ended April 30, 2021 (Unaudited)

Cash flows from operating activities:
      
Net increase in net assets from operations
  
$
10,502,425
  
Adjustments to reconcile net increase in net assets resulting from
        
  operations to net cash used in operating activities:
        
Payments to purchase securities
    
(7,151,004
)
Proceeds from sale of securities
    
11,795,970
  
Proceeds from securities litigation
    
1,141
  
Net sale of short term investments
    
(2,397,889
)
Realized loss on investments in securities
    
448,079
  
Net accretion of discount on securities
    
(11,904
)
Change in unrealized appreciation/depreciation
        
  on investments in securities
    
(10,474,650
)
Decreases in operating assets:
        
Decrease in dividends and interest receivable
    
8,577
  
Decrease in prepaid expenses and other assets
    
1,407
  
Increases (decreases) in operating liabilities:
        
Increase in payable to advisor
    
1,313
  
Decrease in payable to administrator
    
(53
)
Decrease in payable for distribution fees
    
(1,519
)
Increase in payable for service fees
    
219
  
Decrease in accrued interest payable
    
(190
)
Decrease in accrued audit fees
    
(11,873
)
Increase in accrued trustee fees
    
1,008
  
Increase in other accrued expenses and payables
    
474
  
Net cash used in operating securities
    
2,711,531
  
         
Cash flows from financing activities:
        
Increase in reverse repurchase agreements
    
1,799,000
  
Proceeds on shares sold
    
330,458
  
Payment on shares redeemed
    
(4,651,030
)
Distributions paid in cash, net of reinvestments
    
(189,959
)
Net cash provided by financing activities
    
(2,711,531
)
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
  
$
3,436,483
  
         
Cash paid for interest
  
$
32,571
  


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

 
 
WWW.HENNESSYFUNDS.COM
12
STATEMENT OF CASH FLOWS







(This Page Intentionally Left Blank.)
 







HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
11.97
  
         
Income from investment operations:
        
Net investment income
    
0.11
(1) 
Net realized and unrealized gains (losses) on investments
    
2.39
  
Total from investment operations
    
2.50
  
         
Less distributions:
        
Dividends from net investment income
    
(0.11
)
Dividends from net realized gains
    
(0.76
)
Total distributions
    
(0.87
)
Net asset value, end of period
  
$
13.60
  
         
TOTAL RETURN
    
21.45
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
56.66
  
Ratio of expenses, including interest expense, to average net assets
    
1.38
%(3)
Ratio of net investment income to average net assets
    
1.74
%(3)
Portfolio turnover rate
    
19
%(2)














 
(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
13.98
    
$
13.57
    
$
14.66
    
$
13.84
    
$
14.19
  
                                     
                                     
 
0.27
(1) 
    
0.24
(1) 
    
0.23
      
0.20
      
0.16
  
 
(1.99
)
    
0.81
      
0.43
      
1.48
      
0.88
  
 
(1.72
)
    
1.05
      
0.66
      
1.68
      
1.04
  
                                     
                                     
 
(0.29
)
    
(0.24
)
    
(0.23
)
    
(0.20
)
    
(0.16
)
 
—
      
(0.40
)
    
(1.52
)
    
(0.66
)
    
(1.23
)
 
(0.29
)
    
(0.64
)
    
(1.75
)
    
(0.86
)
    
(1.39
)
$
11.97
    
$
13.98
    
$
13.57
    
$
14.66
    
$
13.84
  
                                     
 
-12.36
%
    
7.93
%
    
4.92
%
    
12.56
%
    
8.20
%
                                     
                                     
$
50.67
    
$
72.94
    
$
71.60
    
$
77.75
    
$
83.87
  
 
1.73
%
    
2.31
%
    
1.95
%
    
1.57
%
    
1.44
%
 
2.05
%
    
1.74
%
    
1.67
%
    
1.38
%
    
1.22
%
 
39
%
    
30
%
    
10
%
    
36
%
    
44
%







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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Total Return Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is total return, consisting of capital appreciation and current income. The Fund is a non-diversified fund and offers Investor Class shares.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.
   
d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis.

 
 
WWW.HENNESSYFUNDS.COM
16
NOTES TO THE FINANCIAL STATEMENTS

 
Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
Reverse Repurchase Agreements – Transactions involving reverse repurchase agreements are treated as collateralized financing transactions and are recorded at their contracted resell or repurchase amounts, which approximates fair value. Upon entering into a reverse repurchase agreement transaction, the Fund establishes a segregated account in which it maintains liquid assets in an amount at least equal to the repurchase price marked to market daily (including accrued interest), and the Fund subsequently monitors the account to ensure that it maintains such equivalent value. Interest on reverse repurchase agreements is included in interest payable.
   
 
As of April 30, 2021, securities with a fair value of $25,999,704, which are included in investments in securities in the Statement of Assets and Liabilities, were pledged to collateralize reverse repurchase agreements.
   
j).
Offsetting Assets and Liabilities – The Fund follows the financial reporting rules regarding offsetting assets and liabilities and related netting arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Reverse repurchase transactions are entered into by the Fund under Master Repurchase Agreements (“MRAs”) that permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables under the MRA with collateral held with the counterparty and create one single net payment from the Fund. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. In the event the buyer of securities under an MRA files for bankruptcy or becomes insolvent, the


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Fund’s use of the proceeds of the MRA may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Fund’s obligation to repurchase the securities. For additional information regarding the offsetting of assets and liabilities as of April 30, 2021, please refer to the table in Note 9.
   
k).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official

 
 
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18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 

HENNESSY FUNDS
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The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $7,151,004 and $11,795,970, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.60%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $11,586 and 3.25%, respectively. The interest expensed by the Fund under the line of credit during the six months ended April 30, 2021, is included as a component of interest expense in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $699,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 

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8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
76,716,213
  
Gross tax unrealized appreciation
  
$
3,603,621
  
Gross tax unrealized depreciation
    
(8,005,883
)
Net tax unrealized appreciation/(depreciation)
  
$
(4,402,262
)
Undistributed ordinary income
  
$
21,339
  
Undistributed long-term capital gains
    
3,150,288
  
Total distributable earnings
  
$
3,171,627
  
Other accumulated gain/(loss)
  
$
—
  
Total accumulated gain/(loss)
  
$
(1,230,635
)

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had no tax basis capital losses to offset future capital gains.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
476,128
    
$
1,304,402
  
Long-term capital gains
    
3,150,314
      
—
  
Total distributions
  
$
3,626,442
    
$
1,304,402
  

(1)  Ordinary income includes short-term capital gains.
 
9).  REVERSE REPURCHASE AGREEMENTS
 
Under a reverse repurchase agreement, the Fund sells securities and agrees to repurchase them at a mutually agreed date and price. Reverse repurchase agreements are regarded as a form of secured borrowing by the Fund. Securities sold under reverse repurchase agreements are reflected as a liability in the Statement of Assets and Liabilities. Interest payments made under reverse repurchase agreements during the six months ended April 30, 2021, totaled $32,192 and are recorded as a component of interest expense in the Statement of Operations.
 
During the six months ended April 30, 2021, the average daily balance and average interest rate in effect for reverse repurchase agreements were $21,776,845 and 0.29%, respectively. Below is information about the scheduled maturity date, amount, and interest rate for outstanding reverse repurchase agreements as of April 30, 2021:
 
 
Maturity Date
    Amount    
Interest Rate
  
 
May 13, 2021
$  5,397,000
0.30%
  
 
June 17, 2021
$  7,196,000
0.25%
  
 
July 15, 2021 
$10,794,000
0.25%
  

 
 
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NOTES TO THE FINANCIAL STATEMENTS

Outstanding reverse repurchase agreements as of April 30, 2021, comprised 41.28% of the Fund’s net assets.
 
Below is information about reverse repurchase agreements eligible for offset in the Statement of Assets and Liabilities, on both a gross and net basis:
 
     
Gross
    
Net
    
Gross Amounts Not
Offset in the Statement
of Assets and Liabilities
        
     
Amounts
    
Amounts
            
     
Offset
    
Presented
            
Gross
    
in the
    
in the
            
Amounts of
    
Statement of
    
Statement of
          
Collateral
        
Recognized
    
Assets and
    
Assets and
    
Financial
    
Pledged
    
Net
  
Liabilities
    
Liabilities
    
Liabilities
    
Instruments
    
(Received)
    
Amount
  
$
23,387,000
    
$
—
    
$
23,387,000
    
$
23,387,000
    
$
—
    
$
—
  
$
23,387,000
    
$
—
    
$
23,387,000
    
$
23,387,000
    
$
—
    
$
—
  

For additional information, please refer to the “Offsetting Assets and Liabilities” section in Note 2.
 
10).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 





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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The example below includes, but is not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 
 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,214.50
$7.58
Hypothetical (5% return before expenses)
$1,000.00
$1,017.95
$6.90

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.38%, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).


 
 
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EXPENSE EXAMPLE — ELECTRONIC DELIVERY

How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 100.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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HENNESSY FUNDS
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Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and

 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.


HENNESSY FUNDS
1-800-966-4354
  
27
   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.

 
 
WWW.HENNESSYFUNDS.COM
28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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





HENNESSY FUNDS
1-800-966-4354
  
29

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.





SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY EQUITY AND INCOME FUND
Investor Class  HEIFX
Institutional Class  HEIIX









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





(This Page Intentionally Left Blank.)
 




Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
15
Statement of Operations
16
Statements of Changes in Net Assets
17
Financial Highlights
18
Notes to the Financial Statements
22
Expense Example
30
Proxy Voting Policy and Proxy Voting Records
32
Availability of Quarterly Portfolio Schedule
32
Federal Tax Distribution Information
32
Important Notice Regarding Delivery of Shareholder Documents
32
Electronic Delivery
32
Board Approval of Investment Advisory Agreements
33








HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Equity and Income Fund –
        
  Investor Class (HEIFX)
17.62%
29.40%
  9.23%
  8.21%
Hennessy Equity and Income Fund –
        
  Institutional Class (HEIIX)
17.81%
29.89%
  9.66%
  8.57%
60/40 Blended Balanced Index
16.35%
26.45%
11.66%
  9.75%
70/30 Blended Balanced Index
19.39%
31.13%
13.12%
10.87%
S&P 500® Index
28.85%
45.98%
17.42%
14.17%
 
Expense ratios: 1.56% (Investor Class); 1.19% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 


 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance shown for periods including or prior to October 26, 2012, is that of the FBR Balanced Fund.
 
The 60/40 Blended Balanced Index consists of 60% common stocks represented by the S&P 500® Index and 40% bonds represented by the Bloomberg Barclays Intermediate U.S. Government/Credit Index. The 70/30 Blended Balanced Index consists of 70% common stocks represented by the S&P 500® Index and 30% bonds represented by the Bloomberg Barclays Intermediate U.S. Government/Credit Index. The Bloomberg Barclays Intermediate U.S. Government/Credit Index measures the performance of U.S. dollar-denominated Treasury securities and government-related and investment-grade corporate securities that have $250 million or more of outstanding face value, are fixed rate and non-convertible, and have remaining maturities of greater than or equal to one year and less than 10 years. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY EQUITY AND INCOME FUND
(% of Net Assets)


 

 
 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Berkshire Hathaway, Inc., Class B
4.87%
Alphabet, Inc., Class C
4.14%
Apple, Inc.
3.91%
The Charles Schwab Corp.
3.54%
Altria Group, Inc.
3.06%
Visa, Inc., Class A
2.94%
CarMax, Inc.
2.92%
FedEx Corp.
2.92%
Norfolk Southern Corp.
2.81%
STORE Capital Corp.
2.78%

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5

COMMON STOCKS – 69.04%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 8.36%
                  
Alphabet, Inc., Class C (a)
    
2,097
    
$
5,054,022
      
4.14
%
Facebook, Inc. (a)
    
8,870
      
2,883,459
      
2.36
%
Verizon Communications, Inc.
    
39,139
      
2,261,843
      
1.86
%
             
10,199,324
      
8.36
%
                         
Consumer Discretionary – 9.59%
                        
CarMax, Inc. (a)
    
26,780
      
3,568,167
      
2.92
%
Lowe’s Companies, Inc.
    
8,870
      
1,740,737
      
1.43
%
O’Reilly Automotive, Inc. (a)
    
5,517
      
3,050,239
      
2.50
%
The Home Depot, Inc.
    
10,349
      
3,349,661
      
2.74
%
             
11,708,804
      
9.59
%
                         
Consumer Staples – 7.36%
                        
Altria Group, Inc.
    
78,175
      
3,732,856
      
3.06
%
Church & Dwight Co., Inc.
    
28,874
      
2,475,657
      
2.03
%
Nestlé S.A. – ADR (b)
    
23,203
      
2,773,455
      
2.27
%
             
8,981,968
      
7.36
%
                         
Energy – 0.23%
                        
Enbridge, Inc. (b)
    
1,575
      
60,748
      
0.05
%
Kinder Morgan, Inc.
    
3,300
      
56,265
      
0.05
%
Targa Resources Corp.
    
2,500
      
86,725
      
0.07
%
The Williams Companies, Inc.
    
3,100
      
75,516
      
0.06
%
             
279,254
      
0.23
%
                         
Financials – 12.42%
                        
Berkshire Hathaway, Inc., Class B (a)
    
21,603
      
5,939,745
      
4.87
%
BlackRock, Inc.
    
3,092
      
2,533,276
      
2.07
%
The Charles Schwab Corp.
    
61,407
      
4,323,053
      
3.54
%
The Progressive Corp.
    
23,510
      
2,368,397
      
1.94
%
             
15,164,471
      
12.42
%
                         
Health Care – 4.37%
                        
Bristol-Myers Squibb Co.
    
20,832
      
1,300,333
      
1.07
%
Johnson & Johnson
    
14,330
      
2,331,921
      
1.91
%
Pfizer, Inc.
    
44,028
      
1,701,682
      
1.39
%
             
5,333,936
      
4.37
%
                         
Industrials – 7.27%
                        
FedEx Corp.
    
12,293
      
3,568,781
      
2.92
%
Norfolk Southern Corp.
    
12,289
      
3,431,580
      
2.81
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Industrials (Continued)
                  
Old Dominion Freight Line, Inc.
    
7,263
    
$
1,872,474
      
1.54
%
             
8,872,835
      
7.27
%
                         
Information Technology – 12.95%
                        
Apple, Inc.
    
36,301
      
4,772,129
      
3.91
%
Cisco Systems, Inc.
    
40,635
      
2,068,728
      
1.69
%
Citrix Systems, Inc.
    
16,257
      
2,013,429
      
1.65
%
Texas Instruments, Inc.
    
18,648
      
3,366,151
      
2.76
%
Visa, Inc., Class A
    
15,358
      
3,587,015
      
2.94
%
             
15,807,452
      
12.95
%
                         
Materials – 6.49%
                        
Air Products and Chemicals, Inc.
    
8,960
      
2,584,781
      
2.12
%
Martin Marietta Materials, Inc.
    
9,003
      
3,179,139
      
2.60
%
NewMarket Corp.
    
6,245
      
2,164,455
      
1.77
%
             
7,928,375
      
6.49
%
                         
Total Common Stocks
                        
  (Cost $51,776,292)
            
84,276,419
      
69.04
%
                         
PREFERRED STOCKS – 1.75%
                        
                         
Communication Services – 0.04%
                        
AT&T, Inc., Series C, 4.750%, Perpetual
    
1,935
      
49,207
      
0.04
%
                         
Consumer Discretionary – 0.01%
                        
Ford Motor Co., 6.000%, 12/01/2059
    
575
      
15,180
      
0.01
%
                         
Consumer Staples – 0.08%
                        
CHS, Inc., Series 3, 6.750% to 09/30/2024 then
                        
  3 Month LIBOR USD + 4.155%, Perpetual (e)
    
415
      
11,433
      
0.01
%
CHS, Inc., Series 4, 7.500%, Perpetual
    
2,985
      
85,132
      
0.07
%
             
96,565
      
0.08
%
Energy – 0.04%
                        
Enbridge, Inc., Series B, 6.375% to 04/15/2023 then
                        
  3 Month LIBOR USD + 3.593%, 04/15/2078 (b)(e)
    
1,860
      
49,290
      
0.04
%
                         
Financials – 1.58%
                        
AEGON Funding Co. LLC, 5.100%, 12/15/2049
    
880
      
23,065
      
0.02
%
American International Group, Inc., Series A, 5.850%, Perpetual
    
1,720
      
47,696
      
0.04
%
Arch Capital Group Ltd., Series F, 5.450%, Perpetual (b)
    
1,895
      
49,441
      
0.04
%
Axis Capital Holdings Ltd., Series E, 5.500%, Perpetual (b)
    
1,060
      
26,977
      
0.02
%
BancorpSouth Bank, Series A, 5.500%, Perpetual
    
655
      
17,521
      
0.01
%


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


HENNESSY FUNDS
1-800-966-4354
  
7
PREFERRED STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Financials (Continued)
                  
Bank of America Corp.
                  
  Series KK, 5.375%, Perpetual
    
975
    
$
27,037
      
0.02
%
  Series GG, 6.000%, Perpetual
    
1,460
      
40,194
      
0.04
%
Capital One Financial Corp.
                        
  Series J, 4.800%, Perpetual
    
1,990
      
50,645
      
0.04
%
  Series I, 5.000%, Perpetual
    
1,985
      
51,610
      
0.04
%
Citigroup, Inc.
                        
  Series K, 6.875% to 11/15/2023 then
                        
    3 Month LIBOR USD + 4.130%, Perpetual (e)
    
930
      
26,458
      
0.02
%
  Series J, 7.125% to 09/30/2023 then
                        
    3 Month LIBOR USD + 4.040%, Perpetual (e)
    
1,425
      
40,185
      
0.03
%
Citizens Financial Group, Inc., Series D, 6.350% to 04/06/2024 then
                        
  3 Month LIBOR USD + 3.642%, Perpetual (e)
    
1,140
      
31,943
      
0.03
%
Cullen/Frost Bankers, Inc., Series B, 4.450%, Perpetual
    
860
      
21,792
      
0.02
%
Equitable Holdings, Inc., Series A, 5.250%, Perpetual
    
1,310
      
34,165
      
0.03
%
Federal Agricultural Mortgage Corp., Series F, 5.250%, Perpetual
    
800
      
20,784
      
0.02
%
Fifth Third Bancorp
                        
  Series K, 4.950%, Perpetual
    
1,890
      
50,973
      
0.04
%
  Series I, 6.625% to 12/31/2023 then
                        
    3 Month LIBOR USD + 3.710%, Perpetual (e)
    
1,115
      
31,510
      
0.03
%
First Citizens BancShares, Inc., Series A, 5.375%, Perpetual
    
1,960
      
52,665
      
0.04
%
First Horizon Corp.
                        
  Series D, 6.100% to 05/01/2024 then
                        
    3 Month LIBOR USD + 3.859%, Perpetual (e)
    
650
      
17,407
      
0.01
%
  Series B, 6.625% to 08/01/2025 then
                        
    3 Month LIBOR USD + 4.262%, Perpetual (e)
    
830
      
23,502
      
0.02
%
First Republic Bank, Series J, 4.700%, Perpetual
    
1,025
      
26,548
      
0.02
%
Hartford Financial Services Group, Inc., Series G, 6.000%, Perpetual
    
1,640
      
45,871
      
0.04
%
Huntington Bancshares, Inc., Series H, 4.500%, Perpetual
    
1,915
      
48,162
      
0.04
%
JPMorgan Chase & Co.
                        
  Series JJ, 4.550%, Perpetual
    
2,050
      
53,300
      
0.04
%
  Series GG, 4.750%, Perpetual
    
1,880
      
49,294
      
0.04
%
KeyCorp
                        
  Series F, 5.650%, Perpetual
    
840
      
22,772
      
0.02
%
  Series E, 6.125% to 12/15/2026 then
                        
    3 Month LIBOR USD + 3.892%, Perpetual (e)
    
1,680
      
50,400
      
0.04
%
Legg Mason, Inc., 5.450%, 09/15/2056
    
880
      
22,378
      
0.02
%
MetLife, Inc., Series F, 4.750%, Perpetual
    
1,895
      
49,914
      
0.04
%
Morgan Stanley
                        
  Series K, 5.850% to 04/15/2027 then
                        
    3 Month LIBOR USD + 3.491%, Perpetual (e)
    
750
      
21,450
      
0.02
%
  Series I, 6.375% to 10/15/2024 then
                        
    3 Month LIBOR USD + 3.708%, Perpetual (e)
    
2,980
      
84,483
      
0.07
%


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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS

PREFERRED STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Financials (Continued)
                  
Regions Financial Corp.
                  
  Series E, 4.450%, Perpetual
    
2,100
    
$
51,870
      
0.04
%
  Series C, 5.700% to 05/15/2029 then
                        
    3 Month LIBOR USD + 3.148%, Perpetual (e)
    
1,210
      
33,311
      
0.03
%
State Street Corp., Series D, 5.900% to 03/15/2024 then
                        
  3 Month LIBOR USD + 3.108%, Perpetual (e)
    
2,335
      
65,940
      
0.05
%
SVB Financial Group, Series A, 5.250%, Perpetual
    
1,250
      
33,388
      
0.03
%
Synchrony Financial, Series A, 5.625%, Perpetual
    
1,945
      
51,387
      
0.04
%
Synovus Financial Corp.
                        
  Series E, 5.875% to 07/01/2024 then
                        
    5 Year CMT Rate + 4.127%, Perpetual (e)
    
845
      
22,545
      
0.02
%
  Series D, 6.300% to 06/21/2023 then
                        
    3 Month LIBOR USD + 3.352%, Perpetual (e)
    
850
      
22,423
      
0.02
%
TCF Financial Corp., Series C, 5.700%, Perpetual
    
865
      
23,225
      
0.02
%
Texas Capital Bancshares, Inc., Series B, 5.750%, Perpetual
    
730
      
18,892
      
0.02
%
The Allstate Corp.
                        
  Series H, 5.100%, Perpetual
    
1,260
      
34,411
      
0.03
%
  Series G, 5.625%, Perpetual
    
1,965
      
54,568
      
0.04
%
The Goldman Sachs Group, Inc.
                        
  Series K, 6.375% to 05/10/2024 then
                        
    3 Month LIBOR USD + 3.550%, Perpetual (e)
    
1,035
      
29,208
      
0.02
%
  Series J, 5.500% to 05/10/2023 then
                        
    3 Month LIBOR USD + 3.640%, Perpetual (e)
    
1,130
      
30,623
      
0.03
%
Truist Financial Corp.
                        
  Series R, 4.750%, Perpetual
    
1,835
      
48,664
      
0.04
%
  Series O, 5.250%, Perpetual
    
1,880
      
52,377
      
0.04
%
US Bancorp, Series B, 3.500% to 06/01/2021 then
                        
  3 Month LIBOR USD + 0.600%, Perpetual (e)
    
1,925
      
46,778
      
0.04
%
Washington Federal, Inc., Series A, 4.875%, Perpetual
    
1,860
      
47,876
      
0.04
%
Wells Fargo & Co.
                        
  Series Z, 4.750%, Perpetual
    
1,930
      
49,659
      
0.04
%
  Series R, 6.625% to 03/15/2024 then
                        
    3 Month LIBOR USD + 3.690%, Perpetual (e)
    
1,770
      
51,312
      
0.04
%
             
1,928,599
      
1.58
%
                         
Total Preferred Stocks
                        
  (Cost $1,991,823)
            
2,138,841
      
1.75
%
                         
REITS – 3.05%
                        
                         
Financials – 3.05%
                        
Annaly Capital Management, Inc., Series F, 6.950% to 09/30/2022
                        
  then 3 Month LIBOR USD + 4.993%, Perpetual (e)
    
1,335
      
33,802
      
0.03
%
Apollo Commercial Real Estate Finance, Inc.
    
4,130
      
62,817
      
0.05
%


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


HENNESSY FUNDS
1-800-966-4354
  
9
REITS
  
Number of Shares/
          
% of
  
   
Par Amount
    
Value
    
Net Assets
  
Financials (Continued)
                  
Chimera Investment Corp.
    
2,930
    
$
38,500
      
0.03
%
Chimera Investment Corp.
                        
  Series A, 8.000%, Perpetual
    
1,405
      
35,940
      
0.03
%
  Series B, 8.000% to 03/30/2024 then
                        
    3 Month LIBOR USD + 5.791%, Perpetual (e)
    
695
      
17,236
      
0.01
%
Kimco Realty Corp., Series M, 5.250%, Perpetual
    
1,030
      
27,439
      
0.02
%
Monmouth Real Estate Investment Corp., Series C, 6.125%, Perpetual
    
1,745
      
44,585
      
0.04
%
Starwood Property Trust, Inc.
    
2,730
      
70,489
      
0.06
%
STORE Capital Corp.
    
94,903
      
3,396,579
      
2.78
%
                         
Total REITS
                        
  (Cost $2,703,125)
            
3,727,387
      
3.05
%
                         
CORPORATE BONDS – 14.72%
                        
                         
Communication Services – 0.91%
                        
AT&T, Inc., 4.250%, 03/01/2027
    
980,000
      
1,109,980
      
0.91
%
                         
Consumer Discretionary – 1.06%
                        
Alibaba Group Holding Ltd., 3.600%, 11/28/2024 (b)
    
1,000,000
      
1,085,380
      
0.89
%
Starbucks Corp., 4.450%, 08/15/2049
    
175,000
      
206,544
      
0.17
%
             
1,291,924
      
1.06
%
                         
Energy – 0.89%
                        
Canadian Natural Resources Ltd., 3.900%, 02/01/2025 (b)
    
1,000,000
      
1,085,013
      
0.89
%
                         
Financials – 8.64%
                        
Aflac, Inc., 3.600%, 04/01/2030
    
300,000
      
331,926
      
0.27
%
Dell International LLC / EMC Corp., 5.450%, 06/15/2023 (d)
    
1,220,000
      
1,331,405
      
1.09
%
Discover Financial Services, 5.200%, 04/27/2022
    
650,000
      
679,813
      
0.56
%
General Motors Financial Co, Inc., 3.700%, 05/09/2023
    
1,075,000
      
1,132,286
      
0.93
%
Huntington Bancshares, Inc.
                        
  2.550%, 02/04/2030
    
525,000
      
533,221
      
0.44
%
  4.000%, 05/15/2025
    
365,000
      
406,346
      
0.33
%
Prudential Financial, Inc., 3.878%, 03/27/2028
    
400,000
      
454,426
      
0.37
%
Raymond James Financial, Inc.
                        
  3.625%, 09/15/2026
    
1,500,000
      
1,670,911
      
1.37
%
  5.625%, 04/01/2024
    
700,000
      
796,956
      
0.65
%
Synchrony Financial
                        
  3.750%, 08/15/2021
    
350,000
      
351,332
      
0.29
%
  3.950%, 12/01/2027
    
650,000
      
707,167
      
0.58
%
Synovus Financial Corp., 3.125%, 11/01/2022
    
1,300,000
      
1,342,349
      
1.10
%


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

 
 
WWW.HENNESSYFUNDS.COM
10
SCHEDULE OF INVESTMENTS

CORPORATE BONDS
              
% of
  
   
Par Amount
    
Value
    
Net Assets
  
Financials (Continued)
                  
Willis North America, Inc., 3.600%, 05/15/2024
    
750,000
    
$
808,621
      
0.66
%
             
10,546,759
      
8.64
%
                         
Health Care – 1.27%
                        
Edwards Lifesciences Corp., 4.300%, 06/15/2028
    
700,000
      
797,427
      
0.65
%
Evernorth Health, Inc., 3.500%, 06/15/2024
    
700,000
      
753,234
      
0.62
%
             
1,550,661
      
1.27
%
                         
Industrials – 0.34%
                        
General Electric Co., 3.625%, 05/01/2030
    
380,000
      
413,020
      
0.34
%
                         
Information Technology – 1.61%
                        
Autodesk, Inc., 2.850%, 01/15/2030
    
675,000
      
705,327
      
0.58
%
Broadcom, Inc., 4.110%, 09/15/2028
    
425,000
      
469,733
      
0.38
%
PayPal Holdings, Inc., 2.850%, 10/01/2029
    
750,000
      
792,667
      
0.65
%
             
1,967,727
      
1.61
%
                         
Total Corporate Bonds
                        
  (Cost $16,744,200)
            
17,965,084
      
14.72
%
                         
MORTGAGE-BACKED SECURITIES – 3.37%
                        
                         
Fannie Mae Pool
                        
  3.000%, 10/01/2043
    
1,353,664
      
1,447,309
      
1.19
%
  3.500%, 01/01/2042
    
248,035
      
270,191
      
0.22
%
  6.000%, 10/01/2037
    
95,727
      
112,499
      
0.09
%
Fannie Mae REMICS
                        
  Series 2013-52, 1.250%, 06/25/2043
    
76,132
      
76,379
      
0.06
%
  Series 2012-22, 2.000%, 11/25/2040
    
25,432
      
25,761
      
0.02
%
  Series 2012-16, 2.000%, 11/25/2041
    
65,166
      
67,487
      
0.06
%
  Series 2010-134, 2.250%, 03/25/2039
    
34,738
      
35,210
      
0.03
%
Freddie Mac Gold Pool
                        
  3.000%, 05/01/2042
    
559,664
      
598,628
      
0.49
%
  3.000%, 09/01/2042
    
928,717
      
993,520
      
0.81
%
  5.500%, 04/01/2037
    
49,675
      
58,065
      
0.05
%
Freddie Mac REMICS
                        
  Series 4146, 1.500%, 10/15/2042
    
25,350
      
25,883
      
0.02
%
  Series 4309, 2.000%, 10/15/2043
    
55,438
      
57,245
      
0.05
%
  Series 3928, 2.500%, 08/15/2040
    
49,116
      
49,854
      
0.04
%
  Series 3870, 2.750%, 01/15/2041
    
27,566
      
28,480
      
0.02
%
  Series 4322, 3.000%, 05/15/2043
    
121,966
      
126,691
      
0.11
%
Government National Mortgage Association,
                        
  Series 2013-24, 1.750%, 02/16/2043
    
136,712
      
140,501
      
0.11
%
                         
Total Mortgage-Backed Securities
                        
  (Cost $3,870,026)
            
4,113,703
      
3.37
%


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


HENNESSY FUNDS
1-800-966-4354
  
11
U.S. TREASURY OBLIGATIONS – 5.58%
  
Par Amount/
          
% of
  
   
Number of Shares
    
Value
    
Net Assets
  
U.S. Treasury Notes – 5.58%
                  
U.S. Treasury Notes
                  
  0.625%, 03/31/2027
    
1,250,000
    
$
1,216,968
      
1.00
%
  0.625%, 08/15/2030
    
300,000
      
274,781
      
0.22
%
  1.750%, 05/15/2023
    
1,000,000
      
1,031,934
      
0.85
%
  1.875%, 07/31/2026
    
1,775,000
      
1,861,878
      
1.53
%
  2.750%, 02/15/2024
    
1,575,000
      
1,682,574
      
1.38
%
  3.000%, 10/31/2025
    
450,000
      
495,184
      
0.40
%
  3.125%, 11/15/2028
    
220,000
      
247,491
      
0.20
%
                         
Total U.S. Treasury Obligations
                        
  (Cost $6,620,847)
            
6,810,810
      
5.58
%
                         
INVESTMENT COMPANIES (EXCLUDING
                        
  MONEY MARKET FUNDS) – 1.02%
                        
                         
Financials – 0.71%
                        
Apollo Investment Corp.
    
4,375
      
63,569
      
0.05
%
Ares Capital Corp.
    
3,345
      
64,391
      
0.05
%
Bain Capital Specialty Finance, Inc.
    
3,380
      
53,979
      
0.04
%
BlackRock TCP Capital Corp.
    
4,790
      
70,030
      
0.06
%
FS KKR Capital Corp.
    
3,013
      
62,640
      
0.05
%
Golub Capital BDC, Inc.
    
3,200
      
50,112
      
0.04
%
Hercules Capital, Inc.
    
4,625
      
80,521
      
0.07
%
Monroe Capital Corp.
    
6,150
      
66,297
      
0.05
%
New Mountain Finance Corp.
    
4,755
      
62,528
      
0.05
%
Oaktree Specialty Lending Corp.
    
11,905
      
79,287
      
0.07
%
Sixth Street Specialty Lending, Inc.
    
2,650
      
59,042
      
0.05
%
TCG BDC, Inc.
    
5,235
      
72,034
      
0.06
%
TriplePoint Venture Growth BDC Corp.
    
5,675
      
90,913
      
0.07
%
             
875,343
      
0.71
%
                         
Other Investment Companies – 0.31%
                        
Vanguard High-Yield Corporate Fund
    
62,348
      
371,592
      
0.31
%
                         
Total Investment Companies
                        
  (Excluding Money Market Funds)
                        
  (Cost $1,247,696)
            
1,246,935
      
1.02
%


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

 
 
WWW.HENNESSYFUNDS.COM
12
SCHEDULE OF INVESTMENTS

SHORT-TERM INVESTMENTS – 1.30%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Asset
  
Money Market Funds – 1.30%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (c)
    
1,582,997
    
$
1,582,997
      
1.30
%
                         
Total Short-Term Investments
                        
  (Cost $1,582,997)
            
1,582,997
      
1.30
%
                         
Total Investments
                        
  (Cost $86,537,006) – 99.83%
            
121,862,176
      
99.83
%
Other Assets in Excess of Liabilities – 0.17%
            
208,148
      
0.17
%
                         
TOTAL NET ASSETS – 100.00%
          
$
122,070,324
      
100.00
%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
(a)
Non-income-producing security.
(b)
U.S.-traded security of a foreign corporation.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.
(d)
Rule 144A security. Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. Rule 144A securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2021, the market value of this security totaled $1,331,405 which represents 1.09% of net assets.
(e)
Variable rate security; rate disclosed is the rate as of April 30, 2021.




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


HENNESSY FUNDS
1-800-966-4354
  
13
Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
10,199,324
    
$
—
    
$
—
    
$
10,199,324
  
Consumer Discretionary
    
11,708,804
      
—
      
—
      
11,708,804
  
Consumer Staples
    
8,981,968
      
—
      
—
      
8,981,968
  
Energy
    
279,254
      
—
      
—
      
279,254
  
Financials
    
15,164,471
      
—
      
—
      
15,164,471
  
Health Care
    
5,333,936
      
—
      
—
      
5,333,936
  
Industrials
    
8,872,835
      
—
      
—
      
8,872,835
  
Information Technology
    
15,807,452
      
—
      
—
      
15,807,452
  
Materials
    
7,928,375
      
—
      
—
      
7,928,375
  
Total Common Stocks
  
$
84,276,419
    
$
—
    
$
—
    
$
84,276,419
  
Preferred Stocks
                                
Communication Services
  
$
49,207
    
$
—
    
$
—
    
$
49,207
  
Consumer Discretionary
    
15,180
      
—
      
—
      
15,180
  
Consumer Staples
    
96,565
      
—
      
—
      
96,565
  
Energy
    
49,290
      
—
      
—
      
49,290
  
Financials
    
1,928,599
      
—
      
—
      
1,928,599
  
Total Preferred Stocks
  
$
2,138,841
    
$
—
    
$
—
    
$
2,138,841
  
REITS
                                
Financials
  
$
3,727,387
    
$
—
    
$
—
    
$
3,727,387
  
Total REITS
  
$
3,727,387
    
$
—
    
$
—
    
$
3,727,387
  
Corporate Bonds
                                
Communication Services
  
$
—
    
$
1,109,980
    
$
—
    
$
1,109,980
  
Consumer Discretionary
    
—
      
1,291,924
      
—
      
1,291,924
  
Energy
    
—
      
1,085,013
      
—
      
1,085,013
  
Financials
    
—
      
10,546,759
      
—
      
10,546,759
  
Health Care
    
—
      
1,550,661
      
—
      
1,550,661
  
Industrials
    
—
      
413,020
      
—
      
413,020
  
Information Technology
    
—
      
1,967,727
      
—
      
1,967,727
  
Total Corporate Bonds
  
$
—
    
$
17,965,084
    
$
—
    
$
17,965,084
  
Mortgage-Backed Securities
  
$
—
    
$
4,113,703
    
$
—
    
$
4,113,703
  
U.S. Treasury Obligations
                                
U.S. Treasury Notes
  
$
—
    
$
6,810,810
    
$
—
    
$
6,810,810
  
Total U.S. Treasury Obligations
  
$
—
    
$
6,810,810
    
$
—
    
$
6,810,810
  
Investment Companies (Excluding
                                
  Money Market Funds)
                                
Financials
  
$
875,343
    
$
—
    
$
—
    
$
875,343
  
Other Investment Companies
    
371,592
      
—
      
—
      
371,592
  
Total Investment Companies
                                
  (Excluding Money Market Funds)
  
$
1,246,935
    
$
—
    
$
—
    
$
1,246,935
  
Short-Term Investments
                                
Money Market Funds
  
$
1,582,997
    
$
—
    
$
—
    
$
1,582,997
  
Total Short-Term Investments
  
$
1,582,997
    
$
—
    
$
—
    
$
1,582,997
  
Total Investments
  
$
92,972,579
    
$
28,889,597
    
$
—
    
$
121,862,176
  



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

 
 
WWW.HENNESSYFUNDS.COM
14
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)

ASSETS:
      
Investments in securities, at value (cost $86,537,006)
  
$
121,862,176
  
Dividends and interest receivable
    
385,049
  
Receivable for fund shares sold
    
21,244
  
Receivable for securities sold
    
16,057
  
Prepaid expenses and other assets
    
22,156
  
Total assets
    
122,306,682
  
         
LIABILITIES:
        
Payable for securities purchased
    
52,857
  
Payable for fund shares redeemed
    
5,081
  
Payable to advisor
    
79,921
  
Payable to sub-transfer agents
    
40,063
  
Payable to administrator
    
22,985
  
Payable to auditor
    
11,231
  
Accrued distribution fees
    
8,265
  
Accrued service fees
    
4,504
  
Accrued trustees fees
    
4,809
  
Accrued expenses and other payables
    
6,642
  
Total liabilities
    
236,358
  
NET ASSETS
  
$
122,070,324
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
82,688,786
  
Total distributable earnings
    
39,381,538
  
Total net assets
  
$
122,070,324
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
54,972,639
  
Shares issued and outstanding
    
3,275,615
  
Net asset value, offering price, and redemption price per share
  
$
16.78
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
67,097,685
  
Shares issued and outstanding
    
4,254,194
  
Net asset value, offering price, and redemption price per share
  
$
15.77
  


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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Dividend income(1)
  
$
889,600
  
Interest income
    
447,938
  
Total investment income
    
1,337,538
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
470,602
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
56,647
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
27,490
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
70,894
  
Distribution fees – Investor Class (See Note 5)
    
39,975
  
Service fees – Investor Class (See Note 5)
    
26,650
  
Federal and state registration fees
    
17,024
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
9,500
  
Reports to shareholders
    
7,715
  
Legal fees
    
1,609
  
Other expenses
    
9,128
  
Total expenses
    
762,305
  
NET INVESTMENT INCOME
  
$
575,233
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments:
  
$
4,318,515
  
Net change in unrealized appreciation/depreciation on investments
    
14,376,521
  
Net gain on investments
    
18,695,036
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
19,270,269
  












 
(1)
Net of foreign taxes withheld of $11,071.

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

 
 
WWW.HENNESSYFUNDS.COM
16
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets

   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
575,233
    
$
1,658,298
  
Net realized gain on investments
    
4,318,515
      
8,393,939
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
14,376,521
      
(5,503,698
)
Net increase in net assets resulting from operations
    
19,270,269
      
4,548,539
  
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(3,087,473
)
    
(5,790,228
)
Distributable earnings – Institutional Class
    
(3,865,523
)
    
(6,055,327
)
Total distributions
    
(6,952,996
)
    
(11,845,555
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
449,063
      
1,170,684
  
Proceeds from shares subscribed – Institutional Class
    
2,705,535
      
6,516,349
  
Dividends reinvested – Investor Class
    
2,996,573
      
5,588,214
  
Dividends reinvested – Institutional Class
    
2,974,058
      
4,764,063
  
Cost of shares redeemed – Investor Class
    
(5,347,648
)
    
(45,400,919
)
Cost of shares redeemed – Institutional Class
    
(7,069,918
)
    
(26,206,237
)
Net decrease in net assets derived
                
  from capital share transactions
    
(3,292,337
)
    
(53,567,846
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
9,024,936
      
(60,864,862
)
                 
NET ASSETS:
                
Beginning of period
    
113,045,388
      
173,910,250
  
End of period
  
$
122,070,324
    
$
113,045,388
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
28,375
      
79,272
  
Shares sold – Institutional Class
    
181,636
      
471,407
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
194,213
      
374,820
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
204,690
      
340,132
  
Shares redeemed – Investor Class
    
(338,526
)
    
(3,009,794
)
Shares redeemed – Institutional Class
    
(475,016
)
    
(1,899,718
)
Net decrease in shares outstanding
    
(204,628
)
    
(3,643,881
)


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


HENNESSY FUNDS
1-800-966-4354
  
17
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
15.12
  
         
Income from investment operations:
        
Net investment income
    
0.06
(1) 
Net realized and unrealized gains (losses) on investments
    
2.52
  
Total from investment operations
    
2.58
  
         
Less distributions:
        
Dividends from net investment income
    
(0.06
)
Dividends from net realized gains
    
(0.86
)
Total distributions
    
(0.92
)
Net asset value, end of period
  
$
16.78
  
         
TOTAL RETURN
    
17.62
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
54.97
  
Ratio of expenses to average net assets
    
1.50
%(3)
Ratio of net investment income to average net assets
    
0.77
%(3)
Portfolio turnover rate(4)
    
13
%(2)














(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
18

FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
15.72
    
$
15.82
    
$
16.24
    
$
15.61
    
$
16.15
  
                                     
                                     
 
0.16
(1) 
    
0.18
(1) 
    
0.16
      
0.14
      
0.14
  
 
0.40
      
1.02
      
0.40
      
1.95
      
(0.16
)
 
0.56
      
1.20
      
0.56
      
2.09
      
(0.02
)
                                     
                                     
 
(0.16
)
    
(0.17
)
    
(0.14
)
    
(0.12
)
    
(0.13
)
 
(1.00
)
    
(1.13
)
    
(0.84
)
    
(1.34
)
    
(0.39
)
 
(1.16
)
    
(1.30
)
    
(0.98
)
    
(1.46
)
    
(0.52
)
$
15.12
    
$
15.72
    
$
15.82
    
$
16.24
    
$
15.61
  
                                     
 
3.74
%
    
8.39
%
    
3.44
%
    
14.16
%
    
-0.12
%
                                     
                                     
$
51.29
    
$
93.51
    
$
121.32
    
$
155.33
    
$
202.04
  
 
1.49
%
    
1.46
%
    
1.42
%
    
1.43
%
    
1.43
%
 
1.08
%
    
1.16
%
    
0.89
%
    
0.78
%
    
0.84
%
 
22
%
    
16
%
    
18
%
    
15
%
    
24
%






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


HENNESSY FUNDS
1-800-966-4354
  
19
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
14.22
  
         
Income from investment operations:
        
Net investment income
    
0.08
(1) 
Net realized and unrealized gains (losses) on investments
    
2.37
  
Total from investment operations
    
2.45
  
         
Less distributions:
        
Dividends from net investment income
    
(0.09
)
Dividends from net realized gains
    
(0.81
)
Total distributions
    
(0.90
)
Net asset value, end of period
  
$
15.77
  
         
TOTAL RETURN
    
17.81
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
67.10
  
Ratio of expenses to average net assets
    
1.13
%(3)
Ratio of net investment income to average net assets
    
1.15
%(3)
Portfolio turnover rate(4)
    
13
%(2)














(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
20

FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
14.80
    
$
14.93
    
$
15.34
    
$
14.76
    
$
15.28
  
                                     
                                     
 
0.20
(1) 
    
0.22
(1) 
    
0.19
      
0.16
      
0.18
  
 
0.38
      
0.96
      
0.39
      
1.87
      
(0.13
)
 
0.58
      
1.18
      
0.58
      
2.03
      
0.05
  
                                     
                                     
 
(0.22
)
    
(0.24
)
    
(0.20
)
    
(0.18
)
    
(0.20
)
 
(0.94
)
    
(1.07
)
    
(0.79
)
    
(1.27
)
    
(0.37
)
 
(1.16
)
    
(1.31
)
    
(0.99
)
    
(1.45
)
    
(0.57
)
$
14.22
    
$
14.80
    
$
14.93
    
$
15.34
    
$
14.76
  
                                     
 
4.16
%
    
8.76
%
    
3.86
%
    
14.60
%
    
0.30
%
                                     
                                     
$
61.75
    
$
80.40
    
$
97.86
    
$
110.74
    
$
129.91
  
 
1.12
%
    
1.09
%
    
1.02
%
    
1.05
%
    
1.03
%
 
1.44
%
    
1.53
%
    
1.28
%
    
1.16
%
    
1.23
%
 
22
%
    
16
%
    
18
%
    
15
%
    
24
%







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


HENNESSY FUNDS
1-800-966-4354
  
21
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Equity and Income Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital growth and current income. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
WWW.HENNESSYFUNDS.COM
22
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other times, investments in a REIT may result in the Fund’s receipt of cash in excess of the REIT’s earnings. If the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.
   
j).
New Accounting Pronouncements – In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”), which shortens the premium amortization period for purchased noncontingently callable debt securities, specifying that such period ends at the earliest call date. The Fund has adopted and applied ASU 2017-08 on a modified retrospective basis.


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Management evaluated the impact of this change in guidance and concluded that it did not have a material impact on the Fund’s financial statements.
   
 
In August 2018, the FASB issued ASU No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid

 
 
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NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 

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The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $15,076,921 and $21,930,339, respectively.
 
Purchases and sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021, were $0 and $1,952,386, respectively.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.80%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Advisor has delegated the day-to-day management of the equity allocation of the Fund to a sub-advisor, The London Company of Virginia, LLC, and has delegated the day-to-day management of the fixed income allocation of the Fund to a sub-advisor, FCI Advisors. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During the six months ended April 30, 2021, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.33% of the daily net assets of the equity allocation of the Fund and 0.27% of the daily net assets of the fixed income allocation of the Fund.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it
 
 
 
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26
NOTES TO THE FINANCIAL STATEMENTS

provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 

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6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
92,160,292
  
Gross tax unrealized appreciation
  
$
23,864,959
  
Gross tax unrealized depreciation
    
(3,202,934
)
Net tax unrealized appreciation/(depreciation)
  
$
20,662,025
  
Undistributed ordinary income
  
$
53,097
  
Undistributed long-term capital gains
    
6,349,143
  
Total distributable earnings
  
$
6,402,240
  
Other accumulated gain/(loss)
  
$
—
  
Total accumulated gain/(loss)
  
$
27,064,265
  

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had no tax-basis capital losses to offset future capital gains.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS

During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
603,851
    
$
1,715,695
  
Long-term capital gains
    
6,349,145
      
10,129,860
  
Total distributions
  
$
6,952,996
    
$
11,845,555
  

(1)  Ordinary income includes short-term capital gains.
 
9).  LIBOR TRANSITION
 
The Fund invests in financial instruments with payment obligations, financing terms, hedging strategies, or investment values based on, among other floating rates, the London Interbank Offered Rate (“LIBOR”). LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the UK Financial Conduct Authority, which regulates LIBOR, announced that it would no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021, meaning that LIBOR cannot continue on its current basis and will not be guaranteed after 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking, and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The transition away from LIBOR may lead to increased volatility and illiquidity in markets tied to LIBOR, reduce the value of LIBOR-related instruments, and reduce the effectiveness of hedging strategies, which could adversely affect the Fund’s performance. Additionally, any alternative reference rate may be an ineffective substitute, resulting in prolonged adverse market conditions for the Fund’s investments.
 
10).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 



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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 
 
 
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EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,176.20
$8.09
Hypothetical (5% return before expenses)
$1,000.00
$1,017.36
$7.50
       
Institutional Class
      
Actual
$1,000.00
$1,178.10
$6.10
Hypothetical (5% return before expenses)
$1,000.00
$1,019.19
$5.66

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.50% for Investor Class shares or 1.13% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).






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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 100.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Board Approval of Investment Advisory
Agreements
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”) and the sub-advisory agreement for the equity allocation of the Fund between the Advisor and The London Company, LLC, and the sub-advisory agreement for the fixed income allocation of the Fund between the Advisor and Financial Counselors, Inc. (with The London Company, LLC and Financial Counselors, Inc., each herein referred to individually as a “Sub-Advisor” and together as the “Sub-Advisors”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub-advisory agreements. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
Summaries of the advisory and sub-advisory agreements;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor and the Sub-Advisors and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund;
     
 
(8)
A memorandum from the Adviser regarding economies of scale;
     
 
(9)
A completed questionnaire from each Sub-Advisor;
     
 
(10)
Summaries of each Sub-Advisor’s questionnaire and relevant information from such Sub-Advisor’s Form ADV Parts I and II;
     
 
(11)
Financial information for the holding company of each Sub-Advisor; and
     
 
(12)
Each Sub-Advisor’s Code of Ethics.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee
 

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arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor and the Sub-Advisors;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor and the Sub-Advisors;
     
 
(5)
The performance of the Fund; and
     
 
(6)
Any benefits to the Advisor and the Sub-Advisors from serving as an investment advisor to the Fund (other than the advisory and sub-advisory fees).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor oversees the Sub-Advisors for the Fund, and the Sub-Advisors act as the portfolio managers for the Fund by providing portfolio management services.
       
   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Sub-Advisors and the Fund’s other service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Sub-Advisors and the Fund’s other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.

 
 
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34
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

   
(f)
The Advisor oversees the selection and continued employment of each Sub-Advisor, reviews the Fund’s investment performance, and monitors each Sub-Advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.
       
   
(g)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(h)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(i)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(j)
For each annual report of the Fund, the Advisor reviews the written summaries prepared by the Sub-Advisors of the Fund’s performance during the most recent 12-month period.
       
   
(k)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(l)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(m)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(n)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees considered the services identified below that are provided by each Sub-Advisor. Based on this review and an assessment of each Sub-Advisor’s performance, the Trustees concluded that each Sub-Advisor provides high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by each Sub-Advisor and that the nature and extent of the services provided by each Sub-Advisor were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

   
(a)
Each Sub-Advisor acts as the portfolio manager for the Fund. In this capacity, each Sub-Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
Each Sub-Advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the Sub-Advisor’s duties as a portfolio manager to the Fund.


HENNESSY FUNDS
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35
   
(c)
For each annual report of the Fund, each Sub-Advisor prepares a written summary of the Fund’s performance (with respect to the equity allocation or the fixed income allocation, as applicable) during the most recent 12-month period.
       
   
(d)
Each Sub-Advisor provides a quarterly compliance certification to the Board regarding trading and allocation practices, supervisory matters, the Sub-Advisor’s compliance program (including its code of ethics), compliance with the Fund’s policies, and general firm updates.

 
(3)
The Trustees considered the distinction between the services performed by the Advisor and the Sub-Advisors. The Trustees noted that the management of the Fund, including the oversight of the Sub-Advisors, involves more comprehensive and substantive duties than the duties of the Sub-Advisors. Specifically, the Trustees considered the lists of services identified above and concluded that the services performed by the Advisor for the Fund require a higher level of service and oversight than the services performed by the Sub-Advisors. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the Sub-Advisors is reasonable.
     
 
(4)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the Sub-Advisors manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory and sub-advisory agreements.
     
 
(5)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.
     
 
(6)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(7)
The Trustees considered the profitability of the Advisor and the Sub-Advisors, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the Sub-Advisors are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.

 
 
WWW.HENNESSYFUNDS.COM
36
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

 
(8)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.
     
 
(9)
The Trustees considered any benefits to the Advisor and the Sub-Advisors from serving as an advisor to the Fund (other than the advisory and sub-advisory fees). The Trustees noted that the Advisor and the Sub-Advisors may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the Sub-Advisors from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and the Sub-Advisors’ own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the Sub-Advisors could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.

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




HENNESSY FUNDS
1-800-966-4354
  
37

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.





SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY BALANCED FUND
 
Investor Class  HBFBX









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






(This Page Intentionally Left Blank.)
 




Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
8
Statement of Operations
9
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
14
Expense Example
21
Proxy Voting Policy and Proxy Voting Records
22
Availability of Quarterly Portfolio Schedule
22
Federal Tax Distribution Information
22
Important Notice Regarding Delivery of Shareholder Documents
22
Electronic Delivery
22
Board Approval of Investment Advisory Agreement
23









HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 



HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Balanced Fund (HBFBX)
15.16%
12.94%
  5.37%
  4.98%
50/50 Blended DJIA/Treasury Index
13.99%
19.84%
  9.10%
  7.03%
Dow Jones Industrial Average
29.07%
42.12%
16.48%
12.95%

Expense ratio: 1.89%
 
(1)
Periods of less than one year are not annualized.

 

 

 

 
 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The 50/50 Blended DJIA/Treasury Index consists of 50% common stocks represented by the Dow Jones Industrial Average and 50% short-duration Treasury securities represented by the ICE BofAML 1-Year U.S. Treasury Note Index, which comprises U.S. Treasury securities maturing in approximately one year. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange or The NASDAQ Stock Market. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
The expense ratio presented is from the most recent prospectus. The expense ratio for the current reporting period is available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY BALANCED FUND
(% of Net Assets)


 

 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
U.S. Treasury Bill, 0.090%, 01/27/2022
19.35%
U.S. Treasury Bill, 0.010%, 06/17/2021
8.19%
U.S. Treasury Bill, 0.110%, 12/02/2021
7.44%
Walgreens Boots Alliance, Inc.
5.69%
JPMorgan Chase & Co.
5.32%
Chevron Corp.
5.29%
3M Co.
5.28%
U.S. Treasury Bill, 0.035%, 11/04/2021
5.21%
The Coca-Cola Co.
5.02%
International Business Machines Corp.
5.01%

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 49.92%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 4.07%
                  
Verizon Communications, Inc.
    
9,450
    
$
546,116
      
4.07
%
                         
Consumer Staples – 10.71%
                        
The Coca-Cola Co.
    
12,500
      
674,750
      
5.02
%
Walgreens Boots Alliance, Inc.
    
14,400
      
764,640
      
5.69
%
             
1,439,390
      
10.71
%
                         
Energy – 5.91%
                        
Chevron Corp.
    
6,900
      
711,183
      
5.29
%
Exxon Mobil Corp.
    
1,450
      
82,998
      
0.62
%
             
794,181
      
5.91
%
                         
Financials – 8.03%
                        
JPMorgan Chase & Co.
    
4,650
      
715,217
      
5.32
%
Travelers Companies, Inc.
    
2,350
      
363,451
      
2.71
%
             
1,078,668
      
8.03
%
                         
Health Care – 2.63%
                        
Amgen, Inc.
    
350
      
83,874
      
0.62
%
Merck & Co., Inc.
    
1,100
      
81,950
      
0.61
%
Pfizer, Inc.
    
4,850
      
187,452
      
1.40
%
             
353,276
      
2.63
%
                         
Industrials – 5.28%
                        
3M Co.
    
3,600
      
709,704
      
5.28
%
                         
Information Technology – 8.29%
                        
Cisco Systems, Inc.
    
8,650
      
440,371
      
3.28
%
International Business Machines Corp.
    
4,750
      
673,930
      
5.01
%
             
1,114,301
      
8.29
%
                         
Materials – 5.00%
                        
Dow, Inc.
    
10,750
      
671,875
      
5.00
%
                         
Total Common Stocks
                        
  (Cost $5,491,084)
            
6,707,511
      
49.92
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

SHORT-TERM INVESTMENTS – 50.19%
  
Number of Shares/
          
% of
  
   
Par Amount
    
Value
    
Net Assets
  
Money Market Funds – 4.05%
                  
First American Government Obligations
                  
  Fund, Institutional Class, 0.03% (a)
    
543,965
    
$
543,965
      
4.05
%
                         
U.S. Treasury Bills – 46.14%
                        
0.020%, 05/20/2021 (b)
    
300,000
      
299,977
      
2.23
%
0.010%, 06/17/2021 (b)
    
1,100,000
      
1,099,756
      
8.19
%
0.020%, 07/15/2021 (b)
    
500,000
      
499,992
      
3.72
%
0.035%, 11/04/2021 (b)
    
700,000
      
699,900
      
5.21
%
0.110%, 12/02/2021 (b)
    
1,000,000
      
999,852
      
7.44
%
0.090%, 01/27/2022 (b)
    
2,600,000
      
2,599,408
      
19.35
%
             
6,198,885
      
46.14
%
                         
Total Short-Term Investments
                        
  (Cost $6,740,995)
            
6,742,850
      
50.19
%
                         
Total Investments
                        
  (Cost $12,232,079) – 100.11%
            
13,450,361
      
100.11
%
Liabilities in Excess of Other Assets – (0.11)%
            
(14,571
)
    
(0.11
)%
                         
TOTAL NET ASSETS – 100.00%
          
$
13,435,790
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
The rate listed is the fund’s seven-day yield as of April 30, 2021.
(b)
The rate listed is the discount rate at issue.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
546,116
    
$
—
    
$
—
    
$
546,116
  
Consumer Staples
    
1,439,390
      
—
      
—
      
1,439,390
  
Energy
    
794,181
      
—
      
—
      
794,181
  
Financials
    
1,078,668
      
—
      
—
      
1,078,668
  
Health Care
    
353,276
      
—
      
—
      
353,276
  
Industrials
    
709,704
      
—
      
—
      
709,704
  
Information Technology
    
1,114,301
      
—
      
—
      
1,114,301
  
Materials
    
671,875
      
—
      
—
      
671,875
  
Total Common Stocks
  
$
6,707,511
    
$
—
    
$
—
    
$
6,707,511
  
Short-Term Investments
                                
Money Market Funds
  
$
543,965
    
$
—
    
$
—
    
$
543,965
  
U.S. Treasury Bills
    
—
      
6,198,885
      
—
      
6,198,885
  
Total Short-Term Investments
  
$
543,965
    
$
6,198,885
    
$
—
    
$
6,742,850
  
Total Investments
  
$
7,251,476
    
$
6,198,885
    
$
—
    
$
13,450,361
  



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


HENNESSY FUNDS
1-800-966-4354
  
7
Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $12,232,079)
  
$
13,450,361
  
Dividends and interest receivable
    
5,943
  
Prepaid expenses and other assets
    
13,964
  
Total assets
    
13,470,268
  
         
LIABILITIES:
        
Payable to advisor
    
6,586
  
Payable to administrator
    
4,154
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
2,222
  
Accrued service fees
    
1,097
  
Accrued trustees fees
    
5,212
  
Accrued expenses and other payables
    
3,980
  
Total liabilities
    
34,478
  
NET ASSETS
  
$
13,435,790
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
12,166,047
  
Total distributable earnings
    
1,269,743
  
Total net assets
  
$
13,435,790
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
13,435,790
  
Shares issued and outstanding
    
1,078,754
  
Net asset value, offering price, and redemption price per share
  
$
12.45
  


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

 
 
WWW.HENNESSYFUNDS.COM
8
STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS

Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Dividend income
  
$
131,027
  
Interest income
    
13,114
  
Total investment income
    
144,141
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
38,484
  
Compliance expense (See Note 5)
    
13,844
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
13,061
  
Audit fees
    
11,227
  
Federal and state registration fees
    
10,136
  
Distribution fees – Investor Class (See Note 5)
    
9,621
  
Trustees’ fees and expenses
    
9,231
  
Service fees – Investor Class (See Note 5)
    
6,414
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
3,384
  
Reports to shareholders
    
2,720
  
Legal fees
    
88
  
Interest expense (See Note 7)
    
29
  
Other expenses
    
2,167
  
Total expenses
    
120,406
  
NET INVESTMENT INCOME
  
$
23,735
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
105,022
  
Net change in unrealized appreciation/depreciation on investments
    
1,664,733
  
Net gain on investments
    
1,769,755
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
1,793,490
  


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


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10
STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets

   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
23,735
    
$
128,595
  
Net realized gain (loss) on investments
    
105,022
      
(37,345
)
Net change in unrealized
                
  appreciation/depreciation on investments
    
1,664,733
      
(1,068,334
)
Net increase (decrease) in net
                
  assets resulting from operations
    
1,793,490
      
(977,084
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(33,666
)
    
(623,540
)
Total distributions
    
(33,666
)
    
(623,540
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
513,268
      
1,953,092
  
Dividends reinvested – Investor Class
    
33,139
      
613,858
  
Cost of shares redeemed – Investor Class
    
(858,648
)
    
(1,281,653
)
Net increase (decrease) in net assets derived
                
  from capital share transactions
    
(312,241
)
    
1,285,297
  
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
1,447,583
      
(315,327
)
                 
NET ASSETS:
                
Beginning of period
    
11,988,207
      
12,303,534
  
End of period
  
$
13,435,790
    
$
11,988,207
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
42,502
      
173,324
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
2,814
      
51,675
  
Shares redeemed – Investor Class
    
(72,705
)
    
(112,932
)
Net increase (decrease) in shares outstanding
    
(27,389
)
    
112,067
  


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


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Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
10.84
  
         
Income from investment operations:
        
Net investment income
    
0.02
(1) 
Net realized and unrealized gains (losses) on investments
    
1.62
  
Total from investment operations
    
1.64
  
         
Less distributions:
        
Dividends from net investment income
    
(0.03
)
Dividends from net realized gains
    
—
  
Total distributions
    
(0.03
)
Net asset value, end of period
  
$
12.45
  
         
TOTAL RETURN
    
15.16
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
13.44
  
Ratio of expenses to average net assets
    
1.88
%(3)
Ratio of net investment income to average net assets
    
0.37
%(3)
Portfolio turnover rate
    
3
%(2)















(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.

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

 
 
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12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
12.38
    
$
12.34
    
$
12.88
    
$
12.68
    
$
12.37
  
                                     
                                     
 
0.12
(1) 
    
0.13
(1) 
    
0.09
      
0.06
      
0.04
  
 
(1.04
)
    
0.59
      
0.33
      
1.09
      
0.58
  
 
(0.92
)
    
0.72
      
0.42
      
1.15
      
0.62
  
                                     
                                     
 
(0.12
)
    
(0.13
)
    
(0.08
)
    
(0.05
)
    
(0.04
)
 
(0.50
)
    
(0.55
)
    
(0.88
)
    
(0.90
)
    
(0.27
)
 
(0.62
)
    
(0.68
)
    
(0.96
)
    
(0.95
)
    
(0.31
)
$
10.84
    
$
12.38
    
$
12.34
    
$
12.88
    
$
12.68
  
                                     
 
-7.84
%
    
6.05
%
    
3.46
%
    
9.56
%
    
5.20
%
                                     
                                     
$
11.99
    
$
12.30
    
$
11.62
    
$
12.24
    
$
12.08
  
 
1.89
%
    
1.88
%
    
1.84
%
    
1.82
%
    
1.68
%
 
1.05
%
    
1.04
%
    
0.70
%
    
0.45
%
    
0.33
%
 
42
%
    
52
%
    
21
%
    
31
%
    
51
%








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


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Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Balanced Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is a combination of capital appreciation and current income. The Fund is a non-diversified fund and offers Investor Class shares.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.
   
d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis.

 
 
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14
NOTES TO THE FINANCIAL STATEMENTS

 
Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value 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
 

HENNESSY FUNDS
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15
valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.
   
 
Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
   
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.
   
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the

 
 
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16
NOTES TO THE FINANCIAL STATEMENTS

 
61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $175,602 and $884,364, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.60%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 

HENNESSY FUNDS
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The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of
 
 
 
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18
NOTES TO THE FINANCIAL STATEMENTS

business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $1,751 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $53,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
12,539,947
  
Gross tax unrealized appreciation
  
$
274,863
  
Gross tax unrealized depreciation
    
(739,994
)
Net tax unrealized appreciation/(depreciation)
  
$
(465,131
)
Undistributed ordinary income
  
$
2,835
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
2,835
  
Other accumulated gain/(loss)
  
$
(27,785
)
Total accumulated gain/(loss)
  
$
(490,081
)

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had $27,785 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 

HENNESSY FUNDS
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During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
33,666
    
$
154,117
  
Long-term capital gains
    
—
      
469,423
  
Total distributions
  
$
33,666
    
$
623,540
  

(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 





 
 
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20
NOTES TO THE FINANCIAL STATEMENTS/EXPENSE EXAMPLE

Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The example below includes, but is not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 
 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,151.60
$10.03
Hypothetical (5% return before expenses)
$1,000.00
$1,015.47
$  9.39

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.88%, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).


HENNESSY FUNDS
1-800-966-4354
  
21
How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 100.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 15.41%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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WWW.HENNESSYFUNDS.COM
22
PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and


HENNESSY FUNDS
1-800-966-4354
  
23
 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.

 
 
WWW.HENNESSYFUNDS.COM
24
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.


HENNESSY FUNDS
1-800-966-4354
  
25
 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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






 
 
WWW.HENNESSYFUNDS.COM
26
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT







(This Page Intentionally Left Blank.)
 







For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.





SEMI-ANNUAL REPORT

APRIL 30, 2021




HENNESSY BP ENERGY TRANSITION FUND
 
Investor Class  HNRGX
Institutional Class  HNRIX









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






(This Page Intentionally Left Blank.)
 




Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
24
Proxy Voting Policy and Proxy Voting Records
26
Availability of Quarterly Portfolio Schedule
26
Federal Tax Distribution Information
26
Important Notice Regarding Delivery of Shareholder Documents
26
Electronic Delivery
26
Board Approval of Investment Advisory Agreements
27










HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Since Inception
 
Months(1)
  Year  
  Years  
    (12/31/13)    
Hennessy BP Energy Transition
        
  Fund – Investor Class (HNRGX)
70.48%
67.23%
 -2.89%
 -3.58%
Hennessy BP Energy Transition
        
  Fund – Institutional Class (HNRIX)
70.62%
67.59%
 -2.63%
 -3.36%
S&P 500® Energy Index
75.94%
35.76%
 -2.27%
 -4.15%
S&P 500® Index
28.85%
45.98%
17.42%
14.03%

Expense ratios: 2.59% (Investor Class); 2.01% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 
 

 

 

 

 

 

_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine Energy Fund.
 
The S&P 500® Energy Index comprises those companies included in the S&P 500® that are classified in the Energy sector. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY BP ENERGY TRANSITION FUND
(% of Total Assets)


 


 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% TOTAL ASSETS
EOG Resources, Inc.
5.55%
Diamondback Energy, Inc.
5.40%
Suncor Energy, Inc.
5.01%
Comstock Resources, Inc.
4.96%
ConocoPhillips
4.94%
Exxon Mobil Corp.
4.87%
Pioneer Natural Resources Co.
4.87%
Freeport-McMoRan, Inc.
4.85%
PDC Energy, Inc.
4.84%
Cheniere Energy, Inc.
4.71%

 

 
 

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

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 87.99%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Downstream – 2.40%
                  
Valero Energy Corp.
    
3,000
    
$
221,880
      
2.40
%
                         
Exploration & Production – 44.84%
                        
Cabot Oil & Gas Corp.
    
25,310
      
421,918
      
4.56
%
Comstock Resources, Inc. (a)
    
84,900
      
466,101
      
5.04
%
ConocoPhillips
    
9,095
      
465,118
      
5.02
%
Diamondback Energy, Inc.
    
6,220
      
508,361
      
5.49
%
EOG Resources, Inc.
    
7,090
      
522,108
      
5.64
%
EQT Corp. (a)
    
20,000
      
382,000
      
4.13
%
PDC Energy, Inc. (a)
    
12,480
      
455,645
      
4.92
%
Pioneer Natural Resources Co.
    
2,980
      
458,413
      
4.95
%
Suncor Energy, Inc. (b)
    
22,000
      
471,240
      
5.09
%
             
4,150,904
      
44.84
%
                         
Integrated – 4.95%
                        
Exxon Mobil Corp.
    
8,000
      
457,920
      
4.95
%
                         
Midstream – 4.79%
                        
Cheniere Energy, Inc. (a)
    
5,720
      
443,414
      
4.79
%
                         
Oil Services – 18.25%
                        
Halliburton Co.
    
10,000
      
195,600
      
2.11
%
Newpark Resources, Inc. (a)
    
78,300
      
222,372
      
2.40
%
Schlumberger Ltd. (b)
    
16,170
      
437,399
      
4.73
%
Select Energy Services, Inc. (a)
    
59,300
      
286,419
      
3.09
%
Solaris Oilfield Infrastructure, Inc. – Class A
    
22,300
      
243,962
      
2.64
%
TechnipFMC PLC (a)(b)
    
41,000
      
303,400
      
3.28
%
             
1,689,152
      
18.25
%
                         
Renewable – 0.77%
                        
TPI Composites, Inc. (a)
    
1,340
      
71,221
      
0.77
%
                         
Utility – 11.99%
                        
Freeport-McMoRan, Inc.
    
12,100
      
456,291
      
4.93
%
NextEra Energy, Inc.
    
3,240
      
251,132
      
2.71
%
OGE Energy Corp.
    
12,000
      
402,720
      
4.35
%
             
1,110,143
      
11.99
%
                         
Total Common Stocks
                        
  (Cost $7,317,651)
            
8,144,634
      
87.99
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

PARTNERSHIPS & TRUSTS – 11.83%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Midstream – 11.83%
                  
Enterprise Products Partners LP
    
11,209
    
$
257,919
      
2.79
%
MPLX LP
    
14,774
      
398,750
      
4.31
%
Plains All American Pipeline LP
    
48,240
      
438,019
      
4.73
%
             
1,094,688
      
11.83
%
                         
Total Partnerships & Trusts
                        
  (Cost $1,450,778)
            
1,094,688
      
11.83
%
                         
SHORT-TERM INVESTMENTS – 0.01%
                        
                         
Money Market Funds – 0.01%
                        
First American Government Obligations Fund,
                        
  Institutional Class, 0.03% (c)
    
508
      
508
      
0.01
%
                         
Total Short-Term Investments
                        
  (Cost $508)
            
508
      
0.01
%
                         
Total Investments
                        
  (Cost $8,768,937) – 99.83%
            
9,239,830
      
99.83
%
Other Assets in Excess of Liabilities – 0.17%
            
15,939
      
0.17
%
                         
TOTAL NET ASSETS – 100.00%
          
$
9,255,769
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
Non-income-producing security.
(b)
U.S.-traded security of a foreign corporation.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.



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


HENNESSY FUNDS
1-800-966-4354
  
7
Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Downstream
  
$
221,880
    
$
—
    
$
—
    
$
221,880
  
Exploration & Production
    
4,150,904
      
—
      
—
      
4,150,904
  
Integrated
    
457,920
      
—
      
—
      
457,920
  
Midstream
    
443,414
      
—
      
—
      
443,414
  
Oil Services
    
1,689,152
      
—
      
—
      
1,689,152
  
Renewable
    
71,221
      
—
      
—
      
71,221
  
Utility
    
1,110,143
      
—
      
—
      
1,110,143
  
Total Common Stocks
  
$
8,144,634
    
$
—
    
$
—
    
$
8,144,634
  
Partnerships & Trusts
                                
Midstream
  
$
1,094,688
    
$
—
    
$
—
    
$
1,094,688
  
Total Partnerships & Trusts
  
$
1,094,688
    
$
—
    
$
—
    
$
1,094,688
  
Short-Term Investments
                                
Money Market Funds
  
$
508
    
$
—
    
$
—
    
$
508
  
Total Short-Term Investments
  
$
508
    
$
—
    
$
—
    
$
508
  
Total Investments
  
$
9,239,830
    
$
—
    
$
—
    
$
9,239,830
  








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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)

ASSETS:
      
Investments in securities, at value (cost $8,768,937)
  
$
9,239,830
  
Dividends and interest receivable
    
1,021
  
Receivable for fund shares sold
    
133,958
  
Return of capital receivable
    
13,727
  
Prepaid expenses and other assets
    
17,432
  
Total assets
    
9,405,968
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
31,348
  
Payable to advisor
    
9,676
  
Payable to auditor
    
11,403
  
Accrued distribution fees
    
1,159
  
Accrued service fees
    
404
  
Loans payable
    
82,000
  
Accrued interest payable
    
252
  
Accrued trustees fees
    
5,154
  
Accrued expenses and other payables
    
8,803
  
Total liabilities
    
150,199
  
NET ASSETS
  
$
9,255,769
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
49,859,920
  
Accumulated deficit
    
(40,604,151
)
Total net assets
  
$
9,255,769
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
4,953,467
  
Shares issued and outstanding
    
332,552
  
Net asset value, offering price, and redemption price per share
  
$
14.90
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
4,302,302
  
Shares issued and outstanding
    
284,826
  
Net asset value, offering price, and redemption price per share
  
$
15.11
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Distributions received from master limited partnerships
  
$
49,989
  
Return of capital on distributions received
    
(49,989
)
Dividend income from common stock(1)
    
189,195
  
Interest income
    
10
  
Total investment income
    
189,205
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
54,399
  
Federal and state registration fees
    
15,045
  
Compliance expense (See Note 5)
    
13,841
  
Audit fees
    
11,403
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
11,081
  
Trustees’ fees and expenses
    
9,146
  
Reports to shareholders
    
4,218
  
Distribution fees – Investor Class (See Note 5)
    
3,040
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
2,785
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
58
  
Service fees – Investor Class (See Note 5)
    
2,026
  
Interest expense (See Note 7)
    
885
  
Legal fees
    
192
  
Other expenses
    
3,228
  
Total expenses before waivers
    
131,347
  
Service provider expense waiver (See Note 5)
    
(11,081
)
Net expenses
    
120,266
  
NET INVESTMENT INCOME
  
$
68,939
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
942,350
  
Net change in unrealized appreciation/depreciation on investments
    
3,118,027
  
Net gain on investments
    
4,060,377
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
4,129,316
  



 

 

 
 

 

 
(1)
Net of foreign taxes withheld of $614.

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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets

   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
68,939
    
$
195,908
  
Net realized gain (loss) on investments
    
942,350
      
(19,552,986
)
Net change in unrealized
                
  appreciation/depreciation on investments
    
3,118,027
      
3,844,502
  
Net increase (decrease) in net
                
  assets resulting from operations
    
4,129,316
      
(15,512,576
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Institutional Class
    
—
      
(79,003
)
Total distributions
    
—
      
(79,003
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
4,426,105
      
2,364,355
  
Proceeds from shares subscribed – Institutional Class
    
278,049
      
2,010,096
  
Dividends reinvested – Institutional Class
    
—
      
77,299
  
Cost of shares redeemed – Investor Class
    
(3,676,902
)
    
(4,505,031
)
Cost of shares redeemed – Institutional Class
    
(2,214,280
)
    
(29,242,373
)
Net decrease in net assets derived
                
  from capital share transactions
    
(1,187,028
)
    
(29,295,654
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
2,942,288
      
(44,887,233
)
                 
NET ASSETS:
                
Beginning of period
    
6,313,481
      
51,200,714
  
End of period
  
$
9,255,769
    
$
6,313,481
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
326,341
      
265,356
  
Shares sold – Institutional Class
    
18,980
      
207,448
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
—
      
5,019
  
Shares redeemed – Investor Class
    
(279,442
)
    
(464,633
)
Shares redeemed – Institutional Class
    
(165,369
)
    
(2,892,945
)
Net decrease in shares outstanding
    
(99,490
)
    
(2,879,755
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
8.74
  
         
Income from investment operations:
        
Net investment income (loss)(2)
    
0.11
  
Net realized and unrealized gains (losses) on investments
    
6.05
  
Total from investment operations
    
6.16
  
         
Less distributions:
        
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
14.90
  
         
TOTAL RETURN
    
70.48
%(3)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
4.95
  
Ratio of expenses to average net assets:
        
Before expense reimbursement
    
3.21
%(4)
After expense reimbursement
    
2.95
%(4)
Ratio of net investment income (loss) to average net assets:
        
Before expense reimbursement
    
1.37
%(4)
After expense reimbursement
    
1.63
%(4)
Portfolio turnover rate(6)
    
56
%(3)







 
(1)
The period ended October 31, 2018, consists of 11 months due to the Fund’s fiscal year end change from November 30 to October 31, effective October 26, 2018.
(2)
Calculated using the average shares outstanding method.
(3)
Not annualized.
(4)
Annualized.
(5)
The Fund had an expense limitation agreement in place through October 25, 2020.
(6)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12

FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 


Year Ended
October 31,
    
Period Ended
    
Year Ended November 30,
  
   
October 31,
      
2020
    
2019
    
2018(1)
    
2017
    
2016
    
2015
  
                                 
$
14.08
    
$
18.32
    
$
19.47
    
$
20.54
    
$
16.41
    
$
20.45
  
                                             
                                             
 
0.04
      
(0.07
)
    
(0.20
)
    
(0.23
)
    
(0.15
)
    
(0.10
)
 
(5.38
)
    
(4.17
)
    
(0.95
)
    
(0.84
)
    
4.28
      
(3.46
)
 
(5.34
)
    
(4.24
)
    
(1.15
)
    
(1.07
)
    
4.13
      
(3.56
)
                                             
                                             
 
—
      
—
      
—
      
—
      
—
      
(0.48
)
 
—
      
—
      
—
      
—
      
—
      
(0.48
)
$
8.74
    
$
14.08
    
$
18.32
    
$
19.47
    
$
20.54
    
$
16.41
  
                                             
 
-37.93
%
    
-23.14
%
    
-5.91
%(3)
    
-5.21
%
    
25.17
%
    
-17.57
%
                                             
                                             
$
2.50
    
$
6.83
    
$
18.16
    
$
22.66
    
$
19.64
    
$
18.72
  
                                             
 
2.59
%
    
1.97
%
    
1.82
%(4)
    
1.87
%
    
1.89
%
    
1.87
%
 
2.03
%(5)
    
1.97
%
    
1.82
%(4)
    
1.87
%
    
1.89
%
    
1.87
%
                                             
 
(0.18
)%
    
(0.46
)%
    
(1.05
)%(4)
    
(1.21
)%
    
(0.92
)%
    
(0.51
)%
 
0.38
%
    
(0.46
)%
    
(1.05
)%(4)
    
(1.21
)%
    
(0.92
)%
    
(0.51
)%
 
73
%
    
87
%
    
72
%(3)
    
84
%
    
83
%
    
79
%






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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
8.85
  
         
Income from investment operations:
        
Net investment income (loss)(2)
    
0.10
  
Net realized and unrealized gains (losses) on investments
    
6.16
  
Total from investment operations
    
6.26
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
15.11
  
         
TOTAL RETURN
    
70.62
%(3)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
4.30
  
Ratio of expenses to average net assets:
        
Before expense reimbursement
    
2.85
%(4)
After expense reimbursement
    
2.59
%(4)
Ratio of net investment income (loss) to average net assets:
        
Before expense reimbursement
    
1.29
%(4)
After expense reimbursement
    
1.55
%(4)
Portfolio turnover rate(6)
    
56
%(3)







 
(1)
The period ended October 31, 2018, consists of 11 months due to the Fund’s fiscal year end change from November 30 to October 31, effective October 26, 2018.
(2)
Calculated using the average shares outstanding method.
(3)
Not annualized.
(4)
Annualized.
(5)
The Fund had an expense limitation agreement in place through October 25, 2020.
(6)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 


Year Ended
October 31,
    
Period Ended
    
Year Ended November 30,
  
   
October 31,
      
2020
    
2019
    
2018(1)
    
2017
    
2016
    
2015
  
                                 
$
14.26
    
$
18.50
    
$
19.61
    
$
20.64
    
$
16.46
    
$
20.45
  
                                             
                                             
 
0.12
      
(0.02
)
    
(0.15
)
    
(0.19
)
    
(0.11
)
    
(0.04
)
 
(5.50
)
    
(4.22
)
    
(0.96
)
    
(0.84
)
    
4.32
      
(3.47
)
 
(5.38
)
    
(4.24
)
    
(1.11
)
    
(1.03
)
    
4.21
      
(3.51
)
                                             
                                             
 
(0.03
)
    
—
      
—
      
—
      
(0.03
)
    
—
  
 
—
      
—
      
—
      
—
      
—
      
(0.48
)
 
(0.03
)
    
—
      
—
      
—
      
(0.03
)
    
(0.48
)
$
8.85
    
$
14.26
    
$
18.50
    
$
19.61
    
$
20.64
    
$
16.46
  
                                             
 
-37.80
%
    
-22.92
%
    
-5.66
%(3)
    
-4.99
%
    
25.61
%
    
-17.32
%
                                             
                                             
$
3.82
    
$
44.37
    
$
78.81
    
$
122.45
    
$
126.92
    
$
100.05
  
                                             
 
2.01
%
    
1.66
%
    
1.57
%(4)
    
1.62
%
    
1.60
%
    
1.54
%
 
1.77
%(5)
    
1.66
%
    
1.57
%(4)
    
1.62
%
    
1.60
%
    
1.54
%
                                             
 
0.79
%
    
(0.12
)%
    
(0.79
)%(4)
    
(0.98
)%
    
(0.65
)%
    
(0.20
)%
 
1.03
%
    
(0.12
)%
    
(0.79
)%(4)
    
(0.98
)%
    
(0.65
)%
    
(0.20
)%
 
73
%
    
87
%
    
72
%(3)
    
84
%
    
83
%
    
79
%







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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy BP Energy Transition Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is to seek total return. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes and investments in companies organized as partnerships for tax purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax

 
 
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16
NOTES TO THE FINANCIAL STATEMENTS

 
positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.
   
d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets. Distributions received from the Fund’s investments in master limited partnerships (“MLPs”) generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses return of capital and income estimates to allocate the dividend income received. Such estimates are based on historical information available from the MLPs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Fund.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
Partnership Accounting Policy – To the extent the Fund receives distributions from underlying partnerships in which it invests, the Fund records its pro rata share of income/loss and capital gains/losses and accordingly adjusts the cost basis of the underlying partnerships for return of capital.
   
j).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure
 

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Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, 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

 
 
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18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of


HENNESSY FUNDS
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relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $4,659,171 and $5,741,014, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 1.25 %. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, BP Capital Fund Advisors, LLC. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During the six months ended April 30, 2021, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.40% of the daily net assets of the Fund.
 
From October 26, 2018, through October 25, 2020, the Advisor contractually agreed to limit total annual operating expenses to 2.00% of the Fund’s net assets for Investor Class shares and 1.75% of the Fund’s net assets for Institutional Class shares (in each case, excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities).

 
 
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NOTES TO THE FINANCIAL STATEMENTS

For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of April 30, 2021, expenses subject to potential recovery were $22,749 for Investor Class shares and $38,580 for Institutional Class shares, which expire in fiscal year 2023. The Advisor did not recoup expenses from the Fund during the six months ended April 30, 2021.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Fund. The fees voluntarily waived by Fund Services during the six months ended April 30, 2021, are included in the Statement of Operations.
 

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Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $54,177 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $632,000. As of April 30, 2021, the Fund had a loan payable of $82,000.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
9,881,106
  
Gross tax unrealized appreciation
  
$
668,142
  
Gross tax unrealized depreciation
    
(4,243,082
)
Net tax unrealized appreciation/(depreciation)
  
$
(3,574,940
)
Undistributed ordinary income
  
$
—
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
—
  
Other accumulated gain/(loss)
  
$
(41,158,527
)
Total accumulated gain/(loss)
  
$
(44,733,467
)

 
 
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NOTES TO THE FINANCIAL STATEMENTS

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales and partnership adjustments.
 
As of October 31, 2020, the Fund had $21,071,206 in unlimited long-term and $19,658,006 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
As of October 31, 2020, the Fund deferred, on a tax basis, a late-year ordinary loss of $429,315. Late-year ordinary losses are net ordinary losses incurred after December 31, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
—
    
$
79,003
  
Long-term capital gains
    
—
      
—
  
Total distributions
  
$
—
    
$
79,003
  
 
(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 



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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

 
 
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EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,704.80
$19.78
Hypothetical (5% return before expenses)
$1,000.00
$1,010.17
$14.70
       
Institutional Class
      
Actual
$1,000.00
$1,706.20
$17.38
Hypothetical (5% return before expenses)
$1,000.00
$1,011.95
$12.92

(1)
Expenses are equal to the Fund’s annualized expense ratio of 2.95% for Investor Class shares or 2.59% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).











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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 0.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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26
PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Board Approval of Investment Advisory
Agreements
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”) and the sub-advisory agreement for the Fund between the Advisor and BP Capital Fund Advisors, LLC (the “Sub-Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub-advisory agreements. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
Summaries of the advisory and sub-advisory agreements;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor and the Sub-Advisor and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund;
     
 
(8)
A memorandum from the Adviser regarding economies of scale;
     
 
(9)
A completed questionnaire from the Sub-Advisor;
     
 
(10)
A summary of the Sub-Advisor’s responses to the questionnaire, as well as relevant information from the Sub-Advisor’s Form ADVs Parts 1 and 2 and the certifications submitted the Sub-Advisor each quarter;
     
 
(11)
Financial information of the Sub-Advisor; and
     
 
(12)
The Sub-Advisor’s Code of Ethics.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may


HENNESSY FUNDS
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27
receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor and the Sub-Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor and the Sub-Advisor;
     
 
(5)
The performance of the Fund; and
     
 
(6)
Any benefits to the Advisor and the Sub-Advisor from serving as an investment advisor to the Fund (other than the advisory and sub-advisory fees).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor oversees the Sub-Advisor for the Fund, and the Sub-Advisor acts as the portfolio manager for the Fund by providing portfolio management services.
       
   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Sub-Advisor and the Fund’s other service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Sub-Advisor and the Fund’s other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees the selection and continued employment of the Sub-Advisor, reviews the Fund’s investment performance, and monitors the Sub-Advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.
 
 
 
WWW.HENNESSYFUNDS.COM
28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

   
(g)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(h)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(i)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(j)
For each annual report of the Fund, the Advisor reviews the written summary prepared by the Sub-Advisor of the Fund’s performance during the most recent 12-month period.
       
   
(k)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(l)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(m)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(n)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees considered the services identified below that are provided by the Sub-Advisor. Based on this review and an assessment of the Sub-Advisor’s performance, the Trustees concluded that the Sub-Advisor provides high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Sub-Advisor and that the nature and extent of the services provided by the Sub-Advisor were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

   
(a)
The Sub-Advisor acts as the portfolio manager for the Fund. In this capacity, the Sub-Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Sub-Advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the Sub-Advisor’s duties as a portfolio manager to the Fund.
       
   
(c)
For each annual report of the Fund, the Sub-Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.


HENNESSY FUNDS
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29
   
(d)
The Sub-Advisor provides a quarterly compliance certification to the Board regarding trading and allocation practices, supervisory matters, the Sub-Advisor’s compliance program (including its code of ethics), compliance with the Fund’s policies, and general firm updates.

 
(3)
The Trustees considered the distinction between the services performed by the Advisor and the Sub-Advisor. The Trustees noted that the management of the Fund, including the oversight of the Sub-Advisor, involves more comprehensive and substantive duties than the duties of the Sub-Advisor. Specifically, the Trustees considered the lists of services identified above and concluded that the services performed by the Advisor for the Fund require a higher level of service and oversight than the services performed by the Sub-Advisor. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the Sub-Advisor is reasonable.
     
 
(4)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the Sub-Advisor manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory and sub-advisory agreements.
     
 
(5)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.
     
 
(6)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(7)
The Trustees considered the profitability of the Advisor and the Sub-Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the Sub-Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(8)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.

 
 
WWW.HENNESSYFUNDS.COM
30
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

 
(9)
The Trustees considered any benefits to the Advisor and the Sub-Advisor from serving as an advisor to the Fund (other than the advisory and sub-advisory fees). The Trustees noted that the Advisor and the Sub-Advisor may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the Sub-Advisor from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and the Sub-Advisor’s own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the Sub-Advisor could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.

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









HENNESSY FUNDS
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31





(This Page Intentionally Left Blank.)
 






For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202



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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY BP MIDSTREAM FUND
 
Investor Class  HMSFX
Institutional Class  HMSIX







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







(This Page Intentionally Left Blank.)
 





Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
8
Statement of Operations
9
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
26
Proxy Voting Policy and Proxy Voting Records
28
Availability of Quarterly Portfolio Schedule
28
Federal Tax Distribution Information
28
Important Notice Regarding Delivery of Shareholder Documents
28
Electronic Delivery
28
Board Approval of Investment Advisory Agreements
29














HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 

HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Since Inception
 
Months(1)
  Year  
  Years  
    (12/31/13)    
Hennessy BP Midstream Fund –
        
  Investor Class (HMSFX)
55.20%
31.82%
 -3.52%
 -4.75%
Hennessy BP Midstream Fund –
        
  Institutional Class (HMSIX)
55.17%
32.06%
 -3.29%
 -4.52%
Alerian US Midstream Energy Index(2)
60.96%
49.77%
  2.71%
 -1.29%
S&P 500® Index
28.85%
45.98%
17.42%
14.03%

Expense ratios:
Gross 2.12%, Net 1.78%(3) (Investor Class);
 
Gross 1.79%, Net 1.53%(3) (Institutional Class)

(1)
Periods of less than one year are not annualized.
(2)
The Fund’s primary index has changed from the Alerian MLP Index to the Alerian US Midstream Energy Index, which better reflects the underlying holdings of the Fund. Each such index comprises energy infrastructure companies that earn a majority of their cash flows from midstream activities involving energy commodities. The Alerian US Midstream Energy Index includes a broad range of types of energy companies, and the Alerian MLP Index focuses solely on master limited partnerships. The average annual total returns of the Alerian MLP Index for the six months, one-year, five-year, and since inception periods ended April 30, 2021, were 65.81%, 45.47%, -2.00%, and -5.14%, respectively.
(3)
The Fund’s investment advisor has contractually agreed to limit expenses until February 28, 2022.
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2018, is that of the BP Capital TwinLine MLP Fund.
 
The Alerian US Midstream Energy Index and the Alerian MLP Index each comprise companies that earn a majority of their cash flows from midstream activities involving energy commodities. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
 
The Alerian US Midstream Energy Index and the Alerian MLP Index are servicemarks of GKD Index Partners, LLC d/b/a Alerian (“Alerian”), and their 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.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY BP MIDSTREAM FUND
(% of Total Assets)


 

 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% TOTAL ASSETS
MPLX LP
12.00%
Enterprise Products Partners LP
11.66%
Energy Transfer LP
11.38%
The Williams Companies, Inc.
9.12%
Targa Resources Corp.
7.54%
Plains All American Pipeline LP
6.75%
ONEOK, Inc.
6.55%
Kinder Morgan, Inc.
6.25%
Magellan Midstream Partners LP
6.11%
Western Midstream Partners LP
4.91%

 

 

 

 

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

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 38.84%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Crude Oil & Refined Products – 3.97%
                  
Enbridge, Inc. (a)
    
34,500
    
$
1,330,665
      
3.97
%
                         
Gathering & Processing – 9.42%
                        
Antero Midstream Corp.
    
72,000
      
622,080
      
1.86
%
Targa Resources Corp.
    
73,000
      
2,532,370
      
7.56
%
             
3,154,450
      
9.42
%
                         
Natural Gas/NGL Transportation – 25.45%
                        
Equitrans Midstream Corp.
    
70,800
      
577,728
      
1.72
%
Kinder Morgan, Inc.
    
123,090
      
2,098,684
      
6.26
%
ONEOK, Inc.
    
42,026
      
2,199,641
      
6.57
%
TC Energy Corp. (a)
    
11,942
      
590,771
      
1.76
%
The Williams Companies, Inc.
    
125,652
      
3,060,883
      
9.14
%
             
8,527,707
      
25.45
%
                         
Total Common Stocks
                        
  (Cost $9,343,031)
            
13,012,822
      
38.84
%
                         
PARTNERSHIPS & TRUSTS – 59.18%
                        
                         
Crude Oil & Refined Products – 27.22%
                        
Holly Energy Partners LP
    
37,700
      
771,719
      
2.31
%
Magellan Midstream Partners LP
    
43,900
      
2,053,203
      
6.13
%
MPLX LP
    
149,249
      
4,028,230
      
12.02
%
Plains All American Pipeline LP
    
249,526
      
2,265,696
      
6.76
%
             
9,118,848
      
27.22
%
                         
Gathering & Processing – 4.92%
                        
Western Midstream Partners LP
    
84,000
      
1,649,760
      
4.92
%
                         
Natural Gas/NGL Transportation – 27.04%
                        
DCP Midstream LP
    
59,000
      
1,327,500
      
3.96
%
Energy Transfer LP
    
443,700
      
3,820,257
      
11.40
%
Enterprise Products Partners LP
    
170,100
      
3,914,001
      
11.68
%
             
9,061,758
      
27.04
%
                         
Total Partnerships & Trusts
                        
  (Cost $16,631,538)
            
19,830,366
      
59.18
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

SHORT-TERM INVESTMENTS – 1.29%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 1.29%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (b)
    
431,843
    
$
431,843
      
1.29
%
                         
Total Short-Term Investments
                        
  (Cost $431,843)
            
431,843
      
1.29
%
                         
Total Investments
                        
  (Cost $26,406,412) – 99.31%
            
33,275,031
      
99.31
%
Other Assets in Excess of Liabilities – 0.69%
            
229,635
      
0.69
%
                         
TOTAL NET ASSETS – 100.00%
          
$
33,504,666
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
U.S.-traded security of a foreign corporation.
(b)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Crude Oil & Refined Products
  
$
1,330,665
    
$
—
    
$
—
    
$
1,330,665
  
Gathering & Processing
    
3,154,450
      
—
      
—
      
3,154,450
  
Natural Gas/NGL Transportation
    
8,527,707
      
—
      
—
      
8,527,707
  
Total Common Stocks
  
$
13,012,822
    
$
—
    
$
—
    
$
13,012,822
  
Partnerships & Trusts
                                
Crude Oil & Refined Products
  
$
9,118,848
    
$
—
    
$
—
    
$
9,118,848
  
Gathering & Processing
    
1,649,760
      
—
      
—
      
1,649,760
  
Natural Gas/NGL Transportation
    
9,061,758
      
—
      
—
      
9,061,758
  
Total Partnerships & Trusts
  
$
19,830,366
    
$
—
    
$
—
    
$
19,830,366
  
Short-Term Investments
                                
Money Market Funds
  
$
431,843
    
$
—
    
$
—
    
$
431,843
  
Total Short-Term Investments
  
$
431,843
    
$
—
    
$
—
    
$
431,843
  
Total Investments
  
$
33,275,031
    
$
—
    
$
—
    
$
33,275,031
  


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


HENNESSY FUNDS
1-800-966-4354
  
7
Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)

ASSETS:
      
Investments in securities, at value (cost $26,406,412)
  
$
33,275,031
  
Dividends and interest receivable
    
40,992
  
Receivable for fund shares sold
    
8,505
  
Return of capital receivable
    
239,174
  
Deferred income tax
    
—
  
Prepaid expenses and other assets
    
15,327
  
Total assets
    
33,579,029
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
2,110
  
Payable to advisor
    
25,173
  
Payable to auditor
    
20,266
  
Accrued distribution fees
    
1,111
  
Accrued service fees
    
488
  
Accrued trustees fees
    
5,112
  
Accrued expenses and other payables
    
20,103
  
Total liabilities
    
74,363
  
NET ASSETS
  
$
33,504,666
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
53,772,768
  
Accumulated deficit
    
(20,268,102
)
Total net assets
  
$
33,504,666
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
6,151,228
  
Shares issued and outstanding
    
768,219
  
Net asset value, offering price, and redemption price per share
  
$
8.01
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
27,353,438
  
Shares issued and outstanding
    
3,332,482
  
Net asset value, offering price, and redemption price per share
  
$
8.21
  


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

 
 
WWW.HENNESSYFUNDS.COM
8
STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS

Financial Statements
 
Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Distributions received from master limited partnerships
  
$
780,738
  
Return of capital on distributions received
    
(780,738
)
Dividend income(1)
    
148,175
  
Interest income
    
94
  
Total investment income
    
148,269
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
160,806
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
22,468
  
Audit fees
    
20,272
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
4,843
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
9,315
  
Federal and state registration fees
    
14,119
  
Compliance expense (See Note 5)
    
13,841
  
Trustees’ fees and expenses
    
9,231
  
Reports to shareholders
    
4,247
  
Distribution fees – Investor Class (See Note 5)
    
3,818
  
Service fees – Investor Class (See Note 5)
    
2,545
  
Income tax expense
    
1,520
  
Legal fees
    
192
  
Interest expense (See Note 7)
    
8
  
Other expenses
    
4,858
  
Total expenses before waivers and reimbursements
    
272,083
  
Service provider expense waiver (See Note 5)
    
(22,468
)
Expense reimbursement by advisor – Investor Class (See Note 5)
    
(6,283
)
Expense reimbursement by advisor – Institutional Class (See Note 5)
    
(16,267
)
Net expenses
    
227,065
  
NET INVESTMENT LOSS
  
$
(78,796
)
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized loss on investments
  
$
(1,265,628
)
Net change in unrealized appreciation/depreciation on investments
    
13,496,131
  
Net gain on investments
    
12,230,503
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
12,151,707
  







(1)
Net of foreign taxes withheld of $7,843.

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


HENNESSY FUNDS
1-800-966-4354
  
9





(This Page Intentionally Left Blank.)
 





 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements
 
Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment loss
  
$
(78,796
)
  
$
(398,916
)
Net realized loss on investments
    
(1,265,628
)
    
(7,697,287
)
Net change in unrealized
                
  appreciation/deprecation on investments
    
13,496,131
      
(5,793,719
)
Net increase (decrease) in net
                
  assets resulting from operations
    
12,151,707
      
(13,889,922
)
                 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
                
Return of capital – Investor Class
    
(358,134
)
    
(901,142
)
Return of capital – Institutional Class
    
(1,695,068
)
    
(3,075,804
)
Total distributions
    
(2,053,202
)
    
(3,976,946
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
1,232,870
      
1,902,264
  
Proceeds from shares subscribed – Institutional Class
    
1,982,204
      
9,560,813
  
Dividends reinvested – Investor Class
    
328,522
      
876,530
  
Dividends reinvested – Institutional Class
    
1,577,837
      
2,999,051
  
Cost of shares redeemed – Investor Class
    
(949,562
)
    
(3,867,332
)
Cost of shares redeemed – Institutional Class
    
(2,911,993
)
    
(12,434,812
)
Net increase (decrease) in net assets derived
                
  from capital share transactions
    
1,259,878
      
(963,486
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
11,358,383
      
(18,830,354
)
                 
NET ASSETS:
                
Beginning of period
    
22,146,283
      
40,976,637
  
End of period
  
$
33,504,666
    
$
22,146,283
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
170,549
      
312,671
  
Shares sold – Institutional Class
    
282,287
      
1,568,094
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
47,183
      
112,216
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
221,164
      
380,829
  
Shares redeemed – Investor Class
    
(135,811
)
    
(582,063
)
Shares redeemed – Institutional Class
    
(400,676
)
    
(1,585,605
)
Net increase in shares outstanding
    
184,696
      
206,142
  


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
5.55
  
         
Income from investment operations:
        
Net investment loss(2)(3)
    
(0.03
)
Net realized and unrealized gains (losses) on investments
    
3.00
  
Total from investment operations
    
2.97
  
         
Less distributions:
        
Dividends from return of capital
    
(0.51
)
Total distributions
    
(0.51
)
Net asset value, end of period
  
$
8.01
  
         
TOTAL RETURN
    
55.20
%(4)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
6.15
  
Ratio of expenses to average net assets:
        
Before expense reimbursement
    
2.16
%(5)
After expense reimbursement
    
1.76
%(5)
Ratio of net investment loss to average net assets:
        
Before expense reimbursement(3)
    
(1.13
)%(5)
After expense reimbursement(3)
    
(0.73
)%(5)
Portfolio turnover rate(7)
    
22
%(4)





 
(1)
The period ended October 31, 2018, consists of 11 months due to the Fund’s fiscal year end change from November 30 to October 31, effective October 26, 2018.
(2)
Calculated using the average shares outstanding method.
(3)
Includes current and deferred tax benefit/expense from net investment income/loss only.
(4)
Not annualized.
(5)
Annualized.
(6)
Includes an estimated deferred tax expense/benefit of -1.32%.  See Note 2.b in the Notes to the Financial Statements.
(7)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 

 

Year Ended
October 31,
    
Period Ended
    
Year Ended November 30,
  
   
October 31,
      
2020
    
2019
    
2018(1)
    
2017
    
2016
    
2015
  
                                 
$
10.90
    
$
12.66
    
$
14.51
    
$
16.54
    
$
15.45
    
$
22.25
  
                                             
                                             
 
(0.10
)
    
(0.10
)
    
(0.16
)
    
(0.22
)
    
(0.17
)
    
(0.20
)
 
(4.22
)
    
(0.63
)
    
(0.66
)
    
(0.78
)
    
2.29
      
(5.60
)
 
(4.32
)
    
(0.73
)
    
(0.82
)
    
(1.00
)
    
2.12
      
(5.80
)
                                             
                                             
 
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.00
)
 
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.00
)
$
5.55
    
$
10.90
    
$
12.66
    
$
14.51
    
$
16.54
    
$
15.45
  
                                             
 
-42.13
%
    
-6.28
%
    
-6.15
%(4)
    
-6.49
%
    
14.78
%
    
-27.17
%
                                             
                                             
$
3.81
    
$
9.20
    
$
20.07
    
$
16.86
    
$
13.43
    
$
8.76
  
                                             
 
2.12
%
    
1.89
%
    
1.86
%(5)
    
1.91
%
    
2.21
%
    
1.38
%(6)
 
1.76
%
    
1.76
%
    
1.78
%(5)
    
1.77
%
    
1.74
%
    
0.42
%(6)
                                             
 
(1.63
)%
    
(0.92
)%
    
(1.34
)%(5)
    
(1.50
)%
    
(1.60
)%
    
(1.97
)%
 
(1.27
)%
    
(0.79
)%
    
(1.26
)%(5)
    
(1.36
)%
    
(1.13
)%
    
(1.01
)%
 
53
%
    
41
%
    
64
%(4)
    
63
%
    
139
%
    
96
%








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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements
 
Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
5.68
  
         
Income from investment operations:
        
Net investment loss(2)(3)
    
(0.02
)
Net realized and unrealized gains (losses) on investments
    
3.06
  
Total from investment operations
    
3.04
  
         
Less distributions:
        
Dividends from return of capital
    
(0.51
)
Total distributions
    
(0.51
)
Net asset value, end of period
  
$
8.21
  
         
TOTAL RETURN
    
55.17
%(4)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
27.35
  
Ratio of expenses to average net assets:
        
Before expense reimbursement
    
1.80
%(5)
After expense reimbursement
    
1.51
%(5)
Ratio of net investment loss to average net assets:
        
Before expense reimbursement(3)
    
(0.79
)%(5)
After expense reimbursement(3)
    
(0.50
)%(5)
Portfolio turnover rate(7)
    
22
%(4)





 
(1)
The period ended October 31, 2018, consists of 11 months due to the Fund’s fiscal year end change from November 30 to October 31, effective October 26, 2018.
(2)
Calculated using the average shares outstanding method.
(3)
Includes current and deferred tax benefit/expense from net investment income/loss only.
(4)
Not annualized.
(5)
Annualized.
(6)
Includes an estimated deferred tax expense/benefit of -1.32%.  See Note 2.b in the Notes to the Financial Statements.
(7)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 

 

Year Ended
October 31,
    
Period Ended
    
Year Ended November 30,
  
   
October 31,
      
2020
    
2019
    
2018(1)
    
2017
    
2016
    
2015
  
                                 
$
11.09
    
$
12.83
    
$
14.66
    
$
16.66
    
$
15.53
    
$
22.28
  
                                             
                                             
 
(0.10
)
    
(0.09
)
    
(0.14
)
    
(0.18
)
    
(0.12
)
    
(0.14
)
 
(4.28
)
    
(0.62
)
    
(0.66
)
    
(0.79
)
    
2.28
      
(5.61
)
 
(4.38
)
    
(0.71
)
    
(0.80
)
    
(0.97
)
    
2.16
      
(5.75
)
                                             
                                             
 
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.00
)
 
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.03
)
    
(1.00
)
$
5.68
    
$
11.09
    
$
12.83
    
$
14.66
    
$
16.66
    
$
15.53
  
                                             
 
-41.93
%
    
-6.10
%
    
-5.94
%(4)
    
-6.25
%
    
14.97
%
    
-26.90
%
                                             
                                             
$
18.33
    
$
31.78
    
$
61.92
    
$
82.59
    
$
33.22
    
$
15.72
  
                                             
 
1.79
%
    
1.56
%
    
1.58
%(5)
    
1.66
%
    
1.95
%
    
1.10
%(6)
 
1.51
%
    
1.51
%
    
1.52
%(5)
    
1.52
%
    
1.48
%
    
0.18
%(6)
                                             
 
(1.55
)%
    
(0.76
)%
    
(1.15
)%(5)
    
(1.28
)%
    
(1.28
)%
    
(1.63
)%
 
(1.27
)%
    
(0.71
)%
    
(1.09
)%(5)
    
(1.14
)%
    
(0.81
)%
    
(0.71
)%
 
53
%
    
41
%
    
64
%(4)
    
63
%
    
139
%
    
96
%










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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)

1).  ORGANIZATION
 
The Hennessy BP Midstream Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is to seek capital appreciation through distribution growth along with current income. The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Because the Fund is treated as a “C” corporation, it is not taxed as a regulated investment company under Subchapter M of the Code and is not required to comply with the diversification requirements applicable to regulated investment companies. The Fund is a non-diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund is taxed as a corporation and is obligated to pay U.S. federal and state income tax on its taxable income. Currently, the maximum marginal regular federal income tax rate for a corporation is 21%. The Fund invests a substantial portion of its assets in master limited partnerships (“MLPs”), which are treated as partnerships for federal income tax purposes. As a limited partner in MLPs, the Fund reports its allocable share of each MLP’s taxable income in computing its own taxable income.
   
 
The Fund includes any tax expense or benefit in the Statement of Operations based on the component of income or gains/losses to which such expense or benefit relates. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the carrying amount of assets and liabilities for income tax purposes. The Fund recognizes a valuation allowance if, based on the weight of available evidence, it is more likely than not that the Fund will not realize some portion or all of the deferred income tax assets. As of April 30, 2021, the Fund has placed a full valuation allowance on its deferred tax assets.
   
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

 
 
WWW.HENNESSYFUNDS.COM
16
NOTES TO THE FINANCIAL STATEMENTS

 
open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund files U.S. federal income tax returns and various state income tax returns.
   
d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets. Distributions received from the Fund’s investments in MLPs generally consist of ordinary income, capital gains, and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses return of capital and income estimates to allocate the dividend income received. Such estimates are based on historical information available from the MLPs and other industry sources. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Fund.
   
e).
Distributions to Shareholders – The Fund typically makes cash distributions to its shareholders quarterly at the beginning of the months of March, June, September, and December. Due to the tax treatment of the Fund’s allocations and distributions from MLPs, a significant portion of the Fund’s distributions to shareholders typically is treated as return of capital to shareholders for U.S. federal income tax purposes (i.e., as distributions in excess of the Fund’s current and accumulated earnings and profits as described below). However, no assurance can be given in this regard; just as the Fund’s corporate income tax liability can fluctuate materially from year to year, the extent to which the Fund is able to make return-of-capital distributions also can vary materially from year to year depending on a number of different factors, including the composition of the Fund’s portfolio, the level of allocations of net income and other tax items for the Fund from its underlying MLP investments, the length of time the Fund has owned the MLP equity securities in its portfolio, and the extent to which the Fund disposes of MLP equity securities during a particular year, including to meet Fund shareholder redemption requests as necessary.

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

HENNESSY FUNDS
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The Fund attempts to maintain a stable distribution rate and therefore may distribute more or less than the actual amount of cash it receives from its investments in a particular period. Any undistributed cash would be available to supplement future distributions, and until distributed would increase the Fund’s net asset value (“NAV”). Correspondingly, such amounts, once distributed, decrease the Fund’s NAV. In addition, the Fund may opt not to make distributions in quarters in which the Fund believes that a distribution could cause adverse tax consequences to shareholders, including when the Fund believes that a distribution may not constitute a tax-free return of capital as described above.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The NAV per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
Partnership Accounting Policy – To the extent the Fund receives distributions from underlying partnerships in which it invests, the Fund records its pro rata share of income/loss and capital gains/losses and accordingly adjusts the cost basis of the underlying partnerships for return of capital.
   
j).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value 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

 
 
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18
NOTES TO THE FINANCIAL STATEMENTS

value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, MLPs, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
   
 
Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
   
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed
 

HENNESSY FUNDS
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transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.
   
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
 
 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $6,212,787 and $6,164,232, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 1.10%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, BP Capital Fund Advisors, LLC. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During the six months ended April 30, 2021, the Advisor (not the Fund) paid a sub-advisory fee at the rate of 0.40% of the daily net assets of the Fund.
 
The Advisor has contractually agreed to limit total annual operating expenses to 1.75% of the Fund’s net assets for Investor Class shares and 1.50% of the Fund’s net assets for Institutional Class shares (in each case, excluding all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) through February 28, 2022.
 
For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of April 30, 2021, expenses subject to potential recovery for Investor Class and Institutional Class shares and the fiscal years in which they expire were as follows:
 
   
Fiscal Year
Fiscal Year
Fiscal Year
  
   
      2022      
      2023      
      2024      
Total
 
Investor Class
$22,275
$22,658
$  6,283
$51,216
 
Institutional Class
$22,421
$60,422
$16,827
$99,670

The amount of the expense reimbursement by the Advisor for Institutional Class shares set forth in the Statement of Operations is net of $560 that the Advisor recouped from the Fund during the six months ended April 30, 2021.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 

HENNESSY FUNDS
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The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Fund. The fees voluntarily waived by Fund Services during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
 
 
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22
NOTES TO THE FINANCIAL STATEMENTS

6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $481 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $51,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of April 30, 2021, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
   
Investments
  
Cost of investments for tax purposes
  
$
22,099,634
  
Gross tax unrealized appreciation
  
$
11,198,678
  
Gross tax unrealized depreciation
    
(23,281
)
Net tax unrealized appreciation/(depreciation)
  
$
11,175,397
  
 
        
As of April 30, 2021, deferred tax assets consisted of the following:
        
 
        
Deferred tax assets (liabilities):
        
  Net operating losses
  
$
433,802
  
  Capital loss
    
5,709,188
  
  Unrealized (gain) loss on investments
    
—
  
Total deferred tax assets, net
    
6,142,990
  
Valuation allowance
    
(4,041,871
)
Net
  
$
2,101,119
  

For the six months ended April 30, 2021, the Fund had an effective tax rate of 0% and a federal statutory rate of 21%, with the difference resulting from a change in the 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 Fund has evaluated the available evidence supporting the
 

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realization of its gross deferred tax assets, including the amount and timing of future taxable income, and has determined that, based on net losses to date, it may not utilize all of its deferred tax assets in the future. As of April 30, 2021, the Fund established a valuation allowance in the amount of $4,041,871 against its deferred tax assets.
 
The Fund may carry forward any net capital loss five years to offset any future realized capital gains. The Fund may carry forward indefinitely any net operating loss arising in a tax year ending after December 31, 2017. As of April 30, 2021, the Fund had capital loss carryforwards of $25,159,541 that expire as follows:
 
 
    Amount    
 
Expiration
  
 
$6,130,957  
 
10/31/2023
  
 
8,580,676
  
10/31/2024
  
 
8,314,560
  
10/31/2025
  
 
2,133,348
  
10/31/2026
  

As of April 30, 2021, the Fund had $1,844,125 in unlimited net operating loss carryforwards.
 
Total income taxes have been computed by applying the federal statutory income tax rate of 21% plus a blended state income tax rate. The Fund applied this effective rate to net investment income and realized and unrealized gains on investments before taxes in computing its total income taxes.
 
Tax expense (benefit) at statutory rates
  
$
2,551,858
  
State income tax expense, net of federal benefit
    
201,921
  
Tax expense (benefit) on permanent items(1)
    
(9,436
)
Tax expense (benefit) on expired carryforwards
    
826,960
  
Tax expense (benefit) due to change in effective state rates
    
—
  
Total current tax expense (benefit)
    
—
  
Change in valuation allowance
    
(3,571,303
)
Total tax expense
  
$
—
  

(1) Permanent items consist of dividends-received deductions.
 
The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions in all open tax years and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. federal tax returns and state tax returns filed or expected to be filed. No income tax returns are currently under examination. Generally, the tax returns of the Fund for the prior three fiscal years are open for examination. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
—
    
$
—
  
Long-term capital gains
    
—
      
—
  
Return of capital
    
2,053,202
      
3,976,946
  
Total distributions
  
$
2,053,202
    
$
3,976,946
  

(1)  Ordinary income includes short-term capital gains.
 
 
 
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24
NOTES TO THE FINANCIAL STATEMENTS

9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Other than as disclosed below, management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 
On June 1, 2021, distributions were declared and paid to shareholders of record on May 28, 2021, as follows:
 
   
Return of Capital
  
 
Investor Class
$0.2575
  
 
Institutional Class
$0.2575
  









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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 


 

 
 
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EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,552.00
$11.14
Hypothetical (5% return before expenses)
$1,000.00
$1,016.07
$  8.80
       
Institutional Class
      
Actual
$1,000.00
$1,551.70
$  9.55
Hypothetical (5% return before expenses)
$1,000.00
$1,017.31
$  7.55

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.76% for Investor Class shares or 1.51% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).









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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 0.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

Subscribe to receive our team’s unique market and sector insights delivered to your inbox
www.hennessyfunds.com/subscribe

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WWW.HENNESSYFUNDS.COM
28
PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Board Approval of Investment Advisory
Agreements
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”) and the sub-advisory agreement for the Fund between the Advisor and BP Capital Fund Advisors, LLC (the “Sub-Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub-advisory agreements. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
Summaries of the advisory and sub-advisory agreements;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor and the Sub-Advisor and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund;
     
 
(8)
A memorandum from the Adviser regarding economies of scale;
     
 
(9)
A completed questionnaire from the Sub-Advisor;
     
 
(10)
A summary of the Sub-Advisor’s responses to the questionnaire, as well as relevant information from the Sub-Advisor’s Form ADVs Parts 1 and 2 and the certifications submitted the Sub-Advisor each quarter;
     
 
(11)
Financial information of the Sub-Advisor; and
     
 
(12)
The Sub-Advisor’s Code of Ethics.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may


HENNESSY FUNDS
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29
receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor and the Sub-Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor and the Sub-Advisor;
     
 
(5)
The performance of the Fund; and
     
 
(6)
Any benefits to the Advisor and the Sub-Advisor from serving as an investment advisor to the Fund (other than the advisory and sub-advisory fees).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor oversees the Sub-Advisor for the Fund, and the Sub-Advisor acts as the portfolio manager for the Fund by providing portfolio management services.
       
   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Sub-Advisor and the Fund’s other service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Sub-Advisor and the Fund’s other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees the selection and continued employment of the Sub-Advisor, reviews the Fund’s investment performance, and monitors the Sub-Advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.

 
 
WWW.HENNESSYFUNDS.COM
30
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

   
(g)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(h)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(i)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(j)
For each annual report of the Fund, the Advisor reviews the written summary prepared by the Sub-Advisor of the Fund’s performance during the most recent 12-month period.
       
   
(k)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(l)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(m)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(n)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees considered the services identified below that are provided by the Sub-Advisor. Based on this review and an assessment of the Sub-Advisor’s performance, the Trustees concluded that the Sub-Advisor provides high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Sub-Advisor and that the nature and extent of the services provided by the Sub-Advisor were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

   
(a)
The Sub-Advisor acts as the portfolio manager for the Fund. In this capacity, the Sub-Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Sub-Advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the Sub-Advisor’s duties as a portfolio manager to the Fund.
   
(c)
For each annual report of the Fund, the Sub-Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.
 

HENNESSY FUNDS
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31
   
(d)
The Sub-Advisor provides a quarterly compliance certification to the Board regarding trading and allocation practices, supervisory matters, the Sub-Advisor’s compliance program (including its code of ethics), compliance with the Fund’s policies, and general firm updates.

 
(3)
The Trustees considered the distinction between the services performed by the Advisor and the Sub-Advisor. The Trustees noted that the management of the Fund, including the oversight of the Sub-Advisor, involves more comprehensive and substantive duties than the duties of the Sub-Advisor. Specifically, the Trustees considered the lists of services identified above and concluded that the services performed by the Advisor for the Fund require a higher level of service and oversight than the services performed by the Sub-Advisor. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the Sub-Advisor is reasonable.
     
 
(4)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the Sub-Advisor manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory and sub-advisory agreements.
     
 
(5)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.
     
 
(6)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(7)
The Trustees considered the profitability of the Advisor and the Sub-Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the Sub-Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(8)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.

 
 
WWW.HENNESSYFUNDS.COM
32
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

 
(9)
The Trustees considered any benefits to the Advisor and the Sub-Advisor from serving as an advisor to the Fund (other than the advisory and sub-advisory fees). The Trustees noted that the Advisor and the Sub-Advisor may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the Sub-Advisor from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and the Sub-Advisor’s own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the Sub-Advisor could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.

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





HENNESSY FUNDS
1-800-966-4354
  
33

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.





SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY GAS UTILITY FUND
 
Investor Class  GASFX
Institutional Class  HGASX









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







(This Page Intentionally Left Blank.)
 






Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
23
Proxy Voting Policy and Proxy Voting Records
25
Availability of Quarterly Portfolio Schedule
25
Federal Tax Distribution Information
25
Important Notice Regarding Delivery of Shareholder Documents
25
Electronic Delivery
25
Board Approval of Investment Advisory Agreement
26







HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Gas Utility Fund –
        
  Investor Class (GASFX)
18.93%
19.02%
  6.29%
  8.72%
Hennessy Gas Utility Fund –
        
  Institutional Class (HGASX)(2)
19.15%
19.44%
  6.59%
  8.87%
AGA Stock Index
19.78%
20.75%
  7.61%
  9.75%
S&P 500® Index
28.85%
45.98%
17.42%
14.17%

Expense ratios: 1.02% (Investor Class); 0.70% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.
(2)
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.

 

 

 

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2012, is that of the FBR Gas Utility Index Fund.
 
The AGA Stock Index is a capitalization-weighted index, consisting of publicly traded members of the American Gas Association. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY GAS UTILITY FUND
(% of Net Assets)


 

 
 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Cheniere Energy, Inc.
5.14%
The Southern Co.
5.09%
Atmos Energy Corp.
5.05%
National Grid PLC – ADR
5.05%
Enbridge, Inc.
5.04%
Dominion Energy, Inc.
5.01%
Sempra Energy
4.99%
Berkshire Hathaway, Inc., Class A
4.97%
WEC Energy Group, Inc.
4.96%
Kinder Morgan, Inc.
4.88%

 

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 99.31%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Energy – 15.42%
                  
Cheniere Energy, Inc. (a)
    
363,617
    
$
28,187,590
      
5.14
%
Enbridge, Inc. (b)
    
715,365
      
27,591,628
      
5.04
%
Kinder Morgan, Inc.
    
1,569,101
      
26,753,172
      
4.88
%
Tellurian, Inc. (a)
    
881,690
      
1,952,943
      
0.36
%
             
84,485,333
      
15.42
%
                         
Financials – 4.97%
                        
Berkshire Hathaway, Inc., Class A (a)
    
66
      
27,225,000
      
4.97
%
                         
Utilities – 78.92%
                        
Algonquin Power & Utilities Corp. (b)
    
194,864
      
3,145,105
      
0.57
%
ALLETE, Inc.
    
525
      
36,939
      
0.01
%
Ameren Corp.
    
62,840
      
5,331,346
      
0.97
%
Atmos Energy Corp.
    
267,286
      
27,688,157
      
5.05
%
Avangrid, Inc.
    
112,200
      
5,710,980
      
1.04
%
Avista Corp.
    
35,972
      
1,655,431
      
0.30
%
Black Hills Corp.
    
88,847
      
6,128,666
      
1.12
%
CenterPoint Energy, Inc.
    
524,028
      
12,833,446
      
2.34
%
Chesapeake Utilities Corp.
    
32,058
      
3,799,514
      
0.69
%
CMS Energy Corp.
    
245,098
      
15,781,860
      
2.88
%
Consolidated Edison, Inc.
    
182,636
      
14,137,853
      
2.58
%
Corning Natural Gas Holding Corp.
    
6,099
      
144,028
      
0.03
%
Dominion Energy, Inc.
    
343,477
      
27,443,812
      
5.01
%
DTE Energy Co.
    
119,704
      
16,760,954
      
3.06
%
Duke Energy Corp.
    
176,487
      
17,770,476
      
3.24
%
Entergy Corp.
    
4,960
      
542,078
      
0.10
%
Essential Utilities, Inc.
    
250,000
      
11,782,500
      
2.15
%
Eversource Energy
    
63,675
      
5,490,059
      
1.00
%
Exelon Corp.
    
149,231
      
6,706,441
      
1.22
%
Fortis, Inc. (b)
    
196,676
      
8,771,750
      
1.60
%
MDU Resources Group, Inc.
    
225,807
      
7,555,502
      
1.38
%
MGE Energy, Inc.
    
19,329
      
1,446,003
      
0.26
%
National Fuel Gas Co.
    
142,824
      
7,092,640
      
1.29
%
National Grid PLC – ADR (b)
    
439,544
      
27,682,481
      
5.05
%
New Jersey Resources Corp.
    
191,134
      
8,018,071
      
1.46
%
NiSource, Inc.
    
636,181
      
16,553,430
      
3.02
%
 

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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS
 
COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Utilities (Continued)
                  
Northwest Natural Holding Co.
    
76,903
    
$
4,146,610
      
0.76
%
NorthWestern Corp.
    
27,098
      
1,843,477
      
0.34
%
ONE Gas, Inc.
    
137,875
      
11,094,801
      
2.03
%
PG&E Corp. (a)
    
1,323,649
      
14,983,707
      
2.74
%
PPL Corp.
    
61,719
      
1,797,874
      
0.33
%
Public Service Enterprise Group, Inc.
    
239,990
      
15,157,768
      
2.77
%
RGC Resources, Inc.
    
22,254
      
482,689
      
0.09
%
Sempra Energy
    
198,740
      
27,340,662
      
4.99
%
South Jersey Industries, Inc.
    
231,771
      
5,736,332
      
1.05
%
Southwest Gas Holdings, Inc.
    
124,517
      
8,681,325
      
1.58
%
Spire, Inc.
    
91,591
      
6,900,466
      
1.26
%
The Southern Co.
    
421,600
      
27,897,272
      
5.09
%
UGI Corp.
    
141,952
      
6,204,722
      
1.13
%
Unitil Corp.
    
23,498
      
1,354,190
      
0.25
%
WEC Energy Group, Inc.
    
279,540
      
27,162,902
      
4.96
%
Xcel Energy, Inc.
    
163,499
      
11,657,479
      
2.13
%
             
432,451,798
      
78.92
%
                         
Total Common Stocks
                        
  (Cost $270,763,043)
            
544,162,131
      
99.31
%
                         
PARTNERSHIPS – 0.52%
                        
                         
Energy – 0.52%
                        
Plains GP Holdings LP, Class A
    
299,255
      
2,807,012
      
0.52
%
                         
Total Partnerships
                        
  (Cost $5,052,747)
            
2,807,012
      
0.52
%
 

 

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

HENNESSY FUNDS
1-800-966-4354
  
7
SHORT-TERM INVESTMENTS – 0.20%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 0.20%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (c)
    
1,110,017
    
$
1,110,017
      
0.20
%
                         
Total Short-Term Investments
                        
  (Cost $1,110,017)
            
1,110,017
      
0.20
%
                         
Total Investments
                        
  (Cost $276,925,807) – 100.03%
            
548,079,160
      
100.03
%
Liabilities in Excess of Other Assets – (0.03)%
            
(146,041
)
    
(0.03
)%
                         
TOTAL NET ASSETS – 100.00%
          
$
547,933,119
      
100.00
%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt
PLC – Public Limited Company
(a)
Non-income-producing security.
(b)
U.S.-traded security of a foreign corporation.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Energy
  
$
84,485,333
    
$
—
    
$
—
    
$
84,485,333
  
Financials
    
27,225,000
      
—
      
—
      
27,225,000
  
Utilities
    
432,307,770
      
144,028
      
—
      
432,451,798
  
Total Common Stocks
  
$
544,018,103
    
$
144,028
    
$
—
    
$
544,162,131
  
Partnerships
                                
Energy
  
$
2,807,012
    
$
—
    
$
—
    
$
2,807,012
  
Total Partnerships
  
$
2,807,012
    
$
—
    
$
—
    
$
2,807,012
  
Short-Term Investments
                                
Money Market Funds
  
$
1,110,017
    
$
—
    
$
—
    
$
1,110,017
  
Total Short-Term Investments
  
$
1,110,017
    
$
—
    
$
—
    
$
1,110,017
  
Total Investments
  
$
547,935,132
    
$
144,028
    
$
—
    
$
548,079,160
  

 
 

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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements
 
Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $276,925,807)
  
$
548,079,160
  
Dividends and interest receivable
    
604,760
  
Receivable for fund shares sold
    
34,501
  
Return of capital receivable
    
53,866
  
Prepaid expenses and other assets
    
34,432
  
Total assets
    
548,806,719
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
234,793
  
Payable to advisor
    
177,390
  
Payable to sub-transfer agents
    
174,308
  
Payable to administrator
    
99,074
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
95,989
  
Accrued service fees
    
39,648
  
Accrued trustees fees
    
3,668
  
Accrued expenses and other payables
    
37,503
  
Total liabilities
    
873,600
  
NET ASSETS
  
$
547,933,119
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
280,625,870
  
Total distributable earnings
    
267,307,249
  
Total net assets
  
$
547,933,119
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
489,823,448
  
Shares issued and outstanding
    
18,716,230
  
Net asset value, offering price, and redemption price per share
  
$
26.17
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
58,109,671
  
Shares issued and outstanding
    
2,226,653
  
Net asset value, offering price, and redemption price per share
  
$
26.10
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the  six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Dividend income(1)
  
$
8,331,079
  
Interest income
    
505
  
Total investment income
    
8,331,584
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
1,067,980
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
394,435
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
29,035
  
Distribution fees – Investor Class (See Note 5)
    
356,362
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
299,840
  
Service fees – Investor Class (See Note 5)
    
237,575
  
Reports to shareholders
    
26,903
  
Federal and state registration fees
    
20,624
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
10,958
  
Legal fees
    
4,726
  
Interest expense (See Note 7)
    
4,105
  
Other expenses
    
144,446
  
Total expenses
    
2,622,060
  
NET INVESTMENT INCOME
  
$
5,709,524
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
49,769,211
  
Net change in unrealized appreciation/depreciation on investments
    
38,212,301
  
Net gain on investments
    
87,981,512
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
93,691,036
  














 
(1)
Net of foreign taxes withheld and issuance fees of $264,601.

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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements
 
Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
5,709,524
    
$
15,702,984
  
Net realized gain on investments
    
49,769,211
      
54,725,195
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
38,212,301
      
(171,354,296
)
Net increase (decrease) in net
                
  assets resulting from operations
    
93,691,036
      
(100,926,117
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(43,449,477
)
    
(49,160,002
)
Distributable earnings – Institutional Class
    
(5,749,334
)
    
(7,345,698
)
Total distributions
    
(49,198,811
)
    
(56,505,700
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
6,017,798
      
14,476,846
  
Proceeds from shares subscribed – Institutional Class
    
3,551,104
      
14,135,940
  
Dividends reinvested – Investor Class
    
41,230,437
      
46,815,183
  
Dividends reinvested – Institutional Class
    
5,210,951
      
6,501,998
  
Cost of shares redeemed – Investor Class
    
(80,710,553
)
    
(204,352,983
)
Cost of shares redeemed – Institutional Class
    
(21,883,082
)
    
(41,410,617
)
Net decrease in net assets derived
                
  from capital share transactions
    
(46,583,345
)
    
(163,833,633
)
TOTAL DECREASE IN NET ASSETS
    
(2,091,120
)
    
(321,265,450
)
                 
NET ASSETS:
                
Beginning of period
    
550,024,239
      
871,289,689
  
End of period
  
$
547,933,119
    
$
550,024,239
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
248,895
      
561,691
  
Shares sold – Institutional Class
    
146,134
      
539,370
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
1,729,882
      
1,761,437
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
219,222
      
245,860
  
Shares redeemed – Investor Class
    
(3,344,058
)
    
(8,021,029
)
Shares redeemed – Institutional Class
    
(906,325
)
    
(1,643,216
)
Net decrease in shares outstanding
    
(1,906,250
)
    
(6,555,887
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
24.08
  
         
Income from investment operations:
        
Net investment income
    
0.26
(1) 
Net realized and unrealized gains (losses) on investments
    
4.06
  
Total from investment operations
    
4.32
  
         
Less distributions:
        
Dividends from net investment income
    
(0.29
)
Dividends from net realized gains
    
(1.94
)
Total distributions
    
(2.23
)
Net asset value, end of period
  
$
26.17
  
         
TOTAL RETURN
    
18.93
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
489.82
  
Ratio of expenses to average net assets
    
1.02
%(3)
Ratio of net investment income to average net assets
    
2.10
%(3)
Portfolio turnover rate(4)
    
10
%(2)













 
(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
29.64
    
$
28.68
    
$
30.35
    
$
28.57
    
$
27.69
  
                                     
                                     
 
0.58
(1) 
    
0.56
(1) 
    
0.65
      
0.70
      
0.62
  
 
(4.14
)
    
3.50
      
(1.52
)
    
2.20
      
1.58
  
 
(3.56
)
    
4.06
      
(0.87
)
    
2.90
      
2.20
  
                                     
                                     
 
(0.56
)
    
(0.62
)
    
(0.64
)
    
(0.72
)
    
(0.69
)
 
(1.44
)
    
(2.48
)
    
(0.16
)
    
(0.40
)
    
(0.63
)
 
(2.00
)
    
(3.10
)
    
(0.80
)
    
(1.12
)
    
(1.32
)
$
24.08
    
$
29.64
    
$
28.68
    
$
30.35
    
$
28.57
  
                                     
 
-12.49
%
    
15.28
%
    
-2.86
%
    
10.39
%
    
8.52
%
                                     
                                     
$
483.56
    
$
764.10
    
$
825.18
    
$
1,306.70
    
$
1,454.93
  
 
1.02
%
    
1.00
%
    
1.01
%
    
1.01
%
    
1.01
%
 
2.24
%
    
1.98
%
    
2.18
%
    
2.34
%
    
2.25
%
 
16
%
    
12
%
    
14
%
    
18
%
    
38
%








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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
24.01
  
         
Income from investment operations:
        
Net investment income
    
0.30
(2) 
Net realized and unrealized gains (losses) on investments
    
4.05
  
Total from investment operations
    
4.35
  
         
Less distributions:
        
Dividends from net investment income
    
(0.33
)
Dividends from net realized gains
    
(1.93
)
Total distributions
    
(2.26
)
Net asset value, end of period
  
$
26.10
  
         
TOTAL RETURN
    
19.15
%(4)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
58.11
  
Ratio of expenses to average net assets
    
0.70
%(5)
Ratio of net investment income to average net assets
    
2.46
%(5)
Portfolio turnover rate(6)
    
10
%(4)











 
(1)
Institutional Class shares commenced operations on March 1, 2017.
(2)
Calculated using the average shares outstanding method.
(3)
Actual return from inception date of March 1, 2017, to the year end of October 31, 2017.
(4)
Not annualized.
(5)
Annualized.
(6)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 


Year Ended October 31,
    
Period Ended
  
   
October 31,
  
2020
    
2019
    
2018
    
2017(1)
  
                     
$
29.56
    
$
28.65
    
$
30.32
    
$
29.68
  
                             
                             
 
0.66
(2) 
    
0.64
(2) 
    
0.71
      
0.62
  
 
(4.13
)
    
3.50
      
(1.47
)
    
0.72
  
 
(3.47
)
    
4.14
      
(0.76
)
    
1.34
  
                             
                             
 
(0.64
)
    
(0.73
)
    
(0.75
)
    
(0.70
)
 
(1.44
)
    
(2.50
)
    
(0.16
)
    
—
  
 
(2.08
)
    
(3.23
)
    
(0.91
)
    
(0.70
)
$
24.01
    
$
29.56
    
$
28.65
    
$
30.32
  
                             
 
-12.22
%
    
15.63
%
    
-2.51
%
    
4.56
%(3)(4)
                             
                             
$
66.46
    
$
107.18
    
$
107.75
    
$
84.62
  
 
0.70
%
    
0.69
%
    
0.65
%
    
0.64
%(5)
 
2.57
%
    
2.25
%
    
2.47
%
    
1.23
%(5)
 
16
%
    
12
%
    
14
%
    
18
%(4)









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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)

1).  ORGANIZATION
 
The Hennessy Gas Utility Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is income and capital appreciation. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
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16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid at the end of each calendar quarter. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 

HENNESSY FUNDS
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3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
   
 
Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
 
 
 
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18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 

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The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $51,851,963 and $138,528,305, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.40%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.

 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

The Fund has entered into an Administrative Services Agreement among the Fund, the Advisor, and the American Gas Association (“AGA”), pursuant to which the AGA provides administrative services to the Fund, including overseeing the calculation of the AGA Stock Index. ScottMadden, Inc. performs the actual computations required to produce the AGA Stock Index and receives a fee for such calculations pursuant to a contractual arrangement with AGA. AGA does not furnish other securities advice to the Fund or the Advisor or make recommendations regarding the purchase or sale of securities by the Fund. Under the terms of the Administrative Services Agreement, which has been approved by the Board, AGA provides the Fund with current information regarding the common stock composition of the AGA Stock Index at least monthly. In addition, on request, AGA provides the Fund and the Advisor with information on the natural gas industry. The Fund pays AGA a fee at an annual rate of 0.04% of the average daily net assets of the Fund.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Fund and 10% for the Hennessy Balanced Fund. The line of credit is


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intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $251,210 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $2,833,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
371,183,621
  
Gross tax unrealized appreciation
  
$
247,252,665
  
Gross tax unrealized depreciation
    
(68,075,758
)
Net tax unrealized appreciation/(depreciation)
  
$
179,176,907
  
Undistributed ordinary income
  
$
860,991
  
Undistributed long-term capital gains
    
42,777,126
  
Total distributable earnings
  
$
43,638,117
  
Other accumulated gain/(loss)
  
$
—
  
Total accumulated gain/(loss)
  
$
222,815,024
  

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had no tax-basis capital losses to offset future capital gains.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
6,421,575
    
$
14,868,613
  
Long-term capital gains
    
42,777,236
      
41,637,087
  
Total distributions
  
$
49,198,811
    
$
56,505,700
  

(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 

 
 
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22
NOTES TO THE FINANCIAL STATEMENTS/EXPENSE EXAMPLE

Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

 

 


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Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,189.30
$5.54
Hypothetical (5% return before expenses)
$1,000.00
$1,019.74
$5.11
       
Institutional Class
      
Actual
$1,000.00
$1,191.50
$3.80
Hypothetical (5% return before expenses)
$1,000.00
$1,021.32
$3.51

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.02% for Investor Class shares or 0.70% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).









 
 
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24

EXPENSE EXAMPLE — ELECTRONIC DELIVERY

How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 100.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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HENNESSY FUNDS
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Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and
 
 
 
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26
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.
 

HENNESSY FUNDS
1-800-966-4354
  
27
   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.
 
 
 
WWW.HENNESSYFUNDS.COM
28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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







HENNESSY FUNDS
1-800-966-4354
  
29

For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY JAPAN FUND
 
Investor Class  HJPNX
Institutional Class  HJPIX







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







(This Page Intentionally Left Blank.)
 






Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
24
Proxy Voting Policy and Proxy Voting Records
26
Availability of Quarterly Portfolio Schedule
26
Federal Tax Distribution Information
26
Important Notice Regarding Delivery of Shareholder Documents
26
Electronic Delivery
27
Board Approval of Investment Advisory Agreements
28














HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:
 

The Japanese stock market gained 16.59% as measured by the Tokyo Stock Price Index (TOPIX) over the six months ended April 30, 2021 (in U.S. dollar terms).
 
While Japan continued to experience COVID-19 infections during the period, the Japanese stock market marched higher through mid-February, reaching a 30-year high. Among the factors contributing to this rally were proactive countermeasures against COVID-19, including continued monetary easing globally, rising expectations for the development and distribution of vaccines, and hopes for a quick economic recovery. Japan’s vaccine rollout, however, has been slower than that of other countries. This is primarily due to regulations requiring a domestic Japanese clinical trial regardless of foreign regulatory approvals. Nevertheless, the number of cases in Japan remains relatively low when compared to the United States. For example, as of mid-April, there were more than 10 times as many cases in the United States as in Japan, even though the population of the United States is only three times larger.
 
While the broader market remained strong, rising interest rates and inflation concerns continued to weigh on investors. We believe that the recent rise of interest rates is part of a natural course of a short-term correction in financial markets. Last year’s pandemic prompted central banks around the world to go all out in easing the monetary system, driving down further what had already been historically low rates. If the pandemic turns out to be nearing its end, then we believe this extra dip in rates should at least normalize to pre-pandemic levels relatively soon. With the ongoing rollout of vaccinations and declines in new infection cases, we could be at that very stage. The good news is that the normalization of interest rates validates the recovery in economic activity.
 
If history is any guide, the next worry will be inflation, which effectively “swindles the equity investor,” as Warren Buffett famously said in his 1977 Fortune column. This notion, however, is somewhat premature in our view. It is worth noting that in the run-up prior to the pandemic, the world economy didn’t have any structural excesses like production capacity overbuild or debt-fueled overconsumption, which are typically a recipe for a deep recession. With the household savings rate climbing high, consumers are eager to spend. As such, it is reasonable to assume that once the pandemic is brought under control, demand for goods and services will likely outstrip supply in the short term, which may result in a temporary pickup in inflation.
 
Whether inflation will persist is a big question mark, however. Particularly in Japan, even though well over a decade of ultra-loose monetary policy has created abundant liquidity in the financial system, it has not made its way to the real economy. For example, since the end of 2009, Japan’s monetary base has increased sixfold, but the money supply has not grown nearly as much while CPI has struggled to stay in positive territory. Aging demographics and a declining population are perennial problems from which Japan does not seem able to escape. Furthermore, the advancement of technology, such as e-commerce and the digital economy, has been effective at taming upward pressure on prices of goods and services globally. Putting all these things together, our view is that a continuous rise in interest rates beyond the correction territory is unlikely.
 

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

As such, it is hard to image inflation taking hold in our domestic economy at this point in time. The Bank of Japan will likely continue with the current monetary policy framework, keeping rates around zero through so-called yield curve control along with other easing measures. We remain optimistic about the long-term prospects for Japan and its stock market.
 
Thank you for your continued confidence and investment in the Hennessy Funds.
 
Sincerely,
 
 
 
Tadahiro Fujimura
Masakazu Takeda
Portfolio Manager,
Portfolio Manager,
Hennessy Japan Small Cap Fund;
Hennessy Japan Fund;
Chief Investment Officer
Fund Manager
SPARX Asset Management Co., Ltd.
SPARX Asset Management Co., Ltd.

SPARX Asset Management Co., Ltd., located in Tokyo, Japan, is the sub-advisor to the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund.
 

 
Past performance does not guarantee future results.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Tadahiro Fujimura and Masakazu Takeda and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The Tokyo Stock Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. The index is used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Japan Fund –
        
  Investor Class (HJPNX)
  5.21%
31.79%
13.07%
11.76%
Hennessy Japan Fund –
        
  Institutional Class (HJPIX)
  5.42%
32.30%
13.52%
12.12%
Russell/Nomura
        
  Total MarketTM Index
17.00%
30.53%
  9.80%
  7.71%
Tokyo Price Index (TOPIX)
16.59%
29.94%
  9.57%
  7.56%

Expense ratios: 1.43% (Investor Class); 1.04% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 

 

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The Russell/Nomura Total Market™ Index contains the top 98% of all stocks listed on Japan’s stock exchanges and registered on Japan’s over-the-counter market based on market capitalization. The Tokyo Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements
 
Schedule of Investments as of April 30, 2021 (Unaudited)
 
HENNESSY JAPAN FUND
(% of Net Assets)


 


 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
SoftBank Group Corp.
6.86%
Sony Group Corp.
6.06%
Nidec Corp.
6.02%
Daikin Industries, Ltd.
5.49%
Recruit Holdings Co., Ltd.
5.46%
Keyence Corp.
5.40%
Terumo Corp.
5.09%
Shimano, Inc.
5.08%
Mercari, Inc.
5.07%
Fast Retailing Co., Ltd.
4.57%

 

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 97.69%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 9.33%
                  
SoftBank Group Corp.
    
650,000
    
$
58,790,832
      
6.86
%
Z Holdings Corp.
    
4,571,100
      
21,121,836
      
2.47
%
             
79,912,668
      
9.33
%
                         
Consumer Discretionary – 25.04%
                        
Asics Corp.
    
593,800
      
9,426,691
      
1.10
%
Fast Retailing Co., Ltd.
    
47,700
      
39,154,241
      
4.57
%
Mercari, Inc. (b)
    
878,100
      
43,386,769
      
5.07
%
Nitori Holdings Co., Ltd.
    
150,700
      
27,040,232
      
3.16
%
Shimano, Inc.
    
190,000
      
43,523,195
      
5.08
%
Sony Group Corp.
    
520,100
      
51,871,992
      
6.06
%
             
214,403,120
      
25.04
%
                         
Consumer Staples – 11.20%
                        
Ariake Japan Co., Ltd.
    
195,700
      
11,334,806
      
1.32
%
Kao Corp.
    
401,200
      
25,722,467
      
3.00
%
Rohto Pharmaceutical Co., Ltd.
    
1,053,200
      
27,011,800
      
3.16
%
Unicharm Corp.
    
819,200
      
31,811,555
      
3.72
%
             
95,880,628
      
11.20
%
                         
Financials – 1.86%
                        
Anicom Holdings, Inc.
    
1,714,100
      
15,903,536
      
1.86
%
                         
Health Care – 12.99%
                        
Asahi Intecc Co., Ltd.
    
180,500
      
4,858,916
      
0.57
%
Olympus Corp.
    
895,600
      
18,417,614
      
2.15
%
PeptiDream, Inc. (b)
    
136,100
      
5,834,280
      
0.68
%
Takeda Pharmaceutical Co., Ltd.
    
1,158,400
      
38,528,539
      
4.50
%
Terumo Corp.
    
1,151,700
      
43,543,091
      
5.09
%
             
111,182,440
      
12.99
%
                         
Industrials – 28.12%
                        
Daikin Industries, Ltd.
    
234,200
      
46,994,290
      
5.49
%
Kubota Corp.
    
1,514,700
      
35,618,803
      
4.16
%
MISUMI Group, Inc.
    
1,207,900
      
34,040,919
      
3.98
%
Mitsubishi Corp.
    
933,900
      
25,806,368
      
3.01
%
Nidec Corp.
    
445,300
      
51,562,554
      
6.02
%
Recruit Holdings Co., Ltd.
    
1,033,800
      
46,719,171
      
5.46
%
             
240,742,105
      
28.12
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Information Technology – 8.48%
                  
Keyence Corp.
    
96,200
    
$
46,229,518
      
5.40
%
Murata Manufacturing Co., Ltd.
    
330,800
      
26,342,322
      
3.08
%
             
72,571,840
      
8.48
%
                         
Real Estate – 0.67%
                        
Relo Group, Inc.
    
280,400
      
5,772,715
      
0.67
%
                         
Total Common Stocks
                        
  (Cost $563,508,501)
            
836,369,052
      
97.69
%
                         
SHORT-TERM INVESTMENTS – 2.03%
                        
                         
Money Market Funds – 2.03%
                        
First American Government Obligations Fund,
                        
  Institutional Class, 0.03% (b)
    
17,417,486
      
17,417,486
      
2.03
%
                         
Total Short-Term Investments
                        
  (Cost $17,417,486)
            
17,417,486
      
2.03
%
                         
Total Investments
                        
  (Cost $580,925,987) – 99.72%
            
853,786,538
      
99.72
%
Other Assets in Excess of Liabilities – 0.28%
            
2,399,485
      
0.28
%
                         
TOTAL NET ASSETS – 100.00%
          
$
856,186,023
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
Non-income-producing security.
(b)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


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


HENNESSY FUNDS
1-800-966-4354
  
7
Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
79,912,668
    
$
—
    
$
—
    
$
79,912,668
  
Consumer Discretionary
    
214,403,120
      
—
      
—
      
214,403,120
  
Consumer Staples
    
95,880,628
      
—
      
—
      
95,880,628
  
Financials
    
15,903,536
      
—
      
—
      
15,903,536
  
Health Care
    
111,182,440
      
—
      
—
      
111,182,440
  
Industrials
    
240,742,105
      
—
      
—
      
240,742,105
  
Information Technology
    
72,571,840
      
—
      
—
      
72,571,840
  
Real Estate
    
5,772,715
      
—
      
—
      
5,772,715
  
Total Common Stocks
  
$
836,369,052
    
$
—
    
$
—
    
$
836,369,052
  
Short-Term Investments
                                
Money Market Funds
  
$
17,417,486
    
$
—
    
$
—
    
$
17,417,486
  
Total Short-Term Investments
  
$
17,417,486
    
$
—
    
$
—
    
$
17,417,486
  
Total Investments
  
$
853,786,538
    
$
—
    
$
—
    
$
853,786,538
  










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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $580,925,987)
  
$
853,786,538
  
Dividends and interest receivable
    
3,008,048
  
Receivable for fund shares sold
    
1,523,522
  
Prepaid expenses and other assets
    
63,463
  
Total assets
    
858,381,571
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
1,159,369
  
Payable to advisor
    
579,643
  
Payable to administrator
    
161,171
  
Payable to auditor
    
10,654
  
Accrued distribution fees
    
24,031
  
Accrued service fees
    
13,634
  
Accrued trustees fees
    
1,756
  
Accrued expenses and other payables
    
245,290
  
Total liabilities
    
2,195,548
  
NET ASSETS
  
$
856,186,023
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
605,952,830
  
Total distributable earnings
    
250,233,193
  
Total net assets
  
$
856,186,023
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
157,846,829
  
Shares issued and outstanding
    
3,506,519
  
Net asset value, offering price, and redemption price per share
  
$
45.02
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
698,339,194
  
Shares issued and outstanding
    
14,992,037
  
Net asset value, offering price, and redemption price per share
  
$
46.58
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Dividend income(1)
  
$
4,477,160
  
Interest income
    
4,077
  
Total investment income
    
4,481,237
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
3,477,032
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
188,598
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
327,000
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
484,933
  
Distribution fees – Investor Class (See Note 5)
    
127,271
  
Service fees – Investor Class (See Note 5)
    
84,848
  
Federal and state registration fees
    
33,645
  
Reports to shareholders
    
18,869
  
Compliance expense (See Note 5)
    
13,844
  
Trustees’ fees and expenses
    
11,476
  
Audit fees
    
10,654
  
Legal fees
    
4,623
  
Other expenses
    
34,571
  
Total expenses
    
4,817,364
  
NET INVESTMENT LOSS
  
$
(336,127
)
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
4,465,518
  
Net change in unrealized appreciation/depreciation on investments
    
32,552,134
  
Net gain on investments
    
37,017,652
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
36,681,525
  















 
(1)
Net of foreign taxes withheld of $497,458.

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

 
 
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10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements
 
Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment loss
  
$
(336,127
)
  
$
(48,348
)
Net realized gain (loss) on investments
    
4,465,518
      
(26,459,008
)
Net change in unrealized
                
  appreciation/depreciation on investments
    
32,552,134
      
106,104,850
  
Net increase in net assets resulting from operations
    
36,681,525
      
79,597,494
  
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
—
      
(117,483
)
Distributable earnings – Institutional Class
    
(48,044
)
    
(3,035,473
)
Total distributions
    
(48,044
)
    
(3,152,956
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
48,599,344
      
83,467,464
  
Proceeds from shares subscribed – Institutional Class
    
144,048,605
      
203,244,073
  
Dividends reinvested – Investor Class
    
—
      
113,374
  
Dividends reinvested – Institutional Class
    
47,024
      
2,957,410
  
Cost of shares redeemed – Investor Class
    
(40,111,311
)
    
(37,788,252
)
Cost of shares redeemed – Institutional Class
    
(83,440,901
)
    
(276,664,005
)
Net increase (decrease) in net assets derived
                
  from capital share transactions
    
69,142,761
      
(24,669,936
)
TOTAL INCREASE IN NET ASSETS
    
105,776,242
      
51,774,602
  
                 
NET ASSETS:
                
Beginning of period
    
750,409,781
      
698,635,179
  
End of period
  
$
856,186,023
    
$
750,409,781
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
1,032,196
      
2,016,527
  
Shares sold – Institutional Class
    
2,943,888
      
5,338,605
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
—
      
2,962
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
944
      
75,037
  
Shares redeemed – Investor Class
    
(851,504
)
    
(1,040,377
)
Shares redeemed – Institutional Class
    
(1,712,668
)
    
(7,587,792
)
Net increase (decrease) in shares outstanding
    
1,412,856
      
(1,195,038
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
42.79
  
         
Income from investment operations:
        
Net investment income (loss)
    
(0.09
)(1)
Net realized and unrealized gains on investments
    
2.32
  
Total from investment operations
    
2.23
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
45.02
  
         
TOTAL RETURN
    
5.21
%(3)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
157.85
  
Ratio of expenses to average net assets
    
1.41
%(4)
Ratio of net investment income (loss) to average net assets
    
(0.39
)%(4)
Portfolio turnover rate(5)
    
2
%(3)













(1)
Calculated using the average shares outstanding method.
(2)
Amount is between $(0.005) and $0.005.
(3)
Not annualized.
(4)
Annualized.
(5)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
37.17
    
$
33.63
    
$
32.75
    
$
27.81
    
$
24.07
  
                                     
                                     
 
(0.14
)(1)
    
0.05
(1) 
    
(0.00
)(2)
    
(0.03
)
    
(0.11
)
 
5.81
      
3.50
      
0.89
      
4.97
      
3.85
  
 
5.67
      
3.55
      
0.89
      
4.94
      
3.74
  
                                     
                                     
 
(0.02
)
    
(0.01
)
    
(0.01
)
    
—
      
—
  
 
(0.03
)
    
—
      
—
      
—
      
—
  
 
(0.05
)
    
(0.01
)
    
(0.01
)
    
—
      
—
  
$
42.79
    
$
37.17
    
$
33.63
    
$
32.75
    
$
27.81
  
                                     
 
15.27
%
    
10.60
%
    
2.70
%
    
17.76
%
    
15.54
%
                                     
                                     
$
142.30
    
$
87.22
    
$
103.33
    
$
84.44
    
$
61.85
  
 
1.43
%
    
1.43
%
    
1.43
%
    
1.46
%
    
1.50
%
 
(0.37
)%
    
0.14
%
    
(0.02
)%
    
(0.15
)%
    
(0.38
)%
 
23
%
    
9
%
    
1
%
    
0
%
    
5
%










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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
44.19
  
         
Income from investment operations:
        
Net investment income (loss)
    
(0.00
)(1)(2)
Net realized and unrealized gains on investments
    
2.39
  
Total from investment operations
    
2.39
  
         
Less distributions:
        
Dividends from net investment income
    
0.00
(2) 
Dividends from net realized gains
    
—
  
Total distributions
    
0.00
(2) 
Net asset value, end of period
  
$
46.58
  
         
TOTAL RETURN
    
5.42
%(3)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
698.34
  
Ratio of expenses to average net assets
    
1.03
%(4)
Ratio of net investment income (loss) to average net assets
    
(0.00
)%(2)(4)
Portfolio turnover rate(5)
    
2
%(3)













(1)
Calculated using the average shares outstanding method.
(2)
Amount is between $(0.005) and $0.005.
(3)
Not annualized.
(4)
Annualized.
(5)
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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14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
38.37
    
$
34.67
    
$
33.64
    
$
28.45
    
$
24.55
  
                                     
                                     
 
0.02
(1) 
    
0.21
(1) 
    
0.15
      
0.03
      
(0.01
)
 
5.99
      
3.60
      
0.91
      
5.16
      
3.91
  
 
6.01
      
3.81
      
1.06
      
5.19
      
3.90
  
                                     
                                     
 
(0.16
)
    
(0.11
)
    
(0.03
)
    
—
      
—
  
 
(0.03
)
    
—
      
—
      
—
      
—
  
 
(0.19
)
    
(0.11
)
    
(0.03
)
    
—
      
—
  
$
44.19
    
$
38.37
    
$
34.67
    
$
33.64
    
$
28.45
  
                                     
 
15.72
%
    
11.02
%
    
3.14
%
    
18.24
%
    
15.89
%
                                     
                                     
$
608.11
    
$
611.41
    
$
399.76
    
$
177.42
    
$
67.78
  
 
1.04
%
    
1.03
%
    
1.01
%
    
1.05
%
    
1.17
%
 
0.04
%
    
0.59
%
    
0.49
%
    
0.30
%
    
(0.03
)%
 
23
%
    
9
%
    
1
%
    
0
%
    
5
%










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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)

1).  ORGANIZATION
 
The Hennessy Japan Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund but employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax

 
 
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16
NOTES TO THE FINANCIAL STATEMENTS

 
positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.
   
d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain/loss on investments. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards, and other factors.
   
j).
REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the Fund
 

HENNESSY FUNDS
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17
 
may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other times, investments in a REIT may result in the Fund’s receipt of cash in excess of the REIT’s earnings. If the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.
   
k).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities

 
 
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18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and


HENNESSY FUNDS
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19
markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund invests in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $81,290,940 and $15,776,004, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.80%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, SPARX Asset Management Co., Ltd. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During the six months ended April 30, 2021, the Advisor (not the Fund) paid a sub-advisory fee at the average rate of 0.37% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement,
 
 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

the Advisor pays sub-advisory fees at the rate of 0.35% of the first $500 million of daily net assets, 0.40% of daily net assets between $500 million and $1 billion, and 0.42% of daily net assets over $1 billion.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”),


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21
makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
513,053,167
  
Gross tax unrealized appreciation
  
$
251,274,283
  
Gross tax unrealized depreciation
    
(11,393,482
)
Net tax unrealized appreciation/(depreciation)
  
$
239,880,801
  
Undistributed ordinary income
  
$
—
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
—
  
Other accumulated gain/(loss)
  
$
(26,281,089
)
Total accumulated gain/(loss)
  
$
213,599,712
  

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had $22,090,536 in unlimited long-term and $3,684,715 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
 
 
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22
NOTES TO THE FINANCIAL STATEMENTS

As of October 31, 2020, the Fund deferred, on a tax basis, a late-year ordinary loss of $505,838. Late-year ordinary losses are net ordinary losses incurred after December 31, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
48,044
    
$
2,630,335
  
Long-term capital gains
    
—
      
522,621
  
Total distributions
  
$
48,044
    
$
3,152,956
  

(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 







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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 


 

 

 
 
 
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24
EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,052.10
$7.17
Hypothetical (5% return before expenses)
$1,000.00
$1,017.80
$7.05
       
Institutional Class
      
Actual
$1,000.00
$1,054.20
$5.25
Hypothetical (5% return before expenses)
$1,000.00
$1,019.69
$5.16

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.41% for Investor Class shares or 1.03% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).









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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2)on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 0.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
For the year ended October 31, 2020, the Fund earned no foreign-source income and paid no foreign taxes.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.

 
 
 
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PROXY VOTING — ELECTRONIC DELIVERY

Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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Board Approval of Investment Advisory
Agreements
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”) and the sub-advisory agreement for the Fund between the Advisor and SPARX Asset Management Co., Ltd. (the “Sub-Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub-advisory agreements. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
Summaries of the advisory and sub-advisory agreements;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor and the Sub-Advisor and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund;
     
 
(8)
A memorandum from the Adviser regarding economies of scale;
     
 
(9)
A completed questionnaire from the Sub-Advisor;
     
 
(10)
A summary of the Sub-Advisor’s responses to the questionnaire, as well as relevant information from the Sub-Advisor’s Form ADVs Parts 1 and 2 and the certifications submitted the Sub-Advisor each quarter;
     
 
(11)
Financial information of the Sub-Advisor’s parent company; and
     
 
(12)
The Sub-Advisor’s Code of Ethics.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may
 
 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor and the Sub-Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor and the Sub-Advisor;
     
 
(5)
The performance of the Fund; and
     
 
(6)
Any benefits to the Advisor and the Sub-Advisor from serving as an investment advisor to the Fund (other than the advisory and sub-advisory fees).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor oversees the Sub-Advisor for the Fund, and the Sub-Advisor acts as the portfolio manager for the Fund by providing portfolio management services.
       
   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Sub-Advisor and the Fund’s other service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Sub-Advisor and the Fund’s other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees the selection and continued employment of the Sub-Advisor, reviews the Fund’s investment performance, and monitors the Sub-Advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.



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(g)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(h)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(i)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(j)
For each annual report of the Fund, the Advisor reviews the written summary prepared by the Sub-Advisor of the Fund’s performance during the most recent 12-month period.
       
   
(k)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(l)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(m)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(n)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees considered the services identified below that are provided by the Sub-Advisor. Based on this review and an assessment of the Sub-Advisor’s performance, the Trustees concluded that the Sub-Advisor provides high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Sub-Advisor and that the nature and extent of the services provided by the Sub-Advisor were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

   
(a)
The Sub-Advisor acts as the portfolio manager for the Fund. In this capacity, the Sub-Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio; and
         
     
(iii)
manages proxy voting for the Fund.

   
(b)
The Sub-Advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the Sub-Advisor’s duties as a portfolio manager to the Fund.
       
   
(c)
For each annual report of the Fund, the Sub-Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.

 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

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

 
(3)
The Trustees considered the distinction between the services performed by the Advisor and the Sub-Advisor. The Trustees noted that the management of the Fund, including the oversight of the Sub-Advisor, involves more comprehensive and substantive duties than the duties of the Sub-Advisor. Specifically, the Trustees considered the lists of services identified above and concluded that the services performed by the Advisor for the Fund require a higher level of service and oversight than the services performed by the Sub-Advisor. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the Sub-Advisor is reasonable.
     
 
(4)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the Sub-Advisor manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory and sub-advisory agreements.
     
 
(5)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.
     
 
(6)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(7)
The Trustees considered the profitability of the Advisor and the Sub-Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the Sub-Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(8)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.
 

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(9)
The Trustees considered any benefits to the Advisor and the Sub-Advisor from serving as an advisor to the Fund (other than the advisory and sub-advisory fees). The Trustees noted that the Advisor and the Sub-Advisor may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the Sub-Advisor from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and the Sub-Advisor’s own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the Sub-Advisor could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.

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








 
 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

 






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For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY JAPAN SMALL CAP FUND
 
Investor Class  HJPSX
Institutional Class  HJSIX








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








(This Page Intentionally Left Blank.)
 







Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
10
Statement of Operations
11
Statements of Changes in Net Assets
13
Financial Highlights
14
Notes to the Financial Statements
18
Expense Example
26
Proxy Voting Policy and Proxy Voting Records
28
Availability of Quarterly Portfolio Schedule
28
Federal Tax Distribution Information
28
Important Notice Regarding Delivery of Shareholder Documents
28
Electronic Delivery
29
Board Approval of Investment Advisory Agreements
30











HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:
 

The Japanese stock market gained 16.59% as measured by the Tokyo Stock Price Index (TOPIX) over the six months ended April 30, 2021 (in U.S. dollar terms).
 
While Japan continued to experience COVID-19 infections during the period, the Japanese stock market marched higher through mid-February, reaching a 30-year high. Among the factors contributing to this rally were proactive countermeasures against COVID-19, including continued monetary easing globally, rising expectations for the development and distribution of vaccines, and hopes for a quick economic recovery. Japan’s vaccine rollout, however, has been slower than that of other countries. This is primarily due to regulations requiring a domestic Japanese clinical trial regardless of foreign regulatory approvals. Nevertheless, the number of cases in Japan remains relatively low when compared to the United States. For example, as of mid-April, there were more than 10 times as many cases in the United States as in Japan, even though the population of the United States is only three times larger.
 
While the broader market remained strong, rising interest rates and inflation concerns continued to weigh on investors. We believe that the recent rise of interest rates is part of a natural course of a short-term correction in financial markets. Last year’s pandemic prompted central banks around the world to go all out in easing the monetary system, driving down further what had already been historically low rates. If the pandemic turns out to be nearing its end, then we believe this extra dip in rates should at least normalize to pre-pandemic levels relatively soon. With the ongoing rollout of vaccinations and declines in new infection cases, we could be at that very stage. The good news is that the normalization of interest rates validates the recovery in economic activity.
 
If history is any guide, the next worry will be inflation, which effectively “swindles the equity investor,” as Warren Buffett famously said in his 1977 Fortune column. This notion, however, is somewhat premature in our view. It is worth noting that in the run-up prior to the pandemic, the world economy didn’t have any structural excesses like production capacity overbuild or debt-fueled overconsumption, which are typically a recipe for a deep recession. With the household savings rate climbing high, consumers are eager to spend. As such, it is reasonable to assume that once the pandemic is brought under control, demand for goods and services will likely outstrip supply in the short term, which may result in a temporary pickup in inflation.
 
Whether inflation will persist is a big question mark, however. Particularly in Japan, even though well over a decade of ultra-loose monetary policy has created abundant liquidity in the financial system, it has not made its way to the real economy. For example, since the end of 2009, Japan’s monetary base has increased sixfold, but the money supply has not grown nearly as much while CPI has struggled to stay in positive territory. Aging demographics and a declining population are perennial problems from which Japan does not seem able to escape. Furthermore, the advancement of technology, such as e-commerce and the digital economy, has been effective at taming upward pressure on prices of goods and services globally. Putting all these things together, our view is that a continuous rise in interest rates beyond the correction territory is unlikely.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

As such, it is hard to image inflation taking hold in our domestic economy at this point in time. The Bank of Japan will likely continue with the current monetary policy framework, keeping rates around zero through so-called yield curve control along with other easing measures. We remain optimistic about the long-term prospects for Japan and its stock market.
 
Thank you for your continued confidence and investment in the Hennessy Funds.
 
Sincerely,
 
 
Tadahiro Fujimura
Masakazu Takeda
Portfolio Manager,
Portfolio Manager,
Hennessy Japan Small Cap Fund;
Hennessy Japan Fund;
Chief Investment Officer
Fund Manager
SPARX Asset Management Co., Ltd.
SPARX Asset Management Co., Ltd.

SPARX Asset Management Co., Ltd., located in Tokyo, Japan, is the sub-advisor to the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund.
 

 
Past performance does not guarantee future results.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Tadahiro Fujimura and Masakazu Takeda and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The Tokyo Stock Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. The index is used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Japan Small Cap Fund –
        
  Investor Class (HJPSX)
12.79%
34.40%
13.59%
12.86%
Hennessy Japan Small Cap Fund –
        
  Institutional Class (HJSIX)(2)
12.99%
34.90%
14.01%
13.09%
Russell/Nomura
        
  Small CapTM Index
11.29%
25.84%
  8.38%
  8.59%
Tokyo Price Index (TOPIX)
16.59%
29.94%
  9.57%
  7.56%

Expense ratios: 1.55% (Investor Class); 1.13% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.
(2)
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.

 

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com.
 
The Russell/Nomura Small Cap™ Index contains the bottom 15% of the Russell/Nomura Total Market™ Index based on market capitalization. The Tokyo Price Index (TOPIX) is a capitalization-weighted index of all of the companies listed on the First Section of the Tokyo Stock Exchange. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY JAPAN SMALL CAP FUND
(% of Net Assets)


 

 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Iwatani Corp.
2.41%
Fugi Corp.
2.24%
Digital Garage, Inc.
2.06%
Hanwa Co., Ltd.
2.06%
Tocalo Co., Ltd.
2.06%
Kito Corp.
2.00%
MIRAIT Holdings Corp.
2.00%
Mitsubishi Logisnext Co., Ltd.
1.99%
Ship Healthcare Holdings, Inc.
1.97%
Musashi Seimitsu Industry Co., Ltd.
1.95%

 

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 90.01%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 1.05%
                  
Septeni Holdings Co., Ltd.
    
226,300
    
$
1,041,531
      
1.05
%
                         
Consumer Discretionary – 11.44%
                        
Benesse Holdings, Inc.
    
50,000
      
1,103,944
      
1.11
%
Matsuoka Corp.
    
59,200
      
986,937
      
0.99
%
Musashi Seimitsu Industry Co., Ltd.
    
111,000
      
1,938,869
      
1.95
%
NGK Spark Plug Co., Ltd.
    
98,500
      
1,643,920
      
1.66
%
Nojima Corp.
    
32,400
      
808,147
      
0.81
%
Pacific Industrial Co., Ltd.
    
126,300
      
1,355,567
      
1.37
%
Saizeriya Co., Ltd.
    
76,700
      
1,681,519
      
1.69
%
Seiren Co., Ltd.
    
106,400
      
1,841,969
      
1.86
%
             
11,360,872
      
11.44
%
                         
Consumer Staples – 4.40%
                        
Cosmos Pharmaceutical Corp.
    
7,200
      
1,033,654
      
1.04
%
Nippn Corp.
    
68,700
      
980,620
      
0.99
%
Nishimoto Co., Ltd.
    
61,700
      
1,441,868
      
1.45
%
Yoshimura Food Holdings KK (a)
    
118,900
      
909,511
      
0.92
%
             
4,365,653
      
4.40
%
                         
Energy – 2.41%
                        
Iwatani Corp.
    
38,100
      
2,388,005
      
2.41
%
                         
Financials – 4.63%
                        
AEON Financial Service Co., Ltd.
    
137,600
      
1,561,204
      
1.57
%
Aruhi Corp.
    
50,000
      
805,197
      
0.81
%
Lifenet Insurance Co. (a)
    
82,200
      
983,783
      
0.99
%
Musashino Bank Ltd.
    
83,700
      
1,244,510
      
1.26
%
             
4,594,694
      
4.63
%
                         
Health Care – 2.77%
                        
CYBERDYNE, Inc. (a)
    
138,100
      
791,020
      
0.80
%
Ship Healthcare Holdings, Inc.
    
74,600
      
1,954,931
      
1.97
%
             
2,745,951
      
2.77
%
                         
Industrials – 36.11%
                        
Bell System24 Holdings, Inc.
    
102,400
      
1,545,042
      
1.56
%
Benefit One, Inc.
    
63,200
      
1,586,217
      
1.60
%
Creek & River Co., Ltd.
    
103,300
      
1,471,664
      
1.48
%
Daihen Corp.
    
40,900
      
1,788,837
      
1.80
%
 

The accompanying notes are an integral part of these financial statements.
 
 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS
 
COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Industrials (Continued)
                  
Fugi Corp.
    
83,600
    
$
2,226,733
      
2.24
%
Hanwa Co., Ltd.
    
68,700
      
2,039,816
      
2.06
%
Hito Communications Holdings, Inc.
    
100,400
      
1,899,782
      
1.91
%
Kawada Technologies, Inc.
    
33,900
      
1,361,707
      
1.37
%
Kito Corp.
    
121,700
      
1,986,575
      
2.00
%
METAWATER Co., Ltd.
    
75,900
      
1,475,775
      
1.49
%
MIRAIT Holdings Corp.
    
122,700
      
1,982,690
      
2.00
%
Mitsubishi Logisnext Co., Ltd.
    
165,800
      
1,970,667
      
1.99
%
Nichiha Corp.
    
35,800
      
1,038,393
      
1.05
%
Nihon Flush Co., Ltd.
    
110,600
      
1,261,947
      
1.27
%
Nippon Koei Co., Ltd.
    
69,700
      
1,880,095
      
1.89
%
Sato Holdings Corp.
    
74,300
      
1,820,619
      
1.83
%
SBS Holdings, Inc.
    
78,400
      
1,925,388
      
1.94
%
Senko Group Holdings Co., Ltd.
    
191,200
      
1,758,221
      
1.77
%
Takeei Corp.
    
157,000
      
1,782,752
      
1.80
%
Tanseisha Co., Ltd.
    
130,400
      
989,126
      
1.00
%
Tocalo Co., Ltd.
    
150,700
      
2,047,667
      
2.06
%
             
35,839,713
      
36.11
%
                         
Information Technology – 17.01%
                        
Digital Garage, Inc.
    
49,600
      
2,044,542
      
2.06
%
Elecom Co., Ltd.
    
66,400
      
1,397,383
      
1.41
%
Macnica Fuji Electronics Holdings, Inc.
    
77,200
      
1,558,975
      
1.57
%
Mimaki Engineering Co., Ltd.
    
232,500
      
1,370,025
      
1.38
%
Nihon Unisys Ltd.
    
42,700
      
1,353,788
      
1.36
%
Nippon Signal Company, Ltd.
    
130,600
      
1,107,752
      
1.11
%
Poletowin Pitcrew Holdings, Inc.
    
105,400
      
1,089,779
      
1.10
%
Rorze Corp.
    
14,600
      
1,323,872
      
1.33
%
SIIX Corp.
    
73,500
      
981,211
      
0.99
%
Towa Corp.
    
74,400
      
1,468,394
      
1.48
%
Transcosmos, Inc.
    
57,300
      
1,635,795
      
1.65
%
Yamaichi Electronics Co., Ltd.
    
105,000
      
1,558,331
      
1.57
%
             
16,889,847
      
17.01
%
 

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

HENNESSY FUNDS
1-800-966-4354
  
7
COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Materials – 6.08%
                  
Asia Pile Holdings Corp.
    
370,700
    
$
1,726,474
      
1.74
%
Rengo Co., Ltd.
    
154,100
      
1,278,879
      
1.29
%
Sanyo Chemical Industries Ltd.
    
34,800
      
1,652,594
      
1.66
%
Tokyo Ohka Kogyo Co., Ltd.
    
20,700
      
1,375,075
      
1.39
%
             
6,033,022
      
6.08
%
                         
Real Estate – 2.17%
                        
Star Mica Holdings Co., Ltd.
    
115,400
      
1,162,553
      
1.17
%
Tosei Corp.
    
100,300
      
992,079
      
1.00
%
             
2,154,632
      
2.17
%
                         
Utilities – 1.94%
                        
EF-ON, Inc.
    
204,900
      
1,931,073
      
1.94
%
                         
Total Common Stocks
                        
  (Cost $73,726,758)
            
89,344,993
      
90.01
%
                         
SHORT-TERM INVESTMENTS – 10.17%
                        
                         
Money Market Funds – 10.17%
                        
Fidelity Government Portfolio, Institutional Class, 0.01% (b)
    
179,867
      
179,867
      
0.17
%
First American Government Obligations Fund,
                        
  Institutional Class, 0.03% (b)
    
4,960,000
      
4,960,000
      
5.00
%
First American Treasury Obligations Fund,
                        
  Institutional Class, 0.03% (b)
    
4,960,000
      
4,960,000
      
5.00
%
                         
Total Short-Term Investments
                        
  (Cost $10,099,867)
            
10,099,867
      
10.17
%
                         
Total Investments
                        
  (Cost $83,826,625) – 100.18%
            
99,444,860
      
100.18
%
Liabilities in Excess of Other Assets – (0.18)%
            
(182,310
)
    
(0.18
)%
                         
TOTAL NET ASSETS – 100.00%
          
$
99,262,550
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
Non-income-producing security.
(b)
The rate listed is the fund’s seven-day yield as of April 30, 2021.

 

 

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

 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS

Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
1,041,531
    
$
—
    
$
—
    
$
1,041,531
  
Consumer Discretionary
    
11,360,872
      
—
      
—
      
11,360,872
  
Consumer Staples
    
4,365,653
      
—
      
—
      
4,365,653
  
Energy
    
2,388,005
      
—
      
—
      
2,388,005
  
Financials
    
4,594,694
      
—
      
—
      
4,594,694
  
Health Care
    
2,745,951
      
—
      
—
      
2,745,951
  
Industrials
    
35,839,713
      
—
      
—
      
35,839,713
  
Information Technology
    
16,889,847
      
—
      
—
      
16,889,847
  
Materials
    
6,033,022
      
—
      
—
      
6,033,022
  
Real Estate
    
2,154,632
      
—
      
—
      
2,154,632
  
Utilities
    
1,931,073
      
—
      
—
      
1,931,073
  
Total Common Stocks
  
$
89,344,993
    
$
—
    
$
—
    
$
89,344,993
  
Short-Term Investments
                                
Money Market Funds
  
$
10,099,867
    
$
—
    
$
—
    
$
10,099,867
  
Total Short-Term Investments
  
$
10,099,867
    
$
—
    
$
—
    
$
10,099,867
  
Total Investments
  
$
99,444,860
    
$
—
    
$
—
    
$
99,444,860
  


 

 

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

HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $83,826,625)
  
$
99,444,860
  
Dividends and interest receivable
    
734,233
  
Receivable for fund shares sold
    
136,078
  
Prepaid expenses and other assets
    
14,049
  
Total assets
    
100,329,220
  
         
LIABILITIES:
        
Payable for securities purchased
    
449,605
  
Payable for fund shares redeemed
    
467,312
  
Payable to advisor
    
66,075
  
Payable to sub-transfer agents
    
29,175
  
Payable to administrator
    
19,572
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
8,870
  
Accrued service fees
    
4,222
  
Accrued trustees fees
    
4,868
  
Accrued expenses and other payables
    
5,744
  
Total liabilities
    
1,066,670
  
NET ASSETS
  
$
99,262,550
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
83,235,469
  
Total distributable earnings
    
16,027,081
  
Total net assets
  
$
99,262,550
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
49,890,705
  
Shares issued and outstanding
    
2,819,068
  
Net asset value, offering price, and redemption price per share
  
$
17.70
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
49,371,845
  
Shares issued and outstanding
    
2,822,471
  
Net asset value, offering price, and redemption price per share
  
$
17.49
  


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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS

Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Dividend income(1)
  
$
877,973
  
Interest income
    
861
  
Total investment income
    
878,834
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
371,833
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
56,525
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
17,882
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
57,069
  
Distribution fees – Investor Class (See Note 5)
    
38,351
  
Service fees – Investor Class (See Note 5)
    
25,568
  
Federal and state registration fees
    
15,078
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
9,412
  
Reports to shareholders
    
7,270
  
Legal fees
    
636
  
Other expenses
    
6,878
  
Total expenses
    
631,573
  
NET INVESTMENT INCOME
  
$
247,261
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
1,113,205
  
Net change in unrealized appreciation/depreciation on investments
    
8,843,050
  
Net gain on investments
    
9,956,255
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
10,203,516
  


 

 

 

 

 

 
(1)
Net of foreign taxes withheld of $97,552.

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


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12
STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
247,261
    
$
250,103
  
Net realized gain on investments
    
1,113,205
      
4,449,101
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
8,843,050
      
(6,227,200
)
Net increase (decrease) in net
                
  assets resulting from operations
    
10,203,516
      
(1,527,996
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(121,857
)
    
(876,351
)
Distributable earnings – Institutional Class
    
(260,753
)
    
(1,083,137
)
Total distributions
    
(382,610
)
    
(1,959,488
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
6,065,336
      
10,928,761
  
Proceeds from shares subscribed – Institutional Class
    
19,347,078
      
17,157,226
  
Dividends reinvested – Investor Class
    
116,988
      
843,742
  
Dividends reinvested – Institutional Class
    
246,865
      
990,566
  
Cost of shares redeemed – Investor Class
    
(8,544,329
)
    
(30,850,983
)
Cost of shares redeemed – Institutional Class
    
(8,788,312
)
    
(44,670,336
)
Net increase (decrease) in net assets derived
                
  from capital share transactions
    
8,443,626
      
(45,601,024
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
18,264,532
      
(49,088,508
)
                 
NET ASSETS:
                
Beginning of period
    
80,998,018
      
130,086,526
  
End of period
  
$
99,262,550
    
$
80,998,018
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
342,806
      
740,416
  
Shares sold – Institutional Class
    
1,087,463
      
1,237,542
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
6,496
      
52,999
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
13,884
      
63,013
  
Shares redeemed – Investor Class
    
(481,525
)
    
(2,138,457
)
Shares redeemed – Institutional Class
    
(498,819
)
    
(3,253,564
)
Net increase (decrease) in shares outstanding
    
470,305
      
(3,298,051
)


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


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Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
15.73
  
         
Income from investment operations:
        
Net investment income
    
0.03
(1) 
Net realized and unrealized gains on investments
    
1.98
  
Total from investment operations
    
2.01
  
         
Less distributions:
        
Dividends from net investment income
    
(0.04
)
Dividends from net realized gains
    
—
  
Total distributions
    
(0.04
)
Net asset value, end of period
  
$
17.70
  
         
TOTAL RETURN
    
12.79
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
49.89
  
Ratio of expenses to average net assets
    
1.53
%(3)
Ratio of net investment income to average net assets
    
0.32
%(3)
Portfolio turnover rate(4)
    
15
%(2)











(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
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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14
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
15.43
    
$
14.99
    
$
14.92
    
$
11.29
    
$
10.29
  
                                     
                                     
 
0.01
(1) 
    
0.03
(1) 
    
0.05
      
0.08
      
0.03
  
 
0.50
      
0.88
      
0.35
      
3.77
      
1.31
  
 
0.51
      
0.91
      
0.40
      
3.85
      
1.34
  
                                     
                                     
 
(0.21
)
    
—
      
(0.05
)
    
(0.12
)
    
—
  
 
—
      
(0.47
)
    
(0.28
)
    
(0.10
)
    
(0.34
)
 
(0.21
)
    
(0.47
)
    
(0.33
)
    
(0.22
)
    
(0.34
)
$
15.73
    
$
15.43
    
$
14.99
    
$
14.92
    
$
11.29
  
                                     
 
3.27
%
    
6.30
%
    
2.64
%
    
34.82
%
    
13.44
%
                                     
                                     
$
46.41
    
$
66.30
    
$
100.93
    
$
69.86
    
$
26.23
  
 
1.55
%
    
1.52
%
    
1.46
%
    
1.60
%
    
1.91
%
 
0.09
%
    
0.23
%
    
0.21
%
    
0.26
%
    
0.25
%
 
17
%
    
21
%
    
35
%
    
41
%
    
22
%








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


HENNESSY FUNDS
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15
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
15.58
  
         
Income from investment operations:
        
Net investment income
    
0.07
(1) 
Net realized and unrealized gains on investments
    
1.96
  
Total from investment operations
    
2.03
  
         
Less distributions:
        
Dividends from net investment income
    
(0.12
)
Dividends from net realized gains
    
—
  
Total distributions
    
(0.12
)
Net asset value, end of period
  
$
17.49
  
         
TOTAL RETURN
    
12.99
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
49.37
  
Ratio of expenses to average net assets
    
1.15
%(3)
Ratio of net investment income to average net assets
    
0.80
%(3)
Portfolio turnover rate(4)
    
15
%(2)














(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
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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16
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
15.28
    
$
14.83
    
$
14.72
    
$
11.33
    
$
10.30
  
                                     
                                     
 
0.07
(1) 
    
0.09
(1) 
    
0.11
      
0.05
      
0.06
  
 
0.50
      
0.86
      
0.36
      
3.78
      
1.31
  
 
0.57
      
0.95
      
0.47
      
3.83
      
1.37
  
                                     
                                     
 
(0.27
)
    
(0.04
)
    
(0.08
)
    
(0.10
)
    
—
  
 
—
      
(0.46
)
    
(0.28
)
    
(0.34
)
    
(0.34
)
 
(0.27
)
    
(0.50
)
    
(0.36
)
    
(0.44
)
    
(0.34
)
$
15.58
    
$
15.28
    
$
14.83
    
$
14.72
    
$
11.33
  
                                     
 
3.69
%
    
6.73
%
    
3.12
%
    
35.17
%
    
13.73
%
                                     
                                     
$
34.58
    
$
63.78
    
$
98.42
    
$
28.71
    
$
3.42
  
 
1.13
%
    
1.12
%
    
1.04
%
    
1.19
%
    
1.63
%
 
0.45
%
    
0.61
%
    
0.77
%
    
0.80
%
    
0.63
%
 
17
%
    
21
%
    
35
%
    
41
%
    
22
%








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


HENNESSY FUNDS
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Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)

1).  ORGANIZATION
 
The Hennessy Japan Small Cap Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
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18
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain/loss on investments. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards, and other factors.
   
j).
REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other


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times, investments in a REIT may result in the Fund’s receipt of cash in excess of the REIT’s earnings. If the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.
   
k).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities on a recurring basis:
 
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) generally are

 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale.
 

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Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund invests in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $12,707,450 and $12,577,018, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor oversees the provision of investment advice and furnishes office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.80%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Advisor has delegated the day-to-day management of the Fund to a sub-advisor, SPARX Asset Management Co., Ltd. The Advisor pays the sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund. During the six months ended April 30, 2021, the Advisor (not the Fund) paid a sub-advisory fee at the average rate of 0.35% of the daily net assets of the Fund. Pursuant to the sub-advisory agreement, the Advisor pays sub-advisory fees at the rate of 0.35% of the first $500 million of daily net assets, 0.40% of daily net assets between $500 million and $1 billion, and 0.42% of daily net assets over $1 billion.
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS

The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 

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6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
74,114,181
  
Gross tax unrealized appreciation
  
$
17,412,208
  
Gross tax unrealized depreciation
    
(10,717,076
)
Net tax unrealized appreciation/(depreciation)
  
$
6,695,132
  
Undistributed ordinary income
  
$
382,610
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
382,610
  
Other accumulated gain/(loss)
  
$
(871,567
)
Total accumulated gain/(loss)
  
$
6,206,175
  

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales and investments in passive foreign investment companies.
 
As of October 31, 2020, the Fund had $871,567 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
 
 
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24
NOTES TO THE FINANCIAL STATEMENTS

During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
382,610
    
$
1,959,488
  
Long-term capital gains
    
—
      
—
  
Total distributions
  
$
382,610
    
$
1,959,488
  

(1)  Ordinary income includes short-term capital gains.
 
9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 







HENNESSY FUNDS
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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

 
 
 
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EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,127.90
$8.07
Hypothetical (5% return before expenses)
$1,000.00
$1,017.21
$7.65
       
Institutional Class
      
Actual
$1,000.00
$1,129.90
$6.07
Hypothetical (5% return before expenses)
$1,000.00
$1,019.09
$5.76

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.53% for Investor Class shares or 1.15% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).







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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2)on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 0.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
For the year ended October 31, 2020, the Fund earned foreign-source income and paid foreign taxes as noted below, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.
 
   
Gross Foreign Income
Foreign Tax Paid
  
 
Japan
$1,727,862
$172,786
  
 

Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
 
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PROXY VOTING — ELECTRONIC DELIVERY

Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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HENNESSY FUNDS
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Board Approval of Investment Advisory
Agreements
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”) and the sub-advisory agreement for the Fund between the Advisor and SPARX Asset Management Co., Ltd. (the “Sub-Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory and sub-advisory agreements. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory and sub-advisory agreements.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory and sub-advisory agreements. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
Summaries of the advisory and sub-advisory agreements;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor and the Sub-Advisor and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund;
     
 
(8)
A memorandum from the Adviser regarding economies of scale;
     
 
(9)
A completed questionnaire from the Sub-Advisor;
     
 
(10)
A summary of the Sub-Advisor’s responses to the questionnaire, as well as relevant information from the Sub-Advisor’s Form ADVs Parts 1 and 2 and the certifications submitted the Sub-Advisor each quarter;
     
 
(11)
Financial information of the Sub-Advisor’s parent company; and
     
 
(12)
The Sub-Advisor’s Code of Ethics.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory and sub-advisory agreements. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may
 
 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory and sub-advisory agreements, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor and the Sub-Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor and the Sub-Advisor;
     
 
(5)
The performance of the Fund; and
     
 
(6)
Any benefits to the Advisor and the Sub-Advisor from serving as an investment advisor to the Fund (other than the advisory and sub-advisory fees).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor oversees the Sub-Advisor for the Fund, and the Sub-Advisor acts as the portfolio manager for the Fund by providing portfolio management services.
       
   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Sub-Advisor and the Fund’s other service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Sub-Advisor and the Fund’s other service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees the selection and continued employment of the Sub-Advisor, reviews the Fund’s investment performance, and monitors the Sub-Advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.


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(g)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(h)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(i)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(j)
For each annual report of the Fund, the Advisor reviews the written summary prepared by the Sub-Advisor of the Fund’s performance during the most recent 12-month period.
       
   
(k)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(l)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(m)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(n)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees considered the services identified below that are provided by the Sub-Advisor. Based on this review and an assessment of the Sub-Advisor’s performance, the Trustees concluded that the Sub-Advisor provides high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Sub-Advisor and that the nature and extent of the services provided by the Sub-Advisor were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

   
(a)
The Sub-Advisor acts as the portfolio manager for the Fund. In this capacity, the Sub-Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio; and
         
     
(iii)
manages proxy voting for the Fund.

   
(b)
The Sub-Advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the Sub-Advisor’s duties as a portfolio manager to the Fund.
       
   
(c)
For each annual report of the Fund, the Sub-Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.

 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

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

 
(3)
The Trustees considered the distinction between the services performed by the Advisor and the Sub-Advisor. The Trustees noted that the management of the Fund, including the oversight of the Sub-Advisor, involves more comprehensive and substantive duties than the duties of the Sub-Advisor. Specifically, the Trustees considered the lists of services identified above and concluded that the services performed by the Advisor for the Fund require a higher level of service and oversight than the services performed by the Sub-Advisor. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the Sub-Advisor is reasonable.
     
 
(4)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the Sub-Advisor manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory and sub-advisory agreements.
     
 
(5)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.
     
 
(6)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(7)
The Trustees considered the profitability of the Advisor and the Sub-Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the Sub-Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(8)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.


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(9)
The Trustees considered any benefits to the Advisor and the Sub-Advisor from serving as an advisor to the Fund (other than the advisory and sub-advisory fees). The Trustees noted that the Advisor and the Sub-Advisor may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the Sub-Advisor from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and the Sub-Advisor’s own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the Sub-Advisor could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.

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






 
 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

 







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For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY LARGE CAP FINANCIAL FUND
 
Investor Class  HLFNX
Institutional Class  HILFX









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







(This Page Intentionally Left Blank.)
 







Contents

 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
8
Statement of Operations
9
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
24
Proxy Voting Policy and Proxy Voting Records
26
Availability of Quarterly Portfolio Schedule
26
Important Notice Regarding Delivery of Shareholder Documents
26
Electronic Delivery
26
Board Approval of Investment Advisory Agreement
27










HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 


HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Large Cap Financial Fund –
        
  Investor Class (HLFNX)
46.84%
60.58%
17.86%
12.23%
Hennessy Large Cap Financial Fund –
        
  Institutional Class (HILFX)(2)
47.15%
61.15%
18.28%
12.48%
Russell 1000® Index Financials
52.00%
65.94%
18.36%
14.27%
Russell 1000® Index
30.03%
49.48%
17.76%
14.23%

Expense ratios: 1.75% (Investor Class); 1.45% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.
(2)
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.

 

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2012, is that of the FBR Large Cap Financial Fund.
 
The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of the securities classified in the financials sector of the large-capitalization U.S. equity market. The Russell 1000® Index comprises the 1,000 largest companies in the Russell 3000® Index based on market capitalization. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY LARGE CAP FINANCIAL FUND
(% of Net Assets)


 


 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Wells Fargo & Co.
5.92%
Bank of America Corp.
5.71%
Capital One Financial Corp.
5.66%
Mastercard, Inc., Class A
5.32%
Visa, Inc., Class A
5.32%
PayPal Holdings, Inc.
4.98%
The Goldman Sachs Group, Inc.
4.96%
Citigroup, Inc.
4.79%
Tradeweb Markets, Inc.
4.76%
Morgan Stanley
4.70%

 

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 96.10%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Financials – 61.52%
                  
Ally Financial, Inc.
    
30,000
    
$
1,543,500
      
2.44
%
Bank of America Corp.
    
89,000
      
3,607,170
      
5.71
%
Capital One Financial Corp.
    
24,000
      
3,577,920
      
5.66
%
Citigroup, Inc.
    
42,500
      
3,027,700
      
4.79
%
Huntington Bancshares, Inc.
    
175,000
      
2,681,000
      
4.24
%
JPMorgan Chase & Co.
    
18,000
      
2,768,580
      
4.38
%
Moody’s Corp.
    
8,000
      
2,613,680
      
4.14
%
Morgan Stanley
    
36,000
      
2,971,800
      
4.70
%
SelectQuote, Inc. (a)
    
35,000
      
1,089,550
      
1.72
%
Signature Bank
    
7,000
      
1,760,570
      
2.79
%
The Blackstone Group, Inc.
    
30,000
      
2,654,700
      
4.20
%
The Charles Schwab Corp.
    
10,000
      
704,000
      
1.11
%
The Goldman Sachs Group, Inc.
    
9,000
      
3,136,050
      
4.96
%
Tradeweb Markets, Inc.
    
37,000
      
3,007,360
      
4.76
%
Wells Fargo & Co.
    
83,000
      
3,739,150
      
5.92
%
             
38,882,730
      
61.52
%
                         
Information Technology – 34.58%
                        
Adyen NV – ADR (a)(b)
    
60,000
      
2,958,000
      
4.68
%
Apple, Inc.
    
22,000
      
2,892,120
      
4.58
%
Global Payments, Inc.
    
13,000
      
2,790,190
      
4.41
%
Mastercard, Inc., Class A
    
8,800
      
3,362,128
      
5.32
%
PayPal Holdings, Inc. (a)
    
12,000
      
3,147,480
      
4.98
%
Paysafe Ltd. (a)(b)
    
65,000
      
897,000
      
1.42
%
Square, Inc., Class A (a)
    
10,000
      
2,448,200
      
3.87
%
Visa, Inc., Class A
    
14,400
      
3,363,264
      
5.32
%
             
21,858,382
      
34.58
%
                         
Total Common Stocks
                        
  (Cost $35,193,022)
            
60,741,112
      
96.10
%
                         
SPECIAL PURPOSE ACQUISITION VEHICLES – 1.59%
                        
Social Capital Hedosophia Holdings Corp. V (a)(b)
    
59,000
      
1,003,000
      
1.59
%
                         
Total Special Purpose Acquisition Vehicles
                        
  (Cost $1,157,431)
            
1,003,000
      
1.59
%


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

 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS

SHORT-TERM INVESTMENTS – 1.83%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 1.83%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (c)
    
1,158,583
    
$
1,158,583
      
1.83
%
                         
Total Short-Term Investments
                        
  (Cost $1,158,583)
            
1,158,583
      
1.83
%
                         
Total Investments
                        
  (Cost $37,509,036) – 99.52%
            
62,902,695
      
99.52
%
Other Assets in Excess of Liabilities – 0.48%
            
303,064
      
0.48
%
                         
TOTAL NET ASSETS – 100.00%
          
$
63,205,759
      
100.00
%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt
NV – Naamloze Vennootschap is a Dutch term for publicly traded companies.
(a)
Non-income-producing security.
(b)
U.S.-traded security of a foreign corporation.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Financials
  
$
38,882,730
    
$
—
    
$
—
    
$
38,882,730
  
Information Technology
    
21,858,382
      
—
      
—
      
21,858,382
  
Total Common Stocks
  
$
60,741,112
    
$
—
    
$
—
    
$
60,741,112
  
Special Purpose Acquisition Vehicles
  
$
1,003,000
    
$
—
    
$
—
    
$
1,003,000
  
Short-Term Investments
                                
Money Market Funds
  
$
1,158,583
    
$
—
    
$
—
    
$
1,158,583
  
Total Short-Term Investments
  
$
1,158,583
    
$
—
    
$
—
    
$
1,158,583
  
Total Investments
  
$
62,902,695
    
$
—
    
$
—
    
$
62,902,695
  



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


HENNESSY FUNDS
1-800-966-4354
  
7
Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)

ASSETS:
      
Investments in securities, at value (cost $37,509,036)
  
$
62,902,695
  
Dividends and interest receivable
    
60,107
  
Receivable for fund shares sold
    
332,417
  
Return of capital receivable
    
12,300
  
Prepaid expenses and other assets
    
23,299
  
Total assets
    
63,330,818
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
22,135
  
Payable to advisor
    
44,871
  
Payable to sub-transfer agents
    
18,392
  
Payable to administrator
    
12,705
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
6,094
  
Accrued service fees
    
3,007
  
Accrued trustees fees
    
4,987
  
Accrued expenses and other payables
    
1,641
  
Total liabilities
    
125,059
  
NET ASSETS
  
$
63,205,759
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
36,678,534
  
Total distributable earnings
    
26,527,225
  
Total net assets
  
$
63,205,759
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
37,453,078
  
Shares issued and outstanding
    
1,142,337
  
Net asset value, offering price, and redemption price per share
  
$
32.79
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
25,752,681
  
Shares issued and outstanding
    
779,970
  
Net asset value, offering price, and redemption price per share
  
$
33.02
  


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

 
 
WWW.HENNESSYFUNDS.COM
8
STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS

Financial Statements
 
Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Dividend income
  
$
331,212
  
Interest income
    
187
  
Total investment income
    
331,399
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
266,659
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
38,620
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
30,122
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
4,003
  
Distribution fees – Investor Class (See Note 5)
    
23,332
  
Federal and state registration fees
    
17,992
  
Service fees – Investor Class (See Note 5)
    
15,554
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
9,319
  
Reports to shareholders
    
4,168
  
Interest expense (See Note 7)
    
2,866
  
Legal fees
    
362
  
Other expenses
    
4,970
  
Total expenses
    
443,038
  
NET INVESTMENT LOSS
  
$
(111,639
)
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
3,337,362
  
Net change in unrealized appreciation/deprecation on investments
    
17,664,092
  
Net gain on investments
    
21,001,454
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
20,889,815
  


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


HENNESSY FUNDS
1-800-966-4354
  
9






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10
STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment loss
  
$
(111,639
)
  
$
(32,857
)
Net realized gain on investments
    
3,337,362
      
885,211
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
17,664,092
      
(1,457,375
)
Net increase (decrease) in net
                
  assets resulting from operations
    
20,889,815
      
(605,021
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
8,004,691
      
5,673,827
  
Proceeds from shares subscribed – Institutional Class
    
11,551,769
      
11,305,560
  
Cost of shares redeemed – Investor Class
    
(4,086,801
)
    
(6,851,490
)
Cost of shares redeemed – Institutional Class
    
(16,813,423
)
    
(11,461,893
)
Net decrease in net assets derived
                
  from capital share transactions
    
(1,343,764
)
    
(1,333,996
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
19,546,051
      
(1,939,017
)
                 
NET ASSETS:
                
Beginning of period
    
43,659,708
      
45,598,725
  
End of period
  
$
63,205,759
    
$
43,659,708
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
274,818
      
276,712
  
Shares sold – Institutional Class
    
398,126
      
544,138
  
Shares redeemed – Investor Class
    
(140,660
)
    
(312,507
)
Shares redeemed – Institutional Class
    
(560,610
)
    
(570,423
)
Net decrease in shares outstanding
    
(28,326
)
    
(62,080
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
22.33
  
         
Income from investment operations:
        
Net investment income (loss)
    
(0.08
)(1)
Net realized and unrealized gains (losses) on investments
    
10.54
  
Total from investment operations
    
10.46
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
32.79
  
         
TOTAL RETURN
    
46.84
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
37.45
  
Ratio of expenses to average net assets
    
1.70
%(3)
Ratio of net investment income (loss) to average net assets
    
(0.58
)%(3)
Portfolio turnover rate(4)
    
44
%(2)














(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
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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12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
22.63
    
$
21.43
    
$
22.02
    
$
16.23
    
$
18.36
  
                                     
                                     
 
(0.05
)(1)
    
(0.05
)(1)
    
(0.07
)
    
(0.08
)
    
0.07
  
 
(0.25
)
    
1.84
      
0.48
      
5.97
      
(0.49
)
 
(0.30
)
    
1.79
      
0.41
      
5.89
      
(0.42
)
                                     
                                     
 
—
      
—
      
—
      
(0.10
)
    
(0.02
)
 
—
      
(0.59
)
    
(1.00
)
    
—
      
(1.69
)
 
—
      
(0.59
)
    
(1.00
)
    
(0.10
)
    
(1.71
)
$
22.33
    
$
22.63
    
$
21.43
    
$
22.02
    
$
16.23
  
                                     
 
-1.33
%
    
8.75
%
    
1.82
%
    
36.41
%
    
-2.57
%
                                     
                                     
$
22.51
    
$
23.63
    
$
40.99
    
$
26.33
    
$
26.67
  
 
1.75
%
    
1.82
%
    
1.69
%
    
1.81
%
    
1.66
%
 
(0.21
)%
    
(0.23
)%
    
(0.44
)%
    
(0.41
)%
    
0.16
%
 
88
%
    
83
%
    
64
%
    
76
%
    
141
%







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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
22.44
  
         
Income from investment operations:
        
Net investment income (loss)
    
(0.02
)(1)
Net realized and unrealized gains (losses) on investments
    
10.60
  
Total from investment operations
    
10.58
  
         
Less distributions:
        
Dividends from net investment income
    
—
  
Dividends from net realized gains
    
—
  
Total distributions
    
—
  
Net asset value, end of period
  
$
33.02
  
         
TOTAL RETURN
    
47.15
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
25.75
  
Ratio of expenses to average net assets
    
1.27
%(3)
Ratio of net investment income (loss) to average net assets
    
(0.16
)%(3)
Portfolio turnover rate(4)
    
44
%(2)














(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
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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14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
22.68
    
$
21.39
    
$
21.91
    
$
16.26
    
$
18.39
  
                                     
                                     
 
0.02
(1) 
    
0.01
(1) 
    
0.03
      
0.18
      
0.02
  
 
(0.26
)
    
1.87
      
0.45
      
5.78
      
(0.36
)
 
(0.24
)
    
1.88
      
0.48
      
5.96
      
(0.34
)
                                     
                                     
 
—
      
—
      
—
      
(0.31
)
    
(0.09
)
 
—
      
(0.59
)
    
(1.00
)
    
—
      
(1.70
)
 
—
      
(0.59
)
    
(1.00
)
    
(0.31
)
    
(1.79
)
$
22.44
    
$
22.68
    
$
21.39
    
$
21.91
    
$
16.26
  
                                     
 
-1.06
%
    
9.16
%
    
2.16
%
    
36.92
%
    
-2.14
%
                                     
                                     
$
21.15
    
$
21.97
    
$
8.85
    
$
5.83
    
$
0.35
  
 
1.45
%
    
1.43
%
    
1.34
%
    
1.50
%
    
1.24
%
 
0.08
%
    
0.05
%
    
(0.07
)%
    
(0.17
)%
    
0.52
%
 
88
%
    
83
%
    
64
%
    
76
%
    
141
%







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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Large Cap Financial Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is capital appreciation. The Fund is a non-diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
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16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.
 

HENNESSY FUNDS
1-800-966-4354
  
17
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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

 
 
WWW.HENNESSYFUNDS.COM
18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 

HENNESSY FUNDS
1-800-966-4354
  
19
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $24,858,759 and $26,567,141, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.90%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
 
 
WWW.HENNESSYFUNDS.COM
20
NOTES TO THE FINANCIAL STATEMENTS

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $175,403 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $14,784,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.


HENNESSY FUNDS
1-800-966-4354
  
21
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
37,074,652
  
Gross tax unrealized appreciation
  
$
10,484,842
  
Gross tax unrealized depreciation
    
(3,835,619
)
Net tax unrealized appreciation/(depreciation)
  
$
6,649,223
  
Undistributed ordinary income
  
$
—
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
—
  
Other accumulated gain/(loss)
  
$
(1,011,813
)
Total accumulated gain/(loss)
  
$
5,637,410
  

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had $914,702 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
As of October 31, 2020, the Fund deferred, on a tax basis, a late-year ordinary loss of $97,111. Late-year ordinary losses are net ordinary losses incurred after December 31, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the Fund did not pay any distributions.
 
9).  LIBOR TRANSITION
 
The Fund invests in securities of financial institutions that may be involved in financings based on, among other floating rates, the London Interbank Offered Rate (“LIBOR”). LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the UK Financial Conduct Authority, which regulates LIBOR, announced that it would no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021, meaning that LIBOR cannot continue on its current basis and will not be guaranteed after 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking, and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The transition away from LIBOR may lead to increased volatility and illiquidity in markets tied to LIBOR, reduce the value of LIBOR-related instruments, and reduce the effectiveness of hedging strategies, which could adversely affect the Fund’s performance. Additionally, any alternative reference rate may be an ineffective substitute, resulting in prolonged adverse market conditions for the Fund’s investments.
 
 
 
WWW.HENNESSYFUNDS.COM
22
NOTES TO THE FINANCIAL STATEMENTS

10).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 











HENNESSY FUNDS
1-800-966-4354
  
23
Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

 

 
 
 
WWW.HENNESSYFUNDS.COM
24
EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,468.40
$10.40
Hypothetical (5% return before expenses)
$1,000.00
$1,016.36
$  8.50
       
Institutional Class
      
Actual
$1,000.00
$1,471.50
$  7.78
Hypothetical (5% return before expenses)
$1,000.00
$1,018.50
$  6.36

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.70% for Investor Class shares or 1.27% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).








HENNESSY FUNDS
1-800-966-4354
  
25
How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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WWW.HENNESSYFUNDS.COM
26
PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and
 

HENNESSY FUNDS
1-800-966-4354
  
27
 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.

 
 
WWW.HENNESSYFUNDS.COM
28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.


HENNESSY FUNDS
1-800-966-4354
  
29
 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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




 
 
WWW.HENNESSYFUNDS.COM
30
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT








(This Page Intentionally Left Blank.)
 








For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202




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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY SMALL CAP FINANCIAL FUND
 
Investor Class  HSFNX
Institutional Class  HISFX









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







(This Page Intentionally Left Blank.)
 







Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
8
Statement of Operations
9
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
24
Proxy Voting Policy and Proxy Voting Records
26
Availability of Quarterly Portfolio Schedule
26
Federal Tax Distribution Information
26
Important Notice Regarding Delivery of Shareholder Documents
26
Electronic Delivery
26
Board Approval of Investment Advisory Agreement
27













HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.
 
 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 



HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Small Cap Financial Fund –
        
  Investor Class (HSFNX)
75.43%
101.52%
13.41%
10.66%
Hennessy Small Cap Financial Fund –
        
  Institutional Class (HISFX)
75.79%
102.32%
13.83%
11.03%
Russell 2000® Index Financials
50.99%
  68.41%
12.55%
11.42%
Russell 2000® Index
48.06%
  74.91%
16.48%
11.63%

Expense ratios: 1.66% (Investor Class); 1.30% (Institutional Class)
 
(1)
Periods of less than one year are not annualized.

 






_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2012, is that of the FBR Small Cap Financial Fund.
 
The Russell 2000® Index Financials is a subset of the Russell 2000® Index that measures the performance of the securities classified in the financials sector of the small-capitalization U.S. equity market. The Russell 2000® Index comprises the smallest 2,000 companies in the Russell 3000® Index based on market capitalization, representing approximately 8% of the Russell 3000® Index in terms of total market capitalization. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor, or endorse the content of this communication.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY SMALL CAP FINANCIAL FUND
(% of Net Assets)


 

 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Alliance Data Systems Corp.
4.78%
HomeTrust Bancshares, Inc.
4.57%
First BanCorp.
4.55%
CIT Group, Inc.
4.48%
Hingham Institution for Savings
4.41%
Lakeland Bancorp, Inc.
4.33%
Hancock Whitney Corp.
4.19%
Meridian Bancorp, Inc.
4.00%
Texas Capital Bancshares, Inc.
3.98%
Berkshire Hills Bancorp, Inc.
3.94%

 

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 99.09%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Financials – 94.31%
                  
Associated Banc-Corp.
    
155,000
    
$
3,392,950
      
2.46
%
BankUnited, Inc.
    
70,000
      
3,262,700
      
2.36
%
Banner Corp.
    
82,000
      
4,660,880
      
3.38
%
Berkshire Hills Bancorp, Inc.
    
245,000
      
5,436,550
      
3.94
%
Brookline Bancorp, Inc.
    
100,000
      
1,610,000
      
1.17
%
Cadence BanCorp
    
235,000
      
5,228,750
      
3.79
%
CIT Group, Inc.
    
116,000
      
6,181,640
      
4.48
%
ConnectOne Bancorp, Inc.
    
175,000
      
4,751,250
      
3.44
%
First BanCorp. (a)
    
500,000
      
6,285,000
      
4.55
%
First Midwest Bancorp, Inc.
    
255,000
      
5,347,350
      
3.87
%
Flushing Financial Corp.
    
10,000
      
232,700
      
0.17
%
Hancock Whitney Corp.
    
125,000
      
5,780,000
      
4.19
%
HarborOne Bancorp, Inc.
    
115,000
      
1,645,650
      
1.19
%
Hingham Institution for Savings
    
20,000
      
6,082,800
      
4.41
%
HomeTrust Bancshares, Inc.
    
230,000
      
6,302,000
      
4.57
%
Independent Bank Corp.
    
62,500
      
5,118,750
      
3.71
%
Investors Bancorp, Inc.
    
335,000
      
4,904,400
      
3.55
%
Kearny Financial Corp. of Maryland
    
180,000
      
2,300,400
      
1.67
%
Lakeland Bancorp, Inc.
    
330,000
      
5,982,900
      
4.33
%
Meridian Bancorp, Inc.
    
250,000
      
5,527,500
      
4.00
%
New York Community Bancorp, Inc.
    
370,000
      
4,425,200
      
3.21
%
Pacific Premier Bancorp, Inc.
    
80,000
      
3,522,400
      
2.55
%
PacWest Bancorp
    
112,500
      
4,883,625
      
3.54
%
Shore Bancshares, Inc.
    
70,000
      
1,178,800
      
0.85
%
Sterling Bancorp
    
125,000
      
3,141,250
      
2.28
%
Synovus Financial Corp.
    
115,000
      
5,388,900
      
3.90
%
Texas Capital Bancshares, Inc. (b)
    
80,000
      
5,490,400
      
3.98
%
Webster Financial Corp.
    
40,000
      
2,116,400
      
1.53
%
Wintrust Financial Corp.
    
70,000
      
5,397,000
      
3.91
%
WSFS Financial Corp.
    
90,000
      
4,598,100
      
3.33
%
             
130,176,245
      
94.31
%
                         
Information Technology – 4.78%
                        
Alliance Data Systems Corp.
    
56,000
      
6,599,600
      
4.78
%
                         
Total Common Stocks
                        
  (Cost $85,004,255)
            
136,775,845
      
99.09
%
 

The accompanying notes are an integral part of these financial statements.
 
 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS
 
SHORT-TERM INVESTMENTS – 0.85%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 0.85%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (c)
    
1,173,385
    
$
1,173,385
      
0.85
%
                         
Total Short-Term Investments
                        
  (Cost $1,173,385)
            
1,173,385
      
0.85
%
                         
Total Investments
                        
  (Cost $86,177,640) – 99.94%
            
137,949,230
      
99.94
%
Other Assets in Excess of Liabilities – 0.06%
            
88,429
      
0.06
%
                         
TOTAL NET ASSETS – 100.00%
          
$
138,037,659
      
100.00
%

Percentages are stated as a percent of net assets.

(a)
U.S.-traded security of a foreign corporation.
(b)
Non-income-producing security.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Financials
  
$
130,176,245
    
$
—
    
$
—
    
$
130,176,245
  
Information Technology
    
6,599,600
      
—
      
—
      
6,599,600
  
Total Common Stocks
  
$
136,775,845
    
$
—
    
$
—
    
$
136,775,845
  
Short-Term Investments
                                
Money Market Funds
  
$
1,173,385
    
$
—
    
$
—
    
$
1,173,385
  
Total Short-Term Investments
  
$
1,173,385
    
$
—
    
$
—
    
$
1,173,385
  
Total Investments
  
$
137,949,230
    
$
—
    
$
—
    
$
137,949,230
  

 

 

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

HENNESSY FUNDS
1-800-966-4354
  
7
Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $86,177,640)
  
$
137,949,230
  
Dividends and interest receivable
    
8,807
  
Receivable for fund shares sold
    
343,998
  
Prepaid expenses and other assets
    
20,459
  
Total assets
    
138,322,494
  
         
LIABILITIES:
        
Payable for fund shares redeemed
    
75,909
  
Payable to advisor
    
98,963
  
Payable to sub-transfer agents
    
34,186
  
Payable to administrator
    
25,791
  
Payable to auditor
    
11,227
  
Accrued distribution fees
    
19,708
  
Accrued service fees
    
9,191
  
Accrued trustees fees
    
4,892
  
Accrued expenses and other payables
    
4,968
  
Total liabilities
    
284,835
  
NET ASSETS
  
$
138,037,659
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
92,059,306
  
Total distributable earnings
    
45,978,353
  
Total net assets
  
$
138,037,659
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
115,597,051
  
Shares issued and outstanding
    
3,808,681
  
Net asset value, offering price, and redemption price per share
  
$
30.35
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
22,440,608
  
Shares issued and outstanding
    
1,257,191
  
Net asset value, offering price, and redemption price per share
  
$
17.85
  


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

 
 
WWW.HENNESSYFUNDS.COM
8
STATEMENT OF ASSETS AND LIABILITIES/STATEMENT OF OPERATIONS

Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)
 
INVESTMENT INCOME:
      
Dividend income(1)
  
$
1,176,060
  
Interest income
    
307
  
Total investment income
    
1,176,367
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
458,414
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
75,684
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
3,854
  
Distribution fees – Investor Class (See Note 5)
    
63,793
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
62,038
  
Service fees – Investor Class (See Note 5)
    
42,529
  
Federal and state registration fees
    
16,569
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Trustees’ fees and expenses
    
9,412
  
Reports to shareholders
    
6,903
  
Legal fees
    
548
  
Interest expense (See Note 7)
    
208
  
Other expenses
    
7,142
  
Total expenses
    
772,165
  
NET INVESTMENT INCOME
  
$
404,202
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
3,319,553
  
Net change in unrealized appreciation/depreciation on investments
    
47,464,837
  
Net gain on investments
    
50,784,390
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
51,188,592
  

 

 

 

 

 

 

 
(1)
Net of foreign taxes withheld of $5,050.

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


HENNESSY FUNDS
1-800-966-4354
  
9






(This Page Intentionally Left Blank.)
 








 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets

   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
404,202
    
$
774,849
  
Net realized gain (loss) on investments
    
3,319,553
      
(8,317,125
)
Net change in unrealized
                
  appreciation/depreciation on investments
    
47,464,837
      
(9,544,740
)
Net increase (decrease) in net
                
  assets resulting from operations
    
51,188,592
      
(17,087,016
)
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(640,077
)
    
(3,014,018
)
Distributable earnings – Institutional Class
    
(266,480
)
    
(963,722
)
Total distributions
    
(906,557
)
    
(3,977,740
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
32,825,478
      
1,461,277
  
Proceeds from shares subscribed – Institutional Class
    
8,597,544
      
4,656,510
  
Dividends reinvested – Investor Class
    
621,958
      
2,952,871
  
Dividends reinvested – Institutional Class
    
237,659
      
935,074
  
Cost of shares redeemed – Investor Class
    
(14,647,404
)
    
(21,427,965
)
Cost of shares redeemed – Institutional Class
    
(5,449,480
)
    
(12,043,139
)
Net increase (decrease) in net assets derived
                
  from capital share transactions
    
22,185,755
      
(23,465,372
)
TOTAL INCREASE (DECREASE) IN NET ASSETS
    
72,467,790
      
(44,530,128
)
                 
NET ASSETS:
                
Beginning of period
    
65,569,869
      
110,099,997
  
End of period
  
$
138,037,659
    
$
65,569,869
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
1,197,879
      
90,621
  
Shares sold – Institutional Class
    
561,491
      
483,086
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
28,361
      
136,924
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
18,452
      
72,426
  
Shares redeemed – Investor Class
    
(565,158
)
    
(1,216,466
)
Shares redeemed – Institutional Class
    
(346,369
)
    
(1,136,528
)
Net increase (decrease) in shares outstanding
    
894,656
      
(1,569,937
)


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
17.46
  
         
Income from investment operations:
        
Net investment income (loss)
    
0.09
(1) 
Net realized and unrealized gains (losses) on investments
    
13.00
  
Total from investment operations
    
13.09
  
         
Less distributions:
        
Dividends from net investment income
    
(0.20
)
Dividends from net realized gains
    
—
  
Total distributions
    
(0.20
)
Net asset value, end of period
  
$
30.35
  
         
TOTAL RETURN
    
75.43
%(3)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
115.60
  
Ratio of expenses to average net assets
    
1.58
%(4)
Ratio of net investment income (loss) to average net assets
    
0.73
%(4)
Portfolio turnover rate(5)
    
15
%(3)










(1)
Calculated using the average shares outstanding method.
(2)
Amount is between $(0.005) and $0.005.
(3)
Not annualized.
(4)
Annualized.
(5)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
21.60
    
$
21.96
    
$
26.02
    
$
23.48
    
$
23.81
  
                                     
                                     
 
0.16
(1) 
    
0.10
(1) 
    
0.03
      
(0.04
)
    
0.10
  
 
(3.55
)
    
0.93
      
(2.12
)
    
5.83
      
1.20
  
 
(3.39
)
    
1.03
      
(2.09
)
    
5.79
      
1.30
  
                                     
                                     
 
(0.09
)
    
(0.07
)
    
0.00
(2) 
    
(0.06
)
    
(0.03
)
 
(0.66
)
    
(1.32
)
    
(1.97
)
    
(3.19
)
    
(1.60
)
 
(0.75
)
    
(1.39
)
    
(1.97
)
    
(3.25
)
    
(1.63
)
$
17.46
    
$
21.60
    
$
21.96
    
$
26.02
    
$
23.48
  
                                     
 
-16.37
%
    
5.27
%
    
-8.79
%
    
25.03
%
    
5.80
%
                                     
                                     
$
54.96
    
$
89.36
    
$
122.00
    
$
174.01
    
$
132.09
  
 
1.65
%
    
1.58
%
    
1.54
%
    
1.52
%
    
1.54
%
 
0.96
%
    
0.47
%
    
0.11
%
    
(0.06
)%
    
0.38
%
 
75
%
    
46
%
    
28
%
    
46
%
    
46
%







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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
10.37
  
         
Income from investment operations:
        
Net investment income
    
0.08
(1) 
Net realized and unrealized gains (losses) on investments
    
7.67
  
Total from investment operations
    
7.75
  
         
Less distributions:
        
Dividends from net investment income
    
(0.27
)
Dividends from net realized gains
    
—
  
Total distributions
    
(0.27
)
Net asset value, end of period
  
$
17.85
  
         
TOTAL RETURN
    
75.79
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
22.44
  
Ratio of expenses to average net assets
    
1.19
%(3)
Ratio of net investment income to average net assets
    
1.10
%(3)
Portfolio turnover rate(4)
    
15
%(2)













 
(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
12.92
    
$
13.28
    
$
15.69
    
$
14.23
    
$
14.39
  
                                     
                                     
 
0.13
(1) 
    
0.10
(1) 
    
0.07
      
0.02
      
0.09
  
 
(2.10
)
    
0.54
      
(1.27
)
    
3.56
      
0.75
  
 
(1.97
)
    
0.64
      
(1.20
)
    
3.58
      
0.84
  
                                     
                                     
 
(0.19
)
    
(0.18
)
    
(0.02
)
    
(0.17
)
    
(0.04
)
 
(0.39
)
    
(0.82
)
    
(1.19
)
    
(1.95
)
    
(0.96
)
 
(0.58
)
    
(1.00
)
    
(1.21
)
    
(2.12
)
    
(1.00
)
$
10.37
    
$
12.92
    
$
13.28
    
$
15.69
    
$
14.23
  
                                     
 
-16.05
%
    
5.57
%
    
-8.42
%
    
25.56
%
    
6.22
%
                                     
                                     
$
10.61
    
$
20.74
    
$
35.66
    
$
37.92
    
$
21.27
  
 
1.29
%
    
1.23
%
    
1.15
%
    
1.15
%
    
1.17
%
 
1.27
%
    
0.84
%
    
0.51
%
    
0.30
%
    
0.72
%
 
75
%
    
46
%
    
28
%
    
46
%
    
46
%







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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Small Cap Financial Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is capital appreciation. The Fund is a non-diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.
 
 
 
WWW.HENNESSYFUNDS.COM
16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.


HENNESSY FUNDS
1-800-966-4354
  
17
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 

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The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $36,111,682 and $15,012,417, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.90%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.

 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund had an outstanding average daily balance and a weighted average interest rate of $12,746 and 3.25%, respectively. The interest expensed by the Fund during the six months ended April 30, 2021, is included in the Statement of Operations. The maximum amount outstanding for the Fund during the period was $316,000. As of April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 

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8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
63,533,123
  
Gross tax unrealized appreciation
  
$
11,645,918
  
Gross tax unrealized depreciation
    
(9,553,201
)
Net tax unrealized appreciation/(depreciation)
  
$
2,092,717
  
Undistributed ordinary income
  
$
242,896
  
Undistributed long-term capital gains
    
—
  
Total distributable earnings
  
$
242,896
  
Other accumulated gain/(loss)
  
$
(6,639,295
)
Total accumulated gain/(loss)
  
$
(4,303,682
)

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had $2,735,116 in unlimited long-term and $3,904,179 in unlimited short-term capital loss carryforwards.
 
Capital losses sustained in or after fiscal year 2012 can be carried forward indefinitely, but any such loss retains the character of the original loss and must be utilized prior to any loss incurred before fiscal year 2012. As a result of this ordering rule, capital loss carryforwards incurred prior to fiscal year 2012 may be more likely to expire unused. Capital losses sustained prior to fiscal year 2012 can be carried forward for eight years and can be carried forward as short-term capital losses regardless of the character of the original loss.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
906,557
    
$
698,496
  
Long-term capital gains
    
—
      
3,279,244
  
Total distributions
  
$
906,557
    
$
3,977,740
  

(1)  Ordinary income includes short-term capital gains.
 
9).  LIBOR TRANSITION
 
The Fund invests in securities of financial institutions that may be involved in financings based on, among other floating rates, the London Interbank Offered Rate (“LIBOR”). LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the UK Financial Conduct Authority, which regulates LIBOR, announced that it would no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021, meaning that LIBOR cannot continue on its current basis and will not be guaranteed after 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking, and the process for

 
 
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22
NOTES TO THE FINANCIAL STATEMENTS

amending existing contracts or instruments to transition away from LIBOR remains unclear. The transition away from LIBOR may lead to increased volatility and illiquidity in markets tied to LIBOR, reduce the value of LIBOR-related instruments, and reduce the effectiveness of hedging strategies, which could adversely affect the Fund’s performance. Additionally, any alternative reference rate may be an ineffective substitute, resulting in prolonged adverse market conditions for the Fund’s investments.
 
10).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 






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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 

 

 

 
 
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EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,754.30
$10.79
Hypothetical (5% return before expenses)
$1,000.00
$1,016.96
$  7.90
       
Institutional Class
      
Actual
$1,000.00
$1,757.90
$  8.14
Hypothetical (5% return before expenses)
$1,000.00
$1,018.89
$  5.96

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.58% for Investor Class shares or 1.19% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).








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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 100.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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26
PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and


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(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.
 
 
 
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.


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29
 
(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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








 

 
 
WWW.HENNESSYFUNDS.COM
30
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 







(This Page Intentionally Left Blank.)
 









For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555


INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202



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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.




SEMI-ANNUAL REPORT

APRIL 30, 2021





HENNESSY TECHNOLOGY FUND
 
Investor Class  HTECX
Institutional Class  HTCIX









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








(This Page Intentionally Left Blank.)
 








Contents
 
 
Letter to Shareholders
2
Performance Overview
4
Financial Statements
  
Schedule of Investments
5
Statement of Assets and Liabilities
9
Statement of Operations
10
Statements of Changes in Net Assets
11
Financial Highlights
12
Notes to the Financial Statements
16
Expense Example
24
Proxy Voting Policy and Proxy Voting Records
26
Availability of Quarterly Portfolio Schedule
26
Federal Tax Distribution Information
26
Important Notice Regarding Delivery of Shareholder Documents
26
Electronic Delivery
26
Board Approval of Investment Advisory Agreement
27











HENNESSY FUNDS
1-800-966-4354
  

May 2021
 
Dear Hennessy Funds Shareholder:

 
I can hardly believe that we have been navigating through one of the worst pandemics in modern history for more than a year. From the start, our thoughts have been with those affected by COVID-19 and with our frontline healthcare and essential workers. We are encouraged by the rapid rollout of vaccines and the continued reopening of the economy, and we hope this signals a turning point.
 
This is the first time in over 20 years in this business that I have witnessed volatility as extreme as the volatility that has rocked the financial markets and the economy over the past year. Both the pace of change and the magnitude of change have been staggering. As I reflect on this, I am reminded of a scientific concept called “punctuated equilibrium.” Biologist Stephen Jay Gould revolutionized evolutionary thinking with this theory, which challenged the prevailing belief that biological change happens slowly, consistently, and methodically over time. His theory instead proposed that change happens abruptly and dramatically and that new species pop up and others vanish rapidly, sometimes caused by catastrophic events. In between these explosive periods are much longer intervals of relative stability.
 
The dramatic market downdraft brought on by the pandemic, followed by the equally dramatic recovery, have been jarring. We witnessed an explosion of IPOs, a plethora of bankruptcies, and a dramatic change in market leadership. Yet unlike in the biological world, we are able to respond to stock market crises and try to dampen their negative impact. There have been numerous and unprecedented fiscal and monetary responses from the Federal Reserve and the U.S. government, and in many ways these measures may have spurred the economic recovery.
 
For the first six months of our fiscal year through April 30, 2021, the market appeared to be on a relentless march higher, with the S&P 500® Index rising 28.85% on a total return basis, setting new all-time highs 35 times in 124 trading days and closing at its then-highest level ever on April 29, 2021. We saw a dramatic shift back toward value investing, and many of the sectors and individual stocks that had underperformed for most of last year soared. Value outperformed growth, small-caps beat mid-caps, and mid-caps beat large-caps. The Energy and Financials sectors skyrocketed, as evidenced by the S&P 500® Energy Index’s total return of 75.94% and the Russell 1000® Index Financials’ total return of 52.00% during the six-month period. As we begin to move beyond the chaos caused by the pandemic, solid market fundamentals are reappearing, which we believe underscores the health and strength of our economy.
 
We are pleased with the performance of our mutual funds during the first half of our fiscal year. On an absolute basis, each of our 16 Funds achieved positive performance, and 11 of our 16 funds outperformed their primary benchmark. Ten of our 11 domestic equity-only Funds outperformed the S&P 500® Index, and three of our sector Funds posted total returns of over 50%, due primarily to their focus on the Energy and Financials sectors. We believe this was a favorable period for both our style of high-conviction investing as well as the areas and sectors of the market in which our Funds focus. While performance may wax and wane over a complete market cycle, we remain committed to managing our portfolios for long-term performance, ever mindful of downside risk.

 
 
WWW.HENNESSYFUNDS.COM
2
LETTER TO SHAREHOLDERS

Circling back to Gould’s theory of punctuated equilibrium, we are left with the question, “Where do we go from here?” Are we entering a more stable period in the economy and the market, similar to the periods of relative stasis in the geological record? We are optimistic that this may in fact be the case and that the markets will return to a less volatile part of the cycle. But, with history as our guide, we know that even the greatest bull markets have experienced corrections along the way. While certain individual stock or sector valuations might look stretched, we believe the market as a whole has more room to run. Strong GDP growth and increasing earnings expectations for this year, a potentially lower-for-longer interest rate environment, accommodative fiscal and monetary policies, a healthy and robust financial system, low unemployment and solid wage growth, and a measured reopening of certain parts of the economy all support the market moving higher from here.
 
We remain committed to our shareholders as we thoughtfully navigate these unprecedented times. We know that you have a multitude of investment options to choose from, and we are grateful for the trust you put in us and your continued interest and investment in our family of Funds. Should you have any questions or would like to speak with us, please don’t hesitate to call us directly at (800) 966-4354.
 
Best regards,
 

  
 
 
 
Ryan C. Kelley
Chief Investment Officer

 
Past performance does not guarantee future results. To obtain current standardized performance for the Hennessy Funds, visit https://www.hennessyfunds.com/funds/price-performance.
 
Mutual fund investing involves risk. Principal loss is possible.
 
Opinions expressed are those of Ryan C. Kelley and are subject to change, are not guaranteed, and should not be considered investment advice.
 
The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks across all major industries. The S&P 500® Energy Index comprises those companies included in the S&P 500® Index that are classified in the Energy sector. The Russell 1000® Index Financials is a subset of the Russell 1000® Index that measures the performance of securities classified in the Financials sector of the large-capitalization U.S. equity market. The indices are used herein for comparative purposes in accordance with SEC regulations. One cannot invest directly in an index. All returns are shown on a total return basis.
 




HENNESSY FUNDS
1-800-966-4354
  
3
Performance Overview (Unaudited)
 
AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED APRIL 30, 2021
 
 
Six
One
Five
Ten
 
Months(1)
  Year  
  Years  
  Years  
Hennessy Technology Fund –
        
  Investor Class (HTECX)
41.98%
66.79%
20.98%
11.78%
Hennessy Technology Fund –
        
  Institutional Class (HTCIX)
42.13%
67.19%
21.29%
12.08%
NASDAQ Composite Index
28.41%
58.30%
25.23%
18.49%
S&P 500® Index
28.85%
45.98%
17.42%
14.17%

Expense ratios:
Gross 3.45%, Net 1.23%(2) (Investor Class);
 
Gross 3.08%, Net 0.98%(2) (Institutional Class)

(1)
Periods of less than one year are not annualized.
(2)
The Fund’s investment advisor has contractually agreed to limit expenses until February 28, 2022.

 

 

 

 

 

 
_______________
 
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.hennessyfunds.com. Performance for periods including or prior to October 26, 2012, is that of the FBR Technology Fund.
 
The NASDAQ Composite Index is a broad-based capitalization-weighted index of all common stocks listed on The NASDAQ Stock Market. The S&P 500® Index is a capitalization-weighted index that is designed to represent the broad domestic economy through changes in the aggregate market value of 500 stocks across all major industries. One cannot invest directly in an index. These indices are used herein for comparative purposes in accordance with Securities and Exchange Commission regulations.
 
Standard & Poor’s Financial Services is the source and owner of the S&P® and S&P 500® trademarks.
 
The expense ratios presented are from the most recent prospectus. The expense ratios for the current reporting period are available in the Financial Highlights section of this report.
 
 
 
WWW.HENNESSYFUNDS.COM
4
PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Financial Statements

Schedule of Investments as of April 30, 2021 (Unaudited)

HENNESSY TECHNOLOGY FUND
(% of Net Assets)


 

 
 
TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)
% NET ASSETS
Seagate Technology PLC
1.96%
1-800-Flowers.com, Inc.
1.83%
Revolve Group, Inc.
1.81%
Cambium Networks Corp.
1.79%
Atlassian Corp. PLC
1.76%
Bentley Systems, Inc.
1.75%
CDW Corp.
1.74%
Fortinet, Inc.
1.74%
Adobe Systems, Inc.
1.72%
Amazon.com, Inc.
1.72%

 

 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor’s Financial Services LLC. It has been licensed for use by the Hennessy Funds.
 

HENNESSY FUNDS
1-800-966-4354
  
5
COMMON STOCKS – 97.16%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Communication Services – 4.93%
                  
Cargurus, Inc. (a)
    
5,550
    
$
136,974
      
1.66
%
Momo, Inc. – ADR (b)
    
8,902
      
130,503
      
1.58
%
SciPlay Corp. (a)
    
7,877
      
139,029
      
1.69
%
             
406,506
      
4.93
%
                         
Consumer Discretionary – 10.24%
                        
1-800-Flowers.com, Inc. (a)
    
4,713
      
150,698
      
1.83
%
Amazon.com, Inc. (a)
    
41
      
142,164
      
1.72
%
Etsy, Inc. (a)
    
683
      
135,774
      
1.65
%
Shutterstock, Inc.
    
1,452
      
126,585
      
1.54
%
Revolve Group, Inc. (a)
    
3,077
      
149,204
      
1.81
%
Vipshop Holdings Ltd. – ADR (a)(b)
    
4,523
      
139,173
      
1.69
%
             
843,598
      
10.24
%
                         
Information Technology – 81.99%
                        
Accenture PLC, Class A (b)
    
479
      
138,896
      
1.69
%
Adobe Systems, Inc. (a)
    
279
      
141,827
      
1.72
%
Advanced Micro Devices, Inc. (a)
    
1,654
      
135,000
      
1.64
%
Amkor Technology, Inc.
    
5,106
      
103,243
      
1.25
%
Apple, Inc.
    
1,070
      
140,662
      
1.71
%
Arrow Electronics, Inc. (a)
    
1,175
      
134,032
      
1.63
%
ASE Technology Holding Co. Ltd. – ADR (b)
    
17,007
      
141,328
      
1.71
%
Aspen Technology, Inc. (a)
    
882
      
115,401
      
1.40
%
Atlassian Corp. PLC (a)(b)
    
609
      
144,674
      
1.76
%
Autodesk, Inc. (a)
    
464
      
135,446
      
1.64
%
Automatic Data Processing, Inc.
    
717
      
134,072
      
1.63
%
Bentley Systems, Inc.
    
2,812
      
143,974
      
1.75
%
Cambium Networks Corp. (a)(b)
    
2,453
      
147,180
      
1.79
%
Cardtronics PLC (a)(b)
    
3,466
      
134,619
      
1.63
%
CDW Corp.
    
805
      
143,556
      
1.74
%
Celestica, Inc. (a)(b)
    
15,203
      
126,641
      
1.54
%
Conduent, Inc. (a)
    
19,444
      
132,219
      
1.60
%
CSG Systems International, Inc.
    
2,934
      
134,935
      
1.64
%
Daktronics, Inc. (a)
    
21,165
      
130,588
      
1.58
%
Digital Turbine, Inc. (a)
    
1,646
      
124,158
      
1.51
%
DXC Technology Co. (a)
    
4,229
      
139,176
      
1.69
%
 

The accompanying notes are an integral part of these financial statements.
 
 
 
WWW.HENNESSYFUNDS.COM
6
SCHEDULE OF INVESTMENTS
 
COMMON STOCKS
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Information Technology (Continued)
                  
Fair Isaac Corp. (a)
    
267
    
$
139,216
      
1.69
%
Flex Ltd. (a)(b)
    
7,356
      
127,994
      
1.55
%
Fortinet, Inc. (a)
    
704
      
143,778
      
1.74
%
Hewlett Packard Enterprise Co.
    
8,556
      
137,067
      
1.66
%
Inseego Corp. (a)
    
13,958
      
123,947
      
1.50
%
Intel Corp.
    
2,024
      
116,441
      
1.41
%
Intelligent Systems Corp. (a)
    
3,253
      
124,655
      
1.51
%
Jabil, Inc.
    
2,508
      
131,469
      
1.60
%
Kimball Electronics, Inc. (a)
    
5,050
      
116,201
      
1.41
%
KLA-Tencor Corp.
    
379
      
119,518
      
1.45
%
Lam Research Corp.
    
204
      
126,572
      
1.54
%
Mastercard, Inc., Class A
    
366
      
139,834
      
1.70
%
Methode Electronics, Inc.
    
3,051
      
137,081
      
1.66
%
NetApp, Inc.
    
1,812
      
135,338
      
1.64
%
Oracle Corp.
    
1,864
      
141,273
      
1.71
%
Qualcomm, Inc.
    
934
      
129,639
      
1.57
%
Sanmina Corp. (a)
    
3,134
      
127,993
      
1.55
%
Seagate Technology PLC (b)
    
1,744
      
161,913
      
1.96
%
ServiceNow, Inc. (a)
    
262
      
132,669
      
1.61
%
Sykes Enterprises, Inc. (a)
    
2,960
      
129,737
      
1.57
%
Synnex Corp.
    
1,121
      
135,865
      
1.65
%
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR (b)
    
1,082
      
126,313
      
1.53
%
Texas Instruments, Inc.
    
684
      
123,469
      
1.50
%
The Western Union Co.
    
5,238
      
134,931
      
1.64
%
Tower Semiconductor Ltd. (a)(b)
    
4,470
      
126,501
      
1.53
%
TTM Technologies, Inc. (a)
    
8,854
      
132,810
      
1.61
%
Vertex, Inc. (a)
    
5,965
      
121,865
      
1.48
%
Vishay Intertechnology, Inc.
    
5,280
      
129,730
      
1.57
%
Xerox Holdings Corp.
    
5,436
      
131,225
      
1.59
%
Zoom Video Communications, Inc. (a)
    
416
      
132,941
      
1.61
%
             
6,759,612
      
81.99
%
                         
Total Common Stocks
                        
  (Cost $6,315,088)
            
8,009,716
      
97.16
%
 

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

HENNESSY FUNDS
1-800-966-4354
  
7
SHORT-TERM INVESTMENTS – 2.78%
  
Number
          
% of
  
   
of Shares
    
Value
    
Net Assets
  
Money Market Funds – 2.78%
                  
First American Government Obligations Fund,
                  
  Institutional Class, 0.03% (c)
    
229,558
    
$
229,558
      
2.78
%
                         
Total Short-Term Investments
                        
  (Cost $229,558)
            
229,558
      
2.78
%
                         
Total Investments
                        
  (Cost $6,544,646) – 99.94%
            
8,239,274
      
99.94
%
Other Assets in Excess of Liabilities – 0.06%
            
5,111
      
0.06
%
                         
TOTAL NET ASSETS – 100.00%
          
$
8,244,385
      
100.00
%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt
PLC – Public Limited Company
(a)
Non-income-producing security.
(b)
U.S.-traded security of a foreign corporation.
(c)
The rate listed is the fund’s seven-day yield as of April 30, 2021.


Summary of Fair Value Exposure as of April 30, 2021
 
The following is a summary of the inputs used to value the Fund’s net assets as of April 30, 2021 (see Note 3 in the accompanying Notes to the Financial Statements):
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Communication Services
  
$
406,506
    
$
—
    
$
—
    
$
406,506
  
Consumer Discretionary
    
843,598
      
—
      
—
      
843,598
  
Information Technology
    
6,759,612
      
—
      
—
      
6,759,612
  
Total Common Stocks
  
$
8,009,716
    
$
—
    
$
—
    
$
8,009,716
  
Short-Term Investments
                                
Money Market Funds
  
$
229,558
    
$
—
    
$
—
    
$
229,558
  
Total Short-Term Investments
  
$
229,558
    
$
—
    
$
—
    
$
229,558
  
Total Investments
  
$
8,239,274
    
$
—
    
$
—
    
$
8,239,274
  

 
 

The accompanying notes are an integral part of these financial statements.
 
 
 
WWW.HENNESSYFUNDS.COM
8
SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Financial Statements

Statement of Assets and Liabilities as of April 30, 2021 (Unaudited)
 
ASSETS:
      
Investments in securities, at value (cost $6,544,646)
  
$
8,239,274
  
Cash
    
5,519
  
Dividends and interest receivable
    
1,765
  
Receivable for fund shares sold
    
850
  
Prepaid expenses and other assets
    
16,003
  
Due from advisor
    
3,105
  
Total assets
    
8,266,516
  
         
LIABILITIES:
        
Payable to auditor
    
11,227
  
Accrued distribution fees
    
1,146
  
Accrued service fees
    
511
  
Accrued trustees fees
    
5,159
  
Accrued expenses and other payables
    
4,088
  
Total liabilities
    
22,131
  
NET ASSETS
  
$
8,244,385
  
         
NET ASSETS CONSISTS OF:
        
Capital stock
  
$
5,235,867
  
Total distributable earnings
    
3,008,518
  
Total net assets
  
$
8,244,385
  
         
NET ASSETS:
        
Investor Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
6,178,946
  
Shares issued and outstanding
    
234,886
  
Net asset value, offering price, and redemption price per share
  
$
26.31
  
         
Institutional Class
        
Shares authorized (no par value)
  
Unlimited
  
Net assets applicable to outstanding shares
  
$
2,065,439
  
Shares issued and outstanding
    
76,470
  
Net asset value, offering price, and redemption price per share
  
$
27.01
  


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


HENNESSY FUNDS
1-800-966-4354
  
9
Financial Statements

Statement of Operations for the six months ended April 30, 2021 (Unaudited)

INVESTMENT INCOME:
      
Dividend income(1)
  
$
55,230
  
Interest income
    
36
  
Total investment income
    
55,266
  
         
EXPENSES:
        
Investment advisory fees (See Note 5)
    
27,298
  
Federal and state registration fees
    
14,583
  
Compliance expense (See Note 5)
    
13,844
  
Audit fees
    
11,227
  
Administration, accounting, custody, and transfer agent fees (See Note 5)
    
10,345
  
Trustees’ fees and expenses
    
9,143
  
Sub-transfer agent expenses – Investor Class (See Note 5)
    
3,904
  
Sub-transfer agent expenses – Institutional Class (See Note 5)
    
345
  
Distribution fees – Investor Class (See Note 5)
    
4,122
  
Reports to shareholders
    
2,813
  
Service fees – Investor Class (See Note 5)
    
2,748
  
Other expenses
    
2,326
  
Total expenses before waivers and reimbursements
    
102,698
  
Service provider expense waiver (See Note 5)
    
(10,345
)
Expense reimbursement by advisor – Investor Class (See Note 5)
    
(37,477
)
Expense reimbursement by advisor – Institutional Class (See Note 5)
    
(11,855
)
Net expenses
    
43,021
  
NET INVESTMENT INCOME
  
$
12,245
  
         
REALIZED AND UNREALIZED GAINS (LOSSES):
        
Net realized gain on investments
  
$
1,363,208
  
Net change in unrealized appreciation/depreciation on investments
    
1,001,898
  
Net gain on investments
    
2,365,106
  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
  
$
2,377,351
  












 
(1)
Net of issuance fees of $306.

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

 
 
WWW.HENNESSYFUNDS.COM
10
STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Financial Statements

Statements of Changes in Net Assets
 
   
Six Months Ended
        
   
April 30, 2021
    
Year Ended
  
   
(Unaudited)
    
October 31, 2020
  
OPERATIONS:
            
Net investment income
  
$
12,245
    
$
9,137
  
Net realized gain on investments
    
1,363,208
      
677,479
  
Net change in unrealized
                
  appreciation/depreciation on investments
    
1,001,898
      
(84,382
)
Net increase in net assets resulting from operations
    
2,377,351
      
602,234
  
                 
DISTRIBUTIONS TO SHAREHOLDERS:
                
Distributable earnings – Investor Class
    
(493,580
)
    
(108,418
)
Distributable earnings – Institutional Class
    
(175,930
)
    
(37,553
)
Total distributions
    
(669,510
)
    
(145,971
)
                 
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares subscribed – Investor Class
    
642,864
      
731,750
  
Proceeds from shares subscribed – Institutional Class
    
41,450
      
67,473
  
Dividends reinvested – Investor Class
    
482,162
      
106,748
  
Dividends reinvested – Institutional Class
    
175,930
      
37,105
  
Cost of shares redeemed – Investor Class
    
(472,913
)
    
(811,778
)
Cost of shares redeemed – Institutional Class
    
(59,416
)
    
(92,300
)
Net increase in net assets derived
                
  from capital share transactions
    
810,077
      
38,998
  
TOTAL INCREASE IN NET ASSETS
    
2,517,918
      
495,261
  
                 
NET ASSETS:
                
Beginning of period
    
5,726,467
      
5,231,206
  
End of period
  
$
8,244,385
    
$
5,726,467
  
                 
CHANGES IN SHARES OUTSTANDING:
                
Shares sold – Investor Class
    
25,202
      
39,530
  
Shares sold – Institutional Class
    
1,657
      
3,356
  
Shares issued to holders as reinvestment
                
  of dividends – Investor Class
    
21,238
      
5,574
  
Shares issued to holders as reinvestment
                
  of dividends – Institutional Class
    
7,528
      
1,887
  
Shares redeemed – Investor Class
    
(19,180
)
    
(43,369
)
Shares redeemed – Institutional Class
    
(2,440
)
    
(4,535
)
Net increase in shares outstanding
    
34,005
      
2,443
  


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


HENNESSY FUNDS
1-800-966-4354
  
11
Financial Statements

Financial Highlights
 
For an Investor Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
20.50
  
         
Income from investment operations:
        
Net investment income (loss)
    
0.03
(1) 
Net realized and unrealized gains on investments
    
8.18
  
Total from investment operations
    
8.21
  
         
Less distributions:
        
Dividends from net investment income
    
(0.04
)
Dividends from net realized gains
    
(2.36
)
Total distributions
    
(2.40
)
Net asset value, end of period
  
$
26.31
  
         
TOTAL RETURN
    
41.98
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
6.18
  
Ratio of expenses to average net assets:
        
Before expense reimbursement
    
2.87
%(3)
After expense reimbursement
    
1.23
%(3)
Ratio of net investment income (loss) to average net assets:
        
Before expense reimbursement
    
(1.38
)%(3)
After expense reimbursement
    
0.26
%(3)
Portfolio turnover rate(5)
    
112
%(2)


 

 

 

 

 
(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
The Fund’s current expense limitation agreement, which became effective on February 28, 2017, was in effect for eight months of the year ended October 31, 2017.
(5)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
12
FINANCIAL HIGHLIGHTS — INVESTOR CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
18.90
    
$
18.04
    
$
18.46
    
$
15.82
    
$
15.36
  
                                     
                                     
 
0.02
(1) 
    
(0.03
)(1)
    
(0.05
)
    
(0.23
)
    
(0.68
)
 
2.10
      
3.15
      
1.26
      
2.87
      
1.14
  
 
2.12
      
3.12
      
1.21
      
2.64
      
0.46
  
                                     
                                     
 
—
      
—
      
—
      
—
      
—
  
 
(0.52
)
    
(2.26
)
    
(1.63
)
    
—
      
—
  
 
(0.52
)
    
(2.26
)
    
(1.63
)
    
—
      
—
  
$
20.50
    
$
18.90
    
$
18.04
    
$
18.46
    
$
15.82
  
                                     
 
11.42
%
    
20.47
%
    
7.25
%
    
16.69
%
    
2.99
%
                                     
                                     
$
4.26
    
$
3.89
    
$
3.31
    
$
3.20
    
$
2.91
  
                                     
 
3.45
%
    
3.84
%
    
3.70
%
    
4.16
%
    
3.61
%
 
1.23
%
    
1.23
%
    
1.23
%
    
2.15
%(4)
    
3.61
%
                                     
 
(2.12
)%
    
(2.80
)%
    
(2.83
)%
    
(3.16
)%
    
(2.92
)%
 
0.10
%
    
(0.19
)%
    
(0.36
)%
    
(1.15
)%(4)
    
(2.92
)%
 
192
%
    
185
%
    
225
%
    
267
%
    
80
%







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


HENNESSY FUNDS
1-800-966-4354
  
13
Financial Statements

Financial Highlights
 
For an Institutional Class share outstanding throughout each period

   
Six Months Ended
  
   
April 30, 2021
  
   
(Unaudited)
  
PER SHARE DATA:
      
Net asset value, beginning of period
  
$
21.08
  
         
Income from investment operations:
        
Net investment income (loss)
    
0.07
(1) 
Net realized and unrealized gains on investments
    
8.40
  
Total from investment operations
    
8.47
  
         
Less distributions:
        
Dividends from net investment income
    
(0.11
)
Dividends from net realized gains
    
(2.43
)
Total distributions
    
(2.54
)
Net asset value, end of period
  
$
27.01
  
         
TOTAL RETURN
    
42.13
%(2)
         
SUPPLEMENTAL DATA AND RATIOS:
        
Net assets, end of period (millions)
  
$
2.07
  
Ratio of expenses to average net assets:
        
Before expense reimbursement
    
2.52
%(3)
After expense reimbursement
    
0.98
%(3)
Ratio of net investment income (loss) to average net assets:
        
Before expense reimbursement
    
(1.02
)%(3)
After expense reimbursement
    
0.52
%(3)
Portfolio turnover rate(5)
    
112
%(2)


 

 

 

 

 
(1)
Calculated using the average shares outstanding method.
(2)
Not annualized.
(3)
Annualized.
(4)
The Fund’s current expense limitation agreement, which became effective on February 28, 2017, was in effect for eight months of the year ended October 31, 2017.
(5)
Calculated on the basis of the Fund as a whole.

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

 
 
WWW.HENNESSYFUNDS.COM
14
FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS


 
 



Year Ended October 31,
  
2020
    
2019
    
2018
    
2017
    
2016
  
                           
$
19.40
    
$
18.47
    
$
18.85
    
$
16.11
    
$
15.58
  
                                     
                                     
 
0.07
(1) 
    
0.01
(1) 
    
0.01
      
(0.12
)
    
(0.43
)
 
2.15
      
3.23
      
1.28
      
2.86
      
0.96
  
 
2.22
      
3.24
      
1.29
      
2.74
      
0.53
  
                                     
                                     
 
(0.01
)
    
—
      
—
      
—
      
—
  
 
(0.53
)
    
(2.31
)
    
(1.67
)
    
—
      
—
  
 
(0.54
)
    
(2.31
)
    
(1.67
)
    
—
      
—
  
$
21.08
    
$
19.40
    
$
18.47
    
$
18.85
    
$
16.11
  
                                     
 
11.67
%
    
20.77
%
    
7.54
%
    
17.01
%
    
3.40
%
                                     
                                     
$
1.47
    
$
1.34
    
$
1.09
    
$
1.22
    
$
0.90
  
                                     
 
3.08
%
    
3.47
%
    
3.27
%
    
3.74
%
    
3.28
%
 
0.98
%
    
0.98
%
    
0.98
%
    
1.77
%(4)
    
3.28
%
                                     
 
(1.74
)%
    
(2.43
)%
    
(2.41
)%
    
(2.74
)%
    
(2.59
)%
 
0.36
%
    
0.06
%
    
(0.12
)%
    
(0.77
)%(4)
    
(2.59
)%
 
192
%
    
185
%
    
225
%
    
267
%
    
80
%







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


HENNESSY FUNDS
1-800-966-4354
  
15
Financial Statements

Notes to the Financial Statements April 30, 2021 (Unaudited)
 
1).  ORGANIZATION
 
The Hennessy Technology Fund (the “Fund”) is a series of Hennessy Funds Trust (the “Trust”), which was organized as a Delaware statutory trust on September 17, 1992. The Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The investment objective of the Fund is long-term capital appreciation. The Fund is a diversified fund.
 
The Fund offers Investor Class and Institutional Class shares. Each class of shares differs principally in its respective 12b-1 distribution and service, shareholder servicing, and sub-transfer agent expenses. There are no sales charges. Each class has identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only one class.
 
As an investment company, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”
 
2).  SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies conform to U.S. generally accepted accounting principles (“GAAP”).
 
a).
Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
   
b).
Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
   
c).
Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

 
 
WWW.HENNESSYFUNDS.COM
16
NOTES TO THE FINANCIAL STATEMENTS

d).
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
   
e).
Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
   
f).
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
   
g).
Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
   
h).
Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
   
i).
New Accounting Pronouncements – In August 2018, the FASB issued Accounting Standards Update No. 2018-13 “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements or the requirement to disclose the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management evaluated the impact of this change in guidance and, due to the permissibility of early adoption, modified the Fund’s fair value disclosures beginning with its fiscal year 2019.


HENNESSY FUNDS
1-800-966-4354
  
17
3).  SECURITIES VALUATION
 
The Fund follows its valuation policies and procedures in determining its net asset value and, in preparing these financial statements, the fair value accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
     
 
Level 2 –
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
     
 
Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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

 
 
WWW.HENNESSYFUNDS.COM
18
NOTES TO THE FINANCIAL STATEMENTS

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

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Board or its designee, pursuant to the fair value pricing procedures adopted by the Board, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.
 
The Board has delegated day-to-day valuation matters to the Valuation and Liquidity Committee comprising representatives from Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”). The function of the Valuation and Liquidity Committee, among other things, is to value securities where current and reliable market quotations are not readily available. All actions taken by the Valuation and Liquidity Committee are reviewed by the Board.
 

HENNESSY FUNDS
1-800-966-4354
  
19
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Details related to the fair value hierarchy of the Fund’s securities as of April 30, 2021, are included in the Schedule of Investments.
 
4).  INVESTMENT TRANSACTIONS
 
Purchases and sales of investment securities (excluding government and short-term investments) for the Fund during the six months ended April 30, 2021, were $8,053,534 and $7,912,852, respectively.
 
There were no purchases or sales/maturities of long-term U.S. government securities for the Fund during the six months ended April 30, 2021.
 
5).  INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Advisor provides the Fund with investment advisory services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities and most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee from the Fund. The fee is based on the average daily net assets of the Fund at an annual rate of 0.74%. The net investment advisory fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Advisor has contractually agreed to limit total annual operating expenses to 0.98% of the Fund’s net assets for both Investor Class shares and Institutional Class shares (excluding all federal, state and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Advisor, extraordinary items, and acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities) through February 28, 2022.
 
For three years following the date on which expenses were waived or incurred, the Advisor may recoup waived or reimbursed expenses from the Fund if total operating expenses, including such recoupment, does not exceed the expense limitation in effect (i) at the time the Advisor waived or reimbursed such expenses and (ii) at the time the Advisor recoups such expenses. As of April 30, 2021, expenses subject to potential recovery for Investor Class and Institutional Class shares and the fiscal years in which they expire were as follows:
 
   
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
  
   
      2021      
      2022      
      2023      
      2024      
Total
 
Investor Class
$42,604
$92,255
$86,892
$37,477
$259,228
 
Institutional Class
$13,210
$29,447
$27,643
$11,855
$  82,155

The Advisor did not recoup expenses from the Fund during the six months ended April 30, 2021.
 
The Board has approved a Shareholder Servicing Agreement for Investor Class shares of the Fund, which compensates the Advisor for the non-investment advisory services it provides to the Fund. The Shareholder Servicing Agreement provides for a monthly fee paid to the Advisor at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Investor Class shares. The shareholder service fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, that authorizes payments in connection with the distribution of Fund shares at an annual rate of up to 0.25% of the Fund’s average daily

 
 
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20
NOTES TO THE FINANCIAL STATEMENTS

net assets attributable to Investor Class shares. Even though the authorized rate is up to 0.25%, the Fund is currently only using up to 0.15% of its average daily net assets attributable to Investor Class shares for such purpose. Amounts paid under the plan may be spent on any activities or expenses primarily intended to result in the sale of shares, including, but not limited to, advertising, shareholder account servicing, printing and mailing of prospectuses to other than current shareholders, printing and mailing of sales literature, and compensation for sales and marketing activities or to financial institutions and others, such as dealers and distributors. The distribution fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
The Fund has entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of Fund shares. The agreements provide for periodic payments of sub-transfer agent expenses by the Fund to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services. These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (“Fund Services”) provides the Fund with administrative, accounting, and transfer agent services. As administrator, Fund Services is responsible for activities such as (i) preparing various federal and state regulatory filings, reports, and returns for the Fund, (ii) preparing reports and materials to be supplied to the Board, (iii) monitoring the activities of the Fund’s custodian, transfer agent, and accountants, and (iv) coordinating the preparation and payment of the Fund’s expenses and reviewing the Fund’s expense accruals. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The servicing agreements between the Trust, Fund Services, and U.S. Bank N.A. contain a fee schedule that is inclusive of administrative, accounting, custody, and transfer agent fees. The administrative, accounting, custody, and transfer agent fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations. Fund Services has voluntarily waived all or a portion of its fees for the Fund. The fees voluntarily waived by Fund Services during the six months ended April 30, 2021, are included in the Statement of Operations.
 
Quasar Distributors, LLC (“Quasar”), a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, acts as the Fund’s principal underwriter in a continuous public offering of Fund shares.
 
The officers of the Fund are affiliated with the Advisor. With the exception of the Chief Compliance Officer and the Senior Compliance Officer, such officers receive no compensation from the Fund for serving in their respective roles. The Fund, along with the other funds in the Hennessy Funds family (collectively, the “Hennessy Funds”), makes reimbursement payments on an equal basis to the Advisor for a portion of the salary and benefits associated with the office of the Chief Compliance Officer and for all of the salary and benefits associated with the office of the Senior Compliance Officer. The compliance fees expensed by the Fund during the six months ended April 30, 2021, are included in the Statement of Operations.
 
6).  GUARANTEES AND INDEMNIFICATIONS
 
Under the Hennessy Funds’ organizational documents, their officers and trustees are indemnified by the Hennessy Funds against certain liabilities arising out of the performance of their duties to the Hennessy Funds. Additionally, in the normal course of
 

HENNESSY FUNDS
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21
business, the Hennessy Funds enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.
 
7).  LINE OF CREDIT
 
The Fund has an uncommitted line of credit with the other Hennessy Funds in the amount of the lesser of (i) $100,000,000 or (ii) 33.33% of each Hennessy Fund’s net assets, or 30% for the Hennessy Gas Utility Fund and 10% for the Hennessy Balanced Fund. The line of credit is intended to provide any necessary short-term financing in connection with shareholder redemptions, subject to certain restrictions. The credit facility is with the Hennessy Funds’ custodian bank, U.S. Bank N.A. Borrowings under this arrangement bear interest at the bank’s prime rate and are secured by all of the Fund’s assets (as to its own borrowings only). During the six months ended April 30, 2021, the Fund did not have any borrowings outstanding under the line of credit.
 
8).  FEDERAL TAX INFORMATION
 
As of October 31, 2020, the Fund’s most recent fiscal year end, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
  
Investments
  
Cost of investments for tax purposes
  
$
5,113,211
  
Gross tax unrealized appreciation
  
$
1,023,207
  
Gross tax unrealized depreciation
    
(393,145
)
Net tax unrealized appreciation/(depreciation)
  
$
630,062
  
Undistributed ordinary income
  
$
239,745
  
Undistributed long-term capital gains
    
430,870
  
Total distributable earnings
  
$
670,615
  
Other accumulated gain/(loss)
  
$
—
  
Total accumulated gain/(loss)
  
$
1,300,677
  

The difference between book-basis unrealized appreciation/depreciation and tax-basis unrealized appreciation/depreciation (as shown above) is attributable primarily to wash sales.
 
As of October 31, 2020, the Fund had no tax basis capital losses to offset future capital gains.
 
As of October 31, 2020, 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, 2019, but within the taxable year, that are deemed to arise on the first day of the Fund’s next taxable year.
 
During fiscal year 2021 (year to date) and fiscal year 2020, the tax character of distributions paid by the Fund was as follows:
 
 
  
Six Months Ended
    
Year Ended
  
 
  
April 30, 2021
    
October 31, 2020
  
Ordinary income(1)
  
$
239,745
    
$
61,675
  
Long-term capital gains
    
429,765
      
84,296
  
Total distributions
  
$
669,510
    
$
145,971
  

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

 
 
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22
NOTES TO THE FINANCIAL STATEMENTS

9).  EVENTS SUBSEQUENT TO PERIOD END
 
Management has evaluated the Fund’s related events and transactions that occurred subsequent to April 30, 2021, through the date of issuance of the Fund’s financial statements. Management has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
 









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Expense Example (Unaudited)
April 30, 2021


As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2020, through April 30, 2021.
 
Actual Expenses
In the table below, the first line under each of the “Investor Class” and “Institutional Class” headings provides information about actual account values and actual expenses for each share class. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Although the Fund charges no sales loads or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Fund’s transfer agent. If you request that a redemption be made by wire transfer, the Fund’s transfer agent charges a $15 fee. IRAs are charged a $15 annual maintenance fee (up to $30 maximum per shareholder for shareholders with multiple IRAs). The examples below include, but are not limited to, management, shareholder servicing, accounting, custody, and transfer agent fees. However, the examples below do not include portfolio trading commissions and related expenses.
 
Hypothetical Example for Comparison Purposes
In the table below, the second line under each of the “Investor Class” and “Institutional Class” headings provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each share class and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for such share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second lines under “Investor Class” and “Institutional Class” headings are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
 

 

 
 

 
 
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24
EXPENSE EXAMPLE

 
Beginning
Ending
  
 
Account Value
Account Value
Expenses Paid
 
November 1, 2020
  April 30, 2021  
During Period(1)
Investor Class
      
Actual
$1,000.00
$1,419.80
$7.38
Hypothetical (5% return before expenses)
$1,000.00
$1,018.70
$6.16
       
Institutional Class
      
Actual
$1,000.00
$1,421.30
$5.88
Hypothetical (5% return before expenses)
$1,000.00
$1,019.93
$4.91

(1)
Expenses are equal to the Fund’s annualized expense ratio of 1.23% for Investor Class shares or 0.98% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).











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How to Obtain a Copy of the Fund’s Proxy
Voting Policy and Proxy Voting Records
 
A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge (1) by calling 1-800-966-4354, (2) on the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-policy, or (3) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. The Fund’s proxy voting record is available without charge on both the Hennessy Funds’ website at www.hennessyfunds.com/proxy-voting/voting-record and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.
 
 
Availability of Quarterly Portfolio Schedule
 
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov or on request by calling 1-800-966-4354.
 
 
Federal Tax Distribution Information (Unaudited)
 
For fiscal year 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 72.00%.
 
For corporate shareholders, the percent of ordinary income distributions that qualified for the corporate dividends received deduction for fiscal year 2020 was 0.00%.
 
The percentage of taxable ordinary income distributions that were designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 98.92%.
 
 
Important Notice Regarding Delivery
of Shareholder Documents
 
To help keep the Fund’s costs as low as possible, we generally deliver a single copy of notices, shareholder reports, proxy statements, and prospectuses to shareholders who share an address and have the same last name. This process does not apply to account statements. You may request an individual copy of a shareholder document at any time. If you would like to receive separate mailings of shareholder documents, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124, and individual delivery will begin within 30 days of your request. If your account is held through a financial institution or other intermediary, please contact such intermediary directly to request individual delivery.
 
 
Electronic Delivery
 
As permitted by SEC regulations, the Fund’s shareholder reports are made available on a website, and unless you sign up for eDelivery or elect to receive paper copies as detailed below, you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
The Fund also offers shareholders the option to receive all notices, account statements, prospectuses, tax forms, and shareholder reports online. To sign up for eDelivery or change your delivery preference, please visit www.hennessyfunds.com/account.
 
To elect to receive paper copies of all future reports free of charge, please call U.S. Bank Global Fund Services at 1-800-261-6950 or 1-414-765-4124.
 

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26
PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

Board Approval of Investment Advisory
Agreement
 
At its meeting on March 10, 2021, the Board of Trustees of the Fund (the “Board,” and the members thereof, the “Trustees”) unanimously approved the continuation of the investment advisory agreement of the Fund with Hennessy Advisors, Inc. (the “Advisor”). As part of the process, the Trustees reviewed their fiduciary duties and the relevant factors for them to consider with respect to approving the advisory agreement. In addition, the Trustees who are not deemed “interested persons” (as defined by the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”) met in executive session to discuss the approval of the advisory agreement.
 
In advance of the meeting, the Advisor sent detailed information to the Trustees to assist them in their evaluation of the advisory agreement. This information included, but was not limited to, the following:
 
 
(1)
A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
     
 
(2)
A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
     
 
(3)
The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
     
 
(4)
A summary of the advisory agreement;
     
 
(5)
A recent Fund fact sheet, which included performance information over various periods;
     
 
(6)
An description of the range of services provided by the Advisor;
     
 
(7)
A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
     
 
(8)
A memorandum from the Adviser regarding economies of scale.

All of the factors discussed were considered as a whole by the Trustees and by the Independent Trustees meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees’ determination of whether to approve the continuation of the advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Advisor, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
 
Prior to approving the continuation of the advisory agreement, the Trustees, including the Independent Trustees in executive session, considered, among other items:
 
 
(1)
The nature and quality of the advisory services provided by the Advisor;
     
 
(2)
A comparison of the fees and expenses of the Fund to other similar funds;
     
 
(3)
Whether economies of scale are recognized by the Fund;
     
 
(4)
The costs and profitability of the Fund to the Advisor;
     
 
(5)
The performance of the Fund; and


HENNESSY FUNDS
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27
 
(6)
Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

The material considerations and determinations of the Trustees, including the Independent Trustees, were as follows:
 
 
(1)
The Trustees considered the services identified below that are provided by the Advisor. Based on this review, the Trustees concluded that the Advisor provides high-quality services to the Fund and noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

   
(a)
The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

     
(i)
manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
         
     
(ii)
seeks best execution for the Fund’s portfolio;
         
     
(iii)
manages the use of soft dollars for the Fund; and
         
     
(iv)
manages proxy voting for the Fund.

   
(b)
The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
       
   
(c)
The Advisor monitors the liquidity of each Fund.
       
   
(d)
The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
       
   
(e)
The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
       
   
(f)
The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
       
   
(g)
The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
       
   
(h)
The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
       
   
(i)
For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.

 
 
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28
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

   
(j)
The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor compensates, in part, a number of these third-party providers out of its own revenues.
       
   
(k)
The Advisor pays the incentive compensation of the Fund’s compliance officers and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
       
   
(l)
The Advisor provides a quarterly compliance certification to the Board.
       
   
(m)
The Advisor prepares or reviews all Board materials, frequently presents to the Board and leads Board discussions, prepares or reviews all meeting minutes, and arranges for Board training and education.

 
(2)
The Trustees compared the performance of the Fund to benchmark indices over various periods and also noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted continuation of the advisory agreement.
     
 
(3)
The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within the range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
     
 
(4)
The Trustees also considered whether the Advisor was realizing economies of scale that it should share with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund are asset-based fees, so the Advisor would not realize material economies of scale relating to those expenses as the assets of the Fund increase. For example, third-party platform fees increase as the Fund’s assets grow. The Trustees also considered the Advisor’s significant marketing efforts to promote the Funds and the Advisor’s agreement to waive fees or lower its management fees in certain circumstances.
     
 
(5)
The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
     
 
(6)
The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees, along with a very low level of turnover, and concluded that this was beneficial to the Fund and its shareholders.
 

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(7)
The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

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






 
 
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30
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT







(This Page Intentionally Left Blank.)
 








For information, questions, or assistance, please call
The Hennessy Funds
1-800-966-4354 or 1-415-899-1555
 

INVESTMENT ADVISOR
Hennessy Advisors, Inc.
7250 Redwood Boulevard, Suite 200
Novato, California 94945

ADMINISTRATOR,
TRANSFER AGENT,
DIVIDEND PAYING AGENT, &
SHAREHOLDER SERVICING AGENT
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

CUSTODIAN
U.S. Bank N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

TRUSTEES
Neil J. Hennessy
Robert T. Doyle
J. Dennis DeSousa
Gerald P. Richardson

COUNSEL
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102-2529

DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202



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

This report has been prepared for shareholders and may be distributed to
others only if preceded or accompanied by a current prospectus.

(b)




NOTICE:

Important Shareholder Report(s) Available Online and in Print by Request

Shareholder reports contain important information about your investments, including portfolio holdings and financial statements. We encourage you to review the shareholder report(s) and other information by visiting: www.hennessyfunds.com/funds/fund-documents


You may request printed copies or change your delivery preferences at any time by calling:

U.S. Bank Global Fund Services
1-800-261-6950 or 1-414-765-4124

Please contact U.S. Bank Global Fund Services if you would like to:

  ✓
Request a paper copy of a specific shareholder report, free of charge. Unless you contact U.S. Bank Global Fund Services, you will NOT receive a paper copy.
     
  ✓
Elect to receive paper copies of ALL future shareholder reports, free of charge.
     
  ✓
Elect to receive shareholder reports and other communications (including quarterly statements, annual tax statements, and prospectuses) electronically delivered to your email.
     
   
Note: You may also elect eDelivery by accessing your account online at www.hennessyfunds.com/account


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www.hennessyfunds.com/subscribe


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Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”)).

Item 6. Investments.

(a)
The Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)
Not applicable.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(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 of this report, as required by Rule 30a‑3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Exchange Act. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized, and reported and made known to them by others within the registrant and by the registrant’s service providers.

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)
(1) Code of ethics, or amendments thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing of an exhibit. Not applicable.


(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act. Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. There was no change in the registrant’s independent public accountant for the period covered by this report.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HENNESSY FUNDS TRUST
(Registrant)


By:      /s/Neil J. Hennessy
Neil J. Hennessy
President

Date:  July 9, 2021


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
 Neil J. Hennessy, President and Principal Executive Officer
 
Date:      July 9, 2021


By:          /s/Teresa M. Nilsen
 Teresa M. Nilsen, Treasurer and Principal Financial Officer
 
Date:      July 9, 2021












EX-99.CERT 2 hft_hf-ex99cert302.htm CERTIFICATION 302
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:
 
(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;
 
(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;
 
(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
 
(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):
 
(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
 
(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: July 9, 2021
  
/s/Neil J. Hennessy
Neil J. Hennessy
President and Principal Executive Officer


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:
 
(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;
 
(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;
 
(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
 
(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):
 
(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
 
(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: July 9, 2021
  
/s/Teresa M. Nilsen
Teresa M. Nilsen
Treasurer and Principal Financial Officer




EX-99.906 CERT 3 hft_hf-ex99cert906.htm CERTIFICATION 906
Certification Pursuant to Rule 30a-2(b) under the 1940 Act
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 April 30, 2021, 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
Neil J. Hennessy
President and Principal Executive Officer
Hennessy Funds Trust
 
/s/Teresa M. Nilsen
Teresa M. Nilsen
Treasurer and Principal Financial Officer
Hennessy Funds Trust
Date: July 9, 2021
Date: July 9, 2021


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.






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