Subsequent Events

3 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

(11) Subsequent Events

On December 16, 2016, Hennessy Funds Trust, on behalf of the Hennessy Technology Fund, made a preliminary filing with the Securities and Exchange Commission to change the investment strategy of the fund from an actively-managed strategy to a quantitatively-managed strategy effective as of March 1, 2017. In connection with the strategy change, the fund’s portfolio managers will change, the investment advisory fee will be reduced from 0.90% to 0.74% of the fund’s average daily net assets, and a one-year expense limitation agreement will be implemented to ensure that the net expenses of the Investor Class shares and Institutional Class shares of the fund do not exceed 0.98% of the average daily net assets of such share classes (excluding certain expenses such as acquired fund fees and expenses, 12b-1 fees and shareholder servicing fees payable to the Company). The net assets of the fund represent less than 0.10% of the Company’s assets under management.

On December 30, 2016, Hennessy Funds Trust, on behalf of the Hennessy Core Bond Fund, filed a prospectus supplement with the Securities and Exchange Commission announcing that the fund would be liquidating on or about February 17, 2017. The net assets of the fund represent less than 0.10% of the Company’s assets under management.

On January 10, 2017, Hennessy Funds Trust, on behalf of the Hennessy Value Fund and the Hennessy Large Value Fund, made a preliminary filing with the Securities and Exchange Commission to reorganize the assets and liabilities of the Hennessy Large Value Fund into the Hennessy Value Fund effective on or about February 28, 2017.