UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number (811-07168)

Hennessy Funds Trust

(Exact name of registrant as specified in charter)

7250 Redwood Blvd., Suite 200

Novato, CA 94945

(Address of principal executive offices) (Zip code)

Neil J. Hennessy

Hennessy Advisors, Inc.

7250 Redwood Blvd., Suite 200

Novato, CA 94945

(Name and address of agent for service)

800-966-4354

Registrant's telephone number, including area code

Date of fiscal year end: October 31, 2014

Date of reporting period:  July 31, 2014

Item 1. Schedule of Investments.

Hennessy Cornerstone Growth Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 95.39%
Consumer Discretionary - 25.44%
Advance Auto Parts, Inc.		36,600	$	4,432,626		1.87	%
Carmike Cinemas, Inc. (a)		161,327		5,072,121		2.14	%
Core-Mark Holding Co., Inc.		119,744		5,651,917		2.39	%
G-III Apparel Group, Ltd. (a)		68,700		5,335,929		2.26	%
Jack in the Box, Inc.		87,800		5,021,282		2.12	%
Jarden Corp. (a)		77,400		4,326,660		1.83	%
La-Z-Boy, Inc.		168,900		3,553,656		1.50	%
MDC Partners, Inc. (b)		183,997		3,794,018		1.60	%
Papa Johns International, Inc.		95,600		3,985,564		1.69	%
The Goodyear Tire & Rubber Co.		171,400		4,314,138		1.82	%
The New York Times Co.		320,700		4,005,543		1.69	%
Tuesday Morning Corp. (a)		328,211		5,402,353		2.28	%
Visteon Corp. (a)		55,700		5,319,350		2.25	%
				60,215,157		25.44	%
Consumer Staples - 1.94%
Tyson Foods, Inc., Class A		123,300		4,587,993		1.94	%
Energy - 9.59%
Exterran Holdings, Inc.		128,900		5,446,025		2.30	%
Green Plains Renewable Energy, Inc.		187,000		7,010,630		2.96	%
Matrix Service, Co. (a)		153,727		4,127,570		1.74	%
Targa Resources Corp.		48,000		6,120,000		2.59	%
				22,704,225		9.59	%
Financials - 7.60%
BGC Partners, Inc.		659,773		5,166,023		2.18	%
CNO Financial Group, Inc.		253,200		4,096,776		1.73	%
LPL Financial Holdings, Inc.		85,600		4,064,288		1.72	%
Universal Insurance Holdings, Inc.		386,800		4,664,808		1.97	%
				17,991,895		7.60	%
Health Care - 6.26%
Alere, Inc. (a)		130,700		5,228,000		2.21	%
CIGNA Corp.		60,700		5,465,428		2.31	%
MWI Veterinary Supply, Inc. (a)		29,200		4,124,792		1.74	%
				14,818,220		6.26	%
Industrials - 33.35%
Aceto Corp.		244,484		4,097,552		1.73	%
Alaska Air Group, Inc.		116,200		5,109,314		2.16	%
Curtiss Wright Corp.		72,500		4,604,475		1.94	%
Delta Air Lines, Inc.		147,300		5,517,858		2.33	%
Engility Holdings, Inc. (a)		113,346		3,917,238		1.65	%
Huntington Ingalls Industries, Inc.		48,400		4,400,528		1.86	%
John Bean Technologies Corp.		157,086		4,092,090		1.73	%
L-3 Communications Holdings, Inc.		40,800		4,282,368		1.81	%
Lennox International, Inc.		52,300		4,462,236		1.88	%
Lockheed Martin Corp.		28,900		4,825,433		2.04	%
Northrop Grumman Corp.		38,900		4,795,203		2.03	%
Primoris Services Corp.		140,600		3,357,528		1.42	%
Raytheon Co.		48,500		4,402,345		1.86	%
Southwest Airlines, Co.		217,800		6,159,384		2.60	%
The Manitowoc Co., Inc.		160,500		4,262,880		1.80	%
United Continental Holdings, Inc. (a)		102,400		4,750,336		2.01	%
United Rentals, Inc. (a)		55,800		5,909,220		2.50	%
				78,945,988		33.35	%

Information Technology - 6.56%
CSG Systems International, Inc.			172,000			4,478,880		1.89	%
Hewlett-Packard Co.			154,800			5,512,428		2.33	%
Super Micro Computer, Inc. (a)			211,300			5,529,721		2.34	%
						15,521,029		6.56	%
Materials - 4.65%
AK Steel Holding Corp. (a)			674,200			6,135,220		2.59	%
PolyOne Corp.			128,400			4,872,780		2.06	%
						11,008,000		4.65	%
Total Common Stocks (Cost $199,614,535)						225,792,507		95.39	%
RIGHTS - 0.00%
Health Care - 0.00%
Forest Laboratories, Inc. (a)(c)			5,500			5,225		0.00	%
Total Rights (Cost $0)						5,225		0.00	%
PARTNERSHIPS - 2.33%
Energy - 2.33%
NGL Energy Partners LP			128,279			5,509,583		2.33	%
Total Partnerships (Cost $4,413,797)						5,509,583		2.33	%
SHORT-TERM INVESTMENTS - 2.38%
Money Market Funds - 2.38%
Fidelity Government Portfolio - Institutional Class, 0.01% (d)			5,631,079			5,631,079		2.38	%
Total Short-Term Investments (Cost $5,631,079)						5,631,079		2.38	%
Total Investments (Cost $209,659,411) - 100.10%						236,938,394		100.10	%
Liabilities in Excess of Other Assets - (0.10)%						(242,370	)	(0.10	)%
TOTAL NET ASSETS - 100.00%					$	236,696,024		100.00	%
Percentages are stated as a percent of net assets.
(a)	Non-income producing security.
(b)	U.S. traded security of a foreign corporation.
(c)	Security is fair valued in good faith.
(d)	The rate listed is the fund's 7-day yield as of July 31, 2014.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	209,819,047
Gross unrealized appreciation			34,012,039
Gross unrealized depreciation			(6,892,692	)
Net unrealized appreciation		$	27,119,347

* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous

fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements

section in the Fund's most recent semi-annual or annual report.

Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.

Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded
partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as
reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing Price,
which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:
Common Stocks	Level 1		Level 2		Level 3			Total
Consumer Discretionary	$	60,215,157	$	-	$	-		$	60,215,157
Consumer Staples		4,587,993		-		-			4,587,993
Energy		22,704,225		-		-			22,704,225
Financials		17,991,895		-		-			17,991,895
Health Care		14,818,220		-		-			14,818,220
Industrials		78,945,988		-		-			78,945,988
Information Technology		15,521,029		-		-			15,521,029
Materials		11,008,000		-		-			11,008,000
Total Common Stocks	$	225,792,507	$	-	$	-		$	225,792,507
Rights
Health Care	$	-	$	-	$	5,225		$	5,225
Total Rights	$	-	$	-	$	5,225	*	$	5,225
Partnerships
Energy	$	5,509,583	$	-	$	-		$	5,509,583
Total Partnerships	$	5,509,583	$	-	$	-		$	5,509,583
Short-Term Investments
Money Market Funds	$	5,631,079	$	-	$	-		$	5,631,079
Total Short-Term Investments	$	5,631,079	$	-	$	-		$	5,631,079
Total Investments	$	236,933,169	$	-	$	5,225		$	236,938,394
* Acquired in merger.
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.
Level 3 Reconciliation Disclosure
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
	Rights
Balance as of October 31, 2013	$	5,225
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		-
Purchases		-
(Sales)		-
Transfer in and/or out of Level 3		-
Balance as of July 31, 2014	$	5,225
Change in unrealized appreciation/depreciation during the period for
Level 3 investments held at July 31, 2014	$	-
The Level 3 investments as of July 31, 2014 represented 0.00% of net assets and did not warrant a disclosure of
significant unobservable valuation inputs.

Hennessy Focus Fund
Schedule of Investments
July 31, 2014 (Unaudited)
						% of
	Number of Shares		Value			Net Assets
COMMON STOCKS - 76.31%
Consumer Discretionary - 30.23%
Bally Technologies, Inc. (a)		1,169,000	$	70,338,730			4.89	%
CarMax, Inc. (a)		2,097,740		102,390,689			7.12	%
Dick's Sporting Goods, Inc.		1,165,767		49,580,070			3.45	%
O'Reilly Automotive, Inc. (a)		897,900		134,685,000			9.37	%
Penn National Gaming, Inc. (a)		1,197,772		12,552,651			0.87	%
Twenty First Century Fox, Inc.		2,057,204		65,172,223			4.53	%
				434,719,363			30.23	%
Energy - 3.49%
World Fuel Services Corp.		1,168,204		50,174,362			3.49	%
Financials - 29.50%
Aon PLC (b)		851,000		71,790,360			4.99	%
Brookfield Asset Management, Inc. (b)		569,419		25,424,558			1.77	%
Diamond Hill Investment Group, Inc.		138,793		17,734,970			1.23	%
Encore Capital Group, Inc. (a) (d)		1,616,620		68,674,018			4.77	%
Markel Corp. (a)		198,637		125,560,434			8.73	%
Marlin Business Services Corp.		533,485		9,816,124			0.68	%
T. Rowe Price Group, Inc.		517,900		40,220,114			2.80	%
The Charles Schwab Corp.		2,346,699		65,120,897			4.53	%
				424,341,475			29.50	%
Health Care - 1.45%
Henry Schein, Inc. (a)		180,000		20,925,000			1.45	%
Industrials - 4.52%
American Woodmark Corp. (a) (d)		817,409		24,031,825			1.67	%
Mistras Group, Inc. (a)		11,642		245,879			0.02	%
Roadrunner Transportation Systems, Inc. (a)		904,200		22,731,588			1.58	%
Simpson Manufacturing Company, Inc.		590,832		17,967,201			1.25	%
				64,976,493			4.52	%
Information Technology - 7.12%
Google, Inc. (a)		68,984		39,431,254			2.74	%
Google, Inc., Class A (a)		68,984		39,979,677			2.78	%
MICROS Systems, Inc. (a)		339,409		22,954,231			1.60	%
				102,365,162			7.12	%
Total Common Stocks (Cost $602,442,538)				1,097,501,855			76.31	%
REITS - 14.52%
Financials - 14.52%
American Tower Corp., Class A		1,483,679		140,044,461			9.74	%
Gaming & Leisure Properties, Inc.		2,043,407		68,801,513			4.78	%
				208,845,974			14.52	%
Total REITS (Cost $81,851,999)				208,845,974			14.52	%
SHORT-TERM INVESTMENTS - 9.32%
Money Market Funds - 9.32%
Federated Government Obligations Fund - Class I, 0.01% (c)		61,104,071		61,104,071			4.25	%
Fidelity Government Portfolio - Institutional Class, 0.01% (c)		73,000,000		73,000,000			5.07	%
				134,104,071			9.32	%
Total Short-Term Investments (Cost $134,104,071)				134,104,071			9.32	%
Total Investments (Cost $818,398,608) - 100.15%				1,440,451,900			100.15	%
Liabilities in Excess of Other Assets - (0.15)%				(2,179,852	)		(0.15	)%
TOTAL NET ASSETS - 100.00%			$	1,438,272,048			100.00	%

Percentages are stated as a percent of net assets.
REIT-	Real Estate Investment Trust
(a)	Non-income producing security.
(b)	U.S. traded security of a foreign corporation.
(c)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(d)	Investment represents five percent or more of the outstanding voting securities of the issuer, and is or was an affiliate of the Hennessy Focus Fund, as defined in the Investment
	Company Act of 1940, at or during the period ended July 31, 2014. Details of transactions with these affiliated companies for the period ended July 31, 2014, are as follows:

Issuer		Encore Capital Group, Inc.		American Woodmark Corp.
Beginning Cost	$	19,557,051	$	25,862,840
Purchase Cost	$	28,182,205	$	518,661
Sales Cos4t	$	-	$	-
Ending Cost	$	47,739,256	$	26,381,501
Dividend Income	$	-	$	-
Shares		1,616,620		817,409
Market Value	$	68,674,018	$	24,031,825

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments	$	818,398,608
Gross unrealized appreciation		638,282,313
Gross unrealized depreciation		(16,229,021	)
Net unrealized appreciation	$	622,053,292
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the fund's most recent semi-annual or annual report.

Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
rates, prepayment speeds, credit risk curves, default rates and similar data.
Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly
traded partnerships and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the
last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the
NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not
readily available will be valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied,
they are classified in Level 1 of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:
Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	434,719,363	$	-	$	-	$	434,719,363
Energy		50,174,362		-		-		50,174,362
Financials		424,341,475		-		-		424,341,475
Health Care		20,925,000		-		-		20,925,000
Industrials		64,976,493		-		-		64,976,493
Information Technology		102,365,162		-		-		102,365,162
Total Common Stocks	$	1,097,501,855	$	-	$	-	$	1,097,501,855
REITS
Financials	$	208,845,974	$	-	$	-	$	208,845,974
Total REITS	$	208,845,974	$	-	$	-	$	208,845,974
Short-Term Investments
Money Market Funds	$	134,104,071	$	-	$	-	$	134,104,071
Total Short-Term Investments	$	134,104,071	$	-	$	-	$	134,104,071
Total Investments	$	1,440,451,900	$	-	$	-	$	1,440,451,900
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Cornerstone Mid Cap 30  Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 94.82%
Consumer Discretionary - 38.86%
American Axle & Manufacturing Holdings, Inc. (a)		446,000	$	8,201,940		2.71	%
Brunswick Corp.		221,000		8,912,930		2.95	%
Cracker Barrel Old Country Store, Inc.		85,600		8,299,776		2.75	%
Hanesbrands, Inc.		140,900		13,767,339		4.55	%
Lear Corp.		122,800		11,564,076		3.82	%
Lithia Motors, Inc.		121,100		10,759,735		3.56	%
Skechers USA, Inc. (a)		295,200		15,400,584		5.09	%
Tenneco, Inc. (a)		174,800		11,134,760		3.68	%
The Goodyear Tire & Rubber Co.		392,800		9,886,776		3.27	%
Visteon Corp. (a)		117,300		11,202,150		3.70	%
Wendy's Co.		1,031,800		8,409,170		2.78	%
				117,539,236		38.86	%
Consumer Staples - 7.10%
Flowers Foods, Inc.		406,000		7,750,540		2.56	%
Pilgrim's Pride Corp. (a)		490,374		13,710,857		4.54	%
				21,461,397		7.10	%
Financials - 9.19%
American Equity Investment Life Holding Co.		417,300		9,239,022		3.05	%
AmTrust Financial Services, Inc.		226,000		9,636,640		3.19	%
Genworth Financial, Inc. (a)		682,300		8,938,130		2.95	%
				27,813,792		9.19	%
Health Care - 7.49%
Omnicare, Inc.		159,700		9,981,250		3.30	%
Universal Health Services, Inc.		118,800		12,664,080		4.19	%
				22,645,330		7.49	%
Industrials - 22.30%
Alaska Air Group, Inc.		277,500		12,201,675		4.03	%
Avis Budget Group, Inc. (a)		262,000		14,721,780		4.87	%
Huntington Ingalls Industries, Inc.		130,900		11,901,428		3.93	%
ITT Corp.		245,900		11,304,023		3.74	%
Oshkosh Corp.		181,200		8,375,064		2.77	%
Swift Transportation Co. (a)		438,300		8,963,235		2.96	%
				67,467,205		22.30	%
Information Technology - 9.88%
Ciena Corp. (a)		354,600		6,925,338		2.29	%
Computer Sciences Corp.		169,600		10,581,344		3.50	%
Sunpower Corp. (a)		337,200		12,385,356		4.09	%
				29,892,038		9.88	%
Total Common Stocks (Cost $250,574,981)				286,818,998		94.82	%
SHORT-TERM INVESTMENTS - 5.02%
Money Market Funds - 5.02%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)		15,181,986		15,181,986		5.02	%
Total Short-Term Investments (Cost $15,181,986)				15,181,986		5.02	%
Total Investments (Cost $265,756,967) - 99.84%				302,000,984		99.84	%
Other Assets in Excess of Liabilities - 0.16%				496,660		0.16	%
TOTAL NET ASSETS - 100.00%			$	302,497,644		100.00	%
Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	265,756,967
Gross unrealized appreciation			44,097,033
Gross unrealized depreciation			(7,853,016	)
Net unrealized appreciation		$	36,244,017
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Funds’ own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded
partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as
reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing Price,
which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:
	Common Stocks	Level 1		Level 2		Level 3		Total
	Consumer Discretionary	$	117,539,236	$	-	$	-	$   117,539,236
	Consumer Staples		21,461,397		-		-	21,461,397
	Financials		27,813,792		-		-	27,813,792
	Health Care		22,645,330		-		-	22,645,330
	Industrials		67,467,205		-		-	67,467,205
	Information Technology		29,892,038		-		-	29,892,038
	Total Common Stocks	$	286,818,998	$	-	$	-	$   286,818,998
	Short-Term Investments
	Money Market Funds	$	15,181,986	$	-	$	-	$     15,181,986
	Total Short-Term Investments	$	15,181,986	$	-	$	-	$     15,181,986
	Total Investments	$	302,000,984	$	-	$	-	$   302,000,984
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Cornerstone Large Growth Fund
Schedule of Investments
July 31, 2014 (Unaudited)
							% of
		Number of Shares		Value			Net Assets
COMMON STOCKS - 96.59%
Consumer Discretionary - 16.10%
Autozone, Inc. (a)			4,700	$	2,430,041			2.03	%
Bed Bath & Beyond, Inc. (a)			28,000		1,772,120			1.48	%
Coach, Inc.			40,100		1,385,856			1.16	%
Dollar General Corp. (a)			37,000		2,043,510			1.71	%
Ford Motor Co.			145,400		2,474,708			2.07	%
Lowes Companies, Inc.			46,100		2,205,885			1.85	%
Macy's, Inc.			42,100		2,432,959			2.03	%
McDonald's Corp.			23,400		2,212,704			1.85	%
The Gap, Inc.			57,100		2,290,281			1.92	%
					19,248,064			16.10	%
Consumer Staples - 17.54%
Altria Group, Inc.			59,800		2,427,880			2.03	%
General Mills, Inc.			45,800		2,296,870			1.92	%
Kimberly Clark Corp.			21,600		2,243,592			1.88	%
Kraft Foods Group, Inc.			42,200		2,261,287			1.89	%
Kroger Co.			57,700		2,826,146			2.36	%
Pepsico, Inc.			27,400		2,413,940			2.02	%
Philip Morris International, Inc.			26,400		2,165,064			1.81	%
Sysco Corp.			62,600		2,234,194			1.87	%
Wal-Mart Stores, Inc.			28,700		2,111,746			1.76	%
					20,980,719			17.54	%
Energy - 14.35%
Chevron Corp.			18,100		2,339,244			1.96	%
ConocoPhillips			32,200		2,656,500			2.22	%
Exxon Mobil Corp.			22,700		2,245,938			1.88	%
Halliburton Co.			45,000		3,104,550			2.59	%
HollyFrontier Corp.			45,700		2,148,357			1.80	%
Marathon Oil Corp.			65,300		2,530,375			2.11	%
Marathon Petroleum Corp.			25,600		2,137,088			1.79	%
					17,162,052			14.35	%
Health Care - 6.32%
Baxter International, Inc.			32,575		2,433,027			2.04	%
Eli Lilly & Co.			44,100		2,692,746			2.25	%
UnitedHealth Group, Inc.			30,000		2,431,500			2.03	%
					7,557,273			6.32	%
Industrials - 22.12%
Caterpillar, Inc.			25,100		2,528,825			2.11	%
CSX Corp.			79,300		2,372,656			1.98	%
Cummins, Inc.			16,200		2,258,118			1.89	%
Deere & Co.			24,900		2,119,239			1.77	%
Delta Air Lines, Inc.			77,200		2,891,912			2.42	%
Illinois Tool Works, Inc.			26,900		2,215,753			1.85	%
Lockheed Martin Corp.			15,300		2,554,641			2.14	%
Northrop Grumman Corp.			19,900		2,453,073			2.05	%
Raytheon Co.			25,400		2,305,558			1.93	%
Union Pacific Corp.			27,000		2,654,370			2.22	%
United Technologies Corp.			20,000		2,103,000			1.76	%
					26,457,145			22.12	%
Information Technology - 18.13%
Apple, Inc.			29,150		2,785,865			2.33	%
Hewlett-Packard Co.			79,600		2,834,556			2.37	%
Intel Corp.			87,500		2,965,375			2.48	%
International Business Machines Corp.			12,100		2,319,207			1.94	%
Microsoft Corp.			61,100		2,637,076			2.20	%
Oracle Corp.			60,000		2,423,400			2.03	%
SanDisk Corp.			32,800		3,008,088			2.52	%
Western Digital Corp.			27,100		2,705,393			2.26	%
					21,678,960			18.13	%
Materials - 2.03%
CF Industries Holdings, Inc.			9,700		2,428,298			2.03	%
Total Common Stocks (Cost $94,392,324)					115,512,511			96.59	%
SHORT-TERM INVESTMENTS - 3.42%
Money Market Funds - 3.42%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)			4,089,385		4,089,385			3.42	%
Total Short-Term Investments (Cost $4,089,385)					4,089,385			3.42	%
Total Investments (Cost $98,481,709) - 100.01%					119,601,896			100.01	%
Liabilities in Excess of Other Assets - (0.01)%					(8,172	)		(0.01	)%
TOTAL NET ASSETS - 100.00%				$	119,593,724			100.00	%
Percentages are stated as a percent of net assets.
(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.

Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the

Investment Company Act of 1940, the Fund uses more specific industry classifications.

The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:

Cost of investments	$	98,481,709
Gross unrealized appreciation		22,831,779
Gross unrealized depreciation		(1,711,592	)
Net unrealized appreciation	$	21,120,187

* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Funds have adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.  Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers.  These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable.  Unobservable inputs are those
	inputs that reflect the Funds’ own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded
partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as
reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ  Official Closing Price,
which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data.  Certain securities are valued principally using dealer quotations.  These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days.  Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value.  Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.

The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s

investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions

taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various

inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities.  Details related to the fair valuation hierarchy of the Funds’ securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	19,248,064	$	-	$	-	$	19,248,064
Consumer Staples		20,980,719		-		-		20,980,719
Energy		17,162,052		-		-		17,162,052
Health Care		7,557,273		-		-		7,557,273
Industrials		26,457,145		-		-		26,457,145
Information Technology		21,678,960		-		-		21,678,960
Materials		2,428,298		-		-		2,428,298
Total Common Stocks	$	115,512,511	$	-	$	-	$	115,512,511
Short-Term Investments
Money Market Funds	$	4,089,385	$	-	$	-	$	4,089,385
Total Short-Term Investments	$	4,089,385	$	-	$	-	$	4,089,385
Total Investments	$	119,601,896	$	-	$	-	$	119,601,896
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Cornerstone Value Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 98.45%
Consumer Discretionary - 9.40%
Ford Motor Co.		194,300	$	3,306,986		2.08	%
General Motors Co.		80,200		2,712,364		1.71	%
McDonald's Corp.		30,400		2,874,624		1.81	%
Target Corp.		51,000		3,039,090		1.91	%
Thomson Reuters Corp. (b)		79,600		3,009,676		1.89	%
				14,942,740		9.40	%
Consumer Staples - 22.73%
Altria Group, Inc.		82,900		3,365,740		2.12	%
ConAgra Foods, Inc.		92,100		2,774,973		1.75	%
General Mills, Inc.		60,300		3,024,045		1.90	%
Kellogg Co.		49,700		2,973,551		1.87	%
Kimberly Clark Corp.		26,800		2,783,716		1.75	%
Kraft Foods Group, Inc.		55,300		2,963,250		1.86	%
Pepsico, Inc.		36,000		3,171,600		2.00	%
Philip Morris International, Inc.		37,500		3,075,375		1.93	%
Procter & Gamble Co.		37,300		2,884,036		1.81	%
Sysco Corp.		81,900		2,923,011		1.84	%
The Coca-Cola Co.		76,000		2,986,040		1.88	%
Unilever PLC - ADR (b)		74,400		3,216,312		2.02	%
				36,141,649		22.73	%
Energy - 14.38%
BP PLC - ADR (b)		61,300		3,001,861		1.89	%
Chevron Corp.		25,400		3,282,696		2.06	%
ConocoPhillips		44,300		3,654,750		2.30	%
Exxon Mobil Corp.		31,400		3,106,716		1.95	%
Occidental Petroleum Corp.		32,400		3,165,804		1.99	%
Royal Dutch Shell PLC - ADR (b)		39,600		3,411,144		2.15	%
Total SA - ADR (b)		50,300		3,244,350		2.04	%
				22,867,321		14.38	%
Financials - 4.01%
Banco Santander SA - ADR (b)		338,200		3,371,854		2.12	%
J.P. Morgan Chase & Co.		52,100		3,004,607		1.89	%
				6,376,461		4.01	%
Health Care - 15.21%
AbbVie, Inc.		59,700		3,124,698		1.96	%
Baxter International, Inc.		42,500		3,174,325		2.00	%
Bristol-Myers Squibb Co.		58,100		2,941,022		1.85	%
Eli Lilly & Co.		53,700		3,278,922		2.06	%
GlaxoSmithKline PLC - ADR (b)		55,400		2,679,698		1.68	%
Johnson & Johnson		32,600		3,262,934		2.05	%
Merck & Co., Inc.		54,300		3,080,982		1.94	%
Pfizer, Inc.		92,400		2,651,880		1.67	%
				24,194,461		15.21	%
Industrials - 7.84%
3M Co.		22,800		3,212,292		2.02	%
General Electric Co.		116,100		2,919,915		1.84	%
Lockheed Martin Corp.		19,100		3,189,127		2.00	%
Veritiv Corp. (a)		1,174		46,861		0.03	%
Waste Management, Inc.		69,000		3,097,410		1.95	%
				12,465,605		7.84	%
Information Technology - 8.68%
Cisco Systems, Inc.		131,200		3,310,176		2.08	%
Intel Corp.		118,000		3,999,020		2.52	%
Microsoft Corp.		77,500		3,344,900		2.10	%
Texas Instruments, Inc.		68,100		3,149,625		1.98	%
				13,803,721		8.68	%
Materials - 9.81%
EI Du Pont de Nemours & Co.		47,100		3,029,001		1.91	%
Freeport-McMoRan Copper & Gold, Inc.		91,000		3,387,020		2.13	%
International Paper Co.		61,400		2,916,500		1.83	%
Nucor Corp.		60,600		3,043,332		1.91	%
The Dow Chemical Co.		63,300		3,232,731		2.03	%
				15,608,584		9.81	%

Telecommunication Services - 6.39%
AT&T, Inc.		88,500		3,149,715	1.98	%
CenturyLink, Inc.		100,500		3,943,620	2.48	%
Verizon Communications, Inc.		60,900		3,070,578	1.93	%
				10,163,913	6.39	%
Total Common Stocks (Cost $122,380,180)				156,564,455	98.45	%
SHORT-TERM INVESTMENTS - 1.46%
Money Market Funds - 1.46%
Fidelity Government Portfolio - Institutional Class, 0.01% (c)		2,319,366		2,319,366	1.46	%
Total Short-Term Investments (Cost $2,319,366)				2,319,366	1.46	%
Total Investments (Cost $124,699,546) - 99.91%				158,883,821	99.91	%
Other Assets in Excess of Liabilities - 0.09%				150,774	0.09	%
TOTAL NET ASSETS - 100.00%			$	159,034,595	100.00	%
Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
(a)	Non-income producing security.
(b)	U.S. traded security of a foreign corporation.
(c)	The rate listed is the fund's 7-day yield as of July 31, 2014.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:

Cost of investments	$	125,112,595
Gross unrealized appreciation		34,382,794
Gross unrealized depreciation		(611,568	)
Net unrealized appreciation	$	33,771,226

* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.  Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers.  These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable.  Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, pubicly traded
partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as
reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ  Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing Price,
which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.

Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:
Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	14,942,740	$	-	$	-	$	14,942,740
Consumer Staples		36,141,649		-		-		36,141,649
Energy		22,867,321		-		-		22,867,321
Financials		6,376,461		-		-		6,376,461
Health Care		24,194,461		-		-		24,194,461
Industrials		12,465,605		-		-		12,465,605
Information Technology		13,803,721		-		-		13,803,721
Materials		15,608,584		-		-		15,608,584
Telecommunication Services		10,163,913		-		-		10,163,913
Total Common Stocks	$	156,564,455	$	-	$	-	$	156,564,455
Short-Term Investments
Money Market Funds	$	2,319,366	$	-	$	-	$	2,319,366
Total Short-Term Investments	$	2,319,366	$	-	$	-	$	2,319,366
Total Investments	$	158,883,821	$	-	$	-	$	158,883,821
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Large Value Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 95.65%
Consumer Discretionary - 6.80%
Ford Motor Co.		126,260	$	2,148,945		1.43	%
Lowes Companies, Inc.		22,515		1,077,343		0.72	%
Macy's, Inc.		28,035		1,620,143		1.08	%
The Walt Disney Co.		22,470		1,929,724		1.29	%
Time Warner, Inc.		30,555		2,536,676		1.69	%
Viacom, Inc.		10,705		884,982		0.59	%
				10,197,813		6.80	%
Consumer Staples - 5.78%
CVS Caremark Corp.		42,565		3,250,263		2.17	%
Kraft Foods Group, Inc.		29,120		1,560,395		1.04	%
Kroger Co.		53,000		2,595,940		1.73	%
Procter & Gamble Co.		16,255		1,256,837		0.84	%
				8,663,435		5.78	%
Energy - 13.86%
Anadarko Petroleum Corp.		27,175		2,903,649		1.94	%
Chevron Corp.		15,245		1,970,264		1.31	%
ConocoPhillips		60,105		4,958,662		3.31	%
Exxon Mobil Corp.		50,780		5,024,173		3.35	%
Marathon Oil Corp.		68,890		2,669,488		1.78	%
Pioneer Natural Resources Co.		8,800		1,948,848		1.30	%
Valero Energy Corp.		25,560		1,298,448		0.87	%
				20,773,532		13.86	%
Financials - 23.82%
Affiliated Managers Group, Inc. (a)		8,640		1,721,520		1.15	%
Allstate Corp.		42,080		2,459,576		1.64	%
American International Group, Inc.		38,540		2,003,309		1.34	%
BlackRock, Inc.		5,615		1,711,059		1.14	%
Capital One Financial Corp.		18,415		1,464,729		0.98	%
Citigroup, Inc.		51,035		2,496,122		1.67	%
E Trade Financial Corp. (a)		45,730		961,245		0.64	%
Hartford Financial Services Group, Inc.		46,510		1,588,782		1.06	%
J.P. Morgan Chase & Co.		90,285		5,206,736		3.47	%
Marsh & McLennan Companies, Inc.		43,575		2,212,303		1.48	%
MetLife, Inc.		24,955		1,312,633		0.88	%
Morgan Stanley		60,035		1,941,532		1.29	%
Regions Financial Corp.		98,955		1,003,404		0.67	%
State Street Corp.		10,185		717,431		0.48	%
SunTrust Banks, Inc.		47,740		1,816,507		1.21	%
The PNC Financial Services Group, Inc.		25,765		2,127,158		1.42	%
Wells Fargo & Co.		97,255		4,950,279		3.30	%
				35,694,325		23.82	%
Health Care - 12.70%
CIGNA Corp.		41,365		3,724,504		2.49	%
Johnson & Johnson		54,975		5,502,448		3.67	%
McKesson Corp.		7,110		1,364,125		0.91	%
Medtronic, Inc.		55,200		3,408,048		2.27	%
Pfizer, Inc.		175,560		5,038,572		3.36	%
				19,037,697		12.70	%
Industrials - 10.07%
Caterpillar, Inc.		16,105		1,622,579		1.08	%
Danaher Corp.		22,230		1,642,352		1.10	%
General Dynamics Corp.		17,875		2,087,264		1.39	%
General Electric Co.		67,810		1,705,422		1.14	%
Honeywell International, Inc.		22,495		2,065,716		1.38	%
Ingersoll-Rand PLC (b)		25,355		1,490,620		0.99	%
Lockheed Martin Corp.		6,260		1,045,232		0.70	%
Parker Hannifin Corp.		7,580		871,321		0.58	%
Ryder System, Inc.		17,215		1,482,728		0.99	%
Southwest Airlines Co.		38,170		1,079,448		0.72	%
				15,092,682		10.07	%

Information Technology - 10.74%
Apple, Inc.			11,675			1,115,780		0.75	%
Autodesk, Inc. (a)			19,145			1,021,386		0.68	%
Cisco Systems, Inc.			35,905			905,883		0.61	%
Citrix Systems, Inc. (a)			14,125			956,686		0.64	%
Hewlett-Packard Co.			53,015			1,887,864		1.26	%
Juniper Networks, Inc. (a)			44,005			1,035,878		0.69	%
LAM Research Corp.			17,860			1,250,200		0.83	%
Micron Technology, Inc. (a)			30,135			920,624		0.61	%
Microsoft Corp.			65,345			2,820,290		1.88	%
NXP Semiconductors NV (a)(b)			26,055			1,624,529		1.08	%
Skyworks Solutions, Inc.			26,190			1,329,405		0.89	%
Western Digital Corp.			12,235			1,221,420		0.82	%
						16,089,945		10.74	%
Materials - 4.37%
Eastman Chemical Co.			12,755			1,004,839		0.67	%
Huntsman Corp.			60,490			1,575,764		1.05	%
International Paper Co.			29,590			1,405,525		0.94	%
Newmont Mining Corp.			35,690			889,038		0.60	%
The Dow Chemical Co.			32,640			1,666,925		1.11	%
						6,542,091		4.37	%
Telecommunication Services - 1.93%
AT&T, Inc.			55,555			1,977,203		1.32	%
T- Mobile US, Inc. (a)			27,580			908,485		0.61	%
						2,885,688		1.93	%
Utilities - 5.58%
American Electric Power, Inc.			48,265			2,509,297		1.68	%
DTE Energy Co.			34,305			2,532,395		1.69	%
NRG Energy, Inc.			36,920			1,143,043		0.76	%
Sempra Energy			21,845			2,178,165		1.45	%
						8,362,900		5.58	%
Total Common Stocks (Cost $115,257,560)						143,340,108		95.65	%
REITS - 3.44%
Financials - 3.44%
Kilroy Realty Corp.			24,115			1,491,272		1.00	%
Prologis, Inc.			22,055			900,064		0.60	%
Simon Property Group, Inc.			16,388			2,756,298		1.84	%
Total REITS (Cost $3,916,618)						5,147,634		3.44	%
SHORT-TERM INVESTMENTS - 1.12%
Money Market Funds - 1.12%
Fidelity Government Portfolio - Institutional Class, 0.01% (c)			1,685,548			1,685,548		1.12	%
Total Short-Term Investments (Cost $1,685,548)						1,685,548		1.12	%
Total Investments (Cost $120,859,726) - 100.21%						150,173,290		100.21	%
Liabilities in Excess of Other Assets - (0.21)%						(307,768	)	(0.21	)%
TOTAL NET ASSETS - 100.00%					$	149,865,522		100.00	%
Percentages are stated as a percent of net assets.
REIT-	Real Estate Investment Trust
(a)	Non-income producing security.
(b)	U.S. traded security of a foreign corporation.
(c)	The rate listed is the fund's 7-day yield as of July 31, 2014.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	121,171,346
Gross unrealized appreciation			30,184,432
Gross unrealized depreciation			(1,182,488	)
Net unrealized appreciation		$	29,001,944
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.

Summary of Fair Value Exposure at July 31, 2014

The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring

fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a

discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and

model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for

which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),

little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest

rates, prepayment speeds, credit risk curves, default rates and similar data.

Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those

inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.

Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded

partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as

reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing

Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at

the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1

of the fair value hierarchy.

Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by

the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.

Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government

agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based

techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),

bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,

broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in

Level 2 of the fair value hierarchy.

Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments

are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to

maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity

levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available

or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations

are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.

Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value

pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions

receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value

hierarchy.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and

indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The

effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee

instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign

security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2

prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you

will not be able to purchase or redeem your shares.

The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s

investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions

taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various

inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	10,197,813	$	-	$	-	$	10,197,813
Consumer Staples		8,663,435		-		-		8,663,435
Energy		20,773,532		-		-		20,773,532
Financials		35,694,325		-		-		35,694,325
Health Care		19,037,697		-		-		19,037,697
Industrials		15,092,682		-		-		15,092,682
Information Technology		16,089,945		-		-		16,089,945
Materials		6,542,091		-		-		6,542,091
Telecommunication Services		2,885,688		-		-		2,885,688
Utilities		8,362,900		-		-		8,362,900
Total Common Stocks	$	143,340,108	$	-	$	-	$	143,340,108
REITS
Financials	$	5,147,634	$	-	$	-	$	5,147,634
Total REITS	$	5,147,634	$	-	$	-	$	5,147,634
Short-Term Investments
Money Market Funds	$	1,685,548	$	-	$	-	$	1,685,548
Total Short-Term Investments	$	1,685,548	$	-	$	-	$	1,685,548
Total Investments	$	150,173,290	$	-	$	-	$	150,173,290
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Total Return Fund
Schedule of Investments
July 31, 2014 (Unaudited)
							% of
		Number of Shares/Par Amount		Value			Net Assets
COMMON STOCKS - 74.02%
Consumer Discretionary - 6.61%
McDonald's Corp.			58,600	$	5,541,216			6.61	%
Consumer Staples - 6.77%
Procter & Gamble Co.			60,700		4,693,324			5.60	%
The Coca-Cola Co.			25,100		986,179			1.17	%
					5,679,503			6.77	%
Energy - 7.32%
Chevron Corp.			47,500		6,138,900			7.32	%
Health Care - 14.33%
Merck & Co., Inc.			115,300		6,542,122			7.80	%
Pfizer, Inc.			190,600		5,470,220			6.53	%
					12,012,342			14.33	%
Industrials - 5.82%
General Electric Co.			194,200		4,884,130			5.82	%
Information Technology - 15.81%
Cisco Systems, Inc.			76,200		1,922,526			2.29	%
Intel Corp.			234,800		7,957,372			9.49	%
Microsoft Corp.			78,300		3,379,428			4.03	%
					13,259,326			15.81	%
Materials - 2.83%
EI Du Pont de Nemours & Co.			36,900		2,373,039			2.83	%
Telecommunication Services - 14.53%
AT&T, Inc.			168,900		6,011,151			7.17	%
Verizon Communications, Inc.			122,400		6,171,408			7.36	%
					12,182,559			14.53	%
Total Common Stocks (Cost $48,927,257)					62,071,015			74.02	%
SHORT-TERM INVESTMENTS - 66.64%
Money Market Funds - 2.24%
Fidelity Government Portfolio - Institutional Class, 0.01% (a)			1,876,877		1,876,877			2.24	%
U.S. Treasury Bills (c) - 64.40%
0.025%, 08/21/2014 (b)			13,000,000		12,999,819			15.50	%
0.030%, 09/25/2014 (b)			18,000,000		17,999,450			21.47	%
0.025%, 10/16/2014 (b)			23,000,000		22,999,334			27.43	%
					53,998,603			64.40	%
Total Short-Term Investments (Cost $55,875,904)					55,875,480			66.64	%
Total Investments (Cost $104,803,161) - 140.66%					117,946,495			140.66	%
Liabilities in Excess of Other Assets - (40.66)%					(34,092,799	)		(40.66	)%
TOTAL NET ASSETS - 100.00%				$	83,853,696			100.00	%
Percentages are stated as a percent of net assets.
(a)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(b)	The rate listed is discount rate at issue.
(c)	Collateral or partial collateral for securities sold subject to repurchase.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.

Schedule of Reverse Repurchase Agreements
	Face Value		Counterparty	Rate			Principal Trade Date	Maturity Date	Maturity Amount
		8,995,000	Jefferies LLC		0.25	%	5/22/2014	8/21/2014		9,000,622
		10,794,000	Jefferies LLC		0.25	%	6/26/2014	9/25/2014	$	10,800,746
		14,392,000	Jefferies LLC		0.25	%	7/24/2014	10/16/2014		14,400,295
	$	34,181,000							$	34,201,663
As of July 31, 2014, the fair value of securities held as collateral for reverse repurchase agreements was $53,998,603 as noted on the Schedule of Investments.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:

Cost of investments		$	104,968,148
Gross unrealized appreciation			13,173,680
Gross unrealized depreciation			(195,333	)
Net unrealized appreciation		$	12,978,347
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded partnerships,
and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as reported
by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing Price,
which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:
	Common Stocks	Level 1			Level 2		Level 3		Total
	Consumer Discretionary	$	5,541,216		$	-	$	-	$	5,541,216
	Consumer Staples		5,679,503			-		-		5,679,503
	Energy		6,138,900			-		-		6,138,900
	Health Care		12,012,342			-		-		12,012,342
	Industrials		4,884,130			-		-		4,884,130
	Information Technology		13,259,326			-		-		13,259,326
	Materials		2,373,039			-		-		2,373,039
	Telecommunication Services		12,182,559			-		-		12,182,559
	Total Common Stocks	$	62,071,015		$	-	$	-	$	62,071,015
	Short-Term Investments
	Money Market Funds	$	1,876,877		$	-	$	-	$	1,876,877
	U.S. Treasury Bills		-			53,998,603		-		53,998,603
	Total Short-Term Investments	$	1,876,877		$	53,998,603	$	-	$	55,875,480
	Total Investments	$	63,947,892		$	53,998,603	$	-	$	117,946,495
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.
Reverse repurchase agreements are carried at face value; hence, they are not included in the fair valuation heirarchy. The face
value of the reverse repurchase agreements at July 31, 2014, was $34,181,000. Due to the short-term nature of the reverse
repurchase agreements, face value approximates fair value. The face value plus interest due at maturity is equal to $34,201,663.

Hennessy Equity and Income Fund
Schedule of Investments
July 31, 2014 (Unaudited)
	Number of Shares/Par Amount		Value		% of Net Assets
COMMON STOCKS - 62.20%
Consumer Discretionary - 6.16%
CarMax, Inc. (a)		190,759	$	9,310,947		2.62	%
Carnival Corp.		167,720		6,074,818		1.71	%
Lowes Companies, Inc.		135,516		6,484,441		1.83	%
				21,870,206		6.16	%
Consumer Staples - 10.11%
Altria Group, Inc.		160,639		6,521,943		1.84	%
Brown-Forman Corp., Class B		30,466		2,639,879		0.74	%
Energizer Holdings, Inc.		63,112		7,242,733		2.04	%
Lorillard, Inc.		70,196		4,245,454		1.20	%
Reynolds American, Inc.		92,121		5,144,958		1.45	%
The Coca-Cola Co.		128,231		5,038,196		1.42	%
Wal-Mart Stores, Inc.		68,452		5,036,698		1.42	%
				35,869,861		10.11	%
Energy - 5.97%
Apache Corp.		60,750		6,236,595		1.76	%
Chevron Corp.		60,371		7,802,348		2.20	%
ConocoPhillips		86,678		7,150,935		2.01	%
				21,189,878		5.97	%
Financials - 9.87%
Bank of America Corp.		403,060		6,146,665		1.73	%
Berkshire Hathaway, Inc., Class B (a)		64,789		8,126,484		2.29	%
BlackRock, Inc.		26,158		7,971,127		2.25	%
Wells Fargo & Co.		193,973		9,873,226		2.78	%
White Mountains Insurance Group Ltd. (c)		4,811		2,910,222		0.82	%
				35,027,724		9.87	%
Health Care - 5.61%
Bristol-Myers Squibb Co.		164,088		8,306,135		2.34	%
Eli Lilly & Co.		124,630		7,609,908		2.14	%
Pfizer, Inc.		139,605		4,006,663		1.13	%
				19,922,706		5.61	%
Industrials - 4.15%
FedEx Corp.		35,498		5,213,946		1.47	%
General Dynamics Corp.		81,450		9,510,917		2.68	%
				14,724,863		4.15	%
Information Technology - 11.53%
Cisco Systems, Inc.		219,556		5,539,398		1.56	%
Corning, Inc.		362,537		7,123,852		2.01	%
EMC Corp.		237,143		6,948,290		1.96	%
Intel Corp.		215,279		7,295,805		2.05	%
International Business Machines Corp.		19,145		3,669,522		1.03	%
Microsoft Corp.		93,533		4,036,884		1.14	%
Visa, Inc., Class A		29,979		6,325,869		1.78	%
				40,939,620		11.53	%
Materials - 7.21%
Albemarle Corp.		115,005		7,054,407		1.99	%
NewMarket Corp.		31,620		12,236,940		3.44	%
The Mosaic Co.		137,000		6,317,070		1.78	%
				25,608,417		7.21	%
Telecommunication Services - 1.59%
Verizon Communications, Inc.		111,758		5,634,838		1.59	%
Total Common Stocks (Cost $166,405,270)				220,788,113		62.20	%
PREFERRED STOCKS - 0.04%
Financials - 0.04%
Fannie Mae Preferred (a)		10,600		122,218		0.04	%
Total Preferred Stocks (Cost $265,000)				122,218		0.04	%
REITS - 0.09%
Financials - 0.09%
Apollo Commercial Real Estate Finance, Inc.		19,000		314,830		0.09	%
Total REITS (Cost $325,454)				314,830		0.09	%
CORPORATE BONDS - 23.97%
Consumer Discretionary - 0.72%
Amazon.com, Inc.
0.650%, 11/27/2015		800,000		801,218		0.23	%
Comcast Corp.
4.950%, 06/15/2016		600,000		646,096		0.18	%

Starbucks Corp.
6.250%, 08/15/2017	300,000	342,513	0.10	%
The Home Depot, Inc.
5.400%, 03/01/2016	700,000	752,115	0.21	%
		2,541,942	0.72	%
Consumer Staples - 0.34%
Anheuser-Busch InBev Worldwide, Inc.
7.750%, 01/15/2019	150,000	184,586	0.05	%
CVS Caremark Corp.
5.750%, 06/01/2017	600,000	673,044	0.19	%
Wal-Mart Stores, Inc.
5.000%, 10/25/2040	300,000	333,974	0.10	%
		1,191,604	0.34	%
Energy - 0.25%
Encana Corp. (c)
3.900%, 11/15/2021	850,000	899,025	0.25	%
Financials - 14.47%
Aflac, Inc.
8.500%, 05/15/2019	650,000	830,926	0.23	%
American Express Centrurion
0.875%, 11/13/2015	700,000	702,673	0.20	%
American Express Co.
6.150%, 08/28/2017	1,550,000	1,766,070	0.50	%
American Express Credit Corp.
2.750%, 09/15/2015	1,150,000	1,178,460	0.33	%
American International Group, Inc.
4.875%, 06/01/2022	600,000	665,266	0.19	%
5.850%, 01/16/2018	1,075,000	1,218,275	0.34	%
Associated Banc-Corp
5.125%, 03/28/2016	700,000	741,839	0.21	%
Associates Corporation of North America
6.950%, 11/01/2018	300,000	355,866	0.10	%
Bank New York Mellon Corp.
1.969%, 06/20/2017	500,000	508,637	0.14	%
Bank of Montreal (c)
2.500%, 01/11/2017	400,000	413,563	0.12	%
Bank of Nova Scotia (c)
2.550%, 01/12/2017	1,000,000	1,034,043	0.29	%
Blackrock, Inc.
3.500%, 03/18/2024	1,000,000	1,006,809	0.28	%
Boston Properties, Inc.
5.875%, 10/15/2019	700,000	811,923	0.23	%
Capital One Financial Corp.
4.750%, 07/15/2021	1,500,000	1,655,413	0.47	%
Citigroup, Inc.
6.125%, 11/21/2017	1,455,000	1,653,407	0.47	%
Credit Suisse USA, Inc.
5.125%, 08/15/2015	975,000	1,021,175	0.29	%
Discover Financial Services
5.200%, 04/27/2022	900,000	993,719	0.28	%
Fifth Third Bancorp
3.625%, 01/25/2016	700,000	729,008	0.21	%
First Niagara Financial Group, Inc.
6.750%, 03/19/2020	590,000	678,730	0.19	%
Ford Motor Credit Co. LLC
3.000%, 06/12/2017	1,750,000	1,817,580	0.51	%
Franklin Resources, Inc.
1.375%, 09/15/2017	1,080,000	1,079,041	0.30	%
General Electric Capital Corp.
5.625%, 05/01/2018	1,050,000	1,190,829	0.34	%
General Electric Capital Corp.
1.625%, 04/02/2018	500,000	499,880	0.14	%
General Electric Capital Corp.
5.000%, 01/08/2016	500,000	530,698	0.15	%
Genworth Financial, Inc.
6.515%, 05/22/2018	500,000	575,570	0.16	%
HSBC Finance Corp.
2.375%, 02/13/2015	1,000,000	1,010,872	0.29	%
5.000%, 06/30/2015	1,200,000	1,248,683	0.35	%
J.P. Morgan Chase & Co.
6.000%, 01/15/2018	1,000,000	1,134,932	0.32	%
KeyCorp
3.750%, 08/13/2015	900,000	929,307	0.26	%
5.100%, 03/24/2021	950,000	1,070,358	0.30	%
Lazard Group
6.850%, 06/15/2017	320,000	363,618	0.10	%
Lincoln National Corp.

6.250%, 02/15/2020	780,000	917,725	0.26	%
Manulife Financial Corp. (c)
3.400%, 09/17/2015	300,000	309,323	0.09	%
Merrill Lynch & Company, Inc.
6.875%, 04/25/2018	955,000	1,115,487	0.31	%
Merrill Lynch & Company, Inc., Series MTNC
0.694%, 01/15/2015	250,000	250,335	0.07	%
MetLife, Inc., Series A
6.817%, 08/15/2018	100,000	118,459	0.03	%
Morgan Stanley
5.375%, 10/15/2015	500,000	527,360	0.15	%
5.750%, 01/25/2021	850,000	982,729	0.28	%
6.625%, 04/01/2018	250,000	289,391	0.08	%
National Australia Bank Ltd. (c)
1.353%, 08/07/2015	2,000,000	2,022,186	0.57	%
Prudential Financial, Inc.
5.500%, 03/15/2016	310,000	332,479	0.09	%
Prudential Financial, Inc., Series MTNB
5.100%, 09/20/2014	285,000	286,768	0.08	%
Qwest Capital Funding, Inc.
6.500%, 11/15/2018	700,000	784,000	0.22	%
Raymond James Financial, Inc.
5.625%, 04/01/2024	700,000	785,497	0.22	%
Royal Bank of Canada (c)
2.200%, 07/27/2018	1,000,000	1,016,770	0.29	%
Simon Property Group, Inc.
6.100%, 05/01/2016	1,010,000	1,090,806	0.31	%
St. Paul Travelers, Inc.
5.500%, 12/01/2015	275,000	292,711	0.08	%
SunTrust Banks, Inc.
3.600%, 04/15/2016	250,000	261,482	0.07	%
6.000%, 09/11/2017	250,000	281,604	0.08	%
The Bear Stearns Companies, Inc.
6.400%, 10/02/2017	1,350,000	1,542,962	0.44	%
The Charles Schwab Corp.
0.850%, 12/04/2015	1,000,000	1,003,530	0.28	%
The Goldman Sachs Group, Inc.
5.350%, 01/15/2016	500,000	532,206	0.15	%
5.375%, 03/15/2020	1,100,000	1,238,400	0.35	%
The Hartford Financial Services Group, Inc.
5.375%, 03/15/2017	300,000	329,904	0.09	%
The Royal Bank of Scotland PLC (c)
4.375%, 03/16/2016	400,000	421,534	0.12	%
Toronto Dominion Bank (c)
2.375%, 10/19/2016	1,000,000	1,032,729	0.29	%
Wachovia Corp.
5.750%, 06/15/2017	850,000	955,902	0.27	%
Wells Fargo & Co.
5.625%, 12/11/2017	1,000,000	1,131,486	0.32	%
Westpac Banking Corp. (c)
0.843%, 01/17/2019	1,075,000	1,083,715	0.31	%
4.200%, 02/27/2015	500,000	510,983	0.14	%
4.875%, 11/19/2019	450,000	505,196	0.14	%
		51,370,829	14.47	%
Health Care - 2.26%
AbbVie, Inc.
1.200%, 11/06/2015	1,250,000	1,256,947	0.35	%
Agilent Technologies, Inc.
5.000%, 07/15/2020	650,000	710,601	0.20	%
Amgen, Inc.
2.500%, 11/15/2016	1,000,000	1,034,190	0.29	%
Celgene Corp.
2.300%, 08/15/2018	1,000,000	1,010,715	0.28	%
3.625%, 05/15/2024	600,000	601,153	0.17	%
Express Scripts Holding Co.
3.500%, 06/15/2024	700,000	691,852	0.20	%
GlaxoSmithKline Capital, Inc. (c)
1.500%, 05/08/2017	500,000	504,679	0.14	%
Merck and Co., Inc.
6.000%, 09/15/2017	850,000	970,453	0.27	%
UnitedHealth Group, Inc.
5.375%, 03/15/2016	250,000	268,716	0.08	%
Wellpoint, Inc.
2.375%, 02/15/2017	960,000	987,780	0.28	%
		8,037,086	2.26	%
Industrials - 0.29%
John Deere Capital Corp.
1.850%, 09/15/2016	1,000,000	1,021,443	0.29	%

Information Technology - 1.85%
Altera Corp.
1.750%, 05/15/2017	1,000,000	1,007,337	0.29	%
Applied Materials, Inc.
4.300%, 06/15/2021	300,000	324,570	0.09	%
Corning, Inc.
6.850%, 03/01/2029	275,000	342,134	0.10	%
eBay, Inc.
3.250%, 10/15/2020	1,000,000	1,031,041	0.29	%
EMC Corp.
1.875%, 06/01/2018	1,000,000	999,382	0.28	%
Hewlett Packard Co.
3.000%, 09/15/2016	1,000,000	1,039,680	0.29	%
Juniper Networks, Inc.
4.600%, 03/15/2021	1,000,000	1,071,644	0.30	%
KLA-Tencor Corp.
6.900%, 05/01/2018	650,000	756,971	0.21	%
		6,572,759	1.85	%
Materials - 1.78%
Alcoa, Inc.
6.150%, 08/15/2020	625,000	688,721	0.19	%
AngloGold Ashanti Holdings PLC (c)
5.125%, 08/01/2022	1,000,000	976,261	0.28	%
El du Pont de Nemours & Co.
4.750%, 03/15/2015	315,000	323,188	0.09	%
Goldcorp, Inc. (c)
2.125%, 03/15/2018	1,250,000	1,251,868	0.35	%
International Paper Co.
9.375%, 05/15/2019	250,000	328,214	0.09	%
Rio Tinto Finance USA PLC (c)
1.375%, 06/17/2016	1,000,000	1,010,198	0.29	%
2.000%, 03/22/2017	640,000	654,235	0.18	%
The Dow Chemical Co.
4.250%, 11/15/2020	1,000,000	1,086,719	0.31	%
		6,319,404	1.78	%
Telecommunication Services - 1.93%
AT&T, Inc.
2.950%, 05/15/2016	775,000	804,164	0.23	%
3.000%, 02/15/2022	250,000	248,149	0.07	%
5.350%, 09/01/2040	200,000	217,920	0.06	%
5.800%, 02/15/2019	800,000	924,526	0.26	%
CenturyLink, Inc.
5.150%, 06/15/2017	400,000	428,000	0.12	%
Deutsche Telekom AG
6.000%, 07/08/2019	1,160,000	1,349,842	0.38	%
Verizon Communications, Inc.
0.700%, 11/02/2015	800,000	801,055	0.23	%
6.350%, 04/01/2019	600,000	705,040	0.20	%
8.750%, 11/01/2018	292,000	367,682	0.10	%
Vodafone Group PLC (c)
1.500%, 02/19/2018	1,000,000	990,043	0.28	%
		6,836,421	1.93	%
Utilities - 0.08%
Sempra Energy
6.500%, 06/01/2016	275,000	302,379	0.08	%
Total Corporate Bonds (Cost $82,936,668)		85,092,892	23.97	%
MORTGAGE BACKED SECURITIES - 3.25%
Federal Home Loan Mortgage Corp.
3.000%, 05/01/2042	1,449,491	1,421,681	0.40	%
3.000%, 09/01/2042	2,758,661	2,705,734	0.76	%
5.000%, 05/01/2020	116,006	125,716	0.04	%
5.500%, 04/01/2037	220,273	247,178	0.07	%
Federal National Mortgage Association
2.400%, 11/07/2024	1,000,000	943,325	0.27	%
3.000%, 03/20/2028	2,200,000	2,192,333	0.62	%
3.500%, 01/01/2042	915,296	933,786	0.26	%

4.000%, 12/01/2041			1,184,446			1,247,829	0.35	%
4.000%, 10/01/2041			1,306,047			1,376,145	0.39	%
4.500%, 08/01/2020			131,537			139,237	0.04	%
6.000%, 10/01/2037			165,990			186,391	0.05	%
Total Mortgage Backed Securities (Cost $11,675,222)						11,519,355	3.25	%
U.S. GOVERNMENT AGENCY ISSUES - 0.52%
Federal Home Loan Banks
3.000%, 07/17/2029			1,200,000			1,200,894	0.34	%
5.750%, 06/15/2037			600,000			664,346	0.18	%
Total U.S. Government Agency Issues (Cost $1,897,411)					$	1,865,240	0.52	%
U.S. TREASURY OBLIGATIONS - 5.14%
U.S. Treasury Bonds - 0.45%
U.S. Treasury Bond
3.625%, 02/15/2044			1,500,000			1,591,172	0.45	%
U.S. Treasury Inflation Index Bond
0.125%, 07/15/2022			25,863			25,933	0.00	%
						1,617,105	0.45	%
U.S. Treasury Notes - 4.69%
U.S. Treasury Notes
2.375%, 03/31/2016			2,005,000			2,071,416	0.58	%
2.500%, 08/15/2023			1,300,000			1,302,285	0.37	%
2.750%, 02/15/2024			5,400,000			5,501,882	1.55	%
3.250%, 03/31/2017			1,000,000			1,062,812	0.30	%
4.125%, 05/15/2015			6,500,000			6,705,790	1.89	%
						16,644,185	4.69	%
Total U.S. Treasury Obligations (Cost $18,175,632)						18,261,290	5.14	%
INVESTMENT COMPANIES (EXCLUDING MONEY MARKET FUNDS) - 2.80%
Apollo Investment Corp.			40,000			339,600	0.10	%
Ares Capital Corp.			17,500			292,425	0.08	%
Calamos Convertible Opportunity And Income Fund			16,000			214,240	0.06	%
iShares iBoxx $High Yield Corporation Bond Fund			12,000			1,109,280	0.31	%
iShares S&P U.S. Preferred Stock Index Fund			70,000			2,767,100	0.78	%
NGP Capital Resources Co.			8,000			49,600	0.01	%
PennantPark Investment Corp.			19,000			211,470	0.06	%
PowerShares Senior Loan Portfolio			80,000			1,968,800	0.55	%
SPDR Barclays Capital High Yield Bond			14,500			587,975	0.17	%
SPDR Barclays Short Term High Yield			62,500			1,898,125	0.53	%
Wisdomtree Emerging Markets Local Debt Fund			11,000			514,470	0.15	%
						9,953,085	2.80	%
Total Investment Companies (Excluding Money Market Funds) (Cost $10,042,324)						9,953,085	2.80	%
SHORT-TERM INVESTMENTS - 1.64%
Money Market Funds - 1.64%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)			5,815,843			5,815,843	1.64	%
Total Short-Term Investments (Cost $5,815,843)						5,815,843	1.64	%
Total Investments (Cost $297,538,825) - 99.65%						353,732,866	99.65	%
Other Assets in Excess of Liabilities - 0.35%						1,252,675	0.35	%
TOTAL NET ASSETS - 100.00%					$	354,985,541	100.00	%
Percentages are stated as a percent of net assets.
REIT-	Real Estate Investment Trust
(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(c)	U.S. traded security of a foreign corporation.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	297,615,289
Gross unrealized appreciation			58,083,984
Gross unrealized depreciation			(1,966,407	)
Net unrealized appreciation		$	56,117,577
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.

Summary of Fair Value Exposure at July 31, 2014

The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring

fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a

discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
rates, prepayment speeds, credit risk curves, default rates and similar data.
Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly
traded partnerships and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the
last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the
NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not
readily available will be valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied,
they are classified in Level 1 of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:
Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	21,870,206	$	-	$	-	$	21,870,206
Consumer Staples		35,869,861		-		-		35,869,861
Energy		21,189,878		-		-		21,189,878
Financials		35,027,724		-		-		35,027,724
Health Care		19,922,706		-		-		19,922,706
Industrials		14,724,863		-		-		14,724,863
Information Technology		40,939,620		-		-		40,939,620
Materials		25,608,417		-		-		25,608,417
Telecommunication Services		5,634,838		-		-		5,634,838
Total Common Stocks	$	220,788,113	$	-	$	-		220,788,113

Preferred Stocks
Financials	$	122,218	$	-	$	-	$	122,218
Total Prederred Stocks	$	122,218	$	-	$	-	$	122,218
REITS
Financials	$	314,830	$	-	$	-	$	314,830
Total REITS	$	314,830	$	-	$	-	$	314,830
Corporate Bonds
Consumer Discretionary	$	-	$	2,541,942	$	-	$	2,541,942
Consumer Staples		-		1,191,604		-		1,191,604
Energy		-		899,025		-		899,025
Financials		-		51,370,829		-		51,370,829
Health Care		-		8,037,086		-		8,037,086
Industrials		-		1,021,443		-		1,021,443
Information Technology		-		6,572,759		-		6,572,759
Materials		-		6,319,404		-		6,319,404
Telecommunication Services		-		6,836,421		-		6,836,421
Utilities		-		302,379		-		302,379
Total Corporate Bonds	$	-	$	85,092,892	$	-	$	85,092,892
Mortgage Backed Securities	$	-	$	11,519,355	$	-	$	11,519,355
U.S. Government Agency Issues	$	-	$	1,865,240	$	-	$	1,865,240
U.S. Treasury Obligations
U.S. Treasury Bonds	$	-	$	1,617,105	$	-	$	1,617,105
U.S. Treasury Notes		-		16,644,185		-		16,644,185
Total U.S. Treasury Obligations	$	-	$	18,261,290	$	-	$	18,261,290
Investment Companies (Excluding Money Market Funds)	$	9,953,085	$	-	$	-	$	9,953,085
Short-Term Investments
Money Market Funds	$	5,815,843	$	-	$	-	$	5,815,843
Total Short-Term Investments	$	5,815,843	$	-	$	-	$	5,815,843
Total Investments	$	236,994,089	$	116,738,777	$	-	$	353,732,866
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Balanced Fund
Schedule of Investments
July 31, 2014 (Unaudited)
							% of
		Number of Shares/Par Amount		Value			Net Assets
COMMON STOCKS - 49.33%
Consumer Discretionary - 4.50%
McDonald's Corp.			5,900	$	557,904			4.50	%
Consumer Staples - 4.62%
Procter & Gamble Co.			7,400		572,168			4.62	%
Energy - 4.85%
Chevron Corp.			4,650		600,966			4.85	%
Health Care - 9.34%
Merck & Co., Inc.			11,550		655,347			5.29	%
Pfizer, Inc.			17,500		502,250			4.05	%
					1,157,597			9.34	%
Industrials - 4.59%
General Electric Co.			22,600		568,390			4.59	%
Information Technology - 8.32%
Cisco Systems, Inc.			8,750		220,762			1.78	%
Intel Corp.			22,700		769,303			6.21	%
Microsoft Corp.			950		41,002			0.33	%
					1,031,067			8.32	%
Materials - 3.35%
EI Du Pont de Nemours & Co.			6,450		414,800			3.35	%
Telecommunication Services - 9.76%
AT&T, Inc.			16,850		599,691			4.84	%
Verizon Communications, Inc.			12,100		610,082			4.92	%
					1,209,773			9.76	%
Total Common Stocks (Cost $4,994,847)					6,112,665			49.33	%
SHORT-TERM INVESTMENTS - 50.71%
Money Market Funds - 4.72%
Fidelity Government Portfolio - Institutional Class, 0.01% (a)			585,384		585,384			4.72	%
U.S. Treasury Bills - 45.99%
0.025%, 08/21/2014 (b)			1,000,000		999,958			8.07	%
0.035%, 09/18/2014 (b)			800,000		799,893			6.46	%
0.050%, 02/05/2015 (b)			1,500,000		1,499,648			12.10	%
0.050%, 03/05/2015 (b)			300,000		299,897			2.42	%
0.125%, 04/02/2015 (b)			500,000		499,805			4.04	%
0.095%, 05/28/2015 (b)			600,000		599,600			4.84	%
0.110%, 06/25/2015 (b)			1,000,000		999,157			8.06	%
					5,697,958			45.99	%
Total Short-Term Investments (Cost $6,282,575)					6,283,342			50.71	%
Total Investments (Cost $11,277,422) - 100.04%					12,396,007			100.04	%
Liabilities in Excess of Other Assets - (0.04)%					(4,629	)		(0.04	)%
TOTAL NET ASSETS - 100.00%				$	12,391,378			100.00	%
Percentages are stated as a percent of net assets.
(a)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(b)	The rate listed is discount rate at issue.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:

Cost of investments		$	11,286,985
Gross unrealized appreciation			1,133,860
Gross unrealized depreciation			(24,838	)
Net unrealized appreciation		$	1,109,022
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded
partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as
reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing Price,
which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various

inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	557,904	$	-	$	-	$	557,904
Consumer Staples		572,168		-		-		572,168
Energy		600,966		-		-		600,966
Health Care		1,157,597		-		-		1,157,597
Industrials		568,390		-		-		568,390
Information Technology		1,031,067		-		-		1,031,067
Materials		414,800		-		-		414,800
Telecommunication Services		1,209,773		-		-		1,209,773
Total Common Stocks	$	6,112,665	$	-	$	-	$	6,112,665
Short-Term Investments
Money Market Funds	$	585,384	$	-	$	-	$	585,384
U.S. Treasury Bills		-		5,697,958		-		5,697,958
Total Short-Term Investments	$	585,384	$	5,697,958	$	-	$	6,283,342
Total Investments	$	6,698,049	$	5,697,958	$	-	$	12,396,007
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Core Bond Fund
Schedule of Investments
July 31, 2014 (Unaudited)
	Number of Shares/Par				% of
	Amount		Value		Net Assets
PREFERRED STOCKS - 1.72%
Financials - 1.72%
Fannie Mae Preferred (a)		7,900	$	91,087		1.72	%
Total Preferred Stocks (Cost $197,500)				91,087		1.72	%
REITS - 1.88%
Financials - 1.88%
Apollo Commercial Real Estate Finance, Inc.		6,000		99,420		1.88	%
Total REITS (Cost $100,716)				99,420		1.88	%
CORPORATE BONDS - 57.69%
Consumer Discretionary - 3.65%
YUM! Brands, Inc.
5.300%, 09/15/2019		175,000		193,018		3.65	%
Financials - 36.67%
Associated Banc-Corp
5.125%, 03/28/2016		250,000		264,942		5.01	%
Associates Corporation of North America
6.950%, 11/01/2018		175,000		207,588		3.92	%
Discover Financial Services
5.200%, 04/27/2022		175,000		193,223		3.65	%
Ford Motor Credit Co. LLC
3.000%, 06/12/2017		225,000		233,689		4.42	%
Lazard Group
6.850%, 06/15/2017		215,000		244,306		4.62	%
Manulife Financial Corp. (c)
3.400%, 09/17/2015		200,000		206,215		3.90	%
Prudential Financial, Inc.
5.500%, 03/15/2016		148,000		158,732		3.00	%
The Hartford Financial Services Group, Inc.
5.375%, 03/15/2017		200,000		219,936		4.16	%
The Royal Bank of Scotland PLC (c)
4.375%, 03/16/2016		200,000		210,767		3.99	%
				1,939,398		36.67	%
Health Care - 9.31%
AbbVie, Inc.
1.200%, 11/06/2015		200,000		201,112		3.80	%
Agilent Technologies, Inc.
5.000%, 07/15/2020		175,000		191,316		3.62	%
Celgene Corp.
3.625%, 05/15/2024		100,000		100,192		1.89	%
				492,620		9.31	%
Information Technology - 2.86%
KLA-Tencor Corp.
6.900%, 05/01/2018		130,000		151,394		2.86	%
Utilities - 5.20%
Sempra Energy
6.500%, 06/01/2016		250,000		274,890		5.20	%
Total Corporate Bonds (Cost $2,889,420)				3,051,320		57.69	%
MORTGAGE BACKED SECURITIES - 10.05%
Federal National Mortgage Association
3.000%, 08/01/2042		312,239		307,157		5.81	%
3.000%, 03/20/2028		225,000		224,216		4.24	%
Total Mortgage Backed Securities (Cost $545,916)				531,373		10.05	%
U.S. TREASURY OBLIGATIONS - 17.19%
U.S. Treasury Bonds - 1.98%
6.250%, 08/15/2023		80,000		104,888		1.98	%
U.S. Treasury Notes - 15.21%
U.S. Treasury Notes - 15.21%
2.500%, 08/15/2023		385,000		385,677		7.29	%
2.750%, 02/15/2024		150,000		152,830		2.89	%
3.250%, 03/31/2017		250,000		265,703		5.03	%
				804,210		15.21	%
Total U.S. Treasury Obligations (Cost $908,016)				909,098		17.19	%

INVESTMENT COMPANIES (EXCLUDING MONEY MARKET FUNDS) - 8.90%
iShares iBoxx $High Yield Corporation Bond Fund	1,600		147,904	2.80	%
iShares S&P U.S. Preferred Stock Index Fund	3,500		138,355	2.61	%
SPDR Barclays Short Term High Yield	5,000		151,850	2.87	%
Wisdomtree Emerging Markets Local Debt Fund	700		32,739	0.62	%
			470,848	8.90	%
Total Investment Companies (Excluding Money Market Funds) (Cost $474,053)			470,848	8.90	%
SHORT-TERM INVESTMENTS - 1.97%
Money Market Funds - 1.97%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)	104,427		104,427	1.97	%
Total Short-Term Investments (Cost $104,427)			104,427	1.97	%
Total Investments (Cost $5,220,048) - 99.40%			5,257,573	99.40	%
Other Assets in Excess of Liabilities - 0.60%			31,519	0.60	%
TOTAL NET ASSETS - 100.00%		$	5,289,092	100.00	%

Percentages are stated as a percent of net assets.
REIT-	Real Estate Investment Trust
(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(c)	U.S. traded security of a foreign corporation.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	5,220,708
Gross unrealized appreciation			169,558
Gross unrealized depreciation			(132,693	)
Net unrealized appreciation		$	36,865
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly
traded partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the
last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the
NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not
readily available will be valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied,
they are classified in Level 1 of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:
		Level 1		Level 2		Level 3		Total
	Preferred Stocks
	Financials	$	91,087	$	-	$	-	$	91,087
	Total Preferred Stocks	$	91,087	$	-	$	-	$	91,087
	REITS
	Financials	$	99,420	$	-	$	-	$	99,420
	Total REITS	$	99,420	$	-	$	-	$	99,420
	Corporate Bonds
	Consumer Discretionary	$	-	$	193,018	$	-	$	193,018
	Financials		-		1,939,398		-		1,939,398
	Health Care		-		492,620		-		492,620
	Information Technology		-		151,394		-		151,394
	Utilities		-		274,890		-		274,890
	Total Corporate Bonds	$	-	$	3,051,320	$	-	$	3,051,320
	Mortgage Backed Securities	$	-	$	531,373	$	-	$	531,373
	U.S. Treasury Obligations
	U.S. Treasury Bonds				104,888			$	104,888
	U.S. Treasury Notes		-		804,210		-		804,210
	Total U.S. Treasury Obligations	$	-	$	909,098	$	-	$	909,098
	Investment Companies (Excluding Money Market Funds)	$	470,848	$	-	$	-	$	470,848
	Short-Term Investments
	Money Market Funds	$	104,427	$	-	$	-	$	104,427
	Total Short-Term Investments	$	104,427	$	-	$	-	$	104,427
	Total Investments	$	765,782	$	4,491,791	$	-	$	5,257,573
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

 

Hennessy Gas Utility Index Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 92.30%
Energy - 27.53%
Cheniere Energy, Inc. (a)		1,400,117	$	99,072,279		4.90	%
Enbridge, Inc. (c)		2,054,247		100,617,018		4.98	%
Energen Corp.		155,492		12,692,812		0.63	%
EQT Corp.		482,232		45,243,006		2.24	%
Kinder Morgan, Inc.		2,761,225		99,348,875		4.91	%
Spectra Energy Corp.		2,399,615		98,192,246		4.86	%
TransCanada Corp. (c)		2,019,427		101,314,653		5.01	%
				556,480,889		27.53	%
Financials - 0.47%
Berkshire Hathaway, Inc., Class A (a)		50		9,406,200		0.47	%
Utilities - 64.30%
AGL Resources, Inc.		1,155,916		59,691,502		2.95	%
ALLETE, Inc.		3,900		182,988		0.01	%
Alliant Energy Corp.		102,154		5,771,701		0.29	%
Ameren Corp.		236,890		9,108,420		0.45	%
Atmos Energy Corp.		1,223,962		59,141,844		2.93	%
Avista Corp.		137,472		4,265,756		0.21	%
Black Hills Corp.		113,459		5,980,424		0.30	%
Centerpoint Energy, Inc.		1,107,726		26,939,896		1.33	%
Chesapeake Utilities Corp.		93,763		6,103,034		0.30	%
CMS Energy Corp.		962,648		27,849,407		1.38	%
Consolidated Edison, Inc.		550,886		30,899,196		1.53	%
Corning Natural Gas Holding Corp.		26,393		504,106		0.02	%
Delta Natural Gas Company, Inc.		83,047		1,627,721		0.08	%
Dominion Resources, Inc.		1,447,096		97,881,573		4.84	%
DTE Energy Co.		388,954		28,712,584		1.42	%
Duke Energy Corp.		169,337		12,214,278		0.60	%
Entergy Corp.		17,050		1,241,752		0.06	%
Exelon Corp.		605,881		18,830,781		0.93	%
Gas Natural, Inc.		81,350		1,048,602		0.05	%
Iberdrola SA - ADR (c)		477,144		14,147,320		0.70	%
Integrys Energy Group, Inc.		461,488		30,255,153		1.50	%
MDU Resources Group, Inc.		832,678		26,237,684		1.30	%
MGE Energy, Inc.		57,996		2,181,810		0.11	%
National Fuel Gas Co.		506,824		34,925,242		1.73	%
National Grid PLC - ADR (c)		1,382,198		99,227,994		4.91	%
New Jersey Resources Corp.		349,642		17,859,713		0.88	%
NiSource, Inc.		2,278,131		85,839,976		4.25	%
Northeast Utilities		366,975		16,110,203		0.80	%
Northwest Natural Gas Co.		293,568		12,688,009		0.63	%
Northwestern Corp.		144,698		6,687,942		0.33	%
One Gas, Inc.		575,078		20,702,808		1.02	%
ONEOK, Inc.		1,411,598		90,949,259		4.50	%
Pepco Holdings, Inc.		95,904		2,575,022		0.13	%
PG&E Corp.		1,361,799		60,831,561		3.01	%
Piedmont Natural Gas Company, Inc.		883,707		30,655,796		1.52	%
PPL Corp.		129,035		4,256,865		0.21	%
Public Service Enterprise Group, Inc.		1,207,790		42,477,974		2.10	%
Questar Corp.		1,501,615		33,395,918		1.65	%
RGC Resources, Inc.		52,536		1,039,687		0.05	%
SCANA Corp.		291,966		14,855,230		0.73	%
Sempra Energy		1,005,440		100,252,422		4.96	%
South Jersey Industries, Inc.		230,128		12,327,957		0.61	%
Southwest Gas Corp.		523,690		25,938,366		1.28	%
TECO Energy, Inc.		344,736		6,019,091		0.30	%
The Empire District Electric Co.		30,850		756,133		0.04	%
The Laclede Group, Inc.		382,133		17,952,608		0.89	%
UGI Corp.		282,935		13,733,665		0.68	%
UIL Holdings Corp.		266,133		9,343,930		0.46	%
Unitil Corp.		91,918		2,941,376		0.14	%
UNS Energy Corp.		26,980		1,630,132		0.08	%
Vectren Corp.		439,416		16,737,355		0.83	%
WGL Holdings, Inc.		457,587		17,836,741		0.88	%
Wisconsin Energy Corp.		202,960		8,844,997		0.44	%
Xcel Energy, Inc.		636,399		19,601,089		0.97	%

						1,299,812,593		64.30	%
Total Common Stocks (Cost $1,458,990,831)						1,865,699,682		92.30	%
PARTNERSHIPS - 5.99%
Energy - 5.99%
Energy Transfer Equity, LP			1,787,908			97,244,316		4.81	%
Plains GP Holdings LP			800,000			23,768,000		1.18	%
						121,012,316		5.99	%
Total Partnerships (Cost $31,714,279)						121,012,316		5.99	%
SHORT-TERM INVESTMENTS - 2.16%
Money Market Funds - 2.16%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)			43,744,161			43,744,161		2.16	%
Total Short-Term Investments (Cost $43,744,161)						43,744,161		2.16	%
Total Investments (Cost $1,534,449,271) - 100.45%						2,030,456,159		100.45	%
Liabilities in Excess of Other Assets - (0.45)%						(9,109,275	)	(0.45	)%
TOTAL NET ASSETS - 100.00%					$	2,021,346,884		100.00	%
Percentages are stated as a percent of net assets.
ADR-	American Depositary Receipt
(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(c)	U.S. traded security of a foreign corporation.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	1,550,833,300
Gross unrealized appreciation			500,957,919
Gross unrealized depreciation			(21,335,060	)
Net unrealized appreciation		$	479,622,859
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly
traded partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the
last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the
NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not
readily available will be valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied,
they are classified in Level 1 of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.

Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments

are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to

maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity

levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available

or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations

are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.

Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value

pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions

receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value

hierarchy.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and

indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The

effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee

instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign

security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2

prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you

will not be able to purchase or redeem your shares.

The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s

investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions

taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various

inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1			Level 2		Level 3		Total
Energy	$	556,480,889		$	-	$	-	$	556,480,889
Financials		9,406,200			-		-		9,406,200
Utilities		1,299,812,593			-		-		1,299,812,593
Total Common Stocks	$	1,865,699,682		$	-	$	-	$	1,865,699,682
Partnerships
Energy	$	121,012,316		$	-	$	-	$	121,012,316
Total Partnerships	$	121,012,316		$	-	$	-	$	121,012,316
Short-Term Investments
Money Market Funds	$	43,744,161		$	-	$	-	$	43,744,161
Total Short-Term Investments	$	43,744,161		$	-	$	-	$	43,744,161
Total Investments	$	2,030,456,159		$	-	$	-	$	2,030,456,159
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized transfers between Levels 1 and 2.
Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period.
	Common Stock
Transfers into Level 1	$	504,106
Transfers out of Level 1		-
Net Transfers into/(out of) Level 1	$	504,106
Transfers into Level 2		-
Transfers out of Level 2		(504,106	)
Net transfers into/(out of) Level 2	$	(504,106	)
The Fund transferred $504,106 from Level 2 to Level 1 at July 31, 2014. The security was transferred due to lack of an active market on October 31, 2013, but actively traded on
July 31, 2014.

Hennessy Small Cap Financial Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 94.43%
Consumer Discretionary - 0.39%
KB Home		60,000	$	978,000		0.39	%
Financials - 94.04%
Associated Banc-Corp.		435,000		7,795,200		3.13	%
Astoria Financial Corp.		750,000		9,660,000		3.88	%
Bancorp Inc. Del (a)		335,000		3,182,500		1.28	%
Bank Mutual Corp.		235,000		1,417,050		0.57	%
BankUnited, Inc.		305,000		9,528,200		3.83	%
Banner Corp.		220,000		8,852,800		3.55	%
Blue Hills Bancorp, Inc. (a)		95,000		1,178,000		0.47	%
Capital Bank Financial Corp. (a)		220,000		5,011,600		2.01	%
Clifton Bancorp, Inc.		340,000		4,202,400		1.69	%
Customers Bancorp, Inc. (a)		258,500		4,901,160		1.97	%
Encore Capital Group, Inc. (a)		175,000		7,434,000		2.98	%
First Bancorp (a) (c)		660,000		3,392,400		1.36	%
First Internet Bancorp		52,809		928,910		0.37	%
Flagstar Bancorp, Inc. (a)		325,244		5,951,965		2.39	%
Flushing Financial Corp.		480,000		8,918,400		3.58	%
Fulton Financial Corp.		430,000		4,876,200		1.96	%
Genworth Financial, Inc. (a)		530,000		6,943,000		2.79	%
Hingham Institution for Savings		94,000		7,762,520		3.12	%
HomeStreet, Inc.		236,783		4,129,496		1.66	%
Independent Bank Corp. - Mich (a)		210,000		2,780,400		1.12	%
Independent Bank Corp.		75,000		2,738,250		1.10	%
Investors Bancorp, Inc.		865,000		8,952,750		3.59	%
MBIA, Inc. (a)		460,000		4,406,800		1.77	%
MGIC Investment Corp. (a)		690,000		5,099,100		2.05	%
OceanFirst Financial Corp.		215,400		3,427,014		1.38	%
Popular, Inc. (a) (c)		185,000		5,901,500		2.37	%
Provident Financial Services, Inc.		550,000		9,190,500		3.69	%
Radian Group, Inc.		620,000		7,849,200		3.15	%
Servisfirst Bancshares, Inc.		111,000		3,129,090		1.26	%
Square 1 Financial, Inc. (a)		160,000		3,049,600		1.22	%
Stonegate Mortgage Corp. (a)		400,000		5,148,000		2.07	%
Susquehanna Bancshares, Inc.		635,000		6,464,300		2.59	%
Synovus Financial Corp.		410,000		9,655,500		3.88	%
Territorial Bancorp, Inc.		105,000		2,110,500		0.85	%
Umpqua Holdings Corp.		275,000		4,653,000		1.87	%
United Financial Bancorp, Inc.		434,512		5,509,612		2.21	%
Washington Federal, Inc.		460,000		9,641,600		3.87	%
Webster Financial Corp.		145,000		4,157,150		1.67	%
Wintrust Financial Corp.		210,000		9,729,300		3.91	%
WSFS Financial Corp.		72,000		5,154,480		2.07	%
Zions Bancorporation		325,000		9,366,500		3.76	%
				234,179,947		94.04	%
Total Common Stocks (Cost $209,906,779)				235,157,947		94.43	%
PARTNERSHIPS - 1.47%
Financials - 1.47%
KKR & Co. LP		160,000		3,667,200		1.47	%
Total Partnerships (Cost $2,648,425)				3,667,200		1.47	%
REITS - 0.51%
Financials - 0.51%
RAIT Financial Trust		165,000		1,270,500		0.51	%
Total REITS (Cost $1,197464)				1,270,500		0.51	%
SHORT-TERM INVESTMENTS - 2.34%
Money Market Funds - 2.34%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)		5,825,665		5,825,665		2.34	%
Total Short-Term Investments (Cost $5,825,665)				5,825,665		2.34	%
Total Investments (Cost $219,578,333) - 98.75%				245,921,312		98.75	%
Other Assets in Excess of Liabilities - 1.25%				3,100,873		1.25	%
TOTAL NET ASSETS - 100.00%			$	249,022,185		100.00	%
Percentages are stated as a percent of net assets.

REIT-	Real Estate Investment Trust
(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(c)	U.S. traded security of a foreign corporation.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	222,967,049
Gross unrealized appreciation			32,067,775
Gross unrealized depreciation			(9,113,512	)
Net unrealized appreciation		$	22,954,263
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded
partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as
reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing
Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and

indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The

effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee

instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign

security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2

prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you

will not be able to purchase or redeem your shares.

The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s

investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions

taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various

inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	978,000	$	-	$	-	$	978,000
Financials		234,179,947		-		-		234,179,947
Total Common Stocks	$	235,157,947	$	-	$	-	$	235,157,947
Partnerships
Financials	$	3,667,200	$	-	$	-	$	3,667,200
Total Partnerships	$	3,667,200	$	-	$	-	$	3,667,200
REITS
Financials	$	1,270,500	$	-	$	-	$	1,270,500
Total REITS	$	1,270,500	$	-	$	-	$	1,270,500
Short-Term Investments
Money Market Funds	$	5,825,665	$	-	$	-	$	5,825,665
Total Short-Term Investments	$	5,825,665	$	-	$	-	$	5,825,665
Total Investments	$	245,921,312	$	-	$	-	$	245,921,312
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Large Cap Financial Fund
Schedule of Investments
July 31, 2014 (Unaudited)
						% of
		Number of Shares		Value		Net Assets
COMMON STOCKS - 92.73%
Financials - 85.02%
American International Group, Inc.			75,000	$	3,898,500		4.04	%
Bank of America Corp.			255,000		3,888,750		4.03	%
Berkshire Hathaway, Inc., Class B (a)			12,000		1,505,160		1.56	%
Capital One Financial Corp.			53,000		4,215,620		4.37	%
CIT Group, Inc.			65,000		3,192,150		3.31	%
Citigroup, Inc.			84,000		4,108,440		4.26	%
Comerica, Inc.			64,000		3,216,640		3.34	%
Discover Financial Services			67,000		4,091,020		4.24	%
Fifth Third Bancorp			224,000		4,587,520		4.76	%
Huntington Bancshares, Inc.			340,000		3,338,800		3.46	%
J.P. Morgan Chase & Co.			71,000		4,094,570		4.25	%
KeyCorp			180,000		2,437,200		2.53	%
MetLife, Inc.			73,000		3,839,800		3.98	%
Morgan Stanley			134,000		4,333,560		4.50	%
Prudential Financial, Inc.			30,000		2,609,100		2.71	%
Regions Financial Corp.			460,000		4,664,400		4.84	%
SunTrust Banks, Inc.			120,000		4,566,000		4.74	%
The Charles Schwab Corp.			15,000		416,250		0.43	%
The Goldman Sachs Group, Inc.			16,000		2,765,920		2.87	%
The PNC Financial Services Group, Inc.			53,000		4,375,680		4.54	%
The Travelers Companies, Inc.			42,000		3,761,520		3.90	%
U.S. Bancorp (c)			101,000		4,245,030		4.40	%
Wells Fargo & Co.			75,000		3,817,500		3.96	%
					81,969,130		85.02	%
Information Technology - 7.71%
MasterCard, Inc., Class A			49,000		3,633,350		3.77	%
Visa, Inc., Class A			18,000		3,798,180		3.94	%
					7,431,530		7.71	%
Total Common Stocks (Cost $73,513,883)					89,400,660		92.73	%
PARTNERSHIPS - 4.31%
Partnerships - 4.31%
Blackstone Group LP			127,000		4,150,360		4.31	%
Total Partnerships (Cost $2,250,528)					4,150,360		4.31	%
SHORT-TERM INVESTMENTS - 2.55%
Money Market Funds - 2.55%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)			2,459,170		2,459,170		2.55	%
Total Short-Term Investments (Cost $2,459,170)					2,459,170		2.55	%
Total Investments (Cost $78,223,581) - 99.59%					96,010,190		99.59	%
Other Assets in Excess of Liabilities - 0.41%					395,093		0.41	%
TOTAL NET ASSETS - 100.00%				$	96,405,283		100.00	%
Percentages are stated as a percent of net assets.
(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(c)	Investment in affiliated security. Quasar Distributors, LLC, which serves as the Fund's distributor, is a subsidiary of U.S. Bancorp. Details of transactions with this
	affiliated company for the period ended July 31, 2014, are as follows:
	Issuer	U.S. Bancorp
	Beginning Cost	$	1,739,350
	Purchase Cost	$	2,366,097
	Sales Cost	$	245,617
	Ending Cost	$	3,859,830
	Dividend Income	$	60,380
	Shares		101,000
	Market Value	$	4,245,030
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.

The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	80,410,765
Gross unrealized appreciation			15,918,792
Gross unrealized depreciation			(319,366	)
Net unrealized appreciation		$	15,599,425
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly
traded partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the
last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the
NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not
readily available will be valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied,
they are classified in Level 1 of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.

The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s

investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions

taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various

inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Financials	$	81,969,130	$	-	$	-	$	81,969,130
Information Technology		7,431,530		-		-		7,431,530
Total Common Stocks	$	89,400,660	$	-	$	-	$	89,400,660
Partnerships
Financials	$	4,150,360	$	-	$	-	$	4,150,360
Total Partnerships	$	4,150,360	$	-	$	-	$	4,150,360
Short-Term Investments
Money Market Funds	$	2,459,170	$	-	$	-	$	2,459,170
Total Short-Term Investments	$	2,459,170	$	-	$	-	$	2,459,170
Total Investments	$	96,010,190	$	-	$	-	$	96,010,190
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Technology Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 97.19%
Consumer Discretionary - 11.52%
Amazon.com, Inc. (a)		625	$	195,619		3.35	%
Harman International Industries		2,055		223,070		3.82	%
Netflix, Inc. (a)		600		253,632		4.35	%
				672,321		11.52	%
Financials - 0.69%
Zillow, Inc. (a)		280		40,188		0.69	%
				40,188		0.69	%
Health Care - 18.79%
Alexion Pharmaceuticals, Inc. (a)		807		128,305		2.20	%
Align Technology, Inc. (a)		840		45,536		0.78	%
athenahealth, Inc. (a)		140		17,416		0.30	%
Biogen Idec, Inc. (a)		395		132,084		2.26	%
Gilead Sciences, Inc. (a)		1,473		134,853		2.31	%
Illumina, Inc. (a)		773		123,611		2.12	%
McKesson Corp.		1,315		252,296		4.32	%
Thermo Fisher Scientific, Inc.		2,160		262,440		4.50	%
				1,096,541		18.79	%
Industrials - 0.54%
Aerovironment, Inc. (a)		1,000		31,490		0.54	%
				31,490		0.54	%
Information Technology - 61.25%
3D Systems Corp. (a)		1,122		56,246		0.96	%
Alliance Fiber Optic Products, Inc.		1,315		17,595		0.30	%
Applied Materials, Inc.		12,235		256,446		4.39	%
Arris Group, Inc. (a)		4,312		147,341		2.53	%
Bottomline Technologies, Inc. (a)		1,110		31,424		0.54	%
Corning, Inc.		13,015		255,745		4.38	%
Dealertrack Technologies, Inc (a)		1,620		60,863		1.04	%
Edgewater Technology, Inc. (a)		5,275		32,230		0.55	%
Envestnet, Inc. (a)		190		8,286		0.14	%
Finisar Corp. (a)		2,520		49,720		0.85	%
First Solar, Inc. (a)		1,070		67,528		1.16	%
Fleetmatics Group PLC (a) (c)		1,165		36,802		0.63	%
LAM Research Corp.		3,630		254,100		4.35	%
Lattice Semiconductor Corp. (a)		4,680		32,011		0.55	%
Manhattan Associates, Inc. (a)		2,265		66,500		1.14	%
Methode Electronics, Inc.		795		25,424		0.44	%
Microchip Technology, Inc.		5,579		251,167		4.30	%
Micron Technology, Inc. (a)		8,450		258,147		4.42	%
NetSuite, Inc. (a)		260		21,921		0.38	%
Pandora Media, Inc. (a)		1,390		34,917		0.60	%
Rambus, Inc. (a)		2,825		32,516		0.56	%
Reis, Inc.		1,525		32,955		0.57	%
salesforce.com, Inc. (a)		4,790		259,857		4.45	%
SanDisk Corp.		2,805		257,247		4.41	%
ServiceNow, Inc. (a)		990		58,212		1.00	%
Skyworks Solutions, Inc.		4,940		250,754		4.30	%
Splunk, Inc. (a)		790		37,146		0.64	%
SS&C Technologies Holdings, Inc. (a)		2,495		108,058		1.85	%
Stratasys Ltd. (a) (c)		1,470		147,794		2.53	%
The Ultimate Software Group, Inc. (a)		845		113,999		1.95	%
Workday, Inc. (a)		1,850		155,104		2.66	%
Yelp, Inc. (a)		515		34,587		0.59	%
Zebra Technologies Corp. (a)		1,525		122,107		2.09	%
				3,574,749		61.25	%
Telecommunication Services - 4.40%
T- Mobile US, Inc. (a)		7,792		256,669		4.40	%
Total Common Stocks (Cost $5,312,400)				5,671,958		97.19	%
INVESTMENT COMPANIES (EXCLUDING MONEY MARKET FUNDS) - 0.65%
Hercules Technology Growth Capital, Inc.		2,320		38,095		0.65	%
Total Investment Companies (Excluding Money Market Funds) (Cost $30,636)				38,095		0.65	%

SHORT-TERM INVESTMENTS - 6.29%
Money Market Funds - 6.29%
Federated Government Obligations Fund - Class I, 0.01% (b)			67,077			67,077		1.15	%
Fidelity Government Portfolio - Institutional Class, 0.01% (b)			300,000			300,000		5.14	%
						367,077		6.29	%
Total Short-Term Investments (Cost $367,077)						367,077		6.29	%
Total Investments (Cost $5,710,113) - 104.13%						6,077,130		104.13	%
Liabilities in Excess of Other Assets - (4.13)%						(241,128	)	(4.13	)%
TOTAL NET ASSETS - 100.00%					$	5,836,002		100.00	%
Percentages are stated as a percent of net assets.
(a)	Non-income producing security.
(b)	The rate listed is the fund's 7-day yield as of July 31, 2014.
(c)	U.S. traded security of a foreign corporation.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	5,720,675
Gross unrealized appreciation			533,321
Gross unrealized depreciation			(176,866	)
Net unrealized appreciation		$	356,455
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly
traded partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the
last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the
NASDAQ Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not
readily available will be valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied,
they are classified in Level 1 of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available

or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations

are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.

Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value

pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions

receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value

hierarchy.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and

indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The

effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee

instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign

security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2

prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you

will not be able to purchase or redeem your shares.

The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s

investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions

taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various

inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	672,321	$	-	$	-	$	672,321
Financials		40,188		-		-		40,188
Health Care		1,096,541		-		-		1,096,541
Industrials		31,490		-		-		31,490
Information Technology		3,574,749		-		-		3,574,749
Telecommunication Services		256,669		-		-		256,669
Total Common Stocks	$	5,671,958	$	-	$	-	$	5,671,958
Investment Companies (Excluding Money Market Funds)	$	38,095	$	-	$	-	$	38,095
Short-Term Investments
Money Market Funds	$	367,077	$	-	$	-	$	367,077
Total Short-Term Investments	$	367,077	$	-	$	-	$	367,077
Total Investments	$	6,077,130	$	-	$	-	$	6,077,130
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized no transfers between levels.

Hennessy Japan Fund
Schedule of Investments
July 31, 2014 (Unaudited)
							% of
		Number of Shares			Value		Net Assets
COMMON STOCKS - 88.48%
Consumer Discretionary - 25.55%
Asics Corp.			115,200		$	2,444,831		5.34	%
Isuzu Motors, Ltd.			337,000			2,338,987		5.10	%
Ryohin Keikaku Co., Ltd.			22,100			2,667,263		5.82	%
Shimano, Inc.			20,500			2,393,187		5.22	%
Toyota Motor Corp.			31,600			1,865,666		4.07	%
						11,709,934		25.55	%
Consumer Staples - 14.35%
Kao Corp.			64,200			2,640,175		5.76	%
Pigeon Corp.			28,100			1,614,208		3.52	%
Unicharm Corp.			37,900			2,320,720		5.07	%
						6,575,103		14.35	%
Financials - 5.79%
Mizuho Financial Group			503,200			976,949		2.13	%
Sumitomo Mitsui Financial Group, Inc.			41,100			1,675,420		3.66	%
						2,652,369		5.79	%
Health Care - 9.06%
Mani, Inc.			2,600			147,570		0.32	%
Rohto Pharmaceutical Co., Ltd.			123,600			1,912,767		4.18	%
Terumo Corp.			92,200			2,090,640		4.56	%
						4,150,977		9.06	%
Industrials - 25.11%
Daikin Industries			17,100			1,174,411		2.56	%
Itochu Corp.			30,700			390,895		0.85	%
Komatsu, Ltd.			7,500			166,330		0.36	%
Kubota Corp.			36,000			473,951		1.03	%
Marubeni Corp.			46,000			323,290		0.71	%
Misumi Group, Inc.			74,700			2,380,666		5.20	%
Mitsubishi Corp.			105,800			2,229,403		4.86	%
Nidec Corp.			38,700			2,520,404		5.50	%
Sumitomo Corp.			140,500			1,851,517		4.04	%
						11,510,867		25.11	%
Information Technology - 4.75%
Keyence Corp.			5,000			2,178,225		4.75	%
Materials - 3.87%
Fuji Seal International, Inc.			60,900			1,775,975		3.87	%
Total Common Stocks (Cost $27,849,439)						40,553,450		88.48	%
SHORT-TERM INVESTMENTS - 5.84%
Money Market Funds - 5.84%
Federated Government Obligations Fund - Class I, 0.01% (a)			494,912			494,912		1.08	%
Fidelity Government Portfolio - Institutional Class, 0.01% (a)			2,180,000			2,180,000		4.76	%
						2,674,912		5.84	%
Total Short-Term Investments (Cost $2,674,912)						2,674,912		5.84	%
Total Investments (Cost $30,524,351) - 94.32%						43,228,362		94.32	%
Other Assets in Excess of Liabilities - 5.68%						2,601,706		5.68	%
TOTAL NET ASSETS - 100.00%					$	45,830,068		100.00	%
Percentages are stated as a percent of net assets.
(a)	The rate listed is the fund's 7-day yield as of July 31, 2014.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	30,573,637
Gross unrealized appreciation			13,212,268
Gross unrealized depreciation			(557,543	)
Net unrealized appreciation		$	12,654,725
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.

Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded
partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as
reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing Price,
which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at
the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1
of the fair value hierarchy.
Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by
the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.
Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government
agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based
techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),
bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,
broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in
Level 2 of the fair value hierarchy.
Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments
are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to
maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity
levels for specific securities.
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available
or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations
are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.
Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value
pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions
receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value
hierarchy.
Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and
indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The
effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee
instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign
security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2
prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you
will not be able to purchase or redeem your shares.
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s
investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions
taken by the Valuation Committee are reviewed by the Board.
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various
inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	-	$	11,709,934	$	-	$	11,709,934
Consumer Staples		-		6,575,103		-		6,575,103
Financials		-		2,652,369		-		2,652,369
Health Care		-		4,150,977		-		4,150,977
Industrials		-		11,510,867		-		11,510,867
Information Technology		-		2,178,225		-		2,178,225
Materials		-		1,775,975		-		1,775,975
Total Common Stocks	$	-	$	40,553,450	$	-	$	40,553,450
Short-Term Investments
Money Market Funds	$	2,674,912	$	-	$	-	$	2,674,912
Total Short-Term Investments	$	2,674,912	$	-	$	-	$	2,674,912
Total Investments	$	2,674,912	$	40,553,450	$	-	$	43,228,362
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized significant transfers between Levels 1 and 2.
Transfers between Level 1 and Level 2 relate to the use of a fair valuation pricing service. On days when the fair
valuation pricing service is used, non-U.S. dollar denominated securities move from a Level 1 to a Level 2 classification.

Hennessy Japan Small Cap Fund
Schedule of Investments
July 31, 2014 (Unaudited)
					% of
	Number of Shares		Value		Net Assets
COMMON STOCKS - 91.56%
Consumer Discretionary - 28.57%
Ahresty Corp.		35,000	$	305,495		1.44	%
Bic Camera, Inc.		50,000		433,446		2.05	%
Doshisha Co., Ltd.		21,700		399,631		1.89	%
Eagle Industry Co., Ltd.		15,000		274,067		1.29	%
Faltec Co., Ltd.		21,000		313,260		1.48	%
Fujibo Holdings, Inc.		126,000		346,349		1.64	%
Hagihara Industries, Inc.		19,100		287,066		1.36	%
Haseko Corp.		44,500		353,350		1.67	%
Kawai Musical Instruments Manufacturing Co., Ltd.		135,000		267,405		1.26	%
Kinugawa Rubber Industrials Co., Ltd.		78,000		417,451		1.97	%
Komehyo Co., Ltd.		24,200		382,737		1.81	%
Komeri Co., Ltd.		12,000		280,407		1.32	%
Nissei Build Kogyo Co., Ltd.		140,000		410,659		1.94	%
Onward Holdings Co., Ltd.		40,000		285,180		1.35	%
Sankyo Seiko Co.		79,000		314,483		1.49	%
Seiren Co., Ltd.		40,100		358,062		1.69	%
SNT Corp.		61,100		263,414		1.24	%
Starts Corp., Inc.		12,000		197,422		0.93	%
Studio Alice Co., Ltd.		11,400		159,280		0.75	%
				6,049,164		28.57	%
Consumer Staples - 3.71%
Kaneko Seeds Co.		22,600		207,957		0.98	%
S Foods, Inc.		25,000		392,856		1.86	%
Yamatane Corp.		108,000		184,639		0.87	%
				785,452		3.71	%
Energy - 0.55%
Itochu Enex Co., Ltd.		15,900		115,664		0.55	%
Financials - 3.26%
The Tochigi Bank, Inc.		86,000		355,733		1.68	%
Tokai Tokyo Financial Holdings, Inc.		48,000		334,220		1.58	%
				689,953		3.26	%
Health Care - 0.83%
Nichii Gakkan Co.		20,500		174,977		0.83	%
Industrials - 29.26%
Anest Iwata Corp.		55,000		386,037		1.82	%
Central Glass Co., Ltd.		101,000		350,925		1.66	%
Daiichi Jitsugyo, Inc.		71,000		387,693		1.83	%
Hanwa Co., Ltd.		91,000		377,381		1.78	%
Hitachi Zosen Corp.		73,600		383,017		1.81	%
Kito Corp.		12,600		338,160		1.60	%
Kitz Corp.		65,900		380,117		1.80	%
Kondotec, Inc.		46,000		305,347		1.44	%
Kyosan Electric Manufacturing Co., Ltd.		84,000		301,684		1.42	%
Miyaji Engineering Group, Inc.		199,000		402,760		1.90	%
Nakano Corp.		102,200		349,646		1.65	%
Nittoku Engineering Co., Ltd.		38,100		362,252		1.71	%
Okamura Corp.		44,000		378,148		1.79	%
Ryobi Ltd.		116,000		377,341		1.78	%
SBS Holdings, Inc.		39,300		259,967		1.23	%
Shin Nippon Air Technologies Co., Ltd.		24,700		190,571		0.90	%
Tocalo Co., Ltd.		19,900		339,921		1.61	%
Tomoe Engineering Co., Ltd.		20,200		323,480		1.53	%
				6,194,447		29.26	%

Information Technology - 18.91%
Aiphone Co., Ltd.			14,600			272,745	1.29	%
Asahi Net, Inc.			25,700			126,339	0.60	%
Dai-ichi Seiko Co.			25,000			421,365	1.99	%
Elecom Co., Ltd.			10,000			255,234	1.20	%
Hakuto Co., Ltd.			19,900			204,703	0.97	%
Information Services International - Dentsu, Ltd.			29,800			389,237	1.84	%
Iriso Electronics			4,500			278,321	1.31	%
Macnica, Inc.			5,400			177,267	0.84	%
Panasonic Industrial Devices SUNX Co., Ltd.			81,900			403,272	1.90	%
SIIX Corp.			13,900			257,490	1.22	%
Sumida Corp.			60,000			420,241	1.98	%
TKC Corp.			7,000			148,074	0.70	%
Towa Corp.			58,700			332,894	1.57	%
Yokowo Co., Ltd.			61,100			317,162	1.50	%
						4,004,344	18.91	%
Materials - 6.47%
Hakudo Co., Ltd.			31,200			295,416	1.39	%
Shinagawa Refract			156,000			370,828	1.75	%
UBE Industries, Ltd.			213,000			367,521	1.74	%
Yushiro Chemical Industry Co., Ltd.			26,600			336,255	1.59	%
						1,370,020	6.47	%
Total Common Stocks (Cost $16,351,001)						19,384,021	91.56	%
SHORT-TERM INVESTMENTS - 6.17%
Money Market Funds - 6.17%
Federated Government Obligations Fund - Class I, 0.01% (a)			260,985			260,985	1.23	%
Fidelity Government Portfolio - Institutional Class, 0.01% (a)			1,045,000			1,045,000	4.94	%
						1,305,985	6.17	%
Total Short-Term Investments (Cost $1,305,985)						1,305,985	6.17	%
Total Investments (Cost $17,656,986) - 97.73%						20,690,006	97.73	%
Other Assets in Excess of Liabilities - 2.27%						481,163	2.27	%
TOTAL NET ASSETS - 100.00%					$	21,171,169	100.00	%
Percentages are stated as a percent of net assets.
(a)	The rate listed is the fund's 7-day yield as of July 31, 2014.
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the
Investment Company Act of 1940, the Fund uses more specific industry classifications.
The cost basis of investments for federal income tax purposes at July 31, 2014 was as follows*:
Cost of investments		$	17,833,146
Gross unrealized appreciation			3,091,840
Gross unrealized depreciation			(234,980	)
Net unrealized appreciation		$	2,856,860
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements
section in the Fund's most recent semi-annual or annual report.
Summary of Fair Value Exposure at July 31, 2014
The Fund has adopted authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a
discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for
	which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets),
	little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest
	rates, prepayment speeds, credit risk curves, default rates and similar data.
	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those
	inputs that reflect the Fund's own assumptions about what market participants would use to price the asset or liability based on the best available information.
Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.

Equity Securities –Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange traded funds, closed-end mutual funds, publicly traded

partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will be valued at the last sales price as

reported by the primary exchange on which the securities are listed. Securities listed on The NASDAQ Stock Market (“NASDAQ”) will be valued at the NASDAQ Official Closing Price,

which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available will be valued at

the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1

 of the fair value hierarchy.

Investment Companies – Investments in investment companies (e.g., mutual funds and exchange traded funds) are generally priced at the ending NAV provided by

the Fund’s service agent and will be classified in Level 1 of the fair value hierarchy.

Debt Securities - Debt securities, including corporate bonds, asset backed securities, mortgage backed securities, municipal bonds, U.S. Treasuries, and U.S. government

agency issues, are valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based

techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable),

bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities,

broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities are generally classified in

Level 2 of the fair value hierarchy.

Short-Term Securities - Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments

are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to

maturity exceeded 60 days. Short-term securities are generally in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity

levels for specific securities.

The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available

or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security. Fair value pricing determinations

are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security.

Some of these criteria are trading volume of security and markets, the value of other like securities, and news events with direct bearing to security or market. Fair value

pricing results in an estimated price that reasonably reflects the current market conditions in order to rate the portfolio holdings such that shareholder transactions

receive a fair net asset value. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value

hierarchy.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and

indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The

effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board or its designee

instead of being determined by the market. Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign

security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values and are generally considered Level 2

prices in the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you

will not be able to purchase or redeem your shares.

The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s

investment advisor. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available. All actions

taken by the Valuation Committee are reviewed by the Board.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various

inputs are used in determining the value of the Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund's securities as of July 31, 2014 were as follows:

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	-	$	6,049,164	$	-	$	6,049,164
Consumer Staples		-		785,452		-		785,452
Energy		-		115,664		-		115,664
Financials		-		689,953		-		689,953
Health Care		-		174,977		-		174,977
Industrials		-		6,194,447		-		6,194,447
Information Technology		-		4,004,344		-		4,004,344
Materials		-		1,370,020		-		1,370,020
Total Common Stocks	$	-	$	19,384,021	$	-	$	19,384,021
Short-Term Investments
Money Market Funds	$	1,305,985	$	-	$	-	$	1,305,985
Total Short-Term Investments	$	1,305,985	$	-	$	-	$	1,305,985
Total Investments	$	1,305,985	$	19,384,021	$	-	$	20,690,006
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2014,
the Fund recognized significant transfers between Levels 1 and 2.
Transfers between Level 1 and Level 2 relate to the use of a fair valuation pricing service. On days when the fair
valuation pricing service is used, non-U.S. dollar denominated securities move from a Level 1 to a Level 2 classification.

Item 2. Controls and Procedures.

(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Hennessy Funds Trust                                                              

By (Signature and Title) /s/ Neil J. Hennessy                                                                                                                                                        

                                           Neil J. Hennessy, Chief Executive Officer

Date  September 29, 2014                                                                                

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Neil J. Hennessy                                                                                                                                                             

                                             Neil J. Hennessy, Chief Executive Officer

Date  September 29, 2014                                                                                

By (Signature and Title)* /s/ Teresa M. Nilsen                                                                                                                                                                                                        

                                             Teresa M. Nilsen, Principal Financial Officer

Date  September 29, 2014