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, 2016

Date of reporting period: July 31, 2016

Item 1. Schedule of Investments.

Hennessy Cornerstone Growth Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 98.57%
Consumer Discretionary - 23.86%
BJ’s Restaurants, Inc. (a)		98,300		3,817,972		1.58	%
Burlington Stores, Inc. (a)		77,300		5,914,223		2.44	%
Dollar General Corp.		58,400		5,532,816		2.29	%
Genesco, Inc. (a)		65,700		4,560,894		1.88	%
Genuine Parts Co.		48,100		4,917,744		2.03	%
Movado Group, Inc.		148,400		3,352,356		1.38	%
Omnicom Group, Inc.		55,700		4,583,553		1.89	%
Potbelly Corp. (a)		345,400		4,500,562		1.86	%
Superior Industries International, Inc.		219,500		6,707,920		2.77	%
Target Corp.		55,200		4,158,216		1.72	%
The Children’s Place, Inc.		63,600		5,315,688		2.20	%
Vista Outdoor, Inc. (a)		87,900		4,399,395		1.82	%
				57,761,339		23.86	%
Consumer Staples - 10.54%
Amira Nature Foods, Ltd. (a)(b)		340,500		2,420,955		1.00	%
Dean Foods Co.		224,700		4,147,962		1.71	%
Ingredion, Inc.		42,800		5,702,672		2.36	%
John B. Sanfilippo & Son, Inc.		62,300		2,907,541		1.20	%
Post Holdings, Inc. (a)		62,400		5,408,208		2.24	%
Tyson Foods, Inc., Class A		66,900		4,923,840		2.03	%
				25,511,178		10.54	%
Financials - 3.69%
The Progressive Corp.		135,800		4,414,858		1.82	%
United Fire Group, Inc.		107,500		4,515,000		1.87	%
				8,929,858		3.69	%
Health Care - 7.43%
Henry Schein, Inc. (a)		26,200		4,741,676		1.96	%
Owens & Minor, Inc.		110,000		3,928,100		1.62	%
Triple-S Management Corp., Class B (a)(b)		165,300		4,107,705		1.70	%
UnitedHealth Group, Inc.		36,400		5,212,480		2.15	%
				17,989,961		7.43	%
Industrials - 26.29%
Air Transport Services Group, Inc. (a)		375,300		5,434,344		2.24	%
Astec Industries, Inc.		99,800		6,015,944		2.49	%
Brady Corp., Class A		165,900		5,332,026		2.20	%
Briggs & Stratton Corp.		203,800		4,632,374		1.91	%
C.H. Robinson Worldwide, Inc.		62,100		4,323,402		1.79	%
Hawaiian Holdings, Inc. (a)		100,800		4,589,424		1.90	%
Huntington Ingalls Industries, Inc.		33,100		5,712,398		2.36	%
Insperity, Inc.		91,300		7,166,137		2.96	%
Insteel Industries, Inc.		165,600		5,761,224		2.38	%
John Bean Technologies Corp.		82,400		5,514,208		2.28	%
Kaman Corp.		98,600		4,255,576		1.76	%
Watsco, Inc.		34,000		4,897,360		2.02	%
				63,634,417		26.29	%
Information Technology - 14.05%
Arrow Electronics, Inc. (a)		75,800		5,039,942		2.08	%
Convergys Corp.		168,100		4,479,865		1.85	%
Itron, Inc. (a)		108,800		4,644,672		1.92	%
NeoPhotonics Corp. (a)		395,500		4,963,525		2.05	%
Orbotech, Ltd. (a)(b)		191,400		5,460,642		2.26	%
SYNNEX Corp.		46,100		4,634,433		1.91	%
Tech Data Corp. (a)		61,600		4,800,488		1.98	%
				34,023,567		14.05	%

Materials - 8.40%
Avery Dennison Corp.	66,600		5,187,474		2.14	%
Bemis Co., Inc.	88,300		4,506,832		1.86	%
Reliance Steel & Aluminum Co.	71,200		5,584,928		2.31	%
Sonoco Products Co.	99,200		5,052,256		2.09	%
			20,331,490		8.40	%
Utilities - 4.31%
Exelon Corp.	137,600		5,129,728		2.12	%
UGI Corp.	117,300		5,308,998		2.19	%
			10,438,726		4.31	%
Total Common Stocks (Cost $218,950,902)			238,620,536		98.57	%

RIGHTS - 0.00%
Health Care - 0.00%
Forest Laboratories, Inc. (a)(c)	5,500		275		0.00	%
Total Rights (Cost $0)			275		0.00	%

SHORT-TERM INVESTMENTS - 1.56%
Money Market Funds - 1.56%
Fidelity Government Portfolio, Institutional Class, 0.25% (d)	3,777,197		3,777,197		1.56	%
Total Short-Term Investments (Cost $3,777,197)			3,777,197		1.56	%

Total Investments (Cost $222,728,099) - 100.13%			242,398,008		100.13	%
Liabilities in Excess of Other Assets - (0.13)%			(315,355	)	(0.13	)%
TOTAL NET ASSETS - 100.00%		$	242,082,653		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, 2016.

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

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	223,071,721
Gross unrealized appreciation		25,926,458
Gross unrealized depreciation		(6,600,171	)
Net unrealized appreciation	$	19,326,287

* 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, 2016

The Fund follows 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 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

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, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally 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 generally 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 generally 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. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a security

needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).

Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’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 generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.

Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair 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, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The fair valuation 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 by 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 NAVs 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, 2016, are as follows:

	Level 1		Level 2		Level 3			Total
Common Stocks
Consumer Discretionary	$	57,761,339	$	–	$	–		$	57,761,339
Consumer Staples		25,511,178		–		–			25,511,178
Financials		8,929,858		–		–			8,929,858
Health Care		17,989,961		–		–			17,989,961
Industrials		63,634,417		–		–			63,634,417
Information Technology		34,023,567		–		–			34,023,567
Materials		20,331,490		–		–			20,331,490
Utilities		10,438,726		–		–			10,438,726
Total Common Stocks	$	238,620,536	$	–	$	–		$	238,620,536

Rights
Health Care	$	–	$	–	$	275		$	275
Total Rights	$	–	$	–	$	275	*	$	275

Short-Term Investments
Money Market Funds	$	3,777,197	$	–	$	–		$	3,777,197
Total Short-Term Investments	$	3,777,197	$	–	$	–		$	3,777,197

Total Investments	$	242,397,733	$	–	$	275		$	242,398,008

* Acquired in merger.

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, 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, 2015	$	275
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, 2016	$	275

Change in unrealized appreciation/depreciation during the period for
Level 3 investments held at July 31, 2016	$	-

The Level 3 investments as of July 31, 2016 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, 2016 (Unaudited)

	Number of					% of
	Shares		Value			Net Assets
COMMON STOCKS - 62.89%
Consumer Discretionary - 20.52%
CarMax, Inc. (a)		2,962,712		172,607,601			6.90	%
O’Reilly Automotive, Inc. (a)		842,815		244,947,324			9.79	%
Penn National Gaming, Inc. (a)		1,197,772		17,990,535			0.72	%
Twenty First Century Fox, Inc.		2,917,592		77,724,651			3.11	%
				513,270,111			20.52	%
Energy - 2.94%
World Fuel Services Corp.		1,547,585		73,665,046			2.94	%

Financials - 21.91%
Aon PLC (b)		1,179,036		126,239,385			5.05	%
Diamond Hill Investment Group, Inc.		151,439		28,923,335			1.16	%
Encore Capital Group, Inc. (a) (d)		2,258,784		55,136,917			2.20	%
Markel Corp. (a)		215,672		204,618,810			8.18	%
Marlin Business Services Corp. (d)		1,010,273		18,548,612			0.74	%
The Charles Schwab Corp.		4,029,065		114,506,027			4.58	%
				547,973,086			21.91	%
Health Care - 2.02%
Henry Schein, Inc. (a)		279,398		50,565,450			2.02	%

Industrials - 10.00%
American Woodmark Corp. (a) (d)		1,209,780		89,801,970			3.59	%
Ametek, Inc.		459,822		21,625,429			0.87	%
Hexcel Corp.		2,592,037		111,898,237			4.47	%
Mistras Group, Inc. (a)		1,071,870		26,861,062			1.07	%
				250,186,698			10.00	%
Information Technology - 5.50%
Alphabet, Inc., Class A (a)		68,984		54,589,799			2.18	%
Alphabet, Inc., Class C (a)		108,017		83,042,389			3.32	%
				137,632,188			5.50	%
Total Common Stocks (Cost $878,399,295)				1,573,292,579			62.89	%

REITS - 20.68%
Financials - 20.68%
American Tower Corp., Class A		2,145,080		248,335,911			9.93	%
Brookfield Asset Management, Inc. (b)		4,543,328		157,062,849			6.28	%
Gaming & Leisure Properties, Inc.		3,122,341		111,873,478			4.47	%
				517,272,238			20.68	%
Total REITS (Cost $325,202,131)				517,272,238			20.68	%

SHORT-TERM INVESTMENTS - 16.44%
Money Market Funds - 16.44%
Fidelity Government Portfolio, Institutional Class, 0.25% (c)		125,038,000		125,038,000			5.00	%
First American Government Obligations Fund, 0.23% (c)		36,240,994		36,240,994			1.45	%
Morgan Stanley Institutional Liquidity Fund - Government Portfolio, 0.25% (c)		124,906,899		124,906,899			4.99	%
Government & Agency Portfolio, Institutional Class, 0.28% (c)		125,038,000		125,038,000			5.00	%
				411,223,893			16.44	%
Total Short-Term Investments (Cost $411,223,893)				411,223,893			16.44	%

Total Investments (Cost $1,614,825,319) - 100.01%				2,501,788,710			100.01	%
Liabilities in Excess of Other Assets - (0.01)%				(335,037	)		(0.01	)%
TOTAL NET ASSETS - 100.00%			$	2,501,453,673			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, 2016.
(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, as amended, at or during the period ended July 31, 2016. Details of transactions with these affiliated companies for the period ended July 31, 2016, are as follows:

Issuer	American Woodmark Corp.		Encore Capital Group, Inc.		Marlin Business Services Corp.
Beginning Cost	$	32,425,960	$	72,792,945	$	15,865,289
Purchase Cost	$	19,466,818	$	732,458	$	-
Sales Cost	$	-	$	-	$	-
Ending Cost	$	51,892,778	$	73,525,403	$	15,865,289
Dividend Income	$	-	$	-	$	424,315
Shares		1,209,780		2,258,784		1,010,273
Market Value	$	89,801,970	$	55,136,917	$	18,548,612

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	1,614,825,319
Gross unrealized appreciation		936,630,270
Gross unrealized depreciation		(49,666,879	)
Net unrealized appreciation	$	886,963,391

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	513,270,111	$	–	$	–	$	513,270,111
Energy		73,665,046		–		–		73,665,046
Financials		547,973,086		–		–		547,973,086
Health Care		50,565,450		–		–		50,565,450
Industrials		250,186,698		–		–		250,186,698
Information Technology		137,632,188		–		–		137,632,188
Total Common Stocks	$	1,573,292,579	$	–	$	–	$	1,573,292,579

REITS
Financials	$	517,272,238	$	–	$	–	$	517,272,238
Total REITS	$	517,272,238	$	–	$	–	$	517,272,238

Short-Term Investments
Money Market Funds	$	411,223,893	$	–	$	–	$	411,223,893
Total Short-Term Investments	$	411,223,893	$	–	$	–	$	411,223,893

Total Investments	$	2,501,788,710	$	–	$	–	$	2,501,788,710

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Cornerstone Mid Cap 30 Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of					% of
	Shares		Value			Net Assets
COMMON STOCKS - 98.79%
Consumer Discretionary - 43.27%
AutoNation, Inc. (a)		544,200	$	29,033,070			2.83	%
Boyd Gaming Corp. (a)		1,689,000		33,121,290			3.23	%
Express, Inc. (a)		1,772,400		26,515,104			2.58	%
GameStop Corp., Class A		746,500		23,104,175			2.25	%
JC Penney Co., Inc. (a)		3,834,600		37,042,236			3.61	%
Lear Corp.		272,900		30,960,505			3.02	%
Lennar Corp.		684,800		32,048,640			3.12	%
Lithia Motors, Inc., Class A		293,518		25,327,668			2.47	%
NVR, Inc. (a)		20,914		35,658,370			3.47	%
Pool Corp.		421,100		43,070,108			4.19	%
Sinclair Broadcast Group Inc.		1,100,700		30,621,474			2.98	%
The Goodyear Tire & Rubber Co.		1,029,400		29,512,898			2.87	%
The Interpublic Group of Companies, Inc.		1,468,800		33,870,528			3.30	%
Wayfair, Inc., Class A (a)		790,657		34,393,580			3.35	%
				444,279,646			43.27	%
Consumer Staples - 8.77%
Casey’s General Stores, Inc.		315,400		42,118,516			4.10	%
Ingredion, Inc.		359,900		47,953,076			4.67	%
				90,071,592			8.77	%
Financials - 5.57%
AmTrust Financial Services, Inc.		1,018,000		24,299,660			2.36	%
Hanover Insurance Group, Inc.		399,900		32,927,766			3.21	%
				57,227,426			5.57	%
Health Care - 3.31%
Owens & Minor, Inc.		951,500		33,978,065			3.31	%

Industrials - 16.44%
Dycom Industries, Inc. (a)		429,900		40,432,095			3.94	%
Expeditors International of Washington, Inc.		678,600		33,543,198			3.27	%
Hawaiian Holdings, Inc. (a)		976,300		44,450,939			4.33	%
JetBlue Airways Corp. (a)		1,340,300		24,567,699			2.39	%
ManpowerGroup, Inc.		371,200		25,761,280			2.51	%
				168,755,211			16.44	%
Information Technology - 13.20%
CDW Corp.		772,200		33,150,546			3.23	%
Ciena Corp. (a)		1,411,100		27,079,009			2.64	%
SYNNEX Corp.		386,900		38,895,057			3.79	%
Tech Data Corp. (a)		466,300		36,338,759			3.54	%
				135,463,371			13.20	%
Materials - 3.98%
Avery Dennison Corp.		524,800		40,876,672			3.98	%

Utilities - 4.25%
Atmos Energy Corp.		546,900		43,637,151			4.25	%
Total Common Stocks (Cost $982,267,924)				1,014,289,134			98.79	%

SHORT-TERM INVESTMENTS - 1.21%
Money Market Funds - 1.21%
Fidelity Government Portfolio, Institutional Class, 0.25% (b)		12,414,716		12,414,716			1.21	%
Total Short-Term Investments (Cost $12,414,716)				12,414,716			1.21	%

Total Investments (Cost $994,682,640) - 100.00%				1,026,703,850			100.00	%
Liabilities in Excess of Other Assets - 0.00%				(27,307	)		0.00	%
TOTAL NET ASSETS - 100.00%			$	1,026,676,543			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, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:


Cost of investments	$	994,684,943
Gross unrealized appreciation		92,097,618
Gross unrealized depreciation		(60,078,711	)
Net unrealized appreciation	$	32,018,907

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally 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 generally 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 generally 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.


	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	444,279,646	$	–	$	–	$	444,279,646
Consumer Staples		90,071,592		–		–		90,071,592
Financials		57,227,426		–		–		57,227,426
Health Care		33,978,065		–		–		33,978,065
Industrials		168,755,211		–		–		168,755,211
Information Technology		135,463,371		–		–		135,463,371
Materials		40,876,672		–		–		40,876,672
Utilities		43,637,151		–		–		43,637,151
Total Common Stocks	$	1,014,289,134	$	–	$	–	$	1,014,289,134

Short-Term Investments
Money Market Funds	$	12,414,716	$	–	$	–	$	12,414,716
Total Short-Term Investments	$	12,414,716	$	–	$	–	$	12,414,716

Total Investments	$	1,026,703,850	$	–	$	–	$	1,026,703,850

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Cornerstone Large Growth Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 96.69%
Consumer Discretionary - 23.83%
Bed Bath & Beyond, Inc.		41,800	$	1,878,910		1.88	%
Best Buy Co., Inc.		65,000		2,184,000		2.18	%
Darden Restaurants, Inc.		27,700		1,705,212		1.70	%
Harley-Davidson, Inc.		45,000		2,381,400		2.38	%
Kohl’s Corp.		36,500		1,518,035		1.51	%
Las Vegas Sands Corp.		40,900		2,071,585		2.07	%
Macy’s, Inc.		44,300		1,587,269		1.58	%
Nordstrom, Inc.		36,500		1,614,395		1.61	%
Ralph Lauren Corp.		16,000		1,569,440		1.57	%
Target Corp.		24,700		1,860,651		1.86	%
The Gap, Inc.		73,000		1,882,670		1.88	%
Tiffany & Co.		28,500		1,838,820		1.83	%
Viacom, Inc.		39,300		1,786,971		1.78	%
				23,879,358		23.83	%
Consumer Staples - 5.41%
The Kroger Co.		46,300		1,582,997		1.58	%
Wal-Mart Stores, Inc.		27,300		1,992,081		1.99	%
Whole Foods Market, Inc.		60,700		1,850,136		1.84	%
				5,425,214		5.41	%
Energy - 4.72%
Marathon Petroleum Corp.		43,600		1,717,404		1.71	%
Tesoro Corp.		20,900		1,591,535		1.59	%
Valero Energy Corp.		27,100		1,416,788		1.42	%
				4,725,727		4.72	%
Financials - 3.75%
Franklin Resources, Inc.		52,600		1,903,594		1.90	%
The Progressive Corp.		57,000		1,853,070		1.85	%
				3,756,664		3.75	%
Health Care - 5.93%
Baxter International, Inc.		49,100		2,357,782		2.35	%
Gilead Sciences, Inc.		20,000		1,589,400		1.59	%
HCA Holdings, Inc. (a)		25,900		1,997,667		1.99	%
				5,944,849		5.93	%
Industrials - 36.10%
Alaska Air Group, Inc.		25,500		1,714,110		1.71	%
American Airlines Group, Inc.		45,900		1,629,450		1.63	%
Caterpillar, Inc.		28,700		2,375,212		2.37	%
Cummins, Inc.		20,100		2,467,677		2.46	%
Deere & Co.		23,400		1,818,414		1.82	%
Delta Air Lines, Inc.		40,600		1,573,250		1.57	%
Dover Corp.		30,900		2,207,187		2.20	%
Emerson Electric Co.		39,300		2,196,870		2.19	%
FedEx Corp.		13,700		2,218,030		2.21	%
General Dynamics Corp.		13,600		1,997,704		1.99	%
JetBlue Airways Corp. (a)		87,900		1,611,207		1.61	%
PACCAR, Inc.		37,000		2,181,890		2.18	%
Parker-Hannifin Corp.		18,600		2,123,934		2.12	%
Southwest Airlines Co.		48,400		1,791,284		1.79	%
The Boeing Co.		14,800		1,978,168		1.97	%
Union Pacific Corp.		25,000		2,326,250		2.32	%
United Continental Holdings, Inc. (a)		38,000		1,781,820		1.78	%
United Technologies Corp.		20,300		2,185,295		2.18	%
				36,177,752		36.10	%
Information Technology - 12.91%
Apple, Inc.		18,650		1,943,516		1.94	%
eBay, Inc. (a)		75,700		2,358,812		2.35	%
Intel Corp.		58,500		2,039,310		2.04	%
International Business Machines Corp.		14,300		2,296,866		2.29	%
QUALCOMM, Inc.		40,200		2,515,716		2.51	%
Skyworks Solutions, Inc.		27,000		1,782,540		1.78	%
				12,936,760		12.91	%

Materials - 2.07%
Praxair, Inc.	17,800		2,074,412		2.07	%

Telecommunication Services - 1.97%
Verizon Communications, Inc.	35,700		1,978,137		1.97	%
Total Common Stocks (Cost $91,866,660)			96,898,873		96.69	%

SHORT-TERM INVESTMENTS - 3.48%
Money Market Funds - 3.48%
Fidelity Government Portfolio, Institutional Class, 0.25% (b)	3,486,656		3,486,656		3.48	%
Total Short-Term Investments (Cost $3,486,656)			3,486,656		3.48	%

Total Investments (Cost $95,353,316) - 100.17%			100,385,529		100.17	%
Liabilities in Excess of Other Assets - (0.17)%			(166,034	)	(0.17	)%
TOTAL NET ASSETS - 100.00%		$	100,219,495		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, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	95,380,769
Gross unrealized appreciation		11,267,274
Gross unrealized depreciation		(6,262,514	)
Net unrealized appreciation	$	5,004,760

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

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

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


	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	23,879,358	$	–	$	–	$	23,879,358
Consumer Staples		5,425,214		–		–		5,425,214
Energy		4,725,727		–		–		4,725,727
Financials		3,756,664		–		–		3,756,664
Health Care		5,944,849		–		–		5,944,849
Industrials		36,177,752		–		–		36,177,752
Information Technology		12,936,760		–		–		12,936,760
Materials		2,074,412		–		–		2,074,412
Telecommunication Services		1,978,137		–		–		1,978,137
Total Common Stocks	$	96,898,873	$	–	$	–	$	96,898,873

Short-Term Investments
Money Market Funds	$	3,486,656	$	–	$	–	$	3,486,656
Total Short-Term Investments	$	3,486,656	$	–	$	–	$	3,486,656

Total Investments	$	100,385,529	$	–	$	–	$	100,385,529

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Cornerstone Value Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 97.07%
Consumer Discretionary - 13.43%
Ford Motor Co.		181,600	$	2,299,056		1.75	%
General Motors Co.		76,100		2,400,194		1.83	%
Johnson Controls, Inc.		61,700		2,833,264		2.16	%
Las Vegas Sands Corp.		48,100		2,436,265		1.86	%
The Gap, Inc.		87,500		2,256,625		1.72	%
Thomson Reuters Corp. (a)		60,900		2,564,499		1.96	%
Viacom, Inc.		62,100		2,823,687		2.15	%
				17,613,590		13.43	%
Consumer Staples - 9.56%
Altria Group, Inc.		36,900		2,498,130		1.90	%
Archer Daniels Midland Co.		66,700		3,006,836		2.29	%
Philip Morris International, Inc.		24,400		2,446,344		1.87	%
Procter & Gamble Co.		27,000		2,310,930		1.76	%
Reynolds American, Inc.		45,500		2,277,730		1.74	%
				12,539,970		9.56	%
Energy - 12.97%
California Resources Corp.		4		41		0.00	%
Chevron Corp.		25,200		2,582,496		1.97	%
Exxon Mobil Corp.		27,200		2,419,440		1.84	%
Marathon Petroleum Corp.		67,600		2,662,764		2.03	%
National Oilwell Varco, Inc.		76,500		2,474,775		1.89	%
Occidental Petroleum Corp.		31,500		2,353,995		1.79	%
Suncor Energy, Inc. (a)		92,900		2,499,939		1.91	%
Valero Energy Corp.		38,600		2,018,008		1.54	%
				17,011,458		12.97	%
Financials - 13.57%
Bank of Montreal (a)		40,900		2,622,508		2.00	%
Bank of Nova Scotia (a)		54,300		2,756,811		2.10	%
Manulife Financial Corp. (a)		170,700		2,326,641		1.77	%
MetLife, Inc.		56,700		2,423,358		1.85	%
Prudential Financial, Inc.		33,400		2,514,686		1.92	%
Royal Bank of Canada (a)		43,100		2,627,376		2.00	%
Toronto-Dominion Bank (a)		58,100		2,531,417		1.93	%
				17,802,797		13.57	%
Health Care - 6.13%
AbbVie, Inc.		40,500		2,682,315		2.05	%
Merck & Co., Inc.		44,000		2,581,040		1.97	%
Pfizer, Inc.		75,200		2,774,128		2.11	%
				8,037,483		6.13	%
Industrials - 11.61%
Caterpillar, Inc.		33,100		2,739,356		2.09	%
Eaton Corp. PLC (a)		39,800		2,523,718		1.92	%
Emerson Electric Co.		46,600		2,604,940		1.98	%
General Electric Co.		75,900		2,363,526		1.80	%
The Boeing Co.		19,100		2,552,906		1.95	%
United Parcel Service, Inc.		22,700		2,453,870		1.87	%
				15,238,316		11.61	%
Information Technology - 12.59%
Cisco Systems, Inc.		84,200		2,570,626		1.96	%
HP, Inc.		221,000		3,096,210		2.36	%
Intel Corp.		75,600		2,635,416		2.01	%
International Business Machines Corp.		17,700		2,842,974		2.17	%
QUALCOMM, Inc.		46,000		2,878,680		2.19	%
Xerox Corp.		242,400		2,496,720		1.90	%
				16,520,626		12.59	%
Materials - 7.51%
International Paper Co.		62,600		2,867,706		2.18	%
LyondellBasell Industries NV (a)		28,200		2,122,332		1.62	%
The Dow Chemical Co.		46,400		2,490,288		1.90	%
The Mosaic Co.		88,000		2,376,000		1.81	%
				9,856,326		7.51	%
Telecommunication Services - 9.70%
AT&T, Inc.		60,800		2,632,032		2.01	%
BCE, Inc. (a)		52,600		2,519,014		1.92	%
CenturyLink, Inc.		74,900		2,354,856		1.79	%
Rogers Communications, Inc. (a)		62,700		2,769,459		2.11	%
Verizon Communications, Inc.		44,300		2,454,663		1.87	%
				12,730,024		9.70	%
Total Common Stocks (Cost $110,137,599)				127,350,590		97.07	%

SHORT-TERM INVESTMENTS - 3.02%
Money Market Funds - 3.02%
Fidelity Government Portfolio, Institutional Class, 0.25% (b)	3,961,326		3,961,326		3.02	%
Total Short-Term Investments (Cost $3,961,326)			3,961,326		3.02	%

Total Investments (Cost $114,098,925) - 100.09%			131,311,916		100.09	%
Liabilities in Excess of Other Assets - (0.09)%			(123,371	)	(0.09	)%
TOTAL NET ASSETS - 100.00%		$	131,188,545		100.00	%

Percentages are stated as a percent of net assets.

(a)	U.S. traded security of a foreign corporation.

(b)	The rate listed is the fund’s 7-day yield as of July 31, 2016.

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

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	114,543,502
Gross unrealized appreciation		20,980,820
Gross unrealized depreciation		(4,212,406	)
Net unrealized appreciation	$	16,768,414

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

The fair valuation 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 by 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 NAVs 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.

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	17,613,590	$	–	$	–	$	17,613,590
Consumer Staples		12,539,970		–		–		12,539,970
Energy		17,011,458		–		–		17,011,458
Financials		17,802,797		–		–		17,802,797
Health Care		8,037,483		–		–		8,037,483
Industrials		15,238,316		–		–		15,238,316
Information Technology		16,520,626		–		–		16,520,626
Materials		9,856,326		–		–		9,856,326
Telecommunication Services		12,730,024		–		–		12,730,024
Total Common Stocks	$	127,350,590	$	–	$	–	$	127,350,590

Short-Term Investments
Money Market Funds	$	3,961,326	$	–	$	–	$	3,961,326
Total Short-Term Investments	$	3,961,326	$	–	$	–	$	3,961,326

Total Investments	$	131,311,916	$	–	$	–	$	131,311,916

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Large Value Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 94.31%
Consumer Discretionary - 5.22%
Carnival Corp. (b)		27,130	$	1,267,514		0.93	%
Ford Motor Co.		114,865		1,454,191		1.07	%
Lowe’s Companies, Inc.		12,620		1,038,374		0.76	%
Target Corp.		16,235		1,222,983		0.90	%
Time Warner, Inc.		20,130		1,542,964		1.13	%
Viacom, Inc., Class B		12,750		579,742		0.43	%
				7,105,768		5.22	%
Consumer Staples - 8.46%
ConAgra Foods, Inc.		31,400		1,468,264		1.08	%
Mondelez International, Inc.		47,010		2,067,500		1.52	%
PepsiCo, Inc.		11,860		1,291,791		0.95	%
Procter & Gamble Co.		46,765		4,002,616		2.94	%
Reynolds American, Inc.		18,640		933,119		0.68	%
Tyson Foods, Inc., Class A		23,820		1,753,152		1.29	%
				11,516,442		8.46	%
Energy - 12.24%
Anadarko Petroleum Corp.		15,320		835,399		0.61	%
Chevron Corp.		12,645		1,295,860		0.95	%
ConocoPhillips		54,530		2,225,915		1.64	%
Exxon Mobil Corp.		48,390		4,304,290		3.16	%
Helmerich & Payne, Inc.		9,680		599,870		0.44	%
Hess Corp.		29,460		1,580,529		1.16	%
Marathon Oil Corp.		122,855		1,675,742		1.23	%
Occidental Petroleum Corp.		35,860		2,679,818		1.97	%
Pioneer Natural Resources Co.		4,720		767,330		0.56	%
Valero Energy Corp.		13,535		707,610		0.52	%
				16,672,363		12.24	%
Financials - 21.55%
Affiliated Managers Group, Inc. (a)		10,830		1,589,627		1.17	%
Allstate Corp.		23,062		1,575,826		1.16	%
American International Group, Inc.		17,965		978,015		0.72	%
Arthur J. Gallagher & Co.		15,790		776,710		0.57	%
Bank of America Corp.		181,024		2,623,038		1.93	%
BlackRock, Inc.		4,210		1,541,912		1.13	%
Chubb, Ltd. (b)		18,650		2,336,099		1.71	%
Citigroup, Inc.		58,355		2,556,533		1.88	%
CME Group, Inc.		14,988		1,532,373		1.12	%
First Republic Bank		16,090		1,153,170		0.85	%
JPMorgan Chase & Co.		39,635		2,535,451		1.86	%
Prudential Financial, Inc.		15,117		1,138,159		0.84	%
SunTrust Banks, Inc.		62,274		2,633,567		1.93	%
Synchrony Financial (a)		71,345		1,989,099		1.46	%
The Goldman Sachs Group, Inc.		9,296		1,476,298		1.08	%
Wells Fargo & Co.		60,710		2,912,259		2.14	%
				29,348,136		21.55	%
Health Care - 12.27%
Aetna, Inc.		15,152		1,745,662		1.28	%
Allergan PLC (a)(b)		2,670		675,376		0.49	%
Johnson & Johnson		50,780		6,359,179		4.67	%
Medtronic PLC (b)		31,025		2,718,721		2.00	%
Merck & Co., Inc.		20,660		1,211,916		0.89	%
Pfizer, Inc.		44,075		1,625,927		1.19	%
Thermo Fisher Scientific, Inc.		14,990		2,381,012		1.75	%
				16,717,793		12.27	%

Industrials - 11.41%
CSX Corp.	52,228		1,479,619		1.09	%
FedEx Corp.	6,302		1,020,294		0.75	%
Flowserve Corp.	18,510		885,703		0.65	%
General Electric Co.	80,624		2,510,631		1.84	%
Honeywell International, Inc.	13,980		1,626,293		1.19	%
Ingersoll-Rand PLC (b)	26,990		1,788,357		1.31	%
Owens Corning	26,170		1,384,655		1.02	%
Pentair PLC (b)	15,773		1,006,633		0.74	%
Raytheon Co.	10,000		1,395,300		1.02	%
Southwest Airlines Co.	27,171		1,005,599		0.74	%
United Technologies Corp.	13,370		1,439,281		1.06	%
			15,542,365		11.41	%
Information Technology - 10.18%
Broadcom, Ltd. (b)	12,430		2,013,411		1.48	%
Cisco Systems, Inc.	102,460		3,128,104		2.30	%
Citrix Systems, Inc. (a)	12,690		1,131,060		0.83	%
Cognizant Technology Solutions Corp., Class A (a)	9,310		535,232		0.39	%
LAM Research Corp.	20,425		1,833,552		1.35	%
NXP Semiconductors NV (a)(b)	8,430		708,879		0.52	%
Oracle Corp.	51,450		2,111,508		1.55	%
Skyworks Solutions, Inc.	11,885		784,648		0.57	%
Western Digital Corp.	34,126		1,621,326		1.19	%
			13,867,720		10.18	%
Materials - 2.22%
Ball Corp.	8,720		616,242		0.45	%
PPG Industries, Inc.	12,910		1,351,806		0.99	%
WestRock Co.	24,635		1,057,088		0.78	%
			3,025,136		2.22	%
Telecommunication Services - 2.79%
AT&T, Inc.	55,300		2,393,937		1.76	%
T- Mobile US, Inc. (a)	30,250		1,401,785		1.03	%
			3,795,722		2.79	%
Utilities - 7.97%
American Electric Power, Inc.	50,950		3,530,835		2.59	%
DTE Energy Co.	33,995		3,315,192		2.44	%
NextEra Energy, Inc.	31,240		4,007,780		2.94	%
			10,853,807		7.97	%
Total Common Stocks (Cost $109,472,587)			128,445,252		94.31	%

REITS - 5.35%
Financials - 5.35%
AvalonBay Communities, Inc.	8,528		1,583,223		1.16	%
Kilroy Realty Corp.	21,852		1,599,785		1.18	%
Simon Property Group, Inc.	13,432		3,049,601		2.24	%
Ventas, Inc.	13,820		1,052,531		0.77	%
			7,285,140		5.35	%
Total REITS (Cost $6,345,613)			7,285,140		5.35	%

SHORT-TERM INVESTMENTS - 0.64%
Money Market Funds - 0.64%
Fidelity Government Portfolio, Institutional Class, 0.25% (c)	877,507		877,507		0.64	%
Total Short-Term Investments (Cost $877,507)			877,507		0.64	%

Total Investments (Cost $116,695,707) - 100.30%			136,607,899		100.30	%
Liabilities in Excess of Other Assets - (0.30)%			(408,362	)	(0.30	)%
TOTAL NET ASSETS - 100.00%		$	136,199,537		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, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	117,376,976
Gross unrealized appreciation		22,712,547
Gross unrealized depreciation		(3,481,623	)
Net unrealized appreciation	$	19,230,923

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

taken by the Valuation Committee are reviewed by the Board.

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	7,105,768	$	–	$	–	$	7,105,768
Consumer Staples		11,516,442		–		–		11,516,442
Energy		16,672,363		–		–		16,672,363
Financials		29,348,136		–		–		29,348,136
Health Care		16,717,793		–		–		16,717,793
Industrials		15,542,365		–		–		15,542,365
Information Technology		13,867,720		–		–		13,867,720
Materials		3,025,136		–		–		3,025,136
Telecommunication Services		3,795,722		–		–		3,795,722
Utilities		10,853,807		–		–		10,853,807
Total Common Stocks	$	128,445,252	$	–	$	–	$	128,445,252

REITS
Financials	$	7,285,140	$	–	$	–	$	7,285,140
Total REITS	$	7,285,140	$	–	$	–	$	7,285,140

Short-Term Investments
Money Market Funds	$	877,507	$	–	$	–	$	877,507
Total Short-Term Investments	$	877,507	$	–	$	–	$	877,507

Total Investments	$	136,607,899	$	–	$	–	$	136,607,899

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Total Return Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of					% of
	Shares		Value			Net Assets
COMMON STOCKS - 69.04%
Consumer Discretionary - 1.52%
McDonald’s Corp.		10,900	$	1,282,385			1.52	%

Consumer Staples - 9.38%
Procter & Gamble Co.		56,300		4,818,717			5.70	%
Wal-Mart Stores, Inc.		42,700		3,115,819			3.68	%
				7,934,536			9.38	%
Energy - 13.47%
Chevron Corp.		56,400		5,779,872			6.83	%
Exxon Mobil Corp.		63,100		5,612,745			6.64	%
				11,392,617			13.47	%
Health Care - 13.69%
Merck & Co., Inc.		99,100		5,813,206			6.88	%
Pfizer, Inc.		156,200		5,762,218			6.81	%
				11,575,424			13.69	%
Industrials - 12.54%
Caterpillar, Inc.		72,500		6,000,100			7.10	%
General Electric Co.		94,600		2,945,844			3.48	%
The Boeing Co.		12,400		1,657,384			1.96	%
				10,603,328			12.54	%
Information Technology - 11.61%
Cisco Systems, Inc.		95,400		2,912,562			3.44	%
Intel Corp.		33,600		1,171,296			1.39	%
International Business Machines Corp.		35,700		5,734,134			6.78	%
				9,817,992			11.61	%
Telecommunication Services - 6.83%
Verizon Communications, Inc.		104,300		5,779,263			6.83	%
Total Common Stocks (Cost $49,023,733)				58,385,545			69.04	%

SHORT-TERM INVESTMENTS - 69.02%
Money Market Funds - 5.19%
Fidelity Government Portfolio, Institutional Class, 0.25% (a)		558,575		558,575			0.66	%
Government & Agency Portfolio, Institutional Class, 0.28% (a)		3,829,766		3,829,766			4.53	%
				4,388,341			5.19	%
U.S. Treasury Bills (c) - 63.83%
0.275%, 08/18/2016 (b)		15,000,000		14,997,946			17.73	%
0.275%, 09/22/2016 (b)		18,000,000		17,992,980			21.28	%
0.320%, 10/20/2016 (b)		21,000,000		20,988,345			24.82	%
				53,979,271			63.83	%
Total Short-Term Investments (Cost $58,365,267)				58,367,612			69.02	%

Total Investments (Cost $107,389,000) - 138.06%				116,753,157			138.06	%
Liabilities in Excess of Other Assets - (38.06)%				(32,185,371	)		(38.06	)%
TOTAL NET ASSETS - 100.00%			$	84,567,786			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, 2016.

(b)	The rate listed is discount rate at issue.

(c)	Collateral or partial collateral for securities sold subject to repurchase.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	107,492,796
Gross unrealized appreciation		9,848,436
Gross unrealized depreciation		(588,075	)
Net unrealized appreciation	$	9,260,361

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	1,282,385	$	–	$	–	$	1,282,385
Consumer Staples		7,934,536		–		–		7,934,536
Energy		11,392,617		–		–		11,392,617
Health Care		11,575,424		–		–		11,575,424
Industrials		10,603,328		–		–		10,603,328
Information Technology		9,817,992		–		–		9,817,992

Telecommunication Services		5,779,263		–		–		5,779,263
Total Common Stocks	$	58,385,545	$	–	$	–	$	58,385,545

Short-Term Investments
Money Market Funds	$	4,388,341	$	–	$	–	$	4,388,341
U.S. Treasury Bills		–		53,979,271		–		53,979,271
Total Short-Term Investments	$	4,388,341	$	53,979,271	$	–	$	58,367,612

Total Investments	$	62,773,886	$	53,979,271	$	–	$	116,753,157

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Schedule of Reverse Repurchase Agreements

Face Value		Counterparty	Rate			Principal Trade Date	Maturity Date	Maturity Amount
$	8,995,000	Jefferies LLC		0.75	%	5/20/2016	8/18/2016	$	9,011,866
	10,794,000	Jefferies LLC		0.75	%	6/24/2016	9/22/2016		10,814,239
	12,593,000	Jefferies LLC		0.75	%	7/22/2016	10/20/2016		12,616,612
$	32,382,000							$	32,442,716

As of July 31, 2016, the fair value of securities held as collateral for reverse repurchase agreements was $53,979,271 as noted on the Schedule of Investments.

Reverse repurchase agreements are carried at face value; hence, they are not included in the fair valuation hierarchy. The face value of the reverse repurchase agreements at July 31, 2016, was $32,382,000. 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 $32,442,716.

Hennessy Equity and Income Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of Shares/				% of
	Par Amount		Value		Net Assets
COMMON STOCKS - 60.86%
Consumer Discretionary - 13.32%
CarMax, Inc. (a)		167,539		9,760,822		2.65	%
Carnival Corp. (b)		202,840		9,476,685		2.57	%
Dollar Tree, Inc. (a)		121,470		11,696,346		3.17	%
Lowe’s Companies, Inc.		124,826		10,270,683		2.79	%
O’Reilly Automotive, Inc. (a)		27,130		7,884,792		2.14	%
				49,089,328		13.32	%
Consumer Staples - 5.92%
Altria Group, Inc.		145,607		9,857,594		2.67	%
Edgewell Personal Care Co. (a)		82,122		6,948,342		1.88	%
The Coca-Cola Co.		115,341		5,032,328		1.37	%
				21,838,264		5.92	%
Energy - 1.50%
Chevron Corp.		54,001		5,534,023		1.50	%

Financials - 14.69%
Alleghany Corp. (a)		15,190		8,255,765		2.24	%
Bank of America Corp.		368,000		5,332,320		1.45	%
Berkshire Hathaway, Inc., Class B (a)		105,969		15,288,148		4.15	%
BlackRock, Inc.		23,878		8,745,317		2.37	%
The Progressive Corp.		250,270		8,136,278		2.21	%
Wells Fargo & Co.		174,573		8,374,267		2.27	%
				54,132,095		14.69	%
Health Care - 4.64%
Bristol-Myers Squibb Co.		102,283		7,651,791		2.07	%
Eli Lilly & Co.		114,140		9,461,065		2.57	%
				17,112,856		4.64	%
Industrials - 9.44%
Deere & Co.		75,370		5,857,003		1.59	%
FedEx Corp.		27,828		4,505,353		1.22	%
General Dynamics Corp.		73,120		10,740,597		2.92	%
General Electric Co.		215,630		6,714,718		1.82	%
Norfolk Southern Corp.		77,640		6,970,519		1.89	%
				34,788,190		9.44	%
Information Technology - 6.98%
Apple, Inc.		81,990		8,544,178		2.32	%
Cisco Systems, Inc.		199,456		6,089,391		1.65	%
Visa, Inc., Class A		142,016		11,084,349		3.01	%
				25,717,918		6.98	%
Materials - 3.04%
NewMarket Corp.		18,710		8,006,757		2.17	%
The Mosaic Co.		118,550		3,200,850		0.87	%
				11,207,607		3.04	%
Telecommunication Services - 1.33%
Verizon Communications, Inc.		88,448		4,900,904		1.33	%
Total Common Stocks (Cost $189,800,143)				224,321,185		60.86	%

PREFERRED STOCKS - 2.20%
Construction - 0.10%
SCE Trust I		13,655		359,263		0.10	%

Consumer Staples - 0.09%
CHS, Inc.		10,960		332,636		0.09	%

Financials - 2.01%
Aegon N.V. (b)		3,070		79,544		0.02	%
Banc of California, Inc.		3,075		83,025		0.02	%
Bank of America Corp.		5,015		132,797		0.04	%
Bank of America Corp.		3,540		97,633		0.03	%
Bank of New York Mellon Corp.		13,475		356,144		0.10	%
BB&T Corp.		13,715		357,001		0.10	%
Capital One Financial Corp.		6,805		187,001		0.05	%
Capital One Financial Corp. (a)		7,360		184,294		0.05	%
Citigroup, Inc.		5,820		153,415		0.04	%

Citigroup, Inc.	5,805	155,574	0.04	%
Discover Financial Services	13,190	351,645	0.09	%
Fannie Mae Preferred (a)	10,600	45,898	0.01	%
First Republic Bank	4,800	132,288	0.04	%
First Republic Bank	5,025	138,690	0.04	%
Huntington Bancshares, Inc.	9,510	263,522	0.07	%
IBERIABANK Corp.	3,090	83,136	0.02	%
ING Groep N.V. (b)	3,185	82,874	0.02	%
JPMorgan Chase & Co.	13,430	366,236	0.10	%
MetLife, Inc.	13,860	352,044	0.10	%
Morgan Stanley	11,470	321,275	0.09	%
Northern Trust Corp.	13,015	359,735	0.10	%
PNC Financial Services Group, Inc.	13,430	349,583	0.09	%
Regions Financial Corp.	6,790	182,787	0.05	%
Regions Financial Corp.	6,650	192,451	0.05	%
State Street Corp.	12,690	373,467	0.10	%
SunTrust Banks, Inc.	13,540	357,727	0.10	%
The Allstate Corp.	12,395	350,903	0.09	%
The Charles Schwab Corp.	6,910	189,956	0.05	%
The Charles Schwab Corp.	6,765	188,676	0.05	%
The Goldman Sachs Group, Inc.	4,335	112,146	0.03	%
The Goldman Sachs Group, Inc.	4,300	116,358	0.03	%
U.S. Bancorp (d)	13,515	365,716	0.10	%
Wells Fargo & Co.	6,555	181,246	0.05	%
Wells Fargo & Co. (a)	7,000	185,500	0.05	%
		7,430,287	2.01	%
Total Preferred Stocks (Cost $7,867,103)		8,122,186	2.20	%

REITS - 0.30%
Financials - 0.30%
Apollo Commercial Real Estate Finance, Inc.	28,000	455,000	0.12	%
Chimera Investment Corp.	39,000	654,420	0.18	%
Total REITS (Cost $1,061,263)		1,109,420	0.30	%

CORPORATE BONDS - 24.40%
Consumer Discretionary - 0.29%
Amazon.com, Inc., 3.300%, 12/05/2021	1,000,000	1,081,545	0.29	%

Consumer Staples - 0.95%
Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/2019	150,000	172,971	0.05	%
CVS Health Corp.
1.900%, 07/20/2018	1,300,000	1,319,578	0.36	%
2.250%, 12/05/2018	500,000	512,741	0.14	%
4.125%, 05/15/2021	1,000,000	1,104,751	0.30	%
Wal-Mart Stores, Inc., 5.000%, 10/25/2040	300,000	390,104	0.10	%
		3,500,145	0.95	%
Energy - 1.23%
Canadian Natural Resources Ltd., 3.900%, 02/01/2025 (b)	1,000,000	1,002,688	0.27	%
Chevron Corp., 2.355%, 12/05/2022	790,000	806,276	0.22	%
Encana Corp., 3.900%, 11/15/2021 (b)	1,600,000	1,589,456	0.43	%
National Oilwell Varco, Inc., 2.600%, 12/01/2022	1,200,000	1,141,968	0.31	%
		4,540,388	1.23	%
Financials - 13.44%
American Express Co., 6.150%, 08/28/2017	1,550,000	1,632,220	0.44	%
American International Group, Inc.
4.875%, 06/01/2022	1,600,000	1,796,536	0.49	%
5.850%, 01/16/2018	1,075,000	1,145,663	0.31	%
Associates Corporation of North America, 6.950%, 11/01/2018	300,000	334,853	0.09	%
Bank of Montreal, 2.500%, 01/11/2017 (b)	400,000	402,758	0.11	%
Bank of New York Mellon Corp., 1.969%, 06/20/2017	500,000	504,419	0.14	%
Bank of Nova Scotia, 2.550%, 01/12/2017 (b)	1,000,000	1,007,793	0.27	%
BB&T Corp., 2.300%, 10/15/2018	1,000,000	1,023,616	0.28	%
BlackRock, Inc., 3.500%, 03/18/2024	1,000,000	1,099,814	0.30	%
Boston Properties, Inc., 5.875%, 10/15/2019	700,000	791,460	0.22	%
Capital One Financial Corp., 4.750%, 07/15/2021	1,500,000	1,676,040	0.45	%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/2023	1,220,000	1,293,955	0.35	%
Discover Financial Services, 5.200%, 04/27/2022	900,000	995,116	0.27	%
Fifth Third Bancorp
1.350%, 06/01/2017	1,000,000	1,002,549	0.27	%
2.375%, 04/25/2019	1,775,000	1,816,450	0.49	%
First Niagara Financial Group, Inc., 6.750%, 03/19/2020	590,000	672,044	0.18	%

Ford Motor Credit Co. LLC, 3.000%, 06/12/2017	1,750,000	1,773,296	0.48	%
Franklin Resources, Inc., 1.375%, 09/15/2017	1,080,000	1,084,818	0.29	%
General Electric Capital Corp.
1.625%, 04/02/2018	500,000	506,457	0.14	%
5.625%, 05/01/2018	550,000	595,142	0.16	%
6.000%, 08/07/2019	1,610,000	1,839,745	0.50	%
JPMorgan Chase & Co., 6.000%, 01/15/2018	1,000,000	1,067,309	0.29	%
KeyCorp
2.300%, 12/13/2018	2,600,000	2,646,343	0.72	%
5.100%, 03/24/2021	950,000	1,078,778	0.29	%
Lazard Group, 6.850%, 06/15/2017	56,000	58,502	0.02	%
Lincoln National Corp., 6.250%, 02/15/2020	780,000	879,616	0.24	%
Merrill Lynch & Company, Inc., 6.875%, 04/25/2018	955,000	1,040,427	0.28	%
MetLife, Inc., Series A, 6.817%, 08/15/2018	100,000	111,033	0.03	%
Morgan Stanley
5.500%, 07/28/2021	2,333,000	2,674,243	0.72	%
6.625%, 04/01/2018	750,000	812,843	0.22	%
PNC Financial Services Group, Inc., 1.600%, 06/01/2018	1,000,000	1,007,987	0.28	%
Qwest Capital Funding, Inc., 6.500%, 11/15/2018	700,000	742,000	0.20	%
Raymond James Financial, Inc.
3.625%, 09/15/2026	1,500,000	1,526,721	0.41	%
5.625%, 04/01/2024	700,000	812,670	0.22	%
Royal Bank of Canada, 2.200%, 07/27/2018 (b)	1,000,000	1,018,110	0.28	%
Schlumberger Investment SA, 3.650%, 12/01/2023 (b)	1,265,000	1,388,378	0.38	%
SunTrust Banks, Inc., 6.000%, 09/11/2017	250,000	262,236	0.07	%
Synchrony Financial, 3.750%, 08/15/2021	1,200,000	1,267,978	0.34	%
The Bear Stearns Companies, Inc., 6.400%, 10/02/2017	1,350,000	1,429,542	0.39	%
The Goldman Sachs Group, Inc.
5.375%, 03/15/2020	1,100,000	1,228,111	0.33	%
6.000%, 06/15/2020	1,500,000	1,717,922	0.47	%
The Hartford Financial Services Group, Inc., 5.375%, 03/15/2017	300,000	307,400	0.08	%
Wachovia Corp., 5.750%, 06/15/2017	850,000	884,258	0.24	%
Wells Fargo & Co.
2.550%, 12/07/2020	1,000,000	1,030,415	0.28	%
5.625%, 12/11/2017	1,000,000	1,059,315	0.29	%
Westpac Banking Corp., 4.875%, 11/19/2019 (b)	450,000	498,026	0.14	%
		49,544,907	13.44	%
Health Care - 2.75%
Agilent Technologies, Inc., 5.000%, 07/15/2020	650,000	727,325	0.20	%
Amgen, Inc.
3.450%, 10/01/2020	1,000,000	1,074,510	0.29	%
3.625%, 05/22/2024	1,500,000	1,634,858	0.44	%
Anthem, Inc., 2.375%, 02/15/2017	960,000	966,230	0.26	%
Celgene Corp.
2.300%, 08/15/2018	1,000,000	1,019,905	0.28	%
3.625%, 05/15/2024	1,600,000	1,702,389	0.46	%
Express Scripts Holding Co.
1.250%, 06/02/2017	500,000	500,686	0.13	%
2.250%, 06/15/2019	1,250,000	1,275,438	0.35	%
3.500%, 06/15/2024	700,000	734,143	0.20	%
GlaxoSmithKline Capital, Inc., 1.500%, 05/08/2017 (b)	500,000	502,284	0.14	%
		10,137,768	2.75	%
Information Technology - 1.16%
Apple, Inc., 4.500%, 02/23/2036	250,000	283,334	0.08	%
Applied Materials, Inc., 4.300%, 06/15/2021	300,000	334,541	0.09	%
Corning, Inc.
1.500%, 05/08/2018	390,000	390,752	0.10	%
6.625%, 05/15/2019	695,000	779,595	0.21	%
6.850%, 03/01/2029	275,000	354,693	0.10	%
eBay, Inc., 3.250%, 10/15/2020	1,000,000	1,050,780	0.29	%
Juniper Networks, Inc., 4.600%, 03/15/2021	1,000,000	1,076,920	0.29	%
		4,270,615	1.16	%
Manufacturing - 0.39%
Teva Pharmaceutical Financial Co. BV, 2.950%, 12/18/2022 (b)	1,380,000	1,428,284	0.39	%

Materials - 2.07%
Alcoa, Inc., 6.150%, 08/15/2020	625,000	688,863	0.19	%
AngloGold Ashanti Holdings PLC, 5.125%, 08/01/2022 (b)	1,000,000	1,033,721	0.28	%
Goldcorp, Inc. (b)
2.125%, 03/15/2018	1,250,000	1,256,075	0.34	%
3.625%, 06/09/2021	750,000	786,027	0.21	%
Newmont Mining Corp., 3.500%, 03/15/2022	1,000,000	1,049,603	0.29	%
Rio Tinto Finance USA Ltd., 3.750%, 06/15/2025 (b)	1,000,000	1,076,186	0.29	%

Rio Tinto Finance USA PLC, 2.000%, 03/22/2017 (b)	640,000	642,744	0.17	%
The Dow Chemical Co., 4.250%, 11/15/2020	1,000,000	1,093,791	0.30	%
		7,627,010	2.07	%
Telecommunication Services - 2.12%
AT&T, Inc.
3.000%, 02/15/2022	1,000,000	1,035,746	0.28	%
5.350%, 09/01/2040	200,000	227,866	0.07	%
5.500%, 02/01/2018	1,600,000	1,699,829	0.46	%
5.800%, 02/15/2019	800,000	885,631	0.24	%
CenturyLink, Inc., 5.150%, 06/15/2017	400,000	410,704	0.11	%
Deutsche Telekom AG, 6.000%, 07/08/2019 (b)	1,160,000	1,313,422	0.36	%
Verizon Communications, Inc., 2.450%, 11/01/2022	1,200,000	1,229,755	0.33	%
Vodafone Group PLC, 1.500%, 02/19/2018 (b)	1,000,000	1,002,128	0.27	%
		7,805,081	2.12	%
Total Corporate Bonds (Cost $87,066,657)		89,935,743	24.40	%

MORTGAGE BACKED SECURITIES - 5.42%
Federal Home Loan Mortgage Corp.
1.500%, 04/20/2021	1,500,000	1,501,521	0.41	%
3.000%, 05/01/2042	1,220,557	1,272,875	0.34	%
3.000%, 09/01/2042	2,350,570	2,450,959	0.66	%
5.000%, 05/01/2020	54,590	57,273	0.02	%
5.500%, 04/01/2037	120,106	137,080	0.04	%
Federal National Mortgage Association
1.250%, 06/25/2043	297,225	290,004	0.08	%
1.500%, 03/30/2026	1,200,000	1,201,986	0.33	%
1.500%, 04/18/2028	1,000,000	1,000,394	0.27	%
1.500%, 10/15/2042	157,680	157,286	0.04	%
1.750%, 02/16/2043	433,946	434,935	0.12	%
2.000%, 11/25/2040	267,816	269,552	0.07	%
2.000%, 11/25/2041	175,410	178,442	0.05	%
2.250%, 03/25/2039	189,149	192,147	0.05	%
2.000%, 05/23/2033	1,500,000	1,501,488	0.41	%
2.000%, 10/15/2043	158,894	159,739	0.04	%
2.400%, 11/07/2024	1,000,000	1,000,053	0.27	%
2.500%, 08/15/2040	584,256	597,228	0.16	%
2.750%, 01/15/2041	136,123	139,473	0.04	%
3.000%, 09/15/2039	495,764	509,155	0.14	%
3.000%, 05/15/2043	499,435	520,245	0.14	%
3.000%, 10/01/2043	3,393,969	3,543,276	0.96	%
3.500%, 01/01/2042	695,877	737,858	0.20	%
4.000%, 10/01/2041	937,357	1,009,352	0.28	%
4.000%, 12/01/2041	825,544	888,980	0.24	%
4.500%, 08/01/2020	65,010	67,489	0.02	%
6.000%, 10/01/2037	136,757	156,501	0.04	%
Total Mortgage Backed Securities (Cost $19,543,611)		19,975,291	5.42	%

U.S. TREASURY OBLIGATIONS - 4.70%
U.S. Treasury Bonds - 0.99%
U.S. Treasury Bonds, 3.625%, 02/15/2044	2,750,000	3,616,357	0.98	%
U.S. Treasury Inflation Index Bond, 0.125%, 07/15/2022	26,117	26,680	0.01	%
		3,643,037	0.99	%
U.S. Treasury Notes - 3.71%
U.S. Treasury Notes
1.625%, 06/30/2019	1,500,000	1,537,236	0.42	%
1.625%, 02/15/2026	3,800,000	3,856,593	1.05	%
2.125%, 05/15/2025	1,350,000	1,428,284	0.39	%
2.750%, 02/15/2024	2,500,000	2,758,545	0.75	%
3.250%, 03/31/2017	4,000,000	4,073,208	1.10	%
		13,653,866	3.71	%
Total U.S. Treasury Obligations (Cost $16,415,701)		17,296,903	4.70	%

U.S. GOVERNMENT AGENCY ISSUES - 0.17%
Finance and Insurance - 0.17%
Federal Home Loan Banks, 5.750%, 06/15/2037	600,000	620,859	0.17	%
Total U.S. Government Agency Issues (Cost $692,339)		620,859	0.17	%

INVESTMENT COMPANIES (EXCLUDING MONEY MARKET FUNDS) - 0.96%
Ares Capital Corp.	33,000	499,620	0.14	%
Calamos Convertible Opportunity and Income Fund	16,000	166,720	0.04	%
FS Investment Corp.	78,000	741,000	0.20	%
Guggenheim Credit Allocation Fund	34,000	737,800	0.20	%

OHA Investment Corp.	8,000		18,160	0.00	%
SPDR Barclays Capital High Yield Bond	2,600		93,756	0.03	%
SPDR Barclays Short Term High Yield	9,700		263,258	0.07	%
Vanguard High-Yield Corporate Fund	179,820		1,041,159	0.28	%
Total Investment Companies (Excluding Money Market Funds) (Cost $3,595,433)			3,561,473	0.96	%

SHORT-TERM INVESTMENTS - 0.87%
Money Market Funds - 0.87%
Fidelity Government Portfolio, Institutional Class, 0.25% (c)	3,214,875		3,214,875	0.87	%
Total Short-Term Investments (Cost $3,214,875)			3,214,875	0.87	%

Total Investments (Cost $329,257,125) - 99.88%			368,157,935	99.88	%
Other Assets in Excess of Liabilities - 0.12%			435,222	0.12	%
TOTAL NET ASSETS - 100.00%		$	368,593,157	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, 2016.
(d)	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, 2016, are as follows:

Issuer	U.S. Bancorp
Beginning Cost	$	269,800
Purchase Cost	$	172,068
Sales Cost	$	(100,735	)
Ending Cost	$	341,133
Dividend Income	$	11,612
Shares		13,515
Market Value	$	365,716

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	329,378,685
Gross unrealized appreciation		45,966,701
Gross unrealized depreciation		(7,187,451	)
Net unrealized appreciation	$	38,779,250

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

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

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

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	49,089,328	$	–	$	–	$	49,089,328
Consumer Staples		21,838,264		–		–		21,838,264
Energy		5,534,023		–		–		5,534,023
Financials		54,132,095		–		–		54,132,095
Health Care		17,112,856		–		–		17,112,856
Industrials		34,788,190		–		–		34,788,190
Information Technology		25,717,918		–		–		25,717,918
Materials		11,207,607		–		–		11,207,607
Telecommunication Services		4,900,904		–		–		4,900,904
Total Common Stocks	$	224,321,185	$	–	$	–	$	224,321,185

Preferred Stocks
Construction	$	359,263	$	–	$	–	$	359,263
Consumer Staples		332,636		–		–		332,636
Financials		7,347,151		83,136		–		7,430,287
Total Preferred Stocks	$	8,039,050	$	83,136	$	–	$	8,122,186

REITS
Financials	$	1,109,420	$	–	$	–	$	1,109,420
Total REITS	$	1,109,420	$	–	$	–	$	1,109,420

Corporate Bonds
Consumer Discretionary	$	–	$	1,081,545	$	–	$	1,081,545
Consumer Staples		–		3,500,145		–		3,500,145
Energy		–		4,540,388		–		4,540,388
Financials		–		49,544,907		–		49,544,907
Health Care		–		10,137,768		–		10,137,768
Information Technology		–		4,270,615		–		4,270,615
Manufacturing		–		1,428,284		–		1,428,284
Materials		–		7,627,010		–		7,627,010
Telecommunication Services		–		7,805,081		–		7,805,081
Total Corporate Bonds	$	–	$	89,935,743	$	–	$	89,935,743

Mortgage Backed Securities	$	–	$	19,975,291	$	–	$	19,975,291

U.S. Treasury Obligations
U.S. Treasury Bonds	$	–	$	3,643,037	$	–	$	3,643,037
U.S. Treasury Notes		–		13,653,866		–		13,653,866
Total U.S. Treasury Obligations	$	–	$	17,296,903	$	–	$	17,296,903

U.S. Government Agency Issues	$	–	$	620,859	$	–	$	620,859

Investment Companies (Excluding Money Market Funds)	$	3,561,473	$	–	$	–	$	3,561,473

Short-Term Investments
Money Market Funds	$	3,214,875	$	–	$	–	$	3,214,875
Total Short-Term Investments	$	3,214,875	$	–	$	–	$	3,214,875

Total Investments	$	240,246,003	$	127,911,932	$	–	$	368,157,935

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Balanced Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of Shares/					% of
	Par Amount		Value			Net Assets
COMMON STOCKS - 51.75%
Consumer Discretionary - 2.45%
McDonald’s Corp.		2,900	$	341,185			2.45	%

Consumer Staples - 3.08%
Procter & Gamble Co.		4,550		389,434			2.79	%
Wal-Mart Stores, Inc.		550		40,134			0.29	%
				429,568			3.08	%
Energy - 9.53%
Chevron Corp.		6,450		660,996			4.74	%
Exxon Mobil Corp.		7,500		667,125			4.79	%
				1,328,121			9.53	%
Health Care - 10.77%
Merck & Co., Inc.		12,500		733,250			5.26	%
Pfizer, Inc.		20,800		767,312			5.51	%
				1,500,562			10.77	%
Industrials - 10.55%
Caterpillar, Inc.		9,350		773,806			5.56	%
General Electric Co.		10,950		340,983			2.45	%
The Boeing Co.		2,650		354,199			2.54	%
				1,468,988			10.55	%
Information Technology - 10.62%
Cisco Systems, Inc.		11,450		349,568			2.51	%
Intel Corp.		10,300		359,058			2.58	%
International Business Machines Corp.		4,800		770,976			5.53	%
				1,479,602			10.62	%
Telecommunication Services - 4.75%
Verizon Communications, Inc.		11,950		662,150			4.75	%
Total Common Stocks (Cost $6,040,757)				7,210,176			51.75	%

SHORT-TERM INVESTMENTS - 48.41%
Money Market Funds - 1.87%
Fidelity Government Portfolio, Institutional Class, 0.25% (a)		260,852		260,852			1.87	%

U.S. Treasury Bills - 46.54%
0.275%, 08/18/2016 (b)		1,000,000		999,830			7.18	%
0.395%, 02/02/2017 (b)		1,000,000		998,121			7.17	%
0.480%, 03/02/2017 (b)		1,000,000		997,602			7.16	%
0.660%, 03/30/2017 (b)		1,000,000		997,324			7.16	%
0.685%, 05/25/2017 (b)		1,000,000		996,515			7.15	%
0.560%, 06/22/2017 (b)		1,000,000		996,062			7.15	%
0.550%, 07/20/2017 (b)		500,000		497,619			3.57	%
				6,483,073			46.54	%
Total Short-Term Investments (Cost $6,737,472)				6,743,925			48.41	%

Total Investments (Cost $12,778,229) - 100.16%				13,954,101			100.16	%
Liabilities in Excess of Other Assets - (0.16)%				(22,447	)		(0.16	)%
TOTAL NET ASSETS - 100.00%			$	13,931,654			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, 2016.

(b)	The rate listed is discount rate at issue.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	12,790,526
Gross unrealized appreciation		1,188,689
Gross unrealized depreciation		(25,114	)
Net unrealized appreciation	$	1,163,575

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

associated with investing in those securities. Details related to the fair valuation hierarchy of the Fund’s securities as of July 31, 2016, are as follows:

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	341,185	$	–	$	–	$	341,185
Consumer Staples		429,568		–		–		429,568
Energy		1,328,121		–		–		1,328,121
Health Care		1,500,562		–		–		1,500,562
Industrials		1,468,988		–		–		1,468,988
Information Technology		1,479,602		–		–		1,479,602
Telecommunication Services		662,150		–		–		662,150
Total Common Stocks	$	7,210,176	$	–	$	–	$	7,210,176

Short-Term Investments
Money Market Funds	$	260,852			$	–	$	260,852
U.S. Treasury Bills		–		6,483,073		–		6,483,073
Total Short-Term Investments	$	260,852	$	6,483,073	$	–	$	6,743,925

Total Investments	$	7,471,028	$	6,483,073	$	–	$	13,954,101

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Core Bond Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of Shares/ Par Amount		Value		% of Net Assets
PREFERRED STOCKS - 8.99%
Construction - 0.36%
SCE Trust I		540		14,207		0.36	%

Consumer Staples - 0.33%
CHS, Inc.		430		13,051		0.33	%

Financials - 8.30%
Aegon N.V. (b)		125		3,239		0.08	%
Banc of California, Inc.		125		3,375		0.08	%
Bank of America Corp.		200		5,296		0.13	%
Bank of America Corp.		145		3,999		0.10	%
Bank of New York Mellon Corp.		540		14,272		0.36	%
BB&T Corp.		555		14,447		0.36	%
Capital One Financial Corp.		275		7,557		0.19	%
Capital One Financial Corp. (a)		295		7,387		0.19	%
Citigroup, Inc.		235		6,298		0.16	%
Citigroup, Inc.		235		6,194		0.16	%
Discover Financial Services		510		13,597		0.34	%
Fannie Mae Preferred (a)		7,900		34,207		0.86	%
First Republic Bank		195		5,374		0.14	%
First Republic Bank		200		5,520		0.14	%
Huntington Bancshares, Inc.		385		10,668		0.27	%
IBERIABANK Corp.		125		3,363		0.08	%
ING Groep N.V. (b)		130		3,383		0.09	%
JPMorgan Chase & Co.		535		14,589		0.37	%
MetLife, Inc.		550		13,970		0.35	%
Morgan Stanley		460		12,885		0.32	%
Northern Trust Corp.		525		14,511		0.36	%
PNC Financial Services Group, Inc.		540		14,056		0.35	%
Regions Financial Corp.		275		7,403		0.19	%
Regions Financial Corp.		265		7,669		0.19	%
State Street Corp.		520		15,304		0.38	%
SunTrust Banks, Inc.		535		14,135		0.35	%
The Allstate Corp.		500		14,155		0.36	%
The Charles Schwab Corp.		280		7,697		0.19	%
The Charles Schwab Corp.		275		7,670		0.19	%
The Goldman Sachs Group, Inc.		175		4,527		0.11	%
The Goldman Sachs Group, Inc.		180		4,871		0.12	%
U.S. Bancorp (d)		545		14,748		0.37	%
Wells Fargo & Co.		270		7,465		0.19	%
Wells Fargo & Co. (a)		275		7,287		0.18	%
				331,118		8.30	%
Total Preferred Stocks (Cost $501,204)				358,376		8.99	%

REITS - 2.44%
Financials - 2.44%
Apollo Commercial Real Estate Finance, Inc.		6,000		97,500		2.44	%
Total REITS (Cost $100,716)				97,500		2.44	%

CORPORATE BONDS - 50.56%
Consumer Discretionary - 8.69%
Amazon.com, Inc., 2.500%, 11/29/2022		75,000		78,199		1.96	%
Time Warner, Inc., 3.400%, 06/15/2022		75,000		80,222		2.01	%
YUM! Brands, Inc., 5.300%, 09/15/2019		175,000		188,344		4.72	%
				346,765		8.69	%
Energy - 1.55%
National Oilwell Varco, Inc., 2.600%, 12/01/2022		65,000		61,857		1.55	%

Financials - 28.95%
Associates Corporation of North America, 6.950%, 11/01/2018		175,000		195,331		4.90	%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/2023		50,000		53,031		1.33	%
Discover Financial Services, 5.200%, 04/27/2022		175,000		193,495		4.85	%
Ford Motor Credit Co. LLC, 3.000%, 06/12/2017		205,000		207,729		5.21	%
Lazard Group, 6.850%, 06/15/2017		37,000		38,653		0.97	%
Merrill Lynch Co., Inc., 6.400%, 08/28/2017		70,000		73,739		1.85	%
Raymond James Financial, Inc., 3.625%, 09/15/2026		50,000		50,891		1.27	%

The Goldman Sachs Group, Inc., 6.000%, 06/15/2020	70,000		80,170	2.01	%
The Hartford Financial Services Group, Inc., 5.375%, 03/15/2017	200,000		204,933	5.14	%
Wells Fargo & Co., 2.550%, 12/07/2020	55,000		56,673	1.42	%
			1,154,645	28.95	%
Health Care - 7.58%
Agilent Technologies, Inc., 5.000%, 07/15/2020	175,000		195,819	4.91	%
Celgene Corp., 3.625%, 05/15/2024	100,000		106,399	2.67	%
			302,218	7.58	%
Telecommunication Services - 3.79%
AT&T, Inc., 5.500%, 02/01/2018	70,000		74,367	1.86	%
Verizon Communications, Inc., 2.450%, 11/01/2022	75,000		76,860	1.93	%
			151,227	3.79	%
Total Corporate Bonds (Cost $1,943,347)			2,016,712	50.56	%

MORTGAGE BACKED SECURITIES - 7.05%
Federal National Mortgage Association, 3.000%, 08/01/2042	269,426		281,280	7.05	%
Total Mortgage Backed Securities (Cost $276,167)			281,280	7.05	%

U.S. TREASURY OBLIGATIONS - 29.36%
U.S. Treasury Notes - 29.36%
U.S. Treasury Notes
1.500%, 08/31/2018	135,000		137,304	3.44	%
1.625%, 02/15/2026	290,000		294,319	7.38	%
1.625%, 04/30/2019	285,000		291,880	7.32	%
2.125%, 05/15/2025	105,000		111,089	2.78	%
2.500%, 08/15/2023	80,000		86,645	2.18	%
2.625%, 11/15/2020	115,000		122,927	3.08	%
2.750%, 02/15/2024	115,000		126,893	3.18	%
			1,171,057	29.36	%
Total U.S. Treasury Obligations (Cost $1,151,685)			1,171,057	29.36	%

SHORT-TERM INVESTMENTS - 1.34%
Money Market Funds - 1.34%
Fidelity Government Portfolio, Institutional Class, 0.25% (c)	53,383		53,383	1.34	%
Total Short-Term Investments (Cost $53,383)			53,383	1.34	%

Total Investments (Cost $4,026,502) - 99.74%			3,978,308	99.74	%
Other Assets in Excess of Liabilities - 0.26%			10,261	0.26	%
TOTAL NET ASSETS - 100.00%		$	3,988,569	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, 2016.
(d)	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, 2016, are as follows:

Issuer	U.S. Bancorp
Beginning Cost	$	13,348
Purchase Cost	$	4,628
Sales Cost	$	(4,241	)
Ending Cost	$	13,735
Dividend Income	$	468
Shares		545
Market Value	$	14,748

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	4,026,502
Gross unrealized appreciation		120,407
Gross unrealized depreciation		(168,601	)
Net unrealized depreciation	$	(48,194	)

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

Preferred Stocks	Level 1		Level 2		Level 3		Total
Construction	$	14,207	$	–	$	–	$	14,207
Consumer Staples		13,051		–		–		13,051
Financials		327,755		3,363		–		331,118
Total Preferred Stocks	$	355,013	$	3,363	$	–	$	358,376

REITS
Financials	$	97,500	$	–	$	–	$	97,500
Total REITS	$	97,500	$	–	$	–	$	97,500

Corporate Bonds
Consumer Discretionary	$	–	$	346,765	$	–	$	346,765
Energy		–		61,857		–		61,857
Financials		–		1,154,645		–		1,154,645
Health Care		–		302,218		–		302,218
Telecommunication Services		–		151,227		–		151,227
Total Corporate Bonds	$	–	$	2,016,712	$	–	$	2,016,712

Mortgage Backed Securities	$	–	$	281,280	$	–	$	281,280

U.S. Treasury Obligations
U.S. Treasury Notes	$	–	$	1,171,057	$	–	$	1,171,057
Total U.S. Treasury Obligations	$	–	$	1,171,057	$	–	$	1,171,057

Short-Term Investments
Money Market Funds	$	53,383	$	–	$	–	$	53,383
Total Short-Term Investments	$	53,383	$	–	$	–	$	53,383

Total Investments	$	505,896	$	3,472,412	$	–	$	3,978,308

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Gas Utility Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 98.10%
Energy - 25.89%
Cheniere Energy, Inc. (a)		1,864,117		77,976,014		5.04	%
Enbridge, Inc. (b)		1,635,321		67,260,753		4.34	%
EQT Corp.		352,532		25,685,481		1.66	%
Kinder Morgan, Inc.		3,737,225		75,977,784		4.91	%
Spectra Energy Corp.		2,119,915		76,253,343		4.92	%
TransCanada Corp. (b)		1,678,368		77,792,357		5.02	%
				400,945,732		25.89	%
Financials - 0.42%
Berkshire Hathaway, Inc., Class A (a)		30		6,480,000		0.42	%

Utilities - 71.79%
ALLETE, Inc.		2,000		127,700		0.01	%
Alliant Energy Corp.		143,808		5,788,272		0.37	%
Ameren Corp.		181,990		9,543,556		0.62	%
Atmos Energy Corp.		872,036		69,579,752		4.49	%
Avangrid, Inc.		107,500		4,852,550		0.31	%
Avista Corp.		97,472		4,240,032		0.27	%
Black Hills Corp.		78,959		4,978,365		0.32	%
Centerpoint Energy, Inc.		967,328		23,138,486		1.49	%
Chesapeake Utilities Corp.		99,408		6,369,071		0.41	%
CMS Energy Corp.		724,148		32,717,007		2.11	%
Consolidated Edison, Inc.		431,786		34,577,423		2.23	%
Corning Natural Gas Holding Corp.		19,564		370,738		0.02	%
Delta Natural Gas Company, Inc.		55,778		1,471,981		0.09	%
Dominion Resources, Inc.		998,946		77,937,767		5.03	%
DTE Energy Co.		278,754		27,184,090		1.76	%
Duke Energy Corp.		119,537		10,231,172		0.66	%
Entergy Corp.		12,300		1,001,097		0.06	%
Eversource Energy		267,975		15,673,858		1.01	%
Exelon Corp.		408,631		15,233,764		0.98	%
Gas Natural, Inc.		59,849		424,928		0.03	%
Iberdrola SA - ADR (b)		22,107		605,157		0.04	%
MDU Resources Group, Inc.		638,407		15,353,688		0.99	%
MGE Energy, Inc.		49,054		2,754,382		0.18	%
National Fuel Gas Co.		383,424		21,667,290		1.40	%
National Grid PLC - ADR (b)		1,049,058		76,004,252		4.91	%
New Jersey Resources Corp.		512,384		19,081,180		1.23	%
NiSource, Inc.		1,602,631		41,123,511		2.66	%
Northwest Natural Gas Co.		228,286		14,824,893		0.96	%
NorthWestern Corp.		83,648		5,080,780		0.33	%
ONE Gas, Inc.		442,625		28,752,920		1.86	%
PG&E Corp.		1,059,149		67,721,987		4.37	%
Piedmont Natural Gas Company, Inc.		647,361		38,712,188		2.50	%
PPL Corp.		507,219		19,127,228		1.23	%
Public Service Enterprise Group, Inc.		727,790		33,485,618		2.16	%
Questar Corp.		1,152,926		29,019,147		1.87	%
RGC Resources, Inc.		37,544		925,460		0.06	%
SCANA Corp.		180,966		13,561,592		0.88	%
Sempra Energy		680,840		76,172,379		4.92	%
South Jersey Industries, Inc.		441,671		14,080,471		0.91	%
Southwest Gas Corp.		368,817		28,583,317		1.85	%
Spire, Inc.		333,791		23,165,095		1.50	%
The Empire District Electric Co.		18,325		618,102		0.04	%
The Southern Co.		1,145,000		61,257,500		3.96	%
UGI Corp.		323,402		14,637,175		0.95	%
Unitil Corp.		65,598		2,869,257		0.19	%
Vectren Corp.		356,228		18,427,674		1.19	%
WEC Energy Group, Inc.		824,590		53,524,137		3.46	%
WGL Holdings, Inc.		340,092		24,075,113		1.55	%
Xcel Energy, Inc.		481,399		21,171,928		1.37	%
				1,111,825,030		71.79	%
Total Common Stocks (Cost $987,762,080)				1,519,250,762		98.10	%

PARTNERSHIPS - 0.85%
Energy - 0.85%
Plains GP Holdings LP		1,229,777		13,060,232		0.85	%
Total Partnerships (Cost $22,443,518)				13,060,232		0.85	%

SHORT-TERM INVESTMENTS - 1.14%
Money Market Funds - 1.14%
Fidelity Government Portfolio, Institutional Class, 0.25% (c)	17,709,104		17,709,104		1.14	%
Total Short-Term Investments (Cost $17,709,104)			17,709,104		1.14	%

Total Investments (Cost $1,027,914,702) - 100.09%			1,550,020,098		100.09	%
Liabilities in Excess of Other Assets - (0.09)%			(1,369,774	)	(0.09	)%
TOTAL NET ASSETS - 100.00%		$	1,548,650,324		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, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	1,074,437,251
Gross unrealized appreciation		489,922,373
Gross unrealized depreciation		(14,339,526	)
Net unrealized appreciation	$	475,582,847

Summary of Fair Value Exposure at July 31, 2016

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.

Common Stocks	Level 1		Level 2		Level 3		Total
Energy	$	400,945,732	$	–	$	–	$	400,945,732
Financials		6,480,000		–		–		6,480,000
Utilities		1,111,454,292		370,738		–		1,111,825,030
Total Common Stocks	$	1,518,880,024	$	370,738	$	–	$	1,519,250,762

Partnerships
Energy	$	13,060,232	$	–	$	–	$	13,060,232
Total Partnerships	$	13,060,232	$	–	$	–	$	13,060,232

Short-Term Investments
Money Market Funds	$	17,709,104	$	–	$	–	$	17,709,104
Total Short-Term Investments	$	17,709,104	$	–	$	–	$	17,709,104

Total Investments	$	1,549,649,360	$	370,738	$	–	$	1,550,020,098

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, 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	$	–
Transfers out of Level 1		(370,738	)
Net Transfers into/(out of) Level 1	$	(370,738	)


Transfers into Level 2	$	370,738
Transfers out of Level 2		–
Net transfers into/(out of) Level 2	$	370,738

The Fund transferred $370,738 from Level 1 to Level 2 at July 31, 2016. The security was transferred due to lack of an active market on July 31, 2016, but actively traded on October 31, 2015.

Hennessy Small Cap Financial Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of Shares		Value			% of Net Assets
COMMON STOCKS - 96.25%
Financials - 96.25%
BankUnited, Inc.		110,000		3,302,200			2.22	%
Banner Corp.		95,000		3,965,300			2.67	%
Beneficial Bancorp, Inc.		310,000		4,203,600			2.83	%
Brookline Bancorp, Inc.		760,000		8,656,400			5.82	%
Clifton Bancorp, Inc.		530,000		7,939,400			5.34	%
Eagle Bancorp, Inc. (a)		87,021		4,485,933			3.02	%
FCB Financial Holdings, Inc., Class A (a)		115,000		4,021,550			2.70	%
First BanCorp. (a) (b)		705,000		3,235,950			2.17	%
First Connecticut Bancorp, Inc.		250,670		4,035,787			2.71	%
Flushing Financial Corp.		395,000		8,812,450			5.92	%
Hingham Institution for Savings		70,500		9,235,500			6.21	%
Independent Bank Corp.		182,500		9,163,325			6.16	%
Kearny Financial Corp. of Maryland		665,000		8,658,300			5.82	%
Meridian Bancorp, Inc.		500,000		7,350,000			4.94	%
OceanFirst Financial Corp.		242,500		4,573,550			3.07	%
Opus Bank		110,000		3,550,800			2.39	%
PacWest Bancorp		172,500		7,132,875			4.79	%
Provident Financial Services, Inc.		297,500		5,994,625			4.03	%
ServisFirst Bancshares, Inc.		7,500		379,725			0.26	%
United Financial Bancorp, Inc.		360,000		4,734,000			3.18	%
Washington Federal, Inc.		340,000		8,500,000			5.71	%
Western Alliance Bancorp (a)		97,500		3,317,925			2.23	%
Wintrust Financial Corp.		102,500		5,412,000			3.64	%
WSFS Financial Corp.		125,000		4,398,750			2.96	%
Yadkin Financial Corp.		322,500		8,123,775			5.46	%
				143,183,720			96.25	%
Total Common Stocks (Cost $123,532,567)				143,183,720			96.25	%

SHORT-TERM INVESTMENTS - 3.84%
Money Market Funds - 3.84%
Fidelity Government Portfolio, Institutional Class, 0.25% (c)		5,711,944		5,711,944			3.84	%
Total Short-Term Investments (Cost $5,711,944)				5,711,944			3.84	%

Total Investments (Cost $129,244,511) - 100.09%				148,895,664			100.09	%
Liabilities in Excess of Other Assets - (0.09)%				(126,013	)		(0.09	)%
TOTAL NET ASSETS - 100.00%			$	148,769,651			100.00	%

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	U.S. traded security of a foreign corporation.

(c)	The rate listed is the fund’s 7-day yield as of July 31, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	129,482,098
Gross unrealized appreciation		20,982,895
Gross unrealized depreciation		(1,569,329	)
Net unrealized appreciation	$	19,413,566

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that

are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).

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.

Common Stocks	Level 1		Level 2		Level 3		Total
Financials	$	143,183,720	$	–	$	–	$	143,183,720
Total Common Stocks	$	143,183,720	$	–	$	–	$	143,183,720

Short-Term Investments
Money Market Funds	$	5,711,944	$	–	$	–	$	5,711,944
Total Short-Term Investments	$	5,711,944	$	–	$	–	$	5,711,944

Total Investments	$	148,895,664	$	–	$	–	$	148,895,664

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Large Cap Financial Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 82.77%
Financials - 69.76%
Bank of America Corp.		195,000		2,825,550		4.45	%
Berkshire Hathaway, Inc., Class B (a)		18,000		2,596,860		4.09	%
Capital One Financial Corp.		35,000		2,347,800		3.69	%
Citigroup, Inc.		60,000		2,628,600		4.14	%
Citizens Financial Group, Inc.		92,000		2,054,360		3.23	%
Comerica, Inc.		13,000		588,120		0.92	%
Fifth Third Bancorp		146,000		2,771,080		4.36	%
JPMorgan Chase & Co.		45,000		2,878,650		4.53	%
KeyCorp		223,000		2,609,100		4.11	%
Lincoln National Corp.		37,500		1,637,625		2.58	%
M&T Bank Corp.		6,000		687,360		1.08	%
Morgan Stanley		60,000		1,723,800		2.71	%
New York Community Bancorp, Inc.		60,000		867,000		1.36	%
Prudential Financial, Inc.		22,500		1,694,025		2.67	%
Regions Financial Corp.		180,000		1,650,600		2.60	%
SunTrust Banks, Inc.		62,000		2,621,980		4.13	%
Synchrony Financial (a)		65,000		1,812,200		2.85	%
The Goldman Sachs Group, Inc.		14,500		2,302,745		3.62	%
The PNC Financial Services Group, Inc.		32,000		2,644,800		4.16	%
U.S. Bancorp (c)		64,000		2,698,880		4.25	%
Wells Fargo & Co.		56,000		2,686,320		4.23	%
				44,327,455		69.76	%

Information Technology - 13.01%
Euronet Worldwide, Inc. (a)	12,500	953,250	1.50	%
First Data Corp., Class A (a)	105,000	1,302,000	2.05	%
PayPal Holdings, Inc. (a)	65,000	2,420,600	3.81	%
Vantiv, Inc., Class A (a)	20,000	1,095,400	1.72	%
Visa, Inc., Class A	32,000	2,497,600	3.93	%
		8,268,850	13.01	%
Total Common Stocks (Cost $51,409,688)		52,596,305	82.77	%

REITS - 14.66%
Financials - 14.66%
American Homes 4 Rent, Class A	45,000	976,500	1.54	%
Colony Starwood Homes	30,000	982,800	1.55	%
Public Storage	9,500	2,269,740	3.57	%
Simon Property Group, Inc.	11,000	2,497,440	3.93	%
Ventas, Inc.	34,000	2,589,440	4.07	%
		9,315,920	14.66	%
Total REITS (Cost $8,875,006)		9,315,920	14.66	%

SHORT-TERM INVESTMENTS - 2.59%
Money Market Funds - 2.59%
Fidelity Government Portfolio, Institutional Class, 0.25% (b)	1,648,746		1,648,746		2.59	%
Total Short-Term Investments (Cost $1,648,746)			1,648,746		2.59	%

Total Investments (Cost $61,933,440) - 100.02%			63,560,971		100.02	%
Liabilities in Excess of Other Assets - (0.02)%			(15,154	)	(0.02	)%
TOTAL NET ASSETS - 100.00%		$	63,545,817		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, 2016.

(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, 2016, are as follows:

Issuer	U.S. Bancorp
Beginning Cost	$	4,466,872
Purchase Cost	$	1,414,106
Sales Cost	$	(3,150,900	)
Ending Cost	$	2,730,078
Dividend Income	$	62,730
Shares		64,000
Market Value	$	2,698,880

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	62,102,602
Gross unrealized appreciation		3,046,425
Gross unrealized depreciation		(1,588,056	)
Net unrealized appreciation	$	1,458,369

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

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.

Common Stocks	Level 1		Level 2		Level 3		Total
Financials	$	44,327,455	$	-	$	-	$	44,327,455
Information Technology		8,268,850		-		-		8,268,850
Total Common Stocks	$	52,596,305	$	-	$	-	$	52,596,305

REITS
Financials	$	9,315,920	$	-	$	-	$	9,315,920
Total REITS	$	9,315,920	$	-	$	-	$	9,315,920

Short-Term Investments
Money Market Funds	$	1,648,746	$	-	$	-	$	1,648,746
Total Short-Term Investments	$	1,648,746	$	-	$	-	$	1,648,746

Total Investments	$	63,560,971	$	-	$	-	$	63,560,971

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Technology Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of Shares		Value		% of Net Assets
COMMON STOCKS - 93.21%
Consumer Discretionary - 8.00%
Amazon.com, Inc. (a)		191		144,933		3.62	%
Ctrip.com International Ltd. - ADR (a) (b)		855		37,338		0.93	%
Netflix, Inc. (a)		405		36,956		0.92	%
priceline.com, Inc. (a)		44		59,435		1.48	%
Wayfair, Inc., Class A (a)		970		42,195		1.05	%
				320,857		8.00	%
Health Care - 18.66%
Alexion Pharmaceuticals, Inc. (a)		287		36,908		0.92	%
Amgen, Inc.		649		111,647		2.78	%
Biogen, Inc. (a)		190		55,087		1.37	%
Celgene Corp. (a)		689		77,299		1.93	%
DexCom, Inc. (a)		445		41,042		1.02	%
Gilead Sciences, Inc.		1,248		99,179		2.47	%
Incyte Corp. (a)		470		42,399		1.06	%
Intuitive Surgical, Inc. (a)		55		38,267		0.95	%
McKesson Corp.		193		37,550		0.94	%
Medtronic PLC (b)		1,305		114,357		2.85	%
Regeneron Pharmaceuticals, Inc. (a)		98		41,662		1.04	%
Thermo Fisher Scientific, Inc.		335		53,211		1.33	%
				748,608		18.66	%
Industrials - 4.00%
Danaher Corp.		621		50,574		1.26	%
Fortive Corp. (a)		740		35,676		0.89	%
Honeywell International, Inc.		640		74,451		1.85	%
				160,701		4.00	%
Information Technology - 61.62%
Activision Blizzard, Inc.		850		34,136		0.85	%
Adobe Systems, Inc. (a)		455		44,526		1.11	%
Alibaba Group Holding Ltd. - ADR (a) (b)		1,715		141,453		3.53	%
Alphabet, Inc., Class C (a)		196		150,683		3.76	%
Apple, Inc.		1,456		151,730		3.78	%
Baidu, Inc. - ADR (a) (b)		235		37,506		0.94	%
Broadcom Ltd (b)		336		54,425		1.36	%
Cisco Systems, Inc.		4,315		131,737		3.28	%
Cognizant Technology Solutions Corp., Class A (a)		655		37,656		0.94	%
eBay, Inc. (a)		1,165		36,301		0.91	%
Fabrinet (a) (b)		935		35,306		0.88	%
Facebook, Inc. (a)		1,215		150,587		3.75	%
Fitbit, Inc. (a)		2,575		35,174		0.88	%
Infosys Ltd. - ADR (b)		2,130		34,996		0.87	%
Intel Corp.		4,040		140,834		3.51	%
Jinkosolar Holding Co. Ltd. - ADR (a) (b)		1,896		34,659		0.86	%
MasterCard, Inc., Class A		945		90,002		2.24	%
NetEase, Inc. - ADR (b)		180		36,769		0.92	%
NetScout Systems, Inc. (a)		1,505		42,110		1.05	%
NXP Semiconductors NV (a) (b)		445		37,420		0.93	%
Oracle Corp.		3,750		153,900		3.84	%
Palo Alto Networks, Inc. (a)		280		36,649		0.91	%
Paycom Software, Inc. (a)		765		36,116		0.90	%
PayPal Holdings, Inc. (a)		1,087		40,480		1.01	%
Proofpoint, Inc. (a)		487		36,949		0.92	%
Pure Storage, Inc. (a)		3,060		38,556		0.96	%
salesforce.com, Inc. (a)		627		51,289		1.28	%
SAP SE - ADR (b)		1,115		97,440		2.43	%
ServiceNow, Inc. (a)		495		37,085		0.92	%
SINA Corp.(a)		680		36,638		0.91	%
Splunk, Inc. (a)		610		38,149		0.95	%
SS&C Technologies Holdings, Inc.		1,155		37,214		0.93	%
Tencent Holdings Ltd. - ADR (b)		5,975		144,595		3.60	%
TTM Technologies , Inc. (a)		3,670		36,517		0.91	%
Visa, Inc., Class A		1,995		155,710		3.88	%
VMware, Inc., Class A (a)		505		36,855		0.92	%
				2,472,152		61.62	%
Telecommunication Services - 0.93%
T- Mobile US, Inc. (a)		805		37,304		0.93	%
Total Common Stocks (Cost $3,360,276)				3,739,622		93.21	%

REITS - 0.93%
Financials - 0.93%
Equinix, Inc.	100		37,287		0.93	%
Total REITS (Cost $38,241)			37,287		0.93	%

SHORT-TERM INVESTMENTS - 6.01%
Money Market Funds - 6.01%
Fidelity Government Portfolio, Institutional Class, 0.25% (c)	201,000		201,000		5.01	%
Government & Agency Portfolio, Institutional Class, 0.28% (c)	39,932		39,932		1.00	%
			240,932		6.01	%
Total Short-Term Investments (Cost $240,932)			240,932		6.01	%

Total Investments (Cost $3,639,449) - 100.15%			4,017,841		100.15	%
Liabilities in Excess of Other Assets - (0.15)%			(5,843	)	(0.15	)%
TOTAL NET ASSETS - 100.00%		$	4,011,998		100.00	%

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

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, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	3,662,679
Gross unrealized appreciation		498,128
Gross unrealized depreciation		(142,966	)
Net unrealized appreciation	$	355,162

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

(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 primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.

Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	320,857	$	–	$	–	$	320,857
Health Care		748,608		–		–		748,608
Industrials		160,701		–		–		160,701
Information Technology		2,472,152		–		–		2,472,152
Telecommunication Services		37,304		–		–		37,304
Total Common Stocks	$	3,739,622	$	–	$	–	$	3,739,622

REITS
Financials	$	37,287	$	-	$	-	$	37,287
Total REITS	$	37,287	$	-	$	-	$	37,287

Short-Term Investments
Money Market Funds	$	240,932	$	–	$	–	$	240,932
Total Short-Term Investments	$	240,932	$	–	$	–	$	240,932

Total Investments	$	4,017,841	$	–	$	–	$	4,017,841

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Hennessy Japan Fund

Schedule of Investments

July 31, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 99.06%
Consumer Discretionary - 22.78%
Asics Corp.		336,100	$	6,167,836		5.27	%
Isuzu Motors, Ltd.		427,600		5,535,338		4.72	%
Ryohin Keikaku Co., Ltd.		29,900		6,638,157		5.67	%
Shimano, Inc.		46,900		7,334,725		6.26	%
Toyota Motor Corp.		17,900		1,003,024		0.86	%
				26,679,080		22.78	%
Consumer Staples - 13.10%
Kao Corp.		124,700		6,715,496		5.74	%
Pigeon Corp.		84,400		2,111,242		1.80	%
Unicharm Corp.		316,800		6,513,935		5.56	%
				15,340,673		13.10	%
Financials - 2.11%
Mizuho Financial Group		380,200		609,965		0.52	%
Sumitomo Mitsui Financial Group, Inc.		58,800		1,863,921		1.59	%
				2,473,886		2.11	%
Health Care - 13.29%
Rohto Pharmaceutical Co., Ltd.		364,400		6,290,284		5.37	%
Terumo Corp.		216,300		9,278,147		7.92	%
				15,568,431		13.29	%
Industrials - 29.64%
Daikin Industries		79,800		6,920,524		5.91	%
Kubota Corp.		325,000		4,708,321		4.02	%
Misumi Group, Inc.		448,900		8,244,914		7.04	%
Mitsubishi Corp.		370,200		6,369,173		5.44	%
Nidec Corp.		90,400		8,202,992		7.00	%
Sumitomo Corp.		26,100		273,766		0.23	%
				34,719,690		29.64	%
Information Technology - 8.01%
Keyence Corp.		13,300		9,381,471		8.01	%

Materials - 4.32%
Fuji Seal International, Inc.		128,600		5,061,370		4.32	%

Telecommunication Services - 5.81%
Softbank Group Co.		123,600		6,803,492		5.81	%
Total Common Stocks (Cost $84,968,425)				116,028,093		99.06	%

SHORT-TERM INVESTMENTS - 0.87%
Money Market Funds - 0.87%
Fidelity Government Portfolio, Institutional Class, 0.25% (a)		1,020,342		1,020,342		0.87	%
Total Short-Term Investments (Cost $1,020,342)				1,020,342		0.87	%

Total Investments (Cost $85,988,767) - 99.93%				117,048,435		99.93	%
Other Assets in Excess of Liabilities - 0.07%				78,446		0.07	%
TOTAL NET ASSETS - 100.00%			$	117,126,881		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, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	86,160,726
Gross unrealized appreciation		34,754,005
Gross unrealized depreciation		(3,866,296	)
Net unrealized appreciation	$	30,887,709

Summary of Fair Value Exposure at July 31, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	–	$	26,679,080	$	–	$	26,679,080
Consumer Staples		–		15,340,673		–		15,340,673
Financials		–		2,473,886		–		2,473,886
Health Care		–		15,568,431		–		15,568,431
Industrials		–		34,719,690		–		34,719,690
Information Technology		–		9,381,471		–		9,381,471
Materials		–		5,061,370		–		5,061,370
Telecommunication Services		–		6,803,492		–		6,803,492
Total Common Stocks	$	–	$	116,028,093	$	–	$	116,028,093

Short-Term Investments
Money Market Funds	$	1,020,342	$	–	$	–	$	1,020,342
Total Short-Term Investments	$	1,020,342	$	–	$	–	$	1,020,342

Total Investments	$	1,020,342	$	116,028,093	$	–	$	117,048,435

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

Transfers between Level 1 and Level 2 relate to the use of 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, 2016 (Unaudited)

	Number of				% of
	Shares		Value		Net Assets
COMMON STOCKS - 92.01%
Consumer Discretionary - 18.37%
Aeon Fantasy Co.		15,700	$	386,948		1.33	%
DCM Holdings Co., Ltd.		80,500		688,154		2.37	%
Doshisha Co., Ltd.		24,100		504,142		1.74	%
Fujibo Holdings, Inc.		220,000		650,934		2.25	%
Hagihara Industries, Inc.		19,400		483,255		1.67	%
Honeys Co., Ltd.		30,000		401,748		1.39	%
Komeri Co., Ltd.		16,000		360,118		1.24	%
Parco Co., Ltd.		51,400		431,081		1.49	%
Seiren Co., Ltd.		35,100		341,613		1.18	%
Starts Corp., Inc.		31,500		630,793		2.18	%
Tasaki & Co., Ltd.		36,600		442,959		1.53	%
				5,321,745		18.37	%
Consumer Staples - 0.89%
Yamaya Corp.		16,600		259,560		0.89	%

Financials - 3.09%
INTELLEX Co., Ltd.		63,200		447,013		1.54	%
Tokai Tokyo Financial Holdings, Inc.		96,600		447,687		1.55	%
				894,700		3.09	%
Health Care - 1.43%
Ship Healthcare Holdings, Inc.		13,700		414,379		1.43	%

Industrials - 34.81%
BELLSYSTEM24 Holdings, Inc.		70,000		601,667		2.08	%
Benefit One, Inc.		16,600		513,912		1.77	%
Daihen Corp.		113,000		579,885		2.00	%
Daiichi Jitsugyo, Inc.		77,000		369,084		1.27	%
Hanwa Co., Ltd.		118,000		631,260		2.18	%
Hito Communication, Inc.		22,100		323,964		1.12	%
Kanematsu Corp.		223,000		364,874		1.26	%
Kito Corp.		65,800		550,478		1.90	%
Kitz Corp.		80,800		432,699		1.49	%
Kondotec, Inc.		57,100		425,400		1.47	%
Miyaji Engineering Group, Inc.		173,000		252,113		0.87	%
Nakano Corp.		88,800		368,330		1.27	%
Nihon Trim Co., Ltd.		5,500		371,557		1.28	%
Nissei ASB Machine Co., Ltd.		20,600		372,316		1.29	%
Nittoku Engineering Co., Ltd.		43,000		530,732		1.83	%
Okamura Corp.		51,600		532,883		1.84	%
Ryobi, Ltd.		101,000		478,751		1.65	%
Sanko Gosei, Ltd.		134,000		366,214		1.26	%
Sinfonia Technology Co., Ltd.		165,000		292,071		1.01	%
Sumitomo Densetsu Co., Ltd.		42,400		476,540		1.65	%
Takeei Corp.		60,000		512,559		1.77	%
Tocalo Co., Ltd.		15,300		302,430		1.04	%
Toppan Forms Co., Ltd.		39,600		436,987		1.51	%
				10,086,706		34.81	%
Information Technology - 27.70%
Aichi Tokei Denki Co., Ltd.		156,000		476,520		1.64	%
Aiphone Co., Ltd.		26,300		477,202		1.65	%
Amano Corp.		32,300		522,514		1.80	%
Anritsu Corp.		36,500		212,143		0.73	%
Digital Garage, Inc.		25,400		482,568		1.66	%
Elecom Co., Ltd.		30,200		695,745		2.40	%
Information Services International - Dentsu, Ltd.		28,100		547,892		1.89	%
Itfor, Inc.		82,900		419,717		1.45	%
Koa Corp.		67,200		556,895		1.92	%
Kyosan Electric Manufacturing Co., Ltd.		164,000		582,640		2.01	%
Mimaki Engineering Co., Ltd.		60,000		257,726		0.89	%
Nihon Unisys, Ltd.		42,800		583,398		2.01	%
Soliton Systems K.K.		44,900		494,235		1.71	%
TKC Corp.		15,000		424,669		1.47	%
Towa Corp.		61,800		674,317		2.33	%
V-cube, Inc.		28,400		215,020		0.74	%
Yokowo Co., Ltd.		69,100		404,988		1.40	%
				8,028,189		27.70	%

Materials - 5.72%
Aichi Steel Corp.	114,000		568,934		1.96	%
Asia Pile Holdings Co.	55,500		232,672		0.80	%
Fujikura Kasei Co., Ltd.	47,300		277,669		0.96	%
Hakudo Co., Ltd.	52,000		578,211		2.00	%
			1,657,486		5.72	%
Total Common Stocks (Cost $23,011,723)			26,662,765		92.01	%

SHORT-TERM INVESTMENTS - 8.02%
Money Market Funds - 8.02%
Fidelity Government Portfolio, Institutional Class, 0.25% (a)	1,407,000		1,407,000		4.85	%
Government & Agency Portfolio, Institutional Class, 0.28% (a)	917,623		917,623		3.17	%
Total Short-Term Investments (Cost $2,324,623)			2,324,623		8.02	%

Total Investments (Cost $25,336,346) - 100.03%			28,987,388		100.03	%
Liabilities in Excess of Other Assets - (0.03)%			(9,720	)	(0.03	)%
TOTAL NET ASSETS - 100.00%		$	28,977,668		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, 2016.

The cost basis of investments for federal income tax purposes at July 31, 2016, was as follows*:

Cost of investments	$	25,491,359
Gross unrealized appreciation		4,708,042
Gross unrealized depreciation		(1,212,013	)
Net unrealized appreciation	$	3,496,029

Summary of Fair Value Exposure at July 31, 2016 The Fund follows 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 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

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.

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	–	$	5,321,745	$	–	$	5,321,745
Consumer Staples		–		259,560		–		259,560
Financials		–		894,700		–		894,700
Health Care		–		414,379		–		414,379
Industrials		–		10,086,706		–		10,086,706
Information Technology		–		8,028,189		–		8,028,189
Materials		–		1,657,486		–		1,657,486
Total Common Stocks	$	–	$	26,662,765	$	–	$	26,662,765

Short-Term Investments
Money Market Funds	$	2,324,623	$	–	$	–	$	2,324,623
Total Short-Term Investments	$	2,324,623	$	–	$	–	$	2,324,623

Total Investments	$	2,324,623	$	26,662,765	$	–	$	28,987,388

Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2016, the Fund recognized no transfers between levels.

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 Investment Officer and President

Date September 29, 2016

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 Investment Officer and President

Date September 29, 2016

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

Teresa M. Nilsen, Executive Vice President and Treasurer

Date September 29, 2016

Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.

Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).

Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.