Other 2011-10-31 0000891944 2012-10-30 HENNESSY FUNDS TRUST false 2012-10-30 2012-10-26 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the predecessor to the Fund, the FBR Core <br />Bond Fund, a series of The FBR Funds (the "Predecessor Core Bond Fund"), had <br />a portfolio turnover rate of 57% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038535Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038535Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Core Bond Fund seeks current income</tt> <tt>This Example is intended to help you compare the cost of investing in<br />Institutional Class shares of the Fund with the cost of investing in other<br />mutual funds.<br /><br />The Example assumes that you invest $10,000 in Institutional Class shares <br />of the Fund for the time periods indicated and then redeem all of your <br />shares at the end of those periods. The Example also assumes that you reinvest <br />all dividends and distributions, that your investment has a 5% return each year <br />and that the Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its investment objectives, the Fund, under normal circumstances,<br />invests at least 80% of its net assets in fixed income securities, which <br />include domestic investment grade corporate, agency and governmental bonds;<br />mortgage-backed securities; asset-backed securities; and Yankee bonds. The<br />Fund's investments may include foreign securities, including indirect<br />investments such as American Depository Receipts ("ADRs") or other types <br />of depositary receipts, which are U.S. dollar-denominated receipts <br />representing shares of foreign-based corporations. The Fund may invest up <br />to 10% of its assets in high yield bonds (commonly known as "junk bonds"). <br />The Fund may invest in Initial Public Offerings ("IPOs").<br /><br />The Fund is sub-advised by Financial Counselors, Inc. ("FCI"). FCI will use <br />its core fixed income philosophy to manage the Fund. FCI's core fixed income<br />philosophy focuses on higher quality, intermediate term fixed income securities<br />that can produce attractive results for investment with a focus on downside<br />protection. FCI applies a reasoned approach to fixed income management which <br />is based on continuous analysis and assessment of the variables that influence <br />bond prices. FCI will use this proprietary approach that combines economic <br />momentum, inflationary expectations and technical factors to evaluate interest <br />rate changes in order to manage the duration of the portfolio in an effort to <br />mitigate risk and maximize total return. As of October 1, 2012, the <br />dollar-weighted average maturity of the Fund's portfolio was 8.18 years.</tt> HENNESSY CORE BOND FUND <tt>with capital growth as a secondary objective.</tt> EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Core Bond Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.57 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the Barclays Capital Intermediate U.S. Government/Credit Index, a broad measure of market performance. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />8.51% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-2.75% for the quarter ended March 31, 2005.<br /> <br />The year-to-date return of the Predecessor Core Bond Fund's Institutional Class<br />through September 30, 2012 is 6.90%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with an<br />investment in the Fund. The value of an investment will fluctuate over time and<br />it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Debt Investments: The yields and principal values of debt securities will also<br />fluctuate. Generally, values of debt securities change inversely with interest<br />rates. That is, as interest rates go up, the values of debt securities tend to<br />go down and vice versa. Furthermore, these fluctuations tend to increase as a<br />bond's maturity increases such that a longer term bond will increase or decrease<br />more for a given change in interest rates than a shorter term bond.<br /> <br />Foreign Securities Risk: The Fund invests in ADRs, which are foreign securities<br />traded on U.S. exchanges. There are specific risks associated with investing in<br />the securities of foreign companies not typically associated with investing in<br />domestic companies. Risks include fluctuations in the exchange rates of foreign<br />currencies that may affect the U.S. Dollar value of a security, and the<br />possibility of substantial price volatility as a result of political and<br />economic instability in the foreign country.<br /> <br />High Yield Investments: The Fund may invest a portion of its assets in<br />lower-rated, high-yielding bonds (commonly known as "junk bonds"). These bonds<br />have a greater degree of default risk than higher-rated bonds. Default risk is<br />the possibility that the issuer of a debt security will fail to make timely<br />payments of principal or interest to the Funds.<br /> <br />IPO Investments: IPO shares are subject to market risk and liquidity risk. The<br />market value of IPO shares will fluctuate considerably due to facts such as the<br />absence of a prior public market, unseasoned trading, the small number of shares<br />available for trading and limited public information about the issuer. The<br />purchase of IPO shares may involve high transaction costs. When a fund's asset<br />base is small, a significant portion of the fund's performance could be<br />attributable to investments in IPOs, because such investments would have a<br />magnified impact on the fund.<br /> <br />Mortgage-Backed and Asset-Backed Securities Investments: Mortgage- and<br />asset-backed securities are subject to prepayment risk, which is the risk that<br />the borrower will prepay some or all of the principal owed to the issuer. If<br />prepayment occurs, the Funds may have to replace the security by investing the<br />proceeds in a less attractive security. This may reduce a Fund's share price <br />and income distribution.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com <tt>The Fund is a successor to the Predecessor Core Bond Fund pursuant to a<br />reorganization that took place after the close of business on October 26,<br />2012. The performance information provided for the periods on or prior to<br />October 26, 2012 is historical information for the Predecessor Core Bond <br />Fund's Institutional Class shares. The Predecessor Core Bond Fund was <br />managed by FBR Fund Advisers, Inc. and had the same investment objective <br />and substantially similar investment strategy as the Fund. The Predecessor <br />Core Bond Fund was the investment successor to the AFBA 5Star Total Return <br />Bond Fund (the "AFBA Predecessor Bond Fund") which commenced investment <br />operations on June 3, 1997. On March 12, 2010, the AFBA Predecessor Bond <br />Fund was reorganized as the FBR Core Bond Fund. Performance figures shown <br />below represent the Institutional Class shares of the AFBA Predecessor Bond <br />Fund for periods prior to March 12, 2010.<br /> <br />The following performance information provides some indication of the risks <br />of investing in the Fund by showing changes in its performance from year to <br />year and how the Fund's average annual returns compare with those of the <br />Barclays Capital Intermediate U.S. Government/Credit Index, a broad measure <br />of market performance. For additional information on this index, please see <br />"Index Descriptions" in the Prospectus. The Fund's past performance (before <br />and after taxes) is not necessarily an indication of future performance. <br />Performance may be higher or lower in the future. Updated performance <br />information is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038535Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038535Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038535Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital Intermediate U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes) 0.0580 0.0588 0.0520 Returns after taxes on distributions and sale of fund shares 0.0349 0.0389 0.0455 Returns after taxes on distributions 0.0348 0.0378 0.0458 HCBIX 0.0248 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 128 2003-06-30 455 -0.0275 0.0839 -0.0026 0.0734 1790 0.00 804 0.0575 0.0851 0.0508 0.0051 0.0080 0.0080 2015-02-28 2005-03-31 0.0980 0.0571 -0.0112 year-to-date return 0.00 0.0508 0.2023 0.00 0.0661 0.0126 0.0152 0.0878 0.0690 0.0021 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the predecessor to the Fund, the FBR Core <br />Bond Fund, a series of The FBR Funds (the "Predecessor Core Bond Fund"), had a <br />portfolio turnover rate of 57% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038535Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038535Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Core Bond Fund seeks current income</tt> <tt>This Example is intended to help you compare the cost of investing in Investor<br />Class shares of the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Investor Class shares of the <br />Fund for the time periods indicated and then redeem all of your shares at the <br />end of those periods. The Example also assumes that you reinvest all dividends <br />and distributions, that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its investment objectives, the Fund, under normal circumstances,<br />invests at least 80% of its net assets in fixed income securities, which <br />include domestic investment grade corporate, agency and governmental bonds;<br />mortgage-backed securities; asset-backed securities; and Yankee bonds. The<br />Fund's investments may include foreign securities, including indirect<br />investments such as American Depository Receipts ("ADRs") or other types <br />of depositary receipts, which are U.S. dollar-denominated receipts <br />representing shares of foreign-based corporations. The Fund may invest up <br />to 10% of its assets in high yield bonds (commonly known as "junk bonds"). <br />The Fund may invest in Initial Public Offerings ("IPOs").<br /><br />The Fund is sub-advised by Financial Counselors, Inc. ("FCI"). FCI will use <br />its core fixed income philosophy to manage the Fund. FCI's core fixed income <br />philosophy focuses on higher quality, intermediate term fixed income securities <br />that can produce attractive results for investment with a focus on downside <br />protection. FCI applies a reasoned approach to fixed income management which <br />is based on continuous analysis and assessment of the variables that influence <br />bond prices. FCI will use this proprietary approach that combines economic <br />momentum, inflationary expectations and technical factors to evaluate interest <br />rate changes in order to manage the duration of the portfolio in an effort to <br />mitigate risk and maximize total return. As of October 1, 2012, the <br />dollar-weighted average maturity of the Fund's portfolio was 8.18 years.</tt> HENNESSY CORE BOND FUND <tt>with capital growth as a secondary objective.</tt> EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Core Bond Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.57 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the Barclays Capital Intermediate U.S. Government/Credit Index, a broad measure of market performance. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />8.53% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-2.84% for the quarter ended March 31, 2005.<br /> <br />The year-to-date return of the Predecessor Core Bond Fund's Investor Class<br />through September 30, 2012 is 6.70%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Debt Investments: The yields and principal values of debt securities will also<br />fluctuate. Generally, values of debt securities change inversely with interest<br />rates. That is, as interest rates go up, the values of debt securities tend to<br />go down and vice versa. Furthermore, these fluctuations tend to increase as a<br />bond's maturity increases such that a longer term bond will increase or decrease<br />more for a given change in interest rates than a shorter term bond.<br /> <br />Foreign Securities Risk: The Fund invests in ADRs, which are foreign securities<br />traded on U.S. exchanges. There are specific risks associated with investing in<br />the securities of foreign companies not typically associated with investing in<br />domestic companies. Risks include fluctuations in the exchange rates of foreign<br />currencies that may affect the U.S. Dollar value of a security, and the<br />possibility of substantial price volatility as a result of political and<br />economic instability in the foreign country.<br /> <br />High Yield Investments: The Fund may invest a portion of its assets in<br />lower-rated, high-yielding bonds (commonly known as "junk bonds"). These bonds<br />have a greater degree of default risk than higher-rated bonds. Default risk is<br />the possibility that the issuer of a debt security will fail to make timely<br />payments of principal or interest to the Funds.<br /> <br />IPO Investments: IPO shares are subject to market risk and liquidity risk. <br />The market value of IPO shares will fluctuate considerably due to facts such <br />as the absence of a prior public market, unseasoned trading, the small number <br />of shares available for trading and limited public information about the issuer. <br />The purchase of IPO shares may involve high transaction costs. When a fund's <br />asset base is small, a significant portion of the fund's performance could be<br />attributable to investments in IPOs, because such investments would have a<br />magnified impact on the fund.<br /> <br />Mortgage-Backed and Asset-Backed Securities Investments: Mortgage- and<br />asset-backed securities are subject to prepayment risk, which is the risk that<br />the borrower will prepay some or all of the principal owed to the issuer. If<br />prepayment occurs, the Funds may have to replace the security by investing the<br />proceeds in a less attractive security. This may reduce a Fund's share price and<br />income distribution.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com <tt>The Fund is a successor to the Predecessor Core Bond Fund pursuant to a<br />reorganization that took place after the close of business on October 26,<br />2012. The performance information provided for the periods on or prior to<br />October 26, 2012 is historical information for the Predecessor Core Bond Fund's<br />Investor Class shares. The Predecessor Core Bond Fund was managed by FBR Fund<br />Advisers, Inc. and had the same investment objective and substantially similar<br />investment strategy as the Fund. The Predecessor Core Bond Fund was the<br />investment successor to the AFBA 5Star Total Return Bond Fund (the "AFBA<br />Predecessor Bond Fund") which commenced investment operations on June 3,<br />1997. On March 12, 2010, the AFBA Predecessor Bond Fund was reorganized as the<br />FBR Core Bond Fund. Performance figures shown below represent the Advisor Class<br />shares of the AFBA Predecessor Bond Fund for periods prior to March 12, 2010.<br /><br />The following performance information provides some indication of the risks of<br />investing in the Fund by showing changes in its performance from year to year<br />and how the Fund's average annual returns compare with those of the Barclays<br />Capital Intermediate U.S. Government/Credit Index, a broad measure of market<br />performance. For additional information on this index, please see "Index<br />Descriptions" in the Prospectus. The Fund's past performance (before and after<br />taxes) is not necessarily an indication of future performance. Performance may<br />be higher or lower in the future. Updated performance information is available<br />on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038535Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038535Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038535Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital Intermediate U.S. Government/Credit Index (reflects no deduction for fees, expenses or taxes) 0.0580 0.0588 0.0520 Returns after taxes on distributions and sale of fund shares 0.0333 0.0379 0.0451 Returns after taxes on distributions 0.0355 0.0375 0.0461 HCBFX 0.0215 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 154 2003-06-30 584 -0.0284 0.0814 -0.0051 0.0706 2307 0.00 1041 0.0549 0.0853 0.0487 0.0076 0.0050 0.0080 2015-02-28 2005-03-31 0.0950 0.0544 -0.0131 year-to-date return 0.00 0.0487 0.1999 0.0025 0.0634 0.0151 0.0202 0.0850 0.0670 0.0021 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the predecessor to the Fund, the FBR <br />Balanced Fund, a series of The FBR Funds (the "Predecessor Balanced Fund"), <br />had a portfolio turnover rate of 35% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038534Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038534Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Equity and Income Fund seeks long-term capital growth and current<br />income.</tt> <tt>This Example is intended to help you compare the cost of investing in Institutional <br />Class shares of the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Institutional Class shares of the<br />Fund for the time periods indicated and then redeem all of your shares at the end <br />of those periods. The Example also assumes that you reinvest all dividends and <br />distributions, that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its investment objectives, the Fund invests in a blend of domestic<br />common stocks, preferred stocks, convertible securities and core, high quality<br />domestic corporate, agency and government bonds. The Fund may also invest in<br />mortgage-backed securities, asset-backed securities and Yankee bonds. The Fund's<br />investments may include foreign securities, including indirect investments such<br />as American Depository Receipts ("ADRs") or other types of depository receipts,<br />which are U.S. dollar-denominated receipts representing shares of foreign-based<br />corporations. The Fund may invest in the stocks of companies of any size without<br />regard to market capitalization. The Fund may invest up to 10% of its assets in<br />high yield bonds (commonly known as "junk bonds"). The allocation of assets<br />invested in each type of security is designed to balance yield income and<br />long-term capital appreciation with reduced volatility of returns. The approach<br />of the Portfolio Managers of the Fund places a focus on seeking downside<br />protection. The Fund expects to change its allocation mix over time based on the<br />Portfolio Managers' view of economic conditions and underlying security values. <br />The Fund may invest in Initial Public Offerings ("IPOs"). Under normal<br />circumstances, the Manager will allocate approximately 40% of the Fund's assets<br />to a sub-adviser to be invested in fixed income securities and the remainder of<br />the Fund's assets to a sub-adviser to be invested in equity securities. Many of<br />the Fund's common stock investments are expected to pay dividends.<br /><br />The London Company ("London Co.") manages the equity portion of the Fund's<br />portfolio and Financial Counselors, Inc. ("FCI") manages the fixed income<br />portion of the Fund's portfolio. London Co. utilizes a bottom-up approach <br />in its security selection for the equity segment of the Fund and focuses on <br />selecting securities of companies that have demonstrated market dominance, <br />have low business risk, continue to have solid long-term growth prospects <br />and have averaged 15% or greater internal growth. In addition, London Co. <br />further makes determinations regarding stock selection by considering <br />companies that have shareholder-oriented management that have a history of <br />aligning with shareholder interest through stock incentives, insider buying <br />and corporate buy-backs. <br /><br />FCI will use its core fixed income philosophy to manage the fixed income segment <br />of the Fund. FCI's core fixed income philosophy focuses on higher quality, <br />intermediate term fixed income securities that can produce attractive results for <br />investment with a focus on downside protection. FCI applies a reasoned approach to <br />fixed income management which is based on continuous analysis and assessment of the <br />variables that influence bond prices. FCI will use this proprietary approach that <br />combines economic momentum, inflationary expectations and technical factors to <br />evaluate interest rate changes in order to manage the duration of the portfolio in <br />an effort to mitigate risk and maximize total return. As of October 1, the <br />dollar-weighted average maturity of the Fund's portfolio is 7.70 years.</tt> HENNESSY EQUITY AND INCOME FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Balanced Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. the secondary benchmark of the Blended Balanced Index The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.35 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the S&P 500 Index, a broad measure of market performance, and the secondary benchmark of the Blended Balanced Index (which consists of 60% common stocks represented by the S&P 500 Index and 40% bonds represented by the Barclays Capital Intermediate U.S. Government/Credit Index). <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />13.50% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-13.59% for the quarter ended December 31, 2008.<br /> <br />The year-to-date return of the Predecessor Balanced Fund's Institutional Class<br />through September 30, 2012 is 7.86%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with an<br />investment in the Fund. The value of an investment will fluctuate over time and<br />it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Debt Investments: The yields and principal values of debt securities will also<br />fluctuate. Generally, values of debt securities change inversely with interest<br />rates. That is, as interest rates go up, the values of debt securities tend to<br />go down and vice versa. Furthermore, these fluctuations tend to increase as a<br />bond's maturity increases such that a longer term bond will increase or decrease<br />more for a given change in interest rates than a shorter term bond.<br /> <br />Foreign Securities Risk: The Fund invests in ADRs, which are foreign securities<br />traded on U.S. exchanges. There are specific risks associated with investing in<br />the securities of foreign companies not typically associated with investing in<br />domestic companies. Risks include fluctuations in the exchange rates of foreign<br />currencies that may affect the U.S. Dollar value of a security, and the<br />possibility of substantial price volatility as a result of political and<br />economic instability in the foreign country.<br /> <br />High Yield Investments: The Fund may invest a portion of its assets in<br />lower-rated, high-yielding bonds (commonly known as "junk bonds"). These bonds<br />have a greater degree of default risk than higher-rated bonds. Default risk is<br />the possibility that the issuer of a debt security will fail to make timely<br />payments of principal or interest to the Funds.<br /> <br />IPO Investments: IPO shares are subject to market risk and liquidity risk. The<br />market value of IPO shares will fluctuate considerably due to facts such as the<br />absence of a prior public market, unseasoned trading, the small number of shares<br />available for trading and limited public information about the issuer. The<br />purchase of IPO shares may involve high transaction costs. When a fund's asset<br />base is small, a significant portion of the fund's performance could be<br />attributable to investments in IPOs, because such investments would have a<br />magnified impact on the fund.<br /> <br />Mortgage-Backed and Asset-Backed Securities Investments: Mortgage- and<br />asset-backed securities are subject to prepayment risk, which is the risk that<br />the borrower will prepay some or all of the principal owed to the issuer. If<br />prepayment occurs, the Fund may have to replace the security by investing the<br />proceeds in a less attractive security. This may reduce the Fund's share price<br />and income distribution.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com <tt>The Fund is a successor to the Predecessor Balanced Fund pursuant to a<br />reorganization that took place after the close of business on October <br />26, 2012. The performance information provided for the periods on or prior <br />to October 26, 2012 is historical information for the Predecessor Balanced <br />Fund's Institutional Class shares. The Predecessor Balanced Fund was managed <br />by FBR Fund Advisers, Inc. and had the same investment objective and <br />substantially similar investment strategy as the Fund. The Predecessor <br />Balanced Fund was the investment successor to the AFBA 5Star Balanced Fund <br />(the "AFBA Predecessor Balanced Fund") which commenced investment operations <br />on June 3, 1997. On March 12, 2010, the AFBA Predecessor Balanced Fund was <br />reorganized as the FBR Balanced Fund. Performance figures shown below represent <br />the Institutional Class shares of the AFBA Predecessor Balanced Fund for periods <br />prior to March 12, 2010. <br /><br />The following performance information provides some indication of the risks of <br />investing in the Fund by showing changes in its performance from year to year <br />and how the Fund's average annual returns compare with those of the S&amp;P 500 Index, <br />a broad measure of market performance, and the secondary benchmark of the Blended <br />Balanced Index (which consists of 60% common stocks represented by the S&amp;P 500 <br />Index and 40% bonds represented by the Barclays Capital Intermediate U.S. <br />Government/Credit Index). For additional information on these indexes, please <br />see "Index Descriptions" in the Prospectus. The Fund's past performance (before <br />and after taxes) is not necessarily an indication of future performance. <br />Performance may be higher or lower in the future. Updated performance information <br />is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038534Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038534Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038534Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Blended Balanced Index (reflects no deduction for fees, expenses or taxes) 0.0386 0.0261 0.0418 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Returns after taxes on distributions and sale of fund shares 0.0741 0.0355 0.0507 Returns after taxes on distributions 0.1028 0.0331 0.0522 HEIIX -0.1483 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 108 2003-06-30 337 -0.1359 0.1399 0.1153 1294 0.00 585 0.0933 0.1350 0.1084 0.0020 -0.2073 0.0080 2008-12-31 0.1876 0.0493 0.0558 year-to-date return 0.00 0.1084 0.2648 0.00 0.0669 0.0106 0.1587 0.0786 0.0006 0.00 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the predecessor to the Fund, the FBR <br />Balanced Fund, a series of The FBR Funds (the "Predecessor Balanced Fund"), <br />had a portfolio turnover rate of 35% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038534Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038534Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Equity and Income Fund seeks long-term capital growth and current<br />income.</tt> <tt>This Example is intended to help you compare the cost of investing in Investor<br />Class shares of the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Investor Class shares of the Fund<br />for the time periods indicated and then redeem all of your shares at the end of<br />those periods. The Example also assumes that you reinvest all dividends and<br />distributions, that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its investment objectives, the Fund invests in a blend of domestic<br />common stocks, preferred stocks, convertible securities and core, high quality<br />domestic corporate, agency and government bonds. The Fund may also invest in<br />mortgage-backed securities, asset-backed securities and Yankee bonds. The Fund's<br />investments may include foreign securities, including indirect investments such<br />as American Depository Receipts ("ADRs") or other types of depository receipts,<br />which are U.S. dollar-denominated receipts representing shares of foreign-based<br />corporations. The Fund may invest in the stocks of companies of any size without<br />regard to market capitalization. The Fund may invest up to 10% of its assets in<br />high yield bonds (commonly known as "junk bonds"). The allocation of assets<br />invested in each type of security is designed to balance yield income and<br />long-term capital appreciation with reduced volatility of returns. The approach<br />of the Portfolio Managers of the Fund places a focus on seeking downside<br />protection. The Fund expects to change its allocation mix over time based on the<br />Portfolio Managers' view of economic conditions and underlying security values. <br />The Fund may invest in Initial Public Offerings ("IPOs"). Under normal <br />circumstances, the Manager will allocate approximately 40% of the Fund's assets<br />to a sub-adviser to be invested in fixed income securities and the remainder of<br />the Fund's assets to a sub-adviser to be invested in equity securities. Many of<br />the Fund's common stock investments are expected to pay dividends. <br /><br />The London Company ("London Co.") manages the equity portion of the Fund's portfolio <br />and Financial Counselors, Inc. ("FCI") manages the fixed income portion of the Fund's <br />portfolio. London Co. utilizes a bottom-up approach in its security selection for the <br />equity segment of the Fund and focuses on selecting securities of companies that have<br />demonstrated market dominance, have low business risk, continue to have solid<br />long-term growth prospects and have averaged 15% or greater internal growth. In<br />addition, London Co. further makes determinations regarding stock selection by<br />considering companies that have shareholder-oriented management that have a<br />history of aligning with shareholder interest through stock incentives, insider<br />buying and corporate buy-backs.<br /><br />FCI will use its core fixed income philosophy to manage the fixed income segment<br />of the Fund. FCI's core fixed income philosophy focuses on higher quality,<br />intermediate term fixed income securities that can produce attractive results<br />for investment with a focus on downside protection. FCI applies a reasoned<br />approach to fixed income management which is based on continuous analysis and<br />assessment of the variables that influence bond prices. FCI will use this<br />proprietary approach that combines economic momentum, inflationary expectations<br />and technical factors to evaluate interest rate changes in order to manage the<br />duration of the portfolio in an effort to mitigate risk and maximize total<br />return. As of October 1, the dollar-weighted average maturity of the Fund's<br />portfolio is 7.70 years.</tt> HENNESSY EQUITY AND INCOME FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Balanced Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. the secondary benchmark of the Blended Balanced Index The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.35 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the S&P 500 Index, a broad measure of market performance, and the secondary benchmark of the Blended Balanced Index (which consists of 60% common stocks represented by the S&P 500 Index and 40% bonds represented by the Barclays Capital Intermediate U.S. Government/Credit Index). <tt>For the period shown in the bar chart, the Fund's highest quarterly return <br />was 13.36% for the quarter ended June 30, 2003 and the lowest quarterly <br />return was -13.66% for the quarter ended December 31, 2008.<br /> <br />The year-to-date return of the Predecessor Balanced Fund's Investor Class<br />through September 30, 2012 is 7.62%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Debt Investments: The yields and principal values of debt securities will also<br />fluctuate. Generally, values of debt securities change inversely with interest<br />rates. That is, as interest rates go up, the values of debt securities tend to<br />go down and vice versa. Furthermore, these fluctuations tend to increase as a<br />bond's maturity increases such that a longer term bond will increase or decrease<br />more for a given change in interest rates than a shorter term bond.<br /> <br />Foreign Securities Risk: The Fund invests in ADRs, which are foreign securities<br />traded on U.S. exchanges. There are specific risks associated with investing in<br />the securities of foreign companies not typically associated with investing in<br />domestic companies. Risks include fluctuations in the exchange rates of foreign<br />currencies that may affect the U.S. Dollar value of a security, and the possibility <br />of substantial price volatility as a result of political and economic instability <br />in the foreign country.<br /> <br />High Yield Investments: The Fund may invest a portion of its assets in lower-rated, <br />high-yielding bonds (commonly known as "junk bonds"). These bonds have a greater <br />degree of default risk than higher-rated bonds. Default risk is the possibility <br />that the issuer of a debt security will fail to make timely payments of principal <br />or interest to the Funds.<br /> <br />IPO Investments: IPO shares are subject to market risk and liquidity risk. The<br />market value of IPO shares will fluctuate considerably due to facts such as the<br />absence of a prior public market, unseasoned trading, the small number of shares<br />available for trading and limited public information about the issuer. The<br />purchase of IPO shares may involve high transaction costs. When a fund's asset<br />base is small, a significant portion of the fund's performance could be<br />attributable to investments in IPOs, because such investments would have a<br />magnified impact on the fund.<br /> <br />Mortgage-Backed and Asset-Backed Securities Investments: Mortgage- and<br />asset-backed securities are subject to prepayment risk, which is the risk that<br />the borrower will prepay some or all of the principal owed to the issuer. If<br />prepayment occurs, the Fund may have to replace the security by investing the<br />proceeds in a less attractive security. This may reduce the Fund's share price<br />and income distribution.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com <tt>The Fund is a successor to the Predecessor Balanced Fund pursuant to a<br />reorganization that took place after the close of business on October <br />26, 2012. The performance information provided for the periods on or <br />prior to October 26, 2012 is historical information for the Predecessor <br />Balanced Fund's Investor Class shares. The Predecessor Balanced Fund was <br />managed by FBR Fund Advisers, Inc. and had the same investment objective <br />and substantially similar investment strategy as the Fund. The Predecessor <br />Balanced Fund was the investment successor to the AFBA 5Star Balanced Fund <br />(the "AFBA Predecessor Balanced Fund") which commenced investment operations <br />on June 3, 1997. On March 12, 2010, the AFBA Predecessor Balanced Fund was <br />reorganized as the FBR Balanced Fund. Performance figures shown below <br />represent the Advisor Class shares of the AFBA Predecessor Balanced Fund for <br />periods prior to March 12, 2010.<br /><br />The following performance information provides some indication of the risks of<br />investing in the Fund by showing changes in its performance from year to year<br />and how the Fund's average annual returns compare with those of the S&amp;P 500<br />Index, a broad measure of market performance, and the secondary benchmark of the<br />Blended Balanced Index (which consists of 60% common stocks represented by the<br />S&amp;P 500 Index and 40% bonds represented by the Barclays Capital Intermediate<br />U.S. Government/Credit Index). For additional information on these indexes,<br />please see "Index Descriptions" in the Prospectus. The Fund's past performance<br />(before and after taxes) is not necessarily an indication of future performance. <br />Performance may be higher or lower in the future. Updated performance information <br />is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038534Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038534Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038534Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Blended Balanced Index (reflects no deduction for fees, expenses or taxes) 0.0386 0.0261 0.0418 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Returns after taxes on distributions and sale of fund shares 0.0720 0.0341 0.0502 Returns after taxes on distributions 0.1013 0.0321 0.0521 HEIFX -0.1463 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 136 2003-06-30 425 -0.1366 0.1377 0.1134 1613 0.00 734 0.0898 0.1336 0.1061 0.0023 -0.2091 0.0080 2008-12-31 0.1843 0.0468 0.0538 year-to-date return 0.00 0.1061 0.2608 0.0025 0.0649 0.0134 0.1562 0.0762 0.0006 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the predecessor to the Fund,<br />the FBR Gas Utility Index Fund, a series of The FBR Funds (the "Predecessor Gas<br />Utility Index Fund"), had a portfolio turnover rate of 17% of the average value<br />of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038533Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038533Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Gas Utility Index Fund seeks income and capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in Investor<br />Class shares of the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Investor Class shares of the <br />Fund for the time periods indicated and then redeem all of your shares at the <br />end of those periods. The Example also assumes that you reinvest all dividends <br />and distributions, that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>Designed as an index fund, the Fund intends to provide investment results that<br />replicate the performance of the American Gas Association Stock Index ("Index"),<br />an index maintained by the American Gas Association ("AGA"), a national trade<br />association of natural gas companies. The Index consists of approximately 67<br />publicly traded companies, both domestic and foreign, of natural gas<br />distribution, gas pipeline, diversified gas and combination gas and electric<br />companies whose securities are traded on a U.S. securities exchange (exclusive<br />of treasury stock). While the Fund's investments will primarily be in domestic<br />U.S. securities, the Fund's investments may include foreign securities,<br />including indirect investments such as ADRs or other types of depositary<br />receipts, which are U.S. dollar-denominated receipts representing shares of<br />foreign-based corporations. The stocks included in the Fund are chosen solely on<br />the statistical basis of their weightings in the Index.<br /><br />The Fund intends to invest under normal circumstances at least 85% of its net<br />assets in the common stock of companies that have natural gas distribution and<br />transmission operations. No attempt is made to manage the Fund's portfolio<br />actively in the traditional sense by using economic, financial or market analysis; <br />nor will the adverse financial situation of a company directly result in its <br />elimination from the Fund's portfolio unless the company is removed from the <br />Index. The percentage of the Fund's assets to be invested in each company's stock <br />contained within the Index is approximately the same as the percentage the stock <br />represents in the Index. Each stock's proportion of the Index is based on that <br />stock's market capitalization, that is, the number of shares outstanding multiplied <br />by the market price of the stock. Such computation is also weighted to reduce <br />the effect of assets not connected with natural gas distribution and transmission<br />revenue. To avoid deviation in the Fund's performance from the Index, the Fund<br />will seek to invest substantially all of its assets in the stocks of the Index. <br />Although there is no predetermined acceptable range of deviation between the <br />performance of the Index and that of the Fund, the Fund attempts to achieve a <br />correlation of approximately 95% or better between its total return and that of <br />the Index. One-hundred percent correlation would mean the total return of the<br />Fund's assets would increase and decrease exactly the same as the Index. If a<br />deviation occurs, it may be the result of various expenses incurred by the Fund,<br />such as management fees, transaction costs and other operating expenses.</tt> HENNESSY GAS UTILITY INDEX FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Gas Utility Index Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. the secondary benchmark of the AGA Stock Index. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: 0.17 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the S&P 500 Index, a broad measure of market performance, and the secondary benchmark of the AGA Stock Index. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />18.55% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-21.06% for the quarter ended September 30, 2002.<br /> <br />The year-to-date return of the Predecessor Gas Utility Index Fund's Investor<br />Class through September 30, 2012 is 8.17%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Industry Concentration: The Fund concentrates its investments within the natural<br />gas distribution and transmission industry. Because of its narrow industry focus, <br />the Fund's performance is tied closely to and affected by developments in the <br />natural gas distribution and transmission industry, such as competition and <br />weather. The gas industry is also sensitive to increased interest rates because<br />of the industry's capital intensive nature. In the event the Fund experiences<br />significant purchase and/or redemption requests, it may have difficulty<br />providing investment results that replicate the Index.<br /> <br />Foreign Securities Risk: The Fund invests in ADRs, which are foreign securities<br />traded on U.S. exchanges. There are specific risks associated with investing in<br />the securities of foreign companies not typically associated with investing in<br />domestic companies. Risks include fluctuations in the exchange rates of foreign<br />currencies that may affect the U.S. Dollar value of a security, and the possibility <br />of substantial price volatility as a result of political and economic instability <br />in the foreign country.<br /> <br />Non-Diversification: The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's performance.<br /> <br />Index Tracking: While the Fund seeks to track the performance of the Index as<br />closely as possible, the Fund's return may not always be able to match or<br />achieve a high correlation with the return of the Index due to such factors as<br />the various expenses incurred by the Fund, such as management fees, transaction<br />costs and other operating expenses which are not incurred by the Index. In<br />addition, the Fund may not be fully invested at all times in the Index as a<br />result of cash flows into the Fund or reserves of cash that are maintained in<br />order to meet redemption requests and cover operating expenses.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com The Fund intends to invest under normal circumstances at least 85% of its net assets in the common stock of companies that have natural gas distribution and transmission operations. <tt>The Fund is a successor to the Predecessor Gas Utility Index Fund pursuant to a<br />reorganization that took place after the close of business on October 26, 2012. <br />The performance information provided for the periods on or prior to October 26, <br />2012 is historical information for the Predecessor Gas Utility Index Fund's <br />Investor Class shares. The Predecessor Gas Utility Index Fund was managed by <br />FBR Fund Advisers, Inc. and had the same investment objective and same investment <br />strategy as the Fund.<br /><br />The following performance information provides some indication of the risks of<br />investing in the Fund by showing changes in its performance from year to year<br />and how the Fund's average annual returns compare with those of the S&amp;P 500<br />Index, a broad measure of market performance, and the secondary benchmark of the<br />AGA Stock Index. For additional information on these indexes, please see "Index<br />Descriptions" in the Prospectus. The Fund's past performance (before and after<br />taxes) is not necessarily an indication of future performance. Performance may<br />be higher or lower in the future. Updated performance information is available<br />on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038533Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038533Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038533Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> AGA Stock Index (reflects no deduction for fees, expenses or taxes) 0.2445 0.0661 0.0775 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Returns after taxes on distributions and sale of fund shares 0.1707 0.0612 0.0718 Returns after taxes on distributions 0.2455 0.0640 0.0765 GASFX -0.2393 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 66 2003-06-30 208 -0.2106 0.2303 0.1240 810 0.00 362 0.1403 0.1855 0.2515 0.0025 -0.2830 0.0040 2002-09-30 0.2392 0.0735 0.1353 year-to-date return 0.00 0.2515 0.2349 0.00 0.0853 0.0065 0.2127 0.0817 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the predecessor to the Fund,<br />the FBR Technology Fund, a series of The FBR Funds (the "Predecessor Technology<br />Fund"), had a portfolio turnover rate of 141% of the average value of its <br />portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038532Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038532Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Technology Fund seeks long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in<br />Institutional Class shares of the Fund with the cost of investing in other<br />mutual funds.<br /><br />The Example assumes that you invest $10,000 in Institutional Class shares <br />of the Fund for the time periods indicated and then redeem all of your shares <br />at the end of those periods. The Example also assumes that you reinvest all <br />dividends and distributions, that your investment has a 5% return each year <br />and that the Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />plus the amount of any borrowings for investment purposes in securities of<br />companies that are principally engaged in the research, design, development,<br />manufacturing or distributing products or services in the technology industry. <br />The Fund's policy of investing at least 80% of its net assets in companies <br />principally engaged in technology may only be changed upon 60 days notice to <br />shareholders. The Fund will primarily invest in equity securities (which <br />include common stocks, preferred stocks, warrants and other securities<br />convertible into common stocks, including convertible bonds and convertible<br />preferred stock) of companies listed on a U.S. securities exchange or NASDAQ<br />that are expected to experience earnings growth as a result of technology. <br />Potential investments would include, but not be limited to, the following <br />industries: computer software and hardware, semiconductors, scientific<br />instrumentation, telecommunications, pharmaceuticals, chemicals, synthetic<br />materials, defense and commercial electronics, data storage and retrieval, <br />biotechnology, and healthcare and medical supplies. While the Fund's <br />investments will primarily be in domestic U.S. securities, the Fund's <br />investments may include foreign securities, including indirect investments <br />such as ADRs or other types of depositary receipts, which are U.S. <br />dollar-denominated receipts representing shares of foreign-based corporations. <br />The Fund may invest up to 20% of its net assets in companies outside of the <br />technology industry. The Portfolio Managers invest in the stocks of companies <br />of any size without regard to market capitalization.<br /><br />The Portfolio Managers make investment decisions for the Fund on the basis of<br />fundamental security analysis. Once an issuer is identified as an attractive<br />candidate for the Fund's portfolio, the Portfolio Managers assess the relative<br />value and growth potential of the security on the basis of various factors,<br />which may include price to book ratio, price to earnings ratio, earnings yield<br />and cash flow, among others. The Fund may invest, to a limited degree, in<br />securities issued in initial public offerings ("IPOs").<br /><br />Many of the common stocks purchased by the Fund will not pay dividends; instead,<br />stocks will be bought for the potential that their prices will increase and<br />provide capital appreciation for the Fund.</tt> HENNESSY TECHNOLOGY FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Technology Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. the secondary benchmark of the NASDAQ Composite Index. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 1.41 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the S&P 500 Index, a broad measure of market performance, and the secondary benchmark of the NASDAQ Composite Index. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />26.38% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-22.74% for the quarter ended December 31, 2008.<br /> <br />The year-to-date return of the Predecessor Technology Fund's Institutional Class<br />through September 30, 2012 is 10.49%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /><br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Mid-Cap and Small-Cap Investments: The Fund invests in small and medium sized<br />companies, which may have more limited liquidity and greater price volatility<br />than larger, more established companies. Small companies may have limited<br />product lines, markets or financial resources and their management may be<br />dependent on a limited number of key individuals.<br /> <br />Industry Concentration: The Fund concentrates its investments within the<br />technology industry. Because of its narrow industry focus, the performance of<br />the Fund is tied closely to and is affected by developments in the technology<br />industry and its related businesses. The value of the Fund's shares may<br />fluctuate more than shares of a fund investing in other industries or in a<br />broader range of industries.<br /> <br />IPO Investments: IPO shares are subject to market risk and liquidity risk. The<br />market value of IPO shares will fluctuate considerably due to facts such as the<br />absence of a prior public market, unseasoned trading, the small number of shares<br />available for trading and limited public information about the issuer. The<br />purchase of IPO shares may involve high transaction costs. When a fund's asset<br />base is small, a significant portion of the fund's performance could be<br />attributable to investments in IPOs, because such investments would have a<br />magnified impact on the fund.<br /> <br />Foreign Securities Risk: The Fund invests in ADRs, which are foreign securities<br />traded on U.S. exchanges. There are specific risks associated with investing in<br />the securities of foreign companies not typically associated with investing in<br />domestic companies. Risks include fluctuations in the exchange rates of foreign<br />currencies that may affect the U.S. Dollar value of a security, and the possibility <br />of substantial price volatility as a result of political and economic instability <br />in the foreign country.<br /> <br />Non-Diversification: The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's performance.<br /> <br />High Portfolio Turnover Risks: The Fund's investment strategies may result in<br />high portfolio turnover rates. This may increase the Fund's brokerage commission<br />costs, which would reduce performance. Rapid portfolio turnover also exposes<br />shareholders to a higher current realization of short-term gains which could<br />cause you to pay higher taxes.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com Under normal market conditions, the Fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of companies that are principally engaged in the research, design, development, manufacturing or distributing products or services in the technology industry. <tt>The Fund is a successor to the Predecessor Technology Fund pursuant to a<br />reorganization that took place after the close of business on October 26,<br />2012. The performance information provided for the periods on or prior to<br />October 26, 2012 is historical information for the Predecessor Technology <br />Fund. Both the chart and the table below represent the performance of the<br />Institutional Class shares of the Predecessor Technology Fund after March <br />12, 2010 (inception of the share class) and Investor Class for periods prior <br />to that date. The returns for the Institutional Class shares will differ <br />from the returns for the Investor Class shares because of differences in <br />expenses of each share class. The Predecessor Technology Fund was managed <br />by FBR Fund Advisers, Inc. and had the same investment objective and <br />substantially similar investment strategy as the Fund.<br /><br />The following performance information provides some indication of the risks <br />of investing in the Fund by showing changes in its performance from year to <br />year and how the Fund's average annual returns compare with those of the S&amp;P <br />500 Index, a broad measure of market performance, and the secondary benchmark <br />of the NASDAQ Composite Index. For additional information on these indexes, <br />please see "Index Descriptions" in the Prospectus. The Fund's past performance <br />(before and after taxes) is not necessarily an indication of future performance. <br />Performance may be higher or lower in the future. Updated performance information <br />is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038532Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038532Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038532Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes) -0.0180 0.0152 0.0317 2002-02-01 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0317 2002-02-01 Returns after taxes on distributions and sale of fund shares -0.0693 -0.0065 -0.0072 2002-02-01 Returns after taxes on distributions -0.1067 -0.0104 -0.0085 2002-02-01 HTCIX lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 176 2003-06-30 718 -0.2274 0.0675 -0.0083 0.1293 2833 0.00 1286 0.0936 0.2638 -0.1067 0.0163 -0.4289 0.0090 2015-02-28 2008-12-31 0.5493 -0.0048 0.1180 year-to-date return 0.00 -0.1067 0.5286 0.00 0.0173 0.0256 0.0925 0.0391 2002-02-01 0.1049 0.0003 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the predecessor to the Fund,<br />the FBR Technology Fund, a series of The FBR Funds (the "Predecessor Technology<br />Fund"), had a portfolio turnover rate of 141% of the average value of its<br />portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038532Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038532Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Technology Fund seeks long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in Investor<br />Class shares of the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Investor Class shares of the <br />Fund for the time periods indicated and then redeem all of your shares at the <br />end of those periods. The Example also assumes that you reinvest all dividends <br />and distributions, that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />plus the amount of any borrowings for investment purposes in securities of<br />companies that are principally engaged in the research, design, development,<br />manufacturing or distributing products or services in the technology industry. <br />The Fund's policy of investing at least 80% of its net assets in companies <br />principally engaged in technology may only be changed upon 60 days notice to <br />shareholders. The Fund will primarily invest in equity securities (which <br />include common stocks, preferred stocks, warrants and other securities <br />convertible into common stocks, including convertible bonds and convertible<br />preferred stock) of companies listed on a U.S. securities exchange or NASDAQ<br />that are expected to experience earnings growth as a result of technology. <br />Potential investments would include, but not be limited to, the following <br />industries: computer software and hardware, semiconductors, scientific <br />instrumentation, telecommunications, pharmaceuticals, chemicals, synthetic <br />materials, defense and commercial electronics, data storage and retrieval, <br />biotechnology, and healthcare and medical supplies. While the Fund's <br />investments will primarily be in domestic U.S. securities, the Fund's <br />investments may include foreign securities, including indirect investments <br />such as ADRs or other types of depositary receipts, which are U.S. <br />dollar-denominated receipts representing shares of foreign-based corporations. <br />The Fund may invest up to 20% of its net assets in companies outside of the <br />technology industry. The Portfolio Managers invest in the stocks of companies <br />of any size without regard to market capitalization.<br /><br />The Portfolio Managers make investment decisions for the Fund on the basis of<br />fundamental security analysis. Once an issuer is identified as an attractive<br />candidate for the Fund's portfolio, the Portfolio Managers assess the relative<br />value and growth potential of the security on the basis of various factors,<br />which may include price to book ratio, price to earnings ratio, earnings yield<br />and cash flow, among others. The Fund may invest, to a limited degree, in<br />securities issued in initial public offerings ("IPOs").<br /><br />Many of the common stocks purchased by the Fund will not pay dividends; instead,<br />stocks will be bought for the potential that their prices will increase and<br />provide capital appreciation for the Fund.</tt> HENNESSY TECHNOLOGY FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Technology Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. the secondary benchmark of the NASDAQ Composite Index. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 1.41 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation and<br />may differ from those shown, and the after-tax returns shown are not relevant to<br />investors who hold their Fund shares through tax-deferred arrangements, such as<br />401(k) plans or individual retirement accounts. The Fund's return after taxes on<br />distributions and sales of Fund shares may be higher than its return before<br />taxes and after taxes on distributions because it may include a tax benefit<br />resulting from the capital losses that would have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the S&P 500 Index, a broad measure of market performance, and the secondary benchmark of the NASDAQ Composite Index. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />26.38% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-22.74% for the quarter ended December 31, 2008.<br /> <br />The year-to-date return of the Predecessor Technology Fund's Investor Class<br />through September 30, 2012 is 10.22%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Mid-Cap and Small-Cap Investments: The Fund invests in small and medium sized<br />companies, which may have more limited liquidity and greater price volatility<br />than larger, more established companies. Small companies may have limited<br />product lines, markets or financial resources and their management may be<br />dependent on a limited number of key individuals.<br /> <br />Industry Concentration: The Fund concentrates its investments within the<br />technology industry. Because of its narrow industry focus, the performance of<br />the Fund is tied closely to and is affected by developments in the technology<br />industry and its related businesses. The value of the Fund's shares may<br />fluctuate more than shares of a fund investing in other industries or in a<br />broader range of industries.<br /> <br />IPO Investments: IPO shares are subject to market risk and liquidity risk. The<br />market value of IPO shares will fluctuate considerably due to facts such as the<br />absence of a prior public market, unseasoned trading, the small number of shares<br />available for trading and limited public information about the issuer. The<br />purchase of IPO shares may involve high transaction costs. When a fund's asset<br />base is small, a significant portion of the fund's performance could be<br />attributable to investments in IPOs, because such investments would have a<br />magnified impact on the fund.<br /> <br />Foreign Securities Risk: The Fund invests in ADRs, which are foreign securities<br />traded on U.S. exchanges. There are specific risks associated with investing in<br />the securities of foreign companies not typically associated with investing in<br />domestic companies. Risks include fluctuations in the exchange rates of foreign<br />currencies that may affect the U.S. Dollar value of a security, and the<br />possibility of substantial price volatility as a result of political and<br />economic instability in the foreign country.<br /> <br />Non-Diversification. The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's<br />performance.<br /> <br />High Portfolio Turnover Risks: The Fund's investment strategies may result in<br />high portfolio turnover rates. This may increase the Fund's brokerage commission <br />costs, which would reduce performance. Rapid portfolio turnover also exposes <br />shareholders to a higher current realization of short-term gains which could <br />cause you to pay higher taxes.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com Under normal market conditions, the Fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of companies that are principally engaged in the research, design, development, manufacturing or distributing products or services in the technology industry. <tt>The Fund is a successor to the Predecessor Technology Fund pursuant to a<br />reorganization that took place after the close of business on October 26,<br />2012. The performance information provided for the periods on or prior to<br />October 26, 2012 is historical information for the Predecessor Technology <br />Fund's Investor Class shares. The Predecessor Technology Fund was managed <br />by FBR Fund Advisers, Inc. and had the same investment objective and <br />substantially similar investment strategy as the Fund.<br /><br />The following performance information provides some indication of the risks <br />of investing in the Fund by showing changes in its performance from year to <br />year and how the Fund's average annual returns compare with those of the S&amp;P <br />500 Index, a broad measure of market performance, and the secondary benchmark <br />of the NASDAQ Composite Index. For additional information on these indexes, <br />please see "Index Descriptions" in the Prospectus. The Fund's past performance <br />(before and after taxes) is not necessarily an indication of future performance. <br />Performance may be higher or lower in the future. Updated performance information <br />is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038532Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038532Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038532Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes) -0.0180 0.0152 0.0317 2002-02-01 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0317 2002-02-01 Returns after taxes on distributions and sale of fund shares -0.0700 -0.0070 0.0296 2002-02-01 Returns after taxes on distributions -0.1077 -0.0110 0.0297 2002-02-01 HTECX lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 201 2003-06-30 819 -0.2274 0.0675 -0.0096 0.1273 3193 0.00 1463 0.0936 0.2638 -0.1077 0.0176 -0.4289 0.0090 2015-02-28 2008-12-31 0.5493 -0.0054 0.1180 year-to-date return 0.00 -0.1077 0.5286 0.0025 0.0198 0.0294 0.0925 0.0388 2002-02-01 0.1022 0.0003 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the predecessor to the Fund,<br />the FBR Small Cap Financial Fund, a series of The FBR Funds (the "Predecessor<br />Small Cap Financial Fund"), had a portfolio turnover rate of 70% of the average<br />value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038531Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038531Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Small Cap Financial Fund seeks capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in<br />Institutional Class shares of the Fund with the cost of investing in other<br />mutual funds.<br /><br />The Example assumes that you invest $10,000 in Institutional Class shares <br />of the Fund for the time periods indicated and then redeem all of your shares <br />at the end of those periods. The Example also assumes that you reinvest all <br />dividends and distributions, that your investment has a 5% return each year <br />and that the Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />plus the amount of any borrowings for investment purposes in securities of<br />small-cap companies "principally engaged" in the business of providing financial<br />services to consumers and industry. The Fund's policy of investing at least 80%<br />of its net assets in small-cap companies principally engaged in financial services <br />may only be changed upon 60 days notice to shareholders. The Fund considers a <br />small-cap company to be one that has a market capitalization of less than $3 <br />billion, measured at the time of purchase. An issuer is "principally engaged" in <br />the business of providing financial services if at least 50% of its assets, gross <br />income, or net profits are committed to, or derived from, financial services <br />activities. Financial services activities are activities primarily related to <br />consumer and commercial banking, insurance, securities and investments, specialty <br />finance and real estate. The Fund focuses on financial services companies that <br />invest in real estate, usually through mortgages and other consumer-related <br />loans. These companies may also offer other financial services such as discount <br />brokerage services, insurance products, leasing services and joint venture <br />financing. Investments may include mortgage banking companies, consumer finance <br />companies, savings and loan associations, savings banks, building and loan <br />associations, cooperative banks, commercial banks, other depository institutions, <br />companies in the information technology industries which are primarily engaged <br />in providing products and/or services to the types of companies listed above and <br />real estate investment trusts ("REITs"). The Fund may invest up to 20% of its <br />net assets in companies with larger market capitalizations or companies outside <br />of the financial services group of industries. Investments will consist primarily<br />of common stocks, but may include preferred stocks, warrants and convertible<br />bonds.<br /><br />When evaluating securities to purchase, the Portfolio Manager generally looks<br />for companies that have low price-to-earnings ratios and low price-to-book<br />ratios relative to the financial services group of industries.<br /><br />The Fund will not invest more than 5% of its total assets in the equity-related<br />securities of any one company that derives more than 15% of its revenues from<br />brokerage or investment management activities.</tt> HENNESSY SMALL CAP FINANCIAL FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Small Cap Financial Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.70 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the Russell 2000 Index, a broad measure of market performance. <tt>For the period shown in the bar chart, the Fund's highest quarterly return <br />was 22.43% for the quarter ended September 30, 2009 and the lowest quarterly <br />return was -21.67% for the quarter ended September 30, 2011.<br /> <br />The year-to-date return of the Predecessor Small Cap Financial Fund's <br />Institutional Class through September 30, 2012 is 16.44%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Small-Cap Investments: The Fund invests in small sized companies, which may <br />have more limited liquidity and greater price volatility than larger, more <br />established companies. Small companies may have limited product lines, markets <br />or financial resources and their management may be dependent on a limited <br />number of key individuals.<br /> <br />Real Estate-Related Risk: Because the Fund focuses on financial services<br />companies that may invest in real estate, the Fund is subject to the risks<br />associated with ownership of real estate and with the real estate industry <br />in general. Real estate values (and the values of real estate-related <br />securities) fluctuate with changes in general and local economic conditions <br />and are particularly sensitive to economic downturns. Real estate values are <br />also affected by changes in interest rates and governmental actions such as <br />tax and zoning changes.<br /> <br />Industry Concentration: The Fund concentrates its investments within the<br />financial services group of industries. Because of its narrow industry focus,<br />the performance of the Fund is tied closely to and affected by developments in<br />the financial services group of industries, such as the possibility that<br />government regulation will negatively impact companies involved in the financial<br />services group of industries. Financial services companies can be influenced by<br />adverse effects of volatile interest rates and other factors. The Fund may incur<br />a loss on an investment in the securities issued by these institutions.<br /> <br />Non-Diversification: The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's performance.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com Under normal market conditions, the Fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of small-cap companies "principally engaged" in the business of providing financial services to consumers and industry. <tt>The Fund is a successor to the Predecessor Small Cap Financial Fund pursuant to a <br />reorganization that took place after the close of business on October 26, 2012. <br />The performance information provided for the periods on or prior to October 26, <br />2012 is historical information for the Predecessor Small Cap Financial Fund. Both <br />the chart and the table below represent the performance of the Institutional Class <br />shares of the Predecessor Small Cap Financial Fund after May 30, 2008 (inception <br />of the share class) and Investor Class for periods prior to that date. The returns <br />for the Institutional Class shares will differ from the returns for the Investor <br />Class shares because of differences in expenses of each share class. The Predecessor <br />Small Cap Financial Fund was managed by FBR Fund Advisers, Inc. and had the same <br />investment objective and substantially similar investment strategy as the Fund.<br /><br />The following performance information provides some indication of the risks of<br />investing in the Fund by showing changes in its performance from year to year<br />and how the Fund's average annual returns compare with those of the Russell 2000<br />Index, a broad measure of market performance. For additional information on this<br />index, please see "Index Descriptions" in the Prospectus. The Fund's past<br />performance (before and after taxes) is not necessarily an indication of future<br />performance. Performance may be higher or lower in the future. Updated performance <br />information is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038531Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038531Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038531Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000 Index (reflects no deduction for fees, expenses or taxes) -0.0418 0.0015 0.0562 Returns after taxes on distributions and sale of fund shares -0.0953 -0.0273 0.0538 Returns after taxes on distributions -0.1594 -0.0429 0.0484 HISFX 0.1868 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 131 2009-09-30 409 -0.2167 0.1604 0.1775 1556 0.00 708 -0.2218 0.2243 -0.1552 0.0023 -0.0811 0.0090 2011-09-30 0.1991 -0.0313 -0.0155 year-to-date return 0.00 -0.1552 0.4105 0.00 0.0619 0.0129 0.1180 0.1644 0.0016 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the predecessor to the Fund,<br />the FBR Small Cap Financial Fund, a series of The FBR Funds (the "Predecessor<br />Small Cap Financial Fund"), had a portfolio turnover rate of 70% of the average<br />value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038531Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038531Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Small Cap Financial Fund seeks capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in Investor<br />Class shares of the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Investor Class shares of the <br />Fund for the time periods indicated and then redeem all of your shares at the <br />end of those periods. The Example also assumes that you reinvest all dividends <br />and distributions, that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />plus the amount of any borrowings for investment purposes in securities of<br />small-cap companies "principally engaged" in the business of providing financial<br />services to consumers and industry. The Fund's policy of investing at least 80%<br />of its net assets in small-cap companies principally engaged in financial<br />services may only be changed upon 60 days notice to shareholders. The Fund<br />considers a small-cap company to be one that has a market capitalization of less<br />than $3 billion, measured at the time of purchase. An issuer is "principally<br />engaged" in the business of providing financial services if at least 50% of its<br />assets, gross income, or net profits are committed to, or derived from, financial <br />services activities. Financial services activities are activities primarily <br />related to consumer and commercial banking, insurance, securities and investments, <br />specialty finance and real estate. The Fund focuses on financial services companies <br />that invest in real estate, usually through mortgages and other consumer-related <br />loans. These companies may also offer other financial services such as discount <br />brokerage services, insurance products, leasing services and joint venture <br />financing. Investments may include mortgage banking companies, consumer finance <br />companies, savings and loan associations, savings banks, building and loan <br />associations, cooperative banks, commercial banks, other depository institutions, <br />companies in the information technology industries which are primarily engaged in <br />providing products and/or services to the types of companies listed above and real <br />estate investment trusts ("REITs"). The Fund may invest up to 20% of its net assets <br />in companies with larger market capitalizations or companies outside of the financial <br />services group of industries. Investments will consist primarily of common stocks, <br />but may include preferred stocks, warrants and convertible bonds.<br /><br />When evaluating securities to purchase, the Portfolio Manager generally looks<br />for companies that have low price-to-earnings ratios and low price-to-book ratios <br />relative to the financial services group of industries.<br /><br />The Fund will not invest more than 5% of its total assets in the equity-related<br />securities of any one company that derives more than 15% of its revenues from<br />brokerage or investment management activities.</tt> HENNESSY SMALL CAP FINANCIAL FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Small Cap Financial Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.70 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the Russell 2000 Index, a broad measure of market performance. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />22.57% for the quarter ended September 30, 2009 and the lowest quarterly return<br />was -21.72% for the quarter ended September 30, 2011.<br /> <br />The year-to-date return of the Predecessor Small Cap Financial Fund's Investor<br />Class through September 30, 2012 is 16.30%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Small-Cap Investments: The Fund invests in small sized companies, which may <br />have more limited liquidity and greater price volatility than larger, more <br />established companies. Small companies may have limited product lines, markets <br />or financial resources and their management may be dependent on a limited <br />number of key individuals.<br /> <br />Real Estate-Related Risk: Because the Fund focuses on financial services<br />companies that may invest in real estate, the Fund is subject to the risks<br />associated with ownership of real estate and with the real estate industry <br />in general. Real estate values (and the values of real estate-related securities)<br />fluctuate with changes in general and local economic conditions and are<br />particularly sensitive to economic downturns. Real estate values are also<br />affected by changes in interest rates and governmental actions such as tax and<br />zoning changes.<br /> <br />Industry Concentration: The Fund concentrates its investments within the financial <br />services group of industries. Because of its narrow industry focus, the performance <br />of the Fund is tied closely to and affected by developments in the financial <br />services group of industries, such as the possibility that government regulation <br />will negatively impact companies involved in the financial services group of <br />industries. Financial services companies can be influenced by adverse effects of <br />volatile interest rates and other factors. The Fund may incur a loss on an <br />investment in the securities issued by these institutions.<br /> <br />Non-Diversification: The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's performance.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com Under normal market conditions, the Fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of small-cap companies "principally engaged" in the business of providing financial services to consumers and industry. <tt>The Fund is a successor to the Predecessor Small Cap Financial Fund pursuant to a <br />reorganization that took place after the close of business on October 26, 2012. <br />The performance information provided for the periods on or prior to October 26, <br />2012 is historical information for the Predecessor Small Cap Financial Fund's <br />Investor Class shares. The Predecessor Small Cap Financial Fund was managed by <br />FBR Fund Advisers, Inc. and had the same investment objective and substantially <br />similar investment strategy as the Fund.<br /><br />The following performance information provides some indication of the risks of<br />investing in the Fund by showing changes in its performance from year to year<br />and how the Fund's average annual returns compare with those of the Russell 2000<br />Index, a broad measure of market performance. For additional information on this<br />index, please see "Index Descriptions" in the Prospectus. The Fund's past<br />performance (before and after taxes) is not necessarily an indication of future<br />performance. Performance may be higher or lower in the future. Updated performance <br />information is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038531Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038531Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038531Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000 Index (reflects no deduction for fees, expenses or taxes) -0.0418 0.0015 0.0562 Returns after taxes on distributions and sale of fund shares -0.0987 -0.0286 0.0531 Returns after taxes on distributions -0.1585 -0.0432 0.0482 HSFNX 0.1868 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 159 2009-09-30 493 -0.2172 0.1604 0.1750 1856 0.00 850 -0.2218 0.2257 -0.1563 0.0025 -0.0873 0.0090 2011-09-30 0.2013 -0.0329 -0.0155 year-to-date return 0.00 -0.1563 0.4105 0.0025 0.0610 0.0156 0.1180 0.1630 0.0016 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the predecessor to the Fund,<br />the FBR Large Cap Financial Fund, a series of The FBR Funds (the "Predecessor<br />Large Cap Financial Fund"), had a portfolio turnover rate of 97% of the average<br />value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038530Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038530Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Large Cap Financial Fund seeks capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in Investor<br />Class shares of the Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Investor Class shares of the <br />Fund for the time periods indicated and then redeem all of your shares at the <br />end of those periods. The Example also assumes that you reinvest all dividends <br />and distributions, that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests at least 80% of its net assets<br />plus the amount of any borrowings for investment purposes in securities of large<br />capitalization ("large-cap") companies "principally engaged" in the business of<br />financial services including, but not limited to, commercial banks, savings and<br />loan associations, consumer and industrial finance companies, securities<br />brokerage companies, insurance companies, real estate and leasing companies,<br />holding companies for each of the foregoing types of business, or companies that<br />combine some or all of these businesses. The Fund's policy of investing at least<br />80% of its net assets in large-cap companies principally engaged in financial<br />services may only be changed upon 60 days notice to shareholders. The Fund<br />considers a large-cap company to be one that has a market capitalization of $3<br />billion or more, measured at the time of purchase. An issuer is "principally<br />engaged" in the business of providing financial services if at least 50% of its<br />assets, gross income, or net profits are committed to, or derived from,<br />financial services activities. Financial services activities are activities<br />primarily related to consumer and commercial banking, insurance, securities and<br />investments, specialty finance and real estate. The Fund may also invest in<br />companies in the information technology industries that primarily provide<br />products and/or services to companies in the financial services group of<br />industries. The Fund may invest up to 20% of its net assets in companies with<br />smaller market capitalizations or companies outside of the financial group of<br />industries. Investments will consist primarily of common stocks, but may include<br />preferred stocks, warrants and convertible bonds.<br /><br />When evaluating securities to purchase, the Portfolio Manager generally looks<br />for companies that have low price-to-earnings ratios and low price-to-book<br />ratios relative to the financial services group of industries.<br /><br />The Fund will not invest more than 5% of its total assets in the equity-related<br />securities of any one company that derives more than 15% of its revenues from<br />brokerage or investment management activities.</tt> HENNESSY LARGE CAP FINANCIAL FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Large Cap Financial Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. the secondary benchmark of the KBW Bank Sector Index. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.97 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation <br />and may differ from those shown, and the after-tax returns shown are not <br />relevant to investors who hold their Fund shares through tax-deferred <br />arrangements, such as 401(k) plans or individual retirement accounts. The <br />Fund's return after taxes on distributions and sales of Fund shares may be <br />higher than its return before taxes and after taxes on distributions because <br />it may include a tax benefit resulting from the capital losses that would <br />have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the S&P 500 Index, a broad measure of market performance, and the secondary benchmark of the KBW Bank Sector Index. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />27.66% for the quarter ended September 30, 2009 and the lowest quarterly return<br />was -21.49% for the quarter ended September 30, 2011.<br /> <br />The year-to-date return of the Predecessor Large Cap Financial Fund's Investor<br />Class through September 30, 2012 is 23.21%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with an<br />investment in the Fund. The value of an investment will fluctuate over time and<br />it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Large-Cap Investments: Larger, more established companies may be unable to<br />respond quickly to new competitive challenges such as changes in consumer <br />tastes or innovative smaller competitors. Also, large-cap companies are <br />sometimes unable to attain the high growth rates of successful, smaller <br />companies, especially during extended periods of economic expansion.<br /> <br />Mid-Cap and Small-Cap Investments: The Fund invests in small and medium sized<br />companies, which may have more limited liquidity and greater price volatility<br />than larger, more established companies. Small companies may have limited<br />product lines, markets or financial resources and their management may be<br />dependent on a limited number of key individuals.<br /> <br />Industry Concentration: The Fund concentrates its investments within the<br />financial services group of industries. Because of its narrow industry focus,<br />the performance of the Fund is tied closely to and affected by developments <br />in the financial services group of industries, such as the possibility that<br />government regulation will negatively impact companies involved in the financial<br />services group of industries. Financial services companies can be influenced by<br />adverse effects of volatile interest rates and other factors. The Fund may incur<br />a loss on an investment in the securities issued by these institutions.<br /> <br />Non-Diversification: The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's performance.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com <tt>The Fund is a successor to the Predecessor Large Cap Financial Fund pursuant to a <br />reorganization that took place after the close of business on October 26, 2012. <br />The performance information provided for the periods on or prior to October 26, <br />2012 is historical information for the Predecessor Large Cap Financial Fund's <br />Investor Class shares. The Predecessor Large Cap Financial Fund was managed by <br />FBR Fund Advisers, Inc. and had the same investment objective and substantially <br />similar investment strategy as the Fund.<br /><br />The following performance information provides some indication of the risks of<br />investing in the Fund by showing changes in its performance from year to year<br />and how the Fund's average annual returns compare with those of the S&amp;P 500<br />Index, a broad measure of market performance, and the secondary benchmark of the<br />KBW Bank Sector Index. For additional information on these indexes, please see<br />"Index Descriptions" in the Prospectus. The Fund's past performance (before and<br />after taxes) is not necessarily an indication of future performance. Performance<br />may be higher or lower in the future. Updated performance information is available <br />on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038530Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038530Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038530Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> KBW Bank Sector Index (reflects no deduction for fees, expenses or taxes) -0.2318 -0.1746 -0.0480 S&P 500 Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Returns after taxes on distributions and sale of fund shares -0.1194 -0.0504 0.0146 Returns after taxes on distributions -0.1838 -0.0682 0.0063 HLFNX -0.0406 lowest quarterly return highest quarterly return 2012-09-30 Returns before taxes 148 2009-09-30 459 -0.2149 0.1173 0.0742 1735 0.00 792 -0.1195 0.2766 -0.1838 0.0029 -0.2911 0.0090 2011-09-30 0.3223 -0.0612 -0.0045 year-to-date return 0.00 -0.1838 0.3252 0.0025 0.0164 0.0145 0.1415 0.2321 0.0001 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the predecessor to the Fund,<br />the FBR Focus Fund, a series of The FBR Funds (the "Predecessor Focus Fund"),<br />had a portfolio turnover rate of 13% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038529Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038529Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Focus Fund seeks capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in<br />Institutional Class shares of this Fund with the cost of investing in <br />other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Institutional Class shares <br />of the Fund for the time periods indicated and then redeem all of your <br />shares at the end of those periods. The Example also assumes that you <br />reinvest all dividends and distributions, that your investment has a 5% <br />return each year and that the Fund's operating expenses are equal to the <br />net expenses for the first year and the total annual fund operating <br />expenses for the remaining years.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests primarily in securities of<br />companies traded in domestic markets. Investments will consist primarily of<br />common stocks, but may include preferred stocks, warrants, options, equity-like<br />instruments and debt instruments. The Portfolio Managers invest in the stocks <br />of companies of any size without regard to market capitalization.<br /><br />The Portfolio Managers implement the Fund's strategy by focusing on companies<br />whose valuations in the market are modest and that earn higher than average<br />returns on shareholders' equity, are managed by individuals who have a history<br />of treating public shareholders like partners and have ample opportunity to<br />reinvest excess profits at above average rates. Once a potential investment is<br />identified, the Portfolio Managers attempt to purchase shares at a price they<br />believe represents a discount to a conservative estimate of the company's<br />intrinsic value.<br /><br />The Fund may from time to time hold a significant portion of its portfolio in<br />cash or cash equivalent instruments. If market conditions reduce the<br />availability of securities with acceptable valuations, the Fund may, for<br />extended periods, hold larger than usual cash reserves until securities with<br />acceptable valuations become available. During declining markets, holding larger<br />than usual cash reserves may allow the Fund to purchase securities at a discount.</tt> HENNESSY FOCUS FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Focus Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.13 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual federal <br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ from <br />those shown, and the after-tax returns shown are not relevant to investors who hold <br />their Fund shares through tax-deferred arrangements, such as 401(k) plans or <br />individual retirement accounts. The Fund's return after taxes on distributions and <br />sales of Fund shares may be higher than its return before taxes and after taxes on <br />distributions because it may include a tax benefit resulting from the capital <br />losses that would have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the Russell 2000 Index, a broad measure of market performance. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />23.15% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-16.43% for the quarter ended December 31, 2008.<br /> <br />The year-to-date return of the Predecessor Focus Fund's Institutional class<br />through September 30, 2012 is 9.88%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with <br />an investment in the Fund. The value of an investment will fluctuate over time <br />and it is possible to lose money. The principal risks of investing in the Fund <br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /> <br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value of<br />the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Mid-Cap and Small-Cap Investments: The Fund invests in small and medium sized<br />companies, which may have more limited liquidity and greater price volatility<br />than larger, more established companies. Small companies may have limited<br />product lines, markets or financial resources and their management may be<br />dependent on a limited number of key individuals.<br /> <br />Non-Diversification: The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's<br />performance.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com <tt>The Fund is a successor to the Predecessor Focus Fund pursuant to a reorganization <br />that took place after the close of business on October 26, 2012. The performance <br />information provided for the periods on or prior to October 26, 2012 is historical <br />information for the Predecessor Focus Fund. Both the chart and the table below <br />represent the performance of the Institutional Class shares of the Predecessor <br />Focus Fund after May 30, 2008 (inception of the share class) and Investor Class <br />for periods prior to that date. The returns for the Institutional Class shares <br />will differ from the returns for the Investor Class shares because of differences <br />in expenses of each share class. The Predecessor Focus Fund was managed by FBR <br />Fund Advisers, Inc. and had the same investment objective and substantially similar <br />investment strategy as the Fund. <br /><br />The following performance information provides some indication of the risks of <br />investing in the Fund by showing changes in its performance from year to year and <br />how the Fund's average annual returns compare with those of the Russell 2000 Index, <br />a broad measure of market performance. For additional information on this index, please <br />see "Index Descriptions" in the Prospectus. The Fund's past performance (before and <br />after taxes) is not necessarily an indication of future performance. Prior to <br />January 1, 2008, the Fund operated pursuant to a different investment strategy. <br />Performance may be higher or lower in the future. Updated performance information <br />is available on the Fund's website (http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Institutional Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038529Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038529Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038529Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000 Index (reflects no deduction for fees, expenses or taxes) -0.0418 0.0015 0.0562 Return After Taxes on Distributions and Sale of Shares 0.0465 0.0213 0.1007 Return After Taxes on Distributions 0.0234 0.0063 0.1016 HFCIX 0.0263 lowest quarterly return highest quarterly return 2012-09-30 Return Before Taxes 111 2003-06-30 347 -0.1643 0.3065 0.2479 1329 0.00 601 0.0230 0.2315 0.0397 0.0019 -0.3381 0.0090 2008-12-31 0.3570 0.0358 0.0232 year-to-date return 0.00 0.0397 0.4577 0.00 0.1185 0.0109 0.2849 0.0988 0.00 The Fund is non-diversified, meaning it is likely to invest in fewer stocks than a diversified fund. The Fund may be more volatile because each stock in which it invests will have greater impact on the Fund's performance. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities, or "turns over" its portfolio. A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the predecessor to the Fund, the FBR Focus <br />Fund, a series of The FBR Funds (the "Predecessor Focus Fund"), had a portfolio <br />turnover rate of 13% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/ExpenseExample_S000038529Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/BarChartData_S000038529Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Hennessy Focus Fund seeks capital appreciation.</tt> <tt>This Example is intended to help you compare the cost of investing in Investor<br />Class shares of this Fund with the cost of investing in other mutual funds.<br /><br />The Example assumes that you invest $10,000 in Investor Class shares of the <br />Fund for the time periods indicated and then redeem all of your shares at the <br />end of those periods. The Example also assumes that you reinvest all dividends <br />and distributions, that your investment has a 5% return each year and that the<br />Fund's operating expenses remain the same.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, the Fund invests primarily in securities of<br />companies traded in domestic markets. Investments will consist primarily of<br />common stocks, but may include preferred stocks, warrants, options, equity-like<br />instruments and debt instruments. The Portfolio Managers invest in the stocks of<br />companies of any size without regard to market capitalization. <br /><br />The Portfolio Managers implement the Fund's strategy by focusing on companies <br />whose valuations in the market are modest and that earn higher than average returns<br />on shareholders' equity, are managed by individuals who have a history of treating <br />public shareholders like partners and have ample opportunity to reinvest excess <br />profits at above average rates. Once a potential investment is identified, the <br />Portfolio Managers attempt to purchase shares at a price they believe represents a <br />discount to a conservative estimate of the company's intrinsic value.<br /><br />The Fund may from time to time hold a significant portion of its portfolio in<br />cash or cash equivalent instruments. If market conditions reduce the availability <br />of securities with acceptable valuations, the Fund may, for extended periods, hold <br />larger than usual cash reserves until securities with acceptable valuations become <br />available. During declining markets, holding larger than usual cash reserves may <br />allow the Fund to purchase securities at a discount.</tt> HENNESSY FOCUS FUND EXAMPLE The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Focus Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of future performance. The value of an investment will fluctuate over time and it is possible to lose money. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on the assumptions, your costs would be: The Fund's return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. 0.13 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. CALENDAR YEAR TOTAL RETURNS Performance Information <tt>The after-tax returns are calculated using the historical highest individual<br />federal marginal income tax rates and do not reflect the impact of state and<br />local taxes. Actual after-tax returns depend on an investor's tax situation and<br />may differ from those shown, and the after-tax returns shown are not relevant to<br />investors who hold their Fund shares through tax-deferred arrangements, such as<br />401(k) plans or individual retirement accounts. The Fund's return after taxes on<br />distributions and sales of Fund shares may be higher than its return before<br />taxes and after taxes on distributions because it may include a tax benefit<br />resulting from the capital losses that would have resulted.</tt> The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the Russell 2000 Index, a broad measure of market performance. For additional information on this index, please see "Index Descriptions" in the Prospectus. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund's average annual returns compare with those of the Russell 2000 Index, a broad measure of market performance. <tt>For the period shown in the bar chart, the Fund's highest quarterly return was<br />23.15% for the quarter ended June 30, 2003 and the lowest quarterly return was<br />-16.38% for the quarter ended December 31, 2008.<br /> <br />The year-to-date return of the Predecessor Focus Fund's Investor Class through<br />September 30, 2012 is 9.65%.</tt> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2011) Portfolio Turnover <tt>As with any security, there are market and investment risks associated with an<br />investment in the Fund. The value of an investment will fluctuate over time and<br />it is possible to lose money. The principal risks of investing in the Fund<br />include the following:<br /> <br />Market Risk: The market value of a security may move up or down, and these<br />fluctuations may cause a security to be worth more or less than the price<br />originally paid for it. Market risk may affect a single company, industry,<br />sector of the economy or the market as a whole.<br /><br />Equity Investments: Because the Fund invests in equity securities, fluctuations<br />in the stock market in general, as well as in the value of particular equity<br />securities held by the Fund, can affect the Fund's performance. The value of<br />equity securities will fluctuate due to many factors, including the past and<br />predicted earnings of the issuer, the quality of the issuer's management,<br />general market conditions, forecasts for the issuer's industry and the value <br />of the issuer's assets.<br /> <br />Temporary Defensive Positions: The Fund may, from time to time, take temporary<br />defensive positions in response to adverse market, economic, political or other<br />conditions. To the extent the assets of the Fund are invested in temporary<br />defensive positions, the Fund may not achieve its investment objective. For<br />temporary defensive purposes, the Fund may invest in cash and/or short-term<br />obligations.<br /> <br />Mid-Cap and Small-Cap Investments: The Fund invests in small and medium sized<br />companies, which may have more limited liquidity and greater price volatility<br />than larger, more established companies. Small companies may have limited<br />product lines, markets or financial resources and their management may be<br />dependent on a limited number of key individuals.<br /> <br />Non-Diversification: The Fund is non-diversified, meaning it is likely to invest<br />in fewer stocks than a diversified fund. The Fund may be more volatile because<br />each stock in which it invests will have greater impact on the Fund's<br />performance.</tt> Fund Fees and Expenses Principal Investment Strategy http://www.hennessyfunds.com <tt>The Fund is the successor to the Predecessor Focus Fund pursuant to a<br />reorganization that took place after the close of business on October 26, 2012.<br />The performance information provided for the periods on or prior to October 26,<br />2012 is historical information for the Predecessor Focus Fund's Investor Class<br />shares. The Predecessor Focus Fund was managed by FBR Fund Advisers, Inc. <br />and had the same investment objective and substantially similar investment strategy<br />as the Fund.<br /><br />The following performance information provides some indication of the risks of<br />investing in the Fund by showing changes in its performance from year to year<br />and how the Fund's average annual returns compare with those of the Russell 2000<br />Index, a broad measure of market performance. For additional information on this<br />index, please see "Index Descriptions" in the Prospectus. The Fund's past<br />performance (before and after taxes) is not necessarily an indication of future<br />performance. Prior to January 1, 2008, the Fund operated pursuant to a different<br />investment strategy. Performance may be higher or lower in the future. Updated<br />performance information is available on the Fund's website<br />(http://www.hennessyfunds.com).</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Investor Class shares of the Fund.</tt> <div style="display:none">~ http://www.hennessyfunds.com/role/OperatingExpensesData_S000038529Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/PerformanceTableData_S000038529Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.hennessyfunds.com/role/ShareholderFeesData_S000038529Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000 Index (reflects no deduction for fees, expenses or taxes) -0.0418 0.0015 0.0562 Return After Taxes on Distributions and Sale of Shares 0.0443 0.0265 0.1037 Return After Taxes on Distributions 0.0200 0.0238 0.1112 HFCSX 0.0263 lowest quarterly return highest quarterly return 2012-09-30 Return Before Taxes 142 2003-06-30 440 -0.1638 0.3065 0.2455 1669 0.00 761 0.0230 0.2315 0.0363 0.0024 -0.3385 0.0090 2008-12-31 0.3480 0.0332 0.0232 The year-to-date return 0.00 0.0363 0.4577 0.0025 0.1171 0.0139 0.2849 0.0965 0.00 0000891944 ck0000891944:SummaryS000038529-1Memberck0000891944:S000038529Memberck0000891944:C000118915Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-1Memberck0000891944:S000038529Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118915Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-1Memberck0000891944:S000038529Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118915Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-1Memberck0000891944:S000038529Memberck0000891944:RRINDEX00001Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-1Memberck0000891944:S000038529Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-2Memberck0000891944:S000038529Memberck0000891944:C000118916Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-2Memberck0000891944:S000038529Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118916Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-2Memberck0000891944:S000038529Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118916Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-2Memberck0000891944:S000038529Memberck0000891944:RRINDEX00001Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038529-2Memberck0000891944:S000038529Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038530Memberck0000891944:S000038530Memberck0000891944:C000118917Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038530Memberck0000891944:S000038530Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118917Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038530Memberck0000891944:S000038530Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118917Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038530Memberck0000891944:S000038530Memberck0000891944:RRINDEX00002Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038530Memberck0000891944:S000038530Memberck0000891944:RRINDEX00003Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038530Memberck0000891944:S000038530Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-1Memberck0000891944:S000038531Memberck0000891944:C000118918Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-1Memberck0000891944:S000038531Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118918Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-1Memberck0000891944:S000038531Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118918Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-1Memberck0000891944:S000038531Memberck0000891944:RRINDEX00001Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-1Memberck0000891944:S000038531Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-2Memberck0000891944:S000038531Memberck0000891944:C000118919Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-2Memberck0000891944:S000038531Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118919Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-2Memberck0000891944:S000038531Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118919Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-2Memberck0000891944:S000038531Memberck0000891944:RRINDEX00001Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038531-2Memberck0000891944:S000038531Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-1Memberck0000891944:S000038532Memberck0000891944:C000118920Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-1Memberck0000891944:S000038532Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118920Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-1Memberck0000891944:S000038532Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118920Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-1Memberck0000891944:S000038532Memberck0000891944:RRINDEX00002Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-1Memberck0000891944:S000038532Memberck0000891944:RRINDEX00004Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-1Memberck0000891944:S000038532Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-2Memberck0000891944:S000038532Memberck0000891944:C000118921Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-2Memberck0000891944:S000038532Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118921Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-2Memberck0000891944:S000038532Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118921Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-2Memberck0000891944:S000038532Memberck0000891944:RRINDEX00002Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-2Memberck0000891944:S000038532Memberck0000891944:RRINDEX00004Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038532-2Memberck0000891944:S000038532Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038533Memberck0000891944:S000038533Memberck0000891944:C000118922Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038533Memberck0000891944:S000038533Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118922Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038533Memberck0000891944:S000038533Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118922Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038533Memberck0000891944:S000038533Memberck0000891944:RRINDEX00002Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038533Memberck0000891944:S000038533Memberck0000891944:RRINDEX00005Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038533Memberck0000891944:S000038533Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-1Memberck0000891944:S000038534Memberck0000891944:C000118924Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-1Memberck0000891944:S000038534Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118924Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-1Memberck0000891944:S000038534Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118924Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-1Memberck0000891944:S000038534Memberck0000891944:RRINDEX00002Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-1Memberck0000891944:S000038534Memberck0000891944:RRINDEX00006Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-1Memberck0000891944:S000038534Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-2Memberck0000891944:S000038534Memberck0000891944:C000118923Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-2Memberck0000891944:S000038534Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118923Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-2Memberck0000891944:S000038534Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118923Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-2Memberck0000891944:S000038534Memberck0000891944:RRINDEX00002Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-2Memberck0000891944:S000038534Memberck0000891944:RRINDEX00006Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038534-2Memberck0000891944:S000038534Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-1Memberck0000891944:S000038535Memberck0000891944:C000118925Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-1Memberck0000891944:S000038535Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118925Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-1Memberck0000891944:S000038535Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118925Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-1Memberck0000891944:S000038535Memberck0000891944:RRINDEX00007Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-1Memberck0000891944:S000038535Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-2Memberck0000891944:S000038535Memberck0000891944:C000118926Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-2Memberck0000891944:S000038535Memberrr:AfterTaxesOnDistributionsMemberck0000891944:C000118926Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-2Memberck0000891944:S000038535Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000891944:C000118926Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-2Memberck0000891944:S000038535Memberck0000891944:RRINDEX00007Member 2012-10-26 2012-10-26 0000891944 ck0000891944:SummaryS000038535-2Memberck0000891944:S000038535Member 2012-10-26 2012-10-26 0000891944 2012-10-26 2012-10-26 pure iso4217:USD "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Focus Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Large Cap Financial Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. The Total Annual Fund Operating Expenses above differ from the amounts shown in the Fund's Financial Highlights for its most recent fiscal year, which reflects only the operating expenses of the Fund and do not include AFFE (i.e., fees and expenses of other funds in which the Fund has invested). "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Small Cap Financial Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. The Total Annual Operating Expenses above differ from the amounts shown in the Fund's Financial Highlights for its most recent fiscal year, which reflect only the operating expenses of the Fund and do not include AFFE (i.e., fees and expenses of other funds in which the Fund has invested). "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Technology Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement above differ from the amounts shown in the Fund's Financial Highlights for its most recent fiscal year, which reflects only the operating expenses of the Fund and do not include AFFE (i.e., fees and expenses of other funds in which the Fund has invested). Hennessy Advisors, Inc. (the "Manager") has agreed in writing to waive a portion of its investment advisory fees and assume certain expenses to the extent annual fund operating expenses exceed 1.95% of the Fund's average daily net assets (excluding interest, taxes, brokerage commissions, dividend expenses, acquired fund fees and expenses, extraordinary legal expenses, or any other extraordinary expenses). The Manager has agreed to maintain this expense limitation through February 28, 2015. The Manager may recoup any waived amount from the Fund pursuant to this agreement, if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the year in which the expense was incurred. The agreement may only be terminated by the Fund's Board, and the Board has no current intention of terminating the agreement. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement above differ from the amounts shown in the Fund's Financial Highlights for its most recent fiscal year, which reflects only the operating expenses of the Fund and do not include AFFE (i.e., fees and expenses of other funds in which the Fund has invested). Hennessy Advisors, Inc. (the "Manager") has agreed in writing to waive a portion of its investment advisory fees and assume certain expenses to the extent annual fund operating expenses exceed 1.70% of the Fund's average daily net assets (excluding interest, taxes, brokerage commissions, dividend expenses, acquired fund fees and expenses, extraordinary legal expenses, or any other extraordinary expenses). The Manager has agreed to maintain this expense limitation through February 28, 2015. The Manager may recoup any waived amount from the Fund pursuant to this agreement, if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the year in which the expense was incurred. The agreement may only be terminated by the Fund's Board, and the Board has no current intention of terminating the agreement. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Gas Utility Index Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Balanced Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. The Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement above differ from the amounts shown in the Fund's Financial Highlights for its most recent fiscal year, which reflect only the operating expenses of the Fund and do not include AFFE (i.e., fees and expenses of other funds in which the Fund has invested). "Other Expenses" have been adjusted as necessary from amounts incurred during the Predecessor Core Bond Fund's (as defined below) most recent fiscal year to reflect current fees and expenses. Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement above differ from the amounts shown in the Fund's Financial Highlights for its most recent fiscal year, which reflect only the operating expenses of the Fund and do not include AFFE (i.e., fees and expenses of other funds in which the Fund has invested). Hennessy Advisors, Inc. (the "Manager") has agreed in writing to waive a portion of its investment advisory fees and assume certain expenses to the extent annual fund operating expenses exceed 1.05% of the Fund's average daily net assets (excluding 12b-1 fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary legal expenses, or any other extraordinary expenses). The Manager has agreed to maintain this expense limitation through February 28, 2015. The Manager may recoup any waived amount from the Fund pursuant to this agreement, if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the year in which the expense was incurred. The agreement may only be terminated by the Fund's Board, and the Board has no current intention of terminating the agreement. Hennessy Advisors, Inc. (the "Manager") has agreed in writing to waive a portion of its investment advisory fees and assume certain expenses to the extent total annual fund operating expenses exceed 1.05% of the average daily net assets (excluding 12b-1 fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, extraordinary legal expenses, or any other extraordinary expenses). The Manager has agreed to maintain these expense limitations with regard to the Fund through February 28, 2015. The Manager may recoup any waived amount from the Fund pursuant to this agreement, if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the year in which the expense was incurred. The agreement may only be terminated by the Fund's Board, and the Board has no current intention of terminating the agreement.